Document_Entity_Information
Document Entity Information | 6 Months Ended | |
Jun. 27, 2014 | Aug. 07, 2014 | |
Entity Information | ' | ' |
Entity Registrant Name | 'Euramax Holdings, Inc. | ' |
Entity Central Index Key | '0001026743 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 27-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 195,252 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 27, 2014 | Dec. 31, 2013 | Jun. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2012 |
In Thousands, unless otherwise specified | |||||
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | $2,527 | $8,977 | $5,101 | $10,024 | $5,101 |
Accounts receivable, less allowances of $2,083 and $2,235, respectively | 111,174 | 73,996 | ' | ' | ' |
Inventories, net | 113,378 | 89,760 | ' | ' | ' |
Income taxes receivable | 459 | 982 | ' | ' | ' |
Deferred income taxes | 576 | 580 | ' | ' | ' |
Other current assets | 7,208 | 7,008 | ' | ' | ' |
Total current assets | 235,322 | 181,303 | ' | ' | ' |
Property, plant and equipment, net | 123,559 | 130,114 | ' | ' | ' |
Goodwill | 203,667 | 204,053 | ' | ' | ' |
Customer relationships, net | 34,033 | 40,631 | ' | ' | ' |
Other intangible assets, net | 6,754 | 7,073 | ' | ' | ' |
Deferred income taxes | 304 | 87 | ' | ' | ' |
Other assets | 7,311 | 8,712 | ' | ' | ' |
Total assets | 610,950 | 571,973 | ' | ' | ' |
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ' | ' | ' | ' | ' |
Accounts payable | 90,371 | 57,262 | ' | ' | ' |
Accrued expenses and other current liabilities | 29,586 | 26,366 | ' | ' | ' |
Accrued interest payable | 12,919 | 9,020 | ' | ' | ' |
Current portion of long-term debt | 4,361 | 0 | ' | ' | ' |
Deferred income taxes | 601 | 605 | ' | ' | ' |
Total current liabilities | 137,838 | 93,253 | ' | ' | ' |
Long-term debt | 551,922 | 535,396 | ' | ' | ' |
Deferred income taxes | 19,136 | 18,980 | ' | ' | ' |
Other liabilities | 33,173 | 32,907 | ' | ' | ' |
Total liabilities | 742,069 | 680,536 | ' | ' | ' |
Shareholders’ deficit: | ' | ' | ' | ' | ' |
Common stock | 195 | 195 | ' | ' | ' |
Additional paid-in capital | 724,316 | 724,071 | ' | ' | ' |
Accumulated loss | -866,138 | -843,750 | ' | ' | ' |
Accumulated other comprehensive income | 10,508 | 10,921 | ' | ' | ' |
Total shareholders’ deficit | -131,119 | -108,563 | ' | ' | ' |
Total liabilities and shareholders’ deficit | $610,950 | $571,973 | ' | ' | ' |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Jun. 27, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Allowance for doubtful accounts | $2,083 | $2,235 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Net sales | $232,990 | $229,861 | $402,894 | $402,406 |
Costs and expenses: | ' | ' | ' | ' |
Cost of goods sold (excluding depreciation and amortization) | 193,077 | 190,461 | 340,048 | 339,631 |
Selling and general (excluding depreciation and amortization) | 19,190 | 19,940 | 37,966 | 39,380 |
Depreciation and amortization | 8,251 | 8,450 | 16,453 | 17,043 |
Other operating charges | 2,341 | 1,126 | 3,306 | 3,900 |
Income from operations | 10,131 | 9,884 | 5,121 | 2,452 |
Interest expense | -13,914 | -13,854 | -27,679 | -27,452 |
Other (loss) income, net | -516 | 2,111 | -320 | -4,234 |
Loss before income taxes | -4,299 | -1,859 | -22,878 | -29,234 |
(Benefit from) provision for income taxes | -1,183 | -303 | -490 | 438 |
Net loss | ($3,116) | ($1,556) | ($22,388) | ($29,672) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Net loss | ($3,116) | ($1,556) | ($22,388) | ($29,672) |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation adjustment | -65 | -157 | -454 | -342 |
Defined benefit pension plan adjustments | 21 | 81 | 41 | 165 |
Total comprehensive loss | ($3,160) | ($1,632) | ($22,801) | ($29,849) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 |
Net cash used in operating activities | ($25,140) | ($33,383) |
Cash flows from investing activities: | ' | ' |
Proceeds from sales of assets | 66 | 2,186 |
Capital expenditures | -2,961 | -4,958 |
Net cash used in investing activities | -2,895 | -2,772 |
Cash flows from financing activities: | ' | ' |
Net borrowings on ABL Credit Facility | 16,260 | 22,953 |
Net borrowings on Dutch Revolving Credit Facility | 4,361 | 3,333 |
Changes in cash overdrafts | 1,326 | 5,144 |
Debt issuance costs | -88 | -175 |
Net cash provided by financing activities | 21,859 | 31,255 |
Effect of exchange rate changes on cash | -274 | -23 |
Net decrease in cash and cash equivalents | -6,450 | -4,923 |
Cash and cash equivalents at beginning of period | 8,977 | 10,024 |
Cash and cash equivalents at end of period | $2,527 | $5,101 |
Basis_of_Presentation_and_Prin
Basis of Presentation and Principles of Consolidation | 6 Months Ended |
Jun. 27, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation and Principles of Consolidation | ' |
Basis of Presentation and Principles of Consolidation | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of Euramax Holdings, Inc. and its subsidiaries (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, these statements include all adjustments considered necessary for the fair presentation of all interim periods reported herein. All adjustments are of a normal recurring nature unless otherwise disclosed. | |
The Company’s sales volumes have historically been higher in the second and third quarters due to the seasonal demand of the building products markets served. Accordingly, results for the three and six months ended June 27, 2014 are not necessarily indicative of the results that may be expected for the full year. Management believes that the disclosures made are adequate for a fair presentation of the Company’s results of operations, financial position and cash flows. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
Principles of Consolidation | |
The accompanying condensed consolidated financial statements include the Company’s accounts and the accounts of its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to current period presentation. Each of our interim reporting periods, other than the fourth interim reporting period, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The second quarter of 2014 and 2013 ended on June 27 and June 28, respectively. Our fourth interim reporting period and our fiscal year end on December 31 regardless of the day of the week on which it falls. | |
Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued amendments to disclosure requirements for presentation of comprehensive income. The Standard requires prospective presentation of the effect of significant amounts reclassified from each component of accumulated other comprehensive income and the respective line items in the condensed consolidated statement of operations which are impacted. The amendment is effective prospectively for periods beginning after December 15, 2012. The Company has included the required disclosure in Note 6, Accumulated Other Comprehensive Income. | |
In May 2014, the FASB issued new revenue recognition guidance, which supersedes most current revenue recognition guidance, including industry-specific guidance, and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The new standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. The Company is currently assessing the impact of implementing this guidance on the Company's financial position, results of operations, and cash flows. |
Inventories
Inventories | 6 Months Ended | |||||||
Jun. 27, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories were comprised of: | ||||||||
June 27, | December 31, | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Aluminum and steel coil | $ | 75,862 | $ | 58,153 | ||||
Raw materials | 17,762 | 15,291 | ||||||
Work in process | 3,065 | 1,936 | ||||||
Finished products | 16,689 | 14,380 | ||||||
Total inventories, net | $ | 113,378 | $ | 89,760 | ||||
The Company has disclosed aluminum and steel coil inventory separately, as it represents inventory that can be classified as raw material, work in process or finished product. Aluminum and steel coil includes both painted and bare coil. Inventories are net of related reserves totaling $3.4 million and $2.4 million as of June 27, 2014 and December 31, 2013, respectively. |
Indebtedness
Indebtedness | 6 Months Ended | |||||||
Jun. 27, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Indebtedness | ' | |||||||
Indebtedness | ||||||||
Indebtedness consisted of the following: | ||||||||
June 27, | December 31, | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Senior Secured Notes (9.50%) | $ | 375,000 | $ | 375,000 | ||||
Senior Unsecured Loan Facility (12.25%) | 123,906 | 123,640 | ||||||
ABL Credit Facility | 53,016 | 36,756 | ||||||
Dutch Revolving Credit Facility | 4,361 | — | ||||||
Total debt | 556,283 | 535,396 | ||||||
Less: current portion | 4,361 | — | ||||||
Total long term debt | $ | 551,922 | $ | 535,396 | ||||
Senior Secured Notes | ||||||||
The Senior Secured Notes (the "Notes") consist of an aggregate principal amount of $375 million, which were issued pursuant to an indenture (the "Indenture"), dated March 18, 2011, among Euramax International, Inc. ("Euramax International"), Euramax Holdings, Inc. ("Euramax Holdings"), and certain of its domestic subsidiaries as guarantors, and Wells Fargo Bank, National Association, the Trustee. The Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by Euramax Holdings, Euramax International, and Amerimax Richmond Company, a 100% owned domestic subsidiary of Euramax International. The Notes bear interest at 9.50% per year and mature on April 1, 2016, unless earlier redeemed or repurchased by Euramax International. Interest is payable semi-annually on April 1 and October 1 of each year. | ||||||||
The Notes are secured by a first priority security interest in (i) substantially all of the assets of Euramax International and the guarantors (other than inventory and accounts receivable and related assets, which assets secure the ABL Credit Facility on a first priority basis) and (ii) all of Euramax International's capital stock and the capital stock of each material domestic restricted subsidiary owned by Euramax International or a guarantor and 65% of the voting capital stock and 100% of any nonvoting capital stock of foreign restricted subsidiaries directly owned by the Company or a guarantor, and a second priority security interest in the inventory, receivables and related assets. | ||||||||
The Notes may be redeemed at the option of Euramax International, in whole or in part, under the conditions specified in the Indenture, at the following redemption prices plus accrued and unpaid interest to the redemption date if redeemed during the twelve-month period beginning on April 1 of the years indicated: | ||||||||
Year | Percentage | |||||||
2013 | 107.125 | % | ||||||
2014 | 104.75 | % | ||||||
2015 and thereafter | 100 | % | ||||||
The Indenture contains restrictive covenants that limit, among other things, the ability of Euramax International and certain of its subsidiaries to incur additional indebtedness, pay dividends and make certain distributions, make other restricted payments, make investments, incur liens, consolidate, merge, sell or otherwise dispose of all or substantially all of its assets and enter into certain transactions with affiliates, in each case, subject to exclusions, and other customary covenants. These limitations also limit Euramax International's ability to transfer cash or assets to Euramax Holdings, whether by dividend, loan or otherwise. The Indenture also contains customary events of default. If Euramax International undergoes a change of control (as defined in the Indenture), Euramax International will be required to make an offer to repurchase the Notes at 101% of the principal amount of the Notes redeemed plus accrued and unpaid interest, if any, to the date of redemption. | ||||||||
Senior Unsecured Loan Facility | ||||||||
On March 3, 2011, Euramax Holdings, Euramax International, and certain of its domestic subsidiaries entered into a credit and guaranty agreement for a senior unsecured loan facility (the "Senior Unsecured Loan Facility") in the aggregate principal amount of $125 million. The Senior Unsecured Loan Facility was issued at 98% of par on March 18, 2011 and matures on October 1, 2016. The difference between the consideration received and the aggregate face amount ($1.1 million) is being amortized and recorded in interest expense using the effective interest rate method over the term. The Senior Unsecured Loan Facility bears interest at 12.25% per year in the event no election is made to pay interest in kind (PIK), and 14.25% (7.875% cash pay and 6.375% PIK) per annum in the event a PIK election is made. Euramax International may make a PIK election for up to six quarters during the term of the Senior Unsecured Loan Facility. The interest rate on outstanding borrowings at June 27, 2014 was 12.25%, as Euramax International has not made a PIK election. | ||||||||
Euramax International may prepay outstanding amounts under the Senior Unsecured Loan Facility, in whole or in part, at the prices (expressed as percentages of the loans) set forth below: | ||||||||
Prepayment Date | Percentage | |||||||
On or after the second anniversary of the closing but prior to the third anniversary thereof | 103 | % | ||||||
On or after the third anniversary of the closing but prior to the fourth anniversary thereof | 102 | % | ||||||
On or after the fourth anniversary of the closing | 100 | % | ||||||
Upon a change of control, Euramax International may be required to prepay all or a portion of the Senior Unsecured Loan Facility at a price equal to 101% of the principal amount plus accrued and unpaid interest. All obligations under the Senior Unsecured Loan Facility are unconditionally guaranteed by Euramax Holdings, Euramax International, and substantially all of Euramax International's existing and future direct and indirect 100% owned domestic material restricted subsidiaries. | ||||||||
The Senior Unsecured Loan Facility contains restrictive covenants that limit, among other things, the ability of Euramax International and certain of its subsidiaries to incur additional indebtedness, pay dividends and make certain distributions, make other restricted payments, make investments, incur liens, consolidate, merge, sell or otherwise dispose of all or substantially all of its assets and enter into certain transactions with affiliates, in each case, subject to exclusions, and other customary covenants. | ||||||||
The Senior Unsecured Loan Facility contains certain customary representations and warranties, affirmative covenants and events of default, including among other things, payment defaults, covenant defaults, cross‑defaults to certain indebtedness, certain events of bankruptcy, material judgments, and failure of any guaranty supporting the Senior Unsecured Loan Facility to be in force and effect in any material respect. If such an event of default occurs, the administrative agent would be entitled to take various actions, including the acceleration of amounts due under the Senior Unsecured Loan Facility and all actions permitted to be taken by an unsecured creditor. | ||||||||
ABL Credit Facility | ||||||||
On March 18, 2011, Euramax Holdings, Euramax International, and certain of its domestic subsidiaries, entered into the ABL Credit Facility with Regions Bank, as Collateral and Administrative Agent, Wells Fargo Capital Finance, LLC, as Co-Collateral Agent, and Regions Business Capital, as Sole Lead Arranger and Bookrunner. The ABL Credit Facility provides for revolving credit financing of up to $70 million, subject to borrowing base availability. At June 27, 2014, $17.0 million was available to be drawn on the ABL Credit Facility. | ||||||||
On March 21, 2014 and May 8, 2014, the ABL Credit Facility was amended to, among other items, (i) reduce the applicable margin rate for LIBOR borrowings from a range of 2.00% to 2.75% to a range of 1.75% to 2.25% and reduce the applicable margin rate for Base Rate borrowings from a range of 1.00% to 1.75% to a range of 1.00% to 1.25%, in each case, based on average excess availability rather than corporate credit ratings of the Company, (ii) reduce the minimum excess availability threshold to $1.0 million, (iii) reduce the fixed charge coverage ratio from 1.15 to 1.00, (iv) suspend the testing of the fixed charge coverage ratio (A) during fiscal year 2014, unless a Seasonal Overadvance A is then in effect, (B) at all other times including during fiscal year 2014 during the occurrence of a Seasonal Overadvance B or (C) during the occurrence of a Seasonal Overadvance C, (v) suspend the testing of the minimum consolidated EBITDA test except (A) during fiscal year 2014 if a Seasonal Overadvance A is then in effect, (B) at any time during the life of the ABL Credit Facility, during the occurrence of a Seasonal Overadvance B or (C) at any time during the life of the ABL Credit Facility during the occurrence of a Seasonal Overadvance C, and (vi) provide for the three mutually exclusive overadvance facilities as described below. | ||||||||
"Seasonal Overadvance A", in the amount of $15.0 million, is available to the Company from February 1 of each year through May 31 of each such year, subject to the Company demonstrating compliance with the fixed charge coverage ratio of 1.00:1.00, payment of a fee in the amount of 0.20% of the amount of such facility (the "Seasonal Overadvance Fee") and other customary conditions. | ||||||||
"Seasonal Overadvance B", in the amount of $9.0 million, is available to the Company from February 1 of each year through November 30 of each such year, subject to the Company demonstrating compliance with a U.S. fixed charge coverage ratio of 1.00:1.00, payment of the Seasonal Overadvance Fee (except to the extent already paid during such calendar year), maintenance of a U.S. fixed charge coverage ratio of 1.00:1.00 and other customary conditions. | ||||||||
"Seasonal Overadvance C", in the amount of the lesser of (i) $6.0 million and (ii) the sum of (a) 10% of the first component of the borrowing base and (b) 10% of the second component of the borrowing base, is available to the Company from February 1 of each year through August 22 of each such year, subject to the payment of the Seasonal Overadvance Fee (except to the extent already paid during such calendar year), maintenance of a minimum consolidated EBITDA over the trailing twelve months of $52.0 million ($50.0 million for fiscal 2014) and other customary conditions. | ||||||||
Borrowings under the ABL Credit Facility bear interest at a rate per annum equal to either (a) LIBOR plus an applicable margin or (b) a base rate determined by reference to the highest of (1) the prime commercial lending rate published by Regions Bank as its “prime rate” for commercial loans, (2) the federal funds effective rate plus 0.50% and (3) the one-month LIBOR plus 1.00%, plus an applicable margin. The applicable margin is dependent upon the type of borrowings Euramax International has made under the ABL Credit Facility. At June 27, 2014, the applicable margins were 2.25% and 1.25% for LIBOR and Base Rate borrowings, respectively. After June 27, 2014, the applicable margins are subject to Euramax International’s Average Excess Availability Percentage for the most recently ended fiscal quarter and range from 1.75% to 2.25% for LIBOR borrowings and 1.00% to 1.25% for Base Rate borrowings. The weighted average interest rate at June 27, 2014, including the applicable margin payable on outstanding borrowings under the ABL Credit Facility, was 2.40%. The ABL Credit Facility requires Euramax International to pay a commitment fee ranging from 0.375% to 0.5%, based on the unutilized commitments. Euramax International is also required to pay customary letter of credit fees, including, without limitation, a letter of credit fee equal to the applicable margin on revolving credit LIBOR loans and fronting fees. | ||||||||
All obligations under the ABL Credit Facility are unconditionally guaranteed by Euramax Holdings, Euramax International, and Amerimax Richmond Company, a 100% owned domestic subsidiary of Euramax International, and any future direct and indirect 100% owned domestic restricted subsidiaries which are not borrowers. All obligations under the ABL Credit Facility are secured, subject to certain exceptions, by a first‑priority security interest in Euramax International’s and the Guarantors’ inventory and accounts receivable and related assets, referred to as the ABL Collateral, and a junior‑priority security interest in (i) substantially all of Euramax International’s and the Guarantors’ assets (other than inventory and accounts receivable and related assets, which assets secure the ABL Credit Facility on a first priority basis) and (ii) all of Euramax International’s capital stock and the capital stock of each material domestic restricted subsidiary owned by Euramax International or a Guarantor and 65% of the voting capital stock and 100% of any non-voting capital stock of foreign restricted subsidiaries directly owned by Euramax International or a Guarantor, which we refer to collectively as the Notes Collateral. | ||||||||
The ABL Credit Facility contains affirmative and negative covenants customary for this type of financing, including, but not limited to certain financial covenants in the event excess availability is less than 12.5% of the lesser of the aggregate amount of commitments outstanding at such time and the borrowing base. As of June 27, 2014, excess availability exceeded 12.5% of the borrowing base; therefore, Euramax International was not required to meet the Minimum Consolidated Adjusted EBITDA or Minimum Consolidated Fixed Charge Coverage Ratio. Additionally, restrictive covenants limit the ability of Euramax International and certain of its subsidiaries to incur liens, incur, assume or permit to exist additional indebtedness, guarantees and other contingent obligations, consolidate, merge or sell all or substantially all of their assets, pay dividends or make other distributions, make certain loans and investments, amend or otherwise alter the terms of documents related to certain of their indebtedness, enter into transactions with affiliates and prepay certain indebtedness, in each case, subject to exclusions, and other customary covenants. | ||||||||
Dutch Revolving Credit Facility | ||||||||
In February 2012, the Company's 100% owned subsidiary Euramax Coated Products, BV entered into a revolving credit facility with Rabobank Roermond (the "Dutch Revolving Credit Facility"). The Dutch Revolving Credit Facility provides revolving credit financing of up to EUR 15 million and matures on April 1, 2016. Borrowings under the Dutch Revolving Credit Facility bear interest at a rate per annum which is the aggregate of the average one month Euribor rate over a calendar month plus a margin of 2% and requires payment of a commitment fee of 0.35% per annum on the nominal amount of the credit facility. The weighted average interest rate at June 27, 2014, including the margin payable on outstanding borrowings under the Dutch Revolving Credit Facility, was 2.48%. All obligations under the Dutch Revolving Credit Facility are secured by a mortgage on the real estate of Euramax Coated Products, BV and a pledge on present and future machinery and present and future accounts receivable balances of Euramax Coated Products, BV. At June 27, 2014, $16.1 million (EUR 11.8 million) was available to be drawn on the Dutch Revolving Credit Facility. | ||||||||
The Dutch Revolving Credit Facility contains financial and non-financial covenants customary for this type of financing. Financial covenants include, but are not limited to, a minimum annual EBITDA target and a minimum amount of risk-bearing capital for Euramax Coated Products, BV, both measured at the Company's fiscal year-end. The Dutch Revolving Credit Facility also contains a clause limiting further indebtedness. As of June 27, 2014, Euramax Coated Products, BV is in compliance with all covenants. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | |||||||||||||||
Jun. 27, 2014 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||
Commitments and Contingencies | ' | |||||||||||||||
Commitments and Contingencies | ||||||||||||||||
Raw Material Commitments | ||||||||||||||||
The Company’s primary raw materials are aluminum and steel coil. Because changes in aluminum and steel prices are generally passed through to customers, increases or decreases in aluminum and steel prices generally cause corresponding increases and decreases in reported net sales, causing fluctuations in reported revenues that are unrelated to the level of business activity. However, if the Company is unable to pass through aluminum and steel price increases to customers in the future, its business and results of operations could be materially adversely affected. Although the Company believes there is sufficient supply in the marketplace to competitively source all of its aluminum and steel needs without reliance on any particular supplier, any major disruption in the supply and/or price of aluminum and steel could have a material adverse effect on the Company’s business and financial condition. | ||||||||||||||||
To ensure a margin on specific customer orders, the Company may commit to purchase aluminum ingot or coil at a fixed market price for future delivery. These contracts are for normal purchases and sales, and therefore, are not required to be accounted for as derivatives. | ||||||||||||||||
Litigation | ||||||||||||||||
The Company is currently party to legal proceedings that have arisen in the ordinary course of business. The Company has and will continue to vigorously defend itself in these matters. It is the opinion of the Company’s management, based upon information available at this time, that the expected outcome of all matters to which the Company is currently a party would not reasonably be expected to have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company. | ||||||||||||||||
Environmental Matters | ||||||||||||||||
The Company’s operations are subject to U.S., Canadian, and European federal, state, and local environmental laws and regulations, including those concerning the management of pollution and hazardous substances. | ||||||||||||||||
In connection with the acquisition of the Company from Alumax Inc. (which was acquired by Aluminum Company of America in May 1998, and hereafter referred to as Alumax) on September 25, 1996, the Company was indemnified by Alumax for substantially all of its costs, if any, related to specifically identified environmental matters arising prior to the closing date of the acquisition during the period of time it was owned directly or indirectly by Alumax. Such indemnification includes costs that may ultimately be incurred to contribute to the remediation of eleven specified existing National Priorities List (NPL) sites for which the Company had been named a potentially responsible party under the federal Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) as of the closing date of the acquisition from Alumax, as well as certain potential costs for nine sites to which the Company may have sent waste for disposal. The Company does not believe that it has any significant probable liability for environmental claims. Further, the Company believes it to be unlikely that the Company would be required to bear environmental costs in excess of its pro rata share of such costs as a potentially responsible party at any site. Any receivable for recoveries under the indemnification would be recorded separately from the corresponding liability when the environmental claim and related recovery is determined to be probable. In addition, the Company establishes reserves for remedial measures required from time to time at its facilities. Management believes that the reasonably probable outcomes of these matters will not be material. The Company’s reserves, expenditures, and expenses for all environmental exposures were not significant as of any of the dates or for any of the periods presented. | ||||||||||||||||
Product Warranties | ||||||||||||||||
The Company provides warranties on certain products. The warranty periods differ depending on the product, but generally range from one year to limited lifetime warranties. The Company provides for warranties based on historical experience and expectations of future occurrence. Changes in the product warranty accrual are summarized as follows: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 27, | June 28, | June 27, | June 28, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
Balance, beginning of period | $ | 5,389 | $ | 5,098 | $ | 5,326 | 5,098 | |||||||||
Payments made or service provided | (934 | ) | (955 | ) | (1,555 | ) | (1,831 | ) | ||||||||
Warranty expense | 493 | 884 | 1,175 | 1,841 | ||||||||||||
Foreign currency translation | (2 | ) | 20 | — | (61 | ) | ||||||||||
Balance, end of period | $ | 4,946 | $ | 5,047 | $ | 4,946 | $ | 5,047 | ||||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 27, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The (benefit from) provision for income taxes for 2014 and 2013 is computed at the effective rate expected to be applicable in each respective full year using the statutory rates on a country by country basis, adjusted for changes in valuation allowances relating to the Company’s net operating loss and capital loss carryforwards and changes in tax uncertainties. The effective rates for the three month periods ended June 27, 2014 and June 28, 2013 were a benefit of 27.5% and 16.3%, respectively. | |
The effective rate for the three months ended June 27, 2014 differed from the U.S. statutory rate primarily due to state income taxes, lower tax rates of our foreign operations compared to the U.S. federal rates, and recognition of valuation allowances related to net losses in the UK and in U.S. federal and state jurisdictions. | |
The effective rate for the three months ended June 28, 2013 differed from the U.S. statutory rate primarily due to state income taxes, lower tax rates of our foreign operations compared to the U.S. federal rates, and recognition of valuation allowances related to net losses in the UK and in U.S. federal and state jurisdictions. | |
The effective tax rates for the six month periods ended June 27, 2014 and June 28, 2013 were a benefit of 2.1% and a provision of 1.5%, respectively. | |
The effective rate for the six months ended June 27, 2014 differed from the U.S. statutory rate primarily due to state income taxes, lower tax rates of our foreign operations compared to the U.S. federal rates, and recognition of valuation allowances related to net losses in the UK and in U.S. federal and state jurisdictions. | |
The effective rate for the six months ended June 28, 2013 differed from the U.S. statutory rate primarily due to state income taxes, lower tax rates of our foreign operations compared to the U.S. federal rates, and recognition of valuation allowances related to net losses in the UK and in U.S. federal and state jurisdictions. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 6 Months Ended | ||||||||||||
Jun. 27, 2014 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||
Changes in accumulated other comprehensive income (loss) by component for the six month period ended June 27, 2014 were as follows: | |||||||||||||
Foreign Currency Translation Adjustments | Defined Benefit Pension Plan Adjustments | Total | |||||||||||
(in thousands) | |||||||||||||
Balance, beginning of period | $ | 19,281 | $ | (8,360 | ) | $ | 10,921 | ||||||
Other comprehensive (loss) income before reclassifications | (454 | ) | — | (454 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 41 | 41 | ||||||||||
Net other comprehensive (loss) income | (454 | ) | 41 | (413 | ) | ||||||||
Balance, end of period | $ | 18,827 | $ | (8,319 | ) | $ | 10,508 | ||||||
Amounts reclassified from the defined benefit pension plan adjustments component of accumulated other comprehensive income (loss) were recorded in selling and general expenses within the condensed consolidated statement of operations. There were no net tax effects related to the reclassification as a result of the full valuation allowances in the U.S. and UK in the current year. The accumulated tax effect related to the defined benefit pension plan adjustments component of accumulated other comprehensive income (loss) was a provision of $0.3 million as of June 27, 2014 and December 31, 2013. There are no tax impacts related to the foreign currency translation adjustment component of accumulated other comprehensive income (loss) as the earnings of subsidiaries are considered to be permanently invested. |
Employee_Benefit_Plans
Employee Benefit Plans | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 27, 2014 | ||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||||||||||||||||||
Employee Benefit Plans | ||||||||||||||||||||||||||||||||
Retirement Plans | ||||||||||||||||||||||||||||||||
The Company maintains a non-contributory defined benefit pension plan covering substantially all U.S. hourly employees (the "U.S. Plan"). In addition, the employees at Euramax Coated Products Limited and Ellbee Limited participate in a single employer pension plan (the "UK Plan"). The measurement date for the U.S. and UK plans is the last day of the fiscal year. The Company curtailed the accrual of participant benefits provided under the UK Plan effective March 31, 2009. This curtailment did not affect the timing for the payment of benefits earned under the UK Plan through the curtailment date. In January 2010, the Company's board of directors approved a motion to freeze future benefit accruals under the U.S. Plan. The impact on the Company's projected benefit obligation was not significant. Components of net periodic pension cost for the Company’s defined and multiemployer pension plans were as follows: | ||||||||||||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||||||||
June 27, | June 28, | June 27, | June 28, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
U.S. Plan | UK Plan | U.S. Plan | UK Plan | U.S. Plan | UK Plan | U.S. Plan | UK Plan | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Service cost | $ | 14 | $ | — | $ | 16 | $ | — | $ | 28 | $ | — | $ | 32 | $ | — | ||||||||||||||||
Interest cost | 140 | 562 | 130 | 524 | 280 | 1,114 | 260 | 1,055 | ||||||||||||||||||||||||
Expected return on assets | (186 | ) | (474 | ) | (156 | ) | (408 | ) | (372 | ) | (940 | ) | (312 | ) | (822 | ) | ||||||||||||||||
Recognized actuarial net loss | 2 | 19 | 71 | 10 | 4 | 37 | 144 | 21 | ||||||||||||||||||||||||
Total defined benefit net periodic pension cost | (30 | ) | 107 | 61 | 126 | (60 | ) | 211 | 124 | 254 | ||||||||||||||||||||||
Multiemployer benefit expense | 311 | — | 295 | — | 569 | — | 547 | — | ||||||||||||||||||||||||
Net periodic pension cost | $ | 281 | $ | 107 | $ | 356 | $ | 126 | $ | 509 | $ | 211 | $ | 671 | $ | 254 | ||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 27, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Measurements | ' |
Fair Value Measurements | |
Recurring Fair Value Measurements | |
In accordance with accounting principles generally accepted in the U.S., certain assets and liabilities are required to be recorded at fair value on a recurring basis. For the Company, the only assets and liabilities that are adjusted to fair value on a recurring basis are derivative financial instruments. | |
Derivative Financial Instruments | |
The Company is directly and indirectly affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company's financial performance and are referred to as "market risks." The Company, when deemed appropriate, uses derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risk managed by the Company through the use of derivative instruments is foreign currency exchange rate risk related to intercompany interest payments. The Company does not enter into derivative contracts for trading purposes. | |
The Company has entered into forward contracts to buy or sell a quantity of a currency at a predetermined future date, and at a predetermined rate or price to mitigate uncertainty and volatility, and to cover underlying exposures to certain payments in currencies other than the functional currency. The Company has not designated these contracts for hedge accounting treatment and, therefore, the gains and losses on these contracts are recorded in other income (loss), net in the condensed consolidated statement of operations. For the three months ended June 27, 2014 and June 28, 2013, the Company recognized gains of $0.1 million and losses of $0.1 million, respectively, related to these forward contracts. For the six months ended June 27, 2014 and June 28, 2013, the Company recognized gains of $0.1 million and $0.1 million, respectively, related to these forward contracts. | |
Derivatives are carried at fair value in the condensed consolidated balance sheet in the line item accrued expenses and other current liabilities. As of June 27, 2014 and December 31, 2013, the fair value of outstanding derivatives totaled liabilities of $0.1 million and $0.2 million, respectively. The fair value of foreign exchange contracts is determined using quoted prices for similar contracts obtained from financial institutions and is classified as a Level 2 measurement in the fair value hierarchy. | |
Nonrecurring Fair Value Measurements | |
In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company records assets and liabilities at fair value on a nonrecurring basis as required by accounting principles generally accepted in the U.S. Generally, adjustments made to record assets at fair value on a nonrecurring basis are the result of impairment charges. | |
The Company did not record any impairment charges related to assets measured at fair value on a nonrecurring basis during the three or six months ended June 27, 2014. During the first quarter of 2013, the Company recorded losses of approximately $1.6 million in other operating charges related to the reclassification of land and buildings to assets held for sale. These losses, incurred as part of the Company's restructuring activities in the European Engineered Products segment, represented the difference between the carrying value prior to the reclassification and the fair value. The fair value was determined based on the selling price less costs incurred to sell and was classified as Level 1 in the fair value hierarchy. The assets were sold during the second quarter of 2013 and no additional losses were recorded from the sale of the assets. | |
Other Fair Value Disclosures | |
The carrying amounts of cash and cash equivalents, receivables, accounts payable and accrued expenses, and loans and notes payable approximate their fair values because of the relatively short-term maturities of these instruments. | |
The fair value of our long-term debt is estimated using Level 2 inputs based on dealer quoted prices for our debt instruments based on recent transactions obtained from various sources. As of June 27, 2014, the carrying amount and fair value of our Senior Secured Notes, were $375.0 million and $375.0 million, respectively. As of December 31, 2013, the carrying amount and fair value of our Senior Secured Notes, were $375.0 million and $375.0 million, respectively. |
Other_Operating_Charges
Other Operating Charges | 6 Months Ended | |||||||||||||||
Jun. 27, 2014 | ||||||||||||||||
Component Of Other Operating Cost And Expense [Abstract] | ' | |||||||||||||||
Other Operating Charges | ' | |||||||||||||||
Other Operating Charges | ||||||||||||||||
Other operating charges incurred by operating segment were as follows: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 27, | June 28, | June 27, | June 28, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
U.S. Residential Products | $ | 400 | $ | 33 | $ | 508 | $ | 157 | ||||||||
U.S. Commercial Products | 439 | 208 | 469 | 295 | ||||||||||||
European Roll Coated Aluminum | — | 44 | — | 190 | ||||||||||||
European Engineered Products | 647 | 834 | 1,070 | 3,044 | ||||||||||||
Other non-allocated | 855 | 7 | 1,259 | 214 | ||||||||||||
Total other operating charges | $ | 2,341 | $ | 1,126 | $ | 3,306 | $ | 3,900 | ||||||||
Other operating charges are comprised of restructuring initiatives, facility closures, and other operational initiatives. In the second quarter of 2014, after an ongoing review of its North American operations, the Company took steps to rationalize its workforce and to invest in select value-creating officer roles. These actions led to the elimination of certain non-essential salaried positions in the Company's North America business segments and at its Corporate Headquarters in Norcross, GA. The Company believes the elimination of certain non-essential salaried positions in the Company's North American business will result in a more competitive platform that provides both meaningful operational and cost benefits. Total severance and related costs incurred during the second quarter of 2014 related to the work force rationalization totaled approximately $1.0 million and are recorded within other operating charges in the Company’s Condensed Consolidated Statement of Operations. As of June 27, 2014, approximately $0.7 million of severance is recorded within accrued expenses and other current liabilities. Total severance on a segment basis is disclosed in the following paragraphs. | ||||||||||||||||
For the three months ended June 27, 2014, other operating charges of $2.3 million were primarily comprised of severance costs and legal and professional fees. Other non-allocated charges of $0.9 million were primarily related to severance and professional fees for consulting services during the executive transition period. Ongoing restructuring initiatives in the European Engineered Products segment totaled $0.6 million of severance costs for various social programs in France. The remaining $0.8 million related to severance and relocation costs for various organizational initiatives in the U.S. primarily related to the workforce rationalization. Total costs related to the workforce rationalization include $0.4 million in the Residential Products segment, $0.4 million in the Commercial Products segment, and $0.2 million in other non-allocated charges for corporate employees. | ||||||||||||||||
For the three months ended June 28, 2013, other operating charges of $1.1 million were primarily comprised of severance and relocation costs of $0.8 million in the European Engineered Products segment related to the relocation from multiple plant facilities into one operating location. These costs were intended to reduce overhead costs and streamline operations. The remaining $0.3 million of other operating costs in the second quarter of 2013 are comprised primarily of severance and relocation costs related to various organizational initiatives to reduce operating costs and improve efficiencies. | ||||||||||||||||
For the six months ended June 27, 2014, other operating charges of $3.3 million were primarily comprised of severance costs and legal and professional fees. Other non-allocated charges of $1.3 million were primarily related to severance and professional fees for consulting services during the executive transition period. Ongoing restructuring initiatives in the European Engineered Products segment totaled $1.1 million including approximately $0.8 million of severance costs for various social programs in France and $0.3 million of severance in the UK. The remaining other operating charges in the first half of 2014 were comprised of $0.9 million in severance and relocation costs in the U.S. primarily related to the workforce rationalization. Total costs related to the workforce rationalization include $0.4 million in the Residential Products segment, $0.4 million in the Commercial Products segment, and $0.2 million in other non-allocated charges for corporate employees. | ||||||||||||||||
For the six months ended June 28, 2013, other operating charges of $3.9 million were primarily comprised of restructuring and relocation initiatives in the European Engineered Products segment, including a $1.6 million loss related to the sale of land and buildings and $1.4 million of relocation and other restructuring charges. These costs were primarily related to the relocation from multiple plant facilities into one operating location and were intended to reduce overhead cost and streamline operations. The remaining $0.9 million in other operating charges in the first half of 2013 were comprised primarily of severance and relocation costs related to various organizational initiatives to reduce operating costs and improve efficiencies. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 27, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||||
The Company manages its business and serves its customers through reportable segments differentiated by product type, end market, and geography. The Company's four reportable segments are described below: | ||||||||||||||||||||||||||||
U.S. Residential Products—The U.S. Residential Products segment utilizes aluminum, steel, copper and vinyl to produce residential roof drainage products, including preformed gutters, downspouts, elbows, soffit, drip edge, fascia, flashing, snow guards and related accessories. These products are used primarily for the repair, replacement or enhancement of residential roof drainage systems. The Company sells these products to home improvement retailers, lumber yards, distributors and contractors from manufacturing and distribution facilities throughout North America. The Company also produces specialty made-to-order vinyl replacement windows and aluminum patio and awning components sold primarily to home improvement contractors in the western U.S. | ||||||||||||||||||||||||||||
U.S. Commercial Products—The U.S. Commercial Products segment utilizes various materials including steel coil, aluminum coil and fiberglass to create various products with commercial applications, including roofing and siding panels, ridge caps, flashing, trim, soffit and other accessories as well as sidewall components, siding and other exterior components for the towable RV, cargo and manufactured housing markets. The Company sells these products to builders, contractors, lumber yards, home improvement retailers, OEMs, and RV manufacturers from manufacturing and distribution facilities located throughout the U.S. These products are used in the construction of a wide variety of small scale commercial, agricultural and industrial building types on either wood or metal frames, manufactured homes, and towable RVs. | ||||||||||||||||||||||||||||
European Roll Coated Aluminum—The European Roll Coated Aluminum segment uses a roll coating process to apply paint to bare aluminum coil and, to a lesser extent, bare steel coil in order to produce specialty coated coil, which the Company also processes into specialty coated sheets and panels. The Company sells these products to building panel manufacturers, contractors and UK “holiday home,” RV and transportation OEMs throughout Europe and in parts of Asia. The Company’s customers use its specialty coated metal products to manufacture, among other things, RV sidewalls, commercial roofing panels, interior ceiling panels, and liner panels for shipping containers. The Company produces and distributes these roll coated products from facilities located in the Netherlands and the UK. | ||||||||||||||||||||||||||||
European Engineered Products—The European Engineered Products segment utilizes aluminum and vinyl extrusions to produce residential windows, doors and shower enclosures. These products are sold to home improvement retailers, distributors and factory‑built “holiday home” builders in the UK. The Company also produces windows used in the operator compartments of heavy equipment, components sold to suppliers of automotive OEMs in Western Europe and RV doors. The Company produces and distributes these engineered products from facilities in France and the UK and has developed extensive in-house manufacturing capabilities, including powder coating, glass cutting, anodizing and glass toughening. | ||||||||||||||||||||||||||||
The Company evaluates the performance of its segments and allocates resources to them based primarily on segment income (loss) from operations. Expenses, income and assets that are not segment specific relate to the holding company and business activities conducted for the overall benefit of the Company, and accordingly, are not attributable to the Company’s segments. | ||||||||||||||||||||||||||||
The following table presents information about reported segments for the three months ended June 27, 2014: | ||||||||||||||||||||||||||||
U.S. | U.S. | European | European | Other Non- | Eliminations | Consolidated | ||||||||||||||||||||||
Residential | Commercial | Roll Coated | Engineered Products | Allocated | ||||||||||||||||||||||||
Products | Products | Aluminum | ||||||||||||||||||||||||||
Three months ended June 27, 2014 | (in thousands) | |||||||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||||
Third party | $ | 86,709 | $ | 77,067 | $ | 51,620 | $ | 17,594 | $ | — | $ | — | $ | 232,990 | ||||||||||||||
Intersegment | 217 | 32 | 87 | — | — | (336 | ) | — | ||||||||||||||||||||
Total net sales | $ | 86,926 | $ | 77,099 | $ | 51,707 | $ | 17,594 | $ | — | $ | (336 | ) | $ | 232,990 | |||||||||||||
Income (loss) from operations | $ | 9,595 | $ | 1,781 | $ | 3,389 | $ | (598 | ) | $ | (4,036 | ) | $ | — | $ | 10,131 | ||||||||||||
Depreciation and amortization | $ | 2,723 | $ | 2,315 | $ | 2,358 | $ | 446 | $ | 409 | $ | — | $ | 8,251 | ||||||||||||||
Capital expenditures | $ | 321 | $ | 148 | $ | 465 | $ | 319 | $ | 220 | $ | — | $ | 1,473 | ||||||||||||||
The following table presents information about reported segments for the three months ended June 28, 2013: | ||||||||||||||||||||||||||||
U.S. | U.S. | European | European | Other Non- | Eliminations | Consolidated | ||||||||||||||||||||||
Residential | Commercial | Roll Coated | Engineered Products | Allocated | ||||||||||||||||||||||||
Products | Products | Aluminum | ||||||||||||||||||||||||||
Three months ended June 28, 2013 | (in thousands) | |||||||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||||
Third party | $ | 86,567 | $ | 73,930 | $ | 51,357 | $ | 18,007 | $ | — | $ | — | $ | 229,861 | ||||||||||||||
Intersegment | 199 | 154 | 43 | — | — | (396 | ) | — | ||||||||||||||||||||
Total net sales | $ | 86,766 | $ | 74,084 | $ | 51,400 | $ | 18,007 | $ | — | $ | (396 | ) | $ | 229,861 | |||||||||||||
Income (loss) from operations | $ | 9,799 | $ | 337 | $ | 3,153 | $ | (904 | ) | $ | (2,501 | ) | $ | — | $ | 9,884 | ||||||||||||
Depreciation and amortization | $ | 2,905 | $ | 2,620 | $ | 2,380 | $ | 412 | $ | 133 | $ | — | $ | 8,450 | ||||||||||||||
Capital expenditures | $ | 770 | $ | 568 | $ | 1,069 | $ | 47 | $ | 278 | $ | — | $ | 2,732 | ||||||||||||||
The following table presents information about reported segments for the six months ended June 27, 2014: | ||||||||||||||||||||||||||||
U.S. | U.S. | European | European | Other Non- | Eliminations | Consolidated | ||||||||||||||||||||||
Residential | Commercial | Roll Coated | Engineered Products | Allocated | ||||||||||||||||||||||||
Products | Products | Aluminum | ||||||||||||||||||||||||||
Six months ended June 27, 2014 | (in thousands) | |||||||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||||
Third party | $ | 136,109 | $ | 131,066 | $ | 101,548 | $ | 34,171 | $ | — | $ | — | $ | 402,894 | ||||||||||||||
Intersegment | 396 | 60 | 296 | — | — | (752 | ) | — | ||||||||||||||||||||
Total net sales | $ | 136,505 | $ | 131,126 | $ | 101,844 | $ | 34,171 | $ | — | $ | (752 | ) | $ | 402,894 | |||||||||||||
Income (loss) from operations | $ | 8,278 | $ | (3,216 | ) | $ | 7,318 | $ | (944 | ) | $ | (6,315 | ) | $ | — | $ | 5,121 | |||||||||||
Depreciation and amortization | $ | 5,456 | $ | 4,857 | $ | 4,711 | $ | 863 | $ | 566 | $ | — | $ | 16,453 | ||||||||||||||
Capital expenditures | $ | 660 | $ | 703 | $ | 805 | $ | 482 | $ | 311 | $ | — | $ | 2,961 | ||||||||||||||
The following table presents information about reported segments for the six months ended June 28, 2013: | ||||||||||||||||||||||||||||
U.S. | U.S. | European | European | Other Non- | Eliminations | Consolidated | ||||||||||||||||||||||
Residential | Commercial | Roll Coated | Engineered Products | Allocated | ||||||||||||||||||||||||
Products | Products | Aluminum | ||||||||||||||||||||||||||
Six months ended June 28, 2013 | (in thousands) | |||||||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||||
Third party | $ | 138,685 | $ | 128,500 | $ | 99,578 | $ | 35,643 | $ | — | $ | — | $ | 402,406 | ||||||||||||||
Intersegment | 334 | 298 | 105 | — | — | (737 | ) | — | ||||||||||||||||||||
Total net sales | $ | 139,019 | $ | 128,798 | $ | 99,683 | $ | 35,643 | $ | — | $ | (737 | ) | $ | 402,406 | |||||||||||||
Income (loss) from operations | $ | 9,576 | $ | (4,081 | ) | $ | 5,640 | $ | (3,532 | ) | $ | (5,151 | ) | $ | — | $ | 2,452 | |||||||||||
Depreciation and amortization | $ | 5,830 | $ | 5,238 | $ | 4,714 | $ | 996 | $ | 265 | $ | — | $ | 17,043 | ||||||||||||||
Capital expenditures | $ | 1,203 | $ | 1,006 | $ | 1,810 | $ | 216 | $ | 723 | $ | — | $ | 4,958 | ||||||||||||||
It is impractical for the Company to provide revenues from external customers by groups of similar products. Accordingly, the following table reflects revenues from external customers by markets for the periods indicated. | ||||||||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||||
Customers/Markets | Primary Products | June 27, | June 28, | June 27, | June 28, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Original Equipment Manufacturers (“OEMs”) | Painted aluminum sheet and coil; fabricated painted aluminum, laminated and fiberglass panels; windows and roofing; and composite building panels | $ | 56,562 | $ | 53,882 | $ | 112,297 | $ | 104,317 | |||||||||||||||||||
Home Improvement Retailers | Rain carrying systems, metal panels, roofing accessories, windows, doors and shower enclosures | 49,980 | 55,125 | 80,066 | 88,546 | |||||||||||||||||||||||
Industrial and Architectural Contractors | Metal panels and siding and roofing accessories | 38,380 | 40,363 | 72,242 | 74,795 | |||||||||||||||||||||||
Rural Contractors | Steel and aluminum roofing and siding | 37,123 | 34,282 | 56,027 | 53,903 | |||||||||||||||||||||||
Distributors | Metal coils, rain carrying systems and roofing accessories | 27,954 | 24,882 | 42,253 | 42,025 | |||||||||||||||||||||||
Home Improvement Contractors | Vinyl replacement windows; metal coils, rain carrying systems; metal roofing and insulated roofing panels; shower, patio and entrance doors; and awnings | 14,212 | 12,327 | 23,357 | 20,425 | |||||||||||||||||||||||
Manufactured Housing | Steel siding and trim components | 8,779 | 9,000 | 16,652 | 18,395 | |||||||||||||||||||||||
$ | 232,990 | $ | 229,861 | $ | 402,894 | $ | 402,406 | |||||||||||||||||||||
Supplemental_Guarantor_Condens
Supplemental Guarantor Condensed Financial Information | 6 Months Ended | |||||||||||||||||||
Jun. 27, 2014 | ||||||||||||||||||||
Supplemental Guarantor Condensed Financial Information [Abstract] | ' | |||||||||||||||||||
Supplemental Guarantor Condensed Financial Information | ' | |||||||||||||||||||
Supplemental Guarantor Condensed Financial Information | ||||||||||||||||||||
On March 18, 2011, Euramax Holdings (presented as Parent in the following schedules), through its 100% owned subsidiary, Euramax International (presented as Issuer in the following schedules), issued the Notes. The Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by Euramax Holdings, Euramax International, and Amerimax Richmond Company, a 100% owned domestic subsidiary of Euramax International. No other subsidiaries of Euramax International, whether direct or indirect, guarantee the Notes (the "Non-Guarantors"). | ||||||||||||||||||||
Additionally, the Notes are secured on a second priority basis by liens on all of the collateral (subject to certain exceptions) securing the ABL Credit Facility. In the event that secured creditors exercise remedies with respect to Euramax International's pledged assets, the proceeds of the liquidation of those assets will first be applied to repay obligations secured by the first priority liens under the senior secured credit facilities and any other first priority obligations. | ||||||||||||||||||||
The Indenture contains restrictive covenants that limit, among other things, the ability of Euramax International and certain of its subsidiaries to incur additional indebtedness, pay dividends and make certain distributions, make other restricted payments, make investments, incur liens, consolidate, merge, sell or otherwise dispose of all or substantially all of its assets and enter into certain transactions with affiliates, in each case, subject to exclusions, and other customary covenants. These limitations also limit Euramax International's ability to transfer cash or assets to Euramax Holdings, whether by dividend, loan or otherwise. | ||||||||||||||||||||
The following supplemental condensed consolidating financial statements present the results of operations, comprehensive operations, financial position and cash flows of (1) the Parent, (2) the Issuer, (3) the Non-Guarantor Subsidiaries, and (4) eliminations to arrive at the information for Euramax Holdings on a consolidated basis. | ||||||||||||||||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
27-Jun-14 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 6 | $ | 2,521 | $ | — | $ | 2,527 | ||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 62,071 | 49,103 | — | 111,174 | |||||||||||||||
Inventories, net | — | 84,878 | 28,500 | — | 113,378 | |||||||||||||||
Income taxes receivable | — | 459 | — | — | 459 | |||||||||||||||
Deferred income taxes | — | 556 | 20 | — | 576 | |||||||||||||||
Other current assets | — | 4,058 | 3,150 | — | 7,208 | |||||||||||||||
Total current assets | — | 152,028 | 83,294 | — | 235,322 | |||||||||||||||
Property, plant and equipment, net | — | 57,268 | 66,291 | — | 123,559 | |||||||||||||||
Amounts due from affiliates | — | 228,283 | 18,803 | (247,086 | ) | — | ||||||||||||||
Goodwill | — | 81,358 | 122,309 | — | 203,667 | |||||||||||||||
Customer relationships, net | — | 20,726 | 13,307 | — | 34,033 | |||||||||||||||
Other intangible assets, net | — | 6,754 | — | — | 6,754 | |||||||||||||||
Investment in consolidated subsidiaries | (125,554 | ) | (995 | ) | — | 126,549 | — | |||||||||||||
Deferred income taxes | — | — | 304 | — | 304 | |||||||||||||||
Other assets | — | 3,252 | 4,059 | — | 7,311 | |||||||||||||||
Total assets | $ | (125,554 | ) | $ | 548,674 | $ | 308,367 | $ | (120,537 | ) | $ | 610,950 | ||||||||
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | — | $ | 63,766 | $ | 26,605 | $ | — | $ | 90,371 | ||||||||||
Accrued expenses and other current liabilities | 28 | 16,941 | 12,617 | — | 29,586 | |||||||||||||||
Accrued interest payable | — | 12,835 | 84 | — | 12,919 | |||||||||||||||
Current portion of long-term debt | — | — | 4,361 | — | 4,361 | |||||||||||||||
Deferred income taxes | — | — | 601 | — | 601 | |||||||||||||||
Total current liabilities | 28 | 93,542 | 44,268 | — | 137,838 | |||||||||||||||
Long-term debt | — | 551,922 | — | — | 551,922 | |||||||||||||||
Amounts due to affiliates | 5,537 | 11,641 | 229,908 | (247,086 | ) | — | ||||||||||||||
Deferred income taxes | — | 10,458 | 8,678 | — | 19,136 | |||||||||||||||
Other liabilities | — | 6,665 | 26,508 | — | 33,173 | |||||||||||||||
Total liabilities | 5,565 | 674,228 | 309,362 | (247,086 | ) | 742,069 | ||||||||||||||
Shareholders’ (deficit) equity: | ||||||||||||||||||||
Common stock | 195 | — | 21 | (21 | ) | 195 | ||||||||||||||
Additional paid-in capital | 724,316 | 661,424 | 199,452 | (860,876 | ) | 724,316 | ||||||||||||||
Accumulated loss | (866,138 | ) | (797,486 | ) | (213,227 | ) | 1,010,713 | (866,138 | ) | |||||||||||
Accumulated other comprehensive income | 10,508 | 10,508 | 12,759 | (23,267 | ) | 10,508 | ||||||||||||||
Total shareholders’ (deficit) equity | (131,119 | ) | (125,554 | ) | (995 | ) | 126,549 | (131,119 | ) | |||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (125,554 | ) | $ | 548,674 | $ | 308,367 | $ | (120,537 | ) | $ | 610,950 | ||||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1,700 | $ | 7,277 | $ | — | $ | 8,977 | ||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 35,012 | 38,984 | — | 73,996 | |||||||||||||||
Inventories, net | — | 62,270 | 27,490 | — | 89,760 | |||||||||||||||
Income taxes receivable | — | 341 | 641 | — | 982 | |||||||||||||||
Deferred income taxes | — | 559 | 21 | — | 580 | |||||||||||||||
Other current assets | — | 5,462 | 1,546 | — | 7,008 | |||||||||||||||
Total current assets | — | 105,344 | 75,959 | — | 181,303 | |||||||||||||||
Property, plant and equipment, net | — | 62,185 | 67,929 | — | 130,114 | |||||||||||||||
Amounts due from affiliates | — | 229,101 | 18,828 | (247,929 | ) | — | ||||||||||||||
Goodwill | — | 81,359 | 122,694 | — | 204,053 | |||||||||||||||
Customer relationships, net | — | 24,626 | 16,005 | — | 40,631 | |||||||||||||||
Other intangible assets, net | — | 7,073 | — | — | 7,073 | |||||||||||||||
Investment in consolidated subsidiaries | (103,217 | ) | 2,407 | — | 100,810 | — | ||||||||||||||
Deferred income taxes | — | — | 87 | — | 87 | |||||||||||||||
Other assets | — | 4,185 | 4,527 | — | 8,712 | |||||||||||||||
Total assets | $ | (103,217 | ) | $ | 516,280 | $ | 306,029 | $ | (147,119 | ) | $ | 571,973 | ||||||||
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | — | $ | 30,312 | $ | 26,950 | $ | — | $ | 57,262 | ||||||||||
Accrued expenses and other current liabilities | 14 | 16,133 | 10,219 | — | 26,366 | |||||||||||||||
Accrued interest payable | — | 8,973 | 47 | — | 9,020 | |||||||||||||||
Deferred income taxes | — | — | 605 | — | 605 | |||||||||||||||
Total current liabilities | 14 | 55,418 | 37,821 | — | 93,253 | |||||||||||||||
Long-term debt | — | 535,396 | — | — | 535,396 | |||||||||||||||
Amounts due to affiliates | 5,332 | 12,086 | 230,511 | (247,929 | ) | — | ||||||||||||||
Deferred income taxes | — | 9,561 | 9,419 | — | 18,980 | |||||||||||||||
Other liabilities | — | 7,036 | 25,871 | — | 32,907 | |||||||||||||||
Total liabilities | 5,346 | 619,497 | 303,622 | (247,929 | ) | 680,536 | ||||||||||||||
Shareholders’ (deficit) equity: | ||||||||||||||||||||
Common stock | 195 | — | 21 | (21 | ) | 195 | ||||||||||||||
Additional paid-in capital | 724,071 | 661,180 | 199,452 | (860,632 | ) | 724,071 | ||||||||||||||
Accumulated loss | (843,750 | ) | (775,318 | ) | (210,242 | ) | 985,560 | (843,750 | ) | |||||||||||
Accumulated other comprehensive income | 10,921 | 10,921 | 13,176 | (24,097 | ) | 10,921 | ||||||||||||||
Total shareholders’ (deficit) equity | (108,563 | ) | (103,217 | ) | 2,407 | 100,810 | (108,563 | ) | ||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (103,217 | ) | $ | 516,280 | $ | 306,029 | $ | (147,119 | ) | $ | 571,973 | ||||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED JUNE 27, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Net sales | $ | — | $ | 161,813 | $ | 73,178 | $ | (2,001 | ) | $ | 232,990 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of goods sold (excluding depreciation and amortization) | — | 134,370 | 60,708 | (2,001 | ) | 193,077 | ||||||||||||||
Selling and general (excluding depreciation and amortization) | 102 | 12,067 | 7,021 | — | 19,190 | |||||||||||||||
Depreciation and amortization | — | 5,403 | 2,848 | — | 8,251 | |||||||||||||||
Other operating charges | — | 1,694 | 647 | — | 2,341 | |||||||||||||||
Income (loss) from operations | (102 | ) | 8,279 | 1,954 | — | 10,131 | ||||||||||||||
Equity in earnings of subsidiaries | (3,014 | ) | (1,292 | ) | — | 4,306 | — | |||||||||||||
Interest expense | — | (13,542 | ) | (372 | ) | — | (13,914 | ) | ||||||||||||
Intercompany income (loss), net | — | 4,774 | (4,774 | ) | — | — | ||||||||||||||
Other (loss) income, net | — | (1,170 | ) | 654 | — | (516 | ) | |||||||||||||
(Loss) income before income taxes | (3,116 | ) | (2,951 | ) | (2,538 | ) | 4,306 | (4,299 | ) | |||||||||||
(Benefit from) provision for income taxes | — | 63 | (1,246 | ) | — | (1,183 | ) | |||||||||||||
Net loss | $ | (3,116 | ) | $ | (3,014 | ) | $ | (1,292 | ) | $ | 4,306 | $ | (3,116 | ) | ||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED JUNE 27, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Net loss | $ | (3,116 | ) | $ | (3,014 | ) | $ | (1,292 | ) | $ | 4,306 | $ | (3,116 | ) | ||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustment | (65 | ) | (65 | ) | (65 | ) | 130 | (65 | ) | |||||||||||
Defined benefit pension plan adjustments, net of tax | 21 | 21 | 19 | (40 | ) | 21 | ||||||||||||||
Total comprehensive loss | $ | (3,160 | ) | $ | (3,058 | ) | $ | (1,338 | ) | $ | 4,396 | $ | (3,160 | ) | ||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED JUNE 28, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Net sales | $ | — | $ | 158,120 | $ | 73,820 | $ | (2,079 | ) | $ | 229,861 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of goods sold (excluding depreciation and amortization) | — | 131,031 | 61,509 | (2,079 | ) | 190,461 | ||||||||||||||
Selling and general (excluding depreciation and amortization) | 95 | 13,669 | 6,176 | — | 19,940 | |||||||||||||||
Depreciation and amortization | — | 5,558 | 2,892 | — | 8,450 | |||||||||||||||
Other operating charges | — | 248 | 878 | — | 1,126 | |||||||||||||||
Income (loss) from operations | (95 | ) | 7,614 | 2,365 | — | 9,884 | ||||||||||||||
Equity in earnings of subsidiaries | (1,461 | ) | (2,557 | ) | — | 4,018 | — | |||||||||||||
Interest expense | — | (13,507 | ) | (347 | ) | — | (13,854 | ) | ||||||||||||
Intercompany income (loss), net | — | 4,402 | (4,402 | ) | — | — | ||||||||||||||
Other income (loss), net | — | 2,529 | (418 | ) | — | 2,111 | ||||||||||||||
Loss before income taxes | (1,556 | ) | (1,519 | ) | (2,802 | ) | 4,018 | (1,859 | ) | |||||||||||
Benefit from income taxes | — | (58 | ) | (245 | ) | — | (303 | ) | ||||||||||||
Net loss | $ | (1,556 | ) | $ | (1,461 | ) | $ | (2,557 | ) | $ | 4,018 | $ | (1,556 | ) | ||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED JUNE 28, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Net loss | $ | (1,556 | ) | $ | (1,461 | ) | $ | (2,557 | ) | $ | 4,018 | $ | (1,556 | ) | ||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustment | (157 | ) | (157 | ) | (157 | ) | 314 | (157 | ) | |||||||||||
Defined benefit pension plan adjustments, net of tax | 81 | 81 | 10 | (91 | ) | 81 | ||||||||||||||
Total comprehensive loss | $ | (1,632 | ) | $ | (1,537 | ) | $ | (2,704 | ) | $ | 4,241 | $ | (1,632 | ) | ||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 27, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Net sales | $ | — | $ | 263,659 | $ | 142,760 | $ | (3,525 | ) | $ | 402,894 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of goods sold (excluding depreciation and amortization) | — | 226,143 | 117,430 | (3,525 | ) | 340,048 | ||||||||||||||
Selling and general (excluding depreciation and amortization) | 220 | 24,478 | 13,268 | — | 37,966 | |||||||||||||||
Depreciation and amortization | — | 10,792 | 5,661 | — | 16,453 | |||||||||||||||
Other operating charges | — | 2,236 | 1,070 | — | 3,306 | |||||||||||||||
Income (loss) from operations | (220 | ) | 10 | 5,331 | — | 5,121 | ||||||||||||||
Equity in earnings of subsidiaries | (22,168 | ) | (2,984 | ) | — | 25,152 | — | |||||||||||||
Interest expense | — | (26,949 | ) | (730 | ) | — | (27,679 | ) | ||||||||||||
Intercompany income (loss), net | — | 9,339 | (9,339 | ) | — | — | ||||||||||||||
Other (loss) income, net | — | (853 | ) | 533 | — | (320 | ) | |||||||||||||
Loss before income taxes | (22,388 | ) | (21,437 | ) | (4,205 | ) | 25,152 | (22,878 | ) | |||||||||||
(Benefit from) provision for income taxes | — | 731 | (1,221 | ) | — | (490 | ) | |||||||||||||
Net loss | $ | (22,388 | ) | $ | (22,168 | ) | $ | (2,984 | ) | $ | 25,152 | $ | (22,388 | ) | ||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE OPERATIONS | ||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 27, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Net loss | $ | (22,388 | ) | $ | (22,168 | ) | $ | (2,984 | ) | $ | 25,152 | $ | (22,388 | ) | ||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustment | (454 | ) | (454 | ) | (454 | ) | 908 | (454 | ) | |||||||||||
Defined benefit pension plan adjustments, net of tax | 41 | 41 | 37 | (78 | ) | 41 | ||||||||||||||
Total comprehensive loss | $ | (22,801 | ) | $ | (22,581 | ) | $ | (3,401 | ) | $ | 25,982 | $ | (22,801 | ) | ||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 28, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Net sales | $ | — | $ | 263,434 | $ | 142,543 | $ | (3,571 | ) | $ | 402,406 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of goods sold (excluding depreciation and amortization) | — | 224,095 | 119,107 | (3,571 | ) | 339,631 | ||||||||||||||
Selling and general (excluding depreciation and amortization) | 188 | 26,730 | 12,462 | — | 39,380 | |||||||||||||||
Depreciation and amortization | — | 11,133 | 5,910 | — | 17,043 | |||||||||||||||
Other operating charges | — | 666 | 3,234 | — | 3,900 | |||||||||||||||
Income (loss) from operations | (188 | ) | 810 | 1,830 | — | 2,452 | ||||||||||||||
Equity in earnings of subsidiaries | (29,484 | ) | (7,448 | ) | — | 36,932 | — | |||||||||||||
Interest expense | — | (26,856 | ) | (596 | ) | — | (27,452 | ) | ||||||||||||
Intercompany income (loss), net | — | 8,680 | (8,680 | ) | — | — | ||||||||||||||
Other loss, net | — | (3,422 | ) | (812 | ) | — | (4,234 | ) | ||||||||||||
Loss before income taxes | (29,672 | ) | (28,236 | ) | (8,258 | ) | 36,932 | (29,234 | ) | |||||||||||
Provision for (benefit from) income taxes | — | 1,248 | (810 | ) | — | 438 | ||||||||||||||
Net loss | $ | (29,672 | ) | $ | (29,484 | ) | $ | (7,448 | ) | $ | 36,932 | $ | (29,672 | ) | ||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE OPERATIONS | ||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 28, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Net loss | $ | (29,672 | ) | $ | (29,484 | ) | $ | (7,448 | ) | $ | 36,932 | $ | (29,672 | ) | ||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustment | (342 | ) | (342 | ) | (342 | ) | 684 | (342 | ) | |||||||||||
Defined benefit pension plan adjustments, net of tax | 165 | 165 | 21 | (186 | ) | 165 | ||||||||||||||
Total comprehensive loss | $ | (29,849 | ) | $ | (29,661 | ) | $ | (7,769 | ) | $ | 37,430 | $ | (29,849 | ) | ||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 27, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Net cash used in operating activities | $ | — | $ | (17,262 | ) | $ | (7,878 | ) | $ | — | $ | (25,140 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||||||
Proceeds from sale of assets | — | 65 | 1 | — | 66 | |||||||||||||||
Capital expenditures | — | (1,650 | ) | (1,311 | ) | — | (2,961 | ) | ||||||||||||
Due from (to) affiliates | — | — | 345 | (345 | ) | — | ||||||||||||||
Net cash used in investing activities | — | (1,585 | ) | (965 | ) | (345 | ) | (2,895 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Net borrowings on ABL Credit Facility | — | 16,260 | — | — | 16,260 | |||||||||||||||
Net borrowings on Dutch Revolving Credit Facility | — | — | 4,361 | — | 4,361 | |||||||||||||||
Change in cash overdrafts | — | 1,326 | — | — | 1,326 | |||||||||||||||
Debt issuance costs | — | (88 | ) | — | — | (88 | ) | |||||||||||||
Due (to) from affiliates | — | (345 | ) | — | 345 | — | ||||||||||||||
Net cash provided by financing activities | — | 17,153 | 4,361 | 345 | 21,859 | |||||||||||||||
Effect of exchange rate changes on cash | — | — | (274 | ) | — | (274 | ) | |||||||||||||
Net decrease in cash and cash equivalents | — | (1,694 | ) | (4,756 | ) | — | (6,450 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | — | 1,700 | 7,277 | — | 8,977 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 6 | $ | 2,521 | $ | — | $ | 2,527 | ||||||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 28, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Net cash used in operating activities | $ | — | $ | (22,393 | ) | $ | (10,990 | ) | $ | — | $ | (33,383 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||||||
Proceeds from sale of assets | — | 164 | 2,022 | — | 2,186 | |||||||||||||||
Capital expenditures | — | (2,879 | ) | (2,079 | ) | — | (4,958 | ) | ||||||||||||
Due from (to) affiliates | 4,148 | (4,148 | ) | — | ||||||||||||||||
Net cash (used in) provided by investing activities | — | (2,715 | ) | 4,091 | (4,148 | ) | (2,772 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Net borrowings on ABL Credit Facility | — | 22,953 | — | — | 22,953 | |||||||||||||||
Changes in cash overdraft | — | 5,144 | — | — | 5,144 | |||||||||||||||
Net borrowings on Dutch Revolving Credit Facility | — | — | 3,333 | — | 3,333 | |||||||||||||||
Debt issuance costs | — | (175 | ) | — | — | (175 | ) | |||||||||||||
Due (to) from affiliates | — | (4,148 | ) | — | 4,148 | — | ||||||||||||||
Net cash provided by financing activities | — | 23,774 | 3,333 | 4,148 | 31,255 | |||||||||||||||
Effect of exchange rate changes on cash | — | — | (23 | ) | — | (23 | ) | |||||||||||||
Net decrease in cash and cash equivalents | — | (1,334 | ) | (3,589 | ) | — | (4,923 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | — | 1,574 | 8,450 | — | 10,024 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 240 | $ | 4,861 | $ | — | $ | 5,101 | ||||||||||
Basis_of_Presentation_and_Prin1
Basis of Presentation and Principles of Consolidation (Policies) | 6 Months Ended |
Jun. 27, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Accounting, Policy | ' |
The accompanying unaudited condensed consolidated financial statements of Euramax Holdings, Inc. and its subsidiaries (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, these statements include all adjustments considered necessary for the fair presentation of all interim periods reported herein. All adjustments are of a normal recurring nature unless otherwise disclosed. | |
Fiscal Period, Policy | ' |
Each of our interim reporting periods, other than the fourth interim reporting period, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The second quarter of 2014 and 2013 ended on June 27 and June 28, respectively. Our fourth interim reporting period and our fiscal year end on December 31 regardless of the day of the week on which it falls. | |
Income Tax, Policy | ' |
The (benefit from) provision for income taxes for 2014 and 2013 is computed at the effective rate expected to be applicable in each respective full year using the statutory rates on a country by country basis, adjusted for changes in valuation allowances relating to the Company’s net operating loss and capital loss carryforwards and changes in tax uncertainties. | |
Pension and Other Postretirement Plans, Pensions, Policy | ' |
The Company maintains a non-contributory defined benefit pension plan covering substantially all U.S. hourly employees (the "U.S. Plan"). In addition, the employees at Euramax Coated Products Limited and Ellbee Limited participate in a single employer pension plan (the "UK Plan"). The measurement date for the U.S. and UK plans is the last day of the fiscal year. The Company curtailed the accrual of participant benefits provided under the UK Plan effective March 31, 2009. This curtailment did not affect the timing for the payment of benefits earned under the UK Plan through the curtailment date. In January 2010, the Company's board of directors approved a motion to freeze future benefit accruals under the U.S. Plan. | |
Fair Value Measurement, Policy | ' |
In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company records assets and liabilities at fair value on a nonrecurring basis as required by accounting principles generally accepted in the U.S. Generally, adjustments made to record assets at fair value on a nonrecurring basis are the result of impairment charges. | |
Recurring Fair Value Measurements | |
In accordance with accounting principles generally accepted in the U.S., certain assets and liabilities are required to be recorded at fair value on a recurring basis. For the Company, the only assets and liabilities that are adjusted to fair value on a recurring basis are derivative financial instruments. | |
The carrying amounts of cash and cash equivalents, receivables, accounts payable and accrued expenses, and loans and notes payable approximate their fair values because of the relatively short-term maturities of these instruments. | |
New Accounting Pronouncements, Policy | ' |
In February 2013, the Financial Accounting Standards Board ("FASB") issued amendments to disclosure requirements for presentation of comprehensive income. The Standard requires prospective presentation of the effect of significant amounts reclassified from each component of accumulated other comprehensive income and the respective line items in the condensed consolidated statement of operations which are impacted. The amendment is effective prospectively for periods beginning after December 15, 2012. The Company has included the required disclosure in Note 6, Accumulated Other Comprehensive Income. | |
In May 2014, the FASB issued new revenue recognition guidance, which supersedes most current revenue recognition guidance, including industry-specific guidance, and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The new standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. The Company is currently assessing the impact of implementing this guidance on the Company's financial position, results of operations, and cash flows. |
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Jun. 27, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current | ' | |||||||
Inventories were comprised of: | ||||||||
June 27, | December 31, | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Aluminum and steel coil | $ | 75,862 | $ | 58,153 | ||||
Raw materials | 17,762 | 15,291 | ||||||
Work in process | 3,065 | 1,936 | ||||||
Finished products | 16,689 | 14,380 | ||||||
Total inventories, net | $ | 113,378 | $ | 89,760 | ||||
Indebtedness_Tables
Indebtedness (Tables) | 6 Months Ended | |||||||
Jun. 27, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments | ' | |||||||
Indebtedness consisted of the following: | ||||||||
June 27, | December 31, | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Senior Secured Notes (9.50%) | $ | 375,000 | $ | 375,000 | ||||
Senior Unsecured Loan Facility (12.25%) | 123,906 | 123,640 | ||||||
ABL Credit Facility | 53,016 | 36,756 | ||||||
Dutch Revolving Credit Facility | 4,361 | — | ||||||
Total debt | 556,283 | 535,396 | ||||||
Less: current portion | 4,361 | — | ||||||
Total long term debt | $ | 551,922 | $ | 535,396 | ||||
Schedule of Redemption Rates on Senior Secured Notes | ' | |||||||
The Notes may be redeemed at the option of Euramax International, in whole or in part, under the conditions specified in the Indenture, at the following redemption prices plus accrued and unpaid interest to the redemption date if redeemed during the twelve-month period beginning on April 1 of the years indicated: | ||||||||
Year | Percentage | |||||||
2013 | 107.125 | % | ||||||
2014 | 104.75 | % | ||||||
2015 and thereafter | 100 | % | ||||||
Prepayment Rates on Senior Unsecured Loan Facility | ' | |||||||
Euramax International may prepay outstanding amounts under the Senior Unsecured Loan Facility, in whole or in part, at the prices (expressed as percentages of the loans) set forth below: | ||||||||
Prepayment Date | Percentage | |||||||
On or after the second anniversary of the closing but prior to the third anniversary thereof | 103 | % | ||||||
On or after the third anniversary of the closing but prior to the fourth anniversary thereof | 102 | % | ||||||
On or after the fourth anniversary of the closing | 100 | % |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | |||||||||||||||
Jun. 27, 2014 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Product Warranty Liability | ' | |||||||||||||||
Changes in the product warranty accrual are summarized as follows: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 27, | June 28, | June 27, | June 28, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
Balance, beginning of period | $ | 5,389 | $ | 5,098 | $ | 5,326 | 5,098 | |||||||||
Payments made or service provided | (934 | ) | (955 | ) | (1,555 | ) | (1,831 | ) | ||||||||
Warranty expense | 493 | 884 | 1,175 | 1,841 | ||||||||||||
Foreign currency translation | (2 | ) | 20 | — | (61 | ) | ||||||||||
Balance, end of period | $ | 4,946 | $ | 5,047 | $ | 4,946 | $ | 5,047 | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | ||||||||||||
Jun. 27, 2014 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
Changes in accumulated other comprehensive income (loss) by component for the six month period ended June 27, 2014 were as follows: | |||||||||||||
Foreign Currency Translation Adjustments | Defined Benefit Pension Plan Adjustments | Total | |||||||||||
(in thousands) | |||||||||||||
Balance, beginning of period | $ | 19,281 | $ | (8,360 | ) | $ | 10,921 | ||||||
Other comprehensive (loss) income before reclassifications | (454 | ) | — | (454 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 41 | 41 | ||||||||||
Net other comprehensive (loss) income | (454 | ) | 41 | (413 | ) | ||||||||
Balance, end of period | $ | 18,827 | $ | (8,319 | ) | $ | 10,508 | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 27, 2014 | ||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | ' | |||||||||||||||||||||||||||||||
Components of net periodic pension cost for the Company’s defined and multiemployer pension plans were as follows: | ||||||||||||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||||||||
June 27, | June 28, | June 27, | June 28, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
U.S. Plan | UK Plan | U.S. Plan | UK Plan | U.S. Plan | UK Plan | U.S. Plan | UK Plan | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Service cost | $ | 14 | $ | — | $ | 16 | $ | — | $ | 28 | $ | — | $ | 32 | $ | — | ||||||||||||||||
Interest cost | 140 | 562 | 130 | 524 | 280 | 1,114 | 260 | 1,055 | ||||||||||||||||||||||||
Expected return on assets | (186 | ) | (474 | ) | (156 | ) | (408 | ) | (372 | ) | (940 | ) | (312 | ) | (822 | ) | ||||||||||||||||
Recognized actuarial net loss | 2 | 19 | 71 | 10 | 4 | 37 | 144 | 21 | ||||||||||||||||||||||||
Total defined benefit net periodic pension cost | (30 | ) | 107 | 61 | 126 | (60 | ) | 211 | 124 | 254 | ||||||||||||||||||||||
Multiemployer benefit expense | 311 | — | 295 | — | 569 | — | 547 | — | ||||||||||||||||||||||||
Net periodic pension cost | $ | 281 | $ | 107 | $ | 356 | $ | 126 | $ | 509 | $ | 211 | $ | 671 | $ | 254 | ||||||||||||||||
Components_of_Other_Operating_
Components of Other Operating Charges (Tables) | 6 Months Ended | |||||||||||||||
Jun. 27, 2014 | ||||||||||||||||
Components of Other Operating Costs [Abstract] | ' | |||||||||||||||
Schedule of Other Operating Cost and Expense, by Component | ' | |||||||||||||||
Other operating charges incurred by operating segment were as follows: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 27, | June 28, | June 27, | June 28, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
U.S. Residential Products | $ | 400 | $ | 33 | $ | 508 | $ | 157 | ||||||||
U.S. Commercial Products | 439 | 208 | 469 | 295 | ||||||||||||
European Roll Coated Aluminum | — | 44 | — | 190 | ||||||||||||
European Engineered Products | 647 | 834 | 1,070 | 3,044 | ||||||||||||
Other non-allocated | 855 | 7 | 1,259 | 214 | ||||||||||||
Total other operating charges | $ | 2,341 | $ | 1,126 | $ | 3,306 | $ | 3,900 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 27, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||||||||||||||
The following table presents information about reported segments for the three months ended June 27, 2014: | ||||||||||||||||||||||||||||
U.S. | U.S. | European | European | Other Non- | Eliminations | Consolidated | ||||||||||||||||||||||
Residential | Commercial | Roll Coated | Engineered Products | Allocated | ||||||||||||||||||||||||
Products | Products | Aluminum | ||||||||||||||||||||||||||
Three months ended June 27, 2014 | (in thousands) | |||||||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||||
Third party | $ | 86,709 | $ | 77,067 | $ | 51,620 | $ | 17,594 | $ | — | $ | — | $ | 232,990 | ||||||||||||||
Intersegment | 217 | 32 | 87 | — | — | (336 | ) | — | ||||||||||||||||||||
Total net sales | $ | 86,926 | $ | 77,099 | $ | 51,707 | $ | 17,594 | $ | — | $ | (336 | ) | $ | 232,990 | |||||||||||||
Income (loss) from operations | $ | 9,595 | $ | 1,781 | $ | 3,389 | $ | (598 | ) | $ | (4,036 | ) | $ | — | $ | 10,131 | ||||||||||||
Depreciation and amortization | $ | 2,723 | $ | 2,315 | $ | 2,358 | $ | 446 | $ | 409 | $ | — | $ | 8,251 | ||||||||||||||
Capital expenditures | $ | 321 | $ | 148 | $ | 465 | $ | 319 | $ | 220 | $ | — | $ | 1,473 | ||||||||||||||
The following table presents information about reported segments for the three months ended June 28, 2013: | ||||||||||||||||||||||||||||
U.S. | U.S. | European | European | Other Non- | Eliminations | Consolidated | ||||||||||||||||||||||
Residential | Commercial | Roll Coated | Engineered Products | Allocated | ||||||||||||||||||||||||
Products | Products | Aluminum | ||||||||||||||||||||||||||
Three months ended June 28, 2013 | (in thousands) | |||||||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||||
Third party | $ | 86,567 | $ | 73,930 | $ | 51,357 | $ | 18,007 | $ | — | $ | — | $ | 229,861 | ||||||||||||||
Intersegment | 199 | 154 | 43 | — | — | (396 | ) | — | ||||||||||||||||||||
Total net sales | $ | 86,766 | $ | 74,084 | $ | 51,400 | $ | 18,007 | $ | — | $ | (396 | ) | $ | 229,861 | |||||||||||||
Income (loss) from operations | $ | 9,799 | $ | 337 | $ | 3,153 | $ | (904 | ) | $ | (2,501 | ) | $ | — | $ | 9,884 | ||||||||||||
Depreciation and amortization | $ | 2,905 | $ | 2,620 | $ | 2,380 | $ | 412 | $ | 133 | $ | — | $ | 8,450 | ||||||||||||||
Capital expenditures | $ | 770 | $ | 568 | $ | 1,069 | $ | 47 | $ | 278 | $ | — | $ | 2,732 | ||||||||||||||
The following table presents information about reported segments for the six months ended June 27, 2014: | ||||||||||||||||||||||||||||
U.S. | U.S. | European | European | Other Non- | Eliminations | Consolidated | ||||||||||||||||||||||
Residential | Commercial | Roll Coated | Engineered Products | Allocated | ||||||||||||||||||||||||
Products | Products | Aluminum | ||||||||||||||||||||||||||
Six months ended June 27, 2014 | (in thousands) | |||||||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||||
Third party | $ | 136,109 | $ | 131,066 | $ | 101,548 | $ | 34,171 | $ | — | $ | — | $ | 402,894 | ||||||||||||||
Intersegment | 396 | 60 | 296 | — | — | (752 | ) | — | ||||||||||||||||||||
Total net sales | $ | 136,505 | $ | 131,126 | $ | 101,844 | $ | 34,171 | $ | — | $ | (752 | ) | $ | 402,894 | |||||||||||||
Income (loss) from operations | $ | 8,278 | $ | (3,216 | ) | $ | 7,318 | $ | (944 | ) | $ | (6,315 | ) | $ | — | $ | 5,121 | |||||||||||
Depreciation and amortization | $ | 5,456 | $ | 4,857 | $ | 4,711 | $ | 863 | $ | 566 | $ | — | $ | 16,453 | ||||||||||||||
Capital expenditures | $ | 660 | $ | 703 | $ | 805 | $ | 482 | $ | 311 | $ | — | $ | 2,961 | ||||||||||||||
The following table presents information about reported segments for the six months ended June 28, 2013: | ||||||||||||||||||||||||||||
U.S. | U.S. | European | European | Other Non- | Eliminations | Consolidated | ||||||||||||||||||||||
Residential | Commercial | Roll Coated | Engineered Products | Allocated | ||||||||||||||||||||||||
Products | Products | Aluminum | ||||||||||||||||||||||||||
Six months ended June 28, 2013 | (in thousands) | |||||||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||||
Third party | $ | 138,685 | $ | 128,500 | $ | 99,578 | $ | 35,643 | $ | — | $ | — | $ | 402,406 | ||||||||||||||
Intersegment | 334 | 298 | 105 | — | — | (737 | ) | — | ||||||||||||||||||||
Total net sales | $ | 139,019 | $ | 128,798 | $ | 99,683 | $ | 35,643 | $ | — | $ | (737 | ) | $ | 402,406 | |||||||||||||
Income (loss) from operations | $ | 9,576 | $ | (4,081 | ) | $ | 5,640 | $ | (3,532 | ) | $ | (5,151 | ) | $ | — | $ | 2,452 | |||||||||||
Depreciation and amortization | $ | 5,830 | $ | 5,238 | $ | 4,714 | $ | 996 | $ | 265 | $ | — | $ | 17,043 | ||||||||||||||
Capital expenditures | $ | 1,203 | $ | 1,006 | $ | 1,810 | $ | 216 | $ | 723 | $ | — | $ | 4,958 | ||||||||||||||
Revenue from External Customers by Market | ' | |||||||||||||||||||||||||||
It is impractical for the Company to provide revenues from external customers by groups of similar products. Accordingly, the following table reflects revenues from external customers by markets for the periods indicated. | ||||||||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||||
Customers/Markets | Primary Products | June 27, | June 28, | June 27, | June 28, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Original Equipment Manufacturers (“OEMs”) | Painted aluminum sheet and coil; fabricated painted aluminum, laminated and fiberglass panels; windows and roofing; and composite building panels | $ | 56,562 | $ | 53,882 | $ | 112,297 | $ | 104,317 | |||||||||||||||||||
Home Improvement Retailers | Rain carrying systems, metal panels, roofing accessories, windows, doors and shower enclosures | 49,980 | 55,125 | 80,066 | 88,546 | |||||||||||||||||||||||
Industrial and Architectural Contractors | Metal panels and siding and roofing accessories | 38,380 | 40,363 | 72,242 | 74,795 | |||||||||||||||||||||||
Rural Contractors | Steel and aluminum roofing and siding | 37,123 | 34,282 | 56,027 | 53,903 | |||||||||||||||||||||||
Distributors | Metal coils, rain carrying systems and roofing accessories | 27,954 | 24,882 | 42,253 | 42,025 | |||||||||||||||||||||||
Home Improvement Contractors | Vinyl replacement windows; metal coils, rain carrying systems; metal roofing and insulated roofing panels; shower, patio and entrance doors; and awnings | 14,212 | 12,327 | 23,357 | 20,425 | |||||||||||||||||||||||
Manufactured Housing | Steel siding and trim components | 8,779 | 9,000 | 16,652 | 18,395 | |||||||||||||||||||||||
$ | 232,990 | $ | 229,861 | $ | 402,894 | $ | 402,406 | |||||||||||||||||||||
Supplemental_Guarantor_Condens1
Supplemental Guarantor Condensed Financial Information (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 27, 2014 | ||||||||||||||||||||
Supplemental Guarantor Condensed Financial Information [Abstract] | ' | |||||||||||||||||||
Schedule of Condensed Balance Sheet | ' | |||||||||||||||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
27-Jun-14 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 6 | $ | 2,521 | $ | — | $ | 2,527 | ||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 62,071 | 49,103 | — | 111,174 | |||||||||||||||
Inventories, net | — | 84,878 | 28,500 | — | 113,378 | |||||||||||||||
Income taxes receivable | — | 459 | — | — | 459 | |||||||||||||||
Deferred income taxes | — | 556 | 20 | — | 576 | |||||||||||||||
Other current assets | — | 4,058 | 3,150 | — | 7,208 | |||||||||||||||
Total current assets | — | 152,028 | 83,294 | — | 235,322 | |||||||||||||||
Property, plant and equipment, net | — | 57,268 | 66,291 | — | 123,559 | |||||||||||||||
Amounts due from affiliates | — | 228,283 | 18,803 | (247,086 | ) | — | ||||||||||||||
Goodwill | — | 81,358 | 122,309 | — | 203,667 | |||||||||||||||
Customer relationships, net | — | 20,726 | 13,307 | — | 34,033 | |||||||||||||||
Other intangible assets, net | — | 6,754 | — | — | 6,754 | |||||||||||||||
Investment in consolidated subsidiaries | (125,554 | ) | (995 | ) | — | 126,549 | — | |||||||||||||
Deferred income taxes | — | — | 304 | — | 304 | |||||||||||||||
Other assets | — | 3,252 | 4,059 | — | 7,311 | |||||||||||||||
Total assets | $ | (125,554 | ) | $ | 548,674 | $ | 308,367 | $ | (120,537 | ) | $ | 610,950 | ||||||||
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | — | $ | 63,766 | $ | 26,605 | $ | — | $ | 90,371 | ||||||||||
Accrued expenses and other current liabilities | 28 | 16,941 | 12,617 | — | 29,586 | |||||||||||||||
Accrued interest payable | — | 12,835 | 84 | — | 12,919 | |||||||||||||||
Current portion of long-term debt | — | — | 4,361 | — | 4,361 | |||||||||||||||
Deferred income taxes | — | — | 601 | — | 601 | |||||||||||||||
Total current liabilities | 28 | 93,542 | 44,268 | — | 137,838 | |||||||||||||||
Long-term debt | — | 551,922 | — | — | 551,922 | |||||||||||||||
Amounts due to affiliates | 5,537 | 11,641 | 229,908 | (247,086 | ) | — | ||||||||||||||
Deferred income taxes | — | 10,458 | 8,678 | — | 19,136 | |||||||||||||||
Other liabilities | — | 6,665 | 26,508 | — | 33,173 | |||||||||||||||
Total liabilities | 5,565 | 674,228 | 309,362 | (247,086 | ) | 742,069 | ||||||||||||||
Shareholders’ (deficit) equity: | ||||||||||||||||||||
Common stock | 195 | — | 21 | (21 | ) | 195 | ||||||||||||||
Additional paid-in capital | 724,316 | 661,424 | 199,452 | (860,876 | ) | 724,316 | ||||||||||||||
Accumulated loss | (866,138 | ) | (797,486 | ) | (213,227 | ) | 1,010,713 | (866,138 | ) | |||||||||||
Accumulated other comprehensive income | 10,508 | 10,508 | 12,759 | (23,267 | ) | 10,508 | ||||||||||||||
Total shareholders’ (deficit) equity | (131,119 | ) | (125,554 | ) | (995 | ) | 126,549 | (131,119 | ) | |||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (125,554 | ) | $ | 548,674 | $ | 308,367 | $ | (120,537 | ) | $ | 610,950 | ||||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1,700 | $ | 7,277 | $ | — | $ | 8,977 | ||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 35,012 | 38,984 | — | 73,996 | |||||||||||||||
Inventories, net | — | 62,270 | 27,490 | — | 89,760 | |||||||||||||||
Income taxes receivable | — | 341 | 641 | — | 982 | |||||||||||||||
Deferred income taxes | — | 559 | 21 | — | 580 | |||||||||||||||
Other current assets | — | 5,462 | 1,546 | — | 7,008 | |||||||||||||||
Total current assets | — | 105,344 | 75,959 | — | 181,303 | |||||||||||||||
Property, plant and equipment, net | — | 62,185 | 67,929 | — | 130,114 | |||||||||||||||
Amounts due from affiliates | — | 229,101 | 18,828 | (247,929 | ) | — | ||||||||||||||
Goodwill | — | 81,359 | 122,694 | — | 204,053 | |||||||||||||||
Customer relationships, net | — | 24,626 | 16,005 | — | 40,631 | |||||||||||||||
Other intangible assets, net | — | 7,073 | — | — | 7,073 | |||||||||||||||
Investment in consolidated subsidiaries | (103,217 | ) | 2,407 | — | 100,810 | — | ||||||||||||||
Deferred income taxes | — | — | 87 | — | 87 | |||||||||||||||
Other assets | — | 4,185 | 4,527 | — | 8,712 | |||||||||||||||
Total assets | $ | (103,217 | ) | $ | 516,280 | $ | 306,029 | $ | (147,119 | ) | $ | 571,973 | ||||||||
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | — | $ | 30,312 | $ | 26,950 | $ | — | $ | 57,262 | ||||||||||
Accrued expenses and other current liabilities | 14 | 16,133 | 10,219 | — | 26,366 | |||||||||||||||
Accrued interest payable | — | 8,973 | 47 | — | 9,020 | |||||||||||||||
Deferred income taxes | — | — | 605 | — | 605 | |||||||||||||||
Total current liabilities | 14 | 55,418 | 37,821 | — | 93,253 | |||||||||||||||
Long-term debt | — | 535,396 | — | — | 535,396 | |||||||||||||||
Amounts due to affiliates | 5,332 | 12,086 | 230,511 | (247,929 | ) | — | ||||||||||||||
Deferred income taxes | — | 9,561 | 9,419 | — | 18,980 | |||||||||||||||
Other liabilities | — | 7,036 | 25,871 | — | 32,907 | |||||||||||||||
Total liabilities | 5,346 | 619,497 | 303,622 | (247,929 | ) | 680,536 | ||||||||||||||
Shareholders’ (deficit) equity: | ||||||||||||||||||||
Common stock | 195 | — | 21 | (21 | ) | 195 | ||||||||||||||
Additional paid-in capital | 724,071 | 661,180 | 199,452 | (860,632 | ) | 724,071 | ||||||||||||||
Accumulated loss | (843,750 | ) | (775,318 | ) | (210,242 | ) | 985,560 | (843,750 | ) | |||||||||||
Accumulated other comprehensive income | 10,921 | 10,921 | 13,176 | (24,097 | ) | 10,921 | ||||||||||||||
Total shareholders’ (deficit) equity | (108,563 | ) | (103,217 | ) | 2,407 | 100,810 | (108,563 | ) | ||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (103,217 | ) | $ | 516,280 | $ | 306,029 | $ | (147,119 | ) | $ | 571,973 | ||||||||
Schedule of Condensed Income Statement | ' | |||||||||||||||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 27, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Net sales | $ | — | $ | 263,659 | $ | 142,760 | $ | (3,525 | ) | $ | 402,894 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of goods sold (excluding depreciation and amortization) | — | 226,143 | 117,430 | (3,525 | ) | 340,048 | ||||||||||||||
Selling and general (excluding depreciation and amortization) | 220 | 24,478 | 13,268 | — | 37,966 | |||||||||||||||
Depreciation and amortization | — | 10,792 | 5,661 | — | 16,453 | |||||||||||||||
Other operating charges | — | 2,236 | 1,070 | — | 3,306 | |||||||||||||||
Income (loss) from operations | (220 | ) | 10 | 5,331 | — | 5,121 | ||||||||||||||
Equity in earnings of subsidiaries | (22,168 | ) | (2,984 | ) | — | 25,152 | — | |||||||||||||
Interest expense | — | (26,949 | ) | (730 | ) | — | (27,679 | ) | ||||||||||||
Intercompany income (loss), net | — | 9,339 | (9,339 | ) | — | — | ||||||||||||||
Other (loss) income, net | — | (853 | ) | 533 | — | (320 | ) | |||||||||||||
Loss before income taxes | (22,388 | ) | (21,437 | ) | (4,205 | ) | 25,152 | (22,878 | ) | |||||||||||
(Benefit from) provision for income taxes | — | 731 | (1,221 | ) | — | (490 | ) | |||||||||||||
Net loss | $ | (22,388 | ) | $ | (22,168 | ) | $ | (2,984 | ) | $ | 25,152 | $ | (22,388 | ) | ||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED JUNE 28, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Net sales | $ | — | $ | 158,120 | $ | 73,820 | $ | (2,079 | ) | $ | 229,861 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of goods sold (excluding depreciation and amortization) | — | 131,031 | 61,509 | (2,079 | ) | 190,461 | ||||||||||||||
Selling and general (excluding depreciation and amortization) | 95 | 13,669 | 6,176 | — | 19,940 | |||||||||||||||
Depreciation and amortization | — | 5,558 | 2,892 | — | 8,450 | |||||||||||||||
Other operating charges | — | 248 | 878 | — | 1,126 | |||||||||||||||
Income (loss) from operations | (95 | ) | 7,614 | 2,365 | — | 9,884 | ||||||||||||||
Equity in earnings of subsidiaries | (1,461 | ) | (2,557 | ) | — | 4,018 | — | |||||||||||||
Interest expense | — | (13,507 | ) | (347 | ) | — | (13,854 | ) | ||||||||||||
Intercompany income (loss), net | — | 4,402 | (4,402 | ) | — | — | ||||||||||||||
Other income (loss), net | — | 2,529 | (418 | ) | — | 2,111 | ||||||||||||||
Loss before income taxes | (1,556 | ) | (1,519 | ) | (2,802 | ) | 4,018 | (1,859 | ) | |||||||||||
Benefit from income taxes | — | (58 | ) | (245 | ) | — | (303 | ) | ||||||||||||
Net loss | $ | (1,556 | ) | $ | (1,461 | ) | $ | (2,557 | ) | $ | 4,018 | $ | (1,556 | ) | ||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED JUNE 27, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Net sales | $ | — | $ | 161,813 | $ | 73,178 | $ | (2,001 | ) | $ | 232,990 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of goods sold (excluding depreciation and amortization) | — | 134,370 | 60,708 | (2,001 | ) | 193,077 | ||||||||||||||
Selling and general (excluding depreciation and amortization) | 102 | 12,067 | 7,021 | — | 19,190 | |||||||||||||||
Depreciation and amortization | — | 5,403 | 2,848 | — | 8,251 | |||||||||||||||
Other operating charges | — | 1,694 | 647 | — | 2,341 | |||||||||||||||
Income (loss) from operations | (102 | ) | 8,279 | 1,954 | — | 10,131 | ||||||||||||||
Equity in earnings of subsidiaries | (3,014 | ) | (1,292 | ) | — | 4,306 | — | |||||||||||||
Interest expense | — | (13,542 | ) | (372 | ) | — | (13,914 | ) | ||||||||||||
Intercompany income (loss), net | — | 4,774 | (4,774 | ) | — | — | ||||||||||||||
Other (loss) income, net | — | (1,170 | ) | 654 | — | (516 | ) | |||||||||||||
(Loss) income before income taxes | (3,116 | ) | (2,951 | ) | (2,538 | ) | 4,306 | (4,299 | ) | |||||||||||
(Benefit from) provision for income taxes | — | 63 | (1,246 | ) | — | (1,183 | ) | |||||||||||||
Net loss | $ | (3,116 | ) | $ | (3,014 | ) | $ | (1,292 | ) | $ | 4,306 | $ | (3,116 | ) | ||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 28, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Net sales | $ | — | $ | 263,434 | $ | 142,543 | $ | (3,571 | ) | $ | 402,406 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of goods sold (excluding depreciation and amortization) | — | 224,095 | 119,107 | (3,571 | ) | 339,631 | ||||||||||||||
Selling and general (excluding depreciation and amortization) | 188 | 26,730 | 12,462 | — | 39,380 | |||||||||||||||
Depreciation and amortization | — | 11,133 | 5,910 | — | 17,043 | |||||||||||||||
Other operating charges | — | 666 | 3,234 | — | 3,900 | |||||||||||||||
Income (loss) from operations | (188 | ) | 810 | 1,830 | — | 2,452 | ||||||||||||||
Equity in earnings of subsidiaries | (29,484 | ) | (7,448 | ) | — | 36,932 | — | |||||||||||||
Interest expense | — | (26,856 | ) | (596 | ) | — | (27,452 | ) | ||||||||||||
Intercompany income (loss), net | — | 8,680 | (8,680 | ) | — | — | ||||||||||||||
Other loss, net | — | (3,422 | ) | (812 | ) | — | (4,234 | ) | ||||||||||||
Loss before income taxes | (29,672 | ) | (28,236 | ) | (8,258 | ) | 36,932 | (29,234 | ) | |||||||||||
Provision for (benefit from) income taxes | — | 1,248 | (810 | ) | — | 438 | ||||||||||||||
Net loss | $ | (29,672 | ) | $ | (29,484 | ) | $ | (7,448 | ) | $ | 36,932 | $ | (29,672 | ) | ||||||
Schedule Of Condensed Statement Of Comprehensive Income (Loss) | ' | |||||||||||||||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED JUNE 28, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Net loss | $ | (1,556 | ) | $ | (1,461 | ) | $ | (2,557 | ) | $ | 4,018 | $ | (1,556 | ) | ||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustment | (157 | ) | (157 | ) | (157 | ) | 314 | (157 | ) | |||||||||||
Defined benefit pension plan adjustments, net of tax | 81 | 81 | 10 | (91 | ) | 81 | ||||||||||||||
Total comprehensive loss | $ | (1,632 | ) | $ | (1,537 | ) | $ | (2,704 | ) | $ | 4,241 | $ | (1,632 | ) | ||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE OPERATIONS | ||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 27, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Net loss | $ | (22,388 | ) | $ | (22,168 | ) | $ | (2,984 | ) | $ | 25,152 | $ | (22,388 | ) | ||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustment | (454 | ) | (454 | ) | (454 | ) | 908 | (454 | ) | |||||||||||
Defined benefit pension plan adjustments, net of tax | 41 | 41 | 37 | (78 | ) | 41 | ||||||||||||||
Total comprehensive loss | $ | (22,801 | ) | $ | (22,581 | ) | $ | (3,401 | ) | $ | 25,982 | $ | (22,801 | ) | ||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE OPERATIONS | ||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 28, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Net loss | $ | (29,672 | ) | $ | (29,484 | ) | $ | (7,448 | ) | $ | 36,932 | $ | (29,672 | ) | ||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustment | (342 | ) | (342 | ) | (342 | ) | 684 | (342 | ) | |||||||||||
Defined benefit pension plan adjustments, net of tax | 165 | 165 | 21 | (186 | ) | 165 | ||||||||||||||
Total comprehensive loss | $ | (29,849 | ) | $ | (29,661 | ) | $ | (7,769 | ) | $ | 37,430 | $ | (29,849 | ) | ||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED JUNE 27, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Net loss | $ | (3,116 | ) | $ | (3,014 | ) | $ | (1,292 | ) | $ | 4,306 | $ | (3,116 | ) | ||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustment | (65 | ) | (65 | ) | (65 | ) | 130 | (65 | ) | |||||||||||
Defined benefit pension plan adjustments, net of tax | 21 | 21 | 19 | (40 | ) | 21 | ||||||||||||||
Total comprehensive loss | $ | (3,160 | ) | $ | (3,058 | ) | $ | (1,338 | ) | $ | 4,396 | $ | (3,160 | ) | ||||||
Schedule of Condensed Cash Flow Statement | ' | |||||||||||||||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 27, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Net cash used in operating activities | $ | — | $ | (17,262 | ) | $ | (7,878 | ) | $ | — | $ | (25,140 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||||||
Proceeds from sale of assets | — | 65 | 1 | — | 66 | |||||||||||||||
Capital expenditures | — | (1,650 | ) | (1,311 | ) | — | (2,961 | ) | ||||||||||||
Due from (to) affiliates | — | — | 345 | (345 | ) | — | ||||||||||||||
Net cash used in investing activities | — | (1,585 | ) | (965 | ) | (345 | ) | (2,895 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Net borrowings on ABL Credit Facility | — | 16,260 | — | — | 16,260 | |||||||||||||||
Net borrowings on Dutch Revolving Credit Facility | — | — | 4,361 | — | 4,361 | |||||||||||||||
Change in cash overdrafts | — | 1,326 | — | — | 1,326 | |||||||||||||||
Debt issuance costs | — | (88 | ) | — | — | (88 | ) | |||||||||||||
Due (to) from affiliates | — | (345 | ) | — | 345 | — | ||||||||||||||
Net cash provided by financing activities | — | 17,153 | 4,361 | 345 | 21,859 | |||||||||||||||
Effect of exchange rate changes on cash | — | — | (274 | ) | — | (274 | ) | |||||||||||||
Net decrease in cash and cash equivalents | — | (1,694 | ) | (4,756 | ) | — | (6,450 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | — | 1,700 | 7,277 | — | 8,977 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 6 | $ | 2,521 | $ | — | $ | 2,527 | ||||||||||
EURAMAX HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 28, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Parent | Issuer | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Net cash used in operating activities | $ | — | $ | (22,393 | ) | $ | (10,990 | ) | $ | — | $ | (33,383 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||||||
Proceeds from sale of assets | — | 164 | 2,022 | — | 2,186 | |||||||||||||||
Capital expenditures | — | (2,879 | ) | (2,079 | ) | — | (4,958 | ) | ||||||||||||
Due from (to) affiliates | 4,148 | (4,148 | ) | — | ||||||||||||||||
Net cash (used in) provided by investing activities | — | (2,715 | ) | 4,091 | (4,148 | ) | (2,772 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Net borrowings on ABL Credit Facility | — | 22,953 | — | — | 22,953 | |||||||||||||||
Changes in cash overdraft | — | 5,144 | — | — | 5,144 | |||||||||||||||
Net borrowings on Dutch Revolving Credit Facility | — | — | 3,333 | — | 3,333 | |||||||||||||||
Debt issuance costs | — | (175 | ) | — | — | (175 | ) | |||||||||||||
Due (to) from affiliates | — | (4,148 | ) | — | 4,148 | — | ||||||||||||||
Net cash provided by financing activities | — | 23,774 | 3,333 | 4,148 | 31,255 | |||||||||||||||
Effect of exchange rate changes on cash | — | — | (23 | ) | — | (23 | ) | |||||||||||||
Net decrease in cash and cash equivalents | — | (1,334 | ) | (3,589 | ) | — | (4,923 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | — | 1,574 | 8,450 | — | 10,024 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 240 | $ | 4,861 | $ | — | $ | 5,101 | ||||||||||
Inventories_Details
Inventories (Details) (USD $) | Jun. 27, 2014 | Dec. 31, 2013 |
Inventory Disclosure [Abstract] | ' | ' |
Aluminum and steel coil | $75,862,000 | $58,153,000 |
Raw materials | 17,762,000 | 15,291,000 |
Work in process | 3,065,000 | 1,936,000 |
Finished products | 16,689,000 | 14,380,000 |
Inventories, net | 113,378,000 | 89,760,000 |
Inventory valuation reserves | ($3,400,000) | ($2,400,000) |
Indebtedness_Details
Indebtedness (Details) (USD $) | Jun. 27, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $556,283 | $535,396 |
Current portion of long-term debt | 4,361 | 0 |
Long-term debt, excluding current maturities | 551,922 | 535,396 |
Senior notes | Senior Secured Notes (9.50%) | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 375,000 | 375,000 |
Unsecured debt | Senior Unsecured Loan Facility (12.25%) | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 123,906 | 123,640 |
Line of credit | ABL Credit Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 53,016 | 36,756 |
Line of credit | Dutch Revolving Credit Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 4,361 | 0 |
Current portion of long-term debt | $4,361 | $0 |
Indebtedness_Senior_Secured_No
Indebtedness Senior Secured Notes (Details) (USD $) | Jun. 27, 2014 | Dec. 31, 2013 | Jun. 27, 2014 | Dec. 31, 2013 | Mar. 18, 2011 | Mar. 18, 2011 | Mar. 18, 2011 | Mar. 18, 2011 | Mar. 18, 2011 | Mar. 18, 2011 |
In Thousands, unless otherwise specified | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Line of credit | ||
Senior Secured Notes (9.50%) | Senior Secured Notes (9.50%) | Senior Secured Notes (9.50%) | Senior Secured Notes (9.50%) | Senior Secured Notes (9.50%) | Senior Secured Notes (9.50%) | Senior Secured Notes (9.50%) | Senior Secured Notes (9.50%) | |||
Change of control | 2013 | 2014 | 2015 and thereafter | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $556,283 | $535,396 | $375,000 | $375,000 | ' | ' | ' | ' | ' | ' |
Subsidiary ownership percentage | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | 9.50% | ' | ' | ' | ' | ' |
Foreign restricted subsidiaries, percent of voting capital stock, collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% |
Foreign restricted subsidiaries, percent of non-voting capital stock, collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Prepayment redemption price percentages | ' | ' | ' | ' | ' | 101.00% | 107.13% | 104.75% | 100.00% | ' |
Indebtedness_Senior_Unsecured_
Indebtedness Senior Unsecured Loan Facility (Details) (USD $) | Jun. 27, 2014 | Jun. 27, 2014 | Jun. 27, 2014 | Mar. 18, 2011 | Mar. 18, 2011 | Mar. 18, 2011 | Mar. 18, 2011 | Mar. 18, 2011 | Jun. 27, 2014 | Mar. 18, 2011 | Mar. 18, 2011 | Mar. 18, 2011 | Mar. 18, 2011 |
In Millions, unless otherwise specified | Senior Unsecured Loan Facility (12.25%) | Senior Unsecured Loan Facility (12.25%) | Senior Unsecured Loan Facility (12.25%) | Senior Unsecured Loan Facility (12.25%) | Senior Unsecured Loan Facility (12.25%) | Senior Unsecured Loan Facility (12.25%) | Senior Unsecured Loan Facility (12.25%) | Senior Unsecured Loan Facility (12.25%) | Senior Unsecured Loan Facility (12.25%) | Senior Unsecured Loan Facility (12.25%) | Senior Unsecured Loan Facility (12.25%) | Senior Unsecured Loan Facility (12.25%) | |
Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | |||
quarters | Change of control | On or after the second anniversary of the closing but prior to the third anniversary thereof | On or after the third anniversary of the closing but prior to the fourth anniversary thereof | On or after the fourth anniversary of the closing | No paid interest in kind election | No paid interest in kind election | With paid interest in kind election | With paid interest in kind election | With paid interest in kind election | ||||
Cash interest portion | Paid in kind interest portion | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | $125 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, issuance price as percent of par value | ' | ' | ' | 98.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, unamortized discount | ' | ' | $1.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.25% | 14.25% | 7.88% | 6.38% |
Maximum number of quarters the paid in kind election may be made | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, effective percentage | ' | ' | ' | ' | ' | ' | ' | ' | 12.25% | ' | ' | ' | ' |
Prepayment redemption price percentages | ' | ' | ' | ' | ' | 103.00% | 102.00% | 100.00% | ' | ' | ' | ' | ' |
Potentional required purchase price upon change of control, percentage of purchase price | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Subsidiary ownership percentage | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indebtedness_ABL_Credit_Facili
Indebtedness ABL Credit Facility (Details) (USD $) | Jun. 27, 2014 | Jun. 27, 2014 | Mar. 21, 2014 | Mar. 21, 2014 | Mar. 21, 2014 | Mar. 18, 2011 | Jun. 27, 2014 | Mar. 25, 2013 | Mar. 21, 2014 | Mar. 18, 2011 | Mar. 18, 2011 | Mar. 21, 2014 | Jun. 27, 2014 | Mar. 21, 2014 | Mar. 18, 2011 | Jun. 27, 2014 | Mar. 21, 2014 | Mar. 18, 2011 | Jun. 27, 2014 | Jun. 27, 2014 | Mar. 21, 2014 | Mar. 18, 2011 | Jun. 27, 2014 | Mar. 21, 2014 | Mar. 18, 2011 | Jun. 27, 2014 | Mar. 21, 2014 | Mar. 21, 2014 | Mar. 21, 2014 | Mar. 21, 2014 | Mar. 21, 2014 | Mar. 21, 2014 | Mar. 21, 2014 | Mar. 21, 2014 |
In Millions, unless otherwise specified | ABL Credit Facility | Seasonal Overadvance A | Seasonal Overadvance B | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | |
London Interbank Offered Rate (LIBOR) | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | ABL Credit Facility | Seasonal Overadvance A | Seasonal Overadvance A | Seasonal Overadvance A | Seasonal Overadvance B | Seasonal Overadvance B | Seasonal Overadvance B | Seasonal Overadvance C | ||||
Minimum | Minimum | Maximum | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | Base Rate | Base Rate | Base Rate | Base Rate | Base Rate | Base Rate | Base Rate | Federal Funds | Minimum | Maximum | Minimum | Maximum | ||||||||||||
Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | $70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, remaining borrowing capacity | ' | ' | ' | ' | ' | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | 1.75% | 2.00% | ' | 2.25% | 2.75% | ' | ' | 1.00% | 1.00% | ' | 1.25% | 1.75% | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' |
Minimum excess availability reserve | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt convenant, required fixed charge coverage ratio when excess availabiltiy is less than fifteen percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt convenant, required fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | ' | 1 | 1 | ' |
Line of credit facility additional borrowing capacity seasonal overadvance A | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' |
Seasonal overadvance fee | ' | ' | ' | ' | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility additional borrowing capacity seasonal overadvance B | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' |
Line of credit facility additional borrowing capacity seasonal overadvance C | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 |
Debt instrument percentage of principal used | ' | ' | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum consolidated ebitda after fiscal year 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52 |
Minimum consolidated ebitda fiscal year 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50 |
Debt instrument, description of variable rate basis | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marginal interest rate on combined fixed and variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | ' | 1.75% | ' | ' | 2.25% | 1.25% | ' | ' | 1.00% | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, weighted average interest rate | ' | ' | ' | ' | ' | ' | 2.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, unused capacity, commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsidiary ownership percentage | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign restricted subsidiaries, percent of voting capital stock, collateral | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign restricted subsidiaries, percent of non-voting capital stock, collateral | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amended excess availability threshold percenatge that triggers a minimum consolidated fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | 12.50% | 12.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indebtedness_Dutch_Revolving_C
Indebtedness Dutch Revolving Credit Facility (Details) | Jun. 27, 2014 | Feb. 28, 2012 | Jun. 27, 2014 | Feb. 28, 2012 | Jun. 27, 2014 | Feb. 28, 2012 |
In Millions, unless otherwise specified | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | |
Dutch Revolving Credit Facility | Dutch Revolving Credit Facility | Dutch Revolving Credit Facility | Dutch Revolving Credit Facility | Dutch Revolving Credit Facility | ||
USD ($) | Euribor Rate | Euro Member Countries, Euro | Euro Member Countries, Euro | |||
USD ($) | EUR (€) | |||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Subsidiary ownership percentage | 100.00% | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | € 15 |
Debt instrument, basis spread on variable rate | ' | ' | ' | 2.00% | ' | ' |
Line of credit facility, commitment fee percentage | ' | 0.35% | ' | ' | ' | ' |
Debt, weighted average interest rate | ' | ' | 2.48% | ' | ' | ' |
Line of credit facility, remaining borrowing capacity | ' | ' | $16.10 | ' | $11.80 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 25, 1996 | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
sites | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' | ' |
Number of National Priorities List sites for which the Company is indemnified for substantially all costs related to specifically identified environmental matters | 11 | ' | ' | ' | ' |
Number of National Priorities List sites for which the Company is indemnified for certain potential costs related to specifically identified environmental matters | 9 | ' | ' | ' | ' |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | $5,389 | $5,098 | $5,326 | $5,098 |
Payments made or service provided | ' | 934 | -955 | -1,555 | -1,831 |
Warranty expense | ' | 493 | 884 | 1,175 | 1,841 |
Foreign currency translation | ' | -2 | 20 | 0 | -61 |
Balance, end of period | ' | $4,946 | $5,047 | $4,946 | $5,047 |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective income tax rate, continuing operations | -27.50% | -16.30% | -2.10% | 1.50% |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 6 Months Ended | |
Jun. 27, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance, beginning of period | $10,921,000 | ' |
Other comprehensive (loss) income before reclassifications | -454,000 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 41,000 | ' |
Net other comprehensive (loss) income | -413,000 | ' |
Balance, end of period | 10,508,000 | ' |
Other comprehensive income (loss), pension and other postretirement benefit plans, tax | -300,000 | -300,000 |
Accumulated Translation Adjustment | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance, beginning of period | 19,281,000 | ' |
Other comprehensive (loss) income before reclassifications | -454,000 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | ' |
Net other comprehensive (loss) income | -454,000 | ' |
Balance, end of period | 18,827,000 | ' |
Accumulated Defined Benefit Plans Adjustment | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance, beginning of period | -8,360,000 | ' |
Other comprehensive (loss) income before reclassifications | 0 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 41,000 | ' |
Net other comprehensive (loss) income | 41,000 | ' |
Balance, end of period | ($8,319,000) | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
U.S. Plan | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $14 | $16 | $28 | $32 |
Interest cost | 140 | 130 | 280 | 260 |
Expected return on assets | -186 | -156 | -372 | -312 |
Recognized actuarial net loss | 2 | 71 | 4 | 144 |
Total defined benefit net periodic pension cost | -30 | 61 | -60 | 124 |
Multiemployer benefit expense | 311 | 295 | 569 | 547 |
Net periodic pension cost | 281 | 356 | 509 | 671 |
UK Plan | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 562 | 524 | 1,114 | 1,055 |
Expected return on assets | -474 | -408 | -940 | -822 |
Recognized actuarial net loss | 19 | 10 | 37 | 21 |
Total defined benefit net periodic pension cost | 107 | 126 | 211 | 254 |
Multiemployer benefit expense | 0 | 0 | 0 | 0 |
Net periodic pension cost | $107 | $126 | $211 | $254 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 27, 2014 | Dec. 31, 2013 | Jun. 27, 2014 | Dec. 31, 2013 | Jun. 27, 2014 | Dec. 31, 2013 | Jun. 27, 2014 | Dec. 31, 2013 | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Senior notes | Senior notes | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | |||
Senior Secured Notes (9.50%) | Senior Secured Notes (9.50%) | Senior notes | Senior notes | Accrued Liabilities | Accrued Liabilities | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | |||
Senior Secured Notes (9.50%) | Senior Secured Notes (9.50%) | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | |||||
Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | |||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | ($100,000) | $100,000 | $100,000 |
Derivative Liability, Fair Value, Gross Liability | ' | ' | ' | ' | ' | ' | -100,000 | -200,000 | ' | ' | ' | ' |
Long-term debt | 556,283,000 | 535,396,000 | 375,000,000 | 375,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of long-term debt | ' | ' | ' | ' | $375,000,000 | $375,000,000 | ' | ' | ' | ' | ' | ' |
Other_Operating_Charges_Detail
Other Operating Charges (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 | |
Other Operating Costs [Line Items] | ' | ' | ' | ' |
Unusual or infrequent item operating | $2,341,000 | $1,126,000 | $3,306,000 | $3,900,000 |
Accrued Liabilities | ' | ' | ' | ' |
Other Operating Costs [Line Items] | ' | ' | ' | ' |
Supplemental unemployment benefits, severance benefits | 700,000 | ' | 700,000 | ' |
Other operating charges | ' | ' | ' | ' |
Other Operating Costs [Line Items] | ' | ' | ' | ' |
Unusual or infrequent item operating | 2,341,000 | 1,126,000 | 3,306,000 | 3,900,000 |
Other severance and nonrecurring costs | ' | 300,000 | ' | 900,000 |
Other operating charges | North America | ' | ' | ' | ' |
Other Operating Costs [Line Items] | ' | ' | ' | ' |
Other severance and nonrecurring costs | 1,000,000 | ' | ' | ' |
Other operating charges | United States | ' | ' | ' | ' |
Other Operating Costs [Line Items] | ' | ' | ' | ' |
Other severance and nonrecurring costs | 800,000 | ' | 900,000 | ' |
U.S. Residential Products | Other operating charges | ' | ' | ' | ' |
Other Operating Costs [Line Items] | ' | ' | ' | ' |
Unusual or infrequent item operating | 400,000 | 33,000 | 508,000 | 157,000 |
U.S. Residential Products | Other operating charges | United States | ' | ' | ' | ' |
Other Operating Costs [Line Items] | ' | ' | ' | ' |
Other severance and nonrecurring costs | 400,000 | ' | 400,000 | ' |
U.S. Commercial Products | Other operating charges | ' | ' | ' | ' |
Other Operating Costs [Line Items] | ' | ' | ' | ' |
Unusual or infrequent item operating | 439,000 | 208,000 | 469,000 | 295,000 |
U.S. Commercial Products | Other operating charges | United States | ' | ' | ' | ' |
Other Operating Costs [Line Items] | ' | ' | ' | ' |
Other severance and nonrecurring costs | 400,000 | ' | 400,000 | ' |
European Roll Coated Aluminum | Other operating charges | ' | ' | ' | ' |
Other Operating Costs [Line Items] | ' | ' | ' | ' |
Unusual or infrequent item operating | 0 | 44,000 | 0 | 190,000 |
European Engineered Products | Other operating charges | ' | ' | ' | ' |
Other Operating Costs [Line Items] | ' | ' | ' | ' |
Unusual or infrequent item operating | 647,000 | 834,000 | 1,070,000 | 3,044,000 |
Restructuring and related cost, incurred cost | ' | ' | 1,100,000 | 1,400,000 |
European Engineered Products | Other operating charges | Fair Value, Inputs, Level 1 | ' | ' | ' | ' |
Other Operating Costs [Line Items] | ' | ' | ' | ' |
Asset impairment charges | ' | ' | 1,600,000 | ' |
European Engineered Products | Other operating charges | France | ' | ' | ' | ' |
Other Operating Costs [Line Items] | ' | ' | ' | ' |
Other severance and nonrecurring costs | 600,000 | ' | 800,000 | ' |
European Engineered Products | Other operating charges | U.K. | ' | ' | ' | ' |
Other Operating Costs [Line Items] | ' | ' | ' | ' |
Other severance and nonrecurring costs | ' | 800,000 | 300,000 | ' |
European Engineered Products | Other operating charges | U.K. | Fair Value, Inputs, Level 1 | ' | ' | ' | ' |
Other Operating Costs [Line Items] | ' | ' | ' | ' |
Asset impairment charges | ' | ' | ' | 1,600,000 |
Other Non-Allocated | Other operating charges | ' | ' | ' | ' |
Other Operating Costs [Line Items] | ' | ' | ' | ' |
Unusual or infrequent item operating | 855,000 | 7,000 | 1,259,000 | 214,000 |
Other severance and nonrecurring costs | 900,000 | ' | 1,300,000 | ' |
Other Non-Allocated | Other operating charges | United States | ' | ' | ' | ' |
Other Operating Costs [Line Items] | ' | ' | ' | ' |
Other severance and nonrecurring costs | $200,000 | ' | $200,000 | ' |
Segment_Information_Details
- Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
segments | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | $232,990 | $229,861 | $402,894 | $402,406 |
Income (loss) from operations | 10,131 | 9,884 | 5,121 | 2,452 |
Depreciation and amortization | 8,251 | 8,450 | 16,453 | 17,043 |
Capital expenditures | -1,473 | -2,732 | -2,961 | -4,958 |
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract] | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 4 | ' |
U.S. Residential Products | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | 86,926 | 86,766 | 136,505 | 139,019 |
Income (loss) from operations | 9,595 | 9,799 | 8,278 | 9,576 |
Depreciation and amortization | 2,723 | 2,905 | 5,456 | 5,830 |
Capital expenditures | -321 | -770 | -660 | -1,203 |
U.S. Commercial Products | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | 77,099 | 74,084 | 131,126 | 128,798 |
Income (loss) from operations | 1,781 | 337 | -3,216 | -4,081 |
Depreciation and amortization | 2,315 | 2,620 | 4,857 | 5,238 |
Capital expenditures | -148 | -568 | -703 | -1,006 |
European Roll Coated Aluminum | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | 51,707 | 51,400 | 101,844 | 99,683 |
Income (loss) from operations | 3,389 | 3,153 | 7,318 | 5,640 |
Depreciation and amortization | 2,358 | 2,380 | 4,711 | 4,714 |
Capital expenditures | -465 | -1,069 | -805 | -1,810 |
European Engineered Products | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | 17,594 | 18,007 | 34,171 | 35,643 |
Income (loss) from operations | -598 | -904 | -944 | -3,532 |
Depreciation and amortization | 446 | 412 | 863 | 996 |
Capital expenditures | -319 | -47 | -482 | -216 |
Other Non-Allocated | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | 0 | 0 | 0 | 0 |
Income (loss) from operations | -4,036 | -2,501 | -6,315 | -5,151 |
Depreciation and amortization | 409 | 133 | 566 | 265 |
Capital expenditures | -220 | -278 | -311 | -723 |
Eliminations | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | -336 | -396 | -752 | -737 |
Income (loss) from operations | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 | 0 |
Operating Segments | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | 232,990 | 229,861 | 402,894 | 402,406 |
Operating Segments | U.S. Residential Products | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | 86,709 | 86,567 | 136,109 | 138,685 |
Operating Segments | U.S. Commercial Products | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | 77,067 | 73,930 | 131,066 | 128,500 |
Operating Segments | European Roll Coated Aluminum | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | 51,620 | 51,357 | 101,548 | 99,578 |
Operating Segments | European Engineered Products | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | 17,594 | 18,007 | 34,171 | 35,643 |
Operating Segments | Other Non-Allocated | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | 0 | 0 | 0 | 0 |
Operating Segments | Eliminations | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | 0 | 0 | 0 | 0 |
Segment Reconciling Items | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | 0 | 0 | 0 | 0 |
Segment Reconciling Items | U.S. Residential Products | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | 217 | 199 | 396 | 334 |
Segment Reconciling Items | U.S. Commercial Products | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | 32 | 154 | 60 | 298 |
Segment Reconciling Items | European Roll Coated Aluminum | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | 87 | 43 | 296 | 105 |
Segment Reconciling Items | European Engineered Products | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | 0 | 0 | 0 | 0 |
Segment Reconciling Items | Other Non-Allocated | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | 0 | 0 | 0 | 0 |
Segment Reconciling Items | Eliminations | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Third party, net sales | ($336) | ($396) | ($752) | ($737) |
Segment_Information_Revenues_f
Segment Information - Revenues from External Customers (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Sales Revenue, Goods, Net | $232,990 | $229,861 | $402,894 | $402,406 |
Original Equipment Manufacturers (OEM's) | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Sales Revenue, Goods, Net | 56,562 | 53,882 | 112,297 | 104,317 |
Home Improvement Retailers | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Sales Revenue, Goods, Net | 49,980 | 55,125 | 80,066 | 88,546 |
Industrial and Architectural Contractors | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Sales Revenue, Goods, Net | 38,380 | 40,363 | 72,242 | 74,795 |
Rural Contractors | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Sales Revenue, Goods, Net | 37,123 | 34,282 | 56,027 | 53,903 |
Distributors | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Sales Revenue, Goods, Net | 27,954 | 24,882 | 42,253 | 42,025 |
Home Improvement Contractors | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Sales Revenue, Goods, Net | 14,212 | 12,327 | 23,357 | 20,425 |
Manufactured Housing | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Sales Revenue, Goods, Net | $8,779 | $9,000 | $16,652 | $18,395 |
Supplemental_Guarantor_Condens2
Supplemental Guarantor Condensed Financial Information - Consolidated Balance Sheets (Details) (USD $) | Jun. 27, 2014 | Dec. 31, 2013 | Jun. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2012 |
In Thousands, unless otherwise specified | |||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Subsidiary ownership percentage | 100.00% | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | $2,527 | $8,977 | $5,101 | $10,024 | $5,101 |
Accounts receivable, less allowance for doubtful accounts | 111,174 | 73,996 | ' | ' | ' |
Inventories, net | 113,378 | 89,760 | ' | ' | ' |
Income taxes receivable | 459 | 982 | ' | ' | ' |
Deferred income taxes | 576 | 580 | ' | ' | ' |
Other current assets | 7,208 | 7,008 | ' | ' | ' |
Total current assets | 235,322 | 181,303 | ' | ' | ' |
Property, plant and equipment, net | 123,559 | 130,114 | ' | ' | ' |
Amounts due from affiliates | 0 | 0 | ' | ' | ' |
Goodwill | 203,667 | 204,053 | ' | ' | ' |
Customer relationships, net | 34,033 | 40,631 | ' | ' | ' |
Other intangible assets, net | 6,754 | 7,073 | ' | ' | ' |
Investments in consolidated subsidiaries | 0 | 0 | ' | ' | ' |
Deferred income taxes | 304 | 87 | ' | ' | ' |
Other assets | 7,311 | 8,712 | ' | ' | ' |
Total assets | 610,950 | 571,973 | ' | ' | ' |
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY | ' | ' | ' | ' | ' |
Accounts payable | 90,371 | 57,262 | ' | ' | ' |
Accrued expenses and other current liabilities | 29,586 | 26,366 | ' | ' | ' |
Accrued interest payable | 12,919 | 9,020 | ' | ' | ' |
Current portion of long-term debt | 4,361 | 0 | ' | ' | ' |
Deferred income taxes | 601 | 605 | ' | ' | ' |
Total current liabilities | 137,838 | 93,253 | ' | ' | ' |
Long-term debt | 551,922 | 535,396 | ' | ' | ' |
Amounts due to affiliates | 0 | 0 | ' | ' | ' |
Deferred income taxes | 19,136 | 18,980 | ' | ' | ' |
Other liabilities | 33,173 | 32,907 | ' | ' | ' |
Total liabilities | 742,069 | 680,536 | ' | ' | ' |
Shareholders’ (deficit) equity: | ' | ' | ' | ' | ' |
Common stock | 195 | 195 | ' | ' | ' |
Additional paid-in capital | 724,316 | 724,071 | ' | ' | ' |
Accumulated loss | -866,138 | -843,750 | ' | ' | ' |
Accumulated other comprehensive income | 10,508 | 10,921 | ' | ' | ' |
Total shareholders’ (deficit) equity | -131,119 | -108,563 | ' | ' | ' |
Total liabilities and shareholders’ (deficit) equity | 610,950 | 571,973 | ' | ' | ' |
Parent | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | 0 | 0 |
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ' | ' | ' |
Inventories, net | 0 | 0 | ' | ' | ' |
Income taxes receivable | 0 | 0 | ' | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' | ' |
Other current assets | 0 | 0 | ' | ' | ' |
Total current assets | 0 | 0 | ' | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' | ' |
Amounts due from affiliates | 0 | 0 | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' | ' |
Customer relationships, net | 0 | 0 | ' | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' | ' |
Investments in consolidated subsidiaries | -125,554 | -103,217 | ' | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' | ' |
Other assets | 0 | 0 | ' | ' | ' |
Total assets | -125,554 | -103,217 | ' | ' | ' |
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY | ' | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' | ' |
Accrued expenses and other current liabilities | 28 | 14 | ' | ' | ' |
Accrued interest payable | 0 | 0 | ' | ' | ' |
Current portion of long-term debt | 0 | ' | ' | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' | ' |
Total current liabilities | 28 | 14 | ' | ' | ' |
Long-term debt | 0 | 0 | ' | ' | ' |
Amounts due to affiliates | 5,537 | 5,332 | ' | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' | ' |
Other liabilities | 0 | 0 | ' | ' | ' |
Total liabilities | 5,565 | 5,346 | ' | ' | ' |
Shareholders’ (deficit) equity: | ' | ' | ' | ' | ' |
Common stock | 195 | 195 | ' | ' | ' |
Additional paid-in capital | 724,316 | 724,071 | ' | ' | ' |
Accumulated loss | -866,138 | -843,750 | ' | ' | ' |
Accumulated other comprehensive income | 10,508 | 10,921 | ' | ' | ' |
Total shareholders’ (deficit) equity | -131,119 | -108,563 | ' | ' | ' |
Total liabilities and shareholders’ (deficit) equity | -125,554 | -103,217 | ' | ' | ' |
Issuer | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | 6 | 1,700 | ' | 1,574 | 240 |
Accounts receivable, less allowance for doubtful accounts | 62,071 | 35,012 | ' | ' | ' |
Inventories, net | 84,878 | 62,270 | ' | ' | ' |
Income taxes receivable | 459 | 341 | ' | ' | ' |
Deferred income taxes | 556 | 559 | ' | ' | ' |
Other current assets | 4,058 | 5,462 | ' | ' | ' |
Total current assets | 152,028 | 105,344 | ' | ' | ' |
Property, plant and equipment, net | 57,268 | 62,185 | ' | ' | ' |
Amounts due from affiliates | 228,283 | 229,101 | ' | ' | ' |
Goodwill | 81,358 | 81,359 | ' | ' | ' |
Customer relationships, net | 20,726 | 24,626 | ' | ' | ' |
Other intangible assets, net | 6,754 | 7,073 | ' | ' | ' |
Investments in consolidated subsidiaries | -995 | 2,407 | ' | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' | ' |
Other assets | 3,252 | 4,185 | ' | ' | ' |
Total assets | 548,674 | 516,280 | ' | ' | ' |
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY | ' | ' | ' | ' | ' |
Accounts payable | 63,766 | 30,312 | ' | ' | ' |
Accrued expenses and other current liabilities | 16,941 | 16,133 | ' | ' | ' |
Accrued interest payable | 12,835 | 8,973 | ' | ' | ' |
Current portion of long-term debt | 0 | ' | ' | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' | ' |
Total current liabilities | 93,542 | 55,418 | ' | ' | ' |
Long-term debt | 551,922 | 535,396 | ' | ' | ' |
Amounts due to affiliates | 11,641 | 12,086 | ' | ' | ' |
Deferred income taxes | 10,458 | 9,561 | ' | ' | ' |
Other liabilities | 6,665 | 7,036 | ' | ' | ' |
Total liabilities | 674,228 | 619,497 | ' | ' | ' |
Shareholders’ (deficit) equity: | ' | ' | ' | ' | ' |
Common stock | 0 | 0 | ' | ' | ' |
Additional paid-in capital | 661,424 | 661,180 | ' | ' | ' |
Accumulated loss | -797,486 | -775,318 | ' | ' | ' |
Accumulated other comprehensive income | 10,508 | 10,921 | ' | ' | ' |
Total shareholders’ (deficit) equity | -125,554 | -103,217 | ' | ' | ' |
Total liabilities and shareholders’ (deficit) equity | 548,674 | 516,280 | ' | ' | ' |
Non-Guarantor | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | 2,521 | 7,277 | ' | 8,450 | 4,861 |
Accounts receivable, less allowance for doubtful accounts | 49,103 | 38,984 | ' | ' | ' |
Inventories, net | 28,500 | 27,490 | ' | ' | ' |
Income taxes receivable | 0 | 641 | ' | ' | ' |
Deferred income taxes | 20 | 21 | ' | ' | ' |
Other current assets | 3,150 | 1,546 | ' | ' | ' |
Total current assets | 83,294 | 75,959 | ' | ' | ' |
Property, plant and equipment, net | 66,291 | 67,929 | ' | ' | ' |
Amounts due from affiliates | 18,803 | 18,828 | ' | ' | ' |
Goodwill | 122,309 | 122,694 | ' | ' | ' |
Customer relationships, net | 13,307 | 16,005 | ' | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' | ' |
Investments in consolidated subsidiaries | 0 | 0 | ' | ' | ' |
Deferred income taxes | 304 | 87 | ' | ' | ' |
Other assets | 4,059 | 4,527 | ' | ' | ' |
Total assets | 308,367 | 306,029 | ' | ' | ' |
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY | ' | ' | ' | ' | ' |
Accounts payable | 26,605 | 26,950 | ' | ' | ' |
Accrued expenses and other current liabilities | 12,617 | 10,219 | ' | ' | ' |
Accrued interest payable | 84 | 47 | ' | ' | ' |
Current portion of long-term debt | 4,361 | ' | ' | ' | ' |
Deferred income taxes | 601 | 605 | ' | ' | ' |
Total current liabilities | 44,268 | 37,821 | ' | ' | ' |
Long-term debt | 0 | 0 | ' | ' | ' |
Amounts due to affiliates | 229,908 | 230,511 | ' | ' | ' |
Deferred income taxes | 8,678 | 9,419 | ' | ' | ' |
Other liabilities | 26,508 | 25,871 | ' | ' | ' |
Total liabilities | 309,362 | 303,622 | ' | ' | ' |
Shareholders’ (deficit) equity: | ' | ' | ' | ' | ' |
Common stock | 21 | 21 | ' | ' | ' |
Additional paid-in capital | 199,452 | 199,452 | ' | ' | ' |
Accumulated loss | -213,227 | -210,242 | ' | ' | ' |
Accumulated other comprehensive income | 12,759 | 13,176 | ' | ' | ' |
Total shareholders’ (deficit) equity | -995 | 2,407 | ' | ' | ' |
Total liabilities and shareholders’ (deficit) equity | 308,367 | 306,029 | ' | ' | ' |
Eliminations | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | 0 | 0 |
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ' | ' | ' |
Inventories, net | 0 | 0 | ' | ' | ' |
Income taxes receivable | 0 | 0 | ' | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' | ' |
Other current assets | 0 | 0 | ' | ' | ' |
Total current assets | 0 | 0 | ' | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' | ' |
Amounts due from affiliates | -247,086 | -247,929 | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' | ' |
Customer relationships, net | 0 | 0 | ' | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' | ' |
Investments in consolidated subsidiaries | 126,549 | 100,810 | ' | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' | ' |
Other assets | 0 | 0 | ' | ' | ' |
Total assets | -120,537 | -147,119 | ' | ' | ' |
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY | ' | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' | ' |
Accrued expenses and other current liabilities | 0 | 0 | ' | ' | ' |
Accrued interest payable | 0 | 0 | ' | ' | ' |
Current portion of long-term debt | 0 | ' | ' | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' | ' |
Total current liabilities | 0 | 0 | ' | ' | ' |
Long-term debt | 0 | 0 | ' | ' | ' |
Amounts due to affiliates | -247,086 | -247,929 | ' | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' | ' |
Other liabilities | 0 | 0 | ' | ' | ' |
Total liabilities | -247,086 | -247,929 | ' | ' | ' |
Shareholders’ (deficit) equity: | ' | ' | ' | ' | ' |
Common stock | -21 | -21 | ' | ' | ' |
Additional paid-in capital | -860,876 | -860,632 | ' | ' | ' |
Accumulated loss | 1,010,713 | 985,560 | ' | ' | ' |
Accumulated other comprehensive income | -23,267 | -24,097 | ' | ' | ' |
Total shareholders’ (deficit) equity | 126,549 | 100,810 | ' | ' | ' |
Total liabilities and shareholders’ (deficit) equity | ($120,537) | ($147,119) | ' | ' | ' |
Supplemental_Guarantor_Condens3
Supplemental Guarantor Condensed Financial Information - Consolidated Statements of Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | $232,990 | $229,861 | $402,894 | $402,406 |
Costs and Expense: | ' | ' | ' | ' |
Cost of goods sold (excluding depreciation and amortization) | 193,077 | 190,461 | 340,048 | 339,631 |
Selling and general (excluding depreciation and amortization) | 19,190 | 19,940 | 37,966 | 39,380 |
Depreciation and amortization | 8,251 | 8,450 | 16,453 | 17,043 |
Other operating charges | 2,341 | 1,126 | 3,306 | 3,900 |
Income (loss) from operations | 10,131 | 9,884 | 5,121 | 2,452 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Interest expense | -13,914 | -13,854 | -27,679 | -27,452 |
Intercompany income (loss), net | 0 | 0 | 0 | 0 |
Other (loss) income, net | -516 | 2,111 | -320 | -4,234 |
(Loss) income before income taxes | -4,299 | -1,859 | -22,878 | -29,234 |
(Benefit from) provision for income taxes | -1,183 | -303 | -490 | 438 |
Net loss | -3,116 | -1,556 | -22,388 | -29,672 |
Parent | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Costs and Expense: | ' | ' | ' | ' |
Cost of goods sold (excluding depreciation and amortization) | 0 | 0 | 0 | 0 |
Selling and general (excluding depreciation and amortization) | 102 | 95 | 220 | 188 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Other operating charges | 0 | 0 | 0 | 0 |
Income (loss) from operations | -102 | -95 | -220 | -188 |
Equity in earnings of subsidiaries | -3,014 | -1,461 | -22,168 | -29,484 |
Interest expense | 0 | 0 | 0 | 0 |
Intercompany income (loss), net | 0 | 0 | 0 | 0 |
Other (loss) income, net | 0 | 0 | 0 | 0 |
(Loss) income before income taxes | -3,116 | -1,556 | -22,388 | -29,672 |
(Benefit from) provision for income taxes | 0 | 0 | 0 | 0 |
Net loss | -3,116 | -1,556 | -22,388 | -29,672 |
Subsidiary Issuer | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 161,813 | 158,120 | 263,659 | 263,434 |
Costs and Expense: | ' | ' | ' | ' |
Cost of goods sold (excluding depreciation and amortization) | 134,370 | 131,031 | 226,143 | 224,095 |
Selling and general (excluding depreciation and amortization) | 12,067 | 13,669 | 24,478 | 26,730 |
Depreciation and amortization | 5,403 | 5,558 | 10,792 | 11,133 |
Other operating charges | 1,694 | 248 | 2,236 | 666 |
Income (loss) from operations | 8,279 | 7,614 | 10 | 810 |
Equity in earnings of subsidiaries | -1,292 | -2,557 | -2,984 | -7,448 |
Interest expense | -13,542 | -13,507 | -26,949 | -26,856 |
Intercompany income (loss), net | 4,774 | 4,402 | 9,339 | 8,680 |
Other (loss) income, net | -1,170 | 2,529 | -853 | -3,422 |
(Loss) income before income taxes | -2,951 | -1,519 | -21,437 | -28,236 |
(Benefit from) provision for income taxes | 63 | -58 | 731 | 1,248 |
Net loss | -3,014 | -1,461 | -22,168 | -29,484 |
Non-Guarantor | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 73,178 | 73,820 | 142,760 | 142,543 |
Costs and Expense: | ' | ' | ' | ' |
Cost of goods sold (excluding depreciation and amortization) | 60,708 | 61,509 | 117,430 | 119,107 |
Selling and general (excluding depreciation and amortization) | 7,021 | 6,176 | 13,268 | 12,462 |
Depreciation and amortization | 2,848 | 2,892 | 5,661 | 5,910 |
Other operating charges | 647 | 878 | 1,070 | 3,234 |
Income (loss) from operations | 1,954 | 2,365 | 5,331 | 1,830 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Interest expense | -372 | -347 | -730 | -596 |
Intercompany income (loss), net | -4,774 | -4,402 | -9,339 | -8,680 |
Other (loss) income, net | 654 | -418 | 533 | -812 |
(Loss) income before income taxes | -2,538 | -2,802 | -4,205 | -8,258 |
(Benefit from) provision for income taxes | -1,246 | -245 | -1,221 | -810 |
Net loss | -1,292 | -2,557 | -2,984 | -7,448 |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | -2,001 | -2,079 | -3,525 | -3,571 |
Costs and Expense: | ' | ' | ' | ' |
Cost of goods sold (excluding depreciation and amortization) | -2,001 | -2,079 | -3,525 | -3,571 |
Selling and general (excluding depreciation and amortization) | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Other operating charges | 0 | 0 | 0 | 0 |
Income (loss) from operations | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | 4,306 | 4,018 | 25,152 | 36,932 |
Interest expense | 0 | 0 | 0 | 0 |
Intercompany income (loss), net | 0 | 0 | 0 | 0 |
Other (loss) income, net | 0 | 0 | 0 | 0 |
(Loss) income before income taxes | 4,306 | 4,018 | 25,152 | 36,932 |
(Benefit from) provision for income taxes | 0 | 0 | 0 | 0 |
Net loss | $4,306 | $4,018 | $25,152 | $36,932 |
Supplemental_Guarantor_Condens4
Supplemental Guarantor Condensed Financial Information - Consolidated Statements of Comprehensive (Loss) Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net loss | ($3,116) | ($1,556) | ($22,388) | ($29,672) |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation adjustment | -65 | -157 | -454 | -342 |
Defined benefit pension plan adjustments, net of tax | -21 | -81 | -41 | -165 |
Total comprehensive loss | -3,160 | -1,632 | -22,801 | -29,849 |
Parent | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net loss | -3,116 | -1,556 | -22,388 | -29,672 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation adjustment | -65 | -157 | -454 | -342 |
Defined benefit pension plan adjustments, net of tax | -21 | -81 | -41 | -165 |
Total comprehensive loss | -3,160 | -1,632 | -22,801 | -29,849 |
Subsidiary Issuer | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net loss | -3,014 | -1,461 | -22,168 | -29,484 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation adjustment | -65 | -157 | -454 | -342 |
Defined benefit pension plan adjustments, net of tax | -21 | -81 | -41 | -165 |
Total comprehensive loss | -3,058 | -1,537 | -22,581 | -29,661 |
Non-Guarantor | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net loss | -1,292 | -2,557 | -2,984 | -7,448 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation adjustment | -65 | -157 | -454 | -342 |
Defined benefit pension plan adjustments, net of tax | -19 | -10 | -37 | -21 |
Total comprehensive loss | -1,338 | -2,704 | -3,401 | -7,769 |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net loss | 4,306 | 4,018 | 25,152 | 36,932 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation adjustment | 130 | 314 | 908 | 684 |
Defined benefit pension plan adjustments, net of tax | 40 | 91 | 78 | 186 |
Total comprehensive loss | $4,396 | $4,241 | $25,982 | $37,430 |
Supplemental_Guarantor_Condens5
Supplemental Guarantor Condensed Financial Information - Consolidated Statements of Cash Flows (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash used in operating activities | ($25,140) | ($33,383) |
Cash flows from investing activities: | ' | ' |
Proceeds from sale of assets | 66 | 2,186 |
Capital expenditures | -2,961 | -4,958 |
Due (to) from affiliates | 0 | 0 |
Net cash used in investing activities | -2,895 | -2,772 |
Cash flows from financing activities: | ' | ' |
Net borrowings on ABL Credit Facility | 16,260 | 22,953 |
Net borrowings on Dutch Revolving Credit Facility | 4,361 | 3,333 |
Changes in cash overdrafts | 1,326 | 5,144 |
Debt issuance costs | -88 | -175 |
Due (to) from affiliates | 0 | 0 |
Net cash provided by (used in) financing activities | 21,859 | 31,255 |
Effect of exchange rate changes on cash | -274 | -23 |
Net (decrease) increase in cash and cash equivalents | -6,450 | -4,923 |
Cash and cash equivalents at beginning of period | 8,977 | 10,024 |
Cash and cash equivalents at end of period | 2,527 | 5,101 |
Parent | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash used in operating activities | 0 | 0 |
Cash flows from investing activities: | ' | ' |
Proceeds from sale of assets | 0 | 0 |
Capital expenditures | 0 | 0 |
Due (to) from affiliates | 0 | ' |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Net borrowings on ABL Credit Facility | 0 | 0 |
Net borrowings on Dutch Revolving Credit Facility | 0 | 0 |
Changes in cash overdrafts | 0 | 0 |
Debt issuance costs | 0 | 0 |
Due (to) from affiliates | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Effect of exchange rate changes on cash | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | ' |
Subsidiary Issuer | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash used in operating activities | -17,262 | -22,393 |
Cash flows from investing activities: | ' | ' |
Proceeds from sale of assets | 65 | 164 |
Capital expenditures | -1,650 | -2,879 |
Due (to) from affiliates | 0 | ' |
Net cash used in investing activities | -1,585 | -2,715 |
Cash flows from financing activities: | ' | ' |
Net borrowings on ABL Credit Facility | 16,260 | 22,953 |
Net borrowings on Dutch Revolving Credit Facility | 0 | 0 |
Changes in cash overdrafts | 1,326 | 5,144 |
Debt issuance costs | -88 | -175 |
Due (to) from affiliates | -345 | -4,148 |
Net cash provided by (used in) financing activities | 17,153 | 23,774 |
Effect of exchange rate changes on cash | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | -1,694 | -1,334 |
Cash and cash equivalents at beginning of period | 1,700 | 1,574 |
Cash and cash equivalents at end of period | 6 | ' |
Non-Guarantor | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash used in operating activities | -7,878 | -10,990 |
Cash flows from investing activities: | ' | ' |
Proceeds from sale of assets | 1 | 2,022 |
Capital expenditures | -1,311 | -2,079 |
Due (to) from affiliates | 345 | 4,148 |
Net cash used in investing activities | -965 | 4,091 |
Cash flows from financing activities: | ' | ' |
Net borrowings on ABL Credit Facility | 0 | 0 |
Net borrowings on Dutch Revolving Credit Facility | 4,361 | 3,333 |
Changes in cash overdrafts | 0 | 0 |
Debt issuance costs | 0 | 0 |
Due (to) from affiliates | 0 | 0 |
Net cash provided by (used in) financing activities | 4,361 | 3,333 |
Effect of exchange rate changes on cash | -274 | -23 |
Net (decrease) increase in cash and cash equivalents | -4,756 | -3,589 |
Cash and cash equivalents at beginning of period | 7,277 | 8,450 |
Cash and cash equivalents at end of period | 2,521 | ' |
Eliminations | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash used in operating activities | 0 | 0 |
Cash flows from investing activities: | ' | ' |
Proceeds from sale of assets | 0 | 0 |
Capital expenditures | 0 | 0 |
Due (to) from affiliates | -345 | -4,148 |
Net cash used in investing activities | -345 | -4,148 |
Cash flows from financing activities: | ' | ' |
Net borrowings on ABL Credit Facility | 0 | 0 |
Net borrowings on Dutch Revolving Credit Facility | 0 | 0 |
Changes in cash overdrafts | 0 | 0 |
Debt issuance costs | 0 | 0 |
Due (to) from affiliates | 345 | 4,148 |
Net cash provided by (used in) financing activities | 345 | 4,148 |
Effect of exchange rate changes on cash | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $0 | ' |