SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2013 |
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ' |
Note 18—SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED): |
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The following table sets forth selected quarterly financial data for 2013 and 2012, and was recast to reflect the classification of RTI Connecticut as a discontinued operation. It has been derived from the Company’s unaudited Condensed Consolidated Financial Statements, which have been restated for the recognition of a valuation allowance at our Canadian subsidiary as described in Note 2, as well as revisions related to revenue recognition errors related to certain long-term contracts as described in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2013, as filed with the SEC on November 12, 2013. Refer to the restatement tables following the selected quarterly financial information for details on these adjustments. |
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2013 | | 1st | | | 2nd | | | 3rd | | | 4th | | | | | | | | | | | | | | | | | | | | | | | | | |
Quarter | Quarter | Quarter | Quarter | | | | | | | | | | | | | | | | | | | | | | | | |
(As Restated) | (As Restated) | (As Restated) | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Sales | | $ | 189,202 | | | $ | 199,123 | | | $ | 194,936 | | | $ | 200,012 | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross profit | | | 39,253 | | | | 43,777 | | | | 45,139 | | | | 45,685 | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 13,647 | | | | 20,481 | | | | 21,879 | | | | 6,008 | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 4,968 | | | | 1,059 | | | | 12,575 | | | | (2,945 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.16 | | | $ | 0.03 | | | $ | 0.41 | | | $ | (0.10 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.16 | | | $ | 0.03 | | | $ | 0.38 | | | $ | (0.10 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to discontinued operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | — | | | $ | (0.01 | ) | | $ | (0.01 | ) | | $ | (0.03 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | — | | | $ | (0.01 | ) | | $ | (0.01 | ) | | $ | (0.03 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
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2012 | | 1st | | | 2nd | | | 3rd | | | 4th | | | | | | | | | | | | | | | | | | | | | | | | | |
Quarter | Quarter | Quarter | Quarter | | | | | | | | | | | | | | | | | | | | | | | | |
(As Restated) | (As Restated) | (As Restated) | (As Restated) | | | | | | | | | | | | | | | | | | | | | | | | |
Net Sales | | $ | 151,272 | | | $ | 182,419 | | | $ | 180,666 | | | $ | 185,630 | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross profit | | | 31,852 | | | | 33,572 | | | | 33,367 | | | | 39,778 | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 10,421 | | | | 10,118 | | | | 9,322 | | | | 17,556 | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 1,887 | | | | 2,491 | | | | 2,412 | | | | 6,663 | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.06 | | | $ | 0.08 | | | $ | 0.08 | | | $ | 0.22 | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.06 | | | $ | 0.08 | | | $ | 0.08 | | | $ | 0.22 | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to discontinued operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.02 | | | $ | 0.02 | | | $ | 0.01 | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.02 | | | $ | 0.02 | | | $ | 0.01 | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | |
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Condensed Consolidated Statement of Operations |
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(Unaudited) |
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(In thousands, except per share amounts) |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, 2013 | | | | | | | | | | | | | |
| | Previously | | | Revision | | | As | | | Restatement | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | |
Reported (1) | Adjustment (2) | Revised | Adjustment | Corrected | Operations | Reported | | | | | | | | | | | | |
Net sales | | $ | 191,900 | | | $ | (662 | ) | | $ | 191,238 | | | $ | — | | | $ | 191,238 | | | $ | (2,036 | ) | | $ | 189,202 | | | | | | | | | | | | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 151,986 | | | | (26 | ) | | | 151,960 | | | | — | | | | 151,960 | | | | (2,011 | ) | | | 149,949 | | | | | | | | | | | | | |
Selling, general, and administrative expenses | | | 24,908 | | | | — | | | | 24,908 | | | | — | | | | 24,908 | | | | (303 | ) | | | 24,605 | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | 1,001 | | | | — | | | | 1,001 | | | | — | | | | 1,001 | | | | — | | | | 1,001 | | | | | | | | | | | | | |
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Operating income | | | 14,005 | | | | (636 | ) | | | 13,369 | | | | — | | | | 13,369 | | | | 278 | | | | 13,647 | | | | | | | | | | | | | |
Other income, net | | | 559 | | | | — | | | | 559 | | | | — | | | | 559 | | | | — | | | | 559 | | | | | | | | | | | | | |
Interest income | | | 31 | | | | — | | | | 31 | | | | — | | | | 31 | | | | — | | | | 31 | | | | | | | | | | | | | |
Interest expense | | | (4,796 | ) | | | — | | | | (4,796 | ) | | | — | | | | (4,796 | ) | | | — | | | | (4,796 | ) | | | | | | | | | | | | |
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Income before income taxes | | | 9,799 | | | | (636 | ) | | | 9,163 | | | | — | | | | 9,163 | | | | 278 | | | | 9,441 | | | | | | | | | | | | | |
Provision for income taxes | | | 2,982 | | | | (178 | ) | | | 2,804 | | | | 1,625 | | | | 4,429 | | | | 44 | | | | 4,473 | | | | | | | | | | | | | |
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Net income attributable to continuing operations | | | 6,817 | | | | (458 | ) | | | 6,359 | | | | (1,625 | ) | | | 4,734 | | | | 234 | | | | 4,968 | | | | | | | | | | | | | |
Net income (loss) attributable to discontinued operations, net of tax | | | 151 | | | | — | | | | 151 | | | | — | | | | 151 | | | | (234 | ) | | | (83 | ) | | | | | | | | | | | | |
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Net income | | $ | 6,968 | | | $ | (458 | ) | | $ | 6,510 | | | $ | (1,625 | ) | | $ | 4,885 | | | $ | — | | | $ | 4,885 | | | | | | | | | | | | | |
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Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.22 | | | $ | (0.02 | ) | | $ | 0.21 | | | $ | (0.05 | ) | | $ | 0.16 | | | $ | 0.01 | | | $ | 0.16 | | | | | | | | | | | | | |
Diluted | | $ | 0.22 | | | $ | (0.02 | ) | | $ | 0.21 | | | $ | (0.05 | ) | | $ | 0.15 | | | $ | 0.01 | | | $ | 0.16 | | | | | | | | | | | | | |
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Earnings per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (0.01 | ) | | $ | — | | | | | | | | | | | | | |
Diluted | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (0.01 | ) | | $ | — | | | | | | | | | | | | | |
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(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company’s Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(2): | Amounts presented as Revision Adjustment represent revisions for revenue recognition errors related to certain long-term projects as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Condensed Consolidated Statement of Operations |
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(Unaudited) |
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(In thousands, except per share amounts) |
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| | Three Months Ended June 30, 2013 | | | | | | | | | | | | | |
| | Previously | | | Revision | | | As | | | Restatement | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | |
Reported (1) | Adjustment (2) | Revised | Adjustment | Corrected | Operations | Reported | | | | | | | | | | | | |
Net sales | | $ | 200,950 | | | $ | (206 | ) | | $ | 200,744 | | | $ | — | | | $ | 200,744 | | | $ | (1,621 | ) | | $ | 199,123 | | | | | | | | | | | | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 156,782 | | | | 15 | | | | 156,797 | | | | — | | | | 156,797 | | | | (1,451 | ) | | | 155,346 | | | | | | | | | | | | | |
Selling, general, and administrative expenses | | | 22,641 | | | | — | | | | 22,641 | | | | — | | | | 22,641 | | | | (327 | ) | | | 22,314 | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | 982 | | | | — | | | | 982 | | | | — | | | | 982 | | | | — | | | | 982 | | | | | | | | | | | | | |
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Operating income | | | 20,545 | | | | (221 | ) | | | 20,324 | | | | — | | | | 20,324 | | | | 157 | | | | 20,481 | | | | | | | | | | | | | |
Other income, net | | | 700 | | | | — | | | | 700 | | | | — | | | | 700 | | | | — | | | | 700 | | | | | | | | | | | | | |
Interest income | | | 50 | | | | — | | | | 50 | | | | — | | | | 50 | | | | — | | | | 50 | | | | | | | | | | | | | |
Interest expense | | | (20,693 | ) | | | — | | | | (20,693 | ) | | | — | | | | (20,693 | ) | | | — | | | | (20,693 | ) | | | | | | | | | | | | |
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Income before income taxes | | | 602 | | | | (221 | ) | | | 381 | | | | — | | | | 381 | | | | 157 | | | | 538 | | | | | | | | | | | | | |
Benefit from income taxes | | | (878 | ) | | | (89 | ) | | | (967 | ) | | | 371 | | | | (596 | ) | | | 75 | | | | (521 | ) | | | | | | | | | | | | |
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Net income attributable to continuing operations | | | 1,480 | | | | (132 | ) | | | 1,348 | | | | (371 | ) | | | 977 | | | | 82 | | | | 1,059 | | | | | | | | | | | | | |
Net income (loss) attributable to discontinued operations, net of tax | | | (307 | ) | | | — | | | | (307 | ) | | | — | | | | (307 | ) | | | (82 | ) | | | (389 | ) | | | | | | | | | | | | |
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Net income | | $ | 1,173 | | | $ | (132 | ) | | $ | 1,041 | | | $ | (371 | ) | | $ | 670 | | | $ | — | | | $ | 670 | | | | | | | | | | | | | |
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Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.05 | | | $ | — | | | $ | 0.04 | | | $ | (0.01 | ) | | $ | 0.03 | | | $ | — | | | $ | 0.03 | | | | | | | | | | | | | |
Diluted | | $ | 0.05 | | | $ | — | | | $ | 0.04 | | | $ | (0.01 | ) | | $ | 0.03 | | | $ | — | | | $ | 0.03 | | | | | | | | | | | | | |
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Loss per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | (0.01 | ) | | $ | — | | | $ | (0.01 | ) | | $ | — | | | $ | (0.01 | ) | | $ | — | | | $ | (0.01 | ) | | | | | | | | | | | | |
Diluted | | $ | (0.01 | ) | | $ | — | | | $ | (0.01 | ) | | $ | — | | | $ | (0.01 | ) | | $ | — | | | $ | (0.01 | ) | | | | | | | | | | | | |
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(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(2): | Amounts presented as Revision Adjustment represent revisions for revenue recognition errors related to certain long-term projects as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Condensed Consolidated Statement of Operations |
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(Unaudited) |
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(In thousands, except per share amounts) |
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| | Six Months Ended June 30, 2013 | | | | | | | | | | | | | |
| | Previously | | | Revision | | | As Revised | | | Restatement | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | |
Reported (1) | Adjustment (2) | Adjustment | Corrected | Operations | Reported | | | | | | | | | | | | |
Net sales | | $ | 392,850 | | | $ | (868 | ) | | $ | 391,982 | | | $ | — | | | $ | 391,982 | | | $ | (3,657 | ) | | $ | 388,325 | | | | | | | | | | | | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 308,768 | | | | (11 | ) | | | 308,757 | | | | — | | | | 308,757 | | | | (3,462 | ) | | | 305,295 | | | | | | | | | | | | | |
Selling, general, and administrative expenses | | | 47,549 | | | | — | | | | 47,549 | | | | — | | | | 47,549 | | | | (630 | ) | | | 46,919 | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | 1,983 | | | | — | | | | 1,983 | | | | — | | | | 1,983 | | | | — | | | | 1,983 | | | | | | | | | | | | | |
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Operating income | | | 34,550 | | | | (857 | ) | | | 33,693 | | | | — | | | | 33,693 | | | | 435 | | | | 34,128 | | | | | | | | | | | | | |
Other income, net | | | 1,259 | | | | — | | | | 1,259 | | | | — | | | | 1,259 | | | | — | | | | 1,259 | | | | | | | | | | | | | |
Interest income | | | 81 | | | | — | | | | 81 | | | | — | | | | 81 | | | | — | | | | 81 | | | | | | | | | | | | | |
Interest expense | | | (25,489 | ) | | | — | | | | (25,489 | ) | | | — | | | | (25,489 | ) | | | — | | | | (25,489 | ) | | | | | | | | | | | | |
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Income before income taxes | | | 10,401 | | | | (857 | ) | | | 9,544 | | | | — | | | | 9,544 | | | | 435 | | | | 9,979 | | | | | | | | | | | | | |
Provision for income taxes | | | 2,104 | | | | (267 | ) | | | 1,837 | | | | 1,996 | | | | 3,833 | | | | 119 | | | | 3,952 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 8,297 | | | | (590 | ) | | | 7,707 | | | | (1,996 | ) | | | 5,711 | | | | 316 | | | | 6,027 | | | | | | | | | | | | | |
Net income (loss) attributable to discontinued operations, net of tax | | | (156 | ) | | | — | | | | (156 | ) | | | — | | | | (156 | ) | | | (316 | ) | | | (472 | ) | | | | | | | | | | | | |
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Net income | | $ | 8,141 | | | $ | (590 | ) | | $ | 7,551 | | | $ | (1,996 | ) | | $ | 5,555 | | | $ | — | | | $ | 5,555 | | | | | | | | | | | | | |
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Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.27 | | | $ | (0.02 | ) | | $ | 0.25 | | | $ | (0.07 | ) | | $ | 0.19 | | | $ | 0.01 | | | $ | 0.2 | | | | | | | | | | | | | |
Diluted | | $ | 0.27 | | | $ | (0.02 | ) | | $ | 0.25 | | | $ | (0.07 | ) | | $ | 0.19 | | | $ | 0.01 | | | $ | 0.2 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Loss per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | (0.01 | ) | | $ | — | | | $ | (0.01 | ) | | $ | — | | | $ | (0.01 | ) | | $ | (0.01 | ) | | $ | (0.02 | ) | | | | | | | | | | | | |
Diluted | | $ | (0.01 | ) | | $ | — | | | $ | (0.01 | ) | | $ | — | | | $ | (0.01 | ) | | $ | (0.01 | ) | | $ | (0.02 | ) | | | | | | | | | | | | |
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(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(2): | Amounts presented as Revision Adjustment represent revisions for revenue recognition errors related to certain long-term projects as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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|
Condensed Consolidated Statement of Operations |
|
(Unaudited) |
|
(In thousands, except per share amounts) |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2013 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Restatement | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported (1) | Adjustment | Corrected | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 196,532 | | | $ | — | | | $ | 196,532 | | | $ | (1,596 | ) | | $ | 194,936 | | | | | | | | | | | | | | | | | | | | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 151,435 | | | | — | | | | 151,435 | | | | (1,638 | ) | | | 149,797 | | | | | | | | | | | | | | | | | | | | | |
Selling, general, and administrative expenses | | | 22,491 | | | | — | | | | 22,491 | | | | (272 | ) | | | 22,219 | | | | | | | | | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | 1,041 | | | | — | | | | 1,041 | | | | — | | | | 1,041 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 21,565 | | | | — | | | | 21,565 | | | | 314 | | | | 21,879 | | | | | | | | | | | | | | | | | | | | | |
Other income, net | | | (294 | ) | | | — | | | | (294 | ) | | | — | | | | (294 | ) | | | | | | | | | | | | | | | | | | | | |
Interest income | | | 78 | | | | — | | | | 78 | | | | — | | | | 78 | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (7,387 | ) | | | — | | | | (7,387 | ) | | | — | | | | (7,387 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 13,962 | | | | — | | | | 13,962 | | | | 314 | | | | 14,276 | | | | | | | | | | | | | | | | | | | | | |
Provision for income taxes | | | 1,670 | | | | (3 | ) | | | 1,667 | | | | 34 | | | | 1,701 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 12,292 | | | | 3 | | | | 12,295 | | | | 280 | | | | 12,575 | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to discontinued operations, net of tax | | | — | | | | — | | | | — | | | | (280 | ) | | | (280 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 12,292 | | | $ | 3 | | | $ | 12,295 | | | $ | — | | | $ | 12,295 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.4 | | | $ | — | | | $ | 0.4 | | | $ | 0.01 | | | $ | 0.41 | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.37 | | | $ | — | | | $ | 0.37 | | | $ | 0.01 | | | $ | 0.38 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Loss per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | — | | | $ | — | | | $ | — | | | $ | (0.01 | ) | | $ | (0.01 | ) | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | — | | | $ | — | | | $ | — | | | $ | (0.01 | ) | | $ | (0.01 | ) | | | | | | | | | | | | | | | | | | | | |
|
|
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidated Statement of Operations |
|
(Unaudited) |
|
(In thousands, except per share amounts) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2013 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Restatement | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported (1) | Adjustment | Corrected | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 588,514 | | | $ | — | | | $ | 588,514 | | | $ | (5,253 | ) | | $ | 583,261 | | | | | | | | | | | | | | | | | | | | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 460,192 | | | | — | | | | 460,192 | | | | (5,100 | ) | | | 455,092 | | | | | | | | | | | | | | | | | | | | | |
Selling, general, and administrative expenses | | | 70,040 | | | | — | | | | 70,040 | | | | (902 | ) | | | 69,138 | | | | | | | | | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | 3,024 | | | | — | | | | 3,024 | | | | — | | | | 3,024 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 55,258 | | | | — | | | | 55,258 | | | | 749 | | | | 56,007 | | | | | | | | | | | | | | | | | | | | | |
Other income, net | | | 965 | | | | — | | | | 965 | | | | — | | | | 965 | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | 159 | | | | — | | | | 159 | | | | — | | | | 159 | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (32,876 | ) | | | — | | | | (32,876 | ) | | | — | | | | (32,876 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 23,506 | | | | — | | | | 23,506 | | | | 749 | | | | 24,255 | | | | | | | | | | | | | | | | | | | | | |
Provision for income taxes | | | 3,507 | | | | 1,993 | | | | 5,500 | | | | 153 | | | | 5,653 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 19,999 | | | | (1,993 | ) | | | 18,006 | | | | 596 | | | | 18,602 | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to discontinued operations, net of tax | | | (156 | ) | | | — | | | | (156 | ) | | | (596 | ) | | | (752 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 19,843 | | | $ | (1,993 | ) | | $ | 17,850 | | | $ | — | | | $ | 17,850 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.66 | | | $ | (0.07 | ) | | $ | 0.59 | | | $ | 0.02 | | | $ | 0.61 | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.65 | | | $ | (0.07 | ) | | $ | 0.59 | | | $ | 0.02 | | | $ | 0.61 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Loss per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | (0.01 | ) | | $ | — | | | $ | (0.01 | ) | | $ | (0.02 | ) | | $ | (0.02 | ) | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | (0.01 | ) | | $ | — | | | $ | (0.01 | ) | | $ | (0.02 | ) | | $ | (0.02 | ) | | | | | | | | | | | | | | | | | | | | |
|
|
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidated Statement of Operations |
|
(Unaudited) |
|
(In thousands, except per share amounts) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, 2012 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Restatement | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported (1) | Adjustment | Corrected | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 154,070 | | | $ | — | | | $ | 154,070 | | | $ | (2,798 | ) | | | 151,272 | | | | | | | | | | | | | | | | | | | | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 121,563 | | | | — | | | | 121,563 | | | | (2,143 | ) | | | 119,420 | | | | | | | | | | | | | | | | | | | | | |
Selling, general, and administrative expenses | | | 20,833 | | | | — | | | | 20,833 | | | | (467 | ) | | | 20,366 | | | | | | | | | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | 1,065 | | | | — | | | | 1,065 | | | | — | | | | 1,065 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 10,609 | | | | — | | | | 10,609 | | | | (188 | ) | | | 10,421 | | | | | | | | | | | | | | | | | | | | | |
Other income, net | | | (268 | ) | | | — | | | | (268 | ) | | | — | | | | (268 | ) | | | | | | | | | | | | | | | | | | | | |
Interest income | | | 82 | | | | — | | | | 82 | | | | — | | | | 82 | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (4,278 | ) | | | — | | | | (4,278 | ) | | | — | | | | (4,278 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 6,145 | | | | — | | | | 6,145 | | | | (188 | ) | | | 5,957 | | | | | | | | | | | | | | | | | | | | | |
Provision for income taxes | | | 2,087 | | | | 2,061 | | | | 4,148 | | | | (78 | ) | | | 4,070 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 4,058 | | | | (2,061 | ) | | | 1,997 | | | | (110 | ) | | | 1,887 | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to discontinued operations, net of tax | | | 571 | | | | — | | | | 571 | | | | 110 | | | | 681 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 4,629 | | | $ | (2,061 | ) | | $ | 2,568 | | | $ | — | | | | 2,568 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.13 | | | $ | (0.07 | ) | | $ | 0.07 | | | $ | — | | | | 0.06 | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.13 | | | $ | (0.07 | ) | | $ | 0.07 | | | $ | — | | | | 0.06 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.02 | | | $ | — | | | $ | 0.02 | | | $ | — | | | | 0.02 | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.02 | | | $ | — | | | $ | 0.02 | | | $ | — | | | | 0.02 | | | | | | | | | | | | | | | | | | | | | |
|
|
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidated Statement of Operations |
|
(Unaudited) |
|
(In thousands, except per share amounts) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, 2012 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Restatement | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported (1) | Adjustment | Corrected | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 184,462 | | | $ | — | | | $ | 184,462 | | | $ | (2,043 | ) | | $ | 182,419 | | | | | | | | | | | | | | | | | | | | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 150,443 | | | | — | | | | 150,443 | | | | (1,596 | ) | | | 148,847 | | | | | | | | | | | | | | | | | | | | | |
Selling, general, and administrative expenses | | | 22,678 | | | | — | | | | 22,678 | | | | (328 | ) | | | 22,350 | | | | | | | | | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | 1,104 | | | | — | | | | 1,104 | | | | — | | | | 1,104 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 10,237 | | | | — | | | | 10,237 | | | | (119 | ) | | | 10,118 | | | | | | | | | | | | | | | | | | | | | |
Other income, net | | | 570 | | | | — | | | | 570 | | | | — | | | | 570 | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | 33 | | | | — | | | | 33 | | | | — | | | | 33 | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (4,209 | ) | | | — | | | | (4,209 | ) | | | — | | | | (4,209 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 6,631 | | | | — | | | | 6,631 | | | | (119 | ) | | | 6,512 | | | | | | | | | | | | | | | | | | | | | |
Provision for income taxes | | | 2,538 | | | | 1,521 | | | | 4,059 | | | | (38 | ) | | | 4,021 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 4,093 | | | | (1,521 | ) | | | 2,572 | | | | (81 | ) | | | 2,491 | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to discontinued operations, net of tax | | | 453 | | | | — | | | | 453 | | | | 81 | | | | 534 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 4,546 | | | $ | (1,521 | ) | | $ | 3,025 | | | $ | — | | | $ | 3,025 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.14 | | | $ | (0.05 | ) | | $ | 0.08 | | | $ | — | | | $ | 0.08 | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.13 | | | $ | (0.05 | ) | | $ | 0.08 | | | $ | — | | | $ | 0.08 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.01 | | | $ | — | | | $ | 0.01 | | | $ | — | | | $ | 0.02 | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.01 | | | $ | — | | | $ | 0.01 | | | $ | — | | | $ | 0.02 | | | | | | | | | | | | | | | | | | | | | |
|
|
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidated Statement of Operations |
|
(Unaudited) |
|
(In thousands, except per share amounts) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, 2012 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Restatement | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported (1) | Adjustment | Corrected | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 338,532 | | | $ | — | | | $ | 338,532 | | | $ | (4,841 | ) | | $ | 333,691 | | | | | | | | | | | | | | | | | | | | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 272,006 | | | | — | | | | 272,006 | | | | (3,739 | ) | | | 268,267 | | | | | | | | | | | | | | | | | | | | | |
Selling, general, and administrative expenses | | | 43,511 | | | | — | | | | 43,511 | | | | (795 | ) | | | 42,716 | | | | | | | | | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | 2,169 | | | | — | | | | 2,169 | | | | — | | | | 2,169 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 20,846 | | | | — | | | | 20,846 | | | | (307 | ) | | | 20,539 | | | | | | | | | | | | | | | | | | | | | |
Other income, net | | | 302 | | | | — | | | | 302 | | | | — | | | | 302 | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | 115 | | | | — | | | | 115 | | | | — | | | | 115 | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (8,487 | ) | | | — | | | | (8,487 | ) | | | — | | | | (8,487 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 12,776 | | | | — | | | | 12,776 | | | | (307 | ) | | | 12,469 | | | | | | | | | | | | | | | | | | | | | |
Provision for income taxes | | | 4,625 | | | | 3,582 | | | | 8,207 | | | | (116 | ) | | | 8,091 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 8,151 | | | | (3,582 | ) | | | 4,569 | | | | (191 | ) | | | 4,378 | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to discontinued operations, net of tax | | | 1,024 | | | | — | | | | 1,024 | | | | 191 | | | | 1,215 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 9,175 | | | $ | (3,582 | ) | | $ | 5,593 | | | $ | — | | | $ | 5,593 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.27 | | | $ | (0.12 | ) | | $ | 0.15 | | | $ | (0.01 | ) | | $ | 0.14 | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.27 | | | $ | (0.12 | ) | | $ | 0.15 | | | $ | (0.01 | ) | | $ | 0.14 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.03 | | | $ | — | | | $ | 0.03 | | | $ | 0.01 | | | $ | 0.04 | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.03 | | | $ | — | | | $ | 0.03 | | | $ | 0.01 | | | $ | 0.04 | | | | | | | | | | | | | | | | | | | | | |
|
|
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Condensed Consolidated Statement of Operations |
|
(Unaudited) |
|
(In thousands, except per share amounts) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2012 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Restatement | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported (1) | Adjustment | Corrected | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 182,545 | | | $ | — | | | $ | 182,545 | | | $ | (1,879 | ) | | $ | 180,666 | | | | | | | | | | | | | | | | | | | | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 148,895 | | | | — | | | | 148,895 | | | | (1,596 | ) | | | 147,299 | | | | | | | | | | | | | | | | | | | | | |
Selling, general, and administrative expenses | | | 21,725 | | | | — | | | | 21,725 | | | | (309 | ) | | | 21,416 | | | | | | | | | | | | | | | | | | | | | |
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 | | | 9,296 | | | | — | | | | 9,296 | | | | 26 | | | | 9,322 | | | | | | | | | | | | | | | | | | | | | |
Other income, net | | | 16 | | | | — | | | | 16 | | | | — | | | | 16 | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | 18 | | | | — | | | | 18 | | | | — | | | | 18 | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (4,708 | ) | | | — | | | | (4,708 | ) | | | — | | | | (4,708 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 4,622 | | | | — | | | | 4,622 | | | | 26 | | | | 4,648 | | | | | | | | | | | | | | | | | | | | | |
Provision for income taxes | | | 1,423 | | | | 813 | | | | 2,236 | | | | — | | | | 2,236 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 3,199 | | | | (813 | ) | | | 2,386 | | | | 26 | | | | 2,412 | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to discontinued operations, net of tax | | | 389 | | | | — | | | | 389 | | | | (26 | ) | | | 363 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 3,588 | | | $ | (813 | ) | | $ | 2,775 | | | $ | — | | | $ | 2,775 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.11 | | | $ | (0.03 | ) | | $ | 0.08 | | | $ | — | | | $ | 0.08 | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.11 | | | $ | (0.03 | ) | | $ | 0.08 | | | $ | — | | | $ | 0.08 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.01 | | | $ | — | | | $ | 0.01 | | | $ | — | | | $ | 0.01 | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.01 | | | $ | — | | | $ | 0.01 | | | $ | — | | | $ | 0.01 | | | | | | | | | | | | | | | | | | | | | |
|
|
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidated Statement of Operations |
|
(Unaudited) |
|
(In thousands, except per share amounts) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2012 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Restatement | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported (1) | Adjustment | Corrected | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 521,077 | | | $ | — | | | $ | 521,077 | | | $ | (6,720 | ) | | $ | 514,357 | | | | | | | | | | | | | | | | | | | | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | 420,901 | | | | — | | | | 420,901 | | | | (5,335 | ) | | | 415,566 | | | | | | | | | | | | | | | | | | | | | |
Selling, general, and administrative expenses | | | 65,236 | | | | — | | | | 65,236 | | | | (1,104 | ) | | | 64,132 | | | | | | | | | | | | | | | | | | | | | |
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 | | | 30,142 | | | | — | | | | 30,142 | | | | (281 | ) | | | 29,861 | | | | | | | | | | | | | | | | | | | | | |
Other income, net | | | 318 | | | | — | | | | 318 | | | | — | | | | 318 | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | 133 | | | | — | | | | 133 | | | | — | | | | 133 | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (13,195 | ) | | | — | | | | (13,195 | ) | | | — | | | | (13,195 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 17,398 | | | | — | | | | 17,398 | | | | (281 | ) | | | 17,117 | | | | | | | | | | | | | | | | | | | | | |
Provision for income taxes | | | 6,048 | | | | 4,395 | | | | 10,443 | | | | (116 | ) | | | 10,327 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 11,350 | | | | (4,395 | ) | | | 6,955 | | | | (165 | ) | | | 6,790 | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to discontinued operations, net of tax | | | 1,413 | | | | — | | | | 1,413 | | | | 165 | | | | 1,578 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 12,763 | | | $ | (4,395 | ) | | $ | 8,368 | | | $ | — | | | $ | 8,368 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.37 | | | $ | (0.15 | ) | | $ | 0.23 | | | $ | (0.01 | ) | | $ | 0.22 | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.37 | | | $ | (0.15 | ) | | $ | 0.23 | | | $ | (0.01 | ) | | $ | 0.22 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share attributable to discontinued operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.05 | | | $ | — | | | $ | 0.05 | | | $ | 0.01 | | | $ | 0.05 | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.05 | | | $ | — | | | $ | 0.05 | | | $ | 0.01 | | | $ | 0.05 | | | | | | | | | | | | | | | | | | | | | |
|
|
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidated Balance Sheet |
|
(Unaudited) |
|
(In thousands, except share and per share amounts) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | March 31, 2013 | | | | | | | | | | | | | |
| | Previously | | | Revision | | | As | | | Restatement | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | |
Reported | Adjustment (2) | Revised | Adjustment | Corrected | Operations | Reported | | | | | | | | | | | | |
-1 | | | | | | | | | | | | | | | | | | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 58,015 | | | $ | — | | | $ | 58,015 | | | $ | — | | | $ | 58,015 | | | $ | — | | | $ | 58,015 | | | | | | | | | | | | | |
Receivables, less allowance for doubtful accounts of $712 | | | 114,075 | | | | — | | | | 114,075 | | | | — | | | | 114,075 | | | | (812 | ) | | | 113,263 | | | | | | | | | | | | | |
Inventories, net | | | 413,233 | | | | (3,952 | ) | | | 409,281 | | | | — | | | | 409,281 | | | | (7,948 | ) | | | 401,333 | | | | | | | | | | | | | |
Costs in excess of billings | | | 3,418 | | | | 426 | | | | 3,844 | | | | — | | | | 3,844 | | | | — | | | | 3,844 | | | | | | | | | | | | | |
Deferred income taxes | | | 30,184 | | | | 926 | | | | 31,110 | | | | — | | | | 31,110 | | | | — | | | | 31,110 | | | | | | | | | | | | | |
Assets of discontinued operations | | | 14,971 | | | | — | | | | 14,971 | | | | — | | | | 14,971 | | | | 8,948 | | | | 23,919 | | | | | | | | | | | | | |
Other current assets | | | 11,749 | | | | — | | | | 11,749 | | | | — | | | | 11,749 | | | | — | | | | 11,749 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 645,645 | | | | (2,600 | ) | | | 643,045 | | | | — | | | | 643,045 | | | | 188 | | | | 643,233 | | | | | | | | | | | | | |
Property, plant, and equipment, net | | | 371,299 | | | | — | | | | 371,299 | | | | — | | | | 371,299 | | | | (123 | ) | | | 371,176 | | | | | | | | | | | | | |
Goodwill | | | 135,341 | | | | (5,260 | ) | | | 130,081 | | | | — | | | | 130,081 | | | | (65 | ) | | | 130,016 | | | | | | | | | | | | | |
Other intangible assets, net | | | 55,228 | | | | — | | | | 55,228 | | | | — | | | | 55,228 | | | | — | | | | 55,228 | | | | | | | | | | | | | |
Deferred income taxes | | | 29,624 | | | | — | | | | 29,624 | | | | (29,624 | ) | | | — | | | | — | | | | — | | | | | | | | | | | | | |
Other noncurrent assets | | | 8,067 | | | | — | | | | 8,067 | | | | — | | | | 8,067 | | | | — | | | | 8,067 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,245,204 | | | $ | (7,860 | ) | | $ | 1,237,344 | | | $ | (29,624 | ) | | $ | 1,207,720 | | | $ | — | | | $ | 1,207,720 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 79,587 | | | $ | — | | | $ | 79,587 | | | $ | — | | | $ | 79,587 | | | $ | (342 | ) | | $ | 79,245 | | | | | | | | | | | | | |
Accrued wages and other employee costs | | | 21,826 | | | | — | | | | 21,826 | | | | — | | | | 21,826 | | | | (97 | ) | | | 21,729 | | | | | | | | | | | | | |
Unearned revenues | | | 23,840 | | | | (1,357 | ) | | | 22,483 | | | | — | | | | 22,483 | | | | — | | | | 22,483 | | | | | | | | | | | | | |
Liabilities of discontinued operations | | | 2,821 | | | | — | | | | 2,821 | | | | — | | | | 2,821 | | | | 448 | | | | 3,269 | | | | | | | | | | | | | |
Other accrued liabilities | | | 25,379 | | | | — | | | | 25,379 | | | | 462 | | | | 25,841 | | | | (9 | ) | | | 25,832 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 153,453 | | | | (1,357 | ) | | | 152,096 | | | | 462 | | | | 152,558 | | | | — | | | | 152,558 | | | | | | | | | | | | | |
Long-term debt | | | 200,663 | | | | — | | | | 200,663 | | | | — | | | | 200,663 | | | | — | | | | 200,663 | | | | | | | | | | | | | |
Liability for post-retirement benefits | | | 43,729 | | | | — | | | | 43,729 | | | | — | | | | 43,729 | | | | — | | | | 43,729 | | | | | | | | | | | | | |
Liability for pension benefits | | | 15,229 | | | | — | | | | 15,229 | | | | — | | | | 15,229 | | | | — | | | | 15,229 | | | | | | | | | | | | | |
Deferred income taxes | | | 51,400 | | | | (5,068 | ) | | | 46,332 | | | | 4,232 | | | | 50,564 | | | | — | | | | 50,564 | | | | | | | | | | | | | |
Unearned revenues | | | 12,792 | | | | — | | | | 12,792 | | | | — | | | | 12,792 | | | | — | | | | 12,792 | | | | | | | | | | | | | |
Other noncurrent liabilities | | | 12,129 | | | | — | | | | 12,129 | | | | — | | | | 12,129 | | | | — | | | | 12,129 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 489,395 | | | | (6,425 | ) | | | 482,970 | | | | 4,694 | | | | 487,664 | | | | — | | | | 487,664 | | | | | | | | | | | | | |
Commitments and Contingencies Shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,300,737 shares issued; 30,498,948 shares outstanding | | | 313 | | | | — | | | | 313 | | | | — | | | | 313 | | | | — | | | | 313 | | | | | | | | | | | | | |
Additional paid-in capital | | | 487,512 | | | | — | | | | 487,512 | | | | — | | | | 487,512 | | | | — | | | | 487,512 | | | | | | | | | | | | | |
Treasury stock, at cost; 801,789 shares | | | (18,798 | ) | | | — | | | | (18,798 | ) | | | — | | | | (18,798 | ) | | | — | | | | (18,798 | ) | | | | | | | | | | | | |
Accumulated other comprehensive loss | | | (40,710 | ) | | | — | | | | (40,710 | ) | | | 321 | | | | (40,389 | ) | | | — | | | | (40,389 | ) | | | | | | | | | | | | |
Retained earnings | | | 327,492 | | | | (1,435 | ) | | | 326,057 | | | | (34,639 | ) | | | 291,418 | | | | — | | | | 291,418 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 755,809 | | | | (1,435 | ) | | | 754,374 | | | | (34,318 | ) | | | 720,056 | | | | — | | | | 720,056 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,245,204 | | | $ | (7,860 | ) | | $ | 1,237,344 | | | $ | (29,624 | ) | | $ | 1,207,720 | | | $ | — | | | $ | 1,207,720 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company’s Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported balances of inventory and cost in excess of billings have been adjusted by $(1,739) and $1,739 to correct the prior presentation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(2): | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidated Balance Sheet |
|
(Unaudited) |
|
(In thousands, except share and per share amounts) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | June 30, 2013 | | | | | | | | | | | | | |
| | Previously | | | Revision | | | As | | | Restatement | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | |
Reported | Adjustment (2) | Revised | Adjustment | Corrected | Operations | Reported | | | | | | | | | | | | |
-1 | | | | | | | | | | | | | | | | | | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 231,433 | | | $ | — | | | $ | 231,433 | | | $ | — | | | $ | 231,433 | | | $ | — | | | $ | 231,433 | | | | | | | | | | | | | |
Short-term investments | | | 128,205 | | | | — | | | | 128,205 | | | | — | | | | 128,205 | | | | — | | | | 128,205 | | | | | | | | | | | | | |
Receivables, less allowance for doubtful accounts of $637 | | | 106,880 | | | | — | | | | 106,880 | | | | — | | | | 106,880 | | | | (593 | ) | | | 106,287 | | | | | | | | | | | | | |
Inventories, net | | | 420,793 | | | | (4,265 | ) | | | 416,528 | | | | — | | | | 416,528 | | | | (7,301 | ) | | | 409,227 | | | | | | | | | | | | | |
Costs in excess of billings | | | 1,455 | | | | 1,305 | | | | 2,760 | | | | — | | | | 2,760 | | | | — | | | | 2,760 | | | | | | | | | | | | | |
Deferred income taxes | | | 30,675 | | | | 1,015 | | | | 31,690 | | | | — | | | | 31,690 | | | | — | | | | 31,690 | | | | | | | | | | | | | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | 8,076 | | | | 8,076 | | | | | | | | | | | | | |
Other current assets | | | 21,990 | | | | — | | | | 21,990 | | | | (22 | ) | | | 21,968 | | | | — | | | | 21,968 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 941,431 | | | | (1,945 | ) | | | 939,486 | | | | (22 | ) | | | 939,464 | | | | 182 | | | | 939,646 | | | | | | | | | | | | | |
Property, plant, and equipment, net | | | 368,363 | | | | — | | | | 368,363 | | | | — | | | | 368,363 | | | | (117 | ) | | | 368,246 | | | | | | | | | | | | | |
Goodwill | | | 134,823 | | | | (5,260 | ) | | | 129,563 | | | | — | | | | 129,563 | | | | (65 | ) | | | 129,498 | | | | | | | | | | | | | |
Other intangible assets, net | | | 53,826 | | | | — | | | | 53,826 | | | | — | | | | 53,826 | | | | — | | | | 53,826 | | | | | | | | | | | | | |
Deferred income taxes | | | 29,615 | | | | — | | | | 29,615 | | | | (29,615 | ) | | | — | | | | — | | | | — | | | | | | | | | | | | | |
Other noncurrent assets | | | 13,681 | | | | — | | | | 13,681 | | | | — | | | | 13,681 | | | | — | | | | 13,681 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,541,739 | | | $ | (7,205 | ) | | $ | 1,534,534 | | | $ | (29,637 | ) | | $ | 1,504,897 | | | $ | — | | | $ | 1,504,897 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 70,796 | | | $ | — | | | $ | 70,796 | | | $ | — | | | $ | 70,796 | | | $ | (341 | ) | | $ | 70,455 | | | | | | | | | | | | | |
Accrued wages and employee costs | | | 26,355 | | | | — | | | | 26,355 | | | | — | | | | 26,355 | | | | (101 | ) | | | 26,254 | | | | | | | | | | | | | |
Unearned revenues | | | 49,885 | | | | (570 | ) | | | 49,315 | | | | — | | | | 49,315 | | | | — | | | | 49,315 | | | | | | | | | | | | | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | 501 | | | | 501 | | | | | | | | | | | | | |
Other accrued liabilities | | | 19,852 | | | | — | | | | 19,852 | | | | — | | | | 19,852 | | | | (59 | ) | | | 19,793 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 166,888 | | | | (570 | ) | | | 166,318 | | | | — | | | | 166,318 | | | | — | | | | 166,318 | | | | | | | | | | | | | |
Long-term debt | | | 415,220 | | | | — | | | | 415,220 | | | | — | | | | 415,220 | | | | — | | | | 415,220 | | | | | | | | | | | | | |
Liability for post-retirement benefits | | | 43,944 | | | | — | | | | 43,944 | | | | — | | | | 43,944 | | | | — | | | | 43,944 | | | | | | | | | | | | | |
Liability for pension benefits | | | 14,923 | | | | — | | | | 14,923 | | | | — | | | | 14,923 | | | | — | | | | 14,923 | | | | | | | | | | | | | |
Deferred income taxes | | | 81,190 | | | | (5,068 | ) | | | 76,122 | | | | 3,868 | | | | 79,990 | | | | — | | | | 79,990 | | | | | | | | | | | | | |
Unearned revenues | | | 12,496 | | | | — | | | | 12,496 | | | | — | | | | 12,496 | | | | — | | | | 12,496 | | | | | | | | | | | | | |
Other noncurrent liabilities | | | 12,307 | | | | — | | | | 12,307 | | | | — | | | | 12,307 | | | | — | | | | 12,307 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 746,968 | | | | (5,638 | ) | | | 741,330 | | | | 3,868 | | | | 745,198 | | | | — | | | | 745,198 | | | | | | | | | | | | | |
Commitments and Contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,339,200 shares issued; 30,537,411 shares outstanding | | | 313 | | | | — | | | | 313 | | | | — | | | | 313 | | | | — | | | | 313 | | | | | | | | | | | | | |
Additional paid-in capital | | | 528,541 | | | | — | | | | 528,541 | | | | — | | | | 528,541 | | | | — | | | | 528,541 | | | | | | | | | | | | | |
Treasury stock, at cost; 801,789 shares | | | (18,798 | ) | | | — | | | | (18,798 | ) | | | — | | | | (18,798 | ) | | | — | | | | (18,798 | ) | | | | | | | | | | | | |
Accumulated other comprehensive loss | | | (43,950 | ) | | | — | | | | (43,950 | ) | | | 1,505 | | | | (42,445 | ) | | | — | | | | (42,445 | ) | | | | | | | | | | | | |
Retained earnings | | | 328,665 | | | | (1,567 | ) | | | 327,098 | | | | (35,010 | ) | | | 292,088 | | | | — | | | | 292,088 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 794,771 | | | | (1,567 | ) | | | 793,204 | | | | (33,505 | ) | | | 759,699 | | | | — | | | | 759,699 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,541,739 | | | $ | (7,205 | ) | | $ | 1,534,534 | | | $ | (29,637 | ) | | $ | 1,504,897 | | | $ | — | | | $ | 1,504,897 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(359), $544, and $185 to correct the prior presentation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(2): | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidated Balance Sheet |
|
(Unaudited) |
|
(In thousands, except share and per share amounts) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2013 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Restatement | | | As | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported (1) | Adjustment | Corrected | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 315,021 | | | $ | — | | | $ | 315,021 | | | $ | — | | | $ | 315,021 | | | | | | | | | | | | | | | | | | | | | |
Short-term investments | | | 45,187 | | | | — | | | | 45,187 | | | | — | | | | 45,187 | | | | | | | | | | | | | | | | | | | | | |
Receivables, less allowance for doubtful accounts of $698 | | | 118,827 | | | | — | | | | 118,827 | | | | (704 | ) | | | 118,123 | | | | | | | | | | | | | | | | | | | | | |
Inventories, net | | | 419,158 | | | | — | | | | 419,158 | | | | (6,702 | ) | | | 412,456 | | | | | | | | | | | | | | | | | | | | | |
Costs in excess of billings | | | 4,667 | | | | — | | | | 4,667 | | | | — | | | | 4,667 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 31,406 | | | | — | | | | 31,406 | | | | — | | | | 31,406 | | | | | | | | | | | | | | | | | | | | | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | 7,582 | | | | 7,582 | | | | | | | | | | | | | | | | | | | | | |
Other current assets | | | 23,041 | | | | (133 | ) | | | 22,908 | | | | — | | | | 22,908 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 957,307 | | | | (133 | ) | | | 957,174 | | | | 176 | | | | 957,350 | | | | | | | | | | | | | | | | | | | | | |
Property, plant, and equipment, net | | | 367,849 | | | | — | | | | 367,849 | | | | (111 | ) | | | 367,738 | | | | | | | | | | | | | | | | | | | | | |
Goodwill | | | 129,838 | | | | — | | | | 129,838 | | | | (65 | ) | | | 129,773 | | | | | | | | | | | | | | | | | | | | | |
Other intangible assets, net | | | 53,042 | | | | — | | | | 53,042 | | | | — | | | | 53,042 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 29,435 | | | | (29,435 | ) | | | — | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent assets | | | 14,910 | | | | — | | | | 14,910 | | | | — | | | | 14,910 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,552,381 | | | $ | (29,568 | ) | | $ | 1,522,813 | | | $ | — | | | $ | 1,522,813 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 75,039 | | | $ | — | | | $ | 75,039 | | | $ | (347 | ) | | $ | 74,692 | | | | | | | | | | | | | | | | | | | | | |
Accrued wages and other employee costs | | | 29,801 | | | | — | | | | 29,801 | | | | (104 | ) | | | 29,697 | | | | | | | | | | | | | | | | | | | | | |
Unearned revenues | | | 38,467 | | | | — | | | | 38,467 | | | | — | | | | 38,467 | | | | | | | | | | | | | | | | | | | | | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | 471 | | | | 471 | | | | | | | | | | | | | | | | | | | | | |
Other accrued liabilities | | | 26,037 | | | | — | | | | 26,037 | | | | (20 | ) | | | 26,017 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 169,344 | | | | — | | | | 169,344 | | | | — | | | | 169,344 | | | | | | | | | | | | | | | | | | | | | |
Long-term debt | | | 419,249 | | | | — | | | | 419,249 | | | | — | | | | 419,249 | | | | | | | | | | | | | | | | | | | | | |
Liability for post-retirement benefits | | | 44,112 | | | | — | | | | 44,112 | | | | — | | | | 44,112 | | | | | | | | | | | | | | | | | | | | | |
Liability for pension benefits | | | 10,297 | | | | — | | | | 10,297 | | | | — | | | | 10,297 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 73,882 | | | | 4,630 | | | | 78,512 | | | | — | | | | 78,512 | | | | | | | | | | | | | | | | | | | | | |
Unearned revenues | | | 12,033 | | | | — | | | | 12,033 | | | | — | | | | 12,033 | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent liabilities | | | 12,134 | | | | — | | | | 12,134 | | | | — | | | | 12,134 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 741,051 | | | | 4,630 | | | | 745,681 | | | | — | | | | 745,681 | | | | | | | | | | | | | | | | | | | | | |
Commitments and Contingencies Shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,360,663 shares issued; 30,554,253 shares outstanding | | | 314 | | | | — | | | | 314 | | | | — | | | | 314 | | | | | | | | | | | | | | | | | | | | | |
Additional paid-in capital | | | 530,415 | | | | — | | | | 530,415 | | | | — | | | | 530,415 | | | | | | | | | | | | | | | | | | | | | |
Treasury stock, at cost; 806,410 shares | | | (18,798 | ) | | | — | | | | (18,798 | ) | | | — | | | | (18,798 | ) | | | | | | | | | | | | | | | | | | | | |
Accumulated other comprehensive loss | | | (39,991 | ) | | | 809 | | | | (39,182 | ) | | | — | | | | (39,182 | ) | | | | | | | | | | | | | | | | | | | | |
Retained earnings | | | 339,390 | | | | (35,007 | ) | | | 304,383 | | | | — | | | | 304,383 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 811,330 | | | | (34,198 | ) | | | 777,132 | | | | — | | | | 777,132 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,552,381 | | | $ | (29,568 | ) | | $ | 1,522,813 | | | $ | — | | | $ | 1,522,813 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported balances of inventory and cost in excess of billings have been adjusted by $(1,242) and $1,242 to correct the prior presentation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidated Balance Sheet |
|
(Unaudited) |
|
(In thousands, except share and per share amounts) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | March 31, 2012 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Restatement | | | As Corrected | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported (1) | Adjustment | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 117,872 | | | $ | — | | | $ | 117,872 | | | $ | — | | | $ | 117,872 | | | | | | | | | | | | | | | | | | | | | |
Receivables, less allowance for doubtful accounts of $934 | | | 103,163 | | | | — | | | | 103,163 | | | | (1,526 | ) | | | 101,637 | | | | | | | | | | | | | | | | | | | | | |
Inventories, net | | | 306,031 | | | | — | | | | 306,031 | | | | (8,972 | ) | | | 297,059 | | | | | | | | | | | | | | | | | | | | | |
Costs in excess of billings | | | 1,607 | | | | — | | | | 1,607 | | | | — | | | | 1,607 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 20,475 | | | | — | | | | 20,475 | | | | — | | | | 20,475 | | | | | | | | | | | | | | | | | | | | | |
Assets of discontinued operations | | | 18,598 | | | | — | | | | 18,598 | | | | 10,983 | | | | 29,581 | | | | | | | | | | | | | | | | | | | | | |
Other current assets | | | 11,269 | | | | — | | | | 11,269 | | | | — | | | | 11,269 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 579,015 | | | | — | | | | 579,015 | | | | 485 | | | | 579,500 | | | | | | | | | | | | | | | | | | | | | |
Property, plant, and equipment, net | | | 361,464 | | | | — | | | | 361,464 | | | | (127 | ) | | | 361,337 | | | | | | | | | | | | | | | | | | | | | |
Goodwill | | | 133,595 | | | | — | | | | 133,595 | | | | (358 | ) | | | 133,237 | | | | | | | | | | | | | | | | | | | | | |
Other intangible assets, net | | | 59,527 | | | | — | | | | 59,527 | | | | — | | | | 59,527 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 29,111 | | | | (29,111 | ) | | | — | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent assets | | | 8,476 | | | | — | | | | 8,476 | | | | — | | | | 8,476 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,171,188 | | | $ | (29,111 | ) | | $ | 1,142,077 | | | $ | — | | | $ | 1,142,077 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 64,837 | | | | — | | | $ | 64,837 | | | $ | (1,512 | ) | | $ | 63,325 | | | | | | | | | | | | | | | | | | | | | |
Accrued wages and other employee costs | | | 19,690 | | | | — | | | | 19,690 | | | | (112 | ) | | | 19,578 | | | | | | | | | | | | | | | | | | | | | |
Unearned revenues | | | 36,589 | | | | — | | | | 36,589 | | | | — | | | | 36,589 | | | | | | | | | | | | | | | | | | | | | |
Liabilities of discontinued operations | | | 3,879 | | | | — | | | | 3,879 | | | | 1,709 | | | | 5,588 | | | | | | | | | | | | | | | | | | | | | |
Other accrued liabilities | | | 21,768 | | | | 203 | | | | 21,971 | | | | (85 | ) | | | 21,886 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 146,763 | | | | 203 | | | | 146,966 | | | | — | | | | 146,966 | | | | | | | | | | | | | | | | | | | | | |
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 | | | 33,141 | | | | 753 | | | | 33,894 | | | | — | | | | 33,894 | | | | | | | | | | | | | | | | | | | | | |
Unearned revenues | | | 3,504 | | | | — | | | | 3,504 | | | | — | | | | 3,504 | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent liabilities | | | 8,895 | | | | — | | | | 8,895 | | | | — | | | | 8,895 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 440,395 | | | | 956 | | | | 441,351 | | | | — | | | | 441,351 | | | | | | | | | | | | | | | | | | | | | |
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 | ) | | | (192 | ) | | | (36,000 | ) | | | — | | | | (36,000 | ) | | | | | | | | | | | | | | | | | | | | |
Retained earnings | | | 304,036 | | | | (29,875 | ) | | | 274,161 | | | | — | | | | 274,161 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 730,793 | | | | (30,067 | ) | | | 700,726 | | | | — | | | | 700,726 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,171,188 | | | $ | (29,111 | ) | | $ | 1,142,077 | | | $ | — | | | $ | 1,142,077 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,596), $1,602, and $6 to correct the prior presentation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidated Balance Sheet |
|
(Unaudited) |
|
(In thousands, except share and per share amounts) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | June 30, 2012 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Restatement | | | As Corrected | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported (1) | Adjustment | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 99,525 | | | $ | — | | | $ | 99,525 | | | $ | — | | | $ | 99,525 | | | | | | | | | | | | | | | | | | | | | |
Receivables, less allowance for doubtful accounts of $965 | | | 103,757 | | | | — | | | | 103,757 | | | | (1,196 | ) | | | 102,561 | | | | | | | | | | | | | | | | | | | | | |
Inventories, net | | | 325,334 | | | | — | | | | 325,334 | | | | (8,861 | ) | | | 316,473 | | | | | | | | | | | | | | | | | | | | | |
Costs in excess of billings | | | 2,515 | | | | — | | | | 2,515 | | | | — | | | | 2,515 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 20,775 | | | | — | | | | 20,775 | | | | — | | | | 20,775 | | | | | | | | | | | | | | | | | | | | | |
Assets of discontinued operations | | | 17,633 | | | | — | | | | 17,633 | | | | 10,532 | | | | 28,165 | | | | | | | | | | | | | | | | | | | | | |
Other current assets | | | 13,269 | | | | — | | | | 13,269 | | | | — | | | | 13,269 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 582,808 | | | | — | | | | 582,808 | | | | 475 | | | | 583,283 | | | | | | | | | | | | | | | | | | | | | |
Property, plant, and equipment, net | | | 365,735 | | | | — | | | | 365,735 | | | | (117 | ) | | | 365,618 | | | | | | | | | | | | | | | | | | | | | |
Goodwill | | | 133,570 | | | | — | | | | 133,570 | | | | (358 | ) | | | 133,212 | | | | | | | | | | | | | | | | | | | | | |
Other intangible assets, net | | | 58,251 | | | | — | | | | 58,251 | | | | — | | | | 58,251 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 29,239 | | | | (29,239 | ) | | | — | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent assets | | | 8,792 | | | | — | | | | 8,792 | | | | — | | | | 8,792 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,178,395 | | | $ | (29,239 | ) | | $ | 1,149,156 | | | $ | — | | | $ | 1,149,156 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 61,084 | | | $ | — | | | $ | 61,084 | | | $ | (433 | ) | | $ | 60,651 | | | | | | | | | | | | | | | | | | | | | |
Accrued wages and other employee costs | | | 24,871 | | | | — | | | | 24,871 | | | | (119 | ) | | | 24,752 | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | 36,866 | | | | — | | | | 36,866 | | | | — | | | | 36,866 | | | | | | | | | | | | | | | | | | | | | |
Liabilities of discontinued operations | | | 3,494 | | | | — | | | | 3,494 | | | | 593 | | | | 4,087 | | | | | | | | | | | | | | | | | | | | | |
Other accrued liabilities | | | 21,680 | | | | 237 | | | | 21,917 | | | | (41 | ) | | | 21,876 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 147,995 | | | | 237 | | | | 148,232 | | | | — | | | | 148,232 | | | | | | | | | | | | | | | | | | | | | |
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 | | | 33,749 | | | | 1,480 | | | | 35,229 | | | | — | | | | 35,229 | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | 3,385 | | | | — | | | | 3,385 | | | | — | | | | 3,385 | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent liabilities | | | 8,969 | | | | — | | | | 8,969 | | | | — | | | | 8,969 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 443,227 | | | | 1,717 | | | | 444,944 | | | | — | | | | 444,944 | | | | | | | | | | | | | | | | | | | | | |
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 | ) | | | 440 | | | | (36,741 | ) | | | — | | | | (36,741 | ) | | | | | | | | | | | | | | | | | | | | |
Retained earnings | | | 308,582 | | | | (31,396 | ) | | | 277,186 | | | | — | | | | 277,186 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 735,168 | | | | (30,956 | ) | | | 704,212 | | | | — | | | | 704,212 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,178,395 | | | $ | (29,239 | ) | | $ | 1,149,156 | | | $ | — | | | $ | 1,149,156 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,835), $1,857, and $22 to correct the prior presentation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Condensed Consolidated Balance Sheet |
|
(Unaudited) |
|
(In thousands, except share and per share amounts) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2012 | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Restatement | | | As Corrected | | | Discontinued | | | Currently | | | | | | | | | | | | | | | | | | | | | |
Reported (1) | Adjustment | Operations | Reported | | | | | | | | | | | | | | | | | | | | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 | | | 114,248 | | | | — | | | | 114,248 | | | | (919 | ) | | | 113,329 | | | | | | | | | | | | | | | | | | | | | |
Inventories, net | | | 351,654 | | | | — | | | | 351,654 | | | | (8,972 | ) | | | 342,682 | | | | | | | | | | | | | | | | | | | | | |
Costs in excess of billings | | | 3,495 | | | | — | | | | 3,495 | | | | — | | | | 3,495 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 22,059 | | | | — | | | | 22,059 | | | | — | | | | 22,059 | | | | | | | | | | | | | | | | | | | | | |
Assets of discontinued operations | | | 16,799 | | | | — | | | | 16,799 | | | | 10,359 | | | | 27,158 | | | | | | | | | | | | | | | | | | | | | |
Other current assets | | | 11,160 | | | | — | | | | 11,160 | | | | — | | | | 11,160 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 596,802 | | | | — | | | | 596,802 | | | | 468 | | | | 597,270 | | | | | | | | | | | | | | | | | | | | | |
Property, plant, and equipment, net | | | 367,768 | | | | — | | | | 367,768 | | | | (110 | ) | | | 367,658 | | | | | | | | | | | | | | | | | | | | | |
Goodwill | | | 131,606 | | | | — | | | | 131,606 | | | | (358 | ) | | | 131,248 | | | | | | | | | | | | | | | | | | | | | |
Other intangible assets, net | | | 57,664 | | | | — | | | | 57,664 | | | | — | | | | 57,664 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 32,197 | | | | (32,197 | ) | | | — | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent assets | | | 8,353 | | | | — | | | | 8,353 | | | | — | | | | 8,353 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,194,390 | | | $ | (32,197 | ) | | $ | 1,162,193 | | | $ | — | | | $ | 1,162,193 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 67,166 | | | $ | — | | | $ | 67,166 | | | $ | (854 | ) | | $ | 66,312 | | | | | | | | | | | | | | | | | | | | | |
Accrued wages and other employee costs | | | 29,445 | | | | — | | | | 29,445 | | | | (138 | ) | | | 29,307 | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | 34,692 | | | | — | | | | 34,692 | | | | — | | | | 34,692 | | | | | | | | | | | | | | | | | | | | | |
Liabilities of discontinued operations | | | 3,198 | | | | — | | | | 3,198 | | | | 992 | | | | 4,190 | | | | | | | | | | | | | | | | | | | | | |
Other accrued liabilities | | | 27,458 | | | | 96 | | | | 27,554 | | | | — | | | | 27,554 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 161,959 | | | | 96 | | | | 162,055 | | | | — | | | | 162,055 | | | | | | | | | | | | | | | | | | | | | |
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 | | | 33,663 | | | | 589 | | | | 34,252 | | | | — | | | | 34,252 | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | 3,240 | | | | — | | | | 3,240 | | | | — | | | | 3,240 | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent liabilities | | | 8,908 | | | | — | | | | 8,908 | | | | — | | | | 8,908 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 448,624 | | | | 685 | | | | 449,309 | | | | — | | | | 449,309 | | | | | | | | | | | | | | | | | | | | | |
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 shares | | | (18,399 | ) | | | — | | | | (18,399 | ) | | | — | | | | (18,399 | ) | | | | | | | | | | | | | | | | | | | | |
Accumulated other comprehensive loss | | | (31,472 | ) | | | (672 | ) | | | (32,144 | ) | | | — | | | | (32,144 | ) | | | | | | | | | | | | | | | | | | | | |
Retained earnings | | | 312,170 | | | | (32,210 | ) | | | 279,960 | | | | — | | | | 279,960 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 745,766 | | | | (32,882 | ) | | | 712,884 | | | | — | | | | 712,884 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,194,390 | | | $ | (32,197 | ) | | $ | 1,162,193 | | | $ | — | | | $ | 1,162,193 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,175), $1,344, and $169 to correct the prior presentation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Condensed Consolidated Statement of Cash Flows |
|
(Unaudited) |
|
(In thousands) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | March 31, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Revision | | | Restatement | | | Currently | | | | | | | | | | | | | | | | | | | | | | | | | |
Reported (1) | Adjustment (2) | Adjustment | Reported | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 6,968 | | | $ | (458 | ) | | $ | (1,625 | ) | | $ | 4,885 | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjustment for non-cash items included in net income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | 11,000 | | | | — | | | | — | | | | 11,000 | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset and asset-related charges (income) | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill impairments | | | 484 | | | | — | | | | — | | | | 484 | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 3,350 | | | | (178 | ) | | | 1,625 | | | | 4,797 | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock-based compensation | | | 1,708 | | | | — | | | | — | | | | 1,708 | | | | | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | (236 | ) | | | — | | | | — | | | | (236 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
(Gain) loss on sale of property, plant and equipment | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of discount on long-term debt | | | 2,562 | | | | — | | | | — | | | | 2,562 | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of deferred financing costs | | | 325 | | | | — | | | | — | | | | 325 | | | | | | | | | | | | | | | | | | | | | | | | | |
Other | | | (41 | ) | | | — | | | | — | | | | (41 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Receivables | | | (9,994 | ) | | | — | | | | — | | | | (9,994 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Inventories | | | (26,091 | ) | | | 111 | | | | — | | | | (25,980 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | (6,583 | ) | | | — | | | | — | | | | (6,583 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Income taxes payable | | | 416 | | | | — | | | | — | | | | 416 | | | | | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | (5,194 | ) | | | 532 | | | | — | | | | (4,662 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Cost in excess of billings | | | (12 | ) | | | (7 | ) | | | — | | | | (19 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Liability for pension benefits | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | |
Other current assets and liabilities | | | (10,520 | ) | | | — | | | | 104 | | | | (10,416 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Other assets and liabilities | | | 1,135 | | | | — | | | | (104 | ) | | | 1,031 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) operating activities | | | (30,723 | ) | | | — | | | | — | | | | (30,723 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisitions, net of cash required | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | |
Maturity/sale of investments | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | (9,160 | ) | | | — | | | | — | | | | (9,160 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of investments | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from disposal of property, plant, and equipment | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) investing activities | | | (9,160 | ) | | | — | | | | — | | | | (9,160 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of employee stock options | | | 1,239 | | | | — | | | | — | | | | 1,239 | | | | | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | 236 | | | | — | | | | — | | | | 236 | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of common stock held in treasury | | | (399 | ) | | | — | | | | — | | | | (399 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Repayments on long-term debt | | | (220 | ) | | | — | | | | — | | | | (220 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) financing activities | | | 856 | | | | — | | | | — | | | | 856 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | (148 | ) | | | — | | | | — | | | | (148 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Decrease in cash and cash equivalents | | | (39,175 | ) | | | — | | | | — | | | | (39,175 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | 97,190 | | | | — | | | | — | | | | 97,190 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | 58,015 | | | $ | — | | | $ | — | | | $ | 58,015 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company’s Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $1,040, $(174), and $(866) to correct the prior presentation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(2): | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidated Statement of Cash Flows |
|
(Unaudited) |
|
(In thousands) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | June 30, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Revision | | | Restatement | | | Currently | | | | | | | | | | | | | | | | | | | | | | | | | |
Reported (1) | Adjustment (2) | Adjustment | Reported | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 8,141 | | | $ | (590 | ) | | $ | (1,996 | ) | | $ | 5,555 | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjustment for non-cash items included in net income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | 21,753 | | | | — | | | | — | | | | 21,753 | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill impairments | | | 484 | | | | — | | | | — | | | | 484 | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 1,810 | | | | (267 | ) | | | 1,996 | | | | 3,539 | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock-based compensation | | | 3,126 | | | | — | | | | — | | | | 3,126 | | | | | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | (376 | ) | | | — | | | | — | | | | (376 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of discount on long-term debt | | | 6,569 | | | | — | | | | — | | | | 6,569 | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of deferred financing costs | | | 753 | | | | — | | | | — | | | | 753 | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred financing cost writedown | | | 1,498 | | | | — | | | | — | | | | 1,498 | | | | | | | | | | | | | | | | | | | | | | | | | |
Other | | | (102 | ) | | | — | | | | — | | | | (102 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Receivables | | | (3,054 | ) | | | — | | | | — | | | | (3,054 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Inventories | | | (34,979 | ) | | | 424 | | | | — | | | | (34,555 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | (12,900 | ) | | | — | | | | — | | | | (12,900 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Income taxes payable | | | (8,356 | ) | | | — | | | | — | | | | (8,356 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | 22,033 | | | | 1,319 | | | | — | | | | 23,352 | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost in excess of billings | | | 1,951 | | | | (886 | ) | | | — | | | | 1,065 | | | | | | | | | | | | | | | | | | | | | | | | | |
Other current assets and liabilities | | | (11,185 | ) | | | — | | | | 104 | | | | (11,081 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Other assets and liabilities | | | 3,453 | | | | — | | | | (104 | ) | | | 3,349 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) operating activities | | | 619 | | | | — | | | | — | | | | 619 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Divestitures | | | 10,475 | | | | — | | | | — | | | | 10,475 | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | (19,665 | ) | | | — | | | | — | | | | (19,665 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of investments | | | (128,291 | ) | | | — | | | | — | | | | (128,291 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) investing activities | | | (137,481 | ) | | | — | | | | — | | | | (137,481 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of employee stock options | | | 1,489 | | | | — | | | | — | | | | 1,489 | | | | | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | 376 | | | | — | | | | — | | | | 376 | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of common stock held in treasury | | | (399 | ) | | | — | | | | — | | | | (399 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings on long-term debt | | | 402,500 | | | | — | | | | — | | | | 402,500 | | | | | | | | | | | | | | | | | | | | | | | | | |
Repayments on long-term debt | | | (120,362 | ) | | | — | | | | — | | | | (120,362 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Financing fees | | | (12,370 | ) | | | — | | | | — | | | | (12,370 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) financing activities | | | 271,234 | | | | — | | | | — | | | | 271,234 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | (129 | ) | | | — | | | | — | | | | (129 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Decrease in cash and cash equivalents | | | 134,243 | | | | — | | | | — | | | | 134,243 | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | 97,190 | | | | — | | | | — | | | | 97,190 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | 231,433 | | | $ | — | | | $ | — | | | $ | 231,433 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(340), $1,021, and $(681) to correct the prior presentation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(2): | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidated Statement of Cash Flows |
|
(Unaudited) |
|
(In thousands) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Restatement | | | Currently | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reported (1) | Adjustment | Reported | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 19,843 | | | $ | (1,993 | ) | | $ | 17,850 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjustment for non-cash items included in net income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | 32,469 | | | | — | | | | 32,469 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill impairments | | | 484 | | | | — | | | | 484 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 349 | | | | 1,993 | | | | 2,342 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock-based compensation | | | 4,543 | | | | — | | | | 4,543 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | (405 | ) | | | — | | | | (405 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of discount on long-term debt | | | 10,592 | | | | — | | | | 10,592 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred financing cost writedown | | | 1,498 | | | | — | | | | 1,498 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other | | | 1,115 | | | | — | | | | 1,115 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Receivables | | | (14,169 | ) | | | — | | | | (14,169 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Inventories | | | (35,851 | ) | | | — | | | | (35,851 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | (11,866 | ) | | | — | | | | (11,866 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income taxes payable | | | (11,566 | ) | | | — | | | | (11,566 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | 12,636 | | | | — | | | | 12,636 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost in excess of billings | | | (842 | ) | | | — | | | | (842 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other current assets and liabilities | | | (2,493 | ) | | | 104 | | | | (2,389 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other assets and liabilities | | | 3 | | | | (104 | ) | | | (101 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) operating activities | | | 6,340 | | | | — | | | | 6,340 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Divestitures | | | 10,475 | | | | — | | | | 10,475 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Maturity/sale of investments | | | 82,957 | | | | — | | | | 82,957 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | (26,357 | ) | | | — | | | | (26,357 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of investments | | | (128,324 | ) | | | — | | | | (128,324 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) investing activities | | | (61,249 | ) | | | — | | | | (61,249 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of employee stock options | | | 1,960 | | | | — | | | | 1,960 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | 405 | | | | — | | | | 405 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of common stock held in treasury | | | (399 | ) | | | — | | | | (399 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings on long-term debt | | | 402,500 | | | | — | | | | 402,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Repayments on long-term debt | | | (120,590 | ) | | | — | | | | (120,590 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financing fees | | | (12,370 | ) | | | — | | | | (12,370 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) financing activities | | | 271,506 | | | | — | | | | 271,506 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | 1,234 | | | | — | | | | 1,234 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Decrease in cash and cash equivalents | | | 217,831 | | | | — | | | | 217,831 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | 97,190 | | | | — | | | | 97,190 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | 315,021 | | | $ | — | | | $ | 315,021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $543, $323, and $(866) to correct the prior presentation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidated Statement of Cash Flows |
|
(Unaudited) |
|
(In thousands) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | March 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Restatement | | | As Corrected | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reported | Adjustment | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
-1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 4,629 | | | $ | (2,061 | ) | | $ | 2,568 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjustment for non-cash items included in net income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | 8,734 | | | | — | | | | 8,734 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | (2,436 | ) | | | 2,061 | | | | (375 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 | | | (29,743 | ) | | | — | | | | (29,743 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | 5,504 | | | | — | | | | 5,504 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income taxes payable | | | 1,659 | | | | — | | | | 1,659 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | 5,630 | | | | — | | | | 5,630 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost in excess of billings | | | 2,677 | | | | — | | | | 2,677 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other current assets and liabilities | | | (14,648 | ) | | | — | | | | (14,648 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other assets and liabilities | | | (3,316 | ) | | | — | | | | (3,316 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (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 provided by (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 provided by (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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1): Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,288), $2,282, and $6 to correct the prior presentation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Condensed Consolidated Statement of Cash Flows |
|
(Unaudited) |
|
(In thousands) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | June 30, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Restatement | | | As | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reported (1) | Adjustment | Corrected | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 9,175 | | | $ | (3,582 | ) | | $ | 5,593 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjustment for non-cash items included in net income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | 18,957 | | | | — | | | | 18,957 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | (2,909 | ) | | | 3,582 | | | | 673 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 | | | (49,871 | ) | | | — | | | | (49,871 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | 4,172 | | | | — | | | | 4,172 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income taxes payable | | | 5,117 | | | | — | | | | 5,117 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | 5,917 | | | | — | | | | 5,917 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost in excess of billings | | | 1,769 | | | | — | | | | 1,769 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other current assets and liabilities | | | (13,425 | ) | | | — | | | | (13,425 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other assets and liabilities | | | (3,889 | ) | | | — | | | | (3,889 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (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 provided by (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 provided by (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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,049), $2,027, and $22 to correct the prior presentation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Condensed Consolidated Statement of Cash Flows |
|
(Unaudited) |
|
(In thousands) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Previously | | | Restatement | | | As | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reported (1) | Adjustment | Corrected | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 12,763 | | | $ | (4,395 | ) | | $ | 8,368 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 | | | (4,717 | ) | | | 4,395 | | | | (322 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 | | | 1,498 | | | | — | | | | 1,498 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Receivables | | | (11,799 | ) | | | — | | | | (11,799 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Inventories | | | (74,061 | ) | | | — | | | | (74,061 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | 10,424 | | | | — | | | | 10,424 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income taxes payable | | | 8,893 | | | | — | | | | 8,893 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | 9,076 | | | | — | | | | 9,076 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost in excess of billings | | | 789 | | | | — | | | | 789 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other current assets and liabilities | | | (7,181 | ) | | | — | | | | (7,181 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other assets and liabilities | | | (12,907 | ) | | | — | | | | (12,907 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) operating activities | | | (25,450 | ) | | | — | | | | (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 provided by (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 provided by (used in) financing activities | | | (1,673 | ) | | | — | | | | (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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,709), $2,540, and $169 to correct the prior presentation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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|
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The following presents the restated Condensed Consolidating Statements of Operations and Condensed Consolidating Balance Sheets of RTI International Metals, Inc., the Company’s Guarantor Subsidiaries, and the Company’s Non-Guarantor Subsidiaries as of and for the periods presented below. The restatement adjustments primarily impact the provision for income tax, deferred tax assets, and all related subtotals. As Restated amounts also include adjustments for the presentation of RTI Connecticut as a discontinued operation, which is reflected in the Non-Guarantors columns. The restatement adjustments only affected net income (loss) and deferred income taxes on the Condensed Consolidating Statements of Cash Flows, and as such they have not been presented given the condensed presentation. The previously reported values represent the corrected balances reported in the Second Amendment to the Company’s Annual Report on Form 10-K/A for the period ended December 31, 2012, as filed on November 12, 2013, unless otherwise noted. |
|
Condensed Consolidating Statement of Operations and Comprehensive Income |
|
Three Months Ended March 31, 2013 |
|
(unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated |
Net sales | | $ | — | | | $ | — | | | $ | 136,173 | | | $ | 136,173 | | | $ | 106,162 | | | $ | 103,464 | | | $ | (50,435 | ) | | $ | (50,435 | ) | | $ | 191,900 | | | $ | 189,202 | |
Cost of sales | | | — | | | | — | | | | 113,470 | | | | 113,470 | | | | 88,951 | | | | 86,914 | | | | (50,435 | ) | | $ | (50,435 | ) | | | 151,986 | | | | 149,949 | |
Selling, general, and administrative expenses | | | 1,213 | | | | 1,213 | | | | 11,708 | | | | 11,708 | | | | 11,987 | | | | 11,684 | | | | — | | | | — | | | | 24,908 | | | | 24,605 | |
Research, technical, and product development expenses | | | — | | | | — | | | | 1,001 | | | | 1,001 | | | | — | | | | — | | | | — | | | | — | | | | 1,001 | | | | 1,001 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | (1,213 | ) | | | (1,213 | ) | | | 9,994 | | | | 9,994 | | | | 5,224 | | | | 4,866 | | | | — | | | | — | | | | 14,005 | | | | 13,647 | |
Other income (expense), net | | | 4,277 | | | | 4,277 | | | | (2,384 | ) | | | (2,384 | ) | | | (1,334 | ) | | | (1,334 | ) | | | — | | | | — | | | | 559 | | | | 559 | |
Interest income (expense), net | | | (4,417 | ) | | | (4,417 | ) | | | 29 | | | | 29 | | | | (377 | ) | | | (377 | ) | | | — | | | | — | | | | (4,765 | ) | | | (4,765 | ) |
Equity in earnings of subsidiaries | | | 7,175 | | | | 5,646 | | | | (373 | ) | | | (373 | ) | | | 106 | | | | 106 | | | | (6,908 | ) | | | (5,379 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 5,822 | | | | 4,293 | | | | 7,266 | | | | 7,266 | | | | 3,619 | | | | 3,261 | | | | (6,908 | ) | | | (5,379 | ) | | | 9,799 | | | | 9,441 | |
Provision for (benefit from) income taxes | | | (995 | ) | | | (675 | ) | | | 2,775 | | | | 2,775 | | | | 1,202 | | | | 2,373 | | | | — | | | | — | | | | 2,982 | | | | 4,473 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 6,817 | | | | 4,968 | | | | 4,491 | | | | 4,491 | | | | 2,417 | | | | 888 | | | | (6,908 | ) | | | (5,379 | ) | | | 6,817 | | | | 4,968 | |
Net income (loss) attributable to discontinued operations, net of tax | | | 151 | | | | (83 | ) | | | — | | | | — | | | | 151 | | | | (83 | ) | | | (151 | ) | | | 83 | | | | 151 | | | | (83 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 6,968 | | | $ | 4,885 | | | $ | 4,491 | | | $ | 4,491 | | | $ | 2,568 | | | $ | 805 | | | $ | (7,059 | ) | | $ | (5,296 | ) | | $ | 6,968 | | | $ | 4,885 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 10,980 | | | $ | 9,500 | | | $ | 10,665 | | | $ | 10,665 | | | $ | (244 | ) | | $ | (1,404 | ) | | $ | (10,421 | ) | | $ | (9,261 | ) | | $ | 10,980 | | | $ | 9,500 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) |
|
Three Months June 30, 2013 |
|
(unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated |
Net sales | | $ | — | | | $ | — | | | $ | 136,778 | | | $ | 136,778 | | | $ | 121,444 | | | $ | 119,617 | | | $ | (57,272 | ) | | $ | (57,272 | ) | | $ | 200,950 | | | $ | 199,123 | |
Cost of sales | | | — | | | | — | | | | 108,580 | | | | 108,580 | | | | 105,474 | | | | 104,038 | | | | (57,272 | ) | | $ | (57,272 | ) | | | 156,782 | | | | 155,346 | |
Selling, general, and administrative expenses | | | 491 | | | | 491 | | | | 11,034 | | | | 11,034 | | | | 11,116 | | | | 10,789 | | | | — | | | | — | | | | 22,641 | | | | 22,314 | |
Research, technical, and product development expenses | | | — | | | | — | | | | 982 | | | | 982 | | | | — | | | | — | | | | — | | | | — | | | | 982 | | | | 982 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | (491 | ) | | | (491 | ) | | | 16,182 | | | | 16,182 | | | | 4,854 | | | | 4,790 | | | | — | | | | — | | | | 20,545 | | | | 20,481 | |
Other income (expense), net | | | (4,167 | ) | | | (4,167 | ) | | | 1,104 | | | | 1,104 | | | | 3,763 | | | | 3,763 | | | | — | | | | — | | | | 700 | | | | 700 | |
Interest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(expense), net | | | (5,605 | ) | | | (5,605 | ) | | | (8,668 | ) | | | (8,668 | ) | | | (6,370 | ) | | | (6,370 | ) | | | — | | | | — | | | | (20,643 | ) | | | (20,643 | ) |
Equity in earnings of subsidiaries | | | 8,220 | | | | 7,364 | | | | 263 | | | | 263 | | | | 847 | | | | 847 | | | | (9,330 | ) | | | (8,474 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | (2,043 | ) | | | (2,899 | ) | | | 8,881 | | | | 8,881 | | | | 3,094 | | | | 3,030 | | | | (9,330 | ) | | | (8,474 | ) | | | 602 | | | | 538 | |
Provision for (benefit from) income taxes | | | (3,523 | ) | | | (3,958 | ) | | | 2,101 | | | | 2,101 | | | | 544 | | | | 1,336 | | | | — | | | | — | | | | (878 | ) | | | (521 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 1,480 | | | | 1,059 | | | | 6,780 | | | | 6,780 | | | | 2,550 | | | | 1,694 | | | | (9,330 | ) | | | (8,474 | ) | | | 1,480 | | | | 1,059 | |
Net loss attributable to discontinued operations, net of tax | | | (307 | ) | | | (389 | ) | | | — | | | | — | | | | (307 | ) | | | (389 | ) | | | 307 | | | | 389 | | | | (307 | ) | | | (389 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 1,173 | | | $ | 670 | | | $ | 6,780 | | | $ | 6,780 | | | $ | 2,243 | | | $ | 1,305 | | | $ | (9,023 | ) | | $ | (8,085 | ) | | $ | 1,173 | | | $ | 670 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | (2,067 | ) | | $ | (1,386 | ) | | $ | 7,862 | | | $ | 7,862 | | | $ | (2,224 | ) | | $ | (1,978 | ) | | $ | (5,638 | ) | | $ | (5,884 | ) | | $ | (2,067 | ) | | $ | (1,386 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidating Statement of Operations and Comprehensive Income |
|
Six Months Ended June 30, 2013 |
|
(unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated |
Net sales | | $ | — | | | $ | — | | | $ | 272,951 | | | $ | 272,951 | | | $ | 227,606 | | | $ | 223,081 | | | $ | (107,707 | ) | | $ | (107,707 | ) | | $ | 392,850 | | | $ | 388,325 | |
Cost of sales | | | — | | | | — | | | | 222,050 | | | | 222,050 | | | | 194,425 | | | | 190,952 | | | | (107,707 | ) | | | (107,707 | ) | | | 308,768 | | | | 305,295 | |
Selling, general, and administrative expenses | | | 1,704 | | | | 1,704 | | | | 22,742 | | | | 22,742 | | | | 23,103 | | | | 22,473 | | | | — | | | | — | | | | 47,549 | | | | 46,919 | |
Research, technical, and product development expenses | | | — | | | | — | | | | 1,983 | | | | 1,983 | | | | — | | | | — | | | | — | | | | — | | | | 1,983 | | | | 1,983 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | (1,704 | ) | | | (1,704 | ) | | | 26,176 | | | | 26,176 | | | | 10,078 | | | | 9,656 | | | | — | | | | — | | | | 34,550 | | | | 34,128 | |
Other income (expense), net | | | 110 | | | | 110 | | | | (1,280 | ) | | | (1,280 | ) | | | 2,429 | | | | 2,429 | | | | — | | | | — | | | | 1,259 | | | | 1,259 | |
Interest income (expense), net | | | (10,022 | ) | | | (10,022 | ) | | | (8,639 | ) | | | (8,639 | ) | | | (6,747 | ) | | | (6,747 | ) | | | — | | | | — | | | | (25,408 | ) | | | (25,408 | ) |
Equity in earnings of subsidiaries | | | 15,395 | | | | 13,010 | | | | (110 | ) | | | (110 | ) | | | 953 | | | | 953 | | | | (16,238 | ) | | | (13,853 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 3,779 | | | | 1,394 | | | | 16,147 | | | | 16,147 | | | | 6,713 | | | | 6,291 | | | | (16,238 | ) | | | (13,853 | ) | | | 10,401 | | | | 9,979 | |
Provision for (benefit from) income taxes | | | (4,518 | ) | | | (4,633 | ) | | | 4,876 | | | | 4,876 | | | | 1,746 | | | | 3,709 | | | | — | | | | — | | | | 2,104 | | | | 3,952 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 8,297 | | | | 6,027 | | | | 11,271 | | | | 11,271 | | | | 4,967 | | | | 2,582 | | | | (16,238 | ) | | | (13,853 | ) | | | 8,297 | | | | 6,027 | |
Net loss attributable to discontinued operations, net of tax | | | (156 | ) | | | (472 | ) | | | — | | | | — | | | | (156 | ) | | | (472 | ) | | | 156 | | | | 472 | | | | (156 | ) | | | (472 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 8,141 | | | $ | 5,555 | | | $ | 11,271 | | | $ | 11,271 | | | $ | 4,811 | | | $ | 2,110 | | | $ | (16,082 | ) | | $ | (13,381 | ) | | $ | 8,141 | | | $ | 5,555 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 8,913 | | | $ | 8,114 | | | $ | 18,528 | | | $ | 18,528 | | | $ | (2,470 | ) | | $ | (3,384 | ) | | $ | (16,058 | ) | | $ | (15,144 | ) | | $ | 8,913 | | | $ | 8,114 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidating Statement of Operations and Comprehensive Income |
|
Three Months Ended September 30, 2013 |
|
(unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated |
Net sales | | $ | — | | | $ | — | | | $ | 128,285 | | | $ | 128,285 | | | $ | 116,754 | | | $ | 115,158 | | | $ | (48,507 | ) | | $ | (48,507 | ) | | $ | 196,532 | | | $ | 194,936 | |
Cost of sales | | | — | | | | — | | | | 103,808 | | | | 103,808 | | | | 96,134 | | | | 94,496 | | | | (48,507 | ) | | $ | (48,507 | ) | | | 151,435 | | | | 149,797 | |
Selling, general, and administrative expenses | | | 712 | | | | 712 | | | | 10,808 | | | | 10,808 | | | | 10,971 | | | | 10,699 | | | | — | | | | — | | | | 22,491 | | | | 22,219 | |
Research, technical, and product development expenses | | | — | | | | — | | | | 1,037 | | | | 1,037 | | | | 4 | | | | 4 | | | | — | | | | — | | | | 1,041 | | | | 1,041 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | (712 | ) | | | (712 | ) | | | 12,632 | | | | 12,632 | | | | 9,645 | | | | 9,959 | | | | — | | | | — | | | | 21,565 | | | | 21,879 | |
Other income (expense), net | | | 4,120 | | | | 4,120 | | | | (2,520 | ) | | | (2,520 | ) | | | (1,894 | ) | | | (1,894 | ) | | | — | | | | — | | | | (294 | ) | | | (294 | ) |
Interest income (expense), net | | | (5,488 | ) | | | (5,488 | ) | | | (1,571 | ) | | | (1,571 | ) | | | (250 | ) | | | (250 | ) | | | — | | | | — | | | | (7,309 | ) | | | (7,309 | ) |
Equity in earnings of subsidiaries | | | 11,876 | | | | 12,268 | | | | (439 | ) | | | (439 | ) | | | 532 | | | | 532 | | | | (11,969 | ) | | | (12,361 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 9,796 | | | | 10,188 | | | | 8,102 | | | | 8,102 | | | | 8,033 | | | | 8,347 | | | | (11,969 | ) | | | (12,361 | ) | | | 13,962 | | | | 14,276 | |
Provision for (benefit from) income taxes | | | (2,496 | ) | | | (2,387 | ) | | | 2,665 | | | | 2,665 | | | | 1,501 | | | | 1,423 | | | | — | | | | — | | | | 1,670 | | | | 1,701 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 12,292 | | | | 12,575 | | | | 5,437 | | | | 5,437 | | | | 6,532 | | | | 6,924 | | | | (11,969 | ) | | | (12,361 | ) | | | 12,292 | | | | 12,575 | |
Net loss attributable to discontinued operations, net of tax | | | — | | | | (280 | ) | | | — | | | | — | | | | — | | | | (280 | ) | | | — | | | | 280 | | | | — | | | | (280 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 12,292 | | | $ | 12,295 | | | $ | 5,437 | | | $ | 5,437 | | | $ | 6,532 | | | $ | 6,644 | | | $ | (11,969 | ) | | $ | (12,081 | ) | | $ | 12,292 | | | $ | 12,295 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 16,251 | | | $ | 15,558 | | | $ | 6,561 | | | $ | 6,561 | | | $ | 9,224 | | | $ | 8,640 | | | $ | (15,785 | ) | | $ | (15,201 | ) | | $ | 16,251 | | | $ | 15,558 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidating Statement of Operations and Comprehensive Income |
|
Nine Months Ended September 30, 2013 |
|
(unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated |
Net sales | | $ | — | | | $ | — | | | $ | 401,236 | | | $ | 401,236 | | | $ | 343,492 | | | $ | 338,239 | | | $ | (156,214 | ) | | $ | (156,214 | ) | | $ | 588,514 | | | $ | 583,261 | |
Cost of sales | | | — | | | | — | | | | 325,858 | | | | 325,858 | | | | 290,548 | | | | 285,448 | | | | (156,214 | ) | | $ | (156,214 | ) | | | 460,192 | | | | 455,092 | |
Selling, general, and administrative expenses | | | 2,416 | | | | 2,416 | | | | 33,550 | | | | 33,550 | | | | 34,074 | | | | 33,172 | | | | — | | | | — | | | | 70,040 | | | | 69,138 | |
Research, technical, and product development expenses | | | — | | | | — | | | | 3,020 | | | | 3,020 | | | | 4 | | | | 4 | | | | — | | | | — | | | | 3,024 | | | | 3,024 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | (2,416 | ) | | | (2,416 | ) | | | 38,808 | | | | 38,808 | | | | 18,866 | | | | 19,615 | | | | — | | | | — | | | | 55,258 | | | | 56,007 | |
Other income (expense), net | | | 4,230 | | | | 4,230 | | | | (3,800 | ) | | | (3,800 | ) | | | 535 | | | | 535 | | | | — | | | | — | | | | 965 | | | | 965 | |
Interest income (expense), net | | | (15,510 | ) | | | (15,510 | ) | | | (10,210 | ) | | | (10,210 | ) | | | (6,997 | ) | | | (6,997 | ) | | | — | | | | — | | | | (32,717 | ) | | | (32,717 | ) |
Equity in earnings of subsidiaries | | | 26,681 | | | | 25,277 | | | | (549 | ) | | | (549 | ) | | | 1,485 | | | | 1,485 | | | | (27,617 | ) | | | (26,213 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 12,985 | | | | 11,581 | | | | 24,249 | | | | 24,249 | | | | 13,889 | | | | 14,638 | | | | (27,617 | ) | | | (26,213 | ) | | | 23,506 | | | | 24,255 | |
Provision for (benefit from) income taxes | | | (7,014 | ) | | | (7,021 | ) | | | 7,541 | | | | 7,541 | | | | 2,980 | | | | 5,133 | | | | — | | | | — | | | | 3,507 | | | | 5,653 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 19,999 | | | | 18,602 | | | | 16,708 | | | | 16,708 | | | | 10,909 | | | | 9,505 | | | | (27,617 | ) | | | (26,213 | ) | | | 19,999 | | | | 18,602 | |
Net loss attributable to discontinued operations, net of tax | | | (156 | ) | | | (752 | ) | | | — | | | | — | | | | (156 | ) | | | (752 | ) | | | 156 | | | | 752 | | | | (156 | ) | | | (752 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 19,843 | | | $ | 17,850 | | | $ | 16,708 | | | $ | 16,708 | | | $ | 10,753 | | | $ | 8,753 | | | $ | (27,461 | ) | | $ | (25,461 | ) | | $ | 19,843 | | | $ | 17,850 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 24,574 | | | $ | 23,672 | | | $ | 25,089 | | | $ | 25,089 | | | $ | 6,164 | | | $ | 5,255 | | | $ | (31,253 | ) | | $ | (30,344 | ) | | $ | 24,574 | | | $ | 23,672 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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|
|
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 | | $ | — | | | $ | — | | | $ | 116,796 | | | $ | 116,796 | | | $ | 95,385 | | | $ | 92,587 | | | $ | (58,111 | ) | | $ | (58,111 | ) | | $ | 154,070 | | | $ | 151,272 | |
Cost of sales | | | — | | | | — | | | | 96,311 | | | | 96,311 | | | | 83,363 | | | | 81,220 | | | | (58,111 | ) | | | (58,111 | ) | | | 121,563 | | | | 119,420 | |
Selling, general, and administrative expenses | | | (102 | ) | | | (102 | ) | | | 9,013 | | | | 9,013 | | | | 11,922 | | | | 11,455 | | | | — | | | | — | | | | 20,833 | | | | 20,366 | |
Research, technical, and product development expenses | | | 95 | | | | 95 | | | | 930 | | | | 930 | | | | 40 | | | | 40 | | | | — | | | | — | | | | 1,065 | | | | 1,065 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | 7 | | | | 7 | | | | 10,542 | | | | 10,542 | | | | 60 | | | | (128 | ) | | | — | | | | — | | | | 10,609 | | | | 10,421 | |
Other income (expense), net | | | (13 | ) | | | (13 | ) | | | 280 | | | | 280 | | | | (535 | ) | | | (535 | ) | | | — | | | | — | | | | (268 | ) | | | (268 | ) |
Interest income (expense), net | | | (4,014 | ) | | | (4,014 | ) | | | 138 | | | | 138 | | | | (320 | ) | | | (320 | ) | | | — | | | | — | | | | (4,196 | ) | | | (4,196 | ) |
Equity in earnings of subsidiaries | | | 7,022 | | | | 5,054 | | | | 1,444 | | | | 1,444 | | | | 1,203 | | | | 1,203 | | | | (9,669 | ) | | | (7,701 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 3,002 | | | | 1,034 | | | | 12,404 | | | | 12,404 | | | | 408 | | | | 220 | | | | (9,669 | ) | | | (7,701 | ) | | | 6,145 | | | | 5,957 | |
Provision for (benefit from) income taxes | | | (1,056 | ) | | | (853 | ) | | | 3,030 | | | | 3,030 | | | | 113 | | | | 1,893 | | | | — | | | | — | | | | 2,087 | | | | 4,070 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 4,058 | | | | 1,887 | | | | 9,374 | | | | 9,374 | | | | 295 | | | | (1,673 | ) | | | (9,669 | ) | | | (7,701 | ) | | | 4,058 | | | | 1,887 | |
Net income attributable to discontinued operations, net of tax | | | 571 | | | | 681 | | | | — | | | | — | | | | 571 | | | | 681 | | | | (571 | ) | | | (681 | ) | | | 571 | | | | 681 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 4,629 | | | $ | 2,568 | | | $ | 9,374 | | | $ | 9,374 | | | $ | 866 | | | $ | (992 | ) | | $ | (10,240 | ) | | $ | (8,382 | ) | | $ | 4,629 | | | $ | 2,568 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 8,032 | | | $ | 5,418 | | | $ | 10,433 | | | $ | 10,433 | | | $ | 3,058 | | | $ | 647 | | | $ | (13,491 | ) | | $ | (11,080 | ) | | $ | 8,032 | | | $ | 5,418 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
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 | | | $ | 92,640 | | | $ | 90,597 | | | $ | (56,195 | ) | | $ | (56,195 | ) | | $ | 184,462 | | | $ | 182,419 | |
Cost of sales | | | — | | | | — | | | | 127,484 | | | | 127,484 | | | | 79,154 | | | | 77,558 | | | | (56,195 | ) | | | (56,195 | ) | | | 150,443 | | | | 148,847 | |
Selling, general, and administrative expenses | | | (933 | ) | | | (933 | ) | | | 14,635 | | | | 14,635 | | | | 8,976 | | | | 8,648 | | | | — | | | | — | | | | 22,678 | | | | 22,350 | |
Research, technical, and product development expenses | | | — | | | | — | | | | 1,208 | | | | 1,208 | | | | (104 | ) | | | (104 | ) | | | — | | | | — | | | | 1,104 | | | | 1,104 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | 933 | | | | 933 | | | | 4,690 | | | | 4,690 | | | | 4,614 | | | | 4,495 | | | | — | | | | — | | | | 10,237 | | | | 10,118 | |
Other income (expense), net | | | (32 | ) | | | (32 | ) | | | — | | | | — | | | | 602 | | | | 602 | | | | — | | | | — | | | | 570 | | | | 570 | |
Interest income (expense), net | | | (3,903 | ) | | | (3,903 | ) | | | (15 | ) | | | (15 | ) | | | (258 | ) | | | (258 | ) | | | — | | | | — | | | | (4,176 | ) | | | (4,176 | ) |
Equity in earnings of subsidiaries | | | 4,258 | | | | 2,690 | | | | 2,512 | | | | 2,512 | | | | 413 | | | | 413 | | | | (7,183 | ) | | | (5,615 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | 1,256 | | | | (312 | ) | | | 7,187 | | | | 7,187 | | | | 5,371 | | | | 5,252 | | | | (7,183 | ) | | | (5,615 | ) | | | 6,631 | | | | 6,512 | |
Provision for (benefit from) income taxes | | | (2,837 | ) | | | (2,803 | ) | | | 2,926 | | | | 2,926 | | | | 2,449 | | | | 3,898 | | | | — | | | | — | | | | 2,538 | | | | 4,021 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 4,093 | | | | 2,491 | | | | 4,261 | | | | 4,261 | | | | 2,922 | | | | 1,354 | | | | (7,183 | ) | | | (5,615 | ) | | | 4,093 | | | | 2,491 | |
Net income attributable to discontinued operations, net of tax | | | 453 | | | | 534 | | | | — | | | | — | | | | 453 | | | | 534 | | | | (453 | ) | | | (534 | ) | | | 453 | | | | 534 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 4,546 | | | $ | 3,025 | | | $ | 4,261 | | | $ | 4,261 | | | $ | 3,375 | | | $ | 1,888 | | | $ | (7,636 | ) | | $ | (6,149 | ) | | $ | 4,546 | | | $ | 3,025 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 3,173 | | | $ | 2,284 | | | $ | 5,312 | | | $ | 5,312 | | | $ | 798 | | | $ | (57 | ) | | $ | (6,110 | ) | | $ | (5,255 | ) | | $ | 3,173 | | | $ | 2,284 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
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 | | | $ | 205,104 | | | $ | 200,263 | | | $ | (114,306 | ) | | $ | (114,306 | ) | | $ | 338,532 | | | $ | 333,691 | |
Cost of sales | | | — | | | | — | | | | 209,233 | | | | 209,233 | | | | 177,079 | | | $ | 173,340 | | | | (114,306 | ) | | | (114,306 | ) | | | 272,006 | | | | 268,267 | |
Selling, general, and administrative expenses | | | (1,035 | ) | | | (1,035 | ) | | | 21,324 | | | | 21,324 | | | | 23,222 | | | $ | 22,427 | | | | — | | | | — | | | | 43,511 | | | | 42,716 | |
Research, technical, and product development expenses | | | 95 | | | | 95 | | | | 2,024 | | | | 2,024 | | | | 50 | | | $ | 50 | | | | — | | | | — | | | | 2,169 | | | | 2,169 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | 940 | | | | 940 | | | | 15,153 | | | | 15,153 | | | | 4,753 | | | | 4,446 | | | | — | | | | — | | | | 20,846 | | | | 20,539 | |
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 | | | 11,280 | | | | 7,743 | | | | 3,956 | | | | 3,956 | | | | 1,616 | | | | 1,616 | | | | (16,852 | ) | | | (13,315 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 4,258 | | | | 721 | | | | 19,549 | | | | 19,549 | | | | 5,821 | | | | 5,514 | | | | (16,852 | ) | | | (13,315 | ) | | | 12,776 | | | | 12,469 | |
Provision for (benefit from) income taxes | | | (3,893 | ) | | | (3,657 | ) | | | 5,968 | | | | 5,968 | | | | 2,550 | | | | 5,780 | | | | — | | | | — | | | | 4,625 | | | | 8,091 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 8,151 | | | | 4,378 | | | | 13,581 | | | | 13,581 | | | | 3,271 | | | | (266 | ) | | | (16,852 | ) | | | (13,315 | ) | | | 8,151 | | | | 4,378 | |
Net income attributable to discontinued operations, net of tax | | | 1,024 | | | | 1,215 | | | | — | | | | — | | | | 1,024 | | | | 1,215 | | | | (1,024 | ) | | | (1,215 | ) | | | 1,024 | | | | 1,215 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 9,175 | | | $ | 5,593 | | | $ | 13,581 | | | $ | 13,581 | | | $ | 4,295 | | | $ | 949 | | | $ | (17,876 | ) | | $ | (14,530 | ) | | $ | 9,175 | | | $ | 5,593 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 11,205 | | | $ | 7,702 | | | $ | 15,691 | | | $ | 15,691 | | | $ | 3,910 | | | $ | 643 | | | $ | (19,601 | ) | | $ | (16,334 | ) | | $ | 11,205 | | | $ | 7,702 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
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 | | | $ | 103,618 | | | $ | 101,739 | | | $ | (52,205 | ) | | $ | (52,205 | ) | | $ | 182,545 | | | $ | 180,666 | |
Cost of sales | | | — | | | | — | | | | 114,706 | | | | 114,706 | | | | 86,394 | | | | 84,798 | | | | (52,205 | ) | | $ | (52,205 | ) | | | 148,895 | | | | 147,299 | |
Selling, general, and administrative expenses | | | (1,442 | ) | | | (1,442 | ) | | | 12,048 | | | | 12,048 | | | | 11,119 | | | | 10,810 | | | | — | | | | — | | | | 21,725 | | | | 21,416 | |
Research, technical, and product development expenses | | | — | | | | — | | | | 1,000 | | | | 1,000 | | | | 12 | | | | 12 | | | | — | | | | — | | | | 1,012 | | | | 1,012 | |
Asset and asset-related charges | | | — | | | | — | | | | 1,617 | | | | 1,617 | | | | — | | | | — | | | | — | | | | — | | | | 1,617 | | | | 1,617 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | 1,442 | | | | 1,442 | | | | 1,761 | | | | 1,761 | | | | 6,093 | | | | 6,119 | | | | — | | | | — | | | | 9,296 | | | | 9,322 | |
Other income (expense), net | | | (3 | ) | | | (3 | ) | | | 20 | | | | 20 | | | | (1 | ) | | | (1 | ) | | | — | | | | — | | | | 16 | | | | 16 | |
Interest income (expense), net | | | (4,358 | ) | | | (4,358 | ) | | | 36 | | | | 36 | | | | (368 | ) | | | (368 | ) | | | — | | | | — | | | | (4,690 | ) | | | (4,690 | ) |
Equity in earnings of subsidiaries | | | 5,034 | | | | 4,106 | | | | 1,231 | | | | 1,231 | | | | 374 | | | | 374 | | | | (6,639 | ) | | | (5,711 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 2,115 | | | | 1,187 | | | | 3,048 | | | | 3,048 | | | | 6,098 | | | | 6,124 | | | | (6,639 | ) | | | (5,711 | ) | | | 4,622 | | | | 4,648 | |
Provision for (benefit from) income taxes | | | (1,084 | ) | | | (1,225 | ) | | | 705 | | | | 705 | | | | 1,802 | | | | 2,756 | | | | — | | | | — | | | | 1,423 | | | | 2,236 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 3,199 | | | | 2,412 | | | | 2,343 | | | | 2,343 | | | | 4,296 | | | | 3,368 | | | | (6,639 | ) | | | (5,711 | ) | | | 3,199 | | | | 2,412 | |
Net income attributable to discontinued operations, net of tax | | | 389 | | | | 363 | | | | — | | | | — | | | | 389 | | | | 363 | | | | (389 | ) | | | (363 | ) | | | 389 | | | | 363 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 3,588 | | | $ | 2,775 | | | $ | 2,343 | | | $ | 2,343 | | | $ | 4,685 | | | $ | 3,731 | | | $ | (7,028 | ) | | $ | (6,074 | ) | | $ | 3,588 | | | $ | 2,775 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 9,297 | | | $ | 7,372 | | | $ | 3,394 | | | $ | 3,394 | | | $ | 9,193 | | | $ | 7,127 | | | $ | (12,587 | ) | | $ | (10,521 | ) | | $ | 9,297 | | | $ | 7,372 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
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 | Reported | Restated | Reported | Restated | Reported | Restated |
Net sales | | $ | — | | | $ | — | | | $ | 378,866 | | | $ | 378,866 | | | $ | 308,722 | | | $ | 302,002 | | | $ | (166,511 | ) | | $ | (166,511 | ) | | $ | 521,077 | | | $ | 514,357 | |
Cost of sales | | | — | | | | — | | | | 323,939 | | | | 323,939 | | | | 263,473 | | | $ | 258,138 | | | | (166,511 | ) | | $ | (166,511 | ) | | | 420,901 | | | | 415,566 | |
Selling, general, and administrative expenses | | | (2,477 | ) | | | (2,477 | ) | | | 33,372 | | | | 33,372 | | | | 34,341 | | | | 33,237 | | | | — | | | | — | | | | 65,236 | | | | 64,132 | |
Research, technical, and product development expenses | | | 95 | | | | 95 | | | | 3,024 | | | | 3,024 | | | | 62 | | | | 62 | | | | — | | | | — | | | | 3,181 | | | | 3,181 | |
Asset and asset-related charges | | | — | | | | — | | | | 1,617 | | | | 1,617 | | | | — | | | | — | | | | — | | | | — | | | | 1,617 | | | | 1,617 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | 2,382 | | | | 2,382 | | | | 16,914 | | | | 16,914 | | | | 10,846 | | | | 10,565 | | | | — | | | | — | | | | 30,142 | | | | 29,861 | |
Other income (expense), net | | | (48 | ) | | | (48 | ) | | | 301 | | | | 301 | | | | 65 | | | | 65 | | | | — | | | | — | | | | 318 | | | | 318 | |
Interest income (expense), net | | | (12,275 | ) | | | (12,275 | ) | | | 195 | | | | 195 | | | | (982 | ) | | | (982 | ) | | | — | | | | — | | | | (13,062 | ) | | | (13,062 | ) |
Equity in earnings of subsidiaries | | | 16,314 | | | | 11,849 | | | | 5,185 | | | | 5,185 | | | | 1,990 | | | | 1,990 | | | | (23,489 | ) | | | (19,024 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 6,373 | | | | 1,908 | | | | 22,595 | | | | 22,595 | | | | 11,919 | | | | 11,638 | | | | (23,489 | ) | | | (19,024 | ) | | | 17,398 | | | | 17,117 | |
Provision for (benefit from) income taxes | | | (4,977 | ) | | | (4,882 | ) | | | 6,673 | | | | 6,673 | | | | 4,352 | | | | 8,536 | | | | — | | | | — | | | | 6,048 | | | | 10,327 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | | 11,350 | | | | 6,790 | | | | 15,922 | | | | 15,922 | | | | 7,567 | | | | 3,102 | | | | (23,489 | ) | | | (19,024 | ) | | | 11,350 | | | | 6,790 | |
Net income attributable to discontinued operations, net of tax | | | 1,413 | | | | 1,578 | | | | — | | | | — | | | | 1,413 | | | | 1,578 | | | | (1,413 | ) | | | (1,578 | ) | | | 1,413 | | | | 1,578 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 12,763 | | | $ | 8,368 | | | $ | 15,922 | | | $ | 15,922 | | | $ | 8,980 | | | $ | 4,680 | | | $ | (24,902 | ) | | $ | (20,602 | ) | | $ | 12,763 | | | $ | 8,368 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 20,502 | | | $ | 15,074 | | | $ | 19,083 | | | $ | 19,083 | | | $ | 13,103 | | | $ | 7,770 | | | $ | (32,186 | ) | | $ | (26,853 | ) | | $ | 20,502 | | | $ | 15,074 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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|
|
RTI INTERNATIONAL METALS, INC. AND SUBSIDIARIES |
|
Notes to Consolidated Financial Statements |
|
(In thousands, except share and per share amounts, unless otherwise indicated) |
|
Condensed Consolidating Balance Sheet |
|
March 31, 2013 |
|
(unaudited) |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | — | | | $ | 50,601 | | | $ | 50,601 | | | $ | 7,414 | | | $ | 7,414 | | | $ | — | | | $ | — | | | $ | 58,015 | | | $ | 58,015 | |
Receivables, net | | | 1,049 | | | | 1,049 | | | | 76,104 | | | | 76,104 | | | | 63,454 | | | | 62,642 | | | | (26,532 | ) | | | (26,532 | ) | | | 114,075 | | | | 113,263 | |
Inventories, net | | | — | | | | — | | | | 237,340 | | | | 237,340 | | | | 175,893 | | | | 163,993 | | | | — | | | | — | | | | 413,233 | | | | 401,333 | |
Costs in excess of billings | | | — | | | | — | | | | 1,739 | | | | 1,739 | | | | 1,679 | | | | 2,105 | | | | — | | | | — | | | | 3,418 | | | | 3,844 | |
Deferred income taxes | | | 30,068 | | | | 30,994 | | | | — | | | | — | | | | 116 | | | | 116 | | | | — | | | | — | | | | 30,184 | | | | 31,110 | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | 14,971 | | | | 23,919 | | | | — | | | | — | | | | 14,971 | | | | 23,919 | |
Other current assets | | | 5,355 | | | | 5,355 | | | | 2,483 | | | | 2,483 | | | | 3,911 | | | | 3,911 | | | | — | | | | — | | | | 11,749 | | | | 11,749 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 36,472 | | | | 37,398 | | | | 368,267 | | | | 368,267 | | | | 267,438 | | | | 264,100 | | | | (26,532 | ) | | | (26,532 | ) | | | 645,645 | | | | 643,233 | |
Property, plant, and equipment, net | | | 1,464 | | | | 1,464 | | | | 303,604 | | | | 303,604 | | | | 66,231 | | | | 66,108 | | | | — | | | | — | | | | 371,299 | | | | 371,176 | |
Goodwill | | | — | | | | — | | | | 98,925 | | | | 93,665 | | | | 36,416 | | | | 36,351 | | | | — | | | | — | | | | 135,341 | | | | 130,016 | |
Other intangible assets, net | | | — | | | | — | | | | 34,511 | | | | 34,511 | | | | 20,717 | | | | 20,717 | | | | — | | | | — | | | | 55,228 | | | | 55,228 | |
Deferred income taxes | | | — | | | | — | | | | — | | | | — | | | | 33,856 | | | | — | | | | (4,232 | ) | | | — | | | | 29,624 | | | | — | |
Other noncurrent assets | | | 3,792 | | | | 3,792 | | | | 201 | | | | 201 | | | | 4,074 | | | | 4,074 | | | | — | | | | — | | | | 8,067 | | | | 8,067 | |
Intercompany investments | | | 993,293 | | | | 952,158 | | | | 26,441 | | | | 26,441 | | | | 5,130 | | | | 5,130 | | | | (1,024,864 | ) | | | (983,729 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,035,021 | | | $ | 994,812 | | | $ | 831,949 | | | $ | 826,689 | | | $ | 433,862 | | | $ | 396,480 | | | $ | (1,055,628 | ) | | $ | (1,010,261 | ) | | $ | 1,245,204 | | | $ | 1,207,720 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 1,355 | | | $ | 1,355 | | | $ | 57,013 | | | $ | 57,013 | | | $ | 47,751 | | | $ | 47,409 | | | $ | (26,532 | ) | | $ | (26,532 | ) | | $ | 79,587 | | | $ | 79,245 | |
Accrued wages and other employee costs | | | 3,487 | | | | 3,487 | | | | 12,091 | | | | 12,091 | | | | 6,248 | | | | 6,151 | | | | — | | | | — | | | | 21,826 | | | | 21,729 | |
Unearned revenue | | | — | | | | — | | | | 1,237 | | | | 1,237 | | | | 22,603 | | | | 21,246 | | | | — | | | | — | | | | 23,840 | | | | 22,483 | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | 2,821 | | | | 3,269 | | | | — | | | | — | | | | 2,821 | | | | 3,269 | |
Other accrued liabilities | | | 8,194 | | | | 8,806 | | | | 7,156 | | | | 7,156 | | | | 10,029 | | | | 9,870 | | | | — | | | | — | | | | 25,379 | | | | 25,832 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 13,036 | | | | 13,648 | | | | 77,497 | | | | 77,497 | | | | 89,452 | | | | 87,945 | | | | (26,532 | ) | | | (26,532 | ) | | | 153,453 | | | | 152,558 | |
Long-term debt | | | 199,206 | | | | 199,206 | | | | 1,457 | | | | 1,457 | | | | — | | | | — | | | | — | | | | — | | | | 200,663 | | | | 200,663 | |
Intercompany debt | | | — | | | | — | | | | 109,444 | | | | 109,444 | | | | 119,403 | | | | 119,403 | | | | (228,847 | ) | | | (228,847 | ) | | | — | | | | — | |
Liability for post-retirement benefits | | | — | | | | — | | | | 43,729 | | | | 43,729 | | | | — | | | | — | | | | — | | | | — | | | | 43,729 | | | | 43,729 | |
Liability for pension benefits | | | 6,678 | | | | 6,678 | | | | 8,392 | | | | 8,392 | | | | 159 | | | | 159 | | | | — | | | | — | | | | 15,229 | | | | 15,229 | |
Deferred income taxes | | | 52,150 | | | | 47,082 | | | | — | | | | — | | | | 3,482 | | | | 3,482 | | | | (4,232 | ) | | | — | | | | 51,400 | | | | 50,564 | |
Unearned revenue | | | — | | | | — | | | | — | | | | — | | | | 12,792 | | | | 12,792 | | | | — | | | | — | | | | 12,792 | | | | 12,792 | |
Other noncurrent liabilities | | | 8,142 | | | | 8,142 | | | | 3,785 | | | | 3,785 | | | | 202 | | | | 202 | | | | — | | | | — | | | | 12,129 | | | | 12,129 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 279,212 | | | | 274,756 | | | | 244,304 | | | | 244,304 | | | | 225,490 | | | | 223,983 | | | | (259,611 | ) | | | (255,379 | ) | | | 489,395 | | | | 487,664 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 755,809 | | | | 720,056 | | | | 587,645 | | | | 582,385 | | | | 208,372 | | | | 172,497 | | | | (796,017 | ) | | | (754,882 | ) | | | 755,809 | | | | 720,056 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,035,021 | | | $ | 994,812 | | | $ | 831,949 | | | $ | 826,689 | | | $ | 433,862 | | | $ | 396,480 | | | $ | (1,055,628 | ) | | $ | (1,010,261 | ) | | $ | 1,245,204 | | | $ | 1,207,720 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company’s Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings have been adjusted by $(1,739) and $1,739 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes and shareholders’ equity, were adjusted by $3,590, $-, $(6,790), $(685), $(2,515), and $- for the Parent; by $(2,437), $(28,939), $-, $-, $(26,657) and $(4,719) for the Guarantor Subsidiaries; by $(1,153), $(174), $-, $685, $59, and $(2,071) for the Non-Guarantor Subsidiaries; and by $-, $29,113, $6,790, $-, $29,113, and $6,790 for the Eliminations, to correct the presentation of deferred income tax balances. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidating Balance Sheet |
|
June 30, 2013 |
|
(unaudited) |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As Restated | | | Previously | | | As Restated | | | Previously | | | As | | | Previously | | | As Restated | | | Previously | | | As Restated | |
Reported | Reported | Reported | Restated | Reported (1) | Reported |
-1 | -1 | -1 | | | -1 |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | — | | | $ | 225,802 | | | $ | 225,802 | | | $ | 5,631 | | | $ | 5,631 | | | $ | — | | | $ | — | | | $ | 231,433 | | | $ | 231,433 | |
Short term investments | | | — | | | | — | | | | 128,205 | | | | 128,205 | | | | — | | | | — | | | | — | | | | — | | | | 128,205 | | | | 128,205 | |
Receivables, net | | | 725 | | | | 725 | | | | 66,951 | | | | 66,951 | | | | 62,847 | | | | 62,254 | | | | (23,643 | ) | | | (23,643 | ) | | | 106,880 | | | | 106,287 | |
Inventories, net | | | — | | | | — | | | | 240,396 | | | | 240,396 | | | | 180,397 | | | | 168,831 | | | | — | | | | — | | | | 420,793 | | | | 409,227 | |
Costs in excess of billings | | | — | | | | — | | | | 544 | | | | 544 | | | | 911 | | | | 2,216 | | | | — | | | | — | | | | 1,455 | | | | 2,760 | |
Deferred income taxes | | | 30,559 | | | | 31,574 | | | | — | | | | — | | | | 116 | | | | 116 | | | | — | | | | — | | | | 30,675 | | | | 31,690 | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | 8,076 | | | | — | | | | — | | | | — | | | | 8,076 | |
Other current assets | | | 15,080 | | | | 14,902 | | | | 2,040 | | | | 2,040 | | | | 4,870 | | | | 5,026 | | | | — | | | | — | | | | 21,990 | | | | 21,968 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 46,364 | | | | 47,201 | | | | 663,938 | | | | 663,938 | | | | 254,772 | | | | 252,150 | | | | (23,643 | ) | | | (23,643 | ) | | | 941,431 | | | | 939,646 | |
Property, plant, and equipment, net | | | 1,769 | | | | 1,769 | | | | 301,157 | | | | 301,157 | | | | 65,437 | | | | 65,320 | | | | — | | | | — | | | | 368,363 | | | | 368,246 | |
Goodwill | | | — | | | | — | | | | 98,925 | | | | 93,665 | | | | 35,898 | | | | 35,833 | | | | — | | | | — | | | | 134,823 | | | | 129,498 | |
Other intangible assets, net | | | — | | | | — | | | | 33,869 | | | | 33,869 | | | | 19,957 | | | | 19,957 | | | | — | | | | — | | | | 53,826 | | | | 53,826 | |
Deferred income taxes | | | — | | | | — | | | | — | | | | — | | | | 33,483 | | | | — | | | | (3,868 | ) | | | — | | | | 29,615 | | | | — | |
Other noncurrent assets | | | 9,598 | | | | 9,598 | | | | 201 | | | | 201 | | | | 3,882 | | | | 3,882 | | | | — | | | | — | | | | 13,681 | | | | 13,681 | |
Intercompany investments | | | 1,259,553 | | | | 1,218,576 | | | | 26,704 | | | | 26,704 | | | | 4,689 | | | | 4,689 | | | | (1,290,946 | ) | | | (1,249,969 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,317,284 | | | $ | 1,277,144 | | | $ | 1,124,794 | | | $ | 1,119,534 | | | $ | 418,118 | | | $ | 381,831 | | | $ | (1,318,457 | ) | | $ | (1,273,612 | ) | | $ | 1,541,739 | | | $ | 1,504,897 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 2,080 | | | $ | 2,080 | | | $ | 48,293 | | | $ | 48,293 | | | $ | 44,066 | | | $ | 43,725 | | | $ | (23,643 | ) | | $ | (23,643 | ) | | $ | 70,796 | | | $ | 70,455 | |
Accrued wages and other employee costs | | | 4,989 | | | | 4,989 | | | | 13,406 | | | | 13,406 | | | | 7,960 | | | | 7,859 | | | | — | | | | — | | | | 26,355 | | | | 26,254 | |
Unearned revenue | | | — | | | | — | | | | 185 | | | | 185 | | | | 49,700 | | | | 49,130 | | | | — | | | | — | | | | 49,885 | | | | 49,315 | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | 501 | | | | — | | | | — | | | | — | | | | 501 | |
Other accrued liabilities | | | 4,955 | | | | 4,955 | | | | 6,961 | | | | 6,961 | | | | 7,936 | | | | 7,877 | | | | — | | | | — | | | | 19,852 | | | | 19,793 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 12,024 | | | | 12,024 | | | | 68,845 | | | | 68,845 | | | | 109,662 | | | | 109,092 | | | | (23,643 | ) | | | (23,643 | ) | | | 166,888 | | | | 166,318 | |
Long-term debt | | | 414,004 | | | | 414,004 | | | | 1,216 | | | | 1,216 | | | | — | | | | — | | | | — | | | | — | | | | 415,220 | | | | 415,220 | |
Intercompany debt | | | — | | | | — | | | | 403,142 | | | | 403,142 | | | | 86,039 | | | | 86,039 | | | | (489,181 | ) | | | (489,181 | ) | | | — | | | | — | |
Liability for post-retirement benefits | | | — | | | | — | | | | 43,944 | | | | 43,944 | | | | — | | | | — | | | | — | | | | — | | | | 43,944 | | | | 43,944 | |
Liability for pension benefits | | | 6,767 | | | | 6,767 | | | | 7,997 | | | | 7,997 | | | | 159 | | | | 159 | | | | — | | | | — | | | | 14,923 | | | | 14,923 | |
Deferred income taxes | | | 81,576 | | | | 76,508 | | | | — | | | | — | | | | 3,482 | | | | 3,482 | | | | (3,868 | ) | | | — | | | | 81,190 | | | | 79,990 | |
Unearned revenue | | | — | | | | — | | | | — | | | | — | | | | 12,496 | | | | 12,496 | | | | — | | | | — | | | | 12,496 | | | | 12,496 | |
Other noncurrent liabilities | | | 8,142 | | | | 8,142 | | | | 3,950 | | | | 3,950 | | | | 215 | | | | 215 | | | | — | | | | — | | | | 12,307 | | | | 12,307 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 522,513 | | | | 517,445 | | | | 529,094 | | | | 529,094 | | | | 212,053 | | | | 211,483 | | | | (516,692 | ) | | | (512,824 | ) | | | 746,968 | | | | 745,198 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 794,771 | | | | 759,699 | | | | 595,700 | | | | 590,440 | | | | 206,065 | | | | 170,348 | | | | (801,765 | ) | | | (760,788 | ) | | | 794,771 | | | | 759,699 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,317,284 | | | $ | 1,277,144 | | | $ | 1,124,794 | | | $ | 1,119,534 | | | $ | 418,118 | | | $ | 381,831 | | | $ | (1,318,457 | ) | | $ | (1,273,612 | ) | | $ | 1,541,739 | | | $ | 1,504,897 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(359), $544, and $185 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders’ equity, were adjusted by $4,081, $-, $(6,671), $(685), $(1,905), and $- for the Parent; by $(2,437), $(28,271), $-, $-, $(26,646), and $(4,062) for the Guarantor Subsidiaries; by $(1,644), $(169), $-, $685, $111, and $(2,609) for the Non-Guarantor Subsidiaries; and by $-, $28,440, $6,671, $-, $28,440, and $6,671 for the Eliminations, to correct the presentation of deferred income tax balances. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidating Balance Sheet |
|
September 30, 2013 |
|
(unaudited) |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
International |
Metals, Inc. |
| | Previously | | | As Restated | | | Previously | | | As Restated | | | Previously | | | As | | | Previously | | | As Restated | | | Previously | | | As Restated | |
Reported (1) | Reported (1) | Reported (1) | Restated | Reported (1) | Reported (1) |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | — | | | $ | 263,561 | | | $ | 263,561 | | | $ | 51,460 | | | $ | 51,460 | | | $ | — | | | $ | — | | | $ | 315,021 | | | $ | 315,021 | |
Short term investments | | | — | | | | — | | | | 45,187 | | | | 45,187 | | | | — | | | | — | | | | — | | | | — | | | | 45,187 | | | | 45,187 | |
Receivables, net | | | 716 | | | | 716 | | | | 64,790 | | | | 64,790 | | | | 76,167 | | | | 75,463 | | | | (22,846 | ) | | | (22,846 | ) | | | 118,827 | | | | 118,123 | |
Inventories, net | | | — | | | | — | | | | 251,257 | | | | 251,257 | | | | 167,901 | | | | 161,199 | | | | — | | | | — | | | | 419,158 | | | | 412,456 | |
Costs in excess of billings | | | — | | | | — | | | | 1,242 | | | | 1,242 | | | | 3,425 | | | | 3,425 | | | | — | | | | — | | | | 4,667 | | | | 4,667 | |
Deferred income taxes | | | 31,290 | | | | 31,290 | | | | — | | | | — | | | | 116 | | | | 116 | | | | — | | | | — | | | | 31,406 | | | | 31,406 | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | 7,582 | | | | — | | | | — | | | | — | | | | 7,582 | |
Other current assets | | | 16,361 | | | | 16,075 | | | | 1,676 | | | | 1,676 | | | | 5,004 | | | | 5,157 | | | | | | | | — | | | | 23,041 | | | | 22,908 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 48,367 | | | | 48,081 | | | | 627,713 | | | | 627,713 | | | | 304,073 | | | | 304,402 | | | | (22,846 | ) | | | (22,846 | ) | | | 957,307 | | | | 957,350 | |
Property, plant, and equipment, net | | | 2,124 | | | | 2,124 | | | | 297,308 | | | | 297,308 | | | | 68,417 | | | | 68,306 | | | | — | | | | — | | | | 367,849 | | | | 367,738 | |
Goodwill | | | — | | | | — | | | | 93,665 | | | | 93,665 | | | | 36,173 | | | | 36,108 | | | | — | | | | — | | | | 129,838 | | | | 129,773 | |
Other intangible assets, net | | | — | | | | — | | | | 33,226 | | | | 33,226 | | | | 19,816 | | | | 19,816 | | | | — | | | | — | | | | 53,042 | | | | 53,042 | |
Deferred income taxes | | | — | | | | — | | | | — | | | | — | | | | 34,065 | | | | — | | | | (4,630 | ) | | | — | | | | 29,435 | | | | — | |
Other noncurrent assets | | | 10,982 | | | | 10,982 | | | | 201 | | | | 201 | | | | 3,727 | | | | 3,727 | | | | — | | | | — | | | | 14,910 | | | | 14,910 | |
Intercompany investments | | | 1,274,085 | | | | 1,240,173 | | | | 26,265 | | | | 26,265 | | | | 5,221 | | | | 5,221 | | | | (1,305,571 | ) | | | (1,271,659 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,335,558 | | | $ | 1,301,360 | | | $ | 1,078,378 | | | $ | 1,078,378 | | | $ | 471,492 | | | $ | 437,580 | | | $ | (1,333,047 | ) | | $ | (1,294,505 | ) | | $ | 1,552,381 | | | $ | 1,522,813 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 1,256 | | | $ | 1,256 | | | $ | 55,171 | | | $ | 55,171 | | | $ | 41,458 | | | $ | 41,111 | | | $ | (22,846 | ) | | $ | (22,846 | ) | | $ | 75,039 | | | $ | 74,692 | |
Accrued wages and other employee costs | | | 5,763 | | | | 5,763 | | | | 15,594 | | | | 15,594 | | | | 8,444 | | | | 8,340 | | | | — | | | | — | | | | 29,801 | | | | 29,697 | |
Unearned revenue | | | — | | | | — | | | | — | | | | — | | | | 38,467 | | | | 38,467 | | | | — | | | | — | | | | 38,467 | | | | 38,467 | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | 471 | | | | — | | | | — | | | | — | | | | 471 | |
Other accrued liabilities | | | 8,911 | | | | 8,911 | | | | 8,054 | | | | 8,054 | | | | 9,072 | | | | 9,052 | | | | — | | | | — | | | | 26,037 | | | | 26,017 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 15,930 | | | | 15,930 | | | | 78,819 | | | | 78,819 | | | | 97,441 | | | | 97,441 | | | | (22,846 | ) | | | (22,846 | ) | | | 169,344 | | | | 169,344 | |
Long-term debt | | | 418,269 | | | | 418,269 | | | | 980 | | | | 980 | | | | — | | | | — | | | | — | | | | — | | | | 419,249 | | | | 419,249 | |
Intercompany debt | | | — | | | | — | | | | 350,821 | | | | 350,821 | | | | 111,758 | | | | 111,758 | | | | (462,579 | ) | | | (462,579 | ) | | | — | | | | — | |
Liability for post-retirement benefits | | | — | | | | — | | | | 44,112 | | | | 44,112 | | | | — | | | | — | | | | — | | | | — | | | | 44,112 | | | | 44,112 | |
Liability for pension benefits | | | 6,856 | | | | 6,856 | | | | 3,281 | | | | 3,281 | | | | 160 | | | | 160 | | | | — | | | | — | | | | 10,297 | | | | 10,297 | |
Deferred income taxes | | | 75,030 | | | | 75,030 | | | | — | | | | — | | | | 3,482 | | | | 3,482 | | | | (4,630 | ) | | | — | | | | 73,882 | | | | 78,512 | |
Unearned revenue | | | — | | | | — | | | | — | | | | — | | | | 12,033 | | | | 12,033 | | | | — | | | | — | | | | 12,033 | | | | 12,033 | |
Other noncurrent liabilities | | | 8,143 | | | | 8,143 | | | | 3,753 | | | | 3,753 | | | | 238 | | | | 238 | | | | — | | | | — | | | | 12,134 | | | | 12,134 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 524,228 | | | | 524,228 | | | | 481,766 | | | | 481,766 | | | | 225,112 | | | | 225,112 | | | | (490,055 | ) | | | (485,425 | ) | | | 741,051 | | | | 745,681 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 811,330 | | | | 777,132 | | | | 596,612 | | | | 596,612 | | | | 246,380 | | | | 212,468 | | | | (842,992 | ) | | | (809,080 | ) | | | 811,330 | | | | 777,132 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,335,558 | | | $ | 1,301,360 | | | $ | 1,078,378 | | | $ | 1,078,378 | | | $ | 471,492 | | | $ | 437,580 | | | $ | (1,333,047 | ) | | $ | (1,294,505 | ) | | $ | 1,552,381 | | | $ | 1,522,813 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings have been adjusted by $(1,242) and $1,242 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes and shareholders’ equity, were adjusted by $4,812, $—, $(11,850), $(685), $(6,353), and $- for the Parent; by $(2,629), $(27,604), $-, $-, $(21,587), and $(8,646) for the Guarantor Subsidiaries; by $(2,183), $(174), $-, $685, $162, and, $(3,204) for the Non-Guarantor Subsidiaries; and by $-, $27,778, $11,850, $-, $27,778, and $11,850 for the Eliminations, to correct the presentation of deferred income tax balances. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidating Balance Sheet |
|
March 31, 2012 |
|
(unaudited) |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported (1) | Restated | Reported (1)(2) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (2) | Restated |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | — | | | $ | 109,419 | | | $ | 109,419 | | | $ | 8,453 | | | $ | 8,453 | | | $ | — | | | $ | — | | | $ | 117,872 | | | $ | 117,872 | |
Receivables, net | | | 209 | | | | 209 | | | | 77,874 | | | | 77,874 | | | | 64,298 | | | | 62,772 | | | | (39,218 | ) | | | (39,218 | ) | | | 103,163 | | | | 101,637 | |
Inventories, net | | | — | | | | — | | | | 166,538 | | | | 166,538 | | | | 139,493 | | | | 130,521 | | | | — | | | | — | | | | 306,031 | | | | 297,059 | |
Costs in excess of billings | | | — | | | | — | | | | 1,602 | | | | 1,602 | | | | 5 | | | | 5 | | | | — | | | | — | | | | 1,607 | | | | 1,607 | |
Deferred income taxes | | | 20,475 | | | | 20,475 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 20,475 | | | | 20,475 | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | 18,598 | | | | 29,581 | | | | — | | | | — | | | | 18,598 | | | | 29,581 | |
Other current assets | | | 5,737 | | | | 5,340 | | | | 4,496 | | | | 4,496 | | | | 2,963 | | | | 3,360 | | | | (1,927 | ) | | | (1,927 | ) | | | 11,269 | | | | 11,269 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 26,421 | | | | 26,024 | | | | 359,929 | | | | 359,929 | | | | 233,810 | | | | 234,692 | | | | (41,145 | ) | | | (41,145 | ) | | | 579,015 | | | | 579,500 | |
Property, plant, and equipment, net | | | 634 | | | | 634 | | | | 296,407 | | | | 296,407 | | | | 64,423 | | | | 64,296 | | | | — | | | | — | | | | 361,464 | | | | 361,337 | |
Goodwill | | | — | | | | — | | | | 96,942 | | | | 96,942 | | | | 36,653 | | | | 36,295 | | | | — | | | | — | | | | 133,595 | | | | 133,237 | |
Other intangible assets, net | | | — | | | | — | | | | 37,079 | | | | 37,079 | | | | 22,448 | | | | 22,448 | | | | — | | | | — | | | | 59,527 | | | | 59,527 | |
Deferred income taxes | | | — | | | | — | | | | — | | | | — | | | | 29,864 | | | | — | | | | (753 | ) | | | — | | | | 29,111 | | | | — | |
Other noncurrent assets | | | 4,329 | | | | 4,329 | | | | 201 | | | | 201 | | | | 3,946 | | | | 3,946 | | | | — | | | | — | | | | 8,476 | | | | 8,476 | |
Intercompany investments | | | 940,478 | | | | 911,011 | | | | 22,840 | | | | 22,840 | | | | 2,621 | | | | 2,621 | | | | (965,939 | ) | | | (936,472 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 971,862 | | | $ | 941,998 | | | $ | 813,398 | | | $ | 813,398 | | | $ | 393,765 | | | $ | 364,298 | | | $ | (1,007,837 | ) | | $ | (977,617 | ) | | $ | 1,171,188 | | | $ | 1,142,077 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 1,111 | | | $ | 1,111 | | | $ | 48,077 | | | $ | 48,077 | | | $ | 54,862 | | | $ | 53,350 | | | $ | (39,213 | ) | | $ | (39,213 | ) | | $ | 64,837 | | | $ | 63,325 | |
Accrued wages and employee costs | | | 3,160 | | | | 3,160 | | | | 11,248 | | | | 11,248 | | | | 5,282 | | | | 5,170 | | | | — | | | | — | | | | 19,690 | | | | 19,578 | |
Unearned revenue | | | — | | | | — | | | | 804 | | | | 804 | | | | 35,785 | | | | 35,785 | | | | — | | | | — | | | | 36,589 | | | | 36,589 | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | 3,879 | | | | 5,588 | | | | — | | | | — | | | | 3,879 | | | | 5,588 | |
Other accrued liabilities | | | 5,947 | | | | 6,150 | | | | 10,752 | | | | 10,752 | | | | 7,001 | | | | 6,916 | | | | (1,932 | ) | | | (1,932 | ) | | | 21,768 | | | | 21,886 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 10,218 | | | | 10,421 | | | | 70,881 | | | | 70,881 | | | | 106,809 | | | | 106,809 | | | | (41,145 | ) | | | (41,145 | ) | | | 146,763 | | | | 146,966 | |
Long-term debt | | | 189,313 | | | | 189,313 | | | | 1,876 | | | | 1,876 | | | | — | | | | — | | | | — | | | | | | | | 191,189 | | | | 191,189 | |
Intercompany debt | | | — | | | | — | | | | 113,669 | | | | 113,669 | | | | 98,057 | | | | 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 | | | 30,058 | | | | 30,058 | | | | — | | | | — | | | | 3,836 | | | | 3,836 | | | | (753 | ) | | | — | | | | 33,141 | | | | 33,894 | |
Unearned revenue | | | — | | | | — | | | | — | | | | — | | | | 3,504 | | | | 3,504 | | | | — | | | | — | | | | 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 | | | 241,069 | | | | 241,272 | | | | 239,889 | | | | 239,889 | | | | 213,082 | | | | 213,082 | | | | (253,645 | ) | | | (252,892 | ) | | | 440,395 | | | | 441,351 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 730,793 | | | | 700,726 | | | | 573,509 | | | | 573,509 | | | | 180,683 | | | | 151,216 | | | | (754,192 | ) | | | (724,725 | ) | | | 730,793 | | | | 700,726 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 971,862 | | | $ | 941,998 | | | $ | 813,398 | | | $ | 813,398 | | | $ | 393,765 | | | $ | 364,298 | | | $ | (1,007,837 | ) | | $ | (977,617 | ) | | $ | 1,171,188 | | | $ | 1,142,077 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
-1 | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders’ equity were adjusted by $3,298, $-, $(10,752), $(764), $(6,690), and $- for the Parent; by $(2,290), $(25,995), $-, $-, $(19,560), and $(8,725) for the Guarantor Subsidiaries; by $(1,008), $(33), $-, $764, $222, and $(2,027) for the Non-Guarantor Subsidiaries; and by $-, $26,028, $10,752, $-, $26,028, and $10,752 for the Eliminations, to correct the presentation of deferred income tax balances. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(2): | The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,596), $1,602, and $6 to correct the prior presentation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
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 (1) | Restated | Reported (1)(2) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (2) | 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 | | | | 60,685 | | | | 59,489 | | | | (33,288 | ) | | | (33,288 | ) | | | 103,757 | | | | 102,561 | |
Inventories, net | | | — | | | | — | | | | 176,305 | | | | 176,305 | | | | 149,029 | | | | 140,168 | | | | — | | | | — | | | | 325,334 | | | | 316,473 | |
Costs in excess of billings | | | — | | | | — | | | | 1,857 | | | | 1,857 | | | | 658 | | | | 658 | | | | — | | | | — | | | | 2,515 | | | | 2,515 | |
Deferred income taxes | | | 20,775 | | | | 20,775 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 20,775 | | | | 20,775 | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | 17,633 | | | | 28,165 | | | | — | | | | — | | | | 17,633 | | | | 28,165 | |
Other current assets | | | 4,271 | | | | 3,874 | | | | 4,565 | | | | 4,565 | | | | 4,433 | | | | 4,830 | | | | — | | | | — | | | | 13,269 | | | | 13,269 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 25,208 | | | | 24,811 | | | | 351,789 | | | | 351,789 | | | | 239,099 | | | | 239,971 | | | | (33,288 | ) | | | (33,288 | ) | | | 582,808 | | | | 583,283 | |
Property, plant, and equipment, net | | | 543 | | | | 543 | | | | 301,438 | | | | 301,438 | | | | 63,754 | | | | 63,637 | | | | — | | | | — | | | | 365,735 | | | | 365,618 | |
Goodwill | | | — | | | | — | | | | 96,942 | | | | 96,942 | | | | 36,628 | | | | 36,270 | | | | — | | | | — | | | | 133,570 | | | | 133,212 | |
Other intangible assets, net | | | — | | | | — | | | | 36,436 | | | | 36,436 | | | | 21,815 | | | | 21,815 | | | | — | | | | — | | | | 58,251 | | | | 58,251 | |
Deferred income taxes | | | — | | | | — | | | | — | | | | — | | | | 30,719 | | | | — | | | | (1,480 | ) | | | — | | | | 29,239 | | | | — | |
Other noncurrent assets | | | 4,768 | | | | 4,768 | | | | 201 | | | | 201 | | | | 3,823 | | | | 3,823 | | | | — | | | | — | | | | 8,792 | | | | 8,792 | |
Intercompany investments | | | 950,229 | | | | 919,907 | | | | 25,350 | | | | 25,350 | | | | 3,034 | | | | 3,034 | | | | (978,613 | ) | | | (948,291 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 980,748 | | | $ | 950,029 | | | $ | 812,156 | | | $ | 812,156 | | | $ | 398,872 | | | $ | 368,550 | | | $ | (1,013,381 | ) | | $ | (981,579 | ) | | $ | 1,178,395 | | | $ | 1,149,156 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 1,021 | | | $ | 1,021 | | | $ | 43,562 | | | $ | 43,562 | | | $ | 49,789 | | | $ | 49,356 | | | $ | (33,288 | ) | | $ | (33,288 | ) | | $ | 61,084 | | | $ | 60,651 | |
Accrued wages and other employee costs | | | 4,465 | | | | 4,465 | | | | 13,477 | | | | 13,477 | | | | 6,929 | | | | 6,810 | | | | — | | | | — | | | | 24,871 | | | | 24,752 | |
Unearned revenue | | | — | | | | — | | | | 726 | | | | 726 | | | | 36,140 | | | | 36,140 | | | | — | | | | — | | | | 36,866 | | | | 36,866 | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | 3,494 | | | | 4,087 | | | | — | | | | — | | | | 3,494 | | | | 4,087 | |
Other accrued liabilities | | | 5,608 | | | | 5,845 | | | | 7,823 | | | | 7,823 | | | | 8,249 | | | | 8,208 | | | | — | | | | — | | | | 21,680 | | | | 21,876 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 11,094 | | | | 11,331 | | | | 65,588 | | | | 65,588 | | | | 104,601 | | | | 104,601 | | | | (33,288 | ) | | | (33,288 | ) | | | 147,995 | | | | 148,232 | |
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 | | | 31,393 | | | | 31,393 | | | | — | | | | — | | | | 3,836 | | | | 3,836 | | | | (1,480 | ) | | | — | | | | 33,749 | | | | 35,229 | |
Unearned revenue | | | — | | | | — | | | | — | | | | — | | | | 3,385 | | | | 3,385 | | | | — | | | | — | | | | 3,385 | | | | 3,385 | |
Other noncurrent liabilities | | | 5,261 | | | | 5,261 | | | | 3,491 | | | | 3,491 | | | | 217 | | | | 217 | | | | — | | | | — | | | | 8,969 | | | | 8,969 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 245,580 | | | | 245,817 | | | | 231,753 | | | | 231,753 | | | | 213,507 | | | | 213,507 | | | | (247,613 | ) | | | (246,133 | ) | | | 443,227 | | | | 444,944 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 735,168 | | | | 704,212 | | | | 580,403 | | | | 580,403 | | | | 185,365 | | | | 155,043 | | | | (765,768 | ) | | | (735,446 | ) | | | 735,168 | | | | 704,212 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 980,748 | | | $ | 950,029 | | | $ | 812,156 | | | $ | 812,156 | | | $ | 398,872 | | | $ | 368,550 | | | $ | (1,013,381 | ) | | $ | (981,579 | ) | | $ | 1,178,395 | | | $ | 1,149,156 | |
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-1 | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders’ equity were adjusted by $3,598, $-, $(9,842), $(780), $(5,464), and $- for the Parent; by $(2,290), $(25,314), $-, $-, $(20,104), and $(7,500) for the Guarantor Subsidiaries; by $(1,308), $(31), $-, $780, $223, and $(2,342) for the Non-Guarantor Subsidiaries; and by $-, $25,345, $9,842, $-, $25,345, and $9,842 for the Eliminations, to correct the presentation of deferred income tax balances. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
-2 | The previously Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,835), $1,857, and $22 to correct the prior presentation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Condensed Consolidating Balance Sheet |
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September 30, 2012 |
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(unaudited) |
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| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported (1) | Restated | Reported (1)(2) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (2) | 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 | | | | 63,115 | | | | 62,196 | | | | (29,473 | ) | | | (29,473 | ) | | | 114,248 | | | | 113,329 | |
Inventories, net | | | — | | | | — | | | | 188,662 | | | | 188,662 | | | | 162,992 | | | | 154,020 | | | | — | | | | — | | | | 351,654 | | | | 342,682 | |
Costs in excess of billings | | | — | | | | — | | | | 1,344 | | | | 1,344 | | | | 2,151 | | | | 2,151 | | | | — | | | | — | | | | 3,495 | | | | 3,495 | |
Deferred income taxes | | | 22,059 | | | | 22,059 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 22,059 | | | | 22,059 | |
Assets of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | 16,799 | | | | 27,158 | | | | — | | | | — | | | | 16,799 | | | | 27,158 | |
Other current assets | | | 4,021 | | | | 3,624 | | | | 4,070 | | | | 4,070 | | | | 4,449 | | | | 4,846 | | | | (1,380 | ) | | | (1,380 | ) | | | 11,160 | | | | 11,160 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 26,206 | | | | 25,809 | | | | 348,461 | | | | 348,461 | | | | 252,988 | | | | 253,853 | | | | (30,853 | ) | | | (30,853 | ) | | | 596,802 | | | | 597,270 | |
Property, plant, and equipment, net | | | 1,336 | | | | 1,336 | | | | 301,681 | | | | 301,681 | | | | 64,751 | | | | 64,641 | | | | — | | | | — | | | | 367,768 | | | | 367,658 | |
Marketable securities | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Goodwill | | | — | | | | — | | | | 94,494 | | | | 94,494 | | | | 37,112 | | | | 36,754 | | | | — | | | | — | | | | 131,606 | | | | 131,248 | |
Other intangible assets, net | | | — | | | | — | | | | 35,795 | | | | 35,795 | | | | 21,869 | | | | 21,869 | | | | — | | | | — | | | | 57,664 | | | | 57,664 | |
Deferred income taxes | | | — | | | | — | | | | — | | | | — | | | | 32,786 | | | | — | | | | (589 | ) | | | — | | | | 32,197 | | | | — | |
Other noncurrent assets | | | 4,442 | | | | 4,442 | | | | 2,781 | | | | 2,781 | | | | 3,710 | | | | 3,710 | | | | (2,580 | ) | | | (2,580 | ) | | | 8,353 | | | | 8,353 | |
Intercompany investments | | | 965,123 | | | | 932,734 | | | | 26,492 | | | | 26,492 | | | | 3,408 | | | | 3,408 | | | | (995,023 | ) | | | (962,634 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 997,107 | | | $ | 964,321 | | | $ | 809,704 | | | $ | 809,704 | | | $ | 416,624 | | | $ | 384,235 | | | $ | (1,029,045 | ) | | $ | (996,067 | ) | | $ | 1,194,390 | | | $ | 1,162,193 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 1,003 | | | $ | 1,003 | | | $ | 46,543 | | | $ | 46,543 | | | $ | 49,093 | | | $ | 48,239 | | | $ | (29,473 | ) | | $ | (29,473 | ) | | $ | 67,166 | | | $ | 66,312 | |
Accrued wages and other employee costs | | | 5,177 | | | | 5,177 | | | | 15,629 | | | | 15,629 | | | | 8,639 | | | | 8,501 | | | | — | | | | — | | | | 29,445 | | | | 29,307 | |
Unearned revenue | | | — | | | | — | | | | 674 | | | | 674 | | | | 34,018 | | | | 34,018 | | | | — | | | | — | | | | 34,692 | | | | 34,692 | |
Liabilities of discontinued operations | | | — | | | | — | | | | — | | | | — | | | | 3,198 | | | | 4,190 | | | | — | | | | — | | | | 3,198 | | | | 4,190 | |
Other accrued liabilities | | | 10,348 | | | | 10,444 | | | | 9,192 | | | | 9,192 | | | | 9,298 | | | | 9,298 | | | | (1,380 | ) | | | (1,380 | ) | | | 27,458 | | | | 27,554 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 16,528 | | | | 16,624 | | | | 72,038 | | | | 72,038 | | | | 104,246 | | | | 104,246 | | | | (30,853 | ) | | | (30,853 | ) | | | 161,959 | | | | 162,055 | |
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 | | | 30,416 | | | | 30,416 | | | | — | | | | — | | | | 3,836 | | | | 3,836 | | | | (589 | ) | | | — | | | | 33,663 | | | | 34,252 | |
Unearned revenue | | | — | | | | — | | | | — | | | | — | | | | 3,240 | | | | 3,240 | | | | — | | | | — | | | | 3,240 | | | | 3,240 | |
Other noncurrent liabilities | | | 5,268 | | | | 5,268 | | | | 3,430 | | | | 3,430 | | | | 210 | | | | 210 | | | | — | | | | — | | | | 8,908 | | | | 8,908 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 251,341 | | | | 251,437 | | | | 232,149 | | | | 232,149 | | | | 218,375 | | | | 218,375 | | | | (253,241 | ) | | | (252,652 | ) | | | 448,624 | | | | 449,309 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 745,766 | | | | 712,884 | | | | 577,555 | | | | 577,555 | | | | 198,249 | | | | 165,860 | | | | (775,804 | ) | | | (743,415 | ) | | | 745,766 | | | | 712,884 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 997,107 | | | $ | 964,321 | | | $ | 809,704 | | | $ | 809,704 | | | $ | 416,624 | | | $ | 384,235 | | | $ | (1,029,045 | ) | | $ | (996,067 | ) | | $ | 1,194,390 | | | $ | 1,162,193 | |
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(1): | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders’ equity were adjusted by $4,883, $-, $(12,214), $(780), $(6,551), and $- for the Parent; by $(2,593), $(26,313), $-, $-, $(20,104), and $(8,802) for the Guarantor Subsidiaries; by $(2,290), $(32), $-, $780, $310, and $(3,412) for the Non-Guarantor Subsidiaries; and by $-, $26,345, $12,214, $-, $26,345, and $12,214 for the Eliminations, to correct the presentation of deferred income tax balances. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(2): | The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,175), $1,344, and $169 to correct the prior presentation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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