Summary Financial Information | 9 Months Ended |
Dec. 31, 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 December 31, 2014 | | | | | | | | | | |
ASSETS | | | | | | | | | | |
Current assets: | | | | | | | | | | |
Cash and cash equivalents | | $ | 59,464 | | | $ | — | | | $ | 43,024 | | | $ | — | | | $ | 102,488 | |
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Trade accounts receivable, less allowance for doubtful accounts | | 29,212 | | | 4,261 | | | 36,617 | | | — | | | 70,090 | |
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Inventories | | 31,423 | | | 8,490 | | | 67,508 | | | — | | | 107,421 | |
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Prepaid expenses and other | | 13,547 | | | 77 | | | 10,643 | | | — | | | 24,267 | |
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Total current assets | | 133,646 | | | 12,828 | | | 157,792 | | | — | | | 304,266 | |
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Net property, plant, and equipment | | 50,035 | | | 6,131 | | | 29,300 | | | — | | | 85,466 | |
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Goodwill | | 40,696 | | | 31,025 | | | 58,802 | | | — | | | 130,523 | |
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Other intangibles, net | | 346 | | | — | | | 17,427 | | | — | | | 17,773 | |
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Intercompany | | 33,863 | | | 35,695 | | | (69,558 | ) | | — | | | — | |
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Marketable securities | | — | | | — | | | 20,829 | | | — | | | 20,829 | |
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Deferred taxes on income | | 8,727 | | | 2,590 | | | 10,341 | | | — | | | 21,658 | |
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Investment in subsidiaries | | 229,603 | | | — | | | — | | | (229,603 | ) | | — | |
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Other assets | | 6,530 | | | 1,379 | | | 4,910 | | | — | | | 12,819 | |
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Total assets | | $ | 503,446 | | | $ | 89,648 | | | $ | 229,843 | | | $ | (229,603 | ) | | $ | 593,334 | |
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LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | |
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Current liabilities: | | | | | | | | | | | | | | | |
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Trade accounts payable | | $ | 11,879 | | | $ | 2,275 | | | $ | 9,492 | | | $ | — | | | $ | 23,646 | |
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Accrued liabilities | | 22,141 | | | 2,274 | | | 27,732 | | | — | | | 52,147 | |
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Current portion of long-term debt | | 328 | | | 385 | | | 6,310 | | | — | | | 7,023 | |
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Total current liabilities | | 34,348 | | | 4,934 | | | 43,534 | | | — | | | 82,816 | |
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Senior debt, less current portion | | 449 | | | 1,006 | | | 137 | | | — | | | 1,592 | |
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Subordinated debt | | 148,890 | | | — | | | — | | | — | | | 148,890 | |
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Other non-current liabilities | | 14,637 | | | 5,375 | | | 34,902 | | | — | | | 54,914 | |
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Total liabilities | | 198,324 | | | 11,315 | | | 78,573 | | | — | | | 288,212 | |
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Total shareholders’ equity | | 305,122 | | | 78,333 | | | 151,270 | | | (229,603 | ) | | 305,122 | |
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Total liabilities and shareholders’ equity | | $ | 503,446 | | | $ | 89,648 | | | $ | 229,843 | | | $ | (229,603 | ) | | $ | 593,334 | |
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| | Parent | | Guarantors | | Non | | Eliminations | | Consolidated |
Guarantors |
For the Three Months Ended December 31, 2014: | | | | | | | | | | |
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Net sales | | $ | 77,240 | | | $ | 13,895 | | | $ | 62,270 | | | $ | (12,614 | ) | | $ | 140,791 | |
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Cost of products sold | | 54,702 | | | 11,043 | | | 44,251 | | | (12,614 | ) | | 97,382 | |
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Gross profit | | 22,538 | | | 2,852 | | | 18,019 | | | — | | | 43,409 | |
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Selling expenses | | 6,281 | | | 1,372 | | | 9,745 | | | — | | | 17,398 | |
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General and administrative expenses | | 7,970 | | | 373 | | | 4,502 | | | — | | | 12,845 | |
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Amortization of intangibles | | 24 | | | — | | | 527 | | | — | | | 551 | |
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Income from operations | | 8,263 | | | 1,107 | | | 3,245 | | | — | | | 12,615 | |
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Interest and debt expense | | 3,237 | | | 34 | | | 73 | | | — | | | 3,344 | |
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Investment income | | — | | | — | | | (1,016 | ) | | — | | | (1,016 | ) |
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Foreign currency exchange loss (gain) | | 81 | | | — | | | 166 | | | — | | | 247 | |
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Other expense and (income), net | | (325 | ) | | (756 | ) | | 900 | | | — | | | (181 | ) |
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Income before income tax expense | | 5,270 | | | 1,829 | | | 3,122 | | | — | | | 10,221 | |
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Income tax expense (benefit) | | 2,526 | | | 529 | | | (695 | ) | | — | | | 2,360 | |
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Equity in income from continuing operations of subsidiaries | | 5,117 | | | — | | | — | | | (5,117 | ) | | — | |
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Net income | | $ | 7,861 | | | $ | 1,300 | | | $ | 3,817 | | | $ | (5,117 | ) | | $ | 7,861 | |
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| | Parent | | Guarantors | | Non | | Eliminations | | Consolidated |
Guarantors |
For the Nine Months Ended December 31, 2014: | | | | | | | | | | |
Net sales | | $ | 236,391 | | | $ | 41,664 | | | $ | 193,449 | | | $ | (40,790 | ) | | $ | 430,714 | |
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Cost of products sold | | 166,903 | | | 32,456 | | | 136,015 | | | (40,790 | ) | | 294,584 | |
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Gross profit | | 69,488 | | | 9,208 | | | 57,434 | | | — | | | 136,130 | |
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Selling expenses | | 18,125 | | | 3,999 | | | 30,310 | | | — | | | 52,434 | |
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General and administrative expenses | | 24,658 | | | 1,078 | | | 14,488 | | | — | | | 40,224 | |
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Amortization of intangibles | | 69 | | | — | | | 1,647 | | | — | | | 1,716 | |
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Income from operations | | 26,636 | | | 4,131 | | | 10,989 | | | — | | | 41,756 | |
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Interest and debt expense | | 9,717 | | | 109 | | | 151 | | | — | | | 9,977 | |
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Investment income | | — | | | — | | | (1,683 | ) | | — | | | (1,683 | ) |
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Foreign currency exchange loss (gain) | | 64 | | | — | | | (28 | ) | | — | | | 36 | |
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Other expense and (income), net | | (734 | ) | | (2,411 | ) | | 2,856 | | | — | | | (289 | ) |
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Income before income tax expense | | 17,589 | | | 6,433 | | | 9,693 | | | — | | | 33,715 | |
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Income tax expense (benefit) | | 5,031 | | | 2,512 | | | 979 | | | — | | | 8,522 | |
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Equity in income from continuing operations of subsidiaries | | 12,635 | | | — | | | — | | | (12,635 | ) | | — | |
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Net income | | $ | 25,193 | | | $ | 3,921 | | | $ | 8,714 | | | $ | (12,635 | ) | | $ | 25,193 | |
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For the Three Months Ended December 31, 2014 | | Parent | | Guarantors | | Non Guarantors | | Eliminations | | Consolidated |
Net income | | $ | 7,861 | | | $ | 1,300 | | | $ | 3,817 | | | $ | (5,117 | ) | | $ | 7,861 | |
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Other comprehensive income (loss), net of tax: | | | | | | | | | | | |
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Foreign currency translation adjustments | | — | | | (3,905 | ) | | (1,840 | ) | | 118 | | | (5,627 | ) |
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Change in derivatives qualifying as hedges, net of tax | | 27 | | | — | | | 26 | | | — | | | 53 | |
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Change in pension liability and post-retirement obligations, net of tax | | — | | | — | | | 138 | | | — | | | 138 | |
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Adjustments: | | | | | | | | | | | |
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Unrealized holding gains (losses) arising during the period, net of tax | | — | | | — | | | 103 | | | — | | | 103 | |
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Reclassification adjustment for loss included in net income, net of tax | | — | | | — | | | (553 | ) | | — | | | (553 | ) |
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Total adjustments | | — | | | — | | | (450 | ) | | — | | | (450 | ) |
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Total other comprehensive income (loss) | | 27 | | | (3,905 | ) | | (2,126 | ) | | 118 | | | (5,886 | ) |
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Comprehensive income (loss) | | $ | 7,888 | | | $ | (2,605 | ) | | $ | 1,691 | | | $ | (4,999 | ) | | $ | 1,975 | |
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For the Nine Months Ended December 31, 2014 | | Parent | | Guarantors | | Non Guarantors | | Eliminations | | Consolidated |
Net income | | $ | 25,193 | | | $ | 3,921 | | | $ | 8,714 | | | $ | (12,635 | ) | | $ | 25,193 | |
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Other comprehensive income (loss), net of tax: | | | | | | | | | | |
Foreign currency translation adjustments | | — | | | (12,302 | ) | | (1,461 | ) | | 118 | | | (13,645 | ) |
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Change in derivatives qualifying as hedges, net of tax | | 147 | | | — | | | 110 | | | — | | | 257 | |
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Change in pension liability and post-retirement obligations, net of tax | | — | | | — | | | 402 | | | — | | | 402 | |
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Adjustments: | | | | | | | | | | |
Unrealized holding gains (losses) arising during the period, net of tax | | — | | | — | | | 386 | | | — | | | 386 | |
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Reclassification adjustment for loss included in net income, net of tax | | — | | | — | | | (768 | ) | | — | | | (768 | ) |
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Total adjustments | | — | | | — | | | (382 | ) | | — | | | (382 | ) |
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Total other comprehensive income (loss) | | 147 | | | (12,302 | ) | | (1,331 | ) | | 118 | | | (13,368 | ) |
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Comprehensive income (loss) | | $ | 25,340 | | | $ | (8,381 | ) | | $ | 7,383 | | | $ | (12,517 | ) | | $ | 11,825 | |
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| | Parent | | Guarantors | | Non | | Eliminations | | Consolidated |
Guarantors |
For the Nine Months Ended December 31, 2014: | | | | | | | | | | |
Operating activities: | | | | | | | | | | |
Net cash provided by (used for) operating activities | | $ | 39,669 | | | $ | 379 | | | $ | (10,198 | ) | | $ | — | | | $ | 29,850 | |
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Investing activities: | | | | | | | | | | | |
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Proceeds from sale of marketable securities | | — | | | — | | | 2,585 | | | — | | | 2,585 | |
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Purchases of marketable securities | | — | | | — | | | (673 | ) | | — | | | (673 | ) |
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Capital expenditures | | (8,026 | ) | | (236 | ) | | (3,081 | ) | | — | | | (11,343 | ) |
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Purchase of business, net of cash acquired | | — | | | — | | | (19,931 | ) | | — | | | (19,931 | ) |
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Intercompany transactions | | (41,940 | ) | | — | | | 41,940 | | | — | | | — | |
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Other | | 150 | | | 116 | | | (250 | ) | | — | | | 16 | |
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Net cash provided by (used for) investing activities | | (49,816 | ) | | (120 | ) | | 20,590 | | | — | | | (29,346 | ) |
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Financing activities: | | | | | | | | | | | |
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Proceeds from exercise of stock options | | 1,362 | | | — | | | — | | | — | | | 1,362 | |
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Repayment of debt | | 76 | | | (259 | ) | | (916 | ) | | — | | | (1,099 | ) |
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Change in ESOP debt guarantee and other | | (800 | ) | | — | | | | | | — | | | (800 | ) |
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Restricted cash related to purchase of business | | — | | | — | | | (5,819 | ) | | — | | | (5,819 | ) |
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Dividends paid | | (2,392 | ) | | — | | | — | | | — | | | (2,392 | ) |
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Net cash provided by (used for) financing activities | | (1,754 | ) | | (259 | ) | | (6,735 | ) | | — | | | (8,748 | ) |
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Effect of exchange rate changes on cash | | — | | | — | | | (1,577 | ) | | — | | | (1,577 | ) |
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Net change in cash and cash equivalents | | (11,901 | ) | | — | | | 2,080 | | | — | | | (9,821 | ) |
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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 | | $ | 59,464 | | | $ | — | | | $ | 43,024 | | | $ | — | | | $ | 102,488 | |
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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 December 31, 2013: | | | | | | | | | | |
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Net sales | | $ | 58,669 | | | $ | 31,947 | | | $ | 69,073 | | | $ | (14,617 | ) | | $ | 145,072 | |
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Cost of products sold | | 41,692 | | | 25,967 | | | 49,033 | | | (14,617 | ) | | 102,075 | |
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Gross profit | | 16,977 | | | 5,980 | | | 20,040 | | | — | | | 42,997 | |
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Selling expenses | | 5,763 | | | 1,323 | | | 9,102 | | | — | | | 16,188 | |
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General and administrative expenses | | 6,703 | | | 2,269 | | | 6,258 | | | — | | | 15,230 | |
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Amortization of intangibles | | 25 | | | — | | | 453 | | | — | | | 478 | |
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Income from operations | | 4,486 | | | 2,388 | | | 4,227 | | | — | | | 11,101 | |
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Interest and debt expense | | 3,233 | | | 42 | | | 120 | | | — | | | 3,395 | |
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Investment income | | — | | | — | | | (254 | ) | | — | | | (254 | ) |
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Foreign currency exchange gain | | (16 | ) | | — | | | 584 | | | — | | | 568 | |
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Other expense and (income), net | | (333 | ) | | (844 | ) | | 1,030 | | | — | | | (147 | ) |
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Income before income tax expense | | 1,602 | | | 3,190 | | | 2,747 | | | — | | | 7,539 | |
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Income tax expense (benefit) | | 385 | | | 1,393 | | | (903 | ) | | — | | | 875 | |
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Equity in income from continuing operations of subsidiaries | | 5,447 | | | — | | | — | | | (5,447 | ) | | — | |
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Net income | | $ | 6,664 | | | $ | 1,797 | | | $ | 3,650 | | | $ | (5,447 | ) | | $ | 6,664 | |
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| | Parent | | Guarantors | | Non | | Eliminations | | Consolidated |
Guarantors |
For the Nine Months Ended December 31, 2013: | | | | | | | | | | |
Net sales | | $ | 176,863 | | | $ | 98,472 | | | $ | 190,386 | | | $ | (42,906 | ) | | $ | 422,815 | |
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Cost of products sold | | 123,738 | | | 78,593 | | | 132,642 | | | (42,906 | ) | | 292,067 | |
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Gross profit | | 53,125 | | | 19,879 | | | 57,744 | | | — | | | 130,748 | |
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Selling expenses | | 17,747 | | | 4,016 | | | 28,453 | | | — | | | 50,216 | |
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General and administrative expenses | | 15,209 | | | 10,092 | | | 16,946 | | | — | | | 42,247 | |
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Amortization of intangibles | | 72 | | | — | | | 1,391 | | | — | | | 1,463 | |
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Income from operations | | 20,097 | | | 5,771 | | | 10,954 | | | — | | | 36,822 | |
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Interest and debt expense | | 9,718 | | | 132 | | | 288 | | | — | | | 10,138 | |
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Investment income | | — | | | — | | | (746 | ) | | — | | | (746 | ) |
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Foreign currency exchange gain | | 24 | | | — | | | 964 | | | — | | | 988 | |
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Other expense and (income), net | | (2,473 | ) | | (2,424 | ) | | 3,578 | | | — | | | (1,319 | ) |
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Income before income tax expense | | 12,828 | | | 8,063 | | | 6,870 | | | — | | | 27,761 | |
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Income tax expense (benefit) | | 3,893 | | | 3,393 | | | (331 | ) | | — | | | 6,955 | |
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Equity in income from continuing operations of subsidiaries | | 11,871 | | | — | | | — | | | (11,871 | ) | | — | |
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Net income | | $ | 20,806 | | | $ | 4,670 | | | $ | 7,201 | | | $ | (11,871 | ) | | $ | 20,806 | |
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For the Three Months Ended December 31, 2013 | | Parent | | Guarantors | | Non Guarantors | | Eliminations | | Consolidated |
Net income | | $ | 6,664 | | | $ | 1,797 | | | $ | 3,650 | | | $ | (5,447 | ) | | $ | 6,664 | |
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Other comprehensive income (loss), net of tax: | | | | | | | | | | | |
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Foreign currency translation adjustments | | — | | | 1,648 | | | (777 | ) | | — | | | 871 | |
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Change in derivatives qualifying as hedges, net of tax | | (10 | ) | | — | | | 98 | | | — | | | 88 | |
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Change in pension liability and post-retirement obligations, net of tax | | — | | | — | | | (11 | ) | | — | | | (11 | ) |
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Adjustments: | | | | | | | | | | | |
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Unrealized holding gain (losses) arising during the period, net of tax | | — | | | — | | | 262 | | | — | | | 262 | |
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Reclassification adjustment for loss included in net income, net of tax | | — | | | — | | | (36 | ) | | — | | | (36 | ) |
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Total adjustments | | — | | | — | | | 226 | | | — | | | 226 | |
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Total other comprehensive income (loss) | | (10 | ) | | 1,648 | | | (464 | ) | | — | | | 1,174 | |
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Comprehensive income (loss) | | $ | 6,654 | | | $ | 3,445 | | | $ | 3,186 | | | $ | (5,447 | ) | | $ | 7,838 | |
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For the Nine Months Ended December 31, 2013 | | Parent | | Guarantors | | Non Guarantors | | Eliminations | | Consolidated |
Net income | | $ | 20,806 | | | $ | 4,670 | | | $ | 7,201 | | | $ | (11,871 | ) | | $ | 20,806 | |
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Other comprehensive income (loss), net of tax: | | | | | | | | | | |
Foreign currency translation adjustments | | — | | | 6,701 | | | (2,895 | ) | | — | | | 3,806 | |
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Change in derivatives qualifying as hedges, net of tax | | 16 | | | — | | | 263 | | | — | | | 279 | |
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Change in pension liability and post-retirement obligations, net of tax | | — | | | — | | | (131 | ) | | — | | | (131 | ) |
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Adjustments: | | | | | | | | | | |
Unrealized holding gain (losses) arising during the period, net of tax | | 96 | | | — | | | 24 | | | — | | | 120 | |
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Reclassification adjustment for loss included in net income, net of tax | | (880 | ) | | — | | | (118 | ) | | — | | | (998 | ) |
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Total adjustments | | (784 | ) | | — | | | (94 | ) | | — | | | (878 | ) |
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Total other comprehensive income (loss) | | (768 | ) | | 6,701 | | | (2,857 | ) | | — | | | 3,076 | |
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Comprehensive income (loss) | | $ | 20,038 | | | $ | 11,371 | | | $ | 4,344 | | | $ | (11,871 | ) | | $ | 23,882 | |
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| | Parent | | Guarantors | | Non | | Eliminations | | Consolidated |
Guarantors |
For the Nine Months Ended December 31, 2013: | | | | | | | | | | |
Operating activities: | | | | | | | | | | |
Net cash provided by (used for) operating activities | | $ | 18,408 | | | $ | 1,559 | | | $ | (2,009 | ) | | $ | — | | | $ | 17,958 | |
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Investing activities: | | | | | | | | | | |
Proceeds from sale of marketable securities | | — | | | — | | | 5,444 | | | — | | | 5,444 | |
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Purchases of marketable securities | | — | | | — | | | (3,611 | ) | | — | | | (3,611 | ) |
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Capital expenditures | | (3,814 | ) | | (1,328 | ) | | (8,342 | ) | | — | | | (13,484 | ) |
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Purchase of business, net of cash acquired | | — | | | — | | | (5,847 | ) | | — | | | (5,847 | ) |
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Intercompany loan | | (13,303 | ) | | — | | | 13,303 | | | — | | | — | |
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Net cash provided by (used for) investing activities | | (17,117 | ) | | (1,328 | ) | | 947 | | | — | | | (17,498 | ) |
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Financing activities: | | | | | | | | | | | |
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Proceeds from exercise of stock options | | 1,464 | | | — | | | — | | | — | | | 1,464 | |
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Net Payments under lines-of-credit | | | | | | (7 | ) | | | | (7 | ) |
Repayment of debt | | 1 | | | (231 | ) | | (336 | ) | | — | | | (566 | ) |
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Change in ESOP debt guarantee | | 308 | | | — | | | — | | | — | | | 308 | |
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Net cash provided by (used for) financing activities | | 1,773 | | | (231 | ) | | (343 | ) | | — | | | 1,199 | |
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Effect of exchange rate changes on cash | | — | | | — | | | 549 | | | — | | | 549 | |
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Net change in cash and cash equivalents | | 3,064 | | | — | | | (856 | ) | | — | | | 2,208 | |
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Cash and cash equivalents at beginning of year | | 79,412 | | | — | | | 42,248 | | | — | | | 121,660 | |
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Cash and cash equivalents at end of year | | $ | 82,476 | | | $ | — | | | $ | 41,392 | | | $ | — | | | $ | 123,868 | |
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