Summary Financial Information | 6 Months Ended |
Sep. 30, 2014 |
Summary Financial Information [Abstract] | ' |
Summary Financial Information | ' |
Summary Financial Information |
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The following information (in thousands) sets forth the condensed consolidating summary financial information of the parent and guarantors, which guarantee the 7 7/8% Senior Subordinated Notes, and the nonguarantors. The guarantors are 100% owned and the guarantees are full, unconditional, joint and several. |
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| | Parent | | Guarantors | | Non | | Eliminations | | Consolidated |
Guarantors |
As of September 30, 2014 | | | | | | | | | | |
ASSETS | | | | | | | | | | |
Current assets: | | | | | | | | | | |
Cash and cash equivalents | | $ | 76,111 | | | $ | — | | | $ | 38,370 | | | $ | — | | | $ | 114,481 | |
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Trade accounts receivable, less allowance for doubtful accounts | | 34,858 | | | 4,624 | | | 40,392 | | | — | | | 79,874 | |
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Inventories | | 31,262 | | | 8,372 | | | 60,428 | | | — | | | 100,062 | |
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Prepaid expenses and other | | 13,636 | | | 4 | | | 8,556 | | | — | | | 22,196 | |
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Total current assets | | 155,867 | | | 13,000 | | | 147,746 | | | — | | | 316,613 | |
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Net property, plant, and equipment | | 47,932 | | | 6,343 | | | 21,847 | | | — | | | 76,122 | |
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Goodwill | | 40,697 | | | 31,025 | | | 45,256 | | | — | | | 116,978 | |
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Other intangibles, net | | 331 | | | — | | | 18,355 | | | — | | | 18,686 | |
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Intercompany | | 13,303 | | | 58,061 | | | (71,364 | ) | | — | | | — | |
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Marketable securities | | — | | | — | | | 22,149 | | | — | | | 22,149 | |
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Deferred taxes on income | | 10,284 | | | 2,590 | | | 8,035 | | | — | | | 20,909 | |
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Investment in subsidiaries | | 224,486 | | | — | | | — | | | (224,486 | ) | | — | |
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Other assets | | 6,514 | | | 1,378 | | | 325 | | | — | | | 8,217 | |
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Total assets | | $ | 499,414 | | | $ | 112,397 | | | $ | 192,349 | | | $ | (224,486 | ) | | $ | 579,674 | |
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LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | |
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Current liabilities: | | | | | | | | | | | | | | | |
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Trade accounts payable | | $ | 13,516 | | | $ | 2,318 | | | $ | 10,173 | | | $ | — | | | $ | 26,007 | |
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Accrued liabilities | | 17,147 | | | 2,539 | | | 24,639 | | | — | | | 44,325 | |
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Current portion of long-term debt | | 279 | | | 373 | | | 59 | | | — | | | 711 | |
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Total current liabilities | | 30,942 | | | 5,230 | | | 34,871 | | | — | | | 71,043 | |
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Senior debt, less current portion | | 368 | | | 1,106 | | | 154 | | | — | | | 1,628 | |
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Subordinated debt | | 148,822 | | | — | | | — | | | — | | | 148,822 | |
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Other non-current liabilities | | 16,587 | | | 5,393 | | | 33,506 | | | — | | | 55,486 | |
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Total liabilities | | 196,719 | | | 11,729 | | | 68,531 | | | — | | | 276,979 | |
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Total shareholders’ equity | | 302,695 | | | 100,668 | | | 123,818 | | | (224,486 | ) | | 302,695 | |
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Total liabilities and shareholders’ equity | | $ | 499,414 | | | $ | 112,397 | | | $ | 192,349 | | | $ | (224,486 | ) | | $ | 579,674 | |
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| | Parent | | Guarantors | | Non | | Eliminations | | Consolidated |
Guarantors |
For the Three Months Ended September 30, 2014: | | | | | | | | | | |
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Net sales | | $ | 80,511 | | | $ | 14,964 | | | $ | 65,823 | | | $ | (14,307 | ) | | $ | 146,991 | |
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Cost of products sold | | 57,121 | | | 11,275 | | | 45,746 | | | (14,307 | ) | | 99,835 | |
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Gross profit | | 23,390 | | | 3,689 | | | 20,077 | | | — | | | 47,156 | |
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Selling expenses | | 5,862 | | | 1,337 | | | 9,947 | | | — | | | 17,146 | |
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General and administrative expenses | | 7,867 | | | 339 | | | 5,094 | | | — | | | 13,300 | |
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Amortization of intangibles | | 24 | | | — | | | 552 | | | — | | | 576 | |
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Income from operations | | 9,637 | | | 2,013 | | | 4,484 | | | — | | | 16,134 | |
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Interest and debt expense | | 3,241 | | | 37 | | | (14 | ) | | — | | | 3,264 | |
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Investment income | | — | | | — | | | (465 | ) | | — | | | (465 | ) |
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Foreign currency exchange loss (gain) | | (5 | ) | | — | | | (164 | ) | | — | | | (169 | ) |
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Other expense and (income), net | | (79 | ) | | (816 | ) | | 964 | | | — | | | 69 | |
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Income before income tax expense | | 6,480 | | | 2,792 | | | 4,163 | | | — | | | 13,435 | |
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Income tax expense (benefit) | | 672 | | | 1,191 | | | 973 | | | — | | | 2,836 | |
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Equity in income from continuing operations of subsidiaries | | 4,791 | | | — | | | — | | | (4,791 | ) | | — | |
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Net income | | $ | 10,599 | | | $ | 1,601 | | | $ | 3,190 | | | $ | (4,791 | ) | | $ | 10,599 | |
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| | Parent | | Guarantors | | Non | | Eliminations | | Consolidated |
Guarantors |
For the Six Months Ended September 30, 2014: | | | | | | | | | | |
Net sales | | $ | 159,151 | | | $ | 27,769 | | | $ | 131,179 | | | $ | (28,176 | ) | | $ | 289,923 | |
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Cost of products sold | | 112,201 | | | 21,413 | | | 91,764 | | | (28,176 | ) | | 197,202 | |
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Gross profit | | 46,950 | | | 6,356 | | | 39,415 | | | — | | | 92,721 | |
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Selling expenses | | 11,844 | | | 2,627 | | | 20,566 | | | — | | | 35,037 | |
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General and administrative expenses | | 16,688 | | | 705 | | | 9,986 | | | — | | | 27,379 | |
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Amortization of intangibles | | 45 | | | — | | | 1,120 | | | — | | | 1,165 | |
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Income from operations | | 18,373 | | | 3,024 | | | 7,743 | | | — | | | 29,140 | |
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Interest and debt expense | | 6,480 | | | 75 | | | 78 | | | — | | | 6,633 | |
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Investment income | | — | | | — | | | (667 | ) | | — | | | (667 | ) |
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Foreign currency exchange loss (gain) | | (17 | ) | | — | | | (195 | ) | | — | | | (212 | ) |
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Other expense and (income), net | | (409 | ) | | (1,655 | ) | | 1,956 | | | — | | | (108 | ) |
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Income before income tax expense | | 12,319 | | | 4,604 | | | 6,571 | | | — | | | 23,494 | |
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Income tax expense (benefit) | | 2,505 | | | 1,983 | | | 1,674 | | | — | | | 6,162 | |
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Equity in income from continuing operations of subsidiaries | | 7,518 | | | — | | | — | | | (7,518 | ) | | — | |
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Net income | | $ | 17,332 | | | $ | 2,621 | | | $ | 4,897 | | | $ | (7,518 | ) | | $ | 17,332 | |
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For the Three Months Ended September 30, 2014 | | Parent | | Guarantors | | Non Guarantors | | Eliminations | | Consolidated |
Net income | | $ | 10,599 | | | $ | 1,601 | | | $ | 3,190 | | | $ | (4,791 | ) | | $ | 10,599 | |
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Other comprehensive income (loss), net of tax: | | | | | | | | | | | |
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Foreign currency translation adjustments | | — | | | (7,920 | ) | | (429 | ) | | — | | | (8,349 | ) |
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Change in derivatives qualifying as hedges, net of tax | | 4 | | | — | | | 84 | | | — | | | 88 | |
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Change in pension liability and post-retirement obligations, net of tax | | — | | | — | | | 263 | | | — | | | 263 | |
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Adjustments: | | | | | | | | | | | |
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Unrealized holding gains (losses) arising during the period, net of tax | | — | | | — | | | 5 | | | — | | | 5 | |
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Reclassification adjustment for loss included in net income, net of tax | | — | | | — | | | (198 | ) | | — | | | (198 | ) |
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Total adjustments | | — | | | — | | | (193 | ) | | — | | | (193 | ) |
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Total other comprehensive income (loss) | | 4 | | | (7,920 | ) | | (275 | ) | | — | | | (8,191 | ) |
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Comprehensive income (loss) | | $ | 10,603 | | | $ | (6,319 | ) | | $ | 2,915 | | | $ | (4,791 | ) | | $ | 2,408 | |
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For the Six Months Ended September 30, 2014 | | Parent | | Guarantors | | Non Guarantors | | Eliminations | | Consolidated |
Net income | | $ | 17,332 | | | $ | 2,621 | | | $ | 4,897 | | | $ | (7,518 | ) | | $ | 17,332 | |
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Other comprehensive income (loss), net of tax: | | | | | | | | | | |
Foreign currency translation adjustments | | — | | | (8,397 | ) | | 379 | | | — | | | (8,018 | ) |
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Change in derivatives qualifying as hedges, net of tax | | 120 | | | — | | | 84 | | | — | | | 204 | |
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Change in pension liability and post-retirement obligations, net of tax | | — | | | — | | | 264 | | | — | | | 264 | |
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Adjustments: | | | | | | | | | | |
Unrealized holding gains (losses) arising during the period, net of tax | | — | | | — | | | 282 | | | — | | | 282 | |
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Reclassification adjustment for loss included in net income, net of tax | | — | | | — | | | (214 | ) | | — | | | (214 | ) |
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Total adjustments | | — | | | — | | | 68 | | | — | | | 68 | |
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Total other comprehensive income (loss) | | 120 | | | (8,397 | ) | | 795 | | | — | | | (7,482 | ) |
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Comprehensive income (loss) | | $ | 17,452 | | | $ | (5,776 | ) | | $ | 5,692 | | | $ | (7,518 | ) | | $ | 9,850 | |
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| | Parent | | Guarantors | | Non | | Eliminations | | Consolidated |
Guarantors |
For the Six Months Ended September 30, 2014: | | | | | | | | | | |
Operating activities: | | | | | | | | | | |
Net cash provided by (used for) operating activities | | $ | 24,050 | | | $ | 206 | | | $ | (11,517 | ) | | $ | — | | | $ | 12,739 | |
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Investing activities: | | | | | | | | | | | |
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Proceeds from sale of marketable securities | | — | | | — | | | 976 | | | — | | | 976 | |
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Purchases of marketable securities | | — | | | — | | | (787 | ) | | — | | | (787 | ) |
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Capital expenditures | | (4,827 | ) | | (151 | ) | | (2,607 | ) | | — | | | (7,585 | ) |
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Intercompany transactions | | (13,303 | ) | | — | | | 13,303 | | | — | | | — | |
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Other | | 150 | | | 116 | | | (250 | ) | | — | | | 16 | |
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Net cash provided by (used for) investing activities | | (17,980 | ) | | (35 | ) | | 10,635 | | | — | | | (7,380 | ) |
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Financing activities: | | | | | | | | | | | |
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Proceeds from exercise of stock options | | 1,099 | | | — | | | — | | | — | | | 1,099 | |
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Repayment of debt | | (53 | ) | | (171 | ) | | (996 | ) | | — | | | (1,220 | ) |
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Change in ESOP debt guarantee and other | | (779 | ) | | — | | | | | | — | | | (779 | ) |
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Dividends paid | | (1,591 | ) | | — | | | — | | | — | | | (1,591 | ) |
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Net cash provided by (used for) financing activities | | (1,324 | ) | | (171 | ) | | (996 | ) | | — | | | (2,491 | ) |
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Effect of exchange rate changes on cash | | — | | | — | | | (696 | ) | | — | | | (696 | ) |
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Net change in cash and cash equivalents | | 4,746 | | | — | | | (2,574 | ) | | — | | | 2,172 | |
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Cash and cash equivalents at beginning of year | | 71,365 | | | — | | | 40,944 | | | — | | | 112,309 | |
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Cash and cash equivalents at end of year | | $ | 76,111 | | | $ | — | | | $ | 38,370 | | | $ | — | | | $ | 114,481 | |
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| | Parent | | Guarantors | | Non | | Eliminations | | Consolidated |
Guarantors |
As of March 31, 2014: | | | | | | | | | | |
ASSETS | | | | | | | | | | |
Current assets: | | | | | | | | | | |
Cash and cash equivalents | | $ | 71,365 | | | $ | — | | | $ | 40,944 | | | $ | — | | | $ | 112,309 | |
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Trade accounts receivable, less allowance for doubtful accounts | | 45,960 | | | 4,264 | | | 42,999 | | | — | | | 93,223 | |
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Inventories | | 31,076 | | | 8,374 | | | 58,126 | | | — | | | 97,576 | |
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Prepaid expenses and other | | 13,970 | | | 600 | | | 8,874 | | | — | | | 23,444 | |
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Total current assets | | 162,371 | | | 13,238 | | | 150,943 | | | — | | | 326,552 | |
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Net property, plant, and equipment | | 47,644 | | | 6,976 | | | 24,067 | | | — | | | 78,687 | |
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Goodwill | | 40,696 | | | 31,025 | | | 47,582 | | | — | | | 119,303 | |
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Other intangibles, net | | 322 | | | — | | | 20,520 | | | — | | | 20,842 | |
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Intercompany | | 21,892 | | | 55,593 | | | (77,485 | ) | | — | | | — | |
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Marketable securities | | — | | | — | | | 21,941 | | | — | | | 21,941 | |
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Deferred taxes on income | | 13,516 | | | 2,590 | | | 7,300 | | | — | | | 23,406 | |
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Investment in subsidiaries | | 216,968 | | | — | | | — | | | (216,968 | ) | | — | |
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Other assets | | 6,460 | | | 1,378 | | | 105 | | | — | | | 7,943 | |
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Total assets | | $ | 509,869 | | | $ | 110,800 | | | $ | 194,973 | | | $ | (216,968 | ) | | $ | 598,674 | |
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LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | |
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Trade accounts payable | | $ | 18,508 | | | $ | 2,218 | | | $ | 14,633 | | | $ | — | | | $ | 35,359 | |
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Accrued liabilities | | 24,268 | | | 2,661 | | | 25,419 | | | — | | | 52,348 | |
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Current portion of long-term debt | | 271 | | | 351 | | | 966 | | | — | | | 1,588 | |
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Total current liabilities | | 43,047 | | | 5,230 | | | 41,018 | | | — | | | 89,295 | |
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Senior debt, less current portion | | 430 | | | 1,299 | | | 291 | | | — | | | 2,020 | |
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Subordinated debt | | 148,685 | | | — | | | — | | | — | | | 148,685 | |
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Other non-current liabilities | | 26,421 | | | 5,429 | | | 35,538 | | | — | | | 67,388 | |
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Total liabilities | | 218,583 | | | 11,958 | | | 76,847 | | | — | | | 307,388 | |
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Total shareholders’ equity | | 291,286 | | | 98,842 | | | 118,126 | | | (216,968 | ) | | 291,286 | |
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Total liabilities and shareholders’ equity | | $ | 509,869 | | | $ | 110,800 | | | $ | 194,973 | | | $ | (216,968 | ) | | $ | 598,674 | |
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| | Parent | | Guarantors | | Non | | Eliminations | | Consolidated |
Guarantors |
For the Three Months Ended September 30, 2013: | | | | | | | | | | |
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Net sales | | $ | 58,194 | | | $ | 31,703 | | | $ | 62,870 | | | $ | (13,915 | ) | | $ | 138,852 | |
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Cost of products sold | | 40,800 | | | 25,285 | | | 42,422 | | | (13,915 | ) | | 94,592 | |
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Gross profit | | 17,394 | | | 6,418 | | | 20,448 | | | — | | | 44,260 | |
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Selling expenses | | 6,244 | | | 1,284 | | | 9,753 | | | — | | | 17,281 | |
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General and administrative expenses | | 4,671 | | | 3,598 | | | 5,898 | | | — | | | 14,167 | |
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Amortization of intangibles | | 24 | | | — | | | 502 | | | — | | | 526 | |
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Income from operations | | 6,455 | | | 1,536 | | | 4,295 | | | — | | | 12,286 | |
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Interest and debt expense | | 3,241 | | | 44 | | | 87 | | | — | | | 3,372 | |
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Investment income | | — | | | — | | | (276 | ) | | — | | | (276 | ) |
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Foreign currency exchange gain | | 24 | | | — | | | 171 | | | — | | | 195 | |
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Other expense and (income), net | | (1,452 | ) | | (816 | ) | | 1,007 | | | — | | | (1,261 | ) |
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Income before income tax expense | | 4,642 | | | 2,308 | | | 3,306 | | | — | | | 10,256 | |
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Income tax expense (benefit) | | 1,241 | | | 1,117 | | | 776 | | | — | | | 3,134 | |
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Equity in income from continuing operations of subsidiaries | | 3,721 | | | — | | | — | | | (3,721 | ) | | — | |
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Net income | | $ | 7,122 | | | $ | 1,191 | | | $ | 2,530 | | | $ | (3,721 | ) | | $ | 7,122 | |
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| | Parent | | Guarantors | | Non | | Eliminations | | Consolidated |
Guarantors |
For the Six Months Ended September 30, 2013: | | | | | | | | | | |
Net sales | | $ | 118,194 | | | $ | 66,525 | | | $ | 121,313 | | | $ | (28,289 | ) | | $ | 277,743 | |
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Cost of products sold | | 82,046 | | | 52,626 | | | 83,609 | | | (28,289 | ) | | 189,992 | |
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Gross profit | | 36,148 | | | 13,899 | | | 37,704 | | | — | | | 87,751 | |
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Selling expenses | | 11,984 | | | 2,693 | | | 19,351 | | | — | | | 34,028 | |
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General and administrative expenses | | 8,506 | | | 7,823 | | | 10,688 | | | — | | | 27,017 | |
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Amortization of intangibles | | 47 | | | — | | | 938 | | | — | | | 985 | |
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Income from operations | | 15,611 | | | 3,383 | | | 6,727 | | | — | | | 25,721 | |
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Interest and debt expense | | 6,485 | | | 90 | | | 168 | | | — | | | 6,743 | |
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Investment income | | — | | | — | | | (492 | ) | | — | | | (492 | ) |
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Foreign currency exchange gain | | 40 | | | — | | | 380 | | | — | | | 420 | |
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Other expense and (income), net | | (2,140 | ) | | (1,580 | ) | | 2,548 | | | — | | | (1,172 | ) |
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Income before income tax expense | | 11,226 | | | 4,873 | | | 4,123 | | | — | | | 20,222 | |
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Income tax expense (benefit) | | 3,508 | | | 2,000 | | | 572 | | | — | | | 6,080 | |
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Equity in income from continuing operations of subsidiaries | | 6,424 | | | — | | | — | | | (6,424 | ) | | — | |
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Net income | | $ | 14,142 | | | $ | 2,873 | | | $ | 3,551 | | | $ | (6,424 | ) | | $ | 14,142 | |
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For the Three Months Ended September 30, 2013 | | Parent | | Guarantors | | Non Guarantors | | Eliminations | | Consolidated |
Net income | | $ | 7,122 | | | $ | 1,191 | | | $ | 2,530 | | | $ | (3,721 | ) | | $ | 7,122 | |
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Other comprehensive income (loss), net of tax: | | | | | | | | | | | |
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Foreign currency translation adjustments | | — | | | 3,733 | | | (668 | ) | | — | | | 3,065 | |
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Change in derivatives qualifying as hedges, net of tax | | 75 | | | — | | | 30 | | | — | | | 105 | |
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Change in pension liability and post-retirement obligations, net of tax | | — | | | — | | | (115 | ) | | — | | | (115 | ) |
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Adjustments: | | | | | | | | | | | |
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Unrealized holding gain (losses) arising during the period, net of tax | | 96 | | | — | | | 196 | | | — | | | 292 | |
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Reclassification adjustment for loss included in net income, net of tax | | (880 | ) | | — | | | 153 | | | — | | | (727 | ) |
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Total adjustments | | (784 | ) | | — | | | 349 | | | — | | | (435 | ) |
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Total other comprehensive income (loss) | | (709 | ) | | 3,733 | | | (404 | ) | | — | | | 2,620 | |
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Comprehensive income (loss) | | $ | 6,413 | | | $ | 4,924 | | | $ | 2,126 | | | $ | (3,721 | ) | | $ | 9,742 | |
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For the Six Months Ended September 30, 2013 | | Parent | | Guarantors | | Non Guarantors | | Eliminations | | Consolidated |
Net income | | $ | 14,142 | | | $ | 2,873 | | | $ | 3,551 | | | $ | (6,424 | ) | | $ | 14,142 | |
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Other comprehensive income (loss), net of tax: | | | | | | | | | | |
Foreign currency translation adjustments | | — | | | 5,052 | | | (2,117 | ) | | — | | | 2,935 | |
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Change in derivatives qualifying as hedges, net of tax | | 26 | | | — | | | 165 | | | — | | | 191 | |
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Change in pension liability and post-retirement obligations, net of tax | | — | | | — | | | (120 | ) | | — | | | (120 | ) |
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Adjustments: | | | | | | | | | | |
Unrealized holding gain (losses) arising during the period, net of tax | | 96 | | | — | | | (238 | ) | | — | | | (142 | ) |
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Reclassification adjustment for loss included in net income, net of tax | | (880 | ) | | — | | | (82 | ) | | — | | | (962 | ) |
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Total adjustments | | (784 | ) | | — | | | (320 | ) | | — | | | (1,104 | ) |
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Total other comprehensive income (loss) | | (758 | ) | | 5,052 | | | (2,392 | ) | | — | | | 1,902 | |
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Comprehensive income (loss) | | $ | 13,384 | | | $ | 7,925 | | | $ | 1,159 | | | $ | (6,424 | ) | | $ | 16,044 | |
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| | Parent | | Guarantors | | Non | | Eliminations | | Consolidated |
Guarantors |
For the Six Months Ended September 30, 2013: | | | | | | | | | | |
Operating activities: | | | | | | | | | | |
Net cash provided by (used for) operating activities | | $ | 10,999 | | | $ | 1,267 | | | $ | (10,557 | ) | | $ | — | | | $ | 1,709 | |
|
Investing activities: | | | | | | | | | | |
Proceeds from sale of marketable securities | | — | | | — | | | 3,724 | | | — | | | 3,724 | |
|
Purchases of marketable securities | | — | | | — | | | (2,597 | ) | | — | | | (2,597 | ) |
|
Capital expenditures | | (1,318 | ) | | (1,116 | ) | | (5,599 | ) | | — | | | (8,033 | ) |
|
Purchase of business, net of cash | | — | | | — | | | (5,847 | ) | | — | | | (5,847 | ) |
|
Intercompany loan | | (13,303 | ) | | — | | | 13,303 | | | — | | | — | |
|
Net cash provided by (used for) investing activities | | (14,621 | ) | | (1,116 | ) | | 2,984 | | | — | | | (12,753 | ) |
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Financing activities: | | | | | | | | | | | |
|
Proceeds from exercise of stock options | | 838 | | | — | | | — | | | — | | | 838 | |
|
Repayment of debt | | — | | | (151 | ) | | (144 | ) | | — | | | (295 | ) |
|
Change in ESOP debt guarantee | | 206 | | | — | | | — | | | — | | | 206 | |
|
Net cash provided by (used for) financing activities | | 1,044 | | | (151 | ) | | (144 | ) | | — | | | 749 | |
|
Effect of exchange rate changes on cash | | — | | | — | | | 454 | | | — | | | 454 | |
|
Net change in cash and cash equivalents | | (2,578 | ) | | — | | | (7,263 | ) | | — | | | (9,841 | ) |
|
Cash and cash equivalents at beginning of year | | 79,412 | | | — | | | 42,248 | | | — | | | 121,660 | |
|
Cash and cash equivalents at end of year | | $ | 76,834 | | | $ | — | | | $ | 34,985 | | | $ | — | | | $ | 111,819 | |
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