RESTATEMENTS AND REVISIONS | 12 Months Ended |
Dec. 31, 2012 |
RESTATEMENTS AND REVISIONS | ' |
Note 2—RESTATEMENTS AND REVISIONS: |
As previously disclosed in the Company’s Current Report on Form 8-K filed on September 19, 2013 and the Company’s first Amended Annual Report on Form 10-K/A for the year ended December 31, 2012, as filed on September 24, 2013 (“Amendment No. 1”), the Company historically recognized revenues for certain of its long-term contracts upon the delivery of products or the performance of services. In July 2013, the Company undertook a review of these contracts, and determined that for certain of these contracts this treatment was incorrect, and a project-based accounting model would be more appropriate. As such, the Company filed Amendment No. 1 on September 24, 2013 to correctly present the Consolidated Financial Statements as if these contracts were accounted for using the percentage-of-completion accounting model under Accounting Standards Codification (“ASC”) 605-35, Construction-Type and Production-Type Contracts, as well as other related adjustments. ASC 605-35 requires that management continually update estimates of projected revenues and costs for each contract to determine the appropriate amount of revenue and costs to recognize in each period. For certain contracts, since the Company had not been historically recording revenue and expenses in accordance with ASC 605-35, such estimates are not available for historical periods and it is not practicable to create such estimates. As a result, revenues and costs under these contracts have been recorded in equal amounts using the zero profit method under ASC 605-35 until the period when the Company believed it would have been able to estimate its remaining revenues and costs at which point the cumulative contract gross profit earned to date was recorded. This generally occurred when the primary deliverable under the contract was delivered. |
In connection with the preparation of Amendment No. 1, multiple spreadsheets had been created and used to calculate the historic revenue and costs of goods sold under the contracts requiring application of the percentage-of-completion methodology under ASC 605-35. During the Company’s third quarter closing process, the Company determined that one of these spreadsheets inadvertently contained computational errors resulting in an inaccurate calculation of the revenues and costs of sales for these contracts. These errors resulted in an overstatement of net sales and operating income for the year ended December 31, 2012 by $1,464 and $1,533, respectively, as compared to the amounts set forth in Amendment No. 1. In addition, when combined with the errors in Amendment No. 1, the total of these errors resulted in an overstatement of net sales and operating income from the amounts set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 as filed on February 22, 2013, by $897 and $5,297. In light of these computational errors, the Company is filing this Amendment No. 2 on Form 10-K/A (the “Amendment”). The Company also made immaterial corrections associated with its acquisition of its RTI Remmele Engineering and RTI Remmele Medical subsidiaries which increased current deferred tax assets $192, while decreasing goodwill and non-current deferred tax liabilities by $5,260 and $5,068, respectively. Previously restated or revised figures for the years ended December 31, 2011 and 2010, and the related interim periods have not been adjusted in conjunction with the filing of this Amendment as effects on these periods were immaterial. |
The effects of this Amendment on the Consolidated Financial Statements as previously filed for the year ended December 31, 2012, the revisions to the Consolidated Financial Statements for the years ended December 31, 2011 and 2010 and the impact of recasting the restated or revised amounts for the respective periods for the disposition of RTI Pierce Spafford in April 2013 are presented below. Columns labeled “First Restatement Adjustment” or “Revision Adjustment” represent the effect of the restatement or revision as set forth in Amendment No. 1, while columns labeled “Second Restatement Adjustment” refer to the effect of the correction of the errors discussed above. The “Second Restatement Adjustment” columns represent the reconciling difference between this Amendment and Amendment No. 1. |
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| | Year Ended December 31, 2012 | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | First | | | Second | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | |
Reported | Restatement | Restatement | Corrected | Operations | Reported | | | | | | | | | | | | | | | | |
| Adjustment | Adjustment | | | | | | | | | | | | | | | | | | | |
Consolidated Statement of Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 738,608 | | | $ | 567 | | | $ | (1,464 | ) | | $ | 737,711 | | | $ | (29,621 | ) | | $ | 708,090 | | | | | | | | | | | | | | | | | |
Cost of sales | | | 588,077 | | | | 4,331 | | | | 69 | | | | 592,477 | | | | (24,015 | ) | | | 568,462 | | | | | | | | | | | | | | | | | |
Operating Income | | | 55,030 | | | | (3,764 | ) | | | (1,533 | ) | | | 49,733 | | | | (2,622 | ) | | | 47,111 | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 36,768 | | | | (3,764 | ) | | | (1,533 | ) | | | 31,471 | | | | (2,639 | ) | | | 28,832 | | | | | | | | | | | | | | | | | |
Provision for (benefit from) income taxes | | | 13,253 | | | | (1,366 | ) | | | (556 | ) | | | 11,331 | | | | (939 | ) | | | 10,392 | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 23,515 | | | | (2,398 | ) | | | (977 | ) | | | 20,140 | | | | (1,700 | ) | | | 18,440 | | | | | | | | | | | | | | | | | |
Net income attributable to discontinued operations, net of tax | | | — | | | | — | | | | — | | | | — | | | | 1,700 | | | | 1,700 | | | | | | | | | | | | | | | | | |
Net income | | | 23,515 | | | | (2,398 | ) | | | (977 | ) | | | 20,140 | | | | — | | | | 20,140 | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.78 | | | $ | (0.08 | ) | | $ | (0.03 | ) | | $ | 0.66 | | | $ | (0.06 | ) | | $ | 0.61 | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.77 | | | $ | (0.08 | ) | | $ | (0.03 | ) | | $ | 0.66 | | | $ | (0.06 | ) | | $ | 0.61 | | | | | | | | | | | | | | | | | |
Earnings per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.06 | | | $ | 0.06 | | | | | | | | | | | | | | | | | |
Diluted | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.06 | | | $ | 0.06 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, 2011 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Revision | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported | Adjustment | Revised | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
Consolidated Statement of Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 529,679 | | | $ | 1,750 | | | $ | 531,429 | | | $ | (30,141 | ) | | $ | 501,288 | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 429,007 | | | | 2,559 | | | | 431,566 | | | | (23,906 | ) | | | 407,660 | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 27,761 | | | | (809 | ) | | | 26,952 | | | | (2,900 | ) | | | 24,052 | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 12,135 | | | | (809 | ) | | | 11,326 | | | | (2,863 | ) | | | 8,463 | | | | | | | | | | | | | | | | | | | | | |
Provision for income taxes | | | 5,583 | | | | (289 | ) | | | 5,294 | | | | (1,025 | ) | | | 4,269 | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 6,552 | | | | (520 | ) | | | 6,032 | | | | (1,838 | ) | | | 4,194 | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to discontinued operations, net of tax | | | — | | | | — | | | | — | | | | 1,838 | | | | 1,838 | | | | | | | | | | | | | | | | | | | | | |
Net income | | | 6,552 | | | | (520 | ) | | | 6,032 | | | | — | | | | 6,032 | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.22 | | | $ | (0.02 | ) | | $ | 0.2 | | | $ | (0.06 | ) | | $ | 0.14 | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.22 | | | $ | (0.02 | ) | | $ | 0.2 | | | $ | (0.06 | ) | | $ | 0.14 | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | — | | | $ | — | | | $ | — | | | $ | 0.06 | | | $ | 0.06 | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | — | | | $ | — | | | $ | — | | | $ | 0.06 | | | $ | 0.06 | | | | | | | | | | | | | | | | | | | | | |
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| | Year Ended December 31, 2010 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Revision | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported | Adjustment | Revised | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
Consolidated Statement of Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Sales | | $ | 431,793 | | | $ | (3,571 | ) | | $ | 428,222 | | | $ | (21,731 | ) | | $ | 406,491 | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 355,908 | | | | (3,809 | ) | | | 352,099 | | | | (17,973 | ) | | | 334,126 | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 14,061 | | | | 238 | | | | 14,299 | | | | (487 | ) | | | 13,812 | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 11,820 | | | | 238 | | | | 12,058 | | | | (487 | ) | | | 11,571 | | | | | | | | | | | | | | | | | | | | | |
Provision for income taxes | | | 8,403 | | | | 85 | | | | 8,488 | | | | (177 | ) | | | 8,311 | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 3,417 | | | | 153 | | | | 3,570 | | | | (310 | ) | | | 3,260 | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to discontinued operations, net of tax | | | — | | | | — | | | | — | | | | 310 | | | | 310 | | | | | | | | | | | | | | | | | | | | | |
Net income | | | 3,417 | | | | 153 | | | | 3,570 | | | | — | | | | 3,570 | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.11 | | | | 0.01 | | | $ | 0.12 | | | $ | (0.01 | ) | | $ | 0.11 | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.11 | | | $ | 0.01 | | | $ | 0.12 | | | $ | (0.01 | ) | | $ | 0.11 | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | — | | | $ | — | | | $ | — | | | $ | 0.01 | | | $ | 0.01 | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | — | | | $ | — | | | $ | — | | | $ | 0.01 | | | $ | 0.01 | | | | | | | | | | | | | | | | | | | | | |
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| | 31-Dec-12 | | | | | | | | | | | | | | | | | |
Consolidated Balance Sheets | | Previously | | | First | | | Second | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | |
Reported | Restatement | Restatement | Corrected | Operations | Reported | | | | | | | | | | | | | | | | |
| Adjustment | Adjustment | | | | | | | | | | | | | | | | | | | |
Receivables | | $ | 108,767 | | | $ | — | | | $ | (1,261 | ) | | $ | 107,506 | | | $ | (2,189 | ) | | $ | 105,317 | | | | | | | | | | | | | | | | | |
Inventories, net | | | 405,289 | | | | (5,208 | ) | | | (3,841 | ) | | | 396,240 | | | | (11,124 | ) | | | 385,116 | | | | | | | | | | | | | | | | | |
Costs in excess of billings | | | — | | | | 1,841 | | | | 419 | | | | 2,260 | | | | — | | | | 2,260 | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 28,899 | | | | 1,733 | | | | 748 | | | | 31,380 | | | | — | | | | 31,380 | | | | | | | | | | | | | | | | | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | 14,741 | | | | 14,741 | | | | | | | | | | | | | | | | | |
Other current assets | | | 10,709 | | | | 561 | | | | — | | | | 11,270 | | | | — | | | | 11,270 | | | | | | | | | | | | | | | | | |
Total current assets | | | 650,854 | | | | (1,073 | ) | | | (3,935 | ) | | | 645,846 | | | | 1,428 | | | | 647,274 | | | | | | | | | | | | | | | | | |
Property, plant and equipment, net | | | 375,996 | | | | — | | | | — | | | | 375,996 | | | | (47 | ) | | | 375,949 | | | | | | | | | | | | | | | | | |
Goodwill | | | 137,251 | | | | — | | | | (5,260 | ) | | | 131,991 | | | | (1,381 | ) | | | 130,610 | | | | | | | | | | | | | | | | | |
Other noncurrent assets | | | 5,844 | | | | 3,022 | | | | — | | | | 8,866 | | | | — | | | | 8,866 | | | | | | | | | | | | | | | | | |
Total assets | | | 1,259,727 | | | | 1,949 | | | | (9,195 | ) | | | 1,252,481 | | | | — | | | | 1,252,481 | | | | | | | | | | | | | | | | | |
Accounts payable | | | 93,656 | | | | — | | | | — | | | | 93,656 | | | | (1,995 | ) | | | 91,661 | | | | | | | | | | | | | | | | | |
Accrued wages and other employment costs | | | 34,433 | | | | — | | | | — | | | | 34,433 | | | | (337 | ) | | | 34,096 | | | | | | | | | | | | | | | | | |
Unearned revenues | | | 26,164 | | | | 1,984 | | | | (3,150 | ) | | | 24,998 | | | | — | | | | 24,998 | | | | | | | | | | | | | | | | | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | 2,332 | | | | 2,332 | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 176,803 | | | | 1,984 | | | | (3,150 | ) | | | 175,637 | | | | — | | | | 175,637 | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 51,452 | | | | — | | | | (5,068 | ) | | | 46,384 | | | | — | | | | 46,384 | | | | | | | | | | | | | | | | | |
Unearned revenues | | | 9,991 | | | | 3,022 | | | | — | | | | 13,013 | | | | — | | | | 13,013 | | | | | | | | | | | | | | | | | |
Total liabilities | | | 514,158 | | | | 5,006 | | | | (8,218 | ) | | | 510,946 | | | | — | | | | 510,946 | | | | | | | | | | | | | | | | | |
Retained earnings | | | 323,581 | | | | (3,057 | ) | | | (977 | ) | | | 319,547 | | | | — | | | | 319,547 | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 745,569 | | | | (3,057 | ) | | | (977 | ) | | | 741,535 | | | | — | | | | 741,535 | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | | 1,259,727 | | | | 1,949 | | | | (9,195 | ) | | | 1,252,481 | | | | — | | | | 1,252,481 | | | | | | | | | | | | | | | | | |
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| | At December 31, 2011 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Revision | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported | Adjustment | Revised | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
Consolidated Balance Sheet | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Receivables, net | | $ | 89,359 | | | $ | — | | | $ | 89,359 | | | $ | (2,931 | ) | | $ | 86,428 | | | | | | | | | | | | | | | | | | | | | |
Inventories, net | | | 275,059 | | | | (3,495 | ) | | | 271,564 | | | | (11,712 | ) | | | 259,852 | | | | | | | | | | | | | | | | | | | | | |
Costs in excess of billings | | | — | | | | 400 | | | | 400 | | | | — | | | | 400 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 18,674 | | | | 367 | | | | 19,041 | | | | — | | | | 19,041 | | | | | | | | | | | | | | | | | | | | | |
Other current assets | | | 9,932 | | | | 290 | | | | 10,222 | | | | — | | | | 10,222 | | | | | | | | | | | | | | | | | | | | | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | 16,083 | | | | 16,083 | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 714,121 | | | | (2,438 | ) | | | 711,683 | | | | 1,440 | | | | 713,123 | | | | | | | | | | | | | | | | | | | | | |
Property, plant, and equipment, net | | | 289,434 | | | | — | | | | 289,434 | | | | (59 | ) | | | 289,375 | | | | | | | | | | | | | | | | | | | | | |
Goodwill | | | 55,864 | | | | — | | | | 55,864 | | | | (1,381 | ) | | | 54,483 | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent assets | | | 5,173 | | | | 3,583 | | | | 8,756 | | | | — | | | | 8,756 | | | | | | | | | | | | | | | | | | | | | |
Total assets | | | 1,127,275 | | | | 1,145 | | | | 1,128,420 | | | | — | | | | 1,128,420 | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | 59,591 | | | | — | | | | 59,591 | | | | (3,771 | ) | | | 55,820 | | | | | | | | | | | | | | | | | | | | | |
Accrued wages and other employee costs | | | 27,260 | | | | — | | | | 27,260 | | | | (473 | ) | | | 26,787 | | | | | | | | | | | | | | | | | | | | | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | 4,244 | | | | 4,244 | | | | | | | | | | | | | | | | | | | | | |
Unearned revenues — current | | | 21,495 | | | | (1,779 | ) | | | 19,716 | | | | — | | | | 19,716 | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 128,431 | | | | (1,779 | ) | | | 126,652 | | | | — | | | | 126,652 | | | | | | | | | | | | | | | | | | | | | |
Unearned revenues — noncurrent | | | 4,532 | | | | 3,583 | | | | 8,115 | | | | — | | | | 8,115 | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 404,523 | | | | 1,804 | | | | 406,327 | | | | — | | | | 406,327 | | | | | | | | | | | | | | | | | | | | | |
Retained earnings | | | 300,066 | | | | (659 | ) | | | 299,407 | | | | — | | | | 299,407 | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 722,752 | | | | (659 | ) | | | 722,093 | | | | — | | | | 722,093 | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | | 1,127,275 | | | | 1,145 | | | | 1,128,420 | | | | — | | | | 1,128,420 | | | | | | | | | | | | | | | | | | | | | |
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| | Year Ended December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | First | | | Second | | | As | | | | | | | | | | | | | | | | | | | | | | | | | |
Reported | Restatement | Restatement | Corrected | | | | | | | | | | | | | | | | | | | | | | | | |
| Adjustment | Adjustment | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated Statements of Cash Flow (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating Activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 23,515 | | | $ | (2,398 | ) | | $ | (977 | ) | | $ | 20,140 | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjustment for non-cash items included in net income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 3,355 | | | | (1,366 | ) | | | (556 | ) | | | 1,433 | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Receivables | | | (3,079 | ) | | | — | | | | 1,261 | | | | (1,818 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Inventories | | | (108,934 | ) | | | 1,713 | | | | 3,841 | | | | (103,380 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | 9,141 | | | | 3,202 | | | | (3,150 | ) | | | 9,193 | | | | | | | | | | | | | | | | | | | | | | | | | |
Billings in excess of costs/cost in excess of billings | | | — | | | | (1,441 | ) | | | (419 | ) | | | (1,860 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Other current assets and liabilities | | | (3,016 | ) | | | (271 | ) | | | (192 | ) | | | (3,479 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent assets and liabilities | | | 6,192 | | | | 561 | | | | 192 | | | | 6,945 | | | | | | | | | | | | | | | | | | | | | | | | | |
-1 | The Company does not present cash flows from discontinued operations, consistent with ASC 230, Statement of Cash Flows. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, 2011 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Revision | | | As | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reported | Adjustment | Revised | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated Statement of Cash Flows (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 6,552 | | | $ | (520 | ) | | $ | 6,032 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjustment for non-cash items included in net income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 8,386 | | | | (289 | ) | | | 8,097 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Inventories | | | 160 | | | | 3,650 | | | | 3,810 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | 180 | | | | (2,786 | ) | | | (2,606 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost in excess of billings | | | — | | | | (300 | ) | | | (300 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other current assets and liabilities | | | 5,262 | | | | (45 | ) | | | 5,217 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent assets and liabilities | | | 3,687 | | | | 290 | | | | 3,977 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, 2010 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Revision | | | As | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reported | Adjustment | Revised | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated Statement of Cash Flows (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 3,417 | | | $ | 153 | | | $ | 3,570 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjustment for non-cash items included in net income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 16,039 | | | | 85 | | | | 16,124 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Inventories | | | (2,972 | ) | | | (736 | ) | | | (3,708 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | 7,328 | | | | 4,701 | | | | 12,029 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost in excess of billings | | | — | | | | (85 | ) | | | (85 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other current assets and liabilities | | | 16,621 | | | | (245 | ) | | | 16,376 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent assets and liabilities | | | 747 | | | | (3,873 | ) | | | (3,126 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
-1 | The Company does not present cash flows from discontinued operations, consistent with ASC 230, Statement of Cash Flows. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The effects of the restatements or revisions, as indicated, and the effects of reporting RTI Pierce Spafford as a discontinued operation, as applicable, on the Condensed Consolidated Financial Statements for each of the interim periods in the years ended December 31, 2012 and 2011 are presented below: |
Condensed Consolidated Statement of Operations |
(Unaudited) |
(In thousands, except per share amounts) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, 2012 | | | | | | | | | | | | | | | | | |
| | As | | | First | | | Second | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | |
Reported | Restatement | Restatement | Corrected | Operations | Reported | | | | | | | | | | | | | | | | |
| Adjustment | Adjustment | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 162,850 | | | $ | (810 | ) | | $ | 311 | | | $ | 162,351 | | | $ | (8,281 | ) | | $ | 154,070 | | | | | | | | | | | | | | | | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 127,145 | | | | 897 | | | | 121 | | | | 128,163 | | | | (6,600 | ) | | | 121,563 | | | | | | | | | | | | | | | | | |
Selling, general, and administrative expenses | | | 21,622 | | | | — | | | | — | | | | 21,622 | | | | (789 | ) | | | 20,833 | | | | | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | 1,065 | | | | — | | | | — | | | | 1,065 | | | | — | | | | 1,065 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 13,018 | | | | (1,707 | ) | | | 190 | | | | 11,501 | | | | (892 | ) | | | 10,609 | | | | | | | | | | | | | | | | | |
Other income, net | | | (268 | ) | | | — | | | | — | | | | (268 | ) | | | — | | | | (268 | ) | | | | | | | | | | | | | | | | |
Interest income | | | 82 | | | | — | | | | — | | | | 82 | | | | — | | | | 82 | | | | | | | | | | | | | | | | | |
Interest expense | | | (4,278 | ) | | | — | | | | — | | | | (4,278 | ) | | | — | | | | (4,278 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 8,554 | | | | (1,707 | ) | | | 190 | | | | 7,037 | | | | (892 | ) | | | 6,145 | | | | | | | | | | | | | | | | | |
Provision for (benefit from) income taxes | | | 2,929 | | | | (586 | ) | | | 65 | | | | 2,408 | | | | (321 | ) | | | 2,087 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 5,625 | | | | (1,121 | ) | | | 125 | | | | 4,629 | | | | (571 | ) | | | 4,058 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to discontinued operations, net of tax | | | — | | | | — | | | | — | | | | — | | | | 571 | | | | 571 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 5,625 | | | $ | (1,121 | ) | | $ | 125 | | | $ | 4,629 | | | $ | — | | | $ | 4,629 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.19 | | | $ | (0.04 | ) | | $ | — | | | $ | 0.15 | | | $ | (0.02 | ) | | $ | 0.13 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.19 | | | $ | (0.04 | ) | | $ | — | | | $ | 0.15 | | | $ | (0.02 | ) | | $ | 0.13 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.02 | | | $ | 0.02 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.02 | | | $ | 0.02 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidated Statement of Operations |
(Unaudited) |
(In thousands, except per share amounts) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, 2012 | | | | | | | | | | | | | | | | | |
| | As | | | First | | | Second | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | |
Reported | Restatement | Restatement | Corrected | Operations | Reported | | | | | | | | | | | | | | | | |
| Adjustment | Adjustment | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 190,277 | | | $ | 1,971 | | | $ | 182 | | | $ | 192,430 | | | $ | (7,968 | ) | | $ | 184,462 | | | | | | | | | | | | | | | | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 153,781 | | | | 2,997 | | | | 136 | | | | 156,914 | | | | (6,471 | ) | | | 150,443 | | | | | | | | | | | | | | | | | |
Selling, general, and administrative expenses | | | 23,458 | | | | — | | | | — | | | | 23,458 | | | | (780 | ) | | | 22,678 | | | | | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | 1,104 | | | | — | | | | — | | | | 1,104 | | | | — | | | | 1,104 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 11,934 | | | | (1,026 | ) | | | 46 | | | | 10,954 | | | | (717 | ) | | | 10,237 | | | | | | | | | | | | | | | | | |
Other income, net | | | 570 | | | | — | | | | — | | | | 570 | | | | — | | | | 570 | | | | | | | | | | | | | | | | | |
Interest income | | | 33 | | | | — | | | | — | | | | 33 | | | | — | | | | 33 | | | | | | | | | | | | | | | | | |
Interest expense | | | (4,209 | ) | | | — | | | | — | | | | (4,209 | ) | | | — | | | | (4,209 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 8,328 | | | | (1,026 | ) | | | 46 | | | | 7,348 | | | | (717 | ) | | | 6,631 | | | | | | | | | | | | | | | | | |
Provision for (benefit from) income taxes | | | 3,165 | | | | (382 | ) | | | 19 | | | | 2,802 | | | | (264 | ) | | | 2,538 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 5,163 | | | | (644 | ) | | | 27 | | | | 4,546 | | | | (453 | ) | | | 4,093 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to discontinued operations, net of tax | | | — | | | | — | | | | — | | | | — | | | | 453 | | | | 453 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 5,163 | | | $ | (644 | ) | | $ | 27 | | | $ | 4,546 | | | $ | — | | | $ | 4,546 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.17 | | | $ | (0.02 | ) | | $ | — | | | $ | 0.15 | | | $ | (0.01 | ) | | $ | 0.14 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.17 | | | $ | (0.02 | ) | | $ | — | | | $ | 0.15 | | | $ | (0.01 | ) | | $ | 0.13 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.01 | | | $ | 0.01 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.01 | | | $ | 0.01 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidated Statement of Operations |
(Unaudited) |
(In thousands, except per share amounts) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, 2012 | | | | | | | | | | | | | | | | | |
| | As | | | First | | | Second | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | |
Reported | Restatement | Restatement | Corrected | Operations | Reported | | | | | | | | | | | | | | | | |
| Adjustment | Adjustment | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 353,127 | | | $ | 1,161 | | | $ | 493 | | | $ | 354,781 | | | $ | (16,249 | ) | | $ | 338,532 | | | | | | | | | | | | | | | | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 280,926 | | | | 3,894 | | | | 257 | | | | 285,077 | | | | (13,071 | ) | | | 272,006 | | | | | | | | | | | | | | | | | |
Selling, general, and administrative expenses | | | 45,080 | | | | — | | | | — | | | | 45,080 | | | | (1,569 | ) | | | 43,511 | | | | | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | 2,169 | | | | — | | | | — | | | | 2,169 | | | | — | | | | 2,169 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 24,952 | | | | (2,733 | ) | | | 236 | | | | 22,455 | | | | (1,609 | ) | | | 20,846 | | | | | | | | | | | | | | | | | |
Other income, net | | | 302 | | | | — | | | | — | | | | 302 | | | | — | | | | 302 | | | | | | | | | | | | | | | | | |
Interest income | | | 115 | | | | — | | | | — | | | | 115 | | | | — | | | | 115 | | | | | | | | | | | | | | | | | |
Interest expense | | | (8,487 | ) | | | — | | | | — | | | | (8,487 | ) | | | — | | | | (8,487 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 16,882 | | | | (2,733 | ) | | | 236 | | | | 14,385 | | | | (1,609 | ) | | | 12,776 | | | | | | | | | | | | | | | | | |
Provision for (benefit from) income taxes | | | 6,094 | | | | (968 | ) | | | 84 | | | | 5,210 | | | | (585 | ) | | | 4,625 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 10,788 | | | | (1,765 | ) | | | 152 | | | | 9,175 | | | | (1,024 | ) | | | 8,151 | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to discontinued operations, net of tax | | | — | | | | — | | | | — | | | | — | | | | 1,024 | | | | 1,024 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 10,788 | | | $ | (1,765 | ) | | $ | 152 | | | $ | 9,175 | | | $ | — | | | $ | 9,175 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.36 | | | $ | (0.06 | ) | | $ | 0.01 | | | $ | 0.3 | | | $ | (0.03 | ) | | $ | 0.27 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.36 | | | $ | (0.06 | ) | | $ | 0.01 | | | $ | 0.3 | | | $ | (0.03 | ) | | $ | 0.27 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.03 | | | $ | 0.03 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.03 | | | $ | 0.03 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidated Statement of Operations |
(Unaudited) |
(In thousands, except per share amounts) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2012 | | | | | | | | | | | | | | | | | |
| | As | | | First | | | Second | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | |
Reported | Restatement | Restatement | Corrected | Operations | Reported | | | | | | | | | | | | | | | | |
| Adjustment | Adjustment | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 189,075 | | | $ | 439 | | | $ | 259 | | | $ | 189,773 | | | $ | (7,228 | ) | | $ | 182,545 | | | | | | | | | | | | | | | | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 151,128 | | | | 3,689 | | | | 19 | | | | 154,836 | | | | (5,941 | ) | | | 148,895 | | | | | | | | | | | | | | | | | |
Selling, general, and administrative expenses | | | 22,434 | | | | — | | | | — | | | | 22,434 | | | | (709 | ) | | | 21,725 | | | | | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | 1,012 | | | | — | | | | — | | | | 1,012 | | | | — | | | | 1,012 | | | | | | | | | | | | | | | | | |
Asset and asset-related charges | | | 1,617 | | | | — | | | | — | | | | 1,617 | | | | — | | | | 1,617 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 12,884 | | | | (3,250 | ) | | | 240 | | | | 9,874 | | | | (578 | ) | | | 9,296 | | | | | | | | | | | | | | | | | |
Other income, net | | | 32 | | | | — | | | | — | | | | 32 | | | | (16 | ) | | | 16 | | | | | | | | | | | | | | | | | |
Interest income | | | 18 | | | | — | | | | — | | | | 18 | | | | — | | | | 18 | | | | | | | | | | | | | | | | | |
Interest expense | | | (4,708 | ) | | | — | | | | — | | | | (4,708 | ) | | | — | | | | (4,708 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 8,226 | | | | (3,250 | ) | | | 240 | | | | 5,216 | | | | (594 | ) | | | 4,622 | | | | | | | | | | | | | | | | | |
Provision for (benefit from) income taxes | | | 2,601 | | | | (1,049 | ) | | | 76 | | | | 1,628 | | | | (205 | ) | | | 1,423 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 5,625 | | | | (2,201 | ) | | | 164 | | | | 3,588 | | | | (389 | ) | | | 3,199 | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to discontinued operations, net of tax | | | — | | | | — | | | | — | | | | — | | | | 389 | | | | 389 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 5,625 | | | $ | (2,201 | ) | | $ | 164 | | | $ | 3,588 | | | | — | | | $ | 3,588 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.19 | | | $ | (0.07 | ) | | $ | 0.01 | | | $ | 0.12 | | | $ | (0.01 | ) | | $ | 0.11 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.19 | | | $ | (0.07 | ) | | $ | 0.01 | | | $ | 0.12 | | | $ | (0.01 | ) | | $ | 0.11 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.01 | | | $ | 0.01 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.01 | | | $ | 0.01 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidated Statement of Operations |
(Unaudited) |
(In thousands, except per share amounts) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2012 | | | | | | | | | | | | | | | | | |
| | As | | | First | | | Second | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | |
Reported | Restatement | Restatement | Corrected | Operations | Reported | | | | | | | | | | | | | | | | |
| Adjustment | Adjustment | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 542,202 | | | $ | 1,600 | | | $ | 752 | | | $ | 544,554 | | | $ | (23,477 | ) | | $ | 521,077 | | | | | | | | | | | | | | | | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 432,054 | | | | 7,583 | | | | 276 | | | | 439,913 | | | | (19,012 | ) | | | 420,901 | | | | | | | | | | | | | | | | | |
Selling, general, and administrative expenses | | | 67,514 | | | | — | | | | — | | | | 67,514 | | | | (2,278 | ) | | | 65,236 | | | | | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | 3,181 | | | | — | | | | — | | | | 3,181 | | | | — | | | | 3,181 | | | | | | | | | | | | | | | | | |
Asset and asset-related charges | | | 1,617 | | | | — | | | | — | | | | 1,617 | | | | — | | | | 1,617 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 37,836 | | | | (5,983 | ) | | | 476 | | | | 32,329 | | | | (2,187 | ) | | | 30,142 | | | | | | | | | | | | | | | | | |
Other income, net | | | 334 | | | | — | | | | — | | | | 334 | | | | (16 | ) | | | 318 | | | | | | | | | | | | | | | | | |
Interest income | | | 133 | | | | — | | | | — | | | | 133 | | | | — | | | | 133 | | | | | | | | | | | | | | | | | |
Interest expense | | | (13,195 | ) | | | — | | | | — | | | | (13,195 | ) | | | — | | | | (13,195 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 25,108 | | | | (5,983 | ) | | | 476 | | | | 19,601 | | | | (2,203 | ) | | | 17,398 | | | | | | | | | | | | | | | | | |
Provision for (benefit from) income taxes | | | 8,695 | | | | (2,017 | ) | | | 160 | | | | 6,838 | | | | (790 | ) | | | 6,048 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 16,413 | | | | (3,966 | ) | | | 316 | | | | 12,763 | | | | (1,413 | ) | | | 11,350 | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to discontinued operations, net of tax | | | — | | | | — | | | | — | | | | — | | | | 1,413 | | | | 1,413 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 16,413 | | | $ | (3,966 | ) | | $ | 316 | | | $ | 12,763 | | | $ | — | | | $ | 12,763 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.54 | | | $ | (0.13 | ) | | $ | 0.01 | | | $ | 0.42 | | | $ | (0.05 | ) | | $ | 0.37 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.54 | | | $ | (0.13 | ) | | $ | 0.01 | | | $ | 0.42 | | | $ | (0.05 | ) | | $ | 0.37 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.05 | | | $ | 0.05 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.05 | | | $ | 0.05 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidated Statement of Operations |
(Unaudited) |
(In thousands, except per share amounts) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, 2011 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | First | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported | Restatement | Corrected | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
| Adjustment | | | | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 120,850 | | | $ | (1,139 | ) | | $ | 119,711 | | | $ | (7,911 | ) | | $ | 111,800 | | | | | | | | | | | | | | | | | | | | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 94,845 | | | | (58 | ) | | | 94,787 | | | | (6,299 | ) | | | 88,488 | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative expenses | | | 17,458 | | | | — | | | | 17,458 | | | | (907 | ) | | | 16,551 | | | | | | | | | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | 632 | | | | — | | | | 632 | | | | — | | | | 632 | | | | | | | | | | | | | | | | | | | | | |
Asset and asset-related charges | | | (1,501 | ) | | | — | | | | (1,501 | ) | | | — | | | | (1,501 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 9,416 | | | | (1,081 | ) | | | 8,335 | | | | (705 | ) | | | 7,630 | | | | | | | | | | | | | | | | | | | | | |
Other income, net | | | (569 | ) | | | — | | | | (569 | ) | | | 47 | | | | (522 | ) | | | | | | | | | | | | | | | | | | | | |
Interest income | | | 225 | | | | — | | | | 225 | | | | — | | | | 225 | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (4,300 | ) | | | — | | | | (4,300 | ) | | | — | | | | (4,300 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 4,772 | | | | (1,081 | ) | | | 3,691 | | | | (658 | ) | | | 3,033 | | | | | | | | | | | | | | | | | | | | | |
Provision for income taxes | | | 2,430 | | | | (658 | ) | | | 1,772 | | | | (236 | ) | | | 1,536 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 2,342 | | | | (423 | ) | | | 1,919 | | | | (422 | ) | | | 1,497 | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to discontinued operations, net of tax | | | — | | | | — | | | | — | | | | 422 | | | | 422 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 2,342 | | | $ | (423 | ) | | $ | 1,919 | | | $ | — | | | $ | 1,919 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.08 | | | $ | (0.01 | ) | | $ | 0.06 | | | $ | (0.01 | ) | | $ | 0.05 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.08 | | | $ | (0.01 | ) | | $ | 0.06 | | | $ | (0.01 | ) | | $ | 0.05 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | — | | | $ | — | | | $ | — | | | $ | 0.01 | | | $ | 0.01 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | — | | | $ | — | | | $ | — | | | $ | 0.01 | | | $ | 0.01 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The information in the table above is unchanged from Amendment No. 1. |
Condensed Consolidated Statement of Operations |
(Unaudited) |
(In thousands, except per share amounts) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, 2011 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | First | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported | Restatement | Corrected | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
| Adjustment | | | | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 123,213 | | | $ | 2,900 | | | $ | 126,113 | | | $ | (8,106 | ) | | $ | 118,007 | | | | | | | | | | | | | | | | | | | | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 98,624 | | | | 1,536 | | | | 100,160 | | | | (6,336 | ) | | | 93,824 | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative expenses | | | 17,618 | | | | — | | | | 17,618 | | | | (807 | ) | | | 16,811 | | | | | | | | | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | 890 | | | | — | | | | 890 | | | | — | | | | 890 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 6,081 | | | | 1,364 | | | | 7,445 | | | | (963 | ) | | | 6,482 | | | | | | | | | | | | | | | | | | | | | |
Other income, net | | | 133 | | | | — | | | | 133 | | | | — | | | | 133 | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | 355 | | | | — | | | | 355 | | | | — | | | | 355 | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (4,250 | ) | | | — | | | | (4,250 | ) | | | — | | | | (4,250 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 2,319 | | | | 1,364 | | | | 3,683 | | | | (963 | ) | | | 2,720 | | | | | | | | | | | | | | | | | | | | | |
Provision for income taxes | | | 191 | | | | 757 | | | | 948 | | | | (345 | ) | | | 603 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 2,128 | | | | 607 | | | | 2,735 | | | | (618 | ) | | | 2,117 | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to discontinued operations, net of tax | | | — | | | | — | | | | — | | | | 618 | | | | 618 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 2,128 | | | $ | 607 | | | $ | 2,735 | | | $ | — | | | $ | 2,735 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.07 | | | $ | 0.02 | | | $ | 0.09 | | | $ | (0.02 | ) | | $ | 0.07 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.07 | | | $ | 0.02 | | | $ | 0.09 | | | $ | (0.02 | ) | | $ | 0.07 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | — | | | $ | — | | | $ | — | | | $ | 0.02 | | | $ | 0.02 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | — | | | $ | — | | | $ | — | | | $ | 0.02 | | | $ | 0.02 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The information in the table above is unchanged from Amendment No. 1. |
Condensed Consolidated Statement of Operations |
(Unaudited) |
(In thousands, except per share amounts) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, 2011 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Revision | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported | Adjustment | Revised | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 244,063 | | | $ | 1,761 | | | $ | 245,824 | | | $ | (16,017 | ) | | $ | 229,807 | | | | | | | | | | | | | | | | | | | | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 193,469 | | | | 1,478 | | | | 194,947 | | | | (12,635 | ) | | | 182,312 | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative expenses | | | 35,076 | | | | — | | | | 35,076 | | | | (1,714 | ) | | | 33,362 | | | | | | | | | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | 1,522 | | | | — | | | | 1,522 | | | | — | | | | 1,522 | | | | | | | | | | | | | | | | | | | | | |
Asset and asset-related charges | | | (1,501 | ) | | | — | | | | (1,501 | ) | | | — | | | | (1,501 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 15,497 | | | | 283 | | | | 15,780 | | | | (1,668 | ) | | | 14,112 | | | | | | | | | | | | | | | | | | | | | |
Other income, net | | | (436 | ) | | | — | | | | (436 | ) | | | 47 | | | | (389 | ) | | | | | | | | | | | | | | | | | | | | |
Interest income | | | 580 | | | | — | | | | 580 | | | | — | | | | 580 | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (8,550 | ) | | | — | | | | (8,550 | ) | | | — | | | | (8,550 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 7,091 | | | | 283 | | | | 7,374 | | | | (1,621 | ) | | | 5,753 | | | | | | | | | | | | | | | | | | | | | |
Provision for income taxes | | | 2,621 | | | | 99 | | | | 2,720 | | | | (581 | ) | | | 2,139 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 4,470 | | | | 184 | | | | 4,654 | | | | (1,040 | ) | | | 3,614 | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to discontinued operations, net of tax | | | — | | | | — | | | | — | | | | 1,040 | | | | 1,040 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 4,470 | | | $ | 184 | | | $ | 4,654 | | | $ | — | | | $ | 4,654 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.15 | | | $ | 0.01 | | | $ | 0.15 | | | $ | (0.03 | ) | | $ | 0.12 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.15 | | | $ | 0.01 | | | $ | 0.15 | | | $ | (0.03 | ) | | $ | 0.12 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | — | | | $ | — | | | $ | — | | | $ | 0.03 | | | $ | 0.03 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | — | | | $ | — | | | $ | — | | | $ | 0.03 | | | $ | 0.03 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The information in the table above is unchanged from Amendment No. 1. |
Condensed Consolidated Statement of Operations |
(Unaudited) |
(In thousands, except per share amounts) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2011 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Revision | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported | Adjustment | Revised | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 143,671 | | | $ | 676 | | | $ | 144,347 | | | $ | (7,494 | ) | | $ | 136,853 | | | | | | | | | | | | | | | | | | | | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 118,665 | | | | 1,291 | | | | 119,956 | | | | (5,954 | ) | | | 114,002 | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative expenses | | | 16,388 | | | | — | | | | 16,388 | | | | (772 | ) | | | 15,616 | | | | | | | | | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | 925 | | | | — | | | | 925 | | | | — | | | | 925 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 7,693 | | | | (615 | ) | | | 7,078 | | | | (768 | ) | | | 6,310 | | | | | | | | | | | | | | | | | | | | | |
Other income, net | | | 198 | | | | — | | | | 198 | | | | — | | | | 198 | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | 331 | | | | — | | | | 331 | | | | — | | | | 331 | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (4,173 | ) | | | — | | | | (4,173 | ) | | | — | | | | (4,173 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 4,049 | | | | (615 | ) | | | 3,434 | | | | (768 | ) | | | 2,666 | | | | | | | | | | | | | | | | | | | | | |
Provision for income taxes | | | 1,982 | | | | (208 | ) | | | 1,774 | | | | (275 | ) | | | 1,499 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 2,067 | | | | (407 | ) | | | 1,660 | | | | (493 | ) | | | 1,167 | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to discontinued operations, net of tax | | | — | | | | — | | | | — | | | | 493 | | | | 493 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 2,067 | | | $ | (407 | ) | | $ | 1,660 | | | $ | — | | | $ | 1,660 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.07 | | | $ | (0.01 | ) | | $ | 0.05 | | | $ | (0.02 | ) | | $ | 0.04 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.07 | | | $ | (0.01 | ) | | $ | 0.05 | | | $ | (0.02 | ) | | $ | 0.04 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | — | | | $ | — | | | $ | — | | | $ | 0.02 | | | $ | 0.02 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | — | | | $ | — | | | $ | — | | | $ | 0.02 | | | $ | 0.02 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The information in the table above is unchanged from Amendment No. 1. |
Condensed Consolidated Statement of Operations |
(Unaudited) |
(In thousands, except per share amounts) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2011 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Revision | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported | Adjustment | Revised | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 387,734 | | | $ | 2,437 | | | $ | 390,171 | | | $ | (23,511 | ) | | $ | 366,660 | | | | | | | | | | | | | | | | | | | | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 312,134 | | | | 2,769 | | | | 314,903 | | | | (18,589 | ) | | | 296,314 | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative expenses | | | 51,464 | | | | — | | | | 51,464 | | | | (2,486 | ) | | | 48,978 | | | | | | | | | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | 2,447 | | | | — | | | | 2,447 | | | | — | | | | 2,447 | | | | | | | | | | | | | | | | | | | | | |
Asset and asset-related charges | | | (1,501 | ) | | | — | | | | (1,501 | ) | | | — | | | | (1,501 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 23,190 | | | | (332 | ) | | | 22,858 | | | | (2,436 | ) | | | 20,422 | | | | | | | | | | | | | | | | | | | | | |
Other income, net | | | (238 | ) | | | — | | | | (238 | ) | | | 47 | | | | (191 | ) | | | | | | | | | | | | | | | | | | | | |
Interest income | | | 911 | | | | — | | | | 911 | | | | — | | | | 911 | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (12,723 | ) | | | — | | | | (12,723 | ) | | | — | | | | (12,723 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 11,140 | | | | (332 | ) | | | 10,808 | | | | (2,389 | ) | | | 8,419 | | | | | | | | | | | | | | | | | | | | | |
Provision for income taxes | | | 4,603 | | | | (109 | ) | | | 4,494 | | | | (856 | ) | | | 3,638 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 6,537 | | | | (223 | ) | | | 6,314 | | | | (1,533 | ) | | | 4,781 | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to discontinued operations, net of tax | | | — | | | | — | | | | — | | | | 1,533 | | | | 1,533 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 6,537 | | | $ | (223 | ) | | $ | 6,314 | | | $ | — | | | $ | 6,314 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.22 | | | $ | (0.01 | ) | | $ | 0.21 | | | $ | (0.05 | ) | | $ | 0.16 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.22 | | | $ | (0.01 | ) | | $ | 0.21 | | | $ | (0.05 | ) | | $ | 0.16 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | — | | | $ | — | | | $ | — | | | $ | 0.05 | | | $ | 0.05 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | — | | | $ | — | | | $ | — | | | $ | 0.05 | | | $ | 0.05 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The information in the table above is unchanged from Amendment No. 1. |
Condensed Consolidated Balance Sheet |
(Unaudited) |
(In thousands, except per share amounts) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 31-Mar-12 | | | | | | | | | | | | | | | | | |
| | As | | | First | | | Second | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | |
Reported | Restatement | Restatement | Corrected | Operations | Reported | | | | | | | | | | | | | | | | |
| Adjustment | Adjustment | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 117,872 | | | $ | — | | | $ | — | | | $ | 117,872 | | | $ | — | | | $ | 117,872 | | | | | | | | | | | | | | | | | |
Receivables, less allowance for doubtful accounts of $936 | | | 107,177 | | | | — | | | | — | | | | 107,177 | | | | (4,014 | ) | | | 103,163 | | | | | | | | | | | | | | | | | |
Inventories, net | | | 327,922 | | | | (5,073 | ) | | | (2,097 | ) | | | 320,752 | | | | (13,125 | ) | | | 307,627 | | | | | | | | | | | | | | | | | |
Costs in excess of billings | | | — | | | | 4 | | | | 1 | | | | 5 | | | | — | | | | 5 | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 19,395 | | | | 953 | | | | 127 | | | | 20,475 | | | | — | | | | 20,475 | | | | | | | | | | | | | | | | | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | 18,598 | | | | 18,598 | | | | | | | | | | | | | | | | | |
Other current assets | | | 10,975 | | | | 316 | | | | — | | | | 11,291 | | | | (22 | ) | | | 11,269 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 583,341 | | | | (3,800 | ) | | | (1,969 | ) | | | 577,572 | | | | 1,437 | | | | 579,009 | | | | | | | | | | | | | | | | | |
Property, plant, and equipment, net | | | 361,520 | | | | — | | | | — | | | | 361,520 | | | | (56 | ) | | | 361,464 | | | | | | | | | | | | | | | | | |
Marketable securities | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | | | | | |
Goodwill | | | 140,236 | | | | — | | | | (5,260 | ) | | | 134,976 | | | | (1,381 | ) | | | 133,595 | | | | | | | | | | | | | | | | | |
Other intangible assets, net | | | 59,527 | | | | — | | | | — | | | | 59,527 | | | | — | | | | 59,527 | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 29,111 | | | | — | | | | — | | | | 29,111 | | | | — | | | | 29,111 | | | | | | | | | | | | | | | | | |
Other noncurrent assets | | | 4,972 | | | | 3,504 | | | | — | | | | 8,476 | | | | — | | | | 8,476 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,178,707 | | | $ | (296 | ) | | $ | (7,229 | ) | | $ | 1,171,182 | | | $ | — | | | $ | 1,171,182 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 68,463 | | | $ | — | | | $ | — | | | $ | 68,463 | | | $ | (3,626 | ) | | $ | 64,837 | | | | | | | | | | | | | | | | | |
Accrued wages and other employee costs | | | 19,878 | | | | — | | | | — | | | | 19,878 | | | | (188 | ) | | | 19,690 | | | | | | | | | | | | | | | | | |
Unearned revenues | | | 40,889 | | | | (2,020 | ) | | | (2,286 | ) | | | 36,583 | | | | — | | | | 36,583 | | | | | | | | | | | | | | | | | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | 3,879 | | | | 3,879 | | | | | | | | | | | | | | | | | |
Other accrued liabilities | | | 21,833 | | | | — | | | | — | | | | 21,833 | | | | (65 | ) | | | 21,768 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 151,063 | | | | (2,020 | ) | | | (2,286 | ) | | | 146,757 | | | | — | | | | 146,757 | | | | | | | | | | | | | | | | | |
Long-term debt | | | 191,189 | | | | — | | | | — | | | | 191,189 | | | | — | | | | 191,189 | | | | | | | | | | | | | | | | | |
Liability for post-retirement benefits | | | 41,806 | | | | — | | | | — | | | | 41,806 | | | | — | | | | 41,806 | | | | | | | | | | | | | | | | | |
Liability for pension benefits | | | 15,097 | | | | — | | | | — | | | | 15,097 | | | | — | | | | 15,097 | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 38,209 | | | | — | | | | (5,068 | ) | | | 33,141 | | | | — | | | | 33,141 | | | | | | | | | | | | | | | | | |
Unearned revenues | | | — | | | | 3,504 | | | | — | | | | 3,504 | | | | — | | | | 3,504 | | | | | | | | | | | | | | | | | |
Other noncurrent liabilities | | | 8,895 | | | | — | | | | — | | | | 8,895 | | | | — | | | | 8,895 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 446,259 | | | | 1,484 | | | | (7,354 | ) | | | 440,389 | | | | — | | | | 440,389 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commitments and Contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,066,254 shares issued; 30,286,870 shares outstanding | | | 311 | | | | — | | | | — | | | | 311 | | | | — | | | | 311 | | | | | | | | | | | | | | | | | |
Additional paid-in capital | | | 480,653 | | | | — | | | | — | | | | 480,653 | | | | — | | | | 480,653 | | | | | | | | | | | | | | | | | |
Treasury stock, at cost; 779,375 shares | | | (18,399 | ) | | | — | | | | — | | | | (18,399 | ) | | | — | | | | (18,399 | ) | | | | | | | | | | | | | | | | |
Accumulated other comprehensive loss | | | (35,808 | ) | | | — | | | | — | | | | (35,808 | ) | | | — | | | | (35,808 | ) | | | | | | | | | | | | | | | | |
Retained earnings | | | 305,691 | | | | (1,780 | ) | | | 125 | | | | 304,036 | | | | — | | | | 304,036 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 732,448 | | | | (1,780 | ) | | | 125 | | | | 730,793 | | | | — | | | | 730,793 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,178,707 | | | $ | (296 | ) | | $ | (7,229 | ) | | $ | 1,171,182 | | | $ | — | | | $ | 1,171,182 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidated Balance Sheet |
(Unaudited) |
(In thousands, except share and per share amounts) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 30-Jun-12 | | | | | | | | | | | | | | | | | |
| | As | | | First | | | Second | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | |
Reported | Restatement | Restatement | Corrected | Operations | Reported | | | | | | | | | | | | | | | | |
| Adjustment | Adjustment | | | | | | | | | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 99,525 | | | $ | — | | | $ | — | | | $ | 99,525 | | | $ | — | | | $ | 99,525 | | | | | | | | | | | | | | | | | |
Receivables, less allowance for doubtful accounts of $967 | | | 107,455 | | | | — | | | | — | | | | 107,455 | | | | (3,698 | ) | | | 103,757 | | | | | | | | | | | | | | | | | |
Inventories, net | | | 349,432 | | | | (6,680 | ) | | | (3,082 | ) | | | 339,670 | | | | (12,501 | ) | | | 327,169 | | | | | | | | | | | | | | | | | |
Costs in excess of billings | | | — | | | | 250 | | | | 408 | | | | 658 | | | | — | | | | 658 | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 19,332 | | | | 1,335 | | | | 108 | | | | 20,775 | | | | — | | | | 20,775 | | | | | | | | | | | | | | | | | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | 17,633 | | | | 17,633 | | | | | | | | | | | | | | | | | |
Other current assets | | | 12,900 | | | | 369 | | | | — | | | | 13,269 | | | | — | | | | 13,269 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 588,644 | | | | (4,726 | ) | | | (2,566 | ) | | | 581,352 | | | | 1,434 | | | | 582,786 | | | | | | | | | | | | | | | | | |
Property, plant, and equipment, net | | | 365,788 | | | | — | | | | — | | | | 365,788 | | | | (53 | ) | | | 365,735 | | | | | | | | | | | | | | | | | |
Marketable securities | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | | | | | |
Goodwill | | | 140,211 | | | | — | | | | (5,260 | ) | | | 134,951 | | | | (1,381 | ) | | | 133,570 | | | | | | | | | | | | | | | | | |
Other intangible assets, net | | | 58,251 | | | | — | | | | — | | | | 58,251 | | | | — | | | | 58,251 | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 29,239 | | | | — | | | | — | | | | 29,239 | | | | — | | | | 29,239 | | | | | | | | | | | | | | | | | |
Other noncurrent assets | | | 5,407 | | | | 3,385 | | | | — | | | | 8,792 | | | | — | | | | 8,792 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,187,540 | | | $ | (1,341 | ) | | $ | (7,826 | ) | | $ | 1,178,373 | | | $ | — | | | $ | 1,178,373 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 64,278 | | | $ | — | | | $ | — | | | $ | 64,278 | | | $ | (3,194 | ) | | $ | 61,084 | | | | | | | | | | | | | | | | | |
Accrued wages and other employee costs | | | 25,135 | | | | — | | | | — | | | | 25,135 | | | | (264 | ) | | | 24,871 | | | | | | | | | | | | | | | | | |
Unearned revenues | | | 42,056 | | | | (2,302 | ) | | | (2,910 | ) | | | 36,844 | | | | — | | | | 36,844 | | | | | | | | | | | | | | | | | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | 3,494 | | | | 3,494 | | | | | | | | | | | | | | | | | |
Other accrued liabilities | | | 21,716 | | | | — | | | | — | | | | 21,716 | | | | (36 | ) | | | 21,680 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 153,185 | | | | (2,302 | ) | | | (2,910 | ) | | | 147,973 | | | | — | | | | 147,973 | | | | | | | | | | | | | | | | | |
Long-term debt | | | 193,727 | | | | — | | | | — | | | | 193,727 | | | | — | | | | 193,727 | | | | | | | | | | | | | | | | | |
Liability for post-retirement benefits | | | 42,000 | | | | — | | | | — | | | | 42,000 | | | | — | | | | 42,000 | | | | | | | | | | | | | | | | | |
Liability for pension benefits | | | 13,402 | | | | — | | | | — | | | | 13,402 | | | | — | | | | 13,402 | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 38,817 | | | | — | | | | (5,068 | ) | | | 33,749 | | | | — | | | | 33,749 | | | | | | | | | | | | | | | | | |
Unearned revenues | | | — | | | | 3,385 | | | | — | | | | 3,385 | | | | — | | | | 3,385 | | | | | | | | | | | | | | | | | |
Other noncurrent liabilities | | | 8,969 | | | | — | | | | — | | | | 8,969 | | | | — | | | | 8,969 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 450,100 | | | | 1,083 | | | | (7,978 | ) | | | 443,205 | | | | — | | | | 443,205 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commitments and Contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,097,449 shares issued; 30,314,874 shares outstanding | | | 311 | | | | — | | | | — | | | | 311 | | | | — | | | | 311 | | | | | | | | | | | | | | | | | |
Additional paid-in capital | | | 481,855 | | | | — | | | | — | | | | 481,855 | | | | — | | | | 481,855 | | | | | | | | | | | | | | | | | |
Treasury stock, at cost; 782,575 shares | | | (18,399 | ) | | | — | | | | — | | | | (18,399 | ) | | | — | | | | (18,399 | ) | | | | | | | | | | | | | | | | |
Accumulated other comprehensive loss | | | (37,181 | ) | | | — | | | | — | | | | (37,181 | ) | | | — | | | | (37,181 | ) | | | | | | | | | | | | | | | | |
Retained earnings | | | 310,854 | | | | (2,424 | ) | | | 152 | | | | 308,582 | | | | — | | | | 308,582 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 737,440 | | | | (2,424 | ) | | | 152 | | | | 735,168 | | | | — | | | | 735,168 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,187,540 | | | $ | (1,341 | ) | | $ | (7,826 | ) | | $ | 1,178,373 | | | $ | — | | | $ | 1,178,373 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidated Balance Sheet |
(Unaudited) |
(In thousands, except share and per share amounts) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 30-Sep-12 | | | | | | | | | | | | | | | | | |
| | As Reported | | | First | | | Second | | | As Corrected | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | |
Restatement | Restatement | Operations | Reported | | | | | | | | | | | | | | | | |
Adjustment | Adjustment | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 73,389 | | | $ | — | | | $ | — | | | $ | 73,389 | | | $ | — | | | $ | 73,389 | | | | | | | | | | | | | | | | | |
Short-term investments | | | 3,998 | | | | — | | | | — | | | | 3,998 | | | | — | | | | 3,998 | | | | | | | | | | | | | | | | | |
Receivables, less allowance for doubtful accounts of $909 | | | 117,455 | | | | — | | | | — | | | | 117,455 | | | | (3,207 | ) | | | 114,248 | | | | | | | | | | | | | | | | | |
Inventories, net | | | 378,218 | | | | (9,279 | ) | | | (3,949 | ) | | | 364,990 | | | | (12,161 | ) | | | 352,829 | | | | | | | | | | | | | | | | | |
Costs in excess of billings | | | — | | | | 750 | | | | 1,401 | | | | 2,151 | | | | — | | | | 2,151 | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 19,644 | | | | 2,383 | | | | 32 | | | | 22,059 | | | | — | | | | 22,059 | | | | | | | | | | | | | | | | | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | 16,799 | | | | 16,799 | | | | | | | | | | | | | | | | | |
Other current assets | | | 10,725 | | | | 435 | | | | — | | | | 11,160 | | | | — | | | | 11,160 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 603,429 | | | | (5,711 | ) | | | (2,516 | ) | | | 595,202 | | | | 1,431 | | | | 596,633 | | | | | | | | | | | | | | | | | |
Property, plant, and equipment, net | | | 367,818 | | | | — | | | | — | | | | 367,818 | | | | (50 | ) | | | 367,768 | | | | | | | | | | | | | | | | | |
Goodwill | | | 138,247 | | | | — | | | | (5,260 | ) | | | 132,987 | | | | (1,381 | ) | | | 131,606 | | | | | | | | | | | | | | | | | |
Other intangible assets, net | | | 57,664 | | | | — | | | | — | | | | 57,664 | | | | — | | | | 57,664 | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 32,197 | | | | — | | | | — | | | | 32,197 | | | | — | | | | 32,197 | | | | | | | | | | | | | | | | | |
Other noncurrent assets | | | 5,113 | | | | 3,240 | | | | — | | | | 8,353 | | | | — | | | | 8,353 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,204,468 | | | $ | (2,471 | ) | | $ | (7,776 | ) | | $ | 1,194,221 | | | $ | — | | | $ | 1,194,221 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 70,079 | | | $ | — | | | $ | — | | | $ | 70,079 | | | $ | (2,913 | ) | | $ | 67,166 | | | | | | | | | | | | | | | | | |
Accrued wages and other employee costs | | | 29,730 | | | | — | | | | — | | | | 29,730 | | | | (285 | ) | | | 29,445 | | | | | | | | | | | | | | | | | |
Unearned revenues | | | 38,633 | | | | (1,086 | ) | | | (3,024 | ) | | | 34,523 | | | | — | | | | 34,523 | | | | | | | | | | | | | | | | | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | 3,198 | | | | 3,198 | | | | | | | | | | | | | | | | | |
Other accrued liabilities | | | 27,458 | | | | — | | | | — | | | | 27,458 | | | | — | | | | 27,458 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 165,900 | | | | (1,086 | ) | | | (3,024 | ) | | | 161,790 | | | | — | | | | 161,790 | | | | | | | | | | | | | | | | | |
Long-term debt | | | 196,079 | | | | — | | | | — | | | | 196,079 | | | | — | | | | 196,079 | | | | | | | | | | | | | | | | | |
Liability for post-retirement benefits | | | 42,220 | | | | — | | | | — | | | | 42,220 | | | | — | | | | 42,220 | | | | | | | | | | | | | | | | | |
Liability for pension benefits | | | 2,555 | | | | — | | | | — | | | | 2,555 | | | | — | | | | 2,555 | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 38,731 | | | | — | | | | (5,068 | ) | | | 33,663 | | | | — | | | | 33,663 | | | | | | | | | | | | | | | | | |
Unearned revenues | | | — | | | | 3,240 | | | | — | | | | 3,240 | | | | — | | | | 3,240 | | | | | | | | | | | | | | | | | |
Other noncurrent liabilities | | | 8,908 | | | | — | | | | — | | | | 8,908 | | | | — | | | | 8,908 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 454,393 | | | | 2,154 | | | | (8,092 | ) | | | 448,455 | | | | — | | | | 448,455 | | | | | | | | | | | | | | | | | |
Commitments and Contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,106,934 shares issued; 30,324,359 shares outstanding | | | 311 | | | | — | | | | — | | | | 311 | | | | — | | | | 311 | | | | | | | | | | | | | | | | | |
Additional paid-in capital | | | 483,156 | | | | — | | | | — | | | | 483,156 | | | | — | | | | 483,156 | | | | | | | | | | | | | | | | | |
Treasury stock, at cost; 782,575 and 749,429 shares | | | (18,399 | ) | | | — | | | | — | | | | (18,399 | ) | | | — | | | | (18,399 | ) | | | | | | | | | | | | | | | | |
Accumulated other comprehensive loss | | | (31,472 | ) | | | — | | | | — | | | | (31,472 | ) | | | — | | | | (31,472 | ) | | | | | | | | | | | | | | | | |
Retained earnings | | | 316,479 | | | | (4,625 | ) | | | 316 | | | | 312,170 | | | | — | | | | 312,170 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 750,075 | | | | (4,625 | ) | | | 316 | | | | 745,766 | | | | — | | | | 745,766 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,204,468 | | | $ | (2,471 | ) | | $ | (7,776 | ) | | $ | 1,194,221 | | | $ | — | | | $ | 1,194,221 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidated Balance Sheet |
(Unaudited) |
(In thousands, except share and per share amounts) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 31-Mar-11 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | First | | | As Corrected | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported | Restatement | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
| Adjustment | | | | | | | | | | | | | | | | | | | | | | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 276,154 | | | $ | — | | | $ | 276,154 | | | $ | — | | | $ | 276,154 | | | | | | | | | | | | | | | | | | | | | |
Short-term investments | | | 38,892 | | | | — | | | | 38,892 | | | | — | | | | 38,892 | | | | | | | | | | | | | | | | | | | | | |
Receivables, less allowance for doubtful accounts of $461 | | | 76,499 | | | | — | | | | 76,499 | | | | (3,748 | ) | | | 72,751 | | | | | | | | | | | | | | | | | | | | | |
Inventories, net | | | 269,402 | | | | 161 | | | | 269,563 | | | | (8,511 | ) | | | 261,052 | | | | | | | | | | | | | | | | | | | | | |
Costs in excess of billings | | | — | | | | 112 | | | | 112 | | | | — | | | | 112 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 22,928 | | | | 736 | | | | 23,664 | | | | — | | | | 23,664 | | | | | | | | | | | | | | | | | | | | | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | 13,724 | | | | 13,724 | | | | | | | | | | | | | | | | | | | | | |
Other current assets | | | 13,933 | | | | 239 | | | | 14,172 | | | | (16 | ) | | | 14,156 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 697,808 | | | | 1,248 | | | | 699,056 | | | | 1,449 | | | | 700,505 | | | | | | | | | | | | | | | | | | | | | |
Property, plant, and equipment, net | | | 261,331 | | | | — | | | | 261,331 | | | | (68 | ) | | | 261,263 | | | | | | | | | | | | | | | | | | | | | |
Marketable securities | | | 48,779 | | | | — | | | | 48,779 | | | | — | | | | 48,779 | | | | | | | | | | | | | | | | | | | | | |
Goodwill | | | 42,205 | | | | — | | | | 42,205 | | | | (1,381 | ) | | | 40,824 | | | | | | | | | | | | | | | | | | | | | |
Other intangible assets, net | | | 14,219 | | | | — | | | | 14,219 | | | | — | | | | 14,219 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 23,537 | | | | — | | | | 23,537 | | | | — | | | | 23,537 | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent assets | | | 5,977 | | | | 3,820 | | | | 9,797 | | | | — | | | | 9,797 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,093,856 | | | $ | 5,068 | | | $ | 1,098,924 | | | $ | — | | | $ | 1,098,924 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 36,105 | | | $ | — | | | $ | 36,105 | | | $ | (4,173 | ) | | $ | 31,932 | | | | | | | | | | | | | | | | | | | | | |
Accrued wages and other employee costs | | | 15,230 | | | | — | | | | 15,230 | | | | (244 | ) | | | 14,986 | | | | | | | | | | | | | | | | | | | | | |
Unearned revenues | | | 26,020 | | | | 1,810 | | | | 27,830 | | | | — | | | | 27,830 | | | | | | | | | | | | | | | | | | | | | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | 4,551 | | | | 4,551 | | | | | | | | | | | | | | | | | | | | | |
Other accrued liabilities | | | 29,290 | | | | — | | | | 29,290 | | | | (134 | ) | | | 29,156 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 106,645 | | | | 1,810 | | | | 108,455 | | | | — | | | | 108,455 | | | | | | | | | | | | | | | | | | | | | |
Long-term debt | | | 180,269 | | | | — | | | | 180,269 | | | | — | | | | 180,269 | | | | | | | | | | | | | | | | | | | | | |
Liability for post-retirement benefits | | | 40,277 | | | | — | | | | 40,277 | | | | — | | | | 40,277 | | | | | | | | | | | | | | | | | | | | | |
Liability for pension benefits | | | 28,504 | | | | — | | | | 28,504 | | | | — | | | | 28,504 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 3,102 | | | | — | | | | 3,102 | | | | — | | | | 3,102 | | | | | | | | | | | | | | | | | | | | | |
Unearned revenues | | | — | | | | 3,820 | | | | 3,820 | | | | — | | | | 3,820 | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent liabilities | | | 8,569 | | | | — | | | | 8,569 | | | | — | | | | 8,569 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 367,366 | | | | 5,630 | | | | 372,996 | | | | — | | | | 372,996 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commitments and Contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock, $0.01 par value; 50,000,000 shares authorized; 30,917,846 shares issued; 30,172,675 shares outstanding | | | 309 | | | | — | | | | 309 | | | | — | | | | 309 | | | | | | | | | | | | | | | | | | | | | |
Additional paid-in capital | | | 475,779 | | | | — | | | | 475,779 | | | | — | | | | 475,779 | | | | | | | | | | | | | | | | | | | | | |
Treasury stock, at cost; 745,171 shares | | | (17,646 | ) | | | — | | | | (17,646 | ) | | | — | | | | (17,646 | ) | | | | | | | | | | | | | | | | | | | | |
Accumulated other comprehensive loss | | | (27,808 | ) | | | — | | | | (27,808 | ) | | | — | | | | (27,808 | ) | | | | | | | | | | | | | | | | | | | | |
Retained earnings | | | 295,856 | | | | (562 | ) | | | 295,294 | | | | — | | | | 295,294 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 726,490 | | | | (562 | ) | | | 725,928 | | | | — | | | | 725,928 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,093,856 | | | $ | 5,068 | | | $ | 1,098,924 | | | $ | — | | | $ | 1,098,924 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The information in the table above is unchanged from Amendment No. 1. |
Condensed Consolidated Balance Sheet |
(Unaudited) |
(In thousands, except share and per share amounts) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 30-Jun-11 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Revision | | | As Revised | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported | Adjustment | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 228,313 | | | $ | — | | | $ | 228,313 | | | $ | — | | | $ | 228,313 | | | | | | | | | | | | | | | | | | | | | |
Short-term investments | | | 63,590 | | | | — | | | | 63,590 | | | | — | | | | 63,590 | | | | | | | | | | | | | | | | | | | | | |
Receivables, less allowance for doubtful accounts of $447 | | | 66,211 | | | | — | | | | 66,211 | | | | (3,803 | ) | | | 62,408 | | | | | | | | | | | | | | | | | | | | | |
Inventories, net | | | 259,241 | | | | (1,168 | ) | | | 258,073 | | | | (7,805 | ) | | | 250,268 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 22,950 | | | | (20 | ) | | | 22,930 | | | | — | | | | 22,930 | | | | | | | | | | | | | | | | | | | | | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | 13,062 | | | | 13,062 | | | | | | | | | | | | | | | | | | | | | |
Other current assets | | | 11,952 | | | | 265 | | | | 12,217 | | | | (8 | ) | | | 12,209 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 652,257 | | | | (923 | ) | | | 651,334 | | | | 1,446 | | | | 652,780 | | | | | | | | | | | | | | | | | | | | | |
Property, plant, and equipment, net | | | 266,144 | | | | — | | | | 266,144 | | | | (65 | ) | | | 266,079 | | | | | | | | | | | | | | | | | | | | | |
Marketable securities | | | 92,440 | | | | — | | | | 92,440 | | | | — | | | | 92,440 | | | | | | | | | | | | | | | | | | | | | |
Goodwill | | | 42,215 | | | | — | | | | 42,215 | | | | (1,381 | ) | | | 40,834 | | | | | | | | | | | | | | | | | | | | | |
Other intangible assets, net | | | 13,965 | | | | — | | | | 13,965 | | | | — | | | | 13,965 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 24,909 | | | | — | | | | 24,909 | | | | — | | | | 24,909 | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent assets | | | 5,600 | | | | 3,754 | | | | 9,354 | | | | — | | | | 9,354 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,097,530 | | | $ | 2,831 | | | $ | 1,100,361 | | | $ | — | | | $ | 1,100,361 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 34,036 | | | $ | — | | | $ | 34,036 | | | $ | (2,944 | ) | | $ | 31,092 | | | | | | | | | | | | | | | | | | | | | |
Accrued wages and other employee costs | | | 18,799 | | | | — | | | | 18,799 | | | | (266 | ) | | | 18,533 | | | | | | | | | | | | | | | | | | | | | |
Unearned revenues | | | 22,889 | | | | (968 | ) | | | 21,921 | | | | — | | | | 21,921 | | | | | | | | | | | | | | | | | | | | | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | 3,467 | | | | 3,467 | | | | | | | | | | | | | | | | | | | | | |
Other accrued liabilities | | | 28,479 | | | | — | | | | 28,479 | | | | (257 | ) | | | 28,222 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 104,203 | | | | (968 | ) | | | 103,235 | | | | — | | | | 103,235 | | | | | | | | | | | | | | | | | | | | | |
Long-term debt | | | 182,462 | | | | — | | | | 182,462 | | | | — | | | | 182,462 | | | | | | | | | | | | | | | | | | | | | |
Liability for post-retirement benefits | | | 40,859 | | | | — | | | | 40,859 | | | | — | | | | 40,859 | | | | | | | | | | | | | | | | | | | | | |
Liability for pension benefits | | | 27,604 | | | | — | | | | 27,604 | | | | — | | | | 27,604 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 3,169 | | | | — | | | | 3,169 | | | | — | | | | 3,169 | | | | | | | | | | | | | | | | | | | | | |
Unearned revenues | | | — | | | | 3,754 | | | | 3,754 | | | | — | | | | 3,754 | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent liabilities | | | 8,527 | | | | — | | | | 8,527 | | | | — | | | | 8,527 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 366,824 | | | | 2,786 | | | | 369,610 | | | | — | | | | 369,610 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commitments and Contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock, $0.01 par value; 50,000,000 shares authorized; 30,933,721 shares issued; 30,188,550 shares outstanding | | | 309 | | | | — | | | | 309 | | | | — | | | | 309 | | | | | | | | | | | | | | | | | | | | | |
Additional paid-in capital | | | 476,948 | | | | — | | | | 476,948 | | | | — | | | | 476,948 | | | | | | | | | | | | | | | | | | | | | |
Treasury stock, at cost; 745,171 shares | | | (17,646 | ) | | | — | | | | (17,646 | ) | | | — | | | | (17,646 | ) | | | | | | | | | | | | | | | | | | | | |
Accumulated other comprehensive loss | | | (26,889 | ) | | | — | | | | (26,889 | ) | | | — | | | | (26,889 | ) | | | | | | | | | | | | | | | | | | | | |
Retained earnings | | | 297,984 | | | | 45 | | | | 298,029 | | | | — | | | | 298,029 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 730,706 | | | | 45 | | | | 730,751 | | | | — | | | | 730,751 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,097,530 | | | $ | 2,831 | | | $ | 1,100,361 | | | $ | — | | | $ | 1,100,361 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The information in the table above is unchanged from Amendment No. 1. |
Condensed Consolidated Balance Sheet |
(Unaudited) |
(In thousands, except share and per share amounts) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 30-Sep-11 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Revision | | | As Revised | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported | Adjustment | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 189,741 | | | $ | — | | | $ | 189,741 | | | $ | — | | | $ | 189,741 | | | | | | | | | | | | | | | | | | | | | |
Short-term investments | | | 76,587 | | | | — | | | | 76,587 | | | | — | | | | 76,587 | | | | | | | | | | | | | | | | | | | | | |
Receivables, less allowance for doubtful accounts of $760 | | | 87,883 | | | | — | | | | 87,883 | | | | (3,355 | ) | | | 84,528 | | | | | | | | | | | | | | | | | | | | | |
Inventories, net | | | 257,049 | | | | (2,634 | ) | | | 254,415 | | | | (10,147 | ) | | | 244,268 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 19,974 | | | | 187 | | | | 20,161 | | | | — | | | | 20,161 | | | | | | | | | | | | | | | | | | | | | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | 14,945 | | | | 14,945 | | | | | | | | | | | | | | | | | | | | | |
Other current assets | | | 14,663 | | | | 271 | | | | 14,934 | | | | — | | | | 14,934 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 645,897 | | | | (2,176 | ) | | | 643,721 | | | | 1,443 | | | | 645,164 | | | | | | | | | | | | | | | | | | | | | |
Property, plant, and equipment, net | | | 268,056 | | | | — | | | | 268,056 | | | | (62 | ) | | | 267,994 | | | | | | | | | | | | | | | | | | | | | |
Marketable securities | | | 89,479 | | | | — | | | | 89,479 | | | | — | | | | 89,479 | | | | | | | | | | | | | | | | | | | | | |
Goodwill | | | 41,305 | | | | — | | | | 41,305 | | | | (1,381 | ) | | | 39,924 | | | | | | | | | | | | | | | | | | | | | |
Other intangible assets, net | | | 12,829 | | | | — | | | | 12,829 | | | | — | | | | 12,829 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 23,611 | | | | — | | | | 23,611 | | | | — | | | | 23,611 | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent assets | | | 5,228 | | | | 3,675 | | | | 8,903 | | | | — | | | | 8,903 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,086,405 | | | $ | 1,499 | | | $ | 1,087,904 | | | $ | — | | | $ | 1,087,904 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 53,960 | | | $ | — | | | $ | 53,960 | | | $ | (4,742 | ) | | $ | 49,218 | | | | | | | | | | | | | | | | | | | | | |
Accrued wages and other employee costs | | | 20,978 | | | | — | | | | 20,978 | | | | (293 | ) | | | 20,685 | | | | | | | | | | | | | | | | | | | | | |
Unearned revenues | | | 18,234 | | | | (1,814 | ) | | | 16,420 | | | | — | | | | 16,420 | | | | | | | | | | | | | | | | | | | | | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | 5,069 | | | | 5,069 | | | | | | | | | | | | | | | | | | | | | |
Other accrued liabilities | | | 19,831 | | | | — | | | | 19,831 | | | | (34 | ) | | | 19,797 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 113,003 | | | | (1,814 | ) | | | 111,189 | | | | — | | | | 111,189 | | | | | | | | | | | | | | | | | | | | | |
Long-term debt | | | 184,695 | | | | — | | | | 184,695 | | | | — | | | | 184,695 | | | | | | | | | | | | | | | | | | | | | |
Liability for post-retirement benefits | | | 41,128 | | | | — | | | | 41,128 | | | | — | | | | 41,128 | | | | | | | | | | | | | | | | | | | | | |
Liability for pension benefits | | | 7,153 | | | | — | | | | 7,153 | | | | — | | | | 7,153 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 5,441 | | | | — | | | | 5,441 | | | | — | | | | 5,441 | | | | | | | | | | | | | | | | | | | | | |
Unearned revenues | | | — | | | | 3,675 | | | | 3,675 | | | | — | | | | 3,675 | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent liabilities | | | 8,538 | | | | — | | | | 8,538 | | | | — | | | | 8,538 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 359,958 | | | | 1,861 | | | | 361,819 | | | | — | | | | 361,819 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commitments and Contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock, $0.01 par value; 50,000,000 shares authorized; 30,935,132 shares issued; 30,187,961 shares outstanding | | | 309 | | | | — | | | | 309 | | | | — | | | | 309 | | | | | | | | | | | | | | | | | | | | | |
Additional paid-in capital | | | 478,025 | | | | — | | | | 478,025 | | | | — | | | | 478,025 | | | | | | | | | | | | | | | | | | | | | |
Treasury stock, at cost; 747,171 shares | | | (17,646 | ) | | | — | | | | (17,646 | ) | | | — | | | | (17,646 | ) | | | | | | | | | | | | | | | | | | | | |
Accumulated other comprehensive loss | | | (34,292 | ) | | | — | | | | (34,292 | ) | | | — | | | | (34,292 | ) | | | | | | | | | | | | | | | | | | | | |
Retained earnings | | | 300,051 | | | | (362 | ) | | | 299,689 | | | | — | | | | 299,689 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 726,447 | | | | (362 | ) | | | 726,085 | | | | — | | | | 726,085 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,086,405 | | | $ | 1,499 | | | $ | 1,087,904 | | | $ | — | | | $ | 1,087,904 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The information in the table above is unchanged from Amendment No. 1. |
Condensed Consolidated Statement of Cash Flows |
(Unaudited) |
(In thousands) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | As | | | First | | | Second | | | As | | | | | | | | | | | | | | | | | | | | | | | | | |
Reported | Restatement | Restatement | Corrected | | | | | | | | | | | | | | | | | | | | | | | | |
| Adjustment | Adjustment | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 5,625 | | | $ | (1,121 | ) | | $ | 125 | | | $ | 4,629 | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjustment for non-cash items included in net income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | 8,734 | | | | — | | | | — | | | | 8,734 | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | (1,915 | ) | | | (586 | ) | | | 65 | | | | (2,436 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Stock-based compensation | | | 1,378 | | | | — | | | | — | | | | 1,378 | | | | | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | (61 | ) | | | — | | | | — | | | | (61 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of discount on long-term debt | | | 2,352 | | | | — | | | | — | | | | 2,352 | | | | | | | | | | | | | | | | | | | | | | | | | |
Other | | | (68 | ) | | | — | | | | — | | | | (68 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Receivables | | | 4,750 | | | | — | | | | — | | | | 4,750 | | | | | | | | | | | | | | | | | | | | | | | | | |
Inventories | | | (31,130 | ) | | | 1,578 | | | | 2,097 | | | | (27,455 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | 5,504 | | | | — | | | | — | | | | 5,504 | | | | | | | | | | | | | | | | | | | | | | | | | |
Income taxes payable | | | 1,659 | | | | — | | | | — | | | | 1,659 | | | | | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | 8,230 | | | | (320 | ) | | | (2,286 | ) | | | 5,624 | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost in excess of billings | | | — | | | | 396 | | | | (1 | ) | | | 395 | | | | | | | | | | | | | | | | | | | | | | | | | |
Other current assets and liabilities | | | (14,430 | ) | | | (26 | ) | | | (192 | ) | | | (14,648 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Other assets and liabilities | | | (3,587 | ) | | | 79 | | | | 192 | | | | (3,316 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash used in operating activities | | | (12,959 | ) | | | — | | | | — | | | | (12,959 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisitions, net of cash required | | | (185,633 | ) | | | — | | | | — | | | | (185,633 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Maturity/sale of investments | | | 176,809 | | | | — | | | | — | | | | 176,809 | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | (17,128 | ) | | | — | | | | — | | | | (17,128 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of investments | | | (38 | ) | | | — | | | | — | | | | (38 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash used in investing activities | | | (25,990 | ) | | | — | | | | — | | | | (25,990 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of employee stock options | | | 120 | | | | — | | | | — | | | | 120 | | | | | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | 61 | | | | — | | | | — | | | | 61 | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of common stock held in treasury | | | (742 | ) | | | — | | | | — | | | | (742 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings on long-term debt | | | (97 | ) | | | — | | | | — | | | | (97 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash used in financing activities | | | (658 | ) | | | — | | | | — | | | | (658 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | 637 | | | | — | | | | — | | | | 637 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Decrease in cash and cash equivalents | | | (38,970 | ) | | | — | | | | — | | | | (38,970 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | 156,842 | | | | — | | | | — | | | | 156,842 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | 117,872 | | | $ | — | | | $ | — | | | $ | 117,872 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidated Statement of Cash Flows |
(Unaudited) |
(In thousands) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | As Reported | | | First | | | Second | | | As | | | | | | | | | | | | | | | | | | | | | | | | | |
Restatement | Restatement | Corrected | | | | | | | | | | | | | | | | | | | | | | | | |
Adjustment | Adjustment | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 10,788 | | | $ | (1,765 | ) | | $ | 152 | | | $ | 9,175 | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjustment for non-cash items included in net income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | 18,957 | | | | — | | | | — | | | | 18,957 | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | (2,025 | ) | | | (968 | ) | | | 84 | | | | (2,909 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Stock-based compensation | | | 2,518 | | | | — | | | | — | | | | 2,518 | | | | | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | (66 | ) | | | — | | | | — | | | | (66 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
(Gain) loss on sale of property, plant and equipment | | | (74 | ) | | | — | | | | — | | | | (74 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of discount on long-term debt | | | 4,738 | | | | — | | | | — | | | | 4,738 | | | | | | | | | | | | | | | | | | | | | | | | | |
Other | | | 758 | | | | — | | | | — | | | | 758 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Receivables | | | 2,904 | | | | — | | | | — | | | | 2,904 | | | | | | | | | | | | | | | | | | | | | | | | | |
Inventories | | | (54,089 | ) | | | 3,185 | | | | 3,082 | | | | (47,822 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | 4,172 | | | | — | | | | — | | | | 4,172 | | | | | | | | | | | | | | | | | | | | | | | | | |
Income taxes payable | | | 5,117 | | | | — | | | | — | | | | 5,117 | | | | | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | 9,526 | | | | (721 | ) | | | (2,910 | ) | | | 5,895 | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost in excess of billings | | | — | | | | 150 | | | | (408 | ) | | | (258 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Other current assets and liabilities | | | (13,154 | ) | | | (79 | ) | | | (192 | ) | | | (13,425 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Other assets and liabilities | | | (4,279 | ) | | | 198 | | | | 192 | | | | (3,889 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash used in operating activities | | | (14,209 | ) | | | — | | | | — | | | | (14,209 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisitions, net of cash required | | | (185,633 | ) | | | — | | | | — | | | | (185,633 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Maturity/sale of investments | | | 176,809 | | | | — | | | | — | | | | 176,809 | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | (34,901 | ) | | | — | | | | — | | | | (34,901 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of investments | | | (38 | ) | | | — | | | | — | | | | (38 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash used in investing activities | | | (43,763 | ) | | | — | | | | — | | | | (43,763 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of employee stock options | | | 211 | | | | — | | | | — | | | | 211 | | | | | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | 66 | | | | — | | | | — | | | | 66 | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of common stock held in treasury | | | (742 | ) | | | — | | | | — | | | | (742 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Repayments on long-term debt | | | (298 | ) | | | — | | | | — | | | | (298 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash used in financing activities | | | (763 | ) | | | — | | | | — | | | | (763 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | 1,418 | | | | — | | | | — | | | | 1,418 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Decrease in cash and cash equivalents | | | (57,317 | ) | | | — | | | | — | | | | (57,317 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | 156,842 | | | | — | | | | — | | | | 156,842 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | 99,525 | | | $ | — | | | $ | — | | | $ | 99,525 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidated Statement of Cash Flows |
(Unaudited) |
(In thousands) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | As | | | First | | | Second | | | As | | | | | | | | | | | | | | | | | | | | | | | | | |
Reported | Restatement | Restatement | Corrected | | | | | | | | | | | | | | | | | | | | | | | | |
| Adjustment | Adjustment | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 16,413 | | | $ | (3,966 | ) | | $ | 316 | | | $ | 12,763 | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjustment for non-cash items included in net income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | 29,405 | | | | — | | | | — | | | | 29,405 | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset and asset-related charges (income) | | | 1,617 | | | | — | | | | — | | | | 1,617 | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | (2,860 | ) | | | (2,017 | ) | | | 160 | | | | (4,717 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Stock-based compensation | | | 3,658 | | | | — | | | | — | | | | 3,658 | | | | | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | (100 | ) | | | — | | | | — | | | | (100 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of discount on long-term debt | | | 7,192 | | | | — | | | | — | | | | 7,192 | | | | | | | | | | | | | | | | | | | | | | | | | |
Other | | | 675 | | | | — | | | | 823 | | | | 1,498 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Receivables | | | (11,799 | ) | | | — | | | | — | | | | (11,799 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Inventories | | | (81,086 | ) | | | 5,785 | | | | 3,949 | | | | (71,352 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | 10,424 | | | | — | | | | — | | | | 10,424 | | | | | | | | | | | | | | | | | | | | | | | | | |
Income taxes payable | | | 8,893 | | | | — | | | | — | | | | 8,893 | | | | | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | 11,581 | | | | 350 | | | | (3,024 | ) | | | 8,907 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost in excess of billings | | | — | | | | (350 | ) | | | (1,401 | ) | | | (1,751 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Other current assets and liabilities | | | (6,844 | ) | | | (145 | ) | | | (192 | ) | | | (7,181 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Other assets and liabilities | | | (13,442 | ) | | | 343 | | | | 192 | | | | (12,907 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash used in operating activities | | | (26,273 | ) | | | — | | | | 823 | | | | (25,450 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisitions, net of cash required | | | (182,811 | ) | | | — | | | | — | | | | (182,811 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Maturity/sale of investments | | | 176,809 | | | | — | | | | — | | | | 176,809 | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | (47,879 | ) | | | — | | | | — | | | | (47,879 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of investments | | | (4,037 | ) | | | — | | | | — | | | | (4,037 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash used in investing activities | | | (57,918 | ) | | | — | | | | — | | | | (57,918 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of employee stock options | | | 335 | | | | — | | | | — | | | | 335 | | | | | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | 100 | | | | — | | | | — | | | | 100 | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred financing costs | | | — | | | | — | | | | (823 | ) | | | (823 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of common stock held in treasury | | | (742 | ) | | | — | | | | — | | | | (742 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Repayments on long-term debt | | | (543 | ) | | | — | | | | — | | | | (543 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash used in financing activities | | | (850 | ) | | | — | | | | (823 | ) | | | (1,673 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | 1,588 | | | | — | | | | — | | | | 1,588 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Decrease in cash and cash equivalents | | | (83,453 | ) | | | — | | | | — | | | | (83,453 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | 156,842 | | | | — | | | | — | | | | 156,842 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | 73,389 | | | $ | — | | | $ | — | | | $ | 73,389 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidated Statement of Cash Flows |
(Unaudited) |
(In thousands) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, 2011 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | First | | | Currently | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reported | Restatement | Reported | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Adjustment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 2,342 | | | $ | (423 | ) | | $ | 1,919 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjustment for non-cash items included in net income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | 5,582 | | | | — | | | | 5,582 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset and asset-related charges (income) | | | (597 | ) | | | — | | | | (597 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | (1,233 | ) | | | (658 | ) | | | (1,891 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock-based compensation | | | 1,402 | | | | — | | | | 1,402 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | (102 | ) | | | — | | | | (102 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(Gain) loss on sale of property, plant and equipment | | | 47 | | | | — | | | | 47 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of discount on long-term debt | | | 2,166 | | | | — | | | | 2,166 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other | | | 116 | | | | — | | | | 116 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Receivables | | | (19,479 | ) | | | — | | | | (19,479 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Inventories | | | 1,522 | | | | (6 | ) | | | 1,516 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | (6,640 | ) | | | — | | | | (6,640 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income taxes payable | | | (87 | ) | | | — | | | | (87 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | (3,445 | ) | | | 1,040 | | | | (2,405 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost in excess of billings | | | — | | | | (12 | ) | | | (12 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other current assets and liabilities | | | (2,395 | ) | | | 6 | | | | (2,389 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent assets and liabilities | | | (2,974 | ) | | | 53 | | | | (2,921 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash used in operating activities | | | (23,775 | ) | | | — | | | | (23,775 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Maturity/sale of investments | | | 5,000 | | | | — | | | | 5,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | (10,137 | ) | | | — | | | | (10,137 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of investments | | | (72,612 | ) | | | — | | | | (72,612 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash used in investing activities | | | (77,749 | ) | | | — | | | | (77,749 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of employee stock options | | | 154 | | | | — | | | | 154 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | 102 | | | | — | | | | 102 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of common stock held in treasury | | | (283 | ) | | | — | | | | (283 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Repayments on long-term debt | | | (3 | ) | | | — | | | | (3 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash used in financing activities | | | (30 | ) | | | — | | | | (30 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | 757 | | | | — | | | | 757 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Decrease in cash and cash equivalents | | | (100,797 | ) | | | — | | | | (100,797 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | 376,951 | | | | — | | | | 376,951 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | 276,154 | | | $ | — | | | $ | 276,154 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The information in the table above is unchanged from Amendment No. 1. |
Condensed Consolidated Statement of Cash Flows |
(Unaudited) |
(In thousands) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, 2011 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Revision | | | Currently | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reported | Adjustment | Reported | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 4,470 | | | $ | 184 | | | $ | 4,654 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjustment for non-cash items included in net income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | 11,279 | | | | — | | | | 11,279 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset and asset-related charges (income) | | | (597 | ) | | | — | | | | (597 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | (2,547 | ) | | | 99 | | | | (2,448 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock-based compensation | | | 2,502 | | | | — | | | | 2,502 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | (263 | ) | | | — | | | | (263 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(Gain) loss on sale of property, plant and equipment | | | 39 | | | | — | | | | 39 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of discount on long-term debt | | | 4,361 | | | | — | | | | 4,361 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other | | | (122 | ) | | | — | | | | (122 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Receivables | | | (9,069 | ) | | | — | | | | (9,069 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Inventories | | | 12,501 | | | | 1,323 | | | | 13,824 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | (10,345 | ) | | | — | | | | (10,345 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income taxes payable | | | (81 | ) | | | — | | | | (81 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | (6,779 | ) | | | (1,805 | ) | | | (8,584 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost in excess of billings | | | — | | | | 100 | | | | 100 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other current assets and liabilities | | | 2,040 | | | | (20 | ) | | | 2,020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent assets and liabilities | | | (2,169 | ) | | | 119 | | | | (2,050 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by operating activities | | | 5,220 | | | | — | | | | 5,220 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Maturity/sale of investments | | | 19,079 | | | | — | | | | 19,079 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | (18,646 | ) | | | — | | | | (18,646 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of investments | | | (154,772 | ) | | | — | | | | (154,772 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash used in investing activities | | | (154,339 | ) | | | — | | | | (154,339 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of employee stock options | | | 201 | | | | — | | | | 201 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | 263 | | | | — | | | | 263 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of common stock held in treasury | | | (283 | ) | | | — | | | | (283 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Repayments on long-term debt | | | (5 | ) | | | — | | | | (5 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by financing activities | | | 176 | | | | — | | | | 176 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | 305 | | | | — | | | | 305 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Decrease in cash and cash equivalents | | | (148,638 | ) | | | — | | | | (148,638 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | 376,951 | | | | — | | | | 376,951 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | 228,313 | | | $ | — | | | $ | 228,313 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The information in the table above is unchanged from Amendment No. 1. |
Condensed Consolidated Statement of Cash Flows |
(Unaudited) |
(In thousands) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2011 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Revision | | | Currently | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reported | Adjustment | Reported | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 6,537 | | | $ | (223 | ) | | $ | 6,314 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjustment for non-cash items included in net income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | 16,697 | | | | — | | | | 16,697 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset and asset-related charges (income) | | | (597 | ) | | | — | | | | (597 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 2,268 | | | | (109 | ) | | | 2,159 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock-based compensation | | | 3,528 | | | | — | | | | 3,528 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | (263 | ) | | | — | | | | (263 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(Gain) loss on sale of property, plant and equipment | | | 65 | | | | — | | | | 65 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of discount on long-term debt | | | 6,613 | | | | — | | | | 6,613 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred financing cost writedown | | | — | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of premiums paid for short-term investments | | | 1,595 | | | | — | | | | 1,595 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other | | | (197 | ) | | | — | | | | (197 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Receivables | | | (32,428 | ) | | | — | | | | (32,428 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Inventories | | | 12,415 | | | | 2,789 | | | | 15,204 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | 9,241 | | | | — | | | | 9,241 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income taxes payable | | | (18 | ) | | | — | | | | (18 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | (10,919 | ) | | | (2,729 | ) | | | (13,648 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost in excess of billings | | | — | | | | 100 | | | | 100 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other current assets and liabilities | | | (6,862 | ) | | | (26 | ) | | | (6,888 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent assets and liabilities | | | (21,182 | ) | | | 198 | | | | (20,984 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash used in operating activities | | | (13,507 | ) | | | — | | | | (13,507 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Maturity/sale of investments | | | 53,454 | | | | — | | | | 53,454 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | (25,954 | ) | | | — | | | | (25,954 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of investments | | | (200,846 | ) | | | — | | | | (200,846 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from disposal of property, plant, and equipment | | | — | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash used in investing activities | | | (173,346 | ) | | | — | | | | (173,346 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of employee stock options | | | 252 | | | | — | | | | 252 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | 263 | | | | — | | | | 263 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of common stock held in treasury | | | (283 | ) | | | — | | | | (283 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Repayments on long-term debt | | | (25 | ) | | | — | | | | (25 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by financing activities | | | 207 | | | | — | | | | 207 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | (564 | ) | | | — | | | | (564 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Decrease in cash and cash equivalents | | | (187,210 | ) | | | — | | | | (187,210 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | 376,951 | | | | — | | | | 376,951 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | 189,741 | | | $ | — | | | $ | 189,741 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The information in the table above is unchanged from Amendment No. 1. |
The effects of the restatement or revision (as noted) and the effects of reporting RTI Pierce Spafford as a discontinued operation (as applicable) on the Condensed Consolidating Financial Statements of RTI International Metals, Inc., its subsidiaries that guarantee its obligations under the Notes and its non-guaranteeing subsidiaries for each of the interim periods in the years ended December 31, 2012 and 2011 are presented below: |
Condensed Consolidating Statement of Operations and Comprehensive Income |
Three Months Ended March 31, 2012 |
(unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated |
Net Sales | | $ | — | | | $ | — | | | $ | 99,717 | | | $ | 116,796 | | | $ | 112,963 | | | $ | 95,385 | | | $ | (58,111 | ) | | $ | (58,111 | ) | | $ | 154,569 | | | $ | 154,070 | |
Cost of sales. | | | — | | | | — | | | | 81,749 | | | | 96,311 | | | | 96,907 | | | | 83,363 | | | | (58,111 | ) | | | (58,111 | ) | | | 120,545 | | | | 121,563 | |
Selling, general, and administrative expenses | | | (102 | ) | | | (102 | ) | | | 6,689 | | | | 9,013 | | | | 14,246 | | | | 11,922 | | | | — | | | | — | | | | 20,833 | | | | 20,833 | |
Research, technical, and product development expenses. | | | 95 | | | | 95 | | | | 816 | | | | 930 | | | | 154 | | | | 40 | | | | — | | | | — | | | | 1,065 | | | | 1,065 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income. | | | 7 | | | | 7 | | | | 10,463 | | | | 10,542 | | | | 1,656 | | | | 60 | | | | — | | | | — | | | | 12,126 | | | | 10,609 | |
Other income (expense), net | | | (13 | ) | | | (13 | ) | | | 280 | | | | 280 | | | | (535 | ) | | | (535 | ) | | | — | | | | — | | | | (268 | ) | | | (268 | ) |
Interest income (expense), net | | | (4,014 | ) | | | (4,014 | ) | | | 174 | | | | 138 | | | | (356 | ) | | | (320 | ) | | | — | | | | — | | | | (4,196 | ) | | | (4,196 | ) |
Equity in earnings of subsidiaries | | | 8,018 | | | | 7,022 | | | | 1,444 | | | | 1,444 | | | | 1,203 | | | | 1,203 | | | | (10,665 | ) | | | (9,669 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before taxes. | | | 3,998 | | | | 3,002 | | | | 12,361 | | | | 12,404 | | | | 1,968 | | | | 408 | | | | (10,665 | ) | | | (9,669 | ) | | | 7,662 | | | | 6,145 | |
Provision for (benefit from) income taxes | | | (1,056 | ) | | | (1,056 | ) | | | 3,042 | | | | 3,030 | | | | 622 | | | | 113 | | | | — | | | | — | | | | 2,608 | | | | 2,087 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations. | | | 5,054 | | | | 4,058 | | | | 9,319 | | | | 9,374 | | | | 1,346 | | | | 295 | | | | (10,665 | ) | | | (9,669 | ) | | | 5,054 | | | | 4,058 | |
Net income attributable to discontinued operations, net of tax. | | | 571 | | | | 571 | | | | — | | | | — | | | | 571 | | | | 571 | | | | (571 | ) | | | (571 | ) | | | 571 | | | | 571 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 5,625 | | | $ | 4,629 | | | $ | 9,319 | | | $ | 9,374 | | | $ | 1,917 | | | $ | 866 | | | $ | (11,236 | ) | | $ | (10,240 | ) | | $ | 5,625 | | | $ | 4,629 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 9,028 | | | $ | 8,032 | | | $ | 10,378 | | | $ | 10,433 | | | $ | 4,109 | | | $ | 3,058 | | | $ | (14,487 | ) | | $ | (13,491 | ) | | $ | 9,028 | | | $ | 8,032 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Operations and Comprehensive Income |
Three Months Ended June 30, 2012 |
(unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated |
Net Sales | | $ | — | | | $ | — | | | $ | 148,017 | | | $ | 148,017 | | | $ | 98,455 | | | $ | 92,640 | | | $ | (56,195 | ) | | $ | (56,195 | ) | | $ | 190,277 | | | $ | 184,462 | |
Cost of sales. | | | — | | | | — | | | | 127,484 | | | | 127,484 | | | | 82,492 | | | | 79,154 | | | | (56,195 | ) | | | (56,195 | ) | | | 153,781 | | | | 150,443 | |
Selling, general, and administrative expenses | | | (933 | ) | | | (933 | ) | | | 14,635 | | | | 14,635 | | | | 9,756 | | | | 8,976 | | | | — | | | | — | | | | 23,458 | | | | 22,678 | |
Research, technical, and product development expenses. | | | — | | | | — | | | | 1,208 | | | | 1,208 | | | | (104 | ) | | | (104 | ) | | | — | | | | — | | | | 1,104 | | | | 1,104 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income. | | | 933 | | | | 933 | | | | 4,690 | | | | 4,690 | | | | 6,311 | | | | 4,614 | | | | — | | | | — | | | | 11,934 | | | | 10,237 | |
Other income (expense), net | | | (32 | ) | | | (32 | ) | | | 1 | | | | — | | | | 601 | | | | 602 | | | | — | | | | — | | | | 570 | | | | 570 | |
Interest income (expense), net | | | (3,903 | ) | | | (3,903 | ) | | | (15 | ) | | | (15 | ) | | | (258 | ) | | | (258 | ) | | | — | | | | — | | | | (4,176 | ) | | | (4,176 | ) |
Equity in earnings of subsidiaries | | | 5,328 | | | | 4,258 | | | | — | | | | 2,512 | | | | — | | | | 413 | | | | (5,328 | ) | | | (7,183 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before taxes. | | | 2,326 | | | | 1,256 | | | | 4,676 | | | | 7,187 | | | | 6,654 | | | | 5,371 | | | | (5,328 | ) | | | (7,183 | ) | | | 8,328 | | | | 6,631 | |
Provision for (benefit from) income taxes | | | (2,837 | ) | | | (2,837 | ) | | | 2,926 | | | | 2,926 | | | | 3,076 | | | | 2,449 | | | | — | | | | — | | | | 3,165 | | | | 2,538 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations. | | | 5,163 | | | | 4,093 | | | | 1,750 | | | | 4,261 | | | | 3,578 | | | | 2,922 | | | | (5,328 | ) | | | (7,183 | ) | | | 5,163 | | | | 4,093 | |
Net income attributable to discontinued operations, net of tax. | | | — | | | | 453 | | | | — | | | | — | | | | — | | | | 453 | | | | — | | | | (453 | ) | | | — | | | | 453 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 5,163 | | | $ | 4,546 | | | $ | 1,750 | | | $ | 4,261 | | | $ | 3,578 | | | $ | 3,375 | | | $ | (5,328 | ) | | $ | (7,636 | ) | | $ | 5,163 | | | $ | 4,546 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 3,790 | | | $ | 3,173 | | | $ | 2,801 | | | $ | 5,312 | | | $ | 1,001 | | | $ | 798 | | | $ | (3,802 | ) | | $ | (6,110 | ) | | $ | 3,790 | | | $ | 3,173 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Operations and Comprehensive Income |
Six Months Ended June 30, 2012 |
(unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated |
Net Sales | | $ | — | | | $ | — | | | $ | 247,734 | | | $ | 247,734 | | | $ | 219,699 | | | $ | 205,104 | | | $ | (114,306 | ) | | $ | (114,306 | ) | | $ | 353,127 | | | $ | 338,532 | |
Cost of sales. | | | — | | | | — | | | | 209,233 | | | | 209,233 | | | | 185,999 | | | | 177,079 | | | | (114,306 | ) | | | (114,306 | ) | | | 280,926 | | | | 272,006 | |
Selling, general, and administrative expenses | | | (1,035 | ) | | | (1,035 | ) | | | 21,324 | | | | 21,324 | | | | 24,791 | | | | 23,222 | | | | — | | | | — | | | | 45,080 | | | | 43,511 | |
Research, technical, and product development expenses. | | | 95 | | | | 95 | | | | 2,024 | | | | 2,024 | | | | 50 | | | | 50 | | | | — | | | | — | | | | 2,169 | | | | 2,169 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income. | | | 940 | | | | 940 | | | | 15,153 | | | | 15,153 | | | | 8,859 | | | | 4,753 | | | | — | | | | — | | | | 24,952 | | | | 20,846 | |
Other income (expense), net | | | (45 | ) | | | (45 | ) | | | 281 | | | | 281 | | | | 66 | | | | 66 | | | | — | | | | — | | | | 302 | | | | 302 | |
Interest income (expense), net | | | (7,917 | ) | | | (7,917 | ) | | | 159 | | | | 159 | | | | (614 | ) | | | (614 | ) | | | — | | | | — | | | | (8,372 | ) | | | (8,372 | ) |
Equity in earnings of subsidiaries | | | 13,917 | | | | 11,280 | | | | — | | | | 3,956 | | | | — | | | | 1,616 | | | | (13,917 | ) | | | (16,852 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before taxes. | | | 6,895 | | | | 4,258 | | | | 15,593 | | | | 19,549 | | | | 8,311 | | | | 5,821 | | | | (13,917 | ) | | | (16,852 | ) | | | 16,882 | | | | 12,776 | |
Provision for (benefit from) income taxes | | | (3,893 | ) | | | (3,893 | ) | | | 5,968 | | | | 5,968 | | | | 4,019 | | | | 2,550 | | | | — | | | | — | | | | 6,094 | | | | 4,625 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations. | | | 10,788 | | | | 8,151 | | | | 9,625 | | | | 13,581 | | | | 4,292 | | | | 3,271 | | | | (13,917 | ) | | | (16,852 | ) | | | 10,788 | | | | 8,151 | |
Net income attributable to discontinued operations, net of tax. | | | — | | | | 1,024 | | | | — | | | | — | | | | — | | | | 1,024 | | | | — | | | | (1,024 | ) | | | — | | | | 1,024 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 10,788 | | | $ | 9,175 | | | $ | 9,625 | | | $ | 13,581 | | | $ | 4,292 | | | $ | 4,295 | | | $ | (13,917 | ) | | $ | (17,876 | ) | | $ | 10,788 | | | $ | 9,175 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 12,818 | | | $ | 11,205 | | | $ | 11,735 | | | $ | 15,691 | | | $ | 3,907 | | | $ | 3,910 | | | $ | (15,642 | ) | | $ | (19,601 | ) | | $ | 12,818 | | | $ | 11,205 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Operations and Comprehensive Income |
Three Months Ended September 30, 2012 |
(Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated |
Net Sales | | $ | — | | | $ | — | | | $ | 131,132 | | | $ | 131,132 | | | $ | 110,148 | | | $ | 103,618 | | | $ | (52,205 | ) | | $ | (52,205 | ) | | $ | 189,075 | | | $ | 182,545 | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | — | | | | — | | | | 114,706 | | | | 114,706 | | | | 88,627 | | | | 86,394 | | | | (52,205 | ) | | | (52,205 | ) | | | 151,128 | | | | 148,895 | |
Selling, general, and administrative expenses | | | (1,442 | ) | | $ | (1,442 | ) | | | 12,048 | | | | 12,048 | | | | 11,828 | | | | 11,119 | | | | — | | | | — | | | | 22,434 | | | | 21,725 | |
Research, technical, and product development expenses | | | — | | | | — | | | | 1,000 | | | | 1,000 | | | | 12 | | | | 12 | | | | — | | | | — | | | | 1,012 | | | | 1,012 | |
Asset and asset-related charges (income) | | | — | | | | — | | | | 1,617 | | | | 1,617 | | | | — | | | | — | | | | — | | | | — | | | | 1,617 | | | | 1,617 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 1,442 | | | | 1,442 | | | | 1,761 | | | | 1,761 | | | | 9,681 | | | | 6,093 | | | | — | | | | — | | | | 12,884 | | | | 9,296 | |
Other income (expense), net | | | (3 | ) | | | (3 | ) | | | 20 | | | | 20 | | | | 15 | | | | (1 | ) | | | — | | | | — | | | | 32 | | | | 16 | |
Interest income (expense), net | | | (4,358 | ) | | | (4,358 | ) | | | 36 | | | | 36 | | | | (368 | ) | | | (368 | ) | | | — | | | | — | | | | (4,690 | ) | | | (4,690 | ) |
Equity in earnings of subsidiaries | | | 7,460 | | | | 5,034 | | | | — | | | | 1,231 | | | | — | | | | 374 | | | | (7,460 | ) | | | (6,639 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before taxes | | | 4,541 | | | | 2,115 | | | | 1,817 | | | | 3,048 | | | | 9,328 | | | | 6,098 | | | | (7,460 | ) | | | (6,639 | ) | | | 8,226 | | | | 4,622 | |
Provision for (benefit from) income taxes | | | (1,084 | ) | | | (1,084 | ) | | | 705 | | | | 705 | | | | 2,980 | | | | 1,802 | | | | — | | | | — | | | | 2,601 | | | | 1,423 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 5,625 | | | | 3,199 | | | | 1,112 | | | | 2,343 | | | | 6,348 | | | | 4,296 | | | | (7,460 | ) | | | (6,639 | ) | | | 5,625 | | | | 3,199 | |
Net income attributable to discontinued operations, net of tax | | | — | | | | 389 | | | | — | | | | — | | | | — | | | | 389 | | | | — | | | | (389 | ) | | | — | | | | 389 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 5,625 | | | $ | 3,588 | | | $ | 1,112 | | | $ | 2,343 | | | $ | 6,348 | | | $ | 4,685 | | | $ | (7,460 | ) | | $ | (7,028 | ) | | $ | 5,625 | | | $ | 3,588 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 11,334 | | | $ | 9,297 | | | $ | 2,163 | | | $ | 3,394 | | | $ | 10,856 | | | $ | 9,193 | | | $ | (13,019 | ) | | $ | (12,587 | ) | | $ | 11,334 | | | $ | 9,297 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Operations and Comprehensive Income |
Nine Months Ended September 30, 2012 |
(Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported | Restated | Reported | Restated | Restated | Restated | Reported | Restated | Reported | Restated |
Net Sales | | $ | — | | | $ | — | | | $ | 378,866 | | | $ | 378,866 | | | $ | 329,847 | | | $ | 308,722 | | | $ | (166,511 | ) | | $ | (166,511 | ) | | $ | 542,202 | | | $ | 521,077 | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | — | | | | — | | | | 323,939 | | | | 323,939 | | | | 274,626 | | | | 263,473 | | | | (166,511 | ) | | | (166,511 | ) | | | 432,054 | | | | 420,901 | |
Selling, general, and administrative expenses | | | (2,477 | ) | | | (2,477 | ) | | | 33,372 | | | | 33,372 | | | | 36,619 | | | | 34,341 | | | | — | | | | — | | | | 67,514 | | | | 65,236 | |
Research, technical, and product development expenses | | | 95 | | | | 95 | | | | 3,024 | | | | 3,024 | | | | 62 | | | | 62 | | | | — | | | | — | | | | 3,181 | | | | 3,181 | |
Asset and asset-related charges (income) | | | — | | | | — | | | | 1,617 | | | | 1,617 | | | | — | | | | — | | | | — | | | | — | | | | 1,617 | | | | 1,617 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 2,382 | | | | 2,382 | | | | 16,914 | | | | 16,914 | | | | 18,540 | | | | 10,846 | | | | — | | | | — | | | | 37,836 | | | | 30,142 | |
Other income (expense), net | | | (48 | ) | | | (48 | ) | | | 301 | | | | 301 | | | | 81 | | | | 65 | | | | — | | | | — | | | | 334 | | | | 318 | |
Interest income (expense), net | | | (12,275 | ) | | | (12,275 | ) | | | 195 | | | | 195 | | | | (982 | ) | | | (982 | ) | | | — | | | | — | | | | (13,062 | ) | | | (13,062 | ) |
Equity in earnings of subsidiaries | | | 21,377 | | | | 16,314 | | | | — | | | | 5,185 | | | | — | | | | 1,990 | | | | (21,377 | ) | | | (23,489 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before taxes | | | 11,436 | | | | 6,373 | | | | 17,410 | | | | 22,595 | | | | 17,639 | | | | 11,919 | | | | (21,377 | ) | | | (23,489 | ) | | | 25,108 | | | | 17,398 | |
Provision for (benefit from) income taxes | | | (4,977 | ) | | | (4,977 | ) | | | 6,673 | | | | 6,673 | | | | 6,999 | | | | 4,352 | | | | — | | | | — | | | | 8,695 | | | | 6,048 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 16,413 | | | | 11,350 | | | | 10,737 | | | | 15,922 | | | | 10,640 | | | | 7,567 | | | | (21,377 | ) | | | (23,489 | ) | | | 16,413 | | | | 11,350 | |
Net income attributable to discontinued operations, net of tax | | | — | | | | 1,413 | | | | — | | | | — | | | | — | | | | 1,413 | | | | — | | | | (1,413 | ) | | | — | | | | 1,413 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 16,413 | | | $ | 12,763 | | | $ | 10,737 | | | $ | 15,922 | | | $ | 10,640 | | | $ | 8,980 | | | $ | (21,377 | ) | | $ | (24,902 | ) | | $ | 16,413 | | | $ | 12,763 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 24,152 | | | $ | 20,502 | | | $ | 13,898 | | | $ | 19,083 | | | $ | 14,763 | | | $ | 13,103 | | | $ | (28,661 | ) | | $ | (32,186 | ) | | $ | 24,152 | | | $ | 20,502 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Operations and Comprehensive Income |
Three Months Ended March 31, 2011 |
(Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated |
Net Sales | | $ | — | | | $ | — | | | $ | 78,922 | | | $ | 78,922 | | | $ | 82,102 | | | $ | 73,052 | | | $ | (40,174 | ) | | $ | (40,174 | ) | | $ | 120,850 | | | $ | 111,800 | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | — | | | | — | | | | 64,652 | | | | 64,652 | | | | 70,367 | | | | 64,010 | | | | (40,174 | ) | | | (40,174 | ) | | | 94,845 | | | | 88,488 | |
Selling, general, and administrative expenses | | | (415 | ) | | | (415 | ) | | | 5,800 | | | | 5,800 | | | | 12,073 | | | | 11,166 | | | | — | | | | — | | | | 17,458 | | | | 16,551 | |
Research, technical, and product development expenses | | | — | | | | — | | | | 632 | | | | 632 | | | | — | | | | — | | | | — | | | | — | | | | 632 | | | | 632 | |
Asset and asset-related charges (income) | | | — | | | | — | | | | — | | | | — | | | | (1,501 | ) | | | (1,501 | ) | | | — | | | | — | | | | (1,501 | ) | | | (1,501 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 415 | | | | 415 | | | | 7,838 | | | | 7,838 | | | | 1,163 | | | | (623 | ) | | | — | | | | — | | | | 9,416 | | | | 7,630 | |
Other income (expense), net | | | (17 | ) | | | (17 | ) | | | (71 | ) | | | (71 | ) | | | (481 | ) | | | (434 | ) | | | — | | | | — | | | | (569 | ) | | | (522 | ) |
Interest income (expense), net | | | (4,201 | ) | | | (4,201 | ) | | | 363 | | | | 363 | | | | (237 | ) | | | (237 | ) | | | — | | | | — | | | | (4,075 | ) | | | (4,075 | ) |
Equity in earnings of subsidiaries | | | 5,599 | | | | 4,754 | | | | — | | | | 2,343 | | | | — | | | | 155 | | | | (5,599 | ) | | | (7,252 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before taxes | | | 1,796 | | | | 951 | | | | 8,130 | | | | 10,473 | | | | 445 | | | | (1,139 | ) | | | (5,599 | ) | | | (7,252 | ) | | | 4,772 | | | | 3,033 | |
Provision for (benefit from) income taxes | | | (546 | ) | | | (546 | ) | | | 2,854 | | | | 2,854 | | | | 122 | | | | (772 | ) | | | — | | | | — | | | | 2,430 | | | | 1,536 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 2,342 | | | | 1,497 | | | | 5,276 | | | | 7,619 | | | | 323 | | | | (367 | ) | | | (5,599 | ) | | | (7,252 | ) | | | 2,342 | | | | 1,497 | |
Net income attributable to discontinued operations, net of tax | | | — | | | | 422 | | | | | | | | — | | | | | | | | 422 | | | | | | | | (422 | ) | | | | | | | 422 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 2,342 | | | $ | 1,919 | | | $ | 5,276 | | | $ | 7,619 | | | $ | 323 | | | $ | 55 | | | $ | (5,599 | ) | | $ | (7,674 | ) | | $ | 2,342 | | | $ | 1,919 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 6,871 | | | $ | 6,448 | | | $ | 5,981 | | | $ | 8,324 | | | $ | 4,028 | | | $ | 3,760 | | | $ | (10,009 | ) | | $ | (12,084 | ) | | $ | 6,871 | | | $ | 6,448 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Operations and Comprehensive Income |
Three Months Ended June 30, 2011 |
(Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated |
Net Sales | | $ | — | | | $ | — | | | $ | 82,096 | | | $ | 82,096 | | | $ | 84,802 | | | $ | 79,596 | | | $ | (43,685 | ) | | $ | (43,685 | ) | | $ | 123,213 | | | $ | 118,007 | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | — | | | | — | | | | 68,359 | | | | 68,359 | | | | 73,950 | | | | 69,150 | | | | (43,685 | ) | | | (43,685 | ) | | | 98,624 | | | | 93,824 | |
Selling, general, and administrative expenses | | | (150 | ) | | | (150 | ) | | | 5,869 | | | | 5,869 | | | | 11,899 | | | | 11,092 | | | | — | | | | — | | | | 17,618 | | | | 16,811 | |
Research, technical, and product development expenses | | | — | | | | — | | | | 798 | | | | 798 | | | | 92 | | | | 92 | | | | — | | | | — | | | | 890 | | | | 890 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 150 | | | | 150 | | | | 7,070 | | | | 7,070 | | | | (1,139 | ) | | | (738 | ) | | | — | | | | — | | | | 6,081 | | | | 6,482 | |
Other income (expense), net | | | (16 | ) | | | (16 | ) | | | 37 | | | | 37 | | | | 112 | | | | 112 | | | | — | | | | — | | | | 133 | | | | 133 | |
Interest income (expense), net | | | (4,138 | ) | | | (4,138 | ) | | | 504 | | | | 504 | | | | (261 | ) | | | (261 | ) | | | — | | | | — | | | | (3,895 | ) | | | (3,895 | ) |
Equity in earnings of subsidiaries | | | 4,832 | | | | 4,821 | | | | — | | | | 2,526 | | | | — | | | | (792 | ) | | | (4,832 | ) | | | (6,555 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before taxes | | | 828 | | | | 817 | | | | 7,611 | | | | 10,137 | | | | (1,288 | ) | | | (1,679 | ) | | | (4,832 | ) | | | (6,555 | ) | | | 2,319 | | | | 2,720 | |
Provision for (benefit from) income taxes | | | (1,300 | ) | | | (1,300 | ) | | | 2,854 | | | | 2,854 | | | | (1,363 | ) | | | (951 | ) | | | — | | | | — | | | | 191 | | | | 603 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 2,128 | | | | 2,117 | | | | 4,757 | | | | 7,283 | | | | 75 | | | | (728 | ) | | | (4,832 | ) | | | (6,555 | ) | | | 2,128 | | | | 2,117 | |
Net income attributable to discontinued operations, net of tax | | | — | | | | 618 | | | | — | | | | — | | | | — | | | | 618 | | | | — | | | | (618 | ) | | | — | | | | 618 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 2,128 | | | $ | 2,735 | | | $ | 4,757 | | | $ | 7,283 | | | $ | 75 | | | $ | (110 | ) | | $ | (4,832 | ) | | $ | (7,173 | ) | | $ | 2,128 | | | $ | 2,735 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 3,047 | | | $ | 3,654 | | | $ | 5,638 | | | $ | 8,164 | | | $ | (40 | ) | | $ | (225 | ) | | $ | (5,598 | ) | | $ | (7,939 | ) | | $ | 3,047 | | | $ | 3,654 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Operations and Comprehensive Income |
Six Months Ended June 30, 2011 |
(Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised |
Net Sales | | $ | — | | | $ | — | | | $ | 161,018 | | | $ | 161,018 | | | $ | 166,904 | | | $ | 152,648 | | | $ | (83,859 | ) | | $ | (83,859 | ) | | $ | 244,063 | | | $ | 229,807 | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | — | | | | — | | | | 133,011 | | | | 133,011 | | | | 144,317 | | | | 133,160 | | | | (83,859 | ) | | | (83,859 | ) | | | 193,469 | | | | 182,312 | |
Selling, general, and administrative expenses | | | (565 | ) | | | (565 | ) | | | 11,669 | | | | 11,669 | | | | 23,972 | | | | 22,258 | | | | — | | | | — | | | | 35,076 | | | | 33,362 | |
Research, technical, and product development expenses | | | — | | | | — | | | | 1,430 | | | | 1,430 | | | | 92 | | | | 92 | | | | — | | | | — | | | | 1,522 | | | | 1,522 | |
Asset and asset-related charges (income) | | | — | | | | — | | | | — | | | | — | | | | (1,501 | ) | | | (1,501 | ) | | | — | | | | — | | | | (1,501 | ) | | | (1,501 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 565 | | | | 565 | | | | 14,908 | | | | 14,908 | | | | 24 | | | | (1,361 | ) | | | — | | | | — | | | | 15,497 | | | | 14,112 | |
Other income (expense), net | | | (33 | ) | | | (33 | ) | | | (34 | ) | | | (34 | ) | | | (369 | ) | | | (322 | ) | | | — | | | | — | | | | (436 | ) | | | (389 | ) |
Interest income (expense), net | | | (8,339 | ) | | | (8,339 | ) | | | 867 | | | | 867 | | | | (498 | ) | | | (498 | ) | | | — | | | | — | | | | (7,970 | ) | | | (7,970 | ) |
Equity in earnings of subsidiaries | | | 10,431 | | | | 9,575 | | | | — | | | | 4,869 | | | | — | | | | (637 | ) | | | (10,431 | ) | | | (13,807 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before taxes | | | 2,624 | | | | 1,768 | | | | 15,741 | | | | 20,610 | | | | (843 | ) | | | (2,818 | ) | | | (10,431 | ) | | | (13,807 | ) | | | 7,091 | | | | 5,753 | |
Provision for (benefit from) income taxes | | | (1,846 | ) | | | (1,846 | ) | | | 5,708 | | | | 5,708 | | | | (1,241 | ) | | | (1,723 | ) | | | — | | | | — | | | | 2,621 | | | | 2,139 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 4,470 | | | | 3,614 | | | | 10,033 | | | | 14,902 | | | | 398 | | | | (1,095 | ) | | | (10,431 | ) | | | (13,807 | ) | | | 4,470 | | | | 3,614 | |
Net income attributable to discontinued operations, net of tax | | | — | | | | 1,040 | | | | — | | | | — | | | | — | | | | 1,040 | | | | — | | | | (1,040 | ) | | | — | | | | 1,040 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 4,470 | | | $ | 4,654 | | | $ | 10,033 | | | $ | 14,902 | | | $ | 398 | | | $ | (55 | ) | | $ | (10,431 | ) | | | (14,847 | ) | | $ | 4,470 | | | $ | 4,654 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 9,918 | | | $ | 10,102 | | | $ | 11,619 | | | $ | 16,488 | | | $ | 3,988 | | | $ | 3,535 | | | $ | (15,607 | ) | | $ | (20,023 | ) | | $ | 9,918 | | | $ | 10,102 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Operations and Comprehensive Income |
Three Months Ended September 30, 2011 |
(Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised |
Net Sales | | $ | — | | | $ | — | | | $ | 97,118 | | | $ | 97,118 | | | $ | 95,330 | | | $ | 88,512 | | | $ | (48,777 | ) | | $ | (48,777 | ) | | $ | 143,671 | | | $ | 136,853 | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | — | | | | — | | | | 85,942 | | | | 85,942 | | | | 81,500 | | | | 76,837 | | | | (48,777 | ) | | | (48,777 | ) | | | 118,665 | | | | 114,002 | |
Selling, general, and administrative expenses | | | (793 | ) | | | (793 | ) | | | 5,707 | | | | 5,707 | | | | 11,474 | | | | 10,702 | | | | — | | | | — | | | | 16,388 | | | | 15,616 | |
Research, technical, and product development expenses | | | — | | | | — | | | | 874 | | | | 874 | | | | 51 | | | | 51 | | | | — | | | | — | | | | 925 | | | | 925 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 793 | | | | 793 | | | | 4,595 | | | | 4,595 | | | | 2,305 | | | | 922 | | | | — | | | | — | | | | 7,693 | | | | 6,310 | |
Other income (expense), net | | | (39 | ) | | | (39 | ) | | | 34 | | | | 34 | | | | 203 | | | | 203 | | | | — | | | | — | | | | 198 | | | | 198 | |
Interest income (expense), net | | | (4,074 | ) | | | (4,074 | ) | | | 479 | | | | 479 | | | | (247 | ) | | | (247 | ) | | | — | | | | — | | | | (3,842 | ) | | | (3,842 | ) |
Equity in earnings of subsidiaries | | | 4,179 | | | | 3,279 | | | | — | | | | 9 | | | | — | | | | (280 | ) | | | (4,179 | ) | | | (3,008 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before taxes | | | 859 | | | | (41 | ) | | | 5,108 | | | | 5,117 | | | | 2,261 | | | | 598 | | | | (4,179 | ) | | | (3,008 | ) | | | 4,049 | | | | 2,666 | |
Provision for (benefit from) income taxes | | | (1,208 | ) | | | (1,208 | ) | | | 2,465 | | | | 2,465 | | | | 725 | | | | 242 | | | | — | | | | — | | | | 1,982 | | | | 1,499 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 2,067 | | | | 1,167 | | | | 2,643 | | | | 2,652 | | | | 1,536 | | | | 356 | | | | (4,179 | ) | | | (3,008 | ) | | | 2,067 | | | | 1,167 | |
Net income attributable to discontinued operations, net of tax | | | — | | | | 493 | | | | — | | | | — | | | | — | | | | 493 | | | | — | | | | (493 | ) | | | — | | | | 493 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 2,067 | | | $ | 1,660 | | | $ | 2,643 | | | $ | 2,652 | | | $ | 1,536 | | | $ | 849 | | | $ | (4,179 | ) | | $ | (3,501 | ) | | $ | 2,067 | | | $ | 1,660 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | (5,336 | ) | | $ | (5,743 | ) | | $ | 3,436 | | | $ | 3,445 | | | $ | (6,676 | ) | | $ | (7,363 | ) | | $ | 3,240 | | | $ | 3,918 | | | $ | (5,336 | ) | | $ | (5,743 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Operations and Comprehensive Income |
Nine Months Ended September 30, 2011 |
(Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised |
Net Sales | | $ | — | | | $ | — | | | $ | 258,136 | | | $ | 258,136 | | | $ | 262,234 | | | $ | 241,160 | | | $ | (132,636 | ) | | $ | (132,636 | ) | | $ | 387,734 | | | $ | 366,660 | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | — | | | | — | | | | 218,953 | | | | 218,953 | | | | 225,817 | | | | 209,997 | | | | (132,636 | ) | | | (132,636 | ) | | | 312,134 | | | | 296,314 | |
Selling, general, and administrative expenses | | | (1,358 | ) | | | (1,358 | ) | | | 17,376 | | | | 17,376 | | | | 35,446 | | | | 32,960 | | | | — | | | | — | | | | 51,464 | | | | 48,978 | |
Research, technical, and product development expenses | | | — | | | | — | | | | 2,304 | | | | 2,304 | | | | 143 | | | | 143 | | | | — | | | | — | | | | 2,447 | | | | 2,447 | |
Asset and asset-related charges (income) | | | — | | | | — | | | | — | | | | — | | | | (1,501 | ) | | | (1,501 | ) | | | — | | | | — | | | | (1,501 | ) | | | (1,501 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 1,358 | | | | 1,358 | | | | 19,503 | | | | 19,503 | | | | 2,329 | | | | (439 | ) | | | — | | | | — | | | | 23,190 | | | | 20,422 | |
Other income (expense), net | | | (72 | ) | | | (72 | ) | | | — | | | | — | | | | (166 | ) | | | (119 | ) | | | — | | | | — | | | | (238 | ) | | | (191 | ) |
Interest income (expense), net | | | (12,413 | ) | | | (12,413 | ) | | | 1,346 | | | | 1,346 | | | | (745 | ) | | | (745 | ) | | | — | | | | — | | | | (11,812 | ) | | | (11,812 | ) |
Equity in earnings of subsidiaries | | | 14,610 | | | | 12,854 | | | | — | | | | 4,879 | | | | — | | | | (917 | ) | | | (14,610 | ) | | | (16,816 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before taxes. | | | 3,483 | | | | 1,727 | | | | 20,849 | | | | 25,728 | | | | 1,418 | | | | (2,220 | ) | | | (14,610 | ) | | | (16,816 | ) | | | 11,140 | | | | 8,419 | |
Provision for (benefit from) income taxes | | | (3,054 | ) | | | (3,054 | ) | | | 8,173 | | | | 8,173 | | | | (516 | ) | | | (1,481 | ) | | | — | | | | — | | | | 4,603 | | | | 3,638 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 6,537 | | | | 4,781 | | | | 12,676 | | | | 17,555 | | | | 1,934 | | | | (739 | ) | | | (14,610 | ) | | | (16,816 | ) | | | 6,537 | | | | 4,781 | |
Net income attributable to discontinued operations, net of tax | | | — | | | | 1,533 | | | | — | | | | — | | | | — | | | | 1,533 | | | | — | | | | (1,533 | ) | | | — | | | | 1,533 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 6,537 | | | $ | 6,314 | | | $ | 12,676 | | | $ | 17,555 | | | $ | 1,934 | | | $ | 794 | | | $ | (14,610 | ) | | $ | (18,349 | ) | | $ | 6,537 | | | $ | 6,314 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 4,582 | | | $ | 4,359 | | | $ | 15,055 | | | $ | 19,934 | | | $ | (2,688 | ) | | $ | (3,828 | ) | | $ | (12,367 | ) | | $ | (16,106 | ) | | $ | 4,582 | | | $ | 4,359 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Balance Sheet |
31-Mar-12 |
(Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As Restated | | | Previously | | | As Restated | |
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Reported |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | — | | | | 98,277 | | | $ | 109,419 | | | $ | 19,595 | | | $ | 8,453 | | | $ | — | | | $ | — | | | $ | 117,872 | | | $ | 117,872 | |
Receivables, net | | | 209 | | | | 209 | | | | 62,508 | | | | 77,874 | | | | 83,678 | | | | 64,298 | | | | (39,218 | ) | | | (39,218 | ) | | | 107,177 | | | | 103,163 | |
Inventories, net | | | — | | | | — | | | | 147,461 | | | | 168,134 | | | | 180,461 | | | | 139,493 | | | | — | | | | — | | | | 327,922 | | | | 307,627 | |
Costs in excess of billings | | | — | | | | — | | | | — | | | | — | | | | — | | | | 5 | | | | — | | | | — | | | | — | | | | 5 | |
Deferred income taxes | | | 17,177 | | | | 17,177 | | | | 1,400 | | | | 2,290 | | | | 818 | | | | 1,008 | | | | — | | | | — | | | | 19,395 | | | | 20,475 | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | 18,598 | | | | — | | | | — | | | | — | | | | 18,598 | |
Other current assets | | | 5,737 | | | | 5,737 | | | | 1,770 | | | | 4,496 | | | | 5,395 | | | | 2,963 | | | | (1,927 | ) | | | (1,927 | ) | | | 10,975 | | | | 11,269 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 23,123 | | | | 23,123 | | | | 311,416 | | | | 362,213 | | | | 289,947 | | | | 234,818 | | | | (41,145 | ) | | | (41,145 | ) | | | 583,341 | | | | 579,009 | |
Property, plant, and equipment, net | | | 634 | | | | 634 | | | | 232,227 | | | | 296,407 | | | | 128,659 | | | | 64,423 | | | | — | | | | — | | | | 361,520 | | | | 361,464 | |
Marketable Securities | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Goodwill | | | — | | | | — | | | | 18,097 | | | | 96,942 | | | | 122,139 | | | | 36,653 | | | | — | | | | — | | | | 140,236 | | | | 133,595 | |
Other intangible assets, net | | | — | | | | — | | | | — | | | | 37,079 | | | | 59,527 | | | | 22,448 | | | | — | | | | — | | | | 59,527 | | | | 59,527 | |
Deferred income taxes | | | — | | | | — | | | | 25,995 | | | | 25,995 | | | | 29,897 | | | | 29,897 | | | | (26,781 | ) | | | (26,781 | ) | | | 29,111 | | | | 29,111 | |
Other noncurrent assets | | | 4,329 | | | | 4,329 | | | | 36 | | | | 201 | | | | 607 | | | | 3,946 | | | | — | | | | — | | | | 4,972 | | | | 8,476 | |
Intercompany investments | | | 952,885 | | | | 951,230 | | | | 71,231 | | | | 22,840 | | | | 180 | | | | 2,621 | | | | (1,024,296 | ) | | | (976,691 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 980,971 | | | $ | 979,316 | | | $ | 659,002 | | | $ | 841,677 | | | $ | 630,956 | | | $ | 394,806 | | | $ | (1,092,222 | ) | | $ | (1,044,617 | ) | | $ | 1,178,707 | | | $ | 1,171,182 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 1,111 | | | $ | 1,111 | | | $ | 41,118 | | | $ | 48,077 | | | $ | 65,447 | | | $ | 54,862 | | | $ | (39,213 | ) | | $ | (39,213 | ) | | $ | 68,463 | | | $ | 64,837 | |
Accrued wages and other employee costs | | | 3,160 | | | | 3,160 | | | | 6,738 | | | | 11,248 | | | | 9,980 | | | | 5,282 | | | | — | | | | — | | | | 19,878 | | | | 19,690 | |
Unearned revenue | | | — | | | | — | | | | 15 | | | | 798 | | | | 40,874 | | | | 35,785 | | | | — | | | | — | | | | 40,889 | | | | 36,583 | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | 3,879 | | | | — | | | | — | | | | — | | | | 3,879 | |
Other accrued liabilities | | | 6,711 | | | | 6,711 | | | | 8,424 | | | | 10,752 | | | | 8,630 | | | | 6,237 | | | | (1,932 | ) | | | (1,932 | ) | | | 21,833 | | | | 21,768 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 10,982 | | | | 10,982 | | | | 56,295 | | | | 70,875 | | | | 124,931 | | | | 106,045 | | | | (41,145 | ) | | | (41,145 | ) | | | 151,063 | | | | 146,757 | |
Long-term debt | | | 189,313 | | | | 189,313 | | | | 20 | | | | 1,876 | | | | 1,856 | | | | 0 | | | | — | | | | — | | | | 191,189 | | | | 191,189 | |
Intercompany debt | | | — | | | | — | | | | 104,286 | | | | 113,669 | | | | 107,440 | | | | 98,057 | | | | (211,726 | ) | | | (211,726 | ) | | | — | | | | — | |
Liability for post-retirement benefits | | | — | | | | — | | | | 41,806 | | | | 41,806 | | | | — | | | | — | | | | — | | | | — | | | | 41,806 | | | | 41,806 | |
Liability for pension benefits | | | 6,227 | | | | 6,227 | | | | 8,193 | | | | 8,193 | | | | 677 | | | | 677 | | | | — | | | | — | | | | 15,097 | | | | 15,097 | |
Deferred income taxes | | | 36,748 | | | | 36,748 | | | | — | | | | 19,560 | | | | 28,242 | | | | 3,614 | | | | (26,781 | ) | | | (26,781 | ) | | | 38,209 | | | | 33,141 | |
Unearned revenue | | | — | | | | — | | | | — | | | | — | | | | — | | | | 3,504 | | | | — | | | | — | | | | — | | | | 3,504 | |
Other noncurrent liabilities | | | 5,253 | | | | 5,253 | | | | 3,464 | | | | 3,464 | | | | 199 | | | | 199 | | | | (21 | ) | | | (21 | ) | | | 8,895 | | | | 8,895 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 248,523 | | | | 248,523 | | | | 214,064 | | | | 259,443 | | | | 263,345 | | | | 212,096 | | | | (279,673 | ) | | | (279,673 | ) | | | 446,259 | | | | 440,389 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity | | | 732,448 | | | | 730,793 | | | | 444,938 | | | | 582,234 | | | | 367,611 | | | | 182,710 | | | | (812,549 | ) | | | (764,944 | ) | | | 732,448 | | | | 730,793 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 980,971 | | | $ | 979,316 | | | $ | 659,002 | | | $ | 841,677 | | | $ | 630,956 | | | $ | 394,806 | | | $ | (1,092,222 | ) | | $ | (1,044,617 | ) | | $ | 1,178,707 | | | $ | 1,171,182 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Balance Sheet |
30-Jun-12 |
(unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | — | | | | 92,864 | | | $ | 92,864 | | | $ | 6,661 | | | $ | 6,661 | | | $ | — | | | $ | — | | | $ | 99,525 | | | $ | 99,525 | |
Receivables, net | | | 162 | | | | 162 | | | | 76,198 | | | | 76,198 | | | | 64,383 | | | | 60,685 | | | | (33,288 | ) | | | (33,288 | ) | | | 107,455 | | | | 103,757 | |
Inventories, net | | | — | | | | — | | | | 178,140 | | | | 178,140 | | | | 171,292 | | | | 149,029 | | | | — | | | | — | | | | 349,432 | | | | 327,169 | |
Costs in excess of billings | | | — | | | | — | | | | — | | | | — | | | | — | | | | 658 | | | | — | | | | — | | | | — | | | | 658 | |
Deferred income taxes | | | 17,177 | | | | 17,177 | | | | 2,098 | | | | 2,290 | | | | 57 | | | | 1,308 | | | | — | | | | — | | | | 19,332 | | | | 20,775 | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | 17,633 | | | | — | | | | — | | | | — | | | | 17,633 | |
Other current assets | | | 4,271 | | | | 4,271 | | | | 4,565 | | | | 4,565 | | | | 4,064 | | | | 4,433 | | | | — | | | | — | | | | 12,900 | | | | 13,269 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 21,610 | | | | 21,610 | | | | 353,865 | | | | 354,057 | | | | 246,457 | | | | 240,407 | | | | (33,288 | ) | | | (33,288 | ) | | | 588,644 | | | | 582,786 | |
Property, plant, and equipment, net | | | 543 | | | | 543 | | | | 301,438 | | | | 301,438 | | | | 63,807 | | | | 63,754 | | | | — | | | | — | | | | 365,788 | | | | 365,735 | |
Marketable Securities | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Goodwill | | | — | | | | — | | | | 102,202 | | | | 96,942 | | | | 38,009 | | | | 36,628 | | | | — | | | | — | | | | 140,211 | | | | 133,570 | |
Other intangible assets, net | | | — | | | | — | | | | 36,436 | | | | 36,436 | | | | 21,815 | | | | 21,815 | | | | — | | | | — | | | | 58,251 | | | | 58,251 | |
Deferred income taxes | | | — | | | | — | | | | 25,314 | | | | 25,314 | | | | 30,750 | | | | 30,750 | | | | (26,825 | ) | | | (26,825 | ) | | | 29,239 | | | | 29,239 | |
Other noncurrent assets | | | 4,768 | | | | 4,768 | | | | 201 | | | | 201 | | | | 438 | | | | 3,823 | | | | — | | | | — | | | | 5,407 | | | | 8,792 | |
Intercompany investments | | | 962,343 | | | | 960,071 | | | | 71,231 | | | | 25,350 | | | | 180 | | | | 3,034 | | | | (1,033,754 | ) | | | (988,455 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 989,264 | | | $ | 986,992 | | | $ | 890,687 | | | $ | 839,738 | | | $ | 401,456 | | | $ | 400,211 | | | $ | (1,093,867 | ) | | $ | (1,048,568 | ) | | $ | 1,187,540 | | | $ | 1,178,373 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 1,021 | | | $ | 1,021 | | | $ | 43,562 | | | $ | 43,562 | | | | 52,983 | | | $ | 49,789 | | | $ | (33,288 | ) | | $ | (33,288 | ) | | $ | 64,278 | | | $ | 61,084 | |
Accrued wages and other employee costs | | | 4,465 | | | | 4,465 | | | | 13,477 | | | | 13,477 | | | | 7,193 | | | | 6,929 | | | | — | | | | — | | | | 25,135 | | | | 24,871 | |
Unearned revenue | | | — | | | | — | | | | 704 | | | | 704 | | | | 41,352 | | | | 36,140 | | | | — | | | | — | | | | 42,056 | | | | 36,844 | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | 3,494 | | | | — | | | | — | | | | — | | | | 3,494 | |
Other accrued liabilities | | | 6,388 | | | | 6,388 | | | | 7,823 | | | | 7,823 | | | | 7,505 | | | | 7,469 | | | | — | | | | — | | | | 21,716 | | | | 21,680 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 11,874 | | | | 11,874 | | | | 65,566 | | | | 65,566 | | | | 109,033 | | | | 103,821 | | | | (33,288 | ) | | | (33,288 | ) | | | 153,185 | | | | 147,973 | |
Long-term debt | | | 191,699 | | | | 191,699 | | | | 2,028 | | | | 2,028 | | | | — | | | | — | | | | — | | | | — | | | | 193,727 | | | | 193,727 | |
Intercompany debt | | | — | | | | — | | | | 111,916 | | | | 111,916 | | | | 100,929 | | | | 100,929 | | | | (212,845 | ) | | | (212,845 | ) | | | — | | | | — | |
Liability for post-retirement benefits | | | — | | | | — | | | | 42,000 | | | | 42,000 | | | | — | | | | — | | | | — | | | | — | | | | 42,000 | | | | 42,000 | |
Liability for pension benefits | | | 6,133 | | | | 6,133 | | | | 6,730 | | | | 6,730 | | | | 539 | | | | 539 | | | | — | | | | — | | | | 13,402 | | | | 13,402 | |
Deferred income taxes | | | 36,857 | | | | 36,857 | | | | 25,172 | | | | 20,104 | | | | 3,613 | | | | 3,613 | | | | (26,825 | ) | | | (26,825 | ) | | | 38,817 | | | | 33,749 | |
Unearned revenue | | | — | | | | — | | | | — | | | | — | | | | — | | | | 3,385 | | | | — | | | | — | | | | — | | | | 3,385 | |
Other noncurrent liabilities | | | 5,261 | | | | 5,261 | | | | 3,491 | | | | 3,491 | | | | 217 | | | | 217 | | | | — | | | | — | | | | 8,969 | | | | 8,969 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 251,824 | | | | 251,824 | | | | 256,903 | | | | 251,835 | | | | 214,331 | | | | 212,504 | | | | (272,958 | ) | | | (272,958 | ) | | | 450,100 | | | | 443,205 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity | | | 737,440 | | | | 735,168 | | | | 633,784 | | | | 587,903 | | | | 187,125 | | | | 187,707 | | | | (820,909 | ) | | | (775,610 | ) | | | 737,440 | | | | 735,168 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 989,264 | | | $ | 986,992 | | | $ | 890,687 | | | $ | 839,738 | | | $ | 401,456 | | | $ | 400,211 | | | $ | (1,093,867 | ) | | $ | (1,048,568 | ) | | $ | 1,187,540 | | | $ | 1,178,373 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Balance Sheet |
30-Sep-12 |
(unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | — | | | $ | 69,907 | | | $ | 69,907 | | | $ | 3,482 | | | $ | 3,482 | | | $ | — | | | $ | — | | | $ | 73,389 | | | $ | 73,389 | |
Short term investments | | | — | | | | — | | | | 3,998 | | | | 3,998 | | | | — | | | | — | | | | — | | | | — | | | | 3,998 | | | | 3,998 | |
Receivables, net | | | 126 | | | | 126 | | | | 80,480 | | | | 80,480 | | | | 66,322 | | | | 63,115 | | | | (29,473 | ) | | | (29,473 | ) | | | 117,455 | | | | 114,248 | |
Inventories, net | | | — | | | | — | | | | 189,837 | | | | 189,837 | | | | 188,381 | | | | 162,992 | | | | — | | | | — | | | | 378,218 | | | | 352,829 | |
Costs in excess of billings | | | — | | | | — | | | | — | | | | — | | | | — | | | | 2,151 | | | | — | | | | — | | | | — | | | | 2,151 | |
Deferred income taxes | | | 17,176 | | | | 17,176 | | | | 2,401 | | | | 2,593 | | | | 67 | | | | 2,290 | | | | — | | | | — | | | | 19,644 | | | | 22,059 | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | 16,799 | | | | — | | | | — | | | | — | | | | 16,799 | |
Other current assets | | | 4,021 | | | | 4,021 | | | | 4,070 | | | | 4,070 | | | | 4,014 | | | | 4,449 | | | | (1,380 | ) | | | (1,380 | ) | | | 10,725 | | | | 11,160 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 21,323 | | | | 21,323 | | | | 350,693 | | | | 350,885 | | | | 262,266 | | | | 255,278 | | | | (30,853 | ) | | | (30,853 | ) | | | 603,429 | | | | 596,633 | |
Property, plant, and equipment, net | | | 1,336 | | | | 1,336 | | | | 301,681 | | | | 301,681 | | | | 64,801 | | | | 64,751 | | | | — | | | | — | | | | 367,818 | | | | 367,768 | |
Marketable Securities | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Goodwill | | | — | | | | — | | | | 99,754 | | | | 94,494 | | | | 38,493 | | | | 37,112 | | | | — | | | | — | | | | 138,247 | | | | 131,606 | |
Other intangible assets, net | | | — | | | | — | | | | 35,795 | | | | 35,795 | | | | 21,869 | | | | 21,869 | | | | — | | | | — | | | | 57,664 | | | | 57,664 | |
Deferred income taxes | | | — | | | | — | | | | 26,313 | | | | 26,313 | | | | 32,818 | | | | 32,818 | | | | (26,934 | ) | | | (26,934 | ) | | | 32,197 | | | | 32,197 | |
Other noncurrent assets | | | 4,442 | | | | 4,442 | | | | 2,781 | | | | 2,781 | | | | 470 | | | | 3,710 | | | | (2,580 | ) | | | (2,580 | ) | | | 5,113 | | | | 8,353 | |
Intercompany investments | | | 981,646 | | | | 977,337 | | | | 71,231 | | | | 26,492 | | | | 180 | | | | 3,408 | | | | (1,053,057 | ) | | | (1,007,237 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,008,747 | | | $ | 1,004,438 | | | $ | 888,248 | | | $ | 838,441 | | | $ | 420,897 | | | $ | 418,926 | | | $ | (1,113,424 | ) | | $ | (1,067,604 | ) | | $ | 1,204,468 | | | $ | 1,194,221 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 1,003 | | | $ | 1,003 | | | $ | 46,543 | | | $ | 46,543 | | | $ | 52,006 | | | $ | 49,093 | | | $ | (29,473 | ) | | $ | (29,473 | ) | | $ | 70,079 | | | $ | 67,166 | |
Accrued wages and other employee costs | | | 5,177 | | | | 5,177 | | | | 15,629 | | | | 15,629 | | | | 8,924 | | | | 8,639 | | | | — | | | | — | | | | 29,730 | | | | 29,445 | |
Unearned revenue | | | — | | | | — | | | | 505 | | | | 505 | | | | 38,128 | | | | 34,018 | | | | — | | | | — | | | | 38,633 | | | | 34,523 | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | 3,198 | | | | — | | | | — | | | | — | | | | 3,198 | |
Other accrued liabilities | | | 11,128 | | | | 11,128 | | | | 9,192 | | | | 9,192 | | | | 8,518 | | | | 8,518 | | | | (1,380 | ) | | | (1,380 | ) | | | 27,458 | | | | 27,458 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 17,308 | | | | 17,308 | | | | 71,869 | | | | 71,869 | | | | 107,576 | | | | 103,466 | | | | (30,853 | ) | | | (30,853 | ) | | | 165,900 | | | | 161,790 | |
Long-term debt | | | 194,153 | | | | 194,153 | | | | 1,926 | | | | 1,926 | | | | — | | | | — | | | | — | | | | — | | | | 196,079 | | | | 196,079 | |
Intercompany debt | | | — | | | | — | | | | 112,535 | | | | 112,535 | | | | 106,684 | | | | 106,684 | | | | (219,219 | ) | | | (219,219 | ) | | | — | | | | — | |
Liability for post-retirement benefits | | | — | | | | — | | | | 42,220 | | | | 42,220 | | | | — | | | | — | | | | — | | | | — | | | | 42,220 | | | | 42,220 | |
Liability for pension benefits | | | 4,976 | | | | 4,976 | | | | — | | | | — | | | | 159 | | | | 159 | | | | (2,580 | ) | | | (2,580 | ) | | | 2,555 | | | | 2,555 | |
Deferred income taxes | | | 36,967 | | | | 36,967 | | | | 25,172 | | | | 20,104 | | | | 3,526 | | | | 3,526 | | | | (26,934 | ) | | | (26,934 | ) | | | 38,731 | | | | 33,663 | |
Unearned revenue | | | — | | | | — | | | | — | | | | — | | | | — | | | | 3,240 | | | | — | | | | — | | | | — | | | | 3,240 | |
Other noncurrent liabilities | | | 5,268 | | | | 5,268 | | | | 3,430 | | | | 3,430 | | | | 210 | | | | 210 | | | | — | | | | — | | | | 8,908 | | | | 8,908 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 258,672 | | | | 258,672 | | | | 257,152 | | | | 252,084 | | | | 218,155 | | | | 217,285 | | | | (279,586 | ) | | | (279,586 | ) | | | 454,393 | | | | 448,455 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity | | | 750,075 | | | | 745,766 | | | | 631,096 | | | | 586,357 | | | | 202,742 | | | | 201,661 | | | | (833,838 | ) | | | (788,018 | ) | | | 750,075 | | | | 745,766 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,008,747 | | | $ | 1,004,438 | | | $ | 888,248 | | | $ | 838,441 | | | $ | 420,897 | | | $ | 418,946 | | | $ | (1,113,424 | ) | | $ | (1,067,604 | ) | | $ | 1,204,468 | | | $ | 1,194,221 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Balance Sheet |
31-Mar-11 |
(unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | — | | | $ | 264,293 | | | $ | 264,293 | | | $ | 11,861 | | | $ | 11,861 | | | $ | — | | | $ | — | | | $ | 276,154 | | | $ | 276,154 | |
Short term investments | | | — | | | | — | | | | 38,892 | | | | 38,892 | | | | — | | | | — | | | | — | | | | — | | | | 38,892 | | | | 38,892 | |
Receivables, net | | | 438 | | | | 438 | | | | 44,898 | | | | 44,898 | | | | 51,076 | | | | 47,328 | | | | (19,913 | ) | | | (19,913 | ) | | | 76,499 | | | | 72,751 | |
Inventories, net | | | — | | | | — | | | | 144,720 | | | | 144,720 | | | | 124,682 | | | | 116,332 | | | | — | | | | — | | | | 269,402 | | | | 261,052 | |
Costs in excess of billings | | | — | | | | — | | | | — | | | | — | | | | — | | | | 112 | | | | — | | | | — | | | | — | | | | 112 | |
Deferred income taxes | | | 21,430 | | | | 21,430 | | | | 1,418 | | | | 1,418 | | | | 80 | | | | 816 | | | | — | | | | — | | | | 22,928 | | | | 23,664 | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | 13,724 | | | | — | | | | — | | | | — | | | | 13,724 | |
Other current assets | | | 13,937 | | | | 13,937 | | | | 1,601 | | | | 1,601 | | | | 1,500 | | | | 1,723 | | | | (3,105 | ) | | | (3,105 | ) | | | 13,933 | | | | 14,156 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 35,805 | | | | 35,805 | | | | 495,822 | | | | 495,822 | | | | 189,199 | | | | 191,896 | | | | (23,018 | ) | | | (23,018 | ) | | | 697,808 | | | | 700,505 | |
Property, plant, and equipment, net | | | 955 | | | | 955 | | | | 198,546 | | | | 198,546 | | | | 61,830 | | | | 61,762 | | | | — | | | | — | | | | 261,331 | | | | 261,263 | |
Marketable Securities | | | — | | | | — | | | | 48,779 | | | | 48,779 | | | | — | | | | — | | | | — | | | | — | | | | 48,779 | | | | 48,779 | |
Goodwill | | | — | | | | — | | | | 18,098 | | | | 18,098 | | | | 24,107 | | | | 22,726 | | | | — | | | | — | | | | 42,205 | | | | 40,824 | |
Other intangible assets, net | | | — | | | | — | | | | — | | | | — | | | | 14,219 | | | | 14,219 | | | | — | | | | — | | | | 14,219 | | | | 14,219 | |
Deferred income taxes | | | — | | | | — | | | | 23,913 | | | | 23,913 | | | | 24,145 | | | | 24,145 | | | | (24,521 | ) | | | (24,521 | ) | | | 23,537 | | | | 23,537 | |
Other noncurrent assets | | | 5,800 | | | | 5,800 | | | | 36 | | | | 36 | | | | 141 | | | | 3,961 | | | | — | | | | — | | | | 5,977 | | | | 9,797 | |
Intercompany investments | | | 912,277 | | | | 911,715 | | | | 71,231 | | | | 17,611 | | | | 180 | | | | 2,628 | | | | (983,688 | ) | | | (931,954 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 954,837 | | | $ | 954,275 | | | $ | 856,425 | | | $ | 802,805 | | | $ | 313,821 | | | $ | 321,337 | | | $ | (1,031,227 | ) | | $ | (979,493 | ) | | $ | 1,093,856 | | | $ | 1,098,924 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 1,473 | | | $ | 1,473 | | | $ | 22,303 | | | $ | 22,303 | | | $ | 32,242 | | | $ | 28,069 | | | $ | (19,913 | ) | | $ | (19,913 | ) | | $ | 36,105 | | | $ | 31,932 | |
Accrued wages and other employee costs | | | 3,632 | | | | 3,632 | | | | 6,442 | | | | 6,442 | | | | 5,156 | | | | 4,912 | | | | — | | | | — | | | | 15,230 | | | | 14,986 | |
Unearned revenue | | | — | | | | — | | | | — | | | | — | | | | 26,020 | | | | 27,830 | | | | — | | | | — | | | | 26,020 | | | | 27,830 | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | 4,551 | | | | — | | | | — | | | | — | | | | 4,551 | |
Other accrued liabilities | | | 3,792 | | | | 3,792 | | | | 11,907 | | | | 11,907 | | | | 16,696 | | | | 16,562 | | | | (3,105 | ) | | | (3,105 | ) | | | 29,290 | | | | 29,156 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 8,897 | | | | 8,897 | | | | 40,652 | | | | 40,652 | | | | 80,114 | | | | 81,924 | | | | (23,018 | ) | | | (23,018 | ) | | | 106,645 | | | | 108,455 | |
Long-term debt | | | 180,227 | | | | 180,227 | | | | 40 | | | | 40 | | | | 2 | | | | 2 | | | | — | | | | — | | | | 180,269 | | | | 180,269 | |
Intercompany debt | | | — | | | | — | | | | 92,826 | | | | 92,826 | | | | 89,533 | | | | 89,533 | | | | (182,359 | ) | | | (182,359 | ) | | | — | | | | — | |
Liability for post-retirement benefits | | | — | | | | — | | | | 40,277 | | | | 40,277 | | | | — | | | | — | | | | — | | | | — | | | | 40,277 | | | | 40,277 | |
Liability for pension benefits | | | 6,542 | | | | 6,542 | | | | 21,285 | | | | 21,285 | | | | 677 | | | | 677 | | | | — | | | | — | | | | 28,504 | | | | 28,504 | |
Deferred income taxes | | | 27,608 | | | | 27,608 | | | | 15 | | | | 15 | | | | — | | | | — | | | | (24,521 | ) | | | (24,521 | ) | | | 3,102 | | | | 3,102 | |
Unearned revenue | | | — | | | | — | | | | — | | | | — | | | | — | | | | 3,820 | | | | — | | | | — | | | | — | | | | 3,820 | |
Other noncurrent liabilities | | | 5,073 | | | | 5,073 | | | | 3,496 | | | | 3,496 | | | | — | | | | — | | | | — | | | | — | | | | 8,569 | | | | 8,569 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 228,347 | | | | 228,347 | | | | 198,591 | | | | 198,591 | | | | 170,326 | | | | 175,956 | | | | (229,898 | ) | | | (229,898 | ) | | | 367,366 | | | | 372,996 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity | | | 726,490 | | | | 725,928 | | | | 657,834 | | | | 604,214 | | | | 143,495 | | | | 145,381 | | | | (801,329 | ) | | | (749,595 | ) | | | 726,490 | | | | 725,928 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 954,837 | | | $ | 954,275 | | | $ | 856,425 | | | $ | 802,805 | | | $ | 313,821 | | | $ | 321,337 | | | $ | (1,031,227 | ) | | $ | (979,493 | ) | | $ | 1,093,856 | | | $ | 1,098,924 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Balance Sheet |
30-Jun-11 |
(unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | — | | | | 215,043 | | | $ | 215,043 | | | $ | 13,270 | | | $ | 13,270 | | | $ | — | | | $ | — | | | $ | 228,313 | | | $ | 228,313 | |
Short term investments | | | — | | | | — | | | | 63,590 | | | | 63,590 | | | | — | | | | — | | | | — | | | | — | | | | 63,590 | | | | 63,590 | |
Receivables, net | | | 454 | | | | 454 | | | | 43,580 | | | | 43,580 | | | | 42,241 | | | | 38,438 | | | | (20,064 | ) | | | (20,064 | ) | | | 66,211 | | | | 62,408 | |
Inventories, net | | | — | | | | — | | | | 134,581 | | | | 134,581 | | | | 124,660 | | | | 115,687 | | | | — | | | | — | | | | 259,241 | | | | 250,268 | |
Deferred income taxes | | | 21,430 | | | | 21,430 | | | | 1,418 | | | | 1,418 | | | | 102 | | | | 82 | | | | — | | | | — | | | | 22,950 | | | | 22,930 | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | 13,062 | | | | — | | | | — | | | | — | | | | 13,062 | |
Other current assets | | | 10,860 | | | | 10,860 | | | | 1,320 | | | | 1,320 | | | | 1,463 | | | | 1,720 | | | | (1,691 | ) | | | (1,691 | ) | | | 11,952 | | | | 12,209 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 32,744 | | | | 32,744 | | | | 459,532 | | | | 459,532 | | | | 181,736 | | | | 182,259 | | | | (21,755 | ) | | | (21,755 | ) | | | 652,257 | | | | 652,780 | |
Property, plant, and equipment, net | | | 861 | | | | 861 | | | | 203,767 | | | | 203,767 | | | | 61,516 | | | | 61,451 | | | | — | | | | — | | | | 266,144 | | | | 266,079 | |
Marketable Securities | | | — | | | | — | | | | 92,440 | | | | 92,440 | | | | — | | | | — | | | | — | | | | — | | | | 92,440 | | | | 92,440 | |
Goodwill | | | — | | | | — | | | | 18,097 | | | | 18,097 | | | | 24,118 | | | | 22,737 | | | | — | | | | — | | | | 42,215 | | | | 40,834 | |
Other intangible assets, net | | | — | | | | — | | | | — | | | | — | | | | 13,965 | | | | 13,965 | | | | — | | | | — | | | | 13,965 | | | | 13,965 | |
Deferred income taxes | | | — | | | | — | | | | 23,455 | | | | 23,455 | | | | 26,059 | | | | 26,059 | | | | (24,605 | ) | | | (24,605 | ) | | | 24,909 | | | | 24,909 | |
Other noncurrent assets | | | 5,433 | | | | 5,433 | | | | 36 | | | | 36 | | | | 131 | | | | 3,885 | | | | — | | | | — | | | | 5,600 | | | | 9,354 | |
Intercompany investments | | | 922,050 | | | | 922,095 | | | | 71,231 | | | | 20,138 | | | | 180 | | | | 1,836 | | | | (993,461 | ) | | | (944,069 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 961,088 | | | $ | 961,133 | | | $ | 868,558 | | | $ | 817,465 | | | $ | 307,705 | | | $ | 312,192 | | | $ | (1,039,821 | ) | | $ | (990,429 | ) | | $ | 1,097,530 | | | $ | 1,100,361 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 429 | | | $ | 429 | | | $ | 21,677 | | | $ | 21,677 | | | | 31,994 | | | $ | 29,050 | | | $ | (20,064 | ) | | $ | (20,064 | ) | | $ | 34,036 | | | $ | 31,092 | |
Accrued wages and other employee costs | | | 4,105 | | | | 4,105 | | | | 8,283 | | | | 8,283 | | | | 6,411 | | | | 6,145 | | | | — | | | | — | | | | 18,799 | | | | 18,533 | |
Unearned revenue | | | — | | | | — | | | | 169 | | | | 169 | | | | 22,720 | | | | 21,752 | | | | — | | | | — | | | | 22,889 | | | | 21,921 | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | 3,467 | | | | — | | | | — | | | | — | | | | 3,467 | |
Other accrued liabilities | | | 4,084 | | | | 4,084 | | | | 11,334 | | | | 11,334 | | | | 14,752 | | | | 14,495 | | | | (1,691 | ) | | | (1,691 | ) | | | 28,479 | | | | 28,222 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 8,618 | | | | 8,618 | | | | 41,463 | | | | 41,463 | | | | 75,877 | | | | 74,909 | | | | (21,755 | ) | | | (21,755 | ) | | | 104,203 | | | | 103,235 | |
Long-term debt | | | 182,422 | | | | 182,422 | | | | 40 | | | | 40 | | | | — | | | | — | | | | — | | | | — | | | | 182,462 | | | | 182,462 | |
Intercompany debt | | | — | | | | — | | | | 98,116 | | | | 98,116 | | | | 86,960 | | | | 86,960 | | | | (185,076 | ) | | | (185,076 | ) | | | — | | | | — | |
Liability for post-retirement benefits | | | — | | | | — | | | | 40,859 | | | | 40,859 | | | | — | | | | — | | | | — | | | | — | | | | 40,859 | | | | 40,859 | |
Liability for pension benefits | | | 6,524 | | | | 6,524 | | | | 20,403 | | | | 20,403 | | | | 677 | | | | 677 | | | | — | | | | — | | | | 27,604 | | | | 27,604 | |
Deferred income taxes | | | 27,737 | | | | 27,737 | | | | 36 | | | | 36 | | | | — | | | | — | | | | (24,604 | ) | | | (24,604 | ) | | | 3,169 | | | | 3,169 | |
Unearned revenue | | | — | | | | — | | | | — | | | | — | | | | — | | | | 3,754 | | | | — | | | | — | | | | — | | | | 3,754 | |
Other noncurrent liabilities | | | 5,081 | | | | 5,081 | | | | 3,446 | | | | 3,446 | | | | — | | | | — | | | | — | | | | — | | | | 8,527 | | | | 8,527 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 230,382 | | | | 230,382 | | | | 204,363 | | | | 204,363 | | | | 163,514 | | | | 166,300 | | | | (231,435 | ) | | | (231,435 | ) | | | 366,824 | | | | 369,610 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity | | | 730,706 | | | | 730,751 | | | | 664,195 | | | | 613,102 | | | | 144,191 | | | | 145,892 | | | | (808,386 | ) | | | (758,994 | ) | | | 730,706 | | | | 730,751 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 961,088 | | | $ | 961,133 | | | $ | 868,558 | | | $ | 817,465 | | | $ | 307,705 | | | $ | 312,192 | | | $ | (1,039,821 | ) | | $ | (990,429 | ) | | $ | 1,097,530 | | | $ | 1,100,361 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Balance Sheet |
30-Sep-11 |
(unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | — | | | | 177,711 | | | $ | 177,711 | | | $ | 12,030 | | | $ | 12,030 | | | $ | — | | | $ | — | | | $ | 189,741 | | | $ | 189,741 | |
Short term investments | | | — | | | | — | | | | 76,587 | | | | 76,587 | | | | — | | | | — | | | | — | | | | — | | | | 76,587 | | | | 76,587 | |
Receivables, net | | | 417 | | | | 417 | | | | 62,273 | | | | 62,273 | | | | 53,109 | | | | 49,754 | | | | (27,916 | ) | | | (27,916 | ) | | | 87,883 | | | | 84,528 | |
Inventories, net | | | — | | | | — | | | | 128,685 | | | | 128,685 | | | | 128,364 | | | | 115,583 | | | | — | | | | — | | | | 257,049 | | | | 244,268 | |
Deferred income taxes | | | 18,493 | | | | 18,493 | | | | 1,418 | | | | 1,418 | | | | 63 | | | | 250 | | | | — | | | | — | | | | 19,974 | | | | 20,161 | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | 14,945 | | | | — | | | | — | | | | — | | | | 14,945 | |
Other current assets | | | 14,765 | | | | 14,765 | | | | 1,166 | | | | 1,166 | | | | 1,164 | | | | 1,435 | | | | (2,432 | ) | | | (2,432 | ) | | | 14,663 | | | | 14,934 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 33,675 | | | | 33,675 | | | | 447,840 | | | | 447,840 | | | | 194,730 | | | | 193,997 | | | | (30,348 | ) | | | (30,348 | ) | | | 645,897 | | | | 645,164 | |
Property, plant, and equipment, net | | | 772 | | | | 772 | | | | 209,540 | | | | 209,540 | | | | 57,744 | | | | 57,682 | | | | — | | | | — | | | | 268,056 | | | | 267,994 | |
Marketable Securities | | | — | | | | — | | | | 89,479 | | | | 89,479 | | | | — | | | | — | | | | — | | | | — | | | | 89,479 | | | | 89,479 | |
Goodwill | | | — | | | | — | | | | 18,097 | | | | 18,097 | | | | 23,208 | | | | 21,827 | | | | — | | | | — | | | | 41,305 | | | | 39,924 | |
Other intangible assets, net | | | — | | | | — | | | | — | | | | — | | | | 12,829 | | | | 12,829 | | | | — | | | | — | | | | 12,829 | | | | 12,829 | |
Deferred income taxes | | | — | | | | — | | | | 23,019 | | | | 23,019 | | | | 25,303 | | | | 25,303 | | | | (24,711 | ) | | | (24,711 | ) | | | 23,611 | | | | 23,611 | |
Other noncurrent assets | | | 5,065 | | | | 5,065 | | | | 36 | | | | 36 | | | | 127 | | | | 3,802 | | | | — | | | | — | | | | 5,228 | | | | 8,903 | |
Intercompany investments | | | 921,775 | | | | 921,413 | | | | 71,231 | | | | 20,147 | | | | 180 | | | | 1,826 | | | | (993,186 | ) | | | (943,386 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 961,287 | | | $ | 960,925 | | | $ | 859,242 | | | $ | 808,158 | | | $ | 314,121 | | | $ | 317,266 | | | $ | (1,048,245 | ) | | $ | (998,445 | ) | | $ | 1,086,405 | | | $ | 1,087,904 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 806 | | | $ | 806 | | | $ | 37,398 | | | $ | 37,398 | | | $ | 43,672 | | | $ | 38,930 | | | $ | (27,916 | ) | | $ | (27,916 | ) | | $ | 53,960 | | | $ | 49,218 | |
Accrued wages and other employee costs | | | 5,015 | | | | 5,015 | | | | 9,929 | | | | 9,929 | | | | 6,034 | | | | 5,741 | | | | — | | | | — | | | | 20,978 | | | | 20,685 | |
Unearned revenue | | | — | | | | — | | | | 184 | | | | 184 | | | | 18,050 | | | | 16,236 | | | | — | | | | — | | | | 18,234 | | | | 16,420 | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | 5,069 | | | | — | | | | — | | | | — | | | | 5,069 | |
Other accrued liabilities | | | 4,727 | | | | 4,727 | | | | 11,573 | | | | 11,573 | | | | 5,963 | | | | 5,929 | | | | (2,432 | ) | | | (2,432 | ) | | | 19,831 | | | | 19,797 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 10,548 | | | | 10,548 | | | | 59,084 | | | | 59,084 | | | | 73,719 | | | | 71,905 | | | | (30,348 | ) | | | (30,348 | ) | | | 113,003 | | | | 111,189 | |
Long-term debt | | | 184,675 | | | | 184,675 | | | | 20 | | | | 20 | | | | — | | | | — | | | | — | | | | — | | | | 184,695 | | | | 184,695 | |
Intercompany debt | | | — | | | | — | | | | 83,997 | | | | 83,997 | | | | 101,499 | | | | 101,499 | | | | (185,496 | ) | | | (185,496 | ) | | | — | | | | — | |
Liability for post-retirement benefits | | | — | | | | — | | | | 41,128 | | | | 41,128 | | | | — | | | | — | | | | — | | | | — | | | | 41,128 | | | | 41,128 | |
Liability for pension benefits | | | 4,380 | | | | 4,380 | | | | 2,097 | | | | 2,097 | | | | 676 | | | | 676 | | | | — | | | | — | | | | 7,153 | | | | 7,153 | |
Deferred income taxes | | | 30,148 | | | | 30,148 | | | | — | | | | — | | | | — | | | | — | | | | (24,707 | ) | | | (24,707 | ) | | | 5,441 | | | | 5,441 | |
Unearned revenue | | | — | | | | — | | | | — | | | | — | | | | — | | | | 3,675 | | | | — | | | | — | | | | — | | | | 3,675 | |
Other noncurrent liabilities | | | 5,089 | | | | 5,089 | | | | 3,449 | | | | 3,449 | | | | — | | | | — | | | | — | | | | — | | | | 8,538 | | | | 8,538 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 234,840 | | | | 234,840 | | | | 189,775 | | | | 189,775 | | | | 175,894 | | | | 177,755 | | | | (240,551 | ) | | | (240,551 | ) | | | 359,958 | | | | 361,819 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity | | | 726,447 | | | | 726,085 | | | | 669,467 | | | | 618,383 | | | | 138,227 | | | | 139,511 | | | | (807,694 | ) | | | (757,894 | ) | | | 726,447 | | | | 726,085 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 961,287 | | | $ | 960,925 | | | $ | 859,242 | | | $ | 808,158 | | | $ | 314,121 | | | $ | 317,266 | | | $ | (1,048,245 | ) | | $ | (998,445 | ) | | $ | 1,086,405 | | | $ | 1,087,904 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RTI INTERNATIONAL METALS, INC. AND SUBSIDIARIES |
Notes to Condensed Consolidated Financial Statements |
(In thousands, except share and per share amounts, unless otherwise indicated) |
The following Condensed Consolidating Statements of Cash Flows accompany the above Condensed Consolidating Statements of Operations and Comprehensive Income and Condensed Consolidating Balance Sheets. However, the restatements or revisions had no impact on the previously reported amounts in the Condensed Consolidating Statements of Cash Flows. |
Condensed Consolidating Statement of Cash Flows |
Three Months Ended March 31, 2012 |
(Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | | | | | | | | | | | | | | | | | | | | |
International | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | | | | | | | | | | | | | | | | | | | | |
Metals, Inc. | (As Restated) | (As Restated) | | | | | | | | | | | | | | | | | | | | | | |
(As Restated) | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) operating activities | | $ | 3,207 | | | $ | (9,606 | ) | | $ | (6,560 | ) | | $ | — | | | $ | (12,959 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisitions, net of cash acquired | | | (185,633 | ) | | | — | | | | — | | | | — | | | | (185,633 | ) | | | | | | | | | | | | | | | | | | | | |
Investments in subsidiaries, net | | | 188,845 | | | | — | | | | — | | | | (188,845 | ) | | | — | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | — | | | | (15,928 | ) | | | (1,200 | ) | | | — | | | | (17,128 | ) | | | | | | | | | | | | | | | | | | | | |
Investments, net | | | — | | | | 176,771 | | | | — | | | | — | | | | 176,771 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) investing activities | | | 3,212 | | | | 160,843 | | | | (1,200 | ) | | | (188,845 | ) | | | (25,990 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of employee stock options | | | 120 | | | | — | | | | — | | | | — | | | | 120 | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | 61 | | | | — | | | | — | | | | — | | | | 61 | | | | | | | | | | | | | | | | | | | | | |
Parent company investments/dividends, net | | | — | | | | (194,545 | ) | | | 5,700 | | | | 188,845 | | | | — | | | | | | | | | | | | | | | | | | | | | |
Repayments on long-term debt | | | — | | | | (97 | ) | | | — | | | | — | | | | (97 | ) | | | | | | | | | | | | | | | | | | | | |
Intercompany debt, net | | | (5,858 | ) | | | 8,553 | | | | (2,695 | ) | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | |
Purchase of common stock held in treasury | | | (742 | ) | | | — | | | | — | | | | — | | | | (742 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) financing activities | | | (6,419 | ) | | | (186,089 | ) | | | 3,005 | | | | 188,845 | | | | (658 | ) | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | | — | | | | 637 | | | | — | | | | 637 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Increase (decrease) in cash and cash equivalents | | | — | | | | (34,852 | ) | | | (4,118 | ) | | | — | | | | (38,970 | ) | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | — | | | | 144,271 | | | | 12,571 | | | | — | | | | 156,842 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | — | | | $ | 109,419 | | | $ | 8,453 | | | $ | — | | | $ | 117,872 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Cash Flows |
Six Months Ended June 30, 2012 |
(Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | | | | | | | | | | | | | | | | | | | | |
Metals, Inc. | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | | | | | | | | | | | | | | | | | | | | |
(As Restated) | (As Restated) | (As Restated) | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) operating activities | | $ | 8,555 | | | $ | (8,194 | ) | | $ | (14,570 | ) | | $ | — | | | $ | (14,209 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in subsidiaries, net | | | 184,545 | | | | — | | | | — | | | | (184,545 | ) | | | — | | | | | | | | | | | | | | | | | | | | | |
Acquisitions, net of cash acquired | | | (185,633 | ) | | | — | | | | — | | | | — | | | | (185,633 | ) | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | — | | | | (32,370 | ) | | | (2,531 | ) | | | — | | | | (34,901 | ) | | | | | | | | | | | | | | | | | | | | |
Investments, net | | | — | | | | 176,771 | | | | — | | | | — | | | | 176,771 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) investing activities | | | (1,088 | ) | | | 144,401 | | | | (2,531 | ) | | | (184,545 | ) | | | (43,763 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of employee stock options | | | 211 | | | | — | | | | — | | | | — | | | | 211 | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | 66 | | | | — | | | | — | | | | — | | | | 66 | | | | | | | | | | | | | | | | | | | | | |
Parent company investments/dividends, net | | | — | | | | (194,545 | ) | | | 10,000 | | | | 184,545 | | | | — | | | | | | | | | | | | | | | | | | | | | |
Repayments on long-term debt | | | — | | | | (298 | ) | | | — | | | | — | | | | (298 | ) | | | | | | | | | | | | | | | | | | | | |
Intercompany debt, net | | | (7,002 | ) | | | 7,229 | | | | (227 | ) | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | |
Purchase of common stock held in treasury | | | (742 | ) | | | — | | | | — | | | | — | | | | (742 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) financing activities | | | (7,467 | ) | | | (187,614 | ) | | | 9,773 | | | | 184,545 | | | | (763 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | | — | | | | 1,418 | | | | — | | | | 1,418 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Increase (decrease) in cash and cash equivalents | | | — | | | | (51,407 | ) | | | (5,910 | ) | | | — | | | | (57,317 | ) | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | — | | | | 144,271 | | | | 12,571 | | | | — | | | | 156,842 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | — | | | $ | 92,864 | | | $ | 6,661 | | | $ | — | | | $ | 99,525 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Cash Flows |
Nine Months Ended September 30, 2012 |
(Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | | | | | | | | | | | | | | | | | | | | |
International | Subsidiaries | Subsidiaries | (Restated) | (Restated) | | | | | | | | | | | | | | | | | | | | |
Metals, Inc. | (Restated) | (Restated) | | | | | | | | | | | | | | | | | | | | | | |
(Restated) | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) operating activities | | $ | 16,383 | | | $ | (15,922 | ) | | $ | (25,911 | ) | | $ | — | | | $ | (25,450 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, net | | | — | | | | 172,772 | | | | — | | | | — | | | | 172,772 | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | (897 | ) | | | (43,736 | ) | | | (3,246 | ) | | | — | | | | (47,879 | ) | | | | | | | | | | | | | | | | | | | | |
Investments in subsidiaries, net | | | 181,533 | | | | — | | | | | | | | (181,533 | ) | | | — | | | | | | | | | | | | | | | | | | | | | |
Acquisitions, net of cash acquired | | | (182,811 | ) | | | — | | | | — | | | | — | | | | (182,811 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) investing activities | | | (2,175 | ) | | | 129,036 | | | | (3,246 | ) | | | (181,533 | ) | | | (57,918 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of employee stock options | | | 335 | | | | — | | | | — | | | | — | | | | 335 | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | 100 | | | | — | | | | — | | | | — | | | | 100 | | | | | | | | | | | | | | | | | | | | | |
Deferred financing costs | | | (823 | ) | | | — | | | | — | | | | — | | | | (823 | ) | | | | | | | | | | | | | | | | | | | | |
Parent company investments, net of distributions | | | — | | | | (194,783 | ) | | | 13,250 | | | | 181,533 | | | | — | | | | | | | | | | | | | | | | | | | | | |
Repayments on long-term debt | | | — | | | | (543 | ) | | | — | | | | — | | | | (543 | ) | | | | | | | | | | | | | | | | | | | | |
Intercompany debt, net | | | (13,078 | ) | | | 7,848 | | | | 5,230 | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | |
Purchase of common stock held in treasury | | | (742 | ) | | | — | | | | — | | | | — | | | | (742 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) financing activities | | | (14,208 | ) | | | (187,478 | ) | | | 18,480 | | | | 181,533 | | | | (1,673 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | | — | | | | 1,588 | | | | — | | | | 1,588 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Decrease in cash and cash equivalents | | | — | | | | (74,364 | ) | | | (9,089 | ) | | | — | | | | (83,453 | ) | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | — | | | | 144,271 | | | | 12,571 | | | | — | | | | 156,842 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | — | | | $ | 69,907 | | | $ | 3,482 | | | $ | — | | | $ | 73,389 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Cash Flows |
Three Months Ended March 31, 2011 |
(Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | | | | | | | | | | | | | | | | | | | | |
International | Subsidiaries | Subsidiaries | (Restated) | (Restated) | | | | | | | | | | | | | | | | | | | | |
Metals, Inc. | (Restated) | (Restated) | | | | | | | | | | | | | | | | | | | | | | |
(Restated) | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) operating activities | | $ | 3,391 | | | $ | (2,162 | ) | | $ | (25,004 | ) | | $ | — | | | $ | (23,775 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | — | | | | (9,437 | ) | | | (700 | ) | | | — | | | | (10,137 | ) | | | | | | | | | | | | | | | | | | | | |
Investments in subsidiaries, net | | | — | | | | (67,612 | ) | | | | | | | — | | | | (67,612 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) investing activities | | | — | | | | (77,049 | ) | | | (700 | ) | | | — | | | | (77,749 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of employee stock options | | | 154 | | | | — | | | | — | | | | — | | | | 154 | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | 102 | | | | — | | | | — | | | | — | | | | 102 | | | | | | | | | | | | | | | | | | | | | |
Repayments on long-term debt | | | — | | | | — | | | | (3 | ) | | | — | | | | (3 | ) | | | | | | | | | | | | | | | | | | | | |
Intercompany debt, net | | | (3,364 | ) | | | (7,125 | ) | | | 10,489 | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | |
Purchase of common stock held in treasury | | | (283 | ) | | | — | | | | — | | | | — | | | | (283 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) financing activities | | | (3,391 | ) | | | (7,125 | ) | | | 10,486 | | | | — | | | | (30 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | | — | | | | 757 | | | | — | | | | 757 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Decrease in cash and cash equivalents | | | — | | | | (86,336 | ) | | | (14,461 | ) | | | — | | | | (100,797 | ) | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | — | | | | 350,629 | | | | 26,322 | | | | — | | | | 376,951 | | | | | | | | | | | | | | | | | | | | | |
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Cash and cash equivalents at end of period | | $ | — | | | $ | 264,293 | | | $ | 11,861 | | | $ | — | | | $ | 276,154 | | | | | | | | | | | | | | | | | | | | | |
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Condensed Consolidating Statement of Cash Flows |
Six Months Ended June 30, 2011 |
(Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | | | | | | | | | | | | | | | | | | | | |
International | Subsidiaries | Subsidiaries | (As Revised) | (As Revised) | | | | | | | | | | | | | | | | | | | | |
Metals, Inc. | (As Revised) | (As Revised) | | | | | | | | | | | | | | | | | | | | | | |
(As Revised) | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) operating activities | | $ | 7,276 | | | $ | 19,421 | | | $ | (21,477 | ) | | $ | — | | | $ | 5,220 | | | | | | | | | | | | | | | | | | | | | |
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Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, net | | | — | | | | (135,693 | ) | | | — | | | | — | | | | (135,693 | ) | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | — | | | | (17,480 | ) | | | (1,166 | ) | | | — | | | | (18,646 | ) | | | | | | | | | | | | | | | | | | | | |
Investments in subsidiaries, net | | | (1,375 | ) | | | — | | | | | | | | 1,375 | | | | — | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) investing activities | | | (1,375 | ) | | | (153,173 | ) | | | (1,166 | ) | | | 1,375 | | | | (154,339 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of employee stock options | | | 201 | | | | — | | | | — | | | | — | | | | 201 | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | 263 | | | | — | | | | — | | | | — | | | | 263 | | | | | | | | | | | | | | | | | | | | | |
Parent company investments, net of distributions | | | — | | | | — | | | | 1,375 | | | | (1,375 | ) | | | — | | | | | | | | | | | | | | | | | | | | | |
Repayments on long-term debt | | | — | | | | — | | | | (5 | ) | | | — | | | | (5 | ) | | | | | | | | | | | | | | | | | | | | |
Intercompany debt, net | | | (6,082 | ) | | | (1,834 | ) | | | 7,916 | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | |
Purchase of common stock held in treasury | | | (283 | ) | | | — | | | | — | | | | — | | | | (283 | ) | | | | | | | | | | | | | | | | | | | | |
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Cash provided by (used in) financing activities | | | (5,901 | ) | | | (1,834 | ) | | | 9,286 | | | | (1,375 | ) | | | 176 | | | | | | | | | | | | | | | | | | | | | |
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Effect of exchange rate changes on cash and cash equivalents | | | — | | | | — | | | | 305 | | | | — | | | | 305 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Decrease in cash and cash equivalents | | | — | | | | (135,586 | ) | | | (13,052 | ) | | | — | | | | (148,638 | ) | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | — | | | | 350,629 | | | | 26,322 | | | | — | | | | 376,951 | | | | | | | | | | | | | | | | | | | | | |
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Cash and cash equivalents at end of period | | $ | — | | | $ | 215,043 | | | $ | 13,270 | | | $ | — | | | $ | 228,313 | | | | | | | | | | | | | | | | | | | | | |
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Condensed Consolidating Statement of Cash Flows |
Nine Months Ended September 30, 2011 |
(Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | | | | | | | | | | | | | | | | | | | | |
International | Subsidiaries | Subsidiaries | (Revised) | (Revised) | | | | | | | | | | | | | | | | | | | | |
Metals, Inc. | (Revised) | (Revised) | | | | | | | | | | | | | | | | | | | | | | |
(Revised) | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) operating activities | | $ | 10,334 | | | $ | 13,778 | | | $ | (37,619 | ) | | $ | — | | | $ | (13,507 | ) | | | | | | | | | | | | | | | | | | | | |
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Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, net | | | — | | | | (147,392 | ) | | | — | | | | — | | | | (147,392 | ) | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | — | | | | (23,326 | ) | | | (2,628 | ) | | | — | | | | (25,954 | ) | | | | | | | | | | | | | | | | | | | | |
Investments in subsidiaries, net | | | (4,025 | ) | | | — | | | | — | | | | 4,025 | | | | — | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) investing activities | | | (4,025 | ) | | | (170,718 | ) | | | (2,628 | ) | | | 4,025 | | | | (173,346 | ) | | | | | | | | | | | | | | | | | | | | |
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Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of employee stock options | | | 252 | | | | — | | | | — | | | | — | | | | 252 | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | 263 | | | | — | | | | — | | | | — | | | | 263 | | | | | | | | | | | | | | | | | | | | | |
Parent company investments, net of distributions | | | — | | | | — | | | | 4,025 | | | | (4,025 | ) | | | — | | | | | | | | | | | | | | | | | | | | | |
Repayments on long-term debt | | | — | | | | (20 | ) | | | (5 | ) | | | — | | | | (25 | ) | | | | | | | | | | | | | | | | | | | | |
Intercompany debt, net | | | (6,541 | ) | | | (15,958 | ) | | | 22,499 | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | |
Purchase of common stock held in treasury | | | (283 | ) | | | — | | | | — | | | | — | | | | (283 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) financing activities | | | (6,309 | ) | | | (15,978 | ) | | | 26,519 | | | | (4,025 | ) | | | 207 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | | — | | | | (564 | ) | | | — | | | | (564 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Decrease in cash and cash equivalents | | | — | | | | (172,918 | ) | | | (14,292 | ) | | | — | | | | (187,210 | ) | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | — | | | | 350,629 | | | | 26,322 | | | | — | | | | 376,951 | | | | | | | | | | | | | | | | | | | | | |
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Cash and cash equivalents at end of period | | $ | — | | | $ | 177,711 | | | $ | 12,030 | | | $ | — | | | $ | 189,741 | | | | | | | | | | | | | | | | | | | | | |
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