Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 14, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'HLM | ' |
Entity Registrant Name | 'HILLMAN COMPANIES INC | ' |
Entity Central Index Key | '0001029831 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 5,000 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $26,371 | $65,548 | $5,150 | $12,027 |
Restricted investments | 2,889 | 846 | ' | ' |
Accounts receivable, net | 106,006 | 62,344 | ' | ' |
Inventories | 179,647 | 113,838 | ' | ' |
Deferred income taxes | 10,983 | 10,464 | ' | ' |
Other current assets | 10,452 | 8,506 | ' | ' |
Total current assets | 336,348 | 261,546 | ' | ' |
Property and equipment, net | 92,839 | 68,492 | ' | ' |
Goodwill | 467,929 | 455,338 | ' | ' |
Other intangibles, net | 368,377 | 366,644 | ' | ' |
Restricted investments | 1,235 | 3,399 | ' | ' |
Deferred financing fees | 10,563 | 12,858 | ' | ' |
Investment in trust common securities | 3,261 | 3,261 | ' | ' |
Other assets | 2,704 | 4,255 | ' | ' |
Total assets | 1,283,256 | 1,175,793 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 48,417 | 32,571 | ' | ' |
Current portion of senior term loans | 3,968 | 3,200 | ' | ' |
Current portion of capitalized lease and other obligations | 183 | 819 | ' | ' |
Interest payable on junior subordinated debentures | 1,019 | ' | ' | ' |
Accrued expenses: | ' | ' | ' | ' |
Salaries and wages | 8,241 | 9,351 | ' | ' |
Pricing allowances | 6,179 | 4,057 | ' | ' |
Income and other taxes | 3,354 | 2,492 | ' | ' |
Interest | 9,805 | 2,868 | ' | ' |
Deferred compensation | 2,889 | 846 | ' | ' |
Other accrued expenses | 9,041 | 11,397 | ' | ' |
Total current liabilities | 93,096 | 67,601 | ' | ' |
Long term senior term loans | 379,404 | 307,727 | ' | ' |
Long term capitalized lease and other obligations | 339 | 245 | ' | ' |
Long term senior notes | 272,056 | 272,942 | ' | ' |
Junior subordinated debentures | 114,991 | 115,132 | ' | ' |
Deferred compensation | 1,235 | 3,399 | ' | ' |
Deferred income taxes | 124,333 | 117,949 | ' | ' |
Other non-current liabilities | 12,711 | 6,187 | ' | ' |
Total liabilities | 998,165 | 891,182 | ' | ' |
Common stock with put options: | ' | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Preferred Stock: | ' | ' | ' | ' |
Preferred stock, $.01 par, 5,000 shares authorized, none issued or outstanding at September 30, 2013 and at December 31, 2012 | ' | ' | ' | ' |
Common Stock: | ' | ' | ' | ' |
Common stock, $.01 par, 5,000 shares authorized, 4,789.5 issued and outstanding at September 30, 2013 and 4,801.7 issued and outstanding at December 31, 2012 | ' | ' | ' | ' |
Additional paid-in capital | 289,013 | 294,675 | ' | ' |
Accumulated deficit | -23,225 | -25,051 | ' | ' |
Accumulated other comprehensive (loss) income | -1,383 | 871 | ' | ' |
Total stockholders' equity | 264,405 | 270,495 | ' | ' |
Total liabilities and stockholders' equity | 1,283,256 | 1,175,793 | ' | ' |
Put Options [Member] | ' | ' | ' | ' |
Common stock with put options: | ' | ' | ' | ' |
Common stock, $.01 par, 5,000 shares authorized, 210.5 issued and outstanding at September 30, 2013 and 198.3 issued and outstanding at December 31, 2012 | $20,686 | $14,116 | ' | ' |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000 | 5,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 5,000 | 5,000 |
Common stock, shares issued | 4,789.50 | 4,801.70 |
Common stock, shares outstanding | 4,789.50 | 4,801.70 |
Put Options [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 5,000 | 5,000 |
Common stock, shares issued | 210.5 | 198.3 |
Common stock, shares outstanding | 210.5 | 198.3 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $192,382 | $148,169 | $529,012 | $423,783 |
Cost of sales (exclusive of depreciation and amortization shown separately below) | 97,805 | 73,291 | 271,789 | 209,830 |
Selling, general and administrative expenses | 58,619 | 50,812 | 166,771 | 142,906 |
Acquisition and integration expenses | 1,362 | 343 | 5,544 | 807 |
Depreciation | 5,759 | 4,945 | 17,574 | 16,452 |
Amortization | 5,554 | 5,466 | 16,559 | 16,366 |
Management fees to related party | 63 | 122 | 63 | 122 |
Other (income) expense | 791 | -391 | 2,926 | -57 |
Income from operations | 22,429 | 13,581 | 47,786 | 37,357 |
Interest expense, net | 11,975 | 10,266 | 36,030 | 30,593 |
Interest expense on junior subordinated debentures | 3,152 | 3,152 | 9,457 | 9,457 |
Investment income on trust common securities | -95 | -95 | -284 | -284 |
Income (loss) before income taxes | 7,397 | 258 | 2,583 | -2,409 |
Income tax provision (benefit) | 5,649 | -849 | 757 | -1,985 |
Net income (loss) | 1,748 | 1,107 | 1,826 | -424 |
Net income (loss) (from above) | 1,748 | 1,107 | 1,826 | -424 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation adjustments | 1,959 | 697 | -2,254 | 1,186 |
Total other comprehensive (loss) income | 1,959 | 697 | -2,254 | 1,186 |
Comprehensive (loss) income | $3,707 | $1,804 | ($428) | $762 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $1,826 | ($424) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 34,133 | 32,818 |
Dispositions of property and equipment | 101 | 274 |
Deferred income tax expense (benefit) | 394 | -2,605 |
Deferred financing and original issue discount amortization | 1,854 | 1,616 |
Stock-based compensation expense | 6,365 | ' |
Other non-cash interest and change in value of interest rate swap | -391 | -578 |
Changes in operating items: | ' | ' |
Accounts receivable | -26,403 | -13,400 |
Inventories | -10,758 | -15,327 |
Other assets | 2,261 | -2,255 |
Accounts payable | 3,042 | 2,169 |
Interest payable on junior subordinated debentures | 1,019 | 1,019 |
Other accrued liabilities | 6,872 | 11,515 |
Other items, net | -94 | -1,560 |
Net cash provided by operating activities | 20,221 | 13,262 |
Cash flows from investing activities: | ' | ' |
Paulin acquisition | -103,416 | ' |
Proceeds from sale of property and equipment | ' | 3 |
Capital expenditures | -27,090 | -17,325 |
Net cash used for investing activities | -130,506 | -17,322 |
Cash flows from financing activities: | ' | ' |
Borrowings of senior term loans | 76,800 | ' |
Repayments of senior term loans | -2,784 | -2,400 |
Discount on senior term loans | -2,152 | ' |
Borrowings of revolving credit loans | ' | 19,000 |
Repayments of revolving credit loans | ' | -7,000 |
Payment of additional acquisition consideration | ' | -12,387 |
Principal payments under capitalized lease obligations | -73 | -30 |
Repayments of other credit obligations | -683 | ' |
Net cash provided by (used for) financing activities | 71,108 | -2,817 |
Net decrease in cash and cash equivalents | -39,177 | -6,877 |
Cash and cash equivalents at beginning of period | 65,548 | 12,027 |
Cash and cash equivalents at end of period | 26,371 | 5,150 |
Supplemental schedule of noncash activities: | ' | ' |
Fixed assets acquired under capital lease | $214 | $130 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands | |||||
Balance at Dec. 31, 2012 | $270,495 | ' | $294,675 | ($25,051) | $871 |
Net income | 1,826 | ' | ' | 1,826 | ' |
FMV adjustment to common stock with put options | -5,662 | ' | -5,662 | ' | ' |
Change in cumulative foreign currency translation adjustment | -2,254 | ' | ' | ' | -2,254 |
Balance at Sep. 30, 2013 | $264,405 | ' | $289,013 | ($23,225) | ($1,383) |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
1 | Basis of Presentation: | |
The accompanying financial statements include the condensed consolidated accounts of The Hillman Companies, Inc. (“Hillman Companies”) and its wholly-owned subsidiaries (collectively “Hillman” or the “Company”). All significant intercompany balances and transactions have been eliminated. | ||
On May 28, 2010, Hillman Companies was acquired by an affiliate of Oak Hill Capital Partners (“OHCP”) and certain members of Hillman’s management and Board of Directors. Pursuant to the terms and conditions of an Agreement and Plan of Merger dated as of April 21, 2010, the Company was merged with an affiliate of OHCP with the Company surviving the merger (the “Merger Transaction”). As a result of the Merger Transaction, Hillman Companies is a wholly-owned subsidiary of OHCP HM Acquisition Corp. (“Holdco”). | ||
The accompanying unaudited condensed consolidated financial statements present information in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X. Accordingly, they do not include all information or footnotes required by generally accepted accounting principles for complete financial statements. Management believes the financial statements include all normal recurring accrual adjustments necessary for a fair presentation. Operating results for the nine month period ended September 30, 2013 do not necessarily indicate the results that may be expected for the full year. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s annual report filed on Form 10-K for the year ended December 31, 2012. | ||
Nature of Operations: | ||
The Company comprises five separate business segments, the largest of which is (1) The Hillman Group, Inc. (the “Hillman Group”) operating primarily in the United States. The other business segments consist of separate subsidiaries of the Hillman Group operating in (2) Canada under the names The Hillman Group Canada ULC and H. Paulin & Co., (3) Mexico under the name SunSource Integrated Services de Mexico SA de CV, (4) Florida under the name All Points Industries, Inc. and (5) Australia under the name The Hillman Group Australia Pty. Ltd. The Hillman Group provides merchandising services and products such as fasteners and related hardware items; threaded rod and metal shapes; keys, key duplication systems and accessories; builder’s hardware; and identification items, such as tags, and letters, numbers and signs, to retail outlets, primarily hardware stores, home centers and mass merchants, pet supply stores, grocery stores and drug stores. Our Canada segment also produces fasteners, stampings, fittings and processes threaded parts for automotive suppliers, industrial Original Equipment Manufacturers (“OEM”) and industrial distributors. Through its field sales and service organization, Hillman complements its extensive product selection with value-added services for the retailer. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
2 | Summary of Significant Accounting Policies: | |
The significant accounting policies should be read in conjunction with the significant accounting policies included in the Form 10-K for the year ended December 31, 2012. Policies included herein were updated for activity in the interim period. | ||
Use of Estimates in the Preparation of Financial Statements: | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results may differ from estimates. | ||
Accounts Receivable and Allowance for Doubtful Accounts: | ||
The Company establishes the allowance for doubtful accounts using the specific identification method and also provides a reserve in the aggregate. The estimates for calculating the aggregate reserve are based on historical collection experience. Increases to the allowance for doubtful accounts result in a corresponding expense. The Company writes off individual accounts receivable when collection becomes improbable. The allowance for doubtful accounts was $747 at September 30, 2013 and $1,105 at December 31, 2012. | ||
Property and Equipment and Accumulated Depreciation: | ||
Property and equipment, including assets acquired under capital leases, are carried at cost and include expenditures for new facilities and major renewals. Maintenance and repairs are charged to expense as incurred. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation are removed from their respective accounts, and the resulting gain or loss is reflected in income from operations. The accumulated depreciation was $56,644 at September 30, 2013 and $44,089 at December 31, 2012. | ||
Shipping and Handling: | ||
The costs incurred to ship product to customers, including freight and handling expenses, are included in selling, general and administrative (“SG&A”) expenses on the Company’s condensed consolidated statements of comprehensive income. The Company’s shipping and handling costs were $6,819 and $6,014 in the three month periods ended September 30, 2013 and 2012, respectively. The Company’s shipping and handling costs were $19,575 and $17,512 in the nine month periods ended September 30, 2013 and 2012, respectively. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Changes And Error Corrections [Abstract] | ' | |
Recent Accounting Pronouncements | ' | |
3 | Recent Accounting Pronouncements: | |
In February 2013, the FASB issued Accounting Standards Update (“ASU”) 2013-02, “Comprehensive Income”. The update amended the Accounting Standards Codification (“ASC”) to require entities to provide information about amounts reclassified out of other comprehensive income by component. The Company is required to present, either on the face of the financial statements or in the notes, the amounts reclassified from other comprehensive income to the respective line items in the Condensed Consolidated Statements of Comprehensive Income. This amendment was effective for interim and annual periods beginning after December 15, 2012. The adoption of this amendment did not have an impact on the Company’s disclosure or the Company’s consolidated results of operations or financial condition. |
Acquisitions
Acquisitions | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Acquisitions | ' | ||||||||||||||||
4 | Acquisitions: | ||||||||||||||||
On February 19, 2013, pursuant to the terms of the previously announced plan of arrangement dated December 17, 2012, the Company acquired all of the issued and outstanding Class A common shares of H. Paulin & Co., Limited (the “Paulin Acquisition”). The aggregate purchase price of the Paulin Acquisition was $103,416 paid in cash. On March 31, 2013, H. Paulin & Co., Limited was amalgamated with The Hillman Group Canada ULC and continues as a division operating under the trade name of H. Paulin & Co. (“Paulin”). | |||||||||||||||||
Paulin is a leading Canadian distributor and manufacturer of fasteners, fluid system products, automotive parts and retail hardware components. Paulin’s distribution facilities are located across Canada in Vancouver, Edmonton, Winnipeg, Toronto, Montreal and Moncton, as well as in Flint, Michigan and Cleveland, Ohio. Paulin’s four manufacturing facilities are located in Ontario, Canada. Annual revenues of Paulin for 2012 were approximately $145,700. | |||||||||||||||||
The following table reconciles the estimated fair value of the acquired assets and assumed liabilities to the total purchase price of the Paulin Acquisition: | |||||||||||||||||
Accounts receivable | $ | 17,259 | |||||||||||||||
Inventory | 55,051 | ||||||||||||||||
Other current assets | 2,656 | ||||||||||||||||
Property and equipment | 14,937 | ||||||||||||||||
Goodwill | 13,041 | ||||||||||||||||
Intangibles | 18,814 | ||||||||||||||||
Total assets acquired | 121,758 | ||||||||||||||||
Less: | |||||||||||||||||
Deferred income taxes | 5,832 | ||||||||||||||||
Liabilities assumed | 12,510 | ||||||||||||||||
Total purchase price | $ | 103,416 | |||||||||||||||
The excess of the purchase price over the net assets has been preliminarily allocated to goodwill and intangible assets pending final valuation by an independent appraisal. The Company is determining whether or not to make a Section 338(g) election which will impact the deductibility of goodwill for tax purposes. | |||||||||||||||||
The following table indicates the pro-forma financial statements of the Company for the three and nine months ended September 30, 2013 and 2012. The pro-forma financial statements give effect to the acquisition of Paulin as if it had occurred on January 1, 2012: | |||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
Three Months | Nine Months | Three Months | Nine Months | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
Sept. 30, 2013 | Sept. 30, 2013 | Sept. 30, 2012 | Sept. 30, 2012 | ||||||||||||||
Net Sales | $ | 192,382 | $ | 544,942 | $ | 183,264 | $ | 537,226 | |||||||||
Net Income | 1,748 | 1,361 | 420 | 517 | |||||||||||||
The pro-forma results are based on assumptions that the Company believes are reasonable under the circumstances. The pro-forma results are not necessarily indicative of the operating results that would have occurred if the acquisition had been effective January 1, 2012, nor are they intended to be indicative of results that may occur in the future. The underlying pro-forma information includes the historical results of the Company and Paulin, the Company’s financing arrangements related to the Paulin Acquisition, and certain purchase accounting adjustments. | |||||||||||||||||
Other_Intangibles
Other Intangibles | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Other Intangibles | ' | ||||||||||
5 | Other Intangibles: | ||||||||||
Definite - lived intangible assets are amortized over their useful lives and are subject to impairment testing. The values assigned to intangible assets in connection with the Paulin Acquisition were determined by management pending independent appraisal. The Paulin intangible asset values may be adjusted by management for any changes upon completion of the independent appraisal. Other intangibles, net, as of September 30, 2013 and December 31, 2012 consist of the following: | |||||||||||
Estimated | September 30, | December 31, | |||||||||
Useful Life | 2013 | 2012 | |||||||||
(Years) | |||||||||||
Customer relationships | 20 | $ | 341,837 | $ | 328,382 | ||||||
Trademarks - All Others | Indefinite | 54,226 | 49,413 | ||||||||
Trademarks - TagWorks | 5 | 240 | 240 | ||||||||
Patents | 20-May | 20,250 | 20,250 | ||||||||
Quick Tag license | 6 | 11,500 | 11,500 | ||||||||
Laser Key license | 5 | 1,250 | 1,250 | ||||||||
KeyWorks license | 10 | 4,100 | 4,100 | ||||||||
Non-compete agreements | 10-May | 4,450 | 4,450 | ||||||||
Lease agreement | 0.5 | 240 | 240 | ||||||||
Intangible assets, gross | 438,093 | 419,825 | |||||||||
Less: Accumulated amortization | 69,716 | 53,181 | |||||||||
Other intangibles, net | $ | 368,377 | $ | 366,644 | |||||||
The amortization expense for amortizable intangible assets was $5,554 and $5,466 for the three month periods ended September 30, 2013 and 2012, respectively. The amortization expense for amortizable assets was $16,559 and $16,366 for the nine month periods ended September 30, 2013 and 2012, respectively. The amortization expense for amortizable assets for the year ended December 31, 2013 is estimated to be $22,104. For the years ended December 31, 2014, 2015, 2016, 2017, and 2018, the amortization expense for amortizable assets is estimated to be $22,217, $21,556, $19,625, $18,771 and $18,771, respectively. | |||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Sep. 30, 2013 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
6 | Commitments and Contingencies: | |
The Company self-insures its product liability, automotive, workers’ compensation and general liability losses up to $250 per occurrence. Catastrophic coverage has been purchased from third party insurers for occurrences in excess of $250 up to $40,000. The two risk areas involving the most significant accounting estimates are workers’ compensation and automotive liability. Actuarial valuations performed by the Company’s outside risk insurance expert were used by the Company’s management to form the basis for workers’ compensation and automotive liability loss reserves. The actuary contemplated the Company’s specific loss history, actual claims reported, and industry trends among statistical and other factors to estimate the range of reserves required. Risk insurance reserves are comprised of specific reserves for individual claims and additional amounts expected from development of these claims, as well as for incurred but not yet reported claims. The Company believes the liability of approximately $1,514 recorded for such risk insurance reserves is adequate as of September 30, 2013. | ||
As of September 30, 2013, the Company has provided certain vendors and insurers letters of credit aggregating $3,481 related to its product purchases and insurance coverage of product liability, workers’ compensation and general liability. | ||
The Company self-insures its group health claims up to an annual stop loss limit of $200 per participant. Aggregate coverage is maintained for annual group health insurance claims in excess of 125% of expected claims. Historical group insurance loss experience forms the basis for the recognition of group health insurance reserves. Provisions for losses expected under these programs are recorded based on an analysis of historical insurance claim data and certain actuarial assumptions. The Company believes the liability of approximately $2,128 recorded for such group health insurance reserves is adequate as of September 30, 2013. | ||
On October 1, 2013, the Company filed a complaint against Minute Key Inc., a manufacturer of fully-automatic, self-service key duplication kiosks, in the United States District Court for the Southern District of Ohio Western Division, seeking a declaratory judgment of non-infringement and invalidity of a U.S. patent issued to Minute Key Inc. on September 10, 2013. The Company’s filing against Minute Key Inc. was in response to a letter dated September 10, 2013 in which Minute Key Inc. alleged that the Company’s FastKey product infringes the newly-issued patent. | ||
On October 23, 2013, Minute Key Inc. filed an answer and counterclaim against the Company alleging patent infringement and requesting that the court dismiss the Company’s complaint and enter judgment against the Company that the Company is willfully and deliberately infringing the patent, granting a permanent injunction, and awarding unspecified monetary damages to Minute Key Inc. | ||
Because the lawsuit is in a preliminary stage, it is not yet possible to assess the impact, if any, that the lawsuit will have on the Company. However, the Company believes that it has a meritorious claim and meritorious defenses to the counterclaim and intends to pursue the lawsuit vigorously. | ||
In addition, legal proceedings are pending which are either in the ordinary course of business or incidental to the Company’s business. Those legal proceedings incidental to the business of the Company are generally not covered by insurance or other indemnity. In the opinion of the Company’s management, the ultimate resolution of the pending litigation matters will not have a material adverse effect on the consolidated financial position, operations or cash flows of the Company. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |
Sep. 30, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions | ' | |
7 | Related Party Transactions: | |
Gregory Mann and Gabrielle Mann are employed by the All Points subsidiary of Hillman. All Points leases an industrial warehouse and office facility from companies under the control of the Manns. The Company has recorded rental expense for the lease of this facility on an arm’s length basis. The rental expense for the lease of this facility was $82 for each of the three month periods ended September 30, 2013 and 2012. The rental expense for the lease of this facility was $247 for each of the nine month periods ended September 30, 2013 and 2012. | ||
In connection with the Paulin Acquisition, the Company entered into three leases for five properties containing industrial warehouse, manufacturing plant, and office facilities on February 19, 2013. The owners of the properties under one lease are relatives of Richard Paulin, who is employed by The Hillman Group Canada ULC, and the owner of the properties under the other two leases is a company which is owned by Richard Paulin and certain of his relatives. The Company has recorded rental expense for the three leases on an arm’s length basis. The rental expense for the three leases was $205 and $479 for the three and nine month periods ended September 30, 2013, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 30, 2013 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
8 | Income Taxes: | |
The Company’s policy is to estimate income taxes for interim periods based on estimated annual effective tax rates. These are derived, in part, from expected pre-tax income. Accordingly, the Company applied an estimated annual effective tax rate to the interim period pre-tax income in the nine and three month periods ended September 30, 2013 and 2012 to calculate the income tax provision / benefit in accordance with the principal method prescribed by ASC 740-270, the accounting guidance established for computing income taxes in interim periods. | ||
The effective income tax rates were 29.3% and 82.4% for the nine month periods ended September 30, 2013 and 2012, respectively. The effective income tax rates were 76.4% and -329.1% for the three month periods ended September 30, 2013 and 2012, respectively. The effective income tax rate differed from the federal statutory rate in the nine and three month periods ended September 30, 2013 and 2012 due in part to the reversal of a reserve recorded for unrecognized tax benefits due to the expiration of the statute of limitations for an earlier tax period. The difference is also due in part to a valuation reserve recorded to offset the deferred tax assets of a foreign subsidiary. The effective income tax rate differed from the federal statutory rate in the nine month period ended September 30, 2013 due in part to a tax benefit caused by the effect of changes in certain state income tax rates on the Company’s deferred tax assets and liabilities and the reduction of valuation reserves related to certain deferred tax assets. The remaining differences between the federal statutory rate and the effective tax rate in the nine and three month periods ended September 30, 2013 and 2012 were primarily due to state and foreign income taxes. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |
Sep. 30, 2013 | ||
Debt Disclosure [Abstract] | ' | |
Long-Term Debt | ' | |
9 | Long-Term Debt: | |
Effective November 7, 2012, the Company entered into a Joinder Agreement to its credit agreement under the existing Senior Facilities (the “2012 Incremental Facility”). The 2012 Incremental Facility increased the aggregate term loan commitments available to Hillman Group under the Senior Facilities by $76,800. Subject to the conditions precedent to each funding date described in Section 17 of the 2012 Incremental Facility, the Company could make two drawings under the 2012 Incremental Facility on any business day after November 7, 2012 and prior to April 1, 2013. On February 19, 2013, the Company drew down on funds from the 2012 Incremental Facility in order to fund the permitted Paulin Acquisition. The aggregate principal amount of commitments under the Senior Facilities, after giving effect to the 2012 Incremental Facility, was $420,000. | ||
Effective February 14, 2013, the Company completed an amendment to the credit agreement governing its Senior Facilities. The Senior Facilities amendment modified the term loan pricing to reduce the EuroDollar margin by 50 basis points to 3.00% and reduce the EuroDollar floor on EuroDollar loans by an additional 25 basis points to 1.25%. This amendment modified the term loan pricing to reduce the base rate margin by 50 basis points to 2.00% and reduce the floor on base rate loans by an additional 25 basis points to 2.25%. This amendment also extends the maturity date of the Senior Facilities by one year to May 28, 2017. As of September 30, 2013, the actual interest rate was 4.25% on the variable rate senior term loans. | ||
Concurrently with the Merger Transaction, Hillman Group issued $150,000 aggregate principal amount of its senior notes due 2018 (the “10.875% Senior Notes”). On March 16, 2011, Hillman Group completed an offering of $50,000 aggregate principal amount of its 10.875% Senior Notes. Hillman Group received a premium of $4,625 on the $50,000 10.875% Senior Notes offering. On December 21, 2012, Hillman Group completed an offering of $65,000 aggregate principal amount of its temporary 10.875% Senior Notes. Hillman Group received a premium of $4,225 on the $65,000 temporary 10.875% Senior Notes offering. The temporary 10.875% Senior Notes were mandatorily exchanged for a like aggregate principal amount of 10.875% Senior Notes on February 19, 2013 in connection with the Paulin Acquisition. The 10.875% Senior Notes are guaranteed by The Hillman Companies, Inc., Hillman Investment Company and all of the domestic subsidiaries of Hillman Group. Hillman Group pays interest on the 10.875% Senior Notes semi-annually on June 1 and December 1 of each year. | ||
The Senior Facilities contain financial and operating covenants which require the Company to maintain certain financial ratios, including a secured leverage ratio. This debt agreement provides for customary events of default, including, but not limited to, payment defaults, breach of representations or covenants, cross-defaults, bankruptcy events, failure to pay judgments, attachment of its assets, change of control and the issuance of an order of dissolution. Certain of these events of default are subject to notice and cure periods or materiality thresholds. The occurrence of an event of default permits the lenders under the Senior Facilities to accelerate repayment of all amounts due. The Company was in compliance with all provisions and covenants of the amended Senior Facilities as of September 30, 2013. |
Common_and_Preferred_Stock
Common and Preferred Stock | 9 Months Ended | |
Sep. 30, 2013 | ||
Equity [Abstract] | ' | |
Common and Preferred Stock | ' | |
10 | Common and Preferred Stock: | |
The Hillman Companies has one class of common stock, with 5,000 shares authorized and issued as of September 30, 2013. All outstanding shares of Hillman Companies’ common stock are owned by Holdco. | ||
Under the terms of the Stockholders Agreement for the Holdco common stock, management shareholders have the ability to put their shares back to Holdco under certain conditions, including death or disability. ASC 480-10-S99 requires shares to be classified outside of permanent equity if they can be redeemed and the redemption is not solely within the control of the issuer. Further, if it is determined that redemption of the shares is probable, the shares are marked to redemption value which equals fair value at each balance sheet date with the change in fair value recorded in additional paid-in capital. Accordingly, the 210.5 shares of common stock held by management are recorded outside permanent equity and have been adjusted to the fair value of $20,686 as of September 30, 2013. | ||
The Hillman Companies has one class of preferred stock, with 5,000 shares authorized and none issued or outstanding as of September 30, 2013. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |
Sep. 30, 2013 | ||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | |
Stock-Based Compensation | ' | |
11 | Stock-Based Compensation: | |
Effective May 28, 2010, Holdco established the OHCP HM Acquisition Corp. 2010 Stock Option Plan, as amended (the “Option Plan”), pursuant to which Holdco may grant options for up to an aggregate of 47,489 shares of its common stock. The Option Plan is administered by a committee of the Holdco board of directors. Such committee determines the terms of each option grant under the Option Plan, except that the exercise price of any granted option may not be lower than the fair market value of one share of common stock of Holdco as of the date of grant. | ||
Under the Option Plan, Holdco granted options for up to 32,284 shares in 2010, 1,030 shares in 2011, 7,375 shares in 2012 and 6,800 shares during the nine months ended September 30, 2013. The options were granted with an exercise price which was equal to the grant date fair value of the underlying securities. As of September 30, 2013, options for a total of 3,761 shares have been cancelled and options for eight shares have been exercised. | ||
Option holders are not required by the terms of the Option Agreement or the Stockholders Agreement to hold the shares for any period of time following exercise. Liability classification is required because this arrangement permits the holders to put the shares back without being exposed to the risks and rewards of the shares for a reasonable period of time. Consistent with past practice, the Company has elected to use the intrinsic value method to value the options. The stock option liability was $6,947 as of September 30, 2013. |
Derivatives_and_Hedging
Derivatives and Hedging | 9 Months Ended | |
Sep. 30, 2013 | ||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | |
Derivatives and Hedging | ' | |
12 | Derivatives and Hedging: | |
The Company uses derivative financial instruments to manage its exposures to (1) interest rate fluctuations on its floating rate senior debt; (2) price fluctuations in metal commodities used in its key products; and (3) fluctuations in foreign currency exchange rates. The Company measures those instruments at fair value and recognizes changes in the fair value of derivatives in earnings in the period of change, unless the derivative qualifies as an effective hedge that offsets certain exposures. | ||
Interest Rate Swap Agreements - On June 24, 2010, the Company entered into a forward Interest Rate Swap Agreement (the “2010 Swap”) with a two-year term for a notional amount of $115,000. The forward start date of the 2010 Swap was May 31, 2011 and its termination date was May 31, 2013. The 2010 Swap fixed the interest rate at 2.47% plus the applicable interest rate margin. | ||
The 2010 Swap was initially designated as a cash flow hedge. Effective April 18, 2011, the Company executed the second amendment to the credit agreement which modified the interest rate on the Senior Facilities. The critical terms for the 2010 Swap no longer matched the terms of the amended Senior Facilities and the 2010 Swap was de-designated. | ||
At September 30, 2013, the 2010 Swap had no value. The fair value of the 2010 Swap was $(418) as of December 31, 2012 and was reported on the condensed consolidated balance sheet in other current liabilities. The 2013 adjustments of $418 to the fair value of the 2010 Swap were recorded as a reduction in interest expense in the statement of comprehensive income for the favorable change in fair value since December 31, 2012. | ||
Interest Rate Cap Agreements - On May 20, 2013, the Company entered into an Interest Rate Cap Agreement (the “2013 Rate Cap No. 1”) with a two-year term for a notional amount of $150,000 and the maximum LIBOR interest rate set at 1.25%. 2013 Rate Cap No. 1 became effective on May 28, 2013 and is scheduled to mature on May 28, 2015. | ||
On May 20, 2013, the Company entered into an Interest Rate Cap Agreement (the “2013 Rate Cap No. 2”) with a two-year term for a notional amount of $75,000 and the maximum LIBOR interest rate set at 1.25%. 2013 Rate Cap No. 2 became effective on May 28, 2013 and is scheduled to mature on May 28, 2015. | ||
As of September 30, 2013, the fair value of the interest rate caps of $107 was reported on the condensed consolidated balance sheet in non-current other assets. The Company’s interest rate cap agreements did not qualify for hedge accounting treatment because they did not meet the provisions specified in ASC 815, Derivatives and Hedging, (“ASC 815”). Accordingly, the unrealized gain on these derivatives was recognized in current earnings in other expense. | ||
Metal Swap Agreements - On April 20, 2012, the Company entered into a Commodity Metal Swap Agreement (the “2012 Metal Swap No. 1”) with an approximate eight-month term for 35 MT of copper at a notional amount of $294.7. The maturity date was December 31, 2012, and the 2012 Metal Swap No. 1 fixed the copper price at $8.42 per MT. | ||
On May 30, 2012, the Company entered into a Commodity Metal Swap Agreement (the “2012 Metal Swap No. 2”) with an approximate seven-month term for 10 MT of copper at a notional amount of $77.9. The maturity date was December 31, 2012, and the 2012 Metal Swap No. 2 fixed the copper price at $7.79 per MT. | ||
On May 30, 2012, the Company entered into a Commodity Metal Swap Agreement (the “2012 Metal Swap No. 3”) with an approximate ten-month term for 35 MT of copper at a notional amount of $272.5. The maturity date was March 31, 2013, and the 2012 Metal Swap No. 3 fixed the copper price at $7.785 per MT. | ||
The Company uses metal commodity swap agreements to hedge anticipated purchases of key blanks which can fluctuate with changes in copper prices. The Company’s metal swap agreements did not qualify for hedge accounting treatment because they did not meet the provisions specified in ASC 815. Accordingly, the gain or loss on these derivatives was recognized in current earnings. | ||
As of September 30, 2013, each of the 2012 metal swap agreements have expired and have no value. | ||
Foreign Currency Forward Contract - On December 18, 2012, the Company entered into a Foreign Currency Forward Contract (the “2012 FX Contract”) with an approximate six-month term for a notional amount of C$105,000. The 2012 FX Contract maturity date was May 21, 2013 and fixed the Canadian to US dollar forward exchange rate at 0.9989. The purpose of the 2012 FX Contract was to manage the Company’s exposure to fluctuations in the exchange rate of the Canadian dollar investment used in the Paulin Acquisition. | ||
The 2012 FX Contract was reported on the condensed consolidated balance sheet in other current liabilities prior to its settlement in connection with the Paulin Acquisition. An increase in other expense of $1,138 was recorded in the statement of comprehensive income for the unfavorable change in fair value from December 31, 2012 until its settlement on February 19, 2013. | ||
During the third quarter of 2013, the Company entered into nineteen (19) foreign currency forward contracts (the “3Q 2013 FX Contracts”) with maturity dates ranging from October 2013 to April 2014 and a total notional amount of C$12,500. The 3Q 2013 FX Contracts fixed the Canadian to US dollar forward exchange rate at points ranging from 1.0332 to 1.0576. The purpose of the 3Q 2013 FX Contracts was to manage the Company’s exposure to fluctuations in the exchange rate of the Canadian dollar. The Company’s FX Contracts did not qualify for hedge accounting treatment because they did not meet the provisions specified in ASC 815. Accordingly, the gain or loss on these derivatives was recognized in current earnings. | ||
The 3Q 2013 FX Contracts were reported on the condensed consolidated balance sheet in other current liabilities and an increase in other expense of $157 was recorded in the statement of comprehensive income for the unfavorable change in fair value as of September 30, 2013. | ||
The Company does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
13 | Fair Value Measurements: | ||||||||||||||||
The Company uses the accounting guidance that applies to all assets and liabilities that are being measured and reported on a fair value basis. The guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: | |||||||||||||||||
Level 1: | Quoted market prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2: | Observable market-based inputs or unobservable inputs that are corroborated by market data. | ||||||||||||||||
Level 3: | Unobservable inputs reflecting the reporting entity’s own assumptions. | ||||||||||||||||
The accounting guidance establishes a hierarchy which requires an entity to maximize the use of quoted market prices and minimize the use of unobservable inputs. An asset or liability’s level is based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
The following tables set forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis during the periods ended September 30, 2013 and December 31, 2012, by level, within the fair value hierarchy: | |||||||||||||||||
As of September 30, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Trading securities | $ | 4,124 | $ | — | $ | — | $ | 4,124 | |||||||||
Interest rate caps | — | 107 | — | 107 | |||||||||||||
Foreign exchange forward contracts | — | (157 | ) | — | (157 | ) | |||||||||||
As of December 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Trading securities | $ | 4,245 | $ | — | $ | — | $ | 4,245 | |||||||||
Interest rate swap | — | (418 | ) | — | (418 | ) | |||||||||||
Foreign exchange forward contracts | — | (1,475 | ) | (1,475 | ) | ||||||||||||
Metal commodity swaps | — | (11 | ) | (11 | ) | ||||||||||||
Trading securities are valued using quoted prices on an active exchange. Trading securities represent assets held in a Rabbi Trust to fund deferred compensation liabilities and are included as restricted investments on the accompanying condensed consolidated balance sheets. | |||||||||||||||||
For the three months ended September 30, 2013 and 2012, the unrealized gains on these securities of $148 and $137, respectively, were recorded as other income. For the nine months ended September 30, 2013 and 2012, the unrealized gains on these securities of $217 and $305, respectively, were recorded as other income. An offsetting entry for the same amount, adjusting the deferred compensation liability and compensation expense within SG&A, was also recorded. | |||||||||||||||||
The Company utilizes interest rate cap and interest rate swap contracts to manage its targeted mix of fixed and floating rate debt, and these contracts are valued using observable benchmark rates at commonly quoted intervals for the full term of the cap and swap contracts. | |||||||||||||||||
As of September 30, 2013, the interest rate caps were included in other non-current assets on the accompanying condensed consolidated balance sheet. The 2010 Swap expired in May 2013 and was included in other current liabilities as of December 31, 2012 on the accompanying condensed consolidated balance sheet. | |||||||||||||||||
The Company utilizes foreign exchange forward contracts to manage its exposure to currency fluctuations in the Canadian dollar versus the U.S. dollar. The forward contracts were valued using observable benchmark rates at commonly quoted intervals during the term of the forward contract. As of September 30, 2013, the foreign exchange forward contracts were included in other non-current liabilities on the accompanying condensed consolidated balance sheet. The foreign exchange forward contract included in other current liabilities as of December 31, 2012 was completed on February 19, 2013 in connection with the Paulin Acquisition. | |||||||||||||||||
The Company utilizes metal commodity swap contracts to manage its exposure to price fluctuations in metal commodities used in its key products and these swaps are valued using observable benchmark rates at commonly quoted intervals for the full term of the swaps. As of September 30, 2013, the metal commodity swaps expired and were included in both other current assets and liabilities as of December 31, 2012 on the accompanying condensed consolidated balance sheet. | |||||||||||||||||
The carrying amounts of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short term maturity of these instruments and the carrying value of the variable rate senior term loans approximates fair value as the interest rate is variable and approximates current market rates. As a result, the fair value measurement of the Company’s senior term loans is considered to be Level 2. |
Acquisition_and_Integration_Ex
Acquisition and Integration Expenses | 9 Months Ended | |
Sep. 30, 2013 | ||
Business Combinations [Abstract] | ' | |
Acquisition and Integration Expenses | ' | |
14 | Acquisition and Integration Expenses: | |
For the three and nine months ended September 30, 2013, the Company incurred $1,362 and $5,544 of expenses, respectively, in connection with the Paulin Acquisition. | ||
For the three and nine months ended September 30, 2012, the Company incurred $343 and $807 of expenses, respectively, in connection with the acquisition of the Ook brand of picture hangers and related products on December 1, 2011. |
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
15 | Segment Reporting: | ||||||||||||||||
The Company’s segment reporting structure uses the Company’s management reporting structure as the foundation for how the Company manages its business. The Company periodically evaluates its segment reporting structure in accordance with ASC 350-20-55 and has concluded that it has five reportable segments as of September 30, 2013. During the first nine months of 2013, the operations of the Paulin Acquisition were combined into the operations of the Canada segment. The United States segment, excluding All Points, and the Canada segment are the only segments considered material by the Company’s management as of September 30, 2013. The segments are as follows: | |||||||||||||||||
• | United States – excluding the All Points division | ||||||||||||||||
• | All Points | ||||||||||||||||
• | Canada | ||||||||||||||||
• | Mexico | ||||||||||||||||
• | Australia | ||||||||||||||||
The United States segment distributes fasteners and related hardware items, threaded rod, keys, key duplicating systems and accessories, and identification items, such as tags and letters, numbers and signs to hardware stores, home centers, mass merchants, and other retail outlets primarily in the United States. This segment also provides innovative pet ID tag programs to a leading pet products chain retailer using a unique, patent-protected / patent-pending technology and product portfolio. | |||||||||||||||||
The All Points segment is a Florida based distributor of commercial and residential fasteners catering to the hurricane protection industry in the southern United States. All Points has positioned itself as a major supplier to manufacturers of railings, screen enclosures, windows and hurricane shutters. | |||||||||||||||||
The Canada segment distributes fasteners and related hardware items, threaded rod, keys, key duplicating systems and accessories, and identification items, such as tags and letters, numbers and signs to hardware stores, home centers, mass merchants, and other retail outlets and industrial Original Equipment Manufacturers (“OEM”) in Canada. Our Canada segment also produces fasteners, stampings, fittings and processes threaded parts for automotive suppliers, industrial OEM’s and industrial distributors. | |||||||||||||||||
The Mexico segment distributes fasteners and related hardware items to hardware stores, home centers, mass merchants, and other retail outlets in Mexico. | |||||||||||||||||
The Australia segment distributes keys, key duplicating systems and accessories to home centers and other retail outlets in Australia. | |||||||||||||||||
The Company uses profit or loss from operations to evaluate the performance of its segments. Profit or loss from operations is defined as income from operations before interest and tax expenses. Hillman accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices. Segment revenue excludes intersegment sales related to the sales or transfer of products between segments which is consistent with the segment revenue information provided to the Company’s chief operating decision maker. Segment Income (Loss) from Operations for Mexico and Australia include insignificant costs allocated from the United States, excluding All Points segment, while the remaining operating segments do not include any allocations. | |||||||||||||||||
The table below presents revenues and income from operations for our reportable segments for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||
Three Months | Three Months | Nine Months | Nine Months | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenues | |||||||||||||||||
United States excluding All Points | $ | 147,750 | $ | 137,215 | $ | 409,446 | $ | 393,564 | |||||||||
All Points | 6,057 | 5,992 | 16,591 | 15,616 | |||||||||||||
Canada | 36,776 | 3,271 | 97,161 | 9,568 | |||||||||||||
Mexico | 1,583 | 1,547 | 5,253 | 4,558 | |||||||||||||
Australia | 216 | 144 | 561 | 477 | |||||||||||||
Total revenues | $ | 192,382 | $ | 148,169 | $ | 529,012 | $ | 423,783 | |||||||||
Segment Income (Loss) from Operations | |||||||||||||||||
United States excluding All Points | $ | 19,047 | $ | 13,634 | $ | 41,199 | $ | 37,291 | |||||||||
All Points | 553 | 443 | 1,537 | 856 | |||||||||||||
Canada | 2,860 | (566 | ) | 5,277 | (999 | ) | |||||||||||
Mexico | 64 | 216 | 576 | 605 | |||||||||||||
Australia | (95 | ) | (146 | ) | (803 | ) | (396 | ) | |||||||||
Total income from operations | $ | 22,429 | $ | 13,581 | $ | 47,786 | $ | 37,357 | |||||||||
Assets by segment as of September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Assets | |||||||||||||||||
United States excluding All Points | $ | 939,639 | $ | 1,133,824 | |||||||||||||
All Points | 10,398 | 7,298 | |||||||||||||||
Canada | 313,722 | 15,477 | |||||||||||||||
Mexico | 17,836 | 17,816 | |||||||||||||||
Australia | 1,661 | 1,378 | |||||||||||||||
Total Assets | $ | 1,283,256 | $ | 1,175,793 | |||||||||||||
Supplemental_Condensed_Consoli
Supplemental Condensed Consolidating Guarantor and Non-Guarantor Financial Information | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Supplemental Condensed Consolidating Guarantor and Non-Guarantor Financial Information | ' | ||||||||||||||||||||||||
16 | Supplemental Condensed Consolidating Guarantor and Non-Guarantor Financial Information: | ||||||||||||||||||||||||
The 10.875% Senior Notes, of which $265,000 aggregate principal amount was outstanding as of September 30, 2013, were issued by Hillman Group and are fully and unconditionally guaranteed on a joint and several basis by the Company and certain of Company’s wholly owned subsidiaries. The non-guarantor information presented represents our Australian, Canadian and Mexican subsidiaries. | |||||||||||||||||||||||||
The following financial information presents condensed consolidating statements of comprehensive income, balance sheets, and cash flows for Hillman Group, all guarantor subsidiaries, all non-guarantor subsidiaries and the eliminations necessary to provide the consolidated results for Hillman Companies and subsidiaries. For purposes of this presentation, we have accounted for investments in our subsidiaries using the equity method of accounting. The principal consolidating adjustments eliminate investment in subsidiary and intercompany balances and transactions. | |||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Unaudited) | |||||||||||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Guarantors | Issuer | Guarantor | Non- | Consol- | Consolidated | ||||||||||||||||||||
The Hillman | The Hillman | Subsidiaries | Guarantor | idating | |||||||||||||||||||||
Companies, Inc. | Group, Inc. | Subsidiaries | Adjust- | ||||||||||||||||||||||
ments | |||||||||||||||||||||||||
Net sales | $ | — | $ | 144,589 | $ | 9,218 | $ | 38,575 | $ | — | $ | 192,382 | |||||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | — | 68,492 | 6,574 | 22,739 | — | 97,805 | |||||||||||||||||||
Selling, general and administrative expenses | 1,672 | 43,576 | 1,792 | 11,579 | — | 58,619 | |||||||||||||||||||
Acquisition and integration expenses | — | 639 | 11 | 712 | — | 1,362 | |||||||||||||||||||
Depreciation | — | 5,276 | 21 | 462 | — | 5,759 | |||||||||||||||||||
Amortization | 4,515 | 772 | — | 267 | — | 5,554 | |||||||||||||||||||
Intercompany administrative (income) expense | — | (88 | ) | — | 88 | — | — | ||||||||||||||||||
Management fees to related party | — | 63 | — | — | — | 63 | |||||||||||||||||||
Other (income) expense, net | (148 | ) | 987 | 53 | (101 | ) | — | 791 | |||||||||||||||||
Income (loss) from operations | (6,039 | ) | 24,872 | 767 | 2,829 | — | 22,429 | ||||||||||||||||||
Intercompany interest (income) expense | (3,058 | ) | 3,058 | — | — | — | — | ||||||||||||||||||
Interest expense, net | (49 | ) | 10,208 | — | 1,816 | — | 11,975 | ||||||||||||||||||
Interest expense on junior subordinated debentures | 3,152 | — | — | — | — | 3,152 | |||||||||||||||||||
Investment income on trust common securities | (95 | ) | — | — | — | — | (95 | ) | |||||||||||||||||
Income (loss) before equity in subsidiaries’ income | (5,989 | ) | 11,606 | 767 | 1,013 | — | 7,397 | ||||||||||||||||||
Equity in subsidiaries’ income (loss) | 14,679 | 3,073 | — | — | (17,752 | ) | — | ||||||||||||||||||
Income (loss) before income taxes | 8,690 | 14,679 | 767 | 1,013 | (17,752 | ) | 7,397 | ||||||||||||||||||
Income tax provision (benefit) | 6,942 | — | (2,240 | ) | 947 | — | 5,649 | ||||||||||||||||||
Net income (loss) | $ | 1,748 | $ | 14,679 | $ | 3,007 | $ | 66 | $ | (17,752 | ) | $ | 1,748 | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Foreign currency translation adjustments | — | 2,122 | — | (163 | ) | — | 1,959 | ||||||||||||||||||
Total comprehensive income (loss) | $ | 1,748 | $ | 16,801 | $ | 3,007 | $ | (97 | ) | $ | (17,752 | ) | $ | 3,707 | |||||||||||
Condensed Consolidating Statements of Comprehensive Income (Unaudited) | |||||||||||||||||||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Guarantors | Issuer | Guarantor | Non- | Consol- | Consolidated | ||||||||||||||||||||
The Hillman | The Hillman | Subsidiaries | Guarantor | idating | |||||||||||||||||||||
Companies, Inc. | Group, Inc. | Subsidiaries | Adjust- | ||||||||||||||||||||||
ments | |||||||||||||||||||||||||
Net sales | $ | — | $ | 137,215 | $ | 5,992 | $ | 4,962 | $ | — | $ | 148,169 | |||||||||||||
Cost of sales (exclusive of depreciation and amortization shown separately below) | — | 64,803 | 4,590 | 3,898 | — | 73,291 | |||||||||||||||||||
Selling, general and administrative expenses | 137 | 47,872 | 949 | 1,854 | — | 50,812 | |||||||||||||||||||
Acquisition and integration expenses | — | 343 | — | — | — | 343 | |||||||||||||||||||
Depreciation | — | 4,905 | 20 | 20 | — | 4,945 | |||||||||||||||||||
Amortization | 4,515 | 853 | — | 98 | — | 5,466 | |||||||||||||||||||
Intercompany administrative (income) expense | — | (87 | ) | — | 87 | — | — | ||||||||||||||||||
Management and transaction fees to related party | — | 122 | — | — | — | 122 | |||||||||||||||||||
Other (income) expense, net | (166 | ) | 284 | (10 | ) | (499 | ) | — | (391 | ) | |||||||||||||||
Income (loss) from operations | (4,486 | ) | 18,120 | 443 | (496 | ) | — | 13,581 | |||||||||||||||||
Intercompany interest (income) expense | (3,058 | ) | 3,058 | — | — | — | — | ||||||||||||||||||
Interest expense, net | (43 | ) | 10,305 | — | 4 | — | 10,266 | ||||||||||||||||||
Interest expense on junior subordinated debentures | 3,152 | — | — | — | — | 3,152 | |||||||||||||||||||
Investment income on trust common securities | (95 | ) | — | — | — | — | (95 | ) | |||||||||||||||||
Income (loss) before equity in subsidiaries’ income | (4,442 | ) | 4,757 | 443 | (500 | ) | — | 258 | |||||||||||||||||
Equity in subsidiaries’ income (loss) | 4,196 | (172 | ) | — | — | (4,024 | ) | — | |||||||||||||||||
Income (loss) before income taxes | (246 | ) | 4,585 | 443 | (500 | ) | (4,024 | ) | 258 | ||||||||||||||||
Income tax provision (benefit) | (1,353 | ) | 389 | 195 | (80 | ) | — | (849 | ) | ||||||||||||||||
Net income (loss) | $ | 1,107 | $ | 4,196 | $ | 248 | $ | (420 | ) | $ | (4,024 | ) | $ | 1,107 | |||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | 697 | — | 697 | |||||||||||||||||||
Total comprehensive income (loss) | $ | 1,107 | $ | 4,196 | $ | 248 | $ | 277 | $ | (4,024 | ) | $ | 1,804 | ||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Unaudited) | |||||||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Guarantors | Issuer | Guarantor | Non- | Consol- | Consolidated | ||||||||||||||||||||
The Hillman | The Hillman | Subsidiaries | Guarantor | idating | |||||||||||||||||||||
Companies, Inc. | Group, Inc. | Subsidiaries | Adjust- | ||||||||||||||||||||||
ments | |||||||||||||||||||||||||
Net sales | $ | — | $ | 401,351 | $ | 24,686 | $ | 102,975 | $ | — | $ | 529,012 | |||||||||||||
Cost of sales (exclusive of depreciation and amortization shown separately below) | — | 191,012 | 17,719 | 63,058 | — | 271,789 | |||||||||||||||||||
Selling, general and administrative expenses | 6,582 | 125,874 | 4,816 | 29,499 | — | 166,771 | |||||||||||||||||||
Acquisition and integration expenses | — | 2,936 | 62 | 2,546 | — | 5,544 | |||||||||||||||||||
Depreciation | — | 16,409 | 56 | 1,109 | — | 17,574 | |||||||||||||||||||
Amortization | 13,544 | 2,315 | — | 700 | — | 16,559 | |||||||||||||||||||
Intercompany administrative (income) expense | — | (261 | ) | — | 261 | — | — | ||||||||||||||||||
Management and transaction fees to related party | — | 63 | — | — | — | 63 | |||||||||||||||||||
Other (income) expense, net | (217 | ) | 2,434 | (43 | ) | 752 | — | 2,926 | |||||||||||||||||
Income (loss) from operations | (19,909 | ) | 60,569 | 2,076 | 5,050 | — | 47,786 | ||||||||||||||||||
Intercompany interest (income) expense | (9,174 | ) | 9,178 | — | (4 | ) | — | — | |||||||||||||||||
Interest expense, net | (141 | ) | 31,638 | — | 4,533 | — | 36,030 | ||||||||||||||||||
Interest expense on junior subordinated debentures | 9,457 | — | — | — | — | 9,457 | |||||||||||||||||||
Investment income on trust common securities | (284 | ) | — | — | — | — | (284 | ) | |||||||||||||||||
Income (loss) before equity in subsidiaries’ income | (19,767 | ) | 19,753 | 2,076 | 521 | — | 2,583 | ||||||||||||||||||
Equity in subsidiaries’ income (loss) | 22,229 | 2,476 | — | — | (24,705 | ) | — | ||||||||||||||||||
Income (loss) before income taxes | 2,462 | 22,229 | 2,076 | 521 | (24,705 | ) | 2,583 | ||||||||||||||||||
Income tax provision (benefit) | 636 | — | (1,300 | ) | 1,421 | — | 757 | ||||||||||||||||||
Net income (loss) | $ | 1,826 | $ | 22,229 | $ | 3,376 | $ | (900 | ) | $ | (24,705 | ) | $ | 1,826 | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Foreign currency translation adjustments | — | (2,100 | ) | — | (154 | ) | — | (2,254 | ) | ||||||||||||||||
Total comprehensive income (loss) | $ | 1,826 | $ | 20,129 | $ | 3,376 | $ | (1,054 | ) | $ | (24,705 | ) | $ | (428 | ) | ||||||||||
Condensed Consolidating Statements of Comprehensive Income (Unaudited) | |||||||||||||||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Guarantors | Issuer | Guarantor | Non- | Consol- | Consolidated | ||||||||||||||||||||
The Hillman | The Hillman | Subsidiaries | Guarantor | idating | |||||||||||||||||||||
Companies, Inc. | Group, Inc. | Subsidiaries | Adjust- | ||||||||||||||||||||||
ments | |||||||||||||||||||||||||
Net sales | $ | — | $ | 393,564 | $ | 15,616 | $ | 14,603 | $ | — | $ | 423,783 | |||||||||||||
Cost of sales (exclusive of depreciation and amortization shown separately below) | — | 188,113 | 11,946 | 9,771 | — | 209,830 | |||||||||||||||||||
Selling, general and administrative expenses | 305 | 134,372 | 2,755 | 5,474 | — | 142,906 | |||||||||||||||||||
Acquisition and integration expenses | — | 807 | — | — | — | 807 | |||||||||||||||||||
Depreciation | — | 16,321 | 70 | 61 | — | 16,452 | |||||||||||||||||||
Amortization | 13,544 | 2,526 | — | 296 | — | 16,366 | |||||||||||||||||||
Intercompany administrative (income) expense | — | (260 | ) | — | 260 | — | — | ||||||||||||||||||
Management and transaction fees to related party | — | 122 | — | — | — | 122 | |||||||||||||||||||
Other (income) expense, net | (334 | ) | 757 | (11 | ) | (469 | ) | — | (57 | ) | |||||||||||||||
Income (loss) from operations | (13,515 | ) | 50,806 | 856 | (790 | ) | — | 37,357 | |||||||||||||||||
Intercompany interest (income) expense | (9,174 | ) | 9,174 | — | — | — | — | ||||||||||||||||||
Interest expense, net | (235 | ) | 30,824 | — | 4 | — | 30,593 | ||||||||||||||||||
Interest expense on junior subordinated debentures | 9,457 | — | — | — | — | 9,457 | |||||||||||||||||||
Investment income on trust common securities | (284 | ) | — | — | — | — | (284 | ) | |||||||||||||||||
Income (loss) before equity in subsidiaries’ income | (13,279 | ) | 10,808 | 856 | (794 | ) | — | (2,409 | ) | ||||||||||||||||
Equity in subsidiaries’ income (loss) | 9,381 | (232 | ) | — | — | (9,149 | ) | — | |||||||||||||||||
Income (loss) before income taxes | (3,898 | ) | 10,576 | 856 | (794 | ) | (9,149 | ) | (2,409 | ) | |||||||||||||||
Income tax provision (benefit) | (3,474 | ) | 1,195 | 393 | (99 | ) | — | (1,985 | ) | ||||||||||||||||
Net income (loss) | $ | (424 | ) | $ | 9,381 | $ | 463 | $ | (695 | ) | $ | (9,149 | ) | $ | (424 | ) | |||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | 1,186 | — | 1,186 | |||||||||||||||||||
Total comprehensive income (loss) | $ | (424 | ) | $ | 9,381 | $ | 463 | $ | 491 | $ | (9,149 | ) | $ | 762 | |||||||||||
Condensed Consolidating Balance Sheet (Unaudited) | |||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Guarantors | Issuer | Guarantor | Non- | Consol- | Consolidated | ||||||||||||||||||||
The Hillman | The Hillman | Subsidiaries | Guarantor | idating | |||||||||||||||||||||
Companies, Inc. | Group, Inc. | Subsidiaries | Adjust- | ||||||||||||||||||||||
ments | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | 16,399 | $ | 1,418 | $ | 8,553 | $ | — | $ | 26,371 | |||||||||||||
Restricted investments | 2,889 | — | — | — | — | 2,889 | |||||||||||||||||||
Accounts receivable, net | — | 87,925 | 932 | 17,149 | — | 106,006 | |||||||||||||||||||
Inventories | — | 107,379 | 9,100 | 63,522 | (354 | ) | 179,647 | ||||||||||||||||||
Deferred income taxes | 9,309 | — | 1,196 | 1,325 | (847 | ) | 10,983 | ||||||||||||||||||
Other current assets | — | 7,817 | 188 | 2,447 | — | 10,452 | |||||||||||||||||||
Total current assets | 12,199 | 219,520 | 12,834 | 92,996 | (1,201 | ) | 336,348 | ||||||||||||||||||
Intercompany notes receivable | 105,446 | 101,942 | — | (101,942 | ) | (105,446 | ) | — | |||||||||||||||||
Intercompany interest receivable | 9,174 | 4,526 | — | — | (13,700 | ) | — | ||||||||||||||||||
Investments in subsidiaries | (652,522 | ) | 28,123 | 507 | 271,803 | 352,089 | — | ||||||||||||||||||
Property and equipment, net | — | 78,325 | 382 | 14,132 | — | 92,839 | |||||||||||||||||||
Goodwill | 418,947 | 24,512 | 3,090 | 21,100 | 280 | 467,929 | |||||||||||||||||||
Other intangibles, net | 298,288 | 43,731 | 250 | 26,108 | — | 368,377 | |||||||||||||||||||
Restricted investments | 1,235 | — | — | — | — | 1,235 | |||||||||||||||||||
Deferred income taxes | 24,325 | — | 668 | (383 | ) | (24,610 | ) | — | |||||||||||||||||
Deferred financing fees | — | 10,563 | — | — | — | 10,563 | |||||||||||||||||||
Investment in trust common securities | 3,261 | — | — | — | — | 3,261 | |||||||||||||||||||
Other assets | — | 2,281 | 25 | 398 | — | 2,704 | |||||||||||||||||||
Total assets | $ | 220,353 | $ | 513,523 | $ | 17,756 | $ | 324,212 | $ | 207,412 | $ | 1,283,256 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Accounts payable | $ | — | $ | 31,117 | $ | 1,544 | $ | 15,756 | $ | — | $ | 48,417 | |||||||||||||
Current portion of senior term loans | — | 3,968 | — | — | — | 3,968 | |||||||||||||||||||
Current portion of capitalized lease and other obligations | — | 183 | — | — | — | 183 | |||||||||||||||||||
Interest payable on junior subordinated debentures | 1,019 | — | — | — | — | 1,019 | |||||||||||||||||||
Intercompany interest payable | — | 9,174 | — | 4,526 | (13,700 | ) | — | ||||||||||||||||||
Accrued expenses: | |||||||||||||||||||||||||
Salaries and wages | — | 6,215 | 163 | 1,863 | — | 8,241 | |||||||||||||||||||
Pricing allowances | — | 3,471 | 3 | 2,705 | — | 6,179 | |||||||||||||||||||
Income and other taxes | (476 | ) | 2,782 | (569 | ) | 1,617 | — | 3,354 | |||||||||||||||||
Interest | — | 9,805 | — | — | — | 9,805 | |||||||||||||||||||
Deferred compensation | 2,889 | — | — | — | — | 2,889 | |||||||||||||||||||
Other accrued expenses | — | 6,588 | 198 | 2,255 | — | 9,041 | |||||||||||||||||||
Total current liabilities | 3,432 | 73,303 | 1,339 | 28,722 | (13,700 | ) | 93,096 | ||||||||||||||||||
Intercompany debt payable | — | 105,446 | — | — | (105,446 | ) | — | ||||||||||||||||||
Long term senior term loans | — | 379,404 | — | — | — | 379,404 | |||||||||||||||||||
Long term portion of capitalized leases | — | 339 | — | — | — | 339 | |||||||||||||||||||
Long term senior notes | — | 272,056 | — | — | — | 272,056 | |||||||||||||||||||
Junior subordinated debentures | 114,991 | — | — | — | — | 114,991 | |||||||||||||||||||
Deferred compensation | 1,235 | — | — | — | — | 1,235 | |||||||||||||||||||
Deferred income taxes, net | 139,986 | — | 207 | 9,597 | (25,457 | ) | 124,333 | ||||||||||||||||||
Other non-current liabilities | 7,079 | 5,632 | — | — | — | 12,711 | |||||||||||||||||||
Total liabilities | 266,723 | 836,180 | 1,546 | 38,319 | (144,603 | ) | 998,165 | ||||||||||||||||||
Common stock with put options: | |||||||||||||||||||||||||
Common stock, $.01 par, 5,000 shares authorized, 210.5 issued and outstanding at September 30, 2013 | 20,686 | — | — | — | — | 20,686 | |||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||
Stockholders’ Equity: | |||||||||||||||||||||||||
Preferred Stock: | |||||||||||||||||||||||||
Preferred stock, $.01 par, 5,000 shares authorized, none issued and outstanding at September 30, 2013 | — | — | — | — | — | — | |||||||||||||||||||
Common Stock: | |||||||||||||||||||||||||
Common stock, $.01 par, 5,000 shares authorized, 4,789.5 issued and outstanding at September 30, 2013 | — | — | 50 | — | (50 | ) | — | ||||||||||||||||||
Additional paid-in capital | 112,508 | (130,734 | ) | 11,711 | 293,717 | 1,811 | 289,013 | ||||||||||||||||||
Accumulated deficit | (179,564 | ) | (189,823 | ) | 4,449 | (3,358 | ) | 345,071 | (23,225 | ) | |||||||||||||||
Accumulated other comprehensive (loss) income | — | (2,100 | ) | — | (4,466 | ) | 5,183 | (1,383 | ) | ||||||||||||||||
Total stockholders’ equity | (67,056 | ) | (322,657 | ) | 16,210 | 285,893 | 352,015 | 264,405 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 220,353 | $ | 513,523 | $ | 17,756 | $ | 324,212 | $ | 207,412 | $ | 1,283,256 | |||||||||||||
Condensed Consolidating Balance Sheet (Unaudited) | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Guarantors | Issuer | Guarantor | Non- | Consol- | Consolidated | ||||||||||||||||||||
The Hillman | The Hillman | Subsidiaries | Guarantor | idating | |||||||||||||||||||||
Companies, Inc. | Group, Inc. | Subsidiaries | Adjust- | ||||||||||||||||||||||
ments | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | 62,917 | $ | 429 | $ | 2,201 | $ | — | $ | 65,548 | |||||||||||||
Restricted investments | 846 | — | — | — | — | 846 | |||||||||||||||||||
Accounts receivable, net | — | 65,916 | 6,473 | (10,045 | ) | — | 62,344 | ||||||||||||||||||
Inventories | — | 105,028 | 4,678 | 4,404 | (272 | ) | 113,838 | ||||||||||||||||||
Deferred income taxes | 10,359 | — | 610 | 221 | (726 | ) | 10,464 | ||||||||||||||||||
Other current assets | — | 6,526 | 145 | 1,835 | — | 8,506 | |||||||||||||||||||
Total current assets | 11,206 | 240,387 | 12,335 | (1,384 | ) | (998 | ) | 261,546 | |||||||||||||||||
Intercompany notes receivable | 105,446 | — | — | — | (105,446 | ) | — | ||||||||||||||||||
Investments in subsidiaries | (637,376 | ) | 27,204 | — | — | 610,172 | — | ||||||||||||||||||
Property and equipment, net | — | 67,902 | 191 | 399 | — | 68,492 | |||||||||||||||||||
Goodwill | 418,946 | 24,512 | 58 | 11,542 | 280 | 455,338 | |||||||||||||||||||
Other intangibles, net | 311,832 | 46,047 | 250 | 8,515 | — | 366,644 | |||||||||||||||||||
Restricted investments | 3,399 | — | — | — | — | 3,399 | |||||||||||||||||||
Deferred income taxes | 29,492 | — | (411 | ) | 977 | (30,058 | ) | — | |||||||||||||||||
Deferred financing fees | — | 12,858 | — | — | — | 12,858 | |||||||||||||||||||
Investment in trust common securities | 3,261 | — | — | — | — | 3,261 | |||||||||||||||||||
Other assets | — | 3,521 | 25 | 709 | — | 4,255 | |||||||||||||||||||
Total assets | $ | 246,206 | $ | 422,431 | $ | 12,448 | $ | 20,758 | $ | 473,950 | $ | 1,175,793 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Accounts payable | $ | — | $ | 31,873 | $ | 517 | $ | 181 | $ | — | $ | 32,571 | |||||||||||||
Current portion of senior term loans | — | 3,200 | — | — | — | 3,200 | |||||||||||||||||||
Current portion of capitalized lease and other obligations | — | 819 | — | — | — | 819 | |||||||||||||||||||
Additional acquisition consideration | — | — | — | — | — | — | |||||||||||||||||||
Accrued expenses: | |||||||||||||||||||||||||
Salaries and wages | — | 8,930 | 217 | 204 | — | 9,351 | |||||||||||||||||||
Pricing allowances | — | 3,457 | 3 | 597 | — | 4,057 | |||||||||||||||||||
Income and other taxes | (625 | ) | 2,447 | 25 | 645 | — | 2,492 | ||||||||||||||||||
Interest | — | 2,868 | — | — | — | 2,868 | |||||||||||||||||||
Deferred compensation | 846 | — | — | — | — | 846 | |||||||||||||||||||
Other accrued expenses | — | 9,822 | 40 | 1,535 | — | 11,397 | |||||||||||||||||||
Total current liabilities | 221 | 63,416 | 802 | 3,162 | — | 67,601 | |||||||||||||||||||
Intercompany debt payable | — | 105,446 | — | — | (105,446 | ) | — | ||||||||||||||||||
Long term senior term loans | — | 307,727 | — | — | — | 307,727 | |||||||||||||||||||
Long term portion of capitalized lease and other obligations | — | 245 | — | — | — | 245 | |||||||||||||||||||
Long term senior notes | — | 272,942 | — | — | — | 272,942 | |||||||||||||||||||
Junior subordinated debentures | 115,132 | — | — | — | — | 115,132 | |||||||||||||||||||
Deferred compensation | 3,399 | — | — | — | — | 3,399 | |||||||||||||||||||
Deferred income taxes, net | 146,042 | — | 219 | 2,472 | (30,784 | ) | 117,949 | ||||||||||||||||||
Other non-current liabilities | 714 | 5,473 | — | — | — | 6,187 | |||||||||||||||||||
Total liabilities | 265,508 | 755,249 | 1,021 | 5,634 | (136,230 | ) | 891,182 | ||||||||||||||||||
Common stock with put options: | |||||||||||||||||||||||||
Common stock, $.01 par, 5,000 shares authorized, 198.3 issued and outstanding at December 31, 2012 | 14,116 | — | — | — | — | 14,116 | |||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||
Stockholders’ Equity: | |||||||||||||||||||||||||
Preferred Stock: | |||||||||||||||||||||||||
Preferred stock, $.01 par, 5,000 shares authorized, none issued and outstanding at December 31, 2012 | — | — | — | — | — | — | |||||||||||||||||||
Common Stock: | |||||||||||||||||||||||||
Common stock, $.01 par, 5,000 shares authorized, 4,801.7 issued and outstanding at December 31, 2012 | — | — | 50 | — | (50 | ) | — | ||||||||||||||||||
Additional paid-in capital | 117,261 | (131,642 | ) | 10,304 | 17,192 | 281,560 | 294,675 | ||||||||||||||||||
Accumulated deficit | (150,679 | ) | (201,176 | ) | 1,073 | (2,458 | ) | 328,189 | (25,051 | ) | |||||||||||||||
Accumulated other comprehensive income | — | — | — | 390 | 481 | 871 | |||||||||||||||||||
Total stockholders’ equity | (33,418 | ) | (332,818 | ) | 11,427 | 15,124 | 610,180 | 270,495 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 246,206 | $ | 422,431 | $ | 12,448 | $ | 20,758 | $ | 473,950 | $ | 1,175,793 | |||||||||||||
Condensed Consolidating Statement of Cash Flows (Unaudited) | |||||||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Guarantors | Issuer | Guarantor | Non- | Consol- | Consolidated | ||||||||||||||||||||
The Hillman | The Hillman | Subsidiaries | Guarantor | idating | |||||||||||||||||||||
Companies, Inc. | Group, Inc. | Subsidiaries | Adjust- | ||||||||||||||||||||||
ments | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net income (loss) | $ | (20,403 | ) | $ | 19,753 | $ | 3,376 | $ | (900 | ) | $ | — | $ | 1,826 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | 13,544 | 18,724 | 56 | 1,809 | — | 34,133 | |||||||||||||||||||
Dispositions of property and equipment | — | 76 | 13 | 12 | — | 101 | |||||||||||||||||||
Deferred income tax provision (benefit) | 161 | — | (1,677 | ) | 1,910 | — | 394 | ||||||||||||||||||
Deferred financing and original issue discount amortization | (141 | ) | 1,995 | — | — | — | 1,854 | ||||||||||||||||||
Stock-based compensation expense | 6,365 | — | — | — | — | 6,365 | |||||||||||||||||||
Other non-cash interest expense | — | (391 | ) | — | — | — | (391 | ) | |||||||||||||||||
Changes in operating items: | |||||||||||||||||||||||||
Accounts receivable | — | (18,307 | ) | (3,067 | ) | (5,029 | ) | — | (26,403 | ) | |||||||||||||||
Inventories | — | (2,269 | ) | (4,422 | ) | (4,067 | ) | — | (10,758 | ) | |||||||||||||||
Other assets | — | (3,753 | ) | 8,565 | (2,551 | ) | — | 2,261 | |||||||||||||||||
Accounts payable | — | (756 | ) | 1,027 | 2,771 | — | 3,042 | ||||||||||||||||||
Interest payable on junior subordinated debentures | 1,019 | — | — | — | — | 1,019 | |||||||||||||||||||
Other accrued liabilities | 149 | 10,928 | (490 | ) | 9,985 | (13,700 | ) | 6,872 | |||||||||||||||||
Other items, net | (678 | ) | (13,384 | ) | (2,286 | ) | 2,570 | 13,684 | (94 | ) | |||||||||||||||
Net cash provided by (used for) operating activities | 16 | 12,616 | 1,095 | 6,510 | (16 | ) | 20,221 | ||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Paulin acquisition | — | (103,416 | ) | — | — | — | (103,416 | ) | |||||||||||||||||
Capital expenditures | — | (26,826 | ) | (106 | ) | (158 | ) | — | (27,090 | ) | |||||||||||||||
Other, net | (16 | ) | — | — | — | 16 | — | ||||||||||||||||||
Net cash provided by (used for) investing activities | (16 | ) | (130,242 | ) | (106 | ) | (158 | ) | 16 | (130,506 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Borrowings of senior term loans | — | 76,800 | — | — | — | 76,800 | |||||||||||||||||||
Repayments of senior term loans | — | (2,784 | ) | — | — | — | (2,784 | ) | |||||||||||||||||
Discount on senior term loans | — | (2,152 | ) | — | — | — | (2,152 | ) | |||||||||||||||||
Principal payments under capitalized lease obligations | — | (73 | ) | — | — | — | (73 | ) | |||||||||||||||||
Repayment of other credit obligations | — | (683 | ) | — | — | — | (683 | ) | |||||||||||||||||
Net cash provided by financing activities | — | 71,108 | — | — | — | 71,108 | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (46,518 | ) | 989 | 6,352 | — | (39,177 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | 1 | 62,917 | 429 | 2,201 | — | 65,548 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 1 | $ | 16,399 | $ | 1,418 | $ | 8,553 | $ | — | $ | 26,371 | |||||||||||||
Condensed Consolidating Statement of Cash Flows (Unaudited) | |||||||||||||||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Guarantors | Issuer | Guarantor | Non- | Consol- | Consolidated | ||||||||||||||||||||
The Hillman | The Hillman | Subsidiaries | Guarantor | idating | |||||||||||||||||||||
Companies, Inc. | Group, Inc. | Subsidiaries | Adjust- | ||||||||||||||||||||||
ments | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net income (loss) | $ | (9,805 | ) | $ | 9,615 | $ | 463 | $ | (695 | ) | $ | (2 | ) | $ | (424 | ) | |||||||||
Adjustments to reconcile net income (loss) to net cash (used for) provided by operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | 13,544 | 18,847 | 70 | 357 | — | 32,818 | |||||||||||||||||||
Dispositions of property and equipment | — | 270 | 4 | — | — | 274 | |||||||||||||||||||
Deferred income tax provision (benefit) | (2,790 | ) | (72 | ) | 346 | (89 | ) | — | (2,605 | ) | |||||||||||||||
Deferred financing and original issue discount amortization | (235 | ) | 1,851 | — | — | — | 1,616 | ||||||||||||||||||
Other non-cash interest and change in value of interest rate swap | — | (578 | ) | — | — | — | (578 | ) | |||||||||||||||||
Changes in operating items: | |||||||||||||||||||||||||
Accounts receivable | — | (11,712 | ) | (905 | ) | (783 | ) | — | (13,400 | ) | |||||||||||||||
Inventories | — | (14,531 | ) | 523 | (1,321 | ) | 2 | (15,327 | ) | ||||||||||||||||
Other assets | — | (4,791 | ) | 46 | 2,490 | — | (2,255 | ) | |||||||||||||||||
Accounts payable | — | 2,596 | (104 | ) | (323 | ) | — | 2,169 | |||||||||||||||||
Interest payable on junior subordinated debentures | 1,019 | — | — | — | — | 1,019 | |||||||||||||||||||
Other accrued liabilities | 194 | 20,099 | 102 | 295 | (9,175 | ) | 11,515 | ||||||||||||||||||
Other items, net | (1,927 | ) | (8,673 | ) | 18 | (153 | ) | 9,175 | (1,560 | ) | |||||||||||||||
Net cash provided by (used for) operating activities | — | 12,921 | 563 | (222 | ) | — | 13,262 | ||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Proceeds from sale of property and equipment | — | — | 3 | — | — | 3 | |||||||||||||||||||
Capital expenditures | — | (17,063 | ) | (124 | ) | (138 | ) | — | (17,325 | ) | |||||||||||||||
Net cash used for investing activities | — | (17,063 | ) | (121 | ) | (138 | ) | — | (17,322 | ) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Repayments of senior term loans | — | (2,400 | ) | — | — | — | (2,400 | ) | |||||||||||||||||
Borrowings of revolving credit loans | — | 19,000 | — | — | — | 19,000 | |||||||||||||||||||
Repayments of revolving credit loans | — | (7,000 | ) | — | — | — | (7,000 | ) | |||||||||||||||||
Payments of additional acquisition consideration | — | (12,387 | ) | — | — | — | (12,387 | ) | |||||||||||||||||
Principal payments under capitalized lease obligations | — | (30 | ) | — | — | — | (30 | ) | |||||||||||||||||
Net cash used for financing activities | — | (2,817 | ) | — | — | — | (2,817 | ) | |||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (6,959 | ) | 442 | (360 | ) | — | (6,877 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | 1 | 8,852 | 547 | 2,627 | — | 12,027 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 1 | $ | 1,893 | $ | 989 | $ | 2,267 | $ | — | $ | 5,150 | |||||||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Nature of Operations | ' |
Nature of Operations: | |
The Company comprises five separate business segments, the largest of which is (1) The Hillman Group, Inc. (the “Hillman Group”) operating primarily in the United States. The other business segments consist of separate subsidiaries of the Hillman Group operating in (2) Canada under the names The Hillman Group Canada ULC and H. Paulin & Co., (3) Mexico under the name SunSource Integrated Services de Mexico SA de CV, (4) Florida under the name All Points Industries, Inc. and (5) Australia under the name The Hillman Group Australia Pty. Ltd. The Hillman Group provides merchandising services and products such as fasteners and related hardware items; threaded rod and metal shapes; keys, key duplication systems and accessories; builder’s hardware; and identification items, such as tags, and letters, numbers and signs, to retail outlets, primarily hardware stores, home centers and mass merchants, pet supply stores, grocery stores and drug stores. Our Canada segment also produces fasteners, stampings, fittings and processes threaded parts for automotive suppliers, industrial Original Equipment Manufacturers (“OEM”) and industrial distributors. Through its field sales and service organization, Hillman complements its extensive product selection with value-added services for the retailer. | |
Use of Estimates in the Preparation of Financial Statements | ' |
Use of Estimates in the Preparation of Financial Statements: | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results may differ from estimates. | |
Accounts Receivable and Allowance for Doubtful Accounts | ' |
Accounts Receivable and Allowance for Doubtful Accounts: | |
The Company establishes the allowance for doubtful accounts using the specific identification method and also provides a reserve in the aggregate. The estimates for calculating the aggregate reserve are based on historical collection experience. Increases to the allowance for doubtful accounts result in a corresponding expense. The Company writes off individual accounts receivable when collection becomes improbable. The allowance for doubtful accounts was $747 at September 30, 2013 and $1,105 at December 31, 2012. | |
Property and Equipment and Accumulated Depreciation | ' |
Property and Equipment and Accumulated Depreciation: | |
Property and equipment, including assets acquired under capital leases, are carried at cost and include expenditures for new facilities and major renewals. Maintenance and repairs are charged to expense as incurred. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation are removed from their respective accounts, and the resulting gain or loss is reflected in income from operations. The accumulated depreciation was $56,644 at September 30, 2013 and $44,089 at December 31, 2012. | |
Shipping and Handling | ' |
Shipping and Handling: | |
The costs incurred to ship product to customers, including freight and handling expenses, are included in selling, general and administrative (“SG&A”) expenses on the Company’s condensed consolidated statements of comprehensive income. The Company’s shipping and handling costs were $6,819 and $6,014 in the three month periods ended September 30, 2013 and 2012, respectively. The Company’s shipping and handling costs were $19,575 and $17,512 in the nine month periods ended September 30, 2013 and 2012, respectively. | |
ASU 2013-02, Comprehensive Income | ' |
In February 2013, the FASB issued Accounting Standards Update (“ASU”) 2013-02, “Comprehensive Income”. The update amended the Accounting Standards Codification (“ASC”) to require entities to provide information about amounts reclassified out of other comprehensive income by component. The Company is required to present, either on the face of the financial statements or in the notes, the amounts reclassified from other comprehensive income to the respective line items in the Condensed Consolidated Statements of Comprehensive Income. This amendment was effective for interim and annual periods beginning after December 15, 2012. The adoption of this amendment did not have an impact on the Company’s disclosure or the Company’s consolidated results of operations or financial condition. |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Reconciliation of Estimated Fair Value of Acquired Assets and Assumed Liabilities | ' | ||||||||||||||||
The following table reconciles the estimated fair value of the acquired assets and assumed liabilities to the total purchase price of the Paulin Acquisition: | |||||||||||||||||
Accounts receivable | $ | 17,259 | |||||||||||||||
Inventory | 55,051 | ||||||||||||||||
Other current assets | 2,656 | ||||||||||||||||
Property and equipment | 14,937 | ||||||||||||||||
Goodwill | 13,041 | ||||||||||||||||
Intangibles | 18,814 | ||||||||||||||||
Total assets acquired | 121,758 | ||||||||||||||||
Less: | |||||||||||||||||
Deferred income taxes | 5,832 | ||||||||||||||||
Liabilities assumed | 12,510 | ||||||||||||||||
Total purchase price | $ | 103,416 | |||||||||||||||
Summary of Pro-Forma Financial Statements of Company | ' | ||||||||||||||||
The following table indicates the pro-forma financial statements of the Company for the three and nine months ended September 30, 2013 and 2012. The pro-forma financial statements give effect to the acquisition of Paulin as if it had occurred on January 1, 2012: | |||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
Three Months | Nine Months | Three Months | Nine Months | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
Sept. 30, 2013 | Sept. 30, 2013 | Sept. 30, 2012 | Sept. 30, 2012 | ||||||||||||||
Net Sales | $ | 192,382 | $ | 544,942 | $ | 183,264 | $ | 537,226 | |||||||||
Net Income | 1,748 | 1,361 | 420 | 517 |
Other_Intangibles_Tables
Other Intangibles (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Components of Other Intangibles, Net | ' | ||||||||||
Other intangibles, net, as of September 30, 2013 and December 31, 2012 consist of the following: | |||||||||||
Estimated | September 30, | December 31, | |||||||||
Useful Life | 2013 | 2012 | |||||||||
(Years) | |||||||||||
Customer relationships | 20 | $ | 341,837 | $ | 328,382 | ||||||
Trademarks - All Others | Indefinite | 54,226 | 49,413 | ||||||||
Trademarks - TagWorks | 5 | 240 | 240 | ||||||||
Patents | 20-May | 20,250 | 20,250 | ||||||||
Quick Tag license | 6 | 11,500 | 11,500 | ||||||||
Laser Key license | 5 | 1,250 | 1,250 | ||||||||
KeyWorks license | 10 | 4,100 | 4,100 | ||||||||
Non-compete agreements | 10-May | 4,450 | 4,450 | ||||||||
Lease agreement | 0.5 | 240 | 240 | ||||||||
Intangible assets, gross | 438,093 | 419,825 | |||||||||
Less: Accumulated amortization | 69,716 | 53,181 | |||||||||
Other intangibles, net | $ | 368,377 | $ | 366,644 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Measurement of Assets and Liabilities at Fair Value on Recurring Basis | ' | ||||||||||||||||
The following tables set forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis during the periods ended September 30, 2013 and December 31, 2012, by level, within the fair value hierarchy: | |||||||||||||||||
As of September 30, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Trading securities | $ | 4,124 | $ | — | $ | — | $ | 4,124 | |||||||||
Interest rate caps | — | 107 | — | 107 | |||||||||||||
Foreign exchange forward contracts | — | (157 | ) | — | (157 | ) | |||||||||||
As of December 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Trading securities | $ | 4,245 | $ | — | $ | — | $ | 4,245 | |||||||||
Interest rate swap | — | (418 | ) | — | (418 | ) | |||||||||||
Foreign exchange forward contracts | — | (1,475 | ) | (1,475 | ) | ||||||||||||
Metal commodity swaps | — | (11 | ) | (11 | ) |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Revenues and Income from Operations for Reportable Segments | ' | ||||||||||||||||
The table below presents revenues and income from operations for our reportable segments for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||
Three Months | Three Months | Nine Months | Nine Months | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenues | |||||||||||||||||
United States excluding All Points | $ | 147,750 | $ | 137,215 | $ | 409,446 | $ | 393,564 | |||||||||
All Points | 6,057 | 5,992 | 16,591 | 15,616 | |||||||||||||
Canada | 36,776 | 3,271 | 97,161 | 9,568 | |||||||||||||
Mexico | 1,583 | 1,547 | 5,253 | 4,558 | |||||||||||||
Australia | 216 | 144 | 561 | 477 | |||||||||||||
Total revenues | $ | 192,382 | $ | 148,169 | $ | 529,012 | $ | 423,783 | |||||||||
Segment Income (Loss) from Operations | |||||||||||||||||
United States excluding All Points | $ | 19,047 | $ | 13,634 | $ | 41,199 | $ | 37,291 | |||||||||
All Points | 553 | 443 | 1,537 | 856 | |||||||||||||
Canada | 2,860 | (566 | ) | 5,277 | (999 | ) | |||||||||||
Mexico | 64 | 216 | 576 | 605 | |||||||||||||
Australia | (95 | ) | (146 | ) | (803 | ) | (396 | ) | |||||||||
Total income from operations | $ | 22,429 | $ | 13,581 | $ | 47,786 | $ | 37,357 | |||||||||
Assets by Segment | ' | ||||||||||||||||
Assets by segment as of September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Assets | |||||||||||||||||
United States excluding All Points | $ | 939,639 | $ | 1,133,824 | |||||||||||||
All Points | 10,398 | 7,298 | |||||||||||||||
Canada | 313,722 | 15,477 | |||||||||||||||
Mexico | 17,836 | 17,816 | |||||||||||||||
Australia | 1,661 | 1,378 | |||||||||||||||
Total Assets | $ | 1,283,256 | $ | 1,175,793 | |||||||||||||
Supplemental_Condensed_Consoli1
Supplemental Condensed Consolidating Guarantor and Non-Guarantor Financial Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ' | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Unaudited) | |||||||||||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Guarantors | Issuer | Guarantor | Non- | Consol- | Consolidated | ||||||||||||||||||||
The Hillman | The Hillman | Subsidiaries | Guarantor | idating | |||||||||||||||||||||
Companies, Inc. | Group, Inc. | Subsidiaries | Adjust- | ||||||||||||||||||||||
ments | |||||||||||||||||||||||||
Net sales | $ | — | $ | 144,589 | $ | 9,218 | $ | 38,575 | $ | — | $ | 192,382 | |||||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | — | 68,492 | 6,574 | 22,739 | — | 97,805 | |||||||||||||||||||
Selling, general and administrative expenses | 1,672 | 43,576 | 1,792 | 11,579 | — | 58,619 | |||||||||||||||||||
Acquisition and integration expenses | — | 639 | 11 | 712 | — | 1,362 | |||||||||||||||||||
Depreciation | — | 5,276 | 21 | 462 | — | 5,759 | |||||||||||||||||||
Amortization | 4,515 | 772 | — | 267 | — | 5,554 | |||||||||||||||||||
Intercompany administrative (income) expense | — | (88 | ) | — | 88 | — | — | ||||||||||||||||||
Management fees to related party | — | 63 | — | — | — | 63 | |||||||||||||||||||
Other (income) expense, net | (148 | ) | 987 | 53 | (101 | ) | — | 791 | |||||||||||||||||
Income (loss) from operations | (6,039 | ) | 24,872 | 767 | 2,829 | — | 22,429 | ||||||||||||||||||
Intercompany interest (income) expense | (3,058 | ) | 3,058 | — | — | — | — | ||||||||||||||||||
Interest expense, net | (49 | ) | 10,208 | — | 1,816 | — | 11,975 | ||||||||||||||||||
Interest expense on junior subordinated debentures | 3,152 | — | — | — | — | 3,152 | |||||||||||||||||||
Investment income on trust common securities | (95 | ) | — | — | — | — | (95 | ) | |||||||||||||||||
Income (loss) before equity in subsidiaries’ income | (5,989 | ) | 11,606 | 767 | 1,013 | — | 7,397 | ||||||||||||||||||
Equity in subsidiaries’ income (loss) | 14,679 | 3,073 | — | — | (17,752 | ) | — | ||||||||||||||||||
Income (loss) before income taxes | 8,690 | 14,679 | 767 | 1,013 | (17,752 | ) | 7,397 | ||||||||||||||||||
Income tax provision (benefit) | 6,942 | — | (2,240 | ) | 947 | — | 5,649 | ||||||||||||||||||
Net income (loss) | $ | 1,748 | $ | 14,679 | $ | 3,007 | $ | 66 | $ | (17,752 | ) | $ | 1,748 | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Foreign currency translation adjustments | — | 2,122 | — | (163 | ) | — | 1,959 | ||||||||||||||||||
Total comprehensive income (loss) | $ | 1,748 | $ | 16,801 | $ | 3,007 | $ | (97 | ) | $ | (17,752 | ) | $ | 3,707 | |||||||||||
Condensed Consolidating Statements of Comprehensive Income (Unaudited) | |||||||||||||||||||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Guarantors | Issuer | Guarantor | Non- | Consol- | Consolidated | ||||||||||||||||||||
The Hillman | The Hillman | Subsidiaries | Guarantor | idating | |||||||||||||||||||||
Companies, Inc. | Group, Inc. | Subsidiaries | Adjust- | ||||||||||||||||||||||
ments | |||||||||||||||||||||||||
Net sales | $ | — | $ | 137,215 | $ | 5,992 | $ | 4,962 | $ | — | $ | 148,169 | |||||||||||||
Cost of sales (exclusive of depreciation and amortization shown separately below) | — | 64,803 | 4,590 | 3,898 | — | 73,291 | |||||||||||||||||||
Selling, general and administrative expenses | 137 | 47,872 | 949 | 1,854 | — | 50,812 | |||||||||||||||||||
Acquisition and integration expenses | — | 343 | — | — | — | 343 | |||||||||||||||||||
Depreciation | — | 4,905 | 20 | 20 | — | 4,945 | |||||||||||||||||||
Amortization | 4,515 | 853 | — | 98 | — | 5,466 | |||||||||||||||||||
Intercompany administrative (income) expense | — | (87 | ) | — | 87 | — | — | ||||||||||||||||||
Management and transaction fees to related party | — | 122 | — | — | — | 122 | |||||||||||||||||||
Other (income) expense, net | (166 | ) | 284 | (10 | ) | (499 | ) | — | (391 | ) | |||||||||||||||
Income (loss) from operations | (4,486 | ) | 18,120 | 443 | (496 | ) | — | 13,581 | |||||||||||||||||
Intercompany interest (income) expense | (3,058 | ) | 3,058 | — | — | — | — | ||||||||||||||||||
Interest expense, net | (43 | ) | 10,305 | — | 4 | — | 10,266 | ||||||||||||||||||
Interest expense on junior subordinated debentures | 3,152 | — | — | — | — | 3,152 | |||||||||||||||||||
Investment income on trust common securities | (95 | ) | — | — | — | — | (95 | ) | |||||||||||||||||
Income (loss) before equity in subsidiaries’ income | (4,442 | ) | 4,757 | 443 | (500 | ) | — | 258 | |||||||||||||||||
Equity in subsidiaries’ income (loss) | 4,196 | (172 | ) | — | — | (4,024 | ) | — | |||||||||||||||||
Income (loss) before income taxes | (246 | ) | 4,585 | 443 | (500 | ) | (4,024 | ) | 258 | ||||||||||||||||
Income tax provision (benefit) | (1,353 | ) | 389 | 195 | (80 | ) | — | (849 | ) | ||||||||||||||||
Net income (loss) | $ | 1,107 | $ | 4,196 | $ | 248 | $ | (420 | ) | $ | (4,024 | ) | $ | 1,107 | |||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | 697 | — | 697 | |||||||||||||||||||
Total comprehensive income (loss) | $ | 1,107 | $ | 4,196 | $ | 248 | $ | 277 | $ | (4,024 | ) | $ | 1,804 | ||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Unaudited) | |||||||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Guarantors | Issuer | Guarantor | Non- | Consol- | Consolidated | ||||||||||||||||||||
The Hillman | The Hillman | Subsidiaries | Guarantor | idating | |||||||||||||||||||||
Companies, Inc. | Group, Inc. | Subsidiaries | Adjust- | ||||||||||||||||||||||
ments | |||||||||||||||||||||||||
Net sales | $ | — | $ | 401,351 | $ | 24,686 | $ | 102,975 | $ | — | $ | 529,012 | |||||||||||||
Cost of sales (exclusive of depreciation and amortization shown separately below) | — | 191,012 | 17,719 | 63,058 | — | 271,789 | |||||||||||||||||||
Selling, general and administrative expenses | 6,582 | 125,874 | 4,816 | 29,499 | — | 166,771 | |||||||||||||||||||
Acquisition and integration expenses | — | 2,936 | 62 | 2,546 | — | 5,544 | |||||||||||||||||||
Depreciation | — | 16,409 | 56 | 1,109 | — | 17,574 | |||||||||||||||||||
Amortization | 13,544 | 2,315 | — | 700 | — | 16,559 | |||||||||||||||||||
Intercompany administrative (income) expense | — | (261 | ) | — | 261 | — | — | ||||||||||||||||||
Management and transaction fees to related party | — | 63 | — | — | — | 63 | |||||||||||||||||||
Other (income) expense, net | (217 | ) | 2,434 | (43 | ) | 752 | — | 2,926 | |||||||||||||||||
Income (loss) from operations | (19,909 | ) | 60,569 | 2,076 | 5,050 | — | 47,786 | ||||||||||||||||||
Intercompany interest (income) expense | (9,174 | ) | 9,178 | — | (4 | ) | — | — | |||||||||||||||||
Interest expense, net | (141 | ) | 31,638 | — | 4,533 | — | 36,030 | ||||||||||||||||||
Interest expense on junior subordinated debentures | 9,457 | — | — | — | — | 9,457 | |||||||||||||||||||
Investment income on trust common securities | (284 | ) | — | — | — | — | (284 | ) | |||||||||||||||||
Income (loss) before equity in subsidiaries’ income | (19,767 | ) | 19,753 | 2,076 | 521 | — | 2,583 | ||||||||||||||||||
Equity in subsidiaries’ income (loss) | 22,229 | 2,476 | — | — | (24,705 | ) | — | ||||||||||||||||||
Income (loss) before income taxes | 2,462 | 22,229 | 2,076 | 521 | (24,705 | ) | 2,583 | ||||||||||||||||||
Income tax provision (benefit) | 636 | — | (1,300 | ) | 1,421 | — | 757 | ||||||||||||||||||
Net income (loss) | $ | 1,826 | $ | 22,229 | $ | 3,376 | $ | (900 | ) | $ | (24,705 | ) | $ | 1,826 | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Foreign currency translation adjustments | — | (2,100 | ) | — | (154 | ) | — | (2,254 | ) | ||||||||||||||||
Total comprehensive income (loss) | $ | 1,826 | $ | 20,129 | $ | 3,376 | $ | (1,054 | ) | $ | (24,705 | ) | $ | (428 | ) | ||||||||||
Condensed Consolidating Statements of Comprehensive Income (Unaudited) | |||||||||||||||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Guarantors | Issuer | Guarantor | Non- | Consol- | Consolidated | ||||||||||||||||||||
The Hillman | The Hillman | Subsidiaries | Guarantor | idating | |||||||||||||||||||||
Companies, Inc. | Group, Inc. | Subsidiaries | Adjust- | ||||||||||||||||||||||
ments | |||||||||||||||||||||||||
Net sales | $ | — | $ | 393,564 | $ | 15,616 | $ | 14,603 | $ | — | $ | 423,783 | |||||||||||||
Cost of sales (exclusive of depreciation and amortization shown separately below) | — | 188,113 | 11,946 | 9,771 | — | 209,830 | |||||||||||||||||||
Selling, general and administrative expenses | 305 | 134,372 | 2,755 | 5,474 | — | 142,906 | |||||||||||||||||||
Acquisition and integration expenses | — | 807 | — | — | — | 807 | |||||||||||||||||||
Depreciation | — | 16,321 | 70 | 61 | — | 16,452 | |||||||||||||||||||
Amortization | 13,544 | 2,526 | — | 296 | — | 16,366 | |||||||||||||||||||
Intercompany administrative (income) expense | — | (260 | ) | — | 260 | — | — | ||||||||||||||||||
Management and transaction fees to related party | — | 122 | — | — | — | 122 | |||||||||||||||||||
Other (income) expense, net | (334 | ) | 757 | (11 | ) | (469 | ) | — | (57 | ) | |||||||||||||||
Income (loss) from operations | (13,515 | ) | 50,806 | 856 | (790 | ) | — | 37,357 | |||||||||||||||||
Intercompany interest (income) expense | (9,174 | ) | 9,174 | — | — | — | — | ||||||||||||||||||
Interest expense, net | (235 | ) | 30,824 | — | 4 | — | 30,593 | ||||||||||||||||||
Interest expense on junior subordinated debentures | 9,457 | — | — | — | — | 9,457 | |||||||||||||||||||
Investment income on trust common securities | (284 | ) | — | — | — | — | (284 | ) | |||||||||||||||||
Income (loss) before equity in subsidiaries’ income | (13,279 | ) | 10,808 | 856 | (794 | ) | — | (2,409 | ) | ||||||||||||||||
Equity in subsidiaries’ income (loss) | 9,381 | (232 | ) | — | — | (9,149 | ) | — | |||||||||||||||||
Income (loss) before income taxes | (3,898 | ) | 10,576 | 856 | (794 | ) | (9,149 | ) | (2,409 | ) | |||||||||||||||
Income tax provision (benefit) | (3,474 | ) | 1,195 | 393 | (99 | ) | — | (1,985 | ) | ||||||||||||||||
Net income (loss) | $ | (424 | ) | $ | 9,381 | $ | 463 | $ | (695 | ) | $ | (9,149 | ) | $ | (424 | ) | |||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | 1,186 | — | 1,186 | |||||||||||||||||||
Total comprehensive income (loss) | $ | (424 | ) | $ | 9,381 | $ | 463 | $ | 491 | $ | (9,149 | ) | $ | 762 | |||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet (Unaudited) | |||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Guarantors | Issuer | Guarantor | Non- | Consol- | Consolidated | ||||||||||||||||||||
The Hillman | The Hillman | Subsidiaries | Guarantor | idating | |||||||||||||||||||||
Companies, Inc. | Group, Inc. | Subsidiaries | Adjust- | ||||||||||||||||||||||
ments | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | 16,399 | $ | 1,418 | $ | 8,553 | $ | — | $ | 26,371 | |||||||||||||
Restricted investments | 2,889 | — | — | — | — | 2,889 | |||||||||||||||||||
Accounts receivable, net | — | 87,925 | 932 | 17,149 | — | 106,006 | |||||||||||||||||||
Inventories | — | 107,379 | 9,100 | 63,522 | (354 | ) | 179,647 | ||||||||||||||||||
Deferred income taxes | 9,309 | — | 1,196 | 1,325 | (847 | ) | 10,983 | ||||||||||||||||||
Other current assets | — | 7,817 | 188 | 2,447 | — | 10,452 | |||||||||||||||||||
Total current assets | 12,199 | 219,520 | 12,834 | 92,996 | (1,201 | ) | 336,348 | ||||||||||||||||||
Intercompany notes receivable | 105,446 | 101,942 | — | (101,942 | ) | (105,446 | ) | — | |||||||||||||||||
Intercompany interest receivable | 9,174 | 4,526 | — | — | (13,700 | ) | — | ||||||||||||||||||
Investments in subsidiaries | (652,522 | ) | 28,123 | 507 | 271,803 | 352,089 | — | ||||||||||||||||||
Property and equipment, net | — | 78,325 | 382 | 14,132 | — | 92,839 | |||||||||||||||||||
Goodwill | 418,947 | 24,512 | 3,090 | 21,100 | 280 | 467,929 | |||||||||||||||||||
Other intangibles, net | 298,288 | 43,731 | 250 | 26,108 | — | 368,377 | |||||||||||||||||||
Restricted investments | 1,235 | — | — | — | — | 1,235 | |||||||||||||||||||
Deferred income taxes | 24,325 | — | 668 | (383 | ) | (24,610 | ) | — | |||||||||||||||||
Deferred financing fees | — | 10,563 | — | — | — | 10,563 | |||||||||||||||||||
Investment in trust common securities | 3,261 | — | — | — | — | 3,261 | |||||||||||||||||||
Other assets | — | 2,281 | 25 | 398 | — | 2,704 | |||||||||||||||||||
Total assets | $ | 220,353 | $ | 513,523 | $ | 17,756 | $ | 324,212 | $ | 207,412 | $ | 1,283,256 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Accounts payable | $ | — | $ | 31,117 | $ | 1,544 | $ | 15,756 | $ | — | $ | 48,417 | |||||||||||||
Current portion of senior term loans | — | 3,968 | — | — | — | 3,968 | |||||||||||||||||||
Current portion of capitalized lease and other obligations | — | 183 | — | — | — | 183 | |||||||||||||||||||
Interest payable on junior subordinated debentures | 1,019 | — | — | — | — | 1,019 | |||||||||||||||||||
Intercompany interest payable | — | 9,174 | — | 4,526 | (13,700 | ) | — | ||||||||||||||||||
Accrued expenses: | |||||||||||||||||||||||||
Salaries and wages | — | 6,215 | 163 | 1,863 | — | 8,241 | |||||||||||||||||||
Pricing allowances | — | 3,471 | 3 | 2,705 | — | 6,179 | |||||||||||||||||||
Income and other taxes | (476 | ) | 2,782 | (569 | ) | 1,617 | — | 3,354 | |||||||||||||||||
Interest | — | 9,805 | — | — | — | 9,805 | |||||||||||||||||||
Deferred compensation | 2,889 | — | — | — | — | 2,889 | |||||||||||||||||||
Other accrued expenses | — | 6,588 | 198 | 2,255 | — | 9,041 | |||||||||||||||||||
Total current liabilities | 3,432 | 73,303 | 1,339 | 28,722 | (13,700 | ) | 93,096 | ||||||||||||||||||
Intercompany debt payable | — | 105,446 | — | — | (105,446 | ) | — | ||||||||||||||||||
Long term senior term loans | — | 379,404 | — | — | — | 379,404 | |||||||||||||||||||
Long term portion of capitalized leases | — | 339 | — | — | — | 339 | |||||||||||||||||||
Long term senior notes | — | 272,056 | — | — | — | 272,056 | |||||||||||||||||||
Junior subordinated debentures | 114,991 | — | — | — | — | 114,991 | |||||||||||||||||||
Deferred compensation | 1,235 | — | — | — | — | 1,235 | |||||||||||||||||||
Deferred income taxes, net | 139,986 | — | 207 | 9,597 | (25,457 | ) | 124,333 | ||||||||||||||||||
Other non-current liabilities | 7,079 | 5,632 | — | — | — | 12,711 | |||||||||||||||||||
Total liabilities | 266,723 | 836,180 | 1,546 | 38,319 | (144,603 | ) | 998,165 | ||||||||||||||||||
Common stock with put options: | |||||||||||||||||||||||||
Common stock, $.01 par, 5,000 shares authorized, 210.5 issued and outstanding at September 30, 2013 | 20,686 | — | — | — | — | 20,686 | |||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||
Stockholders’ Equity: | |||||||||||||||||||||||||
Preferred Stock: | |||||||||||||||||||||||||
Preferred stock, $.01 par, 5,000 shares authorized, none issued and outstanding at September 30, 2013 | — | — | — | — | — | — | |||||||||||||||||||
Common Stock: | |||||||||||||||||||||||||
Common stock, $.01 par, 5,000 shares authorized, 4,789.5 issued and outstanding at September 30, 2013 | — | — | 50 | — | (50 | ) | — | ||||||||||||||||||
Additional paid-in capital | 112,508 | (130,734 | ) | 11,711 | 293,717 | 1,811 | 289,013 | ||||||||||||||||||
Accumulated deficit | (179,564 | ) | (189,823 | ) | 4,449 | (3,358 | ) | 345,071 | (23,225 | ) | |||||||||||||||
Accumulated other comprehensive (loss) income | — | (2,100 | ) | — | (4,466 | ) | 5,183 | (1,383 | ) | ||||||||||||||||
Total stockholders’ equity | (67,056 | ) | (322,657 | ) | 16,210 | 285,893 | 352,015 | 264,405 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 220,353 | $ | 513,523 | $ | 17,756 | $ | 324,212 | $ | 207,412 | $ | 1,283,256 | |||||||||||||
Condensed Consolidating Balance Sheet (Unaudited) | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Guarantors | Issuer | Guarantor | Non- | Consol- | Consolidated | ||||||||||||||||||||
The Hillman | The Hillman | Subsidiaries | Guarantor | idating | |||||||||||||||||||||
Companies, Inc. | Group, Inc. | Subsidiaries | Adjust- | ||||||||||||||||||||||
ments | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | 62,917 | $ | 429 | $ | 2,201 | $ | — | $ | 65,548 | |||||||||||||
Restricted investments | 846 | — | — | — | — | 846 | |||||||||||||||||||
Accounts receivable, net | — | 65,916 | 6,473 | (10,045 | ) | — | 62,344 | ||||||||||||||||||
Inventories | — | 105,028 | 4,678 | 4,404 | (272 | ) | 113,838 | ||||||||||||||||||
Deferred income taxes | 10,359 | — | 610 | 221 | (726 | ) | 10,464 | ||||||||||||||||||
Other current assets | — | 6,526 | 145 | 1,835 | — | 8,506 | |||||||||||||||||||
Total current assets | 11,206 | 240,387 | 12,335 | (1,384 | ) | (998 | ) | 261,546 | |||||||||||||||||
Intercompany notes receivable | 105,446 | — | — | — | (105,446 | ) | — | ||||||||||||||||||
Investments in subsidiaries | (637,376 | ) | 27,204 | — | — | 610,172 | — | ||||||||||||||||||
Property and equipment, net | — | 67,902 | 191 | 399 | — | 68,492 | |||||||||||||||||||
Goodwill | 418,946 | 24,512 | 58 | 11,542 | 280 | 455,338 | |||||||||||||||||||
Other intangibles, net | 311,832 | 46,047 | 250 | 8,515 | — | 366,644 | |||||||||||||||||||
Restricted investments | 3,399 | — | — | — | — | 3,399 | |||||||||||||||||||
Deferred income taxes | 29,492 | — | (411 | ) | 977 | (30,058 | ) | — | |||||||||||||||||
Deferred financing fees | — | 12,858 | — | — | — | 12,858 | |||||||||||||||||||
Investment in trust common securities | 3,261 | — | — | — | — | 3,261 | |||||||||||||||||||
Other assets | — | 3,521 | 25 | 709 | — | 4,255 | |||||||||||||||||||
Total assets | $ | 246,206 | $ | 422,431 | $ | 12,448 | $ | 20,758 | $ | 473,950 | $ | 1,175,793 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Accounts payable | $ | — | $ | 31,873 | $ | 517 | $ | 181 | $ | — | $ | 32,571 | |||||||||||||
Current portion of senior term loans | — | 3,200 | — | — | — | 3,200 | |||||||||||||||||||
Current portion of capitalized lease and other obligations | — | 819 | — | — | — | 819 | |||||||||||||||||||
Additional acquisition consideration | — | — | — | — | — | — | |||||||||||||||||||
Accrued expenses: | |||||||||||||||||||||||||
Salaries and wages | — | 8,930 | 217 | 204 | — | 9,351 | |||||||||||||||||||
Pricing allowances | — | 3,457 | 3 | 597 | — | 4,057 | |||||||||||||||||||
Income and other taxes | (625 | ) | 2,447 | 25 | 645 | — | 2,492 | ||||||||||||||||||
Interest | — | 2,868 | — | — | — | 2,868 | |||||||||||||||||||
Deferred compensation | 846 | — | — | — | — | 846 | |||||||||||||||||||
Other accrued expenses | — | 9,822 | 40 | 1,535 | — | 11,397 | |||||||||||||||||||
Total current liabilities | 221 | 63,416 | 802 | 3,162 | — | 67,601 | |||||||||||||||||||
Intercompany debt payable | — | 105,446 | — | — | (105,446 | ) | — | ||||||||||||||||||
Long term senior term loans | — | 307,727 | — | — | — | 307,727 | |||||||||||||||||||
Long term portion of capitalized lease and other obligations | — | 245 | — | — | — | 245 | |||||||||||||||||||
Long term senior notes | — | 272,942 | — | — | — | 272,942 | |||||||||||||||||||
Junior subordinated debentures | 115,132 | — | — | — | — | 115,132 | |||||||||||||||||||
Deferred compensation | 3,399 | — | — | — | — | 3,399 | |||||||||||||||||||
Deferred income taxes, net | 146,042 | — | 219 | 2,472 | (30,784 | ) | 117,949 | ||||||||||||||||||
Other non-current liabilities | 714 | 5,473 | — | — | — | 6,187 | |||||||||||||||||||
Total liabilities | 265,508 | 755,249 | 1,021 | 5,634 | (136,230 | ) | 891,182 | ||||||||||||||||||
Common stock with put options: | |||||||||||||||||||||||||
Common stock, $.01 par, 5,000 shares authorized, 198.3 issued and outstanding at December 31, 2012 | 14,116 | — | — | — | — | 14,116 | |||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||
Stockholders’ Equity: | |||||||||||||||||||||||||
Preferred Stock: | |||||||||||||||||||||||||
Preferred stock, $.01 par, 5,000 shares authorized, none issued and outstanding at December 31, 2012 | — | — | — | — | — | — | |||||||||||||||||||
Common Stock: | |||||||||||||||||||||||||
Common stock, $.01 par, 5,000 shares authorized, 4,801.7 issued and outstanding at December 31, 2012 | — | — | 50 | — | (50 | ) | — | ||||||||||||||||||
Additional paid-in capital | 117,261 | (131,642 | ) | 10,304 | 17,192 | 281,560 | 294,675 | ||||||||||||||||||
Accumulated deficit | (150,679 | ) | (201,176 | ) | 1,073 | (2,458 | ) | 328,189 | (25,051 | ) | |||||||||||||||
Accumulated other comprehensive income | — | — | — | 390 | 481 | 871 | |||||||||||||||||||
Total stockholders’ equity | (33,418 | ) | (332,818 | ) | 11,427 | 15,124 | 610,180 | 270,495 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 246,206 | $ | 422,431 | $ | 12,448 | $ | 20,758 | $ | 473,950 | $ | 1,175,793 | |||||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows (Unaudited) | |||||||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Guarantors | Issuer | Guarantor | Non- | Consol- | Consolidated | ||||||||||||||||||||
The Hillman | The Hillman | Subsidiaries | Guarantor | idating | |||||||||||||||||||||
Companies, Inc. | Group, Inc. | Subsidiaries | Adjust- | ||||||||||||||||||||||
ments | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net income (loss) | $ | (20,403 | ) | $ | 19,753 | $ | 3,376 | $ | (900 | ) | $ | — | $ | 1,826 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | 13,544 | 18,724 | 56 | 1,809 | — | 34,133 | |||||||||||||||||||
Dispositions of property and equipment | — | 76 | 13 | 12 | — | 101 | |||||||||||||||||||
Deferred income tax provision (benefit) | 161 | — | (1,677 | ) | 1,910 | — | 394 | ||||||||||||||||||
Deferred financing and original issue discount amortization | (141 | ) | 1,995 | — | — | — | 1,854 | ||||||||||||||||||
Stock-based compensation expense | 6,365 | — | — | — | — | 6,365 | |||||||||||||||||||
Other non-cash interest expense | — | (391 | ) | — | — | — | (391 | ) | |||||||||||||||||
Changes in operating items: | |||||||||||||||||||||||||
Accounts receivable | — | (18,307 | ) | (3,067 | ) | (5,029 | ) | — | (26,403 | ) | |||||||||||||||
Inventories | — | (2,269 | ) | (4,422 | ) | (4,067 | ) | — | (10,758 | ) | |||||||||||||||
Other assets | — | (3,753 | ) | 8,565 | (2,551 | ) | — | 2,261 | |||||||||||||||||
Accounts payable | — | (756 | ) | 1,027 | 2,771 | — | 3,042 | ||||||||||||||||||
Interest payable on junior subordinated debentures | 1,019 | — | — | — | — | 1,019 | |||||||||||||||||||
Other accrued liabilities | 149 | 10,928 | (490 | ) | 9,985 | (13,700 | ) | 6,872 | |||||||||||||||||
Other items, net | (678 | ) | (13,384 | ) | (2,286 | ) | 2,570 | 13,684 | (94 | ) | |||||||||||||||
Net cash provided by (used for) operating activities | 16 | 12,616 | 1,095 | 6,510 | (16 | ) | 20,221 | ||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Paulin acquisition | — | (103,416 | ) | — | — | — | (103,416 | ) | |||||||||||||||||
Capital expenditures | — | (26,826 | ) | (106 | ) | (158 | ) | — | (27,090 | ) | |||||||||||||||
Other, net | (16 | ) | — | — | — | 16 | — | ||||||||||||||||||
Net cash provided by (used for) investing activities | (16 | ) | (130,242 | ) | (106 | ) | (158 | ) | 16 | (130,506 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Borrowings of senior term loans | — | 76,800 | — | — | — | 76,800 | |||||||||||||||||||
Repayments of senior term loans | — | (2,784 | ) | — | — | — | (2,784 | ) | |||||||||||||||||
Discount on senior term loans | — | (2,152 | ) | — | — | — | (2,152 | ) | |||||||||||||||||
Principal payments under capitalized lease obligations | — | (73 | ) | — | — | — | (73 | ) | |||||||||||||||||
Repayment of other credit obligations | — | (683 | ) | — | — | — | (683 | ) | |||||||||||||||||
Net cash provided by financing activities | — | 71,108 | — | — | — | 71,108 | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (46,518 | ) | 989 | 6,352 | — | (39,177 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | 1 | 62,917 | 429 | 2,201 | — | 65,548 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 1 | $ | 16,399 | $ | 1,418 | $ | 8,553 | $ | — | $ | 26,371 | |||||||||||||
Condensed Consolidating Statement of Cash Flows (Unaudited) | |||||||||||||||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Guarantors | Issuer | Guarantor | Non- | Consol- | Consolidated | ||||||||||||||||||||
The Hillman | The Hillman | Subsidiaries | Guarantor | idating | |||||||||||||||||||||
Companies, Inc. | Group, Inc. | Subsidiaries | Adjust- | ||||||||||||||||||||||
ments | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net income (loss) | $ | (9,805 | ) | $ | 9,615 | $ | 463 | $ | (695 | ) | $ | (2 | ) | $ | (424 | ) | |||||||||
Adjustments to reconcile net income (loss) to net cash (used for) provided by operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | 13,544 | 18,847 | 70 | 357 | — | 32,818 | |||||||||||||||||||
Dispositions of property and equipment | — | 270 | 4 | — | — | 274 | |||||||||||||||||||
Deferred income tax provision (benefit) | (2,790 | ) | (72 | ) | 346 | (89 | ) | — | (2,605 | ) | |||||||||||||||
Deferred financing and original issue discount amortization | (235 | ) | 1,851 | — | — | — | 1,616 | ||||||||||||||||||
Other non-cash interest and change in value of interest rate swap | — | (578 | ) | — | — | — | (578 | ) | |||||||||||||||||
Changes in operating items: | |||||||||||||||||||||||||
Accounts receivable | — | (11,712 | ) | (905 | ) | (783 | ) | — | (13,400 | ) | |||||||||||||||
Inventories | — | (14,531 | ) | 523 | (1,321 | ) | 2 | (15,327 | ) | ||||||||||||||||
Other assets | — | (4,791 | ) | 46 | 2,490 | — | (2,255 | ) | |||||||||||||||||
Accounts payable | — | 2,596 | (104 | ) | (323 | ) | — | 2,169 | |||||||||||||||||
Interest payable on junior subordinated debentures | 1,019 | — | — | — | — | 1,019 | |||||||||||||||||||
Other accrued liabilities | 194 | 20,099 | 102 | 295 | (9,175 | ) | 11,515 | ||||||||||||||||||
Other items, net | (1,927 | ) | (8,673 | ) | 18 | (153 | ) | 9,175 | (1,560 | ) | |||||||||||||||
Net cash provided by (used for) operating activities | — | 12,921 | 563 | (222 | ) | — | 13,262 | ||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Proceeds from sale of property and equipment | — | — | 3 | — | — | 3 | |||||||||||||||||||
Capital expenditures | — | (17,063 | ) | (124 | ) | (138 | ) | — | (17,325 | ) | |||||||||||||||
Net cash used for investing activities | — | (17,063 | ) | (121 | ) | (138 | ) | — | (17,322 | ) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Repayments of senior term loans | — | (2,400 | ) | — | — | — | (2,400 | ) | |||||||||||||||||
Borrowings of revolving credit loans | — | 19,000 | — | — | — | 19,000 | |||||||||||||||||||
Repayments of revolving credit loans | — | (7,000 | ) | — | — | — | (7,000 | ) | |||||||||||||||||
Payments of additional acquisition consideration | — | (12,387 | ) | — | — | — | (12,387 | ) | |||||||||||||||||
Principal payments under capitalized lease obligations | — | (30 | ) | — | — | — | (30 | ) | |||||||||||||||||
Net cash used for financing activities | — | (2,817 | ) | — | — | — | (2,817 | ) | |||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (6,959 | ) | 442 | (360 | ) | — | (6,877 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | 1 | 8,852 | 547 | 2,627 | — | 12,027 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 1 | $ | 1,893 | $ | 989 | $ | 2,267 | $ | — | $ | 5,150 | |||||||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Business Combinations [Abstract] | ' |
Number of business segments | 5 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' |
Allowance for doubtful accounts | $747 | ' | $747 | ' | $1,105 |
Accumulated depreciation | 56,644 | ' | 56,644 | ' | 44,089 |
Shipping and handling costs | $6,819 | $6,014 | $19,575 | $17,512 | ' |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (Paulin [Member], USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Feb. 19, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Facility | |||
Paulin [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Aggregate purchase price cash paid | $103,416 | ' | ' |
Revenues | ' | ' | $145,700 |
Number of manufacturing facilities | ' | 4 | ' |
Acquisitions_Reconciliation_of
Acquisitions - Reconciliation of Estimated Fair Value of Acquired Assets and Assumed Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 19, 2013 |
In Thousands, unless otherwise specified | Paulin [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' |
Accounts receivable | ' | ' | $17,259 |
Inventory | ' | ' | 55,051 |
Other current assets | ' | ' | 2,656 |
Property and equipment | ' | ' | 14,937 |
Goodwill | 467,929 | 455,338 | 13,041 |
Intangibles | ' | ' | 18,814 |
Total assets acquired | ' | ' | 121,758 |
Deferred income taxes | ' | ' | 5,832 |
Liabilities assumed | ' | ' | 12,510 |
Total purchase price | ' | ' | $103,416 |
Acquisitions_Summary_of_ProFor
Acquisitions - Summary of Pro-Forma Financial Statements of Company (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' | ' |
Net Sales | $192,382 | $183,264 | $544,942 | $537,226 |
Net Income | $1,748 | $420 | $1,361 | $517 |
Other_Intangibles_Components_o
Other Intangibles - Components of Other Intangibles, Net (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Product Rights [Line Items] | ' | ' |
Intangible assets, gross | $438,093 | $419,825 |
Less: Accumulated amortization | 69,716 | 53,181 |
Other intangibles, net | 368,377 | 366,644 |
Customer Relationships [Member] | ' | ' |
Product Rights [Line Items] | ' | ' |
Estimated Useful Life | '20 years | ' |
Intangible assets, gross | 341,837 | 328,382 |
Trademarks - All Others [Member] | ' | ' |
Product Rights [Line Items] | ' | ' |
Estimated Useful Life | 'Indefinite | ' |
Intangible assets, gross | 54,226 | 49,413 |
Trademarks - TagWorks [Member] | ' | ' |
Product Rights [Line Items] | ' | ' |
Estimated Useful Life | '5 years | ' |
Intangible assets, gross | 240 | 240 |
Patents [Member] | ' | ' |
Product Rights [Line Items] | ' | ' |
Intangible assets, gross | 20,250 | 20,250 |
Patents [Member] | Minimum [Member] | ' | ' |
Product Rights [Line Items] | ' | ' |
Estimated Useful Life | '5 years | ' |
Patents [Member] | Maximum [Member] | ' | ' |
Product Rights [Line Items] | ' | ' |
Estimated Useful Life | '20 years | ' |
Quick Tag license [Member] | ' | ' |
Product Rights [Line Items] | ' | ' |
Estimated Useful Life | '6 years | ' |
Intangible assets, gross | 11,500 | 11,500 |
Laser Key License [Member] | ' | ' |
Product Rights [Line Items] | ' | ' |
Estimated Useful Life | '5 years | ' |
Intangible assets, gross | 1,250 | 1,250 |
KeyWorks license [Member] | ' | ' |
Product Rights [Line Items] | ' | ' |
Estimated Useful Life | '10 years | ' |
Intangible assets, gross | 4,100 | 4,100 |
Non-Compete Agreements [Member] | ' | ' |
Product Rights [Line Items] | ' | ' |
Intangible assets, gross | 4,450 | 4,450 |
Non-Compete Agreements [Member] | Minimum [Member] | ' | ' |
Product Rights [Line Items] | ' | ' |
Estimated Useful Life | '5 years | ' |
Non-Compete Agreements [Member] | Maximum [Member] | ' | ' |
Product Rights [Line Items] | ' | ' |
Estimated Useful Life | '10 years | ' |
Lease Agreement [Member] | ' | ' |
Product Rights [Line Items] | ' | ' |
Estimated Useful Life | '6 months | ' |
Intangible assets, gross | $240 | $240 |
Other_Intangibles_Additional_I
Other Intangibles - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization expense | $5,554 | $5,466 | $16,559 | $16,366 |
Estimated amortization expense for current year | 22,104 | ' | 22,104 | ' |
2014 | 22,217 | ' | 22,217 | ' |
2015 | 21,556 | ' | 21,556 | ' |
2016 | 19,625 | ' | 19,625 | ' |
2017 | 18,771 | ' | 18,771 | ' |
2018 | $18,771 | ' | $18,771 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Loss Contingencies [Line Items] | ' |
Losses up to per occurrence related to product liability, automotive, workers' compensation and general liability | $250 |
Liability recorded for such risk insurance reserves | 1,514 |
Aggregate vendors and insurers letters of credit related to product purchases and insurance coverage of product liability, workers' compensation and general liability | 3,481 |
Group health claims up to annual stop loss limit per participant | 200 |
Annual group health insurance claims in excess of expected claims | 125.00% |
Liability recorded for such group health insurance reserves | 2,128 |
Maximum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Occurrences in excess for purchased catastrophic coverage | 40,000 |
Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Occurrences in excess for purchased catastrophic coverage | $250 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Rental Expense And Deferred Rent [Line Items] | ' | ' | ' | ' |
Rental expense for the lease | $82 | $82 | $247 | $247 |
Paulin [Member] | ' | ' | ' | ' |
Rental Expense And Deferred Rent [Line Items] | ' | ' | ' | ' |
Rental expense for the lease | $205 | ' | $479 | ' |
Number of leases | ' | ' | 3 | ' |
Number of properties leased | ' | ' | 5 | ' |
Lease agreement date | 19-Feb-13 | ' | 19-Feb-13 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective income tax rates | 76.40% | -329.10% | 29.30% | 82.40% |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Mar. 31, 2011 | Sep. 30, 2013 | Nov. 07, 2012 | Feb. 14, 2013 | Feb. 14, 2013 | Feb. 14, 2013 | Feb. 14, 2013 | Feb. 14, 2013 | Feb. 14, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Mar. 16, 2011 | 28-May-10 |
Euro Dollar Margin [Member] | Euro Dollar Loans [Member] | Base Rate Margin [Member] | Base Rate Loans [Member] | Eurodollar [Member] | Base Rate [Member] | 10.875% Senior Notes [Member] | 10.875% Senior Notes [Member] | 10.875% Senior Notes [Member] | 10.875% Senior Notes [Member] | 10.875% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in aggregate term loan | ' | ' | ' | $76,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | 420,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis point reduction on term loan pricing | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.50% | ' | ' | ' | ' | ' |
Additional reduction of basis point on term loan pricing | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.25% | ' | ' | ' | ' | ' |
Amended maturity date of Senior Facilities | ' | ' | 28-May-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Margin Percentage | ' | ' | ' | ' | 3.00% | 1.25% | 2.00% | 2.25% | ' | ' | ' | ' | ' | ' | ' |
Interest rate on senior note | ' | ' | 4.25% | ' | ' | ' | ' | ' | ' | ' | 10.88% | ' | 10.88% | 10.88% | ' |
Principal amount of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,000 | ' | 50,000 | 150,000 |
Premium on senior notes | $4,225 | $4,625 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common_and_Preferred_Stock_Add
Common and Preferred Stock - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Class of Stock [Line Items] | ' | ' |
Common stock, shares authorized | 5,000 | 5,000 |
Common stock, shares issued | 4,790 | 4,802 |
Preferred stock, shares authorized | 5,000 | 5,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Put Options [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common stock held by management | 210.5 | 198.3 |
Fair value adjusted to common stock | 20,686 | 14,116 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | 28-May-10 |
Employee Stock Option [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Stock option liability | 6,947 | ' | ' | ' | ' |
Stock Option Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Common stock granted maximum | ' | ' | ' | ' | 47,489 |
Common stock granted | 6,800 | 7,375 | 1,030 | 32,284 | ' |
Common stock cancelled | 3,761 | ' | ' | ' | ' |
Common stock exercised | 8 | ' | ' | ' | ' |
Derivatives_and_Hedging_Additi
Derivatives and Hedging - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2012 | Dec. 18, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 24, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | 20-May-13 | Sep. 30, 2013 | 20-May-13 | Sep. 30, 2013 | Apr. 20, 2012 | Sep. 30, 2013 | 30-May-12 | Sep. 30, 2013 | 30-May-12 | Sep. 30, 2013 | |
USD ($) | USD ($) | 2012 FX Contract [Member] | 2012 FX Contract [Member] | 3Q 2013 FX Contracts [Member] | 3Q 2013 FX Contracts [Member] | 3Q 2013 FX Contracts [Member] | 2010 Swap [Member] | 2010 Swap [Member] | 2010 Swap [Member] | 2013 Rate Cap No. 1 [Member] | 2013 Rate Cap No. 1 [Member] | 2013 Rate Cap No. 2 [Member] | 2013 Rate Cap No. 2 [Member] | 2012 Metal Swap No. 1 [Member] | 2012 Metal Swap No. 1 [Member] | 2012 Metal Swap No. 2 [Member] | 2012 Metal Swap No. 2 [Member] | 2012 Metal Swap No. 3 [Member] | 2012 Metal Swap No. 3 [Member] | |
CAD | CAD | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||
Contract | Mg | Mg | Mg | |||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of derivative instrument | ' | ' | '6 months | ' | ' | ' | ' | '2 years | ' | ' | '2 years | ' | '2 years | ' | '8 months | ' | '7 months | ' | '10 months | ' |
Notional amount of derivative instrument | ' | ' | 105,000,000 | ' | 12,500,000 | ' | ' | $115,000,000 | ' | ' | $150,000,000 | ' | $75,000,000 | ' | $294,700 | ' | $77,900 | ' | $272,500 | ' |
Interest rate of derivative instrument | ' | ' | ' | ' | ' | ' | ' | 2.47% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective date of agreement | ' | ' | ' | ' | ' | ' | ' | ' | 31-May-11 | ' | 28-May-13 | ' | 28-May-13 | ' | ' | ' | ' | ' | ' | ' |
Termination date of derivative | ' | ' | ' | 21-May-13 | ' | 31-Oct-13 | 30-Apr-14 | ' | 31-May-13 | 31-May-13 | ' | 28-May-15 | ' | 28-May-15 | ' | 31-Dec-12 | ' | 31-Dec-12 | ' | 31-Mar-13 |
Fair value of derivative liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | -418,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of interest expense | ' | 418,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' |
Fair value of interest rate caps | 107,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quantity of derivative instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35 | ' | 10 | ' | 35 | ' |
Price of copper | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.42 | ' | 7.79 | ' | 7.785 | ' |
Forward exchange rate | ' | ' | 0.9989 | ' | ' | 1.0332 | 1.0576 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in other expense | $157,000 | $1,138,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of foreign currency forward contracts | ' | ' | ' | ' | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Measur
Fair Value Measurements - Measurement of Assets and Liabilities at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | $4,124 | $4,245 |
Interest rate swap | ' | -418 |
Interest rate caps | 107 | ' |
Foreign exchange forward contracts | -157 | -1,475 |
Metal commodity swaps | ' | -11 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | 4,124 | 4,245 |
Interest rate swap | ' | ' |
Interest rate caps | ' | ' |
Foreign exchange forward contracts | ' | ' |
Metal commodity swaps | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | ' | ' |
Interest rate swap | ' | -418 |
Interest rate caps | 107 | ' |
Foreign exchange forward contracts | -157 | -1,475 |
Metal commodity swaps | ' | -11 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | ' | ' |
Interest rate swap | ' | ' |
Interest rate caps | ' | ' |
Foreign exchange forward contracts | ' | ' |
Metal commodity swaps | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
2010 Swap [Member] | 2010 Swap [Member] | |||||
Investment Securities [Line Items] | ' | ' | ' | ' | ' | ' |
Unrealized gains on securities recorded as other income | $148 | $137 | $217 | $305 | ' | ' |
Swap expired date | ' | ' | ' | ' | 31-May-13 | 31-May-13 |
Acquisition_and_Integration_Ex1
Acquisition and Integration Expenses - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Business Combinations [Abstract] | ' | ' | ' | ' |
Acquisition expenses | $1,362 | $343 | $5,544 | $807 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 5 |
Segment_Reporting_Revenues_and
Segment Reporting - Revenues and Income from Operations for Reportable Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Total revenues | $192,382 | $148,169 | $529,012 | $423,783 |
Segment Income (Loss) from Operations | ' | ' | ' | ' |
Income from operations | 22,429 | 13,581 | 47,786 | 37,357 |
United States Excluding All Points [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Total revenues | 147,750 | 137,215 | 409,446 | 393,564 |
Segment Income (Loss) from Operations | ' | ' | ' | ' |
Income from operations | 19,047 | 13,634 | 41,199 | 37,291 |
All Points [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Total revenues | 6,057 | 5,992 | 16,591 | 15,616 |
Segment Income (Loss) from Operations | ' | ' | ' | ' |
Income from operations | 553 | 443 | 1,537 | 856 |
Canada [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Total revenues | 36,776 | 3,271 | 97,161 | 9,568 |
Segment Income (Loss) from Operations | ' | ' | ' | ' |
Income from operations | 2,860 | -566 | 5,277 | -999 |
Mexico [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Total revenues | 1,583 | 1,547 | 5,253 | 4,558 |
Segment Income (Loss) from Operations | ' | ' | ' | ' |
Income from operations | 64 | 216 | 576 | 605 |
Australia [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Total revenues | 216 | 144 | 561 | 477 |
Segment Income (Loss) from Operations | ' | ' | ' | ' |
Income from operations | ($95) | ($146) | ($803) | ($396) |
Segment_Reporting_Assets_by_Se
Segment Reporting - Assets by Segment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Total Assets | $1,283,256 | $1,175,793 |
United States Excluding All Points [Member] | ' | ' |
Assets | ' | ' |
Total Assets | 939,639 | 1,133,824 |
All Points [Member] | ' | ' |
Assets | ' | ' |
Total Assets | 10,398 | 7,298 |
Canada [Member] | ' | ' |
Assets | ' | ' |
Total Assets | 313,722 | 15,477 |
Mexico [Member] | ' | ' |
Assets | ' | ' |
Total Assets | 17,836 | 17,816 |
Australia [Member] | ' | ' |
Assets | ' | ' |
Total Assets | $1,661 | $1,378 |
Supplemental_Condensed_Consoli2
Supplemental Condensed Consolidating Guarantor and Non-Guarantor Financial Information - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2012 | Mar. 16, 2011 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate on senior note | 4.25% | ' | ' |
10.875% Senior Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate on senior note | 10.88% | 10.88% | 10.88% |
Aggregate principal amount outstanding | $265,000 | ' | ' |
Supplemental_Condensed_Consoli3
Supplemental Condensed Consolidating Guarantor and Non-Guarantor Financial Information - Condensed Consolidating Statements of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | $192,382 | $148,169 | $529,012 | $423,783 |
Cost of sales (exclusive of depreciation and amortization shown separately below) | 97,805 | 73,291 | 271,789 | 209,830 |
Selling, general and administrative expenses | 58,619 | 50,812 | 166,771 | 142,906 |
Acquisition and integration expenses | 1,362 | 343 | 5,544 | 807 |
Depreciation | 5,759 | 4,945 | 17,574 | 16,452 |
Amortization | 5,554 | 5,466 | 16,559 | 16,366 |
Intercompany administrative (income) expense | ' | ' | ' | ' |
Management and transaction fees to related party | 63 | 122 | 63 | 122 |
Other (income) expense, net | 791 | -391 | 2,926 | -57 |
Income from operations | 22,429 | 13,581 | 47,786 | 37,357 |
Intercompany interest (income) expense | ' | ' | ' | ' |
Interest expense, net | 11,975 | 10,266 | 36,030 | 30,593 |
Interest expense on junior subordinated debentures | 3,152 | 3,152 | 9,457 | 9,457 |
Investment income on trust common securities | -95 | -95 | -284 | -284 |
Income (loss) before equity in subsidiaries' income | 7,397 | 258 | 2,583 | -2,409 |
Equity in subsidiaries' income (loss) | ' | ' | ' | ' |
Income (loss) before income taxes | 7,397 | 258 | 2,583 | -2,409 |
Income tax provision (benefit) | 5,649 | -849 | 757 | -1,985 |
Net income (loss) | 1,748 | 1,107 | 1,826 | -424 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | 1,959 | 697 | -2,254 | 1,186 |
Comprehensive (loss) income | 3,707 | 1,804 | -428 | 762 |
Guarantors The Hillman Companies, Inc. [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' |
Cost of sales (exclusive of depreciation and amortization shown separately below) | ' | ' | ' | ' |
Selling, general and administrative expenses | 1,672 | 137 | 6,582 | 305 |
Acquisition and integration expenses | ' | ' | ' | ' |
Depreciation | ' | ' | ' | ' |
Amortization | 4,515 | 4,515 | 13,544 | 13,544 |
Intercompany administrative (income) expense | ' | ' | ' | ' |
Management and transaction fees to related party | ' | ' | ' | ' |
Other (income) expense, net | -148 | -166 | -217 | -334 |
Income from operations | -6,039 | -4,486 | -19,909 | -13,515 |
Intercompany interest (income) expense | -3,058 | -3,058 | -9,174 | -9,174 |
Interest expense, net | -49 | -43 | -141 | -235 |
Interest expense on junior subordinated debentures | 3,152 | 3,152 | 9,457 | 9,457 |
Investment income on trust common securities | -95 | -95 | -284 | -284 |
Income (loss) before equity in subsidiaries' income | -5,989 | -4,442 | -19,767 | -13,279 |
Equity in subsidiaries' income (loss) | 14,679 | 4,196 | 22,229 | 9,381 |
Income (loss) before income taxes | 8,690 | -246 | 2,462 | -3,898 |
Income tax provision (benefit) | 6,942 | -1,353 | 636 | -3,474 |
Net income (loss) | 1,748 | 1,107 | 1,826 | -424 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | ' | ' | ' | ' |
Comprehensive (loss) income | 1,748 | 1,107 | 1,826 | -424 |
Issuer The Hillman Group, Inc. [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 144,589 | 137,215 | 401,351 | 393,564 |
Cost of sales (exclusive of depreciation and amortization shown separately below) | 68,492 | 64,803 | 191,012 | 188,113 |
Selling, general and administrative expenses | 43,576 | 47,872 | 125,874 | 134,372 |
Acquisition and integration expenses | 639 | 343 | 2,936 | 807 |
Depreciation | 5,276 | 4,905 | 16,409 | 16,321 |
Amortization | 772 | 853 | 2,315 | 2,526 |
Intercompany administrative (income) expense | -88 | -87 | -261 | -260 |
Management and transaction fees to related party | 63 | 122 | 63 | 122 |
Other (income) expense, net | 987 | 284 | 2,434 | 757 |
Income from operations | 24,872 | 18,120 | 60,569 | 50,806 |
Intercompany interest (income) expense | 3,058 | 3,058 | 9,178 | 9,174 |
Interest expense, net | 10,208 | 10,305 | 31,638 | 30,824 |
Interest expense on junior subordinated debentures | ' | ' | ' | ' |
Investment income on trust common securities | ' | ' | ' | ' |
Income (loss) before equity in subsidiaries' income | 11,606 | 4,757 | 19,753 | 10,808 |
Equity in subsidiaries' income (loss) | 3,073 | -172 | 2,476 | -232 |
Income (loss) before income taxes | 14,679 | 4,585 | 22,229 | 10,576 |
Income tax provision (benefit) | ' | 389 | ' | 1,195 |
Net income (loss) | 14,679 | 4,196 | 22,229 | 9,381 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | 2,122 | ' | -2,100 | ' |
Comprehensive (loss) income | 16,801 | 4,196 | 20,129 | 9,381 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 9,218 | 5,992 | 24,686 | 15,616 |
Cost of sales (exclusive of depreciation and amortization shown separately below) | 6,574 | 4,590 | 17,719 | 11,946 |
Selling, general and administrative expenses | 1,792 | 949 | 4,816 | 2,755 |
Acquisition and integration expenses | 11 | ' | 62 | ' |
Depreciation | 21 | 20 | 56 | 70 |
Amortization | ' | ' | ' | ' |
Intercompany administrative (income) expense | ' | ' | ' | ' |
Management and transaction fees to related party | ' | ' | ' | ' |
Other (income) expense, net | 53 | -10 | -43 | -11 |
Income from operations | 767 | 443 | 2,076 | 856 |
Intercompany interest (income) expense | ' | ' | ' | ' |
Interest expense, net | ' | ' | ' | ' |
Interest expense on junior subordinated debentures | ' | ' | ' | ' |
Investment income on trust common securities | ' | ' | ' | ' |
Income (loss) before equity in subsidiaries' income | 767 | 443 | 2,076 | 856 |
Equity in subsidiaries' income (loss) | ' | ' | ' | ' |
Income (loss) before income taxes | 767 | 443 | 2,076 | 856 |
Income tax provision (benefit) | -2,240 | 195 | -1,300 | 393 |
Net income (loss) | 3,007 | 248 | 3,376 | 463 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | ' | ' | ' | ' |
Comprehensive (loss) income | 3,007 | 248 | 3,376 | 463 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 38,575 | 4,962 | 102,975 | 14,603 |
Cost of sales (exclusive of depreciation and amortization shown separately below) | 22,739 | 3,898 | 63,058 | 9,771 |
Selling, general and administrative expenses | 11,579 | 1,854 | 29,499 | 5,474 |
Acquisition and integration expenses | 712 | ' | 2,546 | ' |
Depreciation | 462 | 20 | 1,109 | 61 |
Amortization | 267 | 98 | 700 | 296 |
Intercompany administrative (income) expense | 88 | 87 | 261 | 260 |
Management and transaction fees to related party | ' | ' | ' | ' |
Other (income) expense, net | -101 | -499 | 752 | -469 |
Income from operations | 2,829 | -496 | 5,050 | -790 |
Intercompany interest (income) expense | ' | ' | -4 | ' |
Interest expense, net | 1,816 | 4 | 4,533 | 4 |
Interest expense on junior subordinated debentures | ' | ' | ' | ' |
Investment income on trust common securities | ' | ' | ' | ' |
Income (loss) before equity in subsidiaries' income | 1,013 | -500 | 521 | -794 |
Equity in subsidiaries' income (loss) | ' | ' | ' | ' |
Income (loss) before income taxes | 1,013 | -500 | 521 | -794 |
Income tax provision (benefit) | 947 | -80 | 1,421 | -99 |
Net income (loss) | 66 | -420 | -900 | -695 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | -163 | 697 | -154 | 1,186 |
Comprehensive (loss) income | -97 | 277 | -1,054 | 491 |
Consolidating Adjustments [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' |
Cost of sales (exclusive of depreciation and amortization shown separately below) | ' | ' | ' | ' |
Selling, general and administrative expenses | ' | ' | ' | ' |
Acquisition and integration expenses | ' | ' | ' | ' |
Depreciation | ' | ' | ' | ' |
Amortization | ' | ' | ' | ' |
Intercompany administrative (income) expense | ' | ' | ' | ' |
Management and transaction fees to related party | ' | ' | ' | ' |
Other (income) expense, net | ' | ' | ' | ' |
Income from operations | ' | ' | ' | ' |
Intercompany interest (income) expense | ' | ' | ' | ' |
Interest expense, net | ' | ' | ' | ' |
Interest expense on junior subordinated debentures | ' | ' | ' | ' |
Investment income on trust common securities | ' | ' | ' | ' |
Income (loss) before equity in subsidiaries' income | ' | ' | ' | ' |
Equity in subsidiaries' income (loss) | -17,752 | -4,024 | -24,705 | -9,149 |
Income (loss) before income taxes | -17,752 | -4,024 | -24,705 | -9,149 |
Income tax provision (benefit) | ' | ' | ' | ' |
Net income (loss) | -17,752 | -4,024 | -24,705 | -9,149 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | ' | ' | ' | ' |
Comprehensive (loss) income | ($17,752) | ($4,024) | ($24,705) | ($9,149) |
Supplemental_Condensed_Consoli4
Supplemental Condensed Consolidating Guarantor and Non-Guarantor Financial Information - Condensed Consolidating Balance Sheet (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $26,371 | $65,548 | $5,150 | $12,027 |
Restricted investments | 2,889 | 846 | ' | ' |
Accounts receivable, net | 106,006 | 62,344 | ' | ' |
Inventories | 179,647 | 113,838 | ' | ' |
Deferred income taxes | 10,983 | 10,464 | ' | ' |
Other current assets | 10,452 | 8,506 | ' | ' |
Total current assets | 336,348 | 261,546 | ' | ' |
Intercompany notes receivable | ' | ' | ' | ' |
Intercompany interest receivable | ' | ' | ' | ' |
Investments in subsidiaries | ' | ' | ' | ' |
Property and equipment, net | 92,839 | 68,492 | ' | ' |
Goodwill | 467,929 | 455,338 | ' | ' |
Other intangibles, net | 368,377 | 366,644 | ' | ' |
Restricted investments | 1,235 | 3,399 | ' | ' |
Deferred income taxes | ' | ' | ' | ' |
Deferred financing fees | 10,563 | 12,858 | ' | ' |
Investment in trust common securities | 3,261 | 3,261 | ' | ' |
Other assets | 2,704 | 4,255 | ' | ' |
Total assets | 1,283,256 | 1,175,793 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 48,417 | 32,571 | ' | ' |
Current portion of senior term loans | 3,968 | 3,200 | ' | ' |
Current portion of capitalized lease and other obligations | 183 | 819 | ' | ' |
Interest payable on junior subordinated debentures | 1,019 | ' | ' | ' |
Additional acquisition consideration | ' | ' | ' | ' |
Intercompany interest payable | ' | ' | ' | ' |
Accrued expenses: | ' | ' | ' | ' |
Salaries and wages | 8,241 | 9,351 | ' | ' |
Pricing allowances | 6,179 | 4,057 | ' | ' |
Income and other taxes | 3,354 | 2,492 | ' | ' |
Interest | 9,805 | 2,868 | ' | ' |
Deferred compensation | 2,889 | 846 | ' | ' |
Other accrued expenses | 9,041 | 11,397 | ' | ' |
Total current liabilities | 93,096 | 67,601 | ' | ' |
Intercompany debt payable | ' | ' | ' | ' |
Long term senior term loans | 379,404 | 307,727 | ' | ' |
Long term portion of capitalized lease and other obligations | 339 | 245 | ' | ' |
Long term senior notes | 272,056 | 272,942 | ' | ' |
Junior subordinated debentures | 114,991 | 115,132 | ' | ' |
Deferred compensation | 1,235 | 3,399 | ' | ' |
Deferred income taxes, net | 124,333 | 117,949 | ' | ' |
Other non-current liabilities | 12,711 | 6,187 | ' | ' |
Total liabilities | 998,165 | 891,182 | ' | ' |
Common stock with put options: | ' | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Preferred Stock: | ' | ' | ' | ' |
Preferred stock, $.01 par, 5,000 shares authorized, none issued or outstanding at September 30, 2013 | ' | ' | ' | ' |
Common Stock: | ' | ' | ' | ' |
Common stock, $.01 par, 5,000 shares authorized, 4,789.5 and 4801.7 issued and outstanding at September 30, 2013 and December 31, 2012 respectively | ' | ' | ' | ' |
Additional paid-in capital | 289,013 | 294,675 | ' | ' |
Accumulated deficit | -23,225 | -25,051 | ' | ' |
Accumulated other comprehensive (loss) income | -1,383 | 871 | ' | ' |
Total stockholders' equity | 264,405 | 270,495 | ' | ' |
Total liabilities and stockholders' equity | 1,283,256 | 1,175,793 | ' | ' |
Put Options [Member] | ' | ' | ' | ' |
Common stock with put options: | ' | ' | ' | ' |
Common stock, $.01 par, 5,000 shares authorized, 210.5 and 198.3 issued and outstanding at September 30, 2013 and December 31, 2012 respectively | 20,686 | 14,116 | ' | ' |
Guarantors The Hillman Companies, Inc. [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 1 | 1 | 1 | 1 |
Restricted investments | 2,889 | 846 | ' | ' |
Accounts receivable, net | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' |
Deferred income taxes | 9,309 | 10,359 | ' | ' |
Other current assets | ' | ' | ' | ' |
Total current assets | 12,199 | 11,206 | ' | ' |
Intercompany notes receivable | 105,446 | 105,446 | ' | ' |
Intercompany interest receivable | 9,174 | ' | ' | ' |
Investments in subsidiaries | -652,522 | -637,376 | ' | ' |
Property and equipment, net | ' | ' | ' | ' |
Goodwill | 418,947 | 418,946 | ' | ' |
Other intangibles, net | 298,288 | 311,832 | ' | ' |
Restricted investments | 1,235 | 3,399 | ' | ' |
Deferred income taxes | 24,325 | 29,492 | ' | ' |
Deferred financing fees | ' | ' | ' | ' |
Investment in trust common securities | 3,261 | 3,261 | ' | ' |
Other assets | ' | ' | ' | ' |
Total assets | 220,353 | 246,206 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | ' |
Current portion of senior term loans | ' | ' | ' | ' |
Current portion of capitalized lease and other obligations | ' | ' | ' | ' |
Interest payable on junior subordinated debentures | 1,019 | ' | ' | ' |
Additional acquisition consideration | ' | ' | ' | ' |
Intercompany interest payable | ' | ' | ' | ' |
Accrued expenses: | ' | ' | ' | ' |
Salaries and wages | ' | ' | ' | ' |
Pricing allowances | ' | ' | ' | ' |
Income and other taxes | -476 | -625 | ' | ' |
Interest | ' | ' | ' | ' |
Deferred compensation | 2,889 | 846 | ' | ' |
Other accrued expenses | ' | ' | ' | ' |
Total current liabilities | 3,432 | 221 | ' | ' |
Intercompany debt payable | ' | ' | ' | ' |
Long term senior term loans | ' | ' | ' | ' |
Long term portion of capitalized lease and other obligations | ' | ' | ' | ' |
Long term senior notes | ' | ' | ' | ' |
Junior subordinated debentures | 114,991 | 115,132 | ' | ' |
Deferred compensation | 1,235 | 3,399 | ' | ' |
Deferred income taxes, net | 139,986 | 146,042 | ' | ' |
Other non-current liabilities | 7,079 | 714 | ' | ' |
Total liabilities | 266,723 | 265,508 | ' | ' |
Common stock with put options: | ' | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Preferred Stock: | ' | ' | ' | ' |
Preferred stock, $.01 par, 5,000 shares authorized, none issued or outstanding at September 30, 2013 | ' | ' | ' | ' |
Common Stock: | ' | ' | ' | ' |
Common stock, $.01 par, 5,000 shares authorized, 4,789.5 and 4801.7 issued and outstanding at September 30, 2013 and December 31, 2012 respectively | ' | ' | ' | ' |
Additional paid-in capital | 112,508 | 117,261 | ' | ' |
Accumulated deficit | -179,564 | -150,679 | ' | ' |
Accumulated other comprehensive (loss) income | ' | ' | ' | ' |
Total stockholders' equity | -67,056 | -33,418 | ' | ' |
Total liabilities and stockholders' equity | 220,353 | 246,206 | ' | ' |
Guarantors The Hillman Companies, Inc. [Member] | Put Options [Member] | ' | ' | ' | ' |
Common stock with put options: | ' | ' | ' | ' |
Common stock, $.01 par, 5,000 shares authorized, 210.5 and 198.3 issued and outstanding at September 30, 2013 and December 31, 2012 respectively | 20,686 | 14,116 | ' | ' |
Issuer The Hillman Group, Inc. [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 16,399 | 62,917 | 1,893 | 8,852 |
Restricted investments | ' | ' | ' | ' |
Accounts receivable, net | 87,925 | 65,916 | ' | ' |
Inventories | 107,379 | 105,028 | ' | ' |
Deferred income taxes | ' | ' | ' | ' |
Other current assets | 7,817 | 6,526 | ' | ' |
Total current assets | 219,520 | 240,387 | ' | ' |
Intercompany notes receivable | 101,942 | ' | ' | ' |
Intercompany interest receivable | 4,526 | ' | ' | ' |
Investments in subsidiaries | 28,123 | 27,204 | ' | ' |
Property and equipment, net | 78,325 | 67,902 | ' | ' |
Goodwill | 24,512 | 24,512 | ' | ' |
Other intangibles, net | 43,731 | 46,047 | ' | ' |
Restricted investments | ' | ' | ' | ' |
Deferred income taxes | ' | ' | ' | ' |
Deferred financing fees | 10,563 | 12,858 | ' | ' |
Investment in trust common securities | ' | ' | ' | ' |
Other assets | 2,281 | 3,521 | ' | ' |
Total assets | 513,523 | 422,431 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 31,117 | 31,873 | ' | ' |
Current portion of senior term loans | 3,968 | 3,200 | ' | ' |
Current portion of capitalized lease and other obligations | 183 | 819 | ' | ' |
Interest payable on junior subordinated debentures | ' | ' | ' | ' |
Additional acquisition consideration | ' | ' | ' | ' |
Intercompany interest payable | 9,174 | ' | ' | ' |
Accrued expenses: | ' | ' | ' | ' |
Salaries and wages | 6,215 | 8,930 | ' | ' |
Pricing allowances | 3,471 | 3,457 | ' | ' |
Income and other taxes | 2,782 | 2,447 | ' | ' |
Interest | 9,805 | 2,868 | ' | ' |
Deferred compensation | ' | ' | ' | ' |
Other accrued expenses | 6,588 | 9,822 | ' | ' |
Total current liabilities | 73,303 | 63,416 | ' | ' |
Intercompany debt payable | 105,446 | 105,446 | ' | ' |
Long term senior term loans | 379,404 | 307,727 | ' | ' |
Long term portion of capitalized lease and other obligations | 339 | 245 | ' | ' |
Long term senior notes | 272,056 | 272,942 | ' | ' |
Junior subordinated debentures | ' | ' | ' | ' |
Deferred compensation | ' | ' | ' | ' |
Deferred income taxes, net | ' | ' | ' | ' |
Other non-current liabilities | 5,632 | 5,473 | ' | ' |
Total liabilities | 836,180 | 755,249 | ' | ' |
Common stock with put options: | ' | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Preferred Stock: | ' | ' | ' | ' |
Preferred stock, $.01 par, 5,000 shares authorized, none issued or outstanding at September 30, 2013 | ' | ' | ' | ' |
Common Stock: | ' | ' | ' | ' |
Common stock, $.01 par, 5,000 shares authorized, 4,789.5 and 4801.7 issued and outstanding at September 30, 2013 and December 31, 2012 respectively | ' | ' | ' | ' |
Additional paid-in capital | -130,734 | -131,642 | ' | ' |
Accumulated deficit | -189,823 | -201,176 | ' | ' |
Accumulated other comprehensive (loss) income | -2,100 | ' | ' | ' |
Total stockholders' equity | -322,657 | -332,818 | ' | ' |
Total liabilities and stockholders' equity | 513,523 | 422,431 | ' | ' |
Issuer The Hillman Group, Inc. [Member] | Put Options [Member] | ' | ' | ' | ' |
Common stock with put options: | ' | ' | ' | ' |
Common stock, $.01 par, 5,000 shares authorized, 210.5 and 198.3 issued and outstanding at September 30, 2013 and December 31, 2012 respectively | ' | ' | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 1,418 | 429 | 989 | 547 |
Restricted investments | ' | ' | ' | ' |
Accounts receivable, net | 932 | 6,473 | ' | ' |
Inventories | 9,100 | 4,678 | ' | ' |
Deferred income taxes | 1,196 | 610 | ' | ' |
Other current assets | 188 | 145 | ' | ' |
Total current assets | 12,834 | 12,335 | ' | ' |
Intercompany notes receivable | ' | ' | ' | ' |
Intercompany interest receivable | ' | ' | ' | ' |
Investments in subsidiaries | 507 | ' | ' | ' |
Property and equipment, net | 382 | 191 | ' | ' |
Goodwill | 3,090 | 58 | ' | ' |
Other intangibles, net | 250 | 250 | ' | ' |
Restricted investments | ' | ' | ' | ' |
Deferred income taxes | 668 | -411 | ' | ' |
Deferred financing fees | ' | ' | ' | ' |
Investment in trust common securities | ' | ' | ' | ' |
Other assets | 25 | 25 | ' | ' |
Total assets | 17,756 | 12,448 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 1,544 | 517 | ' | ' |
Current portion of senior term loans | ' | ' | ' | ' |
Current portion of capitalized lease and other obligations | ' | ' | ' | ' |
Interest payable on junior subordinated debentures | ' | ' | ' | ' |
Additional acquisition consideration | ' | ' | ' | ' |
Intercompany interest payable | ' | ' | ' | ' |
Accrued expenses: | ' | ' | ' | ' |
Salaries and wages | 163 | 217 | ' | ' |
Pricing allowances | 3 | 3 | ' | ' |
Income and other taxes | -569 | 25 | ' | ' |
Interest | ' | ' | ' | ' |
Deferred compensation | ' | ' | ' | ' |
Other accrued expenses | 198 | 40 | ' | ' |
Total current liabilities | 1,339 | 802 | ' | ' |
Intercompany debt payable | ' | ' | ' | ' |
Long term senior term loans | ' | ' | ' | ' |
Long term portion of capitalized lease and other obligations | ' | ' | ' | ' |
Long term senior notes | ' | ' | ' | ' |
Junior subordinated debentures | ' | ' | ' | ' |
Deferred compensation | ' | ' | ' | ' |
Deferred income taxes, net | 207 | 219 | ' | ' |
Other non-current liabilities | ' | ' | ' | ' |
Total liabilities | 1,546 | 1,021 | ' | ' |
Common stock with put options: | ' | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Preferred Stock: | ' | ' | ' | ' |
Preferred stock, $.01 par, 5,000 shares authorized, none issued or outstanding at September 30, 2013 | ' | ' | ' | ' |
Common Stock: | ' | ' | ' | ' |
Common stock, $.01 par, 5,000 shares authorized, 4,789.5 and 4801.7 issued and outstanding at September 30, 2013 and December 31, 2012 respectively | 50 | 50 | ' | ' |
Additional paid-in capital | 11,711 | 10,304 | ' | ' |
Accumulated deficit | 4,449 | 1,073 | ' | ' |
Accumulated other comprehensive (loss) income | ' | ' | ' | ' |
Total stockholders' equity | 16,210 | 11,427 | ' | ' |
Total liabilities and stockholders' equity | 17,756 | 12,448 | ' | ' |
Guarantor Subsidiaries [Member] | Put Options [Member] | ' | ' | ' | ' |
Common stock with put options: | ' | ' | ' | ' |
Common stock, $.01 par, 5,000 shares authorized, 210.5 and 198.3 issued and outstanding at September 30, 2013 and December 31, 2012 respectively | ' | ' | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 8,553 | 2,201 | 2,267 | 2,627 |
Restricted investments | ' | ' | ' | ' |
Accounts receivable, net | 17,149 | -10,045 | ' | ' |
Inventories | 63,522 | 4,404 | ' | ' |
Deferred income taxes | 1,325 | 221 | ' | ' |
Other current assets | 2,447 | 1,835 | ' | ' |
Total current assets | 92,996 | -1,384 | ' | ' |
Intercompany notes receivable | -101,942 | ' | ' | ' |
Intercompany interest receivable | ' | ' | ' | ' |
Investments in subsidiaries | 271,803 | ' | ' | ' |
Property and equipment, net | 14,132 | 399 | ' | ' |
Goodwill | 21,100 | 11,542 | ' | ' |
Other intangibles, net | 26,108 | 8,515 | ' | ' |
Restricted investments | ' | ' | ' | ' |
Deferred income taxes | -383 | 977 | ' | ' |
Deferred financing fees | ' | ' | ' | ' |
Investment in trust common securities | ' | ' | ' | ' |
Other assets | 398 | 709 | ' | ' |
Total assets | 324,212 | 20,758 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 15,756 | 181 | ' | ' |
Current portion of senior term loans | ' | ' | ' | ' |
Current portion of capitalized lease and other obligations | ' | ' | ' | ' |
Interest payable on junior subordinated debentures | ' | ' | ' | ' |
Additional acquisition consideration | ' | ' | ' | ' |
Intercompany interest payable | 4,526 | ' | ' | ' |
Accrued expenses: | ' | ' | ' | ' |
Salaries and wages | 1,863 | 204 | ' | ' |
Pricing allowances | 2,705 | 597 | ' | ' |
Income and other taxes | 1,617 | 645 | ' | ' |
Interest | ' | ' | ' | ' |
Deferred compensation | ' | ' | ' | ' |
Other accrued expenses | 2,255 | 1,535 | ' | ' |
Total current liabilities | 28,722 | 3,162 | ' | ' |
Intercompany debt payable | ' | ' | ' | ' |
Long term senior term loans | ' | ' | ' | ' |
Long term portion of capitalized lease and other obligations | ' | ' | ' | ' |
Long term senior notes | ' | ' | ' | ' |
Junior subordinated debentures | ' | ' | ' | ' |
Deferred compensation | ' | ' | ' | ' |
Deferred income taxes, net | 9,597 | 2,472 | ' | ' |
Other non-current liabilities | ' | ' | ' | ' |
Total liabilities | 38,319 | 5,634 | ' | ' |
Common stock with put options: | ' | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Preferred Stock: | ' | ' | ' | ' |
Preferred stock, $.01 par, 5,000 shares authorized, none issued or outstanding at September 30, 2013 | ' | ' | ' | ' |
Common Stock: | ' | ' | ' | ' |
Common stock, $.01 par, 5,000 shares authorized, 4,789.5 and 4801.7 issued and outstanding at September 30, 2013 and December 31, 2012 respectively | ' | ' | ' | ' |
Additional paid-in capital | 293,717 | 17,192 | ' | ' |
Accumulated deficit | -3,358 | -2,458 | ' | ' |
Accumulated other comprehensive (loss) income | -4,466 | 390 | ' | ' |
Total stockholders' equity | 285,893 | 15,124 | ' | ' |
Total liabilities and stockholders' equity | 324,212 | 20,758 | ' | ' |
Non-Guarantor Subsidiaries [Member] | Put Options [Member] | ' | ' | ' | ' |
Common stock with put options: | ' | ' | ' | ' |
Common stock, $.01 par, 5,000 shares authorized, 210.5 and 198.3 issued and outstanding at September 30, 2013 and December 31, 2012 respectively | ' | ' | ' | ' |
Consolidating Adjustments [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Restricted investments | ' | ' | ' | ' |
Accounts receivable, net | ' | ' | ' | ' |
Inventories | -354 | -272 | ' | ' |
Deferred income taxes | -847 | -726 | ' | ' |
Other current assets | ' | ' | ' | ' |
Total current assets | -1,201 | -998 | ' | ' |
Intercompany notes receivable | -105,446 | -105,446 | ' | ' |
Intercompany interest receivable | -13,700 | ' | ' | ' |
Investments in subsidiaries | 352,089 | 610,172 | ' | ' |
Property and equipment, net | ' | ' | ' | ' |
Goodwill | 280 | 280 | ' | ' |
Other intangibles, net | ' | ' | ' | ' |
Restricted investments | ' | ' | ' | ' |
Deferred income taxes | -24,610 | -30,058 | ' | ' |
Deferred financing fees | ' | ' | ' | ' |
Investment in trust common securities | ' | ' | ' | ' |
Other assets | ' | ' | ' | ' |
Total assets | 207,412 | 473,950 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | ' |
Current portion of senior term loans | ' | ' | ' | ' |
Current portion of capitalized lease and other obligations | ' | ' | ' | ' |
Interest payable on junior subordinated debentures | ' | ' | ' | ' |
Additional acquisition consideration | ' | ' | ' | ' |
Intercompany interest payable | -13,700 | ' | ' | ' |
Accrued expenses: | ' | ' | ' | ' |
Salaries and wages | ' | ' | ' | ' |
Pricing allowances | ' | ' | ' | ' |
Income and other taxes | ' | ' | ' | ' |
Interest | ' | ' | ' | ' |
Deferred compensation | ' | ' | ' | ' |
Other accrued expenses | ' | ' | ' | ' |
Total current liabilities | -13,700 | ' | ' | ' |
Intercompany debt payable | -105,446 | -105,446 | ' | ' |
Long term senior term loans | ' | ' | ' | ' |
Long term portion of capitalized lease and other obligations | ' | ' | ' | ' |
Long term senior notes | ' | ' | ' | ' |
Junior subordinated debentures | ' | ' | ' | ' |
Deferred compensation | ' | ' | ' | ' |
Deferred income taxes, net | -25,457 | -30,784 | ' | ' |
Other non-current liabilities | ' | ' | ' | ' |
Total liabilities | -144,603 | -136,230 | ' | ' |
Common stock with put options: | ' | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Preferred Stock: | ' | ' | ' | ' |
Preferred stock, $.01 par, 5,000 shares authorized, none issued or outstanding at September 30, 2013 | ' | ' | ' | ' |
Common Stock: | ' | ' | ' | ' |
Common stock, $.01 par, 5,000 shares authorized, 4,789.5 and 4801.7 issued and outstanding at September 30, 2013 and December 31, 2012 respectively | -50 | -50 | ' | ' |
Additional paid-in capital | 1,811 | 281,560 | ' | ' |
Accumulated deficit | 345,071 | 328,189 | ' | ' |
Accumulated other comprehensive (loss) income | 5,183 | 481 | ' | ' |
Total stockholders' equity | 352,015 | 610,180 | ' | ' |
Total liabilities and stockholders' equity | 207,412 | 473,950 | ' | ' |
Consolidating Adjustments [Member] | Put Options [Member] | ' | ' | ' | ' |
Common stock with put options: | ' | ' | ' | ' |
Common stock, $.01 par, 5,000 shares authorized, 210.5 and 198.3 issued and outstanding at September 30, 2013 and December 31, 2012 respectively | ' | ' | ' | ' |
Supplemental_Condensed_Consoli5
Supplemental Condensed Consolidating Guarantor and Non-Guarantor Financial Information - Condensed Consolidating Balance Sheet (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000 | 5,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 5,000 | 5,000 |
Common stock, shares issued | 4,789.50 | 4,801.70 |
Common stock, shares outstanding | 4,789.50 | 4,801.70 |
Put Options [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 5,000 | 5,000 |
Common stock, shares issued | 210.5 | 198.3 |
Common stock, shares outstanding | 210.5 | 198.3 |
Supplemental_Condensed_Consoli6
Supplemental Condensed Consolidating Guarantor and Non-Guarantor Financial Information - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $1,826 | ($424) |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ' | ' |
Depreciation and amortization | 34,133 | 32,818 |
Dispositions of property and equipment | 101 | 274 |
Deferred income tax provision (benefit) | 394 | -2,605 |
Deferred financing and original issue discount amortization | 1,854 | 1,616 |
Stock-based compensation expense | 6,365 | ' |
Other non-cash interest and change in value of interest rate swap | -391 | -578 |
Changes in operating items: | ' | ' |
Accounts receivable | -26,403 | -13,400 |
Inventories | -10,758 | -15,327 |
Other assets | 2,261 | -2,255 |
Accounts payable | 3,042 | 2,169 |
Interest payable on junior subordinated debentures | 1,019 | 1,019 |
Other accrued liabilities | 6,872 | 11,515 |
Other items, net | -94 | -1,560 |
Net cash provided by operating activities | 20,221 | 13,262 |
Cash flows from investing activities: | ' | ' |
Paulin acquisition | -103,416 | ' |
Proceeds from sale of property and equipment | ' | 3 |
Capital expenditures | -27,090 | -17,325 |
Other, net | ' | ' |
Net cash used for investing activities | -130,506 | -17,322 |
Cash flows from financing activities: | ' | ' |
Borrowings of senior term loans | 76,800 | ' |
Repayments of senior term loans | -2,784 | -2,400 |
Discount on senior term loans | -2,152 | ' |
Borrowings of revolving credit loans | ' | 19,000 |
Repayments of revolving credit loans | ' | -7,000 |
Payments of additional acquisition consideration | ' | -12,387 |
Principal payments under capitalized lease obligations | -73 | -30 |
Repayment of other credit obligations | -683 | ' |
Net cash provided by financing activities | 71,108 | -2,817 |
Net (decrease) increase in cash and cash equivalents | -39,177 | -6,877 |
Cash and cash equivalents at beginning of period | 65,548 | 12,027 |
Cash and cash equivalents at end of period | 26,371 | 5,150 |
Guarantors The Hillman Companies, Inc. [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income (loss) | -20,403 | -9,805 |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ' | ' |
Depreciation and amortization | 13,544 | 13,544 |
Dispositions of property and equipment | ' | ' |
Deferred income tax provision (benefit) | 161 | -2,790 |
Deferred financing and original issue discount amortization | -141 | -235 |
Stock-based compensation expense | 6,365 | ' |
Other non-cash interest and change in value of interest rate swap | ' | ' |
Changes in operating items: | ' | ' |
Accounts receivable | ' | ' |
Inventories | ' | ' |
Other assets | ' | ' |
Accounts payable | ' | ' |
Interest payable on junior subordinated debentures | 1,019 | 1,019 |
Other accrued liabilities | 149 | 194 |
Other items, net | -678 | -1,927 |
Net cash provided by operating activities | 16 | ' |
Cash flows from investing activities: | ' | ' |
Paulin acquisition | ' | ' |
Proceeds from sale of property and equipment | ' | ' |
Capital expenditures | ' | ' |
Other, net | -16 | ' |
Net cash used for investing activities | -16 | ' |
Cash flows from financing activities: | ' | ' |
Borrowings of senior term loans | ' | ' |
Repayments of senior term loans | ' | ' |
Discount on senior term loans | ' | ' |
Borrowings of revolving credit loans | ' | ' |
Repayments of revolving credit loans | ' | ' |
Payments of additional acquisition consideration | ' | ' |
Principal payments under capitalized lease obligations | ' | ' |
Repayment of other credit obligations | ' | ' |
Net cash provided by financing activities | ' | ' |
Net (decrease) increase in cash and cash equivalents | ' | ' |
Cash and cash equivalents at beginning of period | 1 | 1 |
Cash and cash equivalents at end of period | 1 | 1 |
Issuer The Hillman Group, Inc. [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income (loss) | 19,753 | 9,615 |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ' | ' |
Depreciation and amortization | 18,724 | 18,847 |
Dispositions of property and equipment | 76 | 270 |
Deferred income tax provision (benefit) | ' | -72 |
Deferred financing and original issue discount amortization | 1,995 | 1,851 |
Stock-based compensation expense | ' | ' |
Other non-cash interest and change in value of interest rate swap | -391 | -578 |
Changes in operating items: | ' | ' |
Accounts receivable | -18,307 | -11,712 |
Inventories | -2,269 | -14,531 |
Other assets | -3,753 | -4,791 |
Accounts payable | -756 | 2,596 |
Interest payable on junior subordinated debentures | ' | ' |
Other accrued liabilities | 10,928 | 20,099 |
Other items, net | -13,384 | -8,673 |
Net cash provided by operating activities | 12,616 | 12,921 |
Cash flows from investing activities: | ' | ' |
Paulin acquisition | -103,416 | ' |
Proceeds from sale of property and equipment | ' | ' |
Capital expenditures | -26,826 | -17,063 |
Other, net | ' | ' |
Net cash used for investing activities | -130,242 | -17,063 |
Cash flows from financing activities: | ' | ' |
Borrowings of senior term loans | 76,800 | ' |
Repayments of senior term loans | -2,784 | -2,400 |
Discount on senior term loans | -2,152 | ' |
Borrowings of revolving credit loans | ' | 19,000 |
Repayments of revolving credit loans | ' | -7,000 |
Payments of additional acquisition consideration | ' | -12,387 |
Principal payments under capitalized lease obligations | -73 | -30 |
Repayment of other credit obligations | -683 | ' |
Net cash provided by financing activities | 71,108 | -2,817 |
Net (decrease) increase in cash and cash equivalents | -46,518 | -6,959 |
Cash and cash equivalents at beginning of period | 62,917 | 8,852 |
Cash and cash equivalents at end of period | 16,399 | 1,893 |
Guarantor Subsidiaries [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income (loss) | 3,376 | 463 |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ' | ' |
Depreciation and amortization | 56 | 70 |
Dispositions of property and equipment | 13 | 4 |
Deferred income tax provision (benefit) | -1,677 | 346 |
Deferred financing and original issue discount amortization | ' | ' |
Stock-based compensation expense | ' | ' |
Other non-cash interest and change in value of interest rate swap | ' | ' |
Changes in operating items: | ' | ' |
Accounts receivable | -3,067 | -905 |
Inventories | -4,422 | 523 |
Other assets | 8,565 | 46 |
Accounts payable | 1,027 | -104 |
Interest payable on junior subordinated debentures | ' | ' |
Other accrued liabilities | -490 | 102 |
Other items, net | -2,286 | 18 |
Net cash provided by operating activities | 1,095 | 563 |
Cash flows from investing activities: | ' | ' |
Paulin acquisition | ' | ' |
Proceeds from sale of property and equipment | ' | 3 |
Capital expenditures | -106 | -124 |
Other, net | ' | ' |
Net cash used for investing activities | -106 | -121 |
Cash flows from financing activities: | ' | ' |
Borrowings of senior term loans | ' | ' |
Repayments of senior term loans | ' | ' |
Discount on senior term loans | ' | ' |
Borrowings of revolving credit loans | ' | ' |
Repayments of revolving credit loans | ' | ' |
Payments of additional acquisition consideration | ' | ' |
Principal payments under capitalized lease obligations | ' | ' |
Repayment of other credit obligations | ' | ' |
Net cash provided by financing activities | ' | ' |
Net (decrease) increase in cash and cash equivalents | 989 | 442 |
Cash and cash equivalents at beginning of period | 429 | 547 |
Cash and cash equivalents at end of period | 1,418 | 989 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income (loss) | -900 | -695 |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ' | ' |
Depreciation and amortization | 1,809 | 357 |
Dispositions of property and equipment | 12 | ' |
Deferred income tax provision (benefit) | 1,910 | -89 |
Deferred financing and original issue discount amortization | ' | ' |
Stock-based compensation expense | ' | ' |
Other non-cash interest and change in value of interest rate swap | ' | ' |
Changes in operating items: | ' | ' |
Accounts receivable | -5,029 | -783 |
Inventories | -4,067 | -1,321 |
Other assets | -2,551 | 2,490 |
Accounts payable | 2,771 | -323 |
Interest payable on junior subordinated debentures | ' | ' |
Other accrued liabilities | 9,985 | 295 |
Other items, net | 2,570 | -153 |
Net cash provided by operating activities | 6,510 | -222 |
Cash flows from investing activities: | ' | ' |
Paulin acquisition | ' | ' |
Proceeds from sale of property and equipment | ' | ' |
Capital expenditures | -158 | -138 |
Other, net | ' | ' |
Net cash used for investing activities | -158 | -138 |
Cash flows from financing activities: | ' | ' |
Borrowings of senior term loans | ' | ' |
Repayments of senior term loans | ' | ' |
Discount on senior term loans | ' | ' |
Borrowings of revolving credit loans | ' | ' |
Repayments of revolving credit loans | ' | ' |
Payments of additional acquisition consideration | ' | ' |
Principal payments under capitalized lease obligations | ' | ' |
Repayment of other credit obligations | ' | ' |
Net cash provided by financing activities | ' | ' |
Net (decrease) increase in cash and cash equivalents | 6,352 | -360 |
Cash and cash equivalents at beginning of period | 2,201 | 2,627 |
Cash and cash equivalents at end of period | 8,553 | 2,267 |
Consolidating Adjustments [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income (loss) | ' | -2 |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ' | ' |
Depreciation and amortization | ' | ' |
Dispositions of property and equipment | ' | ' |
Deferred income tax provision (benefit) | ' | ' |
Deferred financing and original issue discount amortization | ' | ' |
Stock-based compensation expense | ' | ' |
Other non-cash interest and change in value of interest rate swap | ' | ' |
Changes in operating items: | ' | ' |
Accounts receivable | ' | ' |
Inventories | ' | 2 |
Other assets | ' | ' |
Accounts payable | ' | ' |
Interest payable on junior subordinated debentures | ' | ' |
Other accrued liabilities | -13,700 | -9,175 |
Other items, net | 13,684 | 9,175 |
Net cash provided by operating activities | -16 | ' |
Cash flows from investing activities: | ' | ' |
Paulin acquisition | ' | ' |
Proceeds from sale of property and equipment | ' | ' |
Capital expenditures | ' | ' |
Other, net | 16 | ' |
Net cash used for investing activities | 16 | ' |
Cash flows from financing activities: | ' | ' |
Borrowings of senior term loans | ' | ' |
Repayments of senior term loans | ' | ' |
Discount on senior term loans | ' | ' |
Borrowings of revolving credit loans | ' | ' |
Repayments of revolving credit loans | ' | ' |
Payments of additional acquisition consideration | ' | ' |
Principal payments under capitalized lease obligations | ' | ' |
Repayment of other credit obligations | ' | ' |
Net cash provided by financing activities | ' | ' |
Net (decrease) increase in cash and cash equivalents | ' | ' |
Cash and cash equivalents at beginning of period | ' | ' |
Cash and cash equivalents at end of period | ' | ' |