Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'CCIX | ' |
Entity Registrant Name | 'COLEMAN CABLE, INC. | ' |
Entity Central Index Key | '0001323653 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 18,313,688 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales | $229,039 | $229,301 | $685,350 | $681,023 |
COST OF GOODS SOLD | 194,911 | 194,948 | 581,285 | 580,018 |
GROSS PROFIT | 34,128 | 34,353 | 104,065 | 101,005 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 13,538 | 15,880 | 46,399 | 47,354 |
INTANGIBLE ASSET AMORTIZATION | 1,976 | 2,189 | 6,137 | 5,755 |
ASSET IMPAIRMENT | 6,584 | ' | 6,584 | ' |
RESTRUCTURING CHARGES | 122 | 959 | 491 | 1,314 |
Operating (loss) income | 11,908 | 15,325 | 44,454 | 46,582 |
INTEREST EXPENSE | 6,915 | 6,919 | 20,727 | 20,963 |
OTHER LOSS (INCOME) | 103 | 227 | -129 | 230 |
INCOME (LOSS) BEFORE INCOME TAXES | 4,890 | 8,179 | 23,856 | 25,389 |
INCOME TAX EXPENSE | 4,106 | 2,725 | 10,481 | 8,579 |
NET INCOME | $784 | $5,454 | $13,375 | $16,810 |
NET INCOME PER SHARE: | ' | ' | ' | ' |
Basic | $0.04 | $0.32 | $0.75 | $0.98 |
Diluted | $0.04 | $0.31 | $0.75 | $0.96 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ' | ' | ' | ' |
Basic | 18,293 | 17,071 | 17,617 | 17,077 |
Diluted | 18,478 | 17,301 | 17,780 | 17,311 |
CASH DIVIDENDS DECLARED PER COMMON SHARE | $0.04 | $0.02 | $0.10 | $0.04 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $784 | $5,454 | $13,375 | $16,810 |
OTHER COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' |
Foreign currency translation adjustments, net of tax of $(7) and $(134), $189 and $(120), respectively | 271 | 365 | -280 | 326 |
Pension adjustments, net of tax of $1, $2, $3, $4, respectively | -2 | -3 | -6 | -12 |
OTHER COMPREHENSIVE INCOME (LOSS) | 269 | 362 | -286 | 314 |
COMPREHENSIVE INCOME (LOSS) | $1,053 | $5,816 | $13,089 | $17,124 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Foreign currency translation adjustments, tax | ($7) | ($134) | $189 | ($120) |
Pension adjustments, tax | $1 | $2 | $3 | $4 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $9,745 | $9,562 |
Accounts receivable, net of allowances of $2,913 and $3,046, respectively | 128,449 | 125,982 |
Inventories | 123,572 | 112,590 |
Deferred income taxes | 5,206 | 4,271 |
Assets held for sale | 1,072 | 1,074 |
Prepaid expenses and other current assets | 5,527 | 4,071 |
Total current assets | 273,571 | 257,550 |
PROPERTY, PLANT AND EQUIPMENT, NET | 77,442 | 78,914 |
GOODWILL | 59,896 | 66,535 |
INTANGIBLE ASSETS, NET | 31,278 | 37,417 |
DEFERRED INCOME TAXES | 591 | 329 |
OTHER ASSETS | 9,315 | 8,595 |
TOTAL ASSETS | 452,093 | 449,340 |
CURRENT LIABILITIES: | ' | ' |
Current portion of long-term debt | 28,177 | 35,566 |
Accounts payable | 28,177 | 25,748 |
Accrued liabilities | 32,954 | 38,208 |
Total current liabilities | 89,308 | 99,522 |
LONG-TERM DEBT | 273,451 | 288,273 |
OTHER LONG-TERM LIABILITIES | 4,231 | 3,693 |
DEFERRED INCOME TAXES | 10,197 | 6,687 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' |
Common stock, par value $0.001; 75,000 authorized; 18,314 and 16,998 issued and outstanding on September 30, 2013 and December 31, 2012, respectively | 18 | 17 |
Treasury stock, at cost: 485 and 443 shares, respectively | -4,690 | -3,918 |
Additional paid-in capital | 107,735 | 94,470 |
Accumulated deficit | -27,838 | -39,371 |
Accumulated other comprehensive loss | -319 | -33 |
Total shareholders' equity | 74,906 | 51,165 |
TOTAL LIABILITIES AND EQUITY | $452,093 | $449,340 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Accounts receivable, allowances | $2,913 | $3,046 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 75,000 | 75,000 |
Common stock, shares issued | 18,314 | 16,998 |
Common stock, shares outstanding | 18,314 | 16,998 |
Treasury stock, shares | 485 | 443 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOW FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $13,375 | $16,810 |
Adjustments to reconcile net income to net cash flow from operating activities: | ' | ' |
Depreciation and amortization | 17,757 | 17,241 |
Stock-based compensation | 3,013 | 1,169 |
ASSET IMPAIRMENT | 6,584 | ' |
Foreign currency transaction (gain) loss | -131 | 252 |
Excess tax benefits from stock-based compensation | -3,190 | -625 |
Deferred taxes | 2,496 | 1,865 |
Loss (gain) on disposal of fixed assets | 64 | -41 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -2,459 | -14,792 |
Inventories | -10,982 | -15,443 |
Prepaid expenses and other assets | -2,559 | 3,317 |
Accounts payable | 2,700 | 8,721 |
Accrued liabilities | -4,712 | -5,128 |
Net cash flow provided by operating activities | 21,956 | 13,346 |
CASH FLOW FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -9,144 | -28,700 |
Proceeds from sale of fixed assets | 11 | 24 |
Acquisition of businesses, net of cash acquired | ' | -33,090 |
Net cash flow used in investing activities | -9,133 | -61,766 |
CASH FLOW FROM FINANCING ACTIVITIES: | ' | ' |
Borrowings under revolving loan facility | 89,904 | 332,996 |
Repayments under revolving loan facility | -112,334 | -288,626 |
Repayment of long-term debt | -139 | -124 |
Treasury stock purchases | -772 | -657 |
Excess tax benefits from stock-based compensation | 3,190 | 625 |
Proceeds from option exercises | 9,611 | 14 |
Dividends paid | -1,842 | -704 |
Net cash flow (used in) provided by financing activities | -12,382 | 43,524 |
Effect of exchange rate changes on cash and cash equivalents | -258 | 478 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 183 | -4,418 |
CASH AND CASH EQUIVALENTS - Beginning of period | 9,562 | 9,746 |
CASH AND CASH EQUIVALENTS - End of period | 9,745 | 5,328 |
NONCASH ACTIVITY | ' | ' |
Unpaid capital expenditures | 46 | 176 |
SUPPLEMENTAL CASH FLOW INFORMATION | ' | ' |
Income taxes paid, net | 5,966 | 1,918 |
Cash interest paid | $25,854 | $26,074 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) |
In Thousands | ||||||
BALANCE at Dec. 31, 2011 | $28,095 | $17 | ($2,789) | $92,871 | ($61,819) | ($185) |
BALANCE (in shares) at Dec. 31, 2011 | ' | 16,939 | ' | ' | ' | ' |
Stock awards | ' | 179 | ' | ' | ' | ' |
Stock options exercised (in shares) | 3 | 3 | ' | ' | ' | ' |
Stock options exercised | 14 | ' | ' | 14 | ' | ' |
Treasury shares repurchased (in shares) | -70 | -70 | ' | ' | ' | ' |
Treasury shares repurchased | -657 | ' | -657 | ' | ' | ' |
Other comprehensive income | 314 | ' | ' | ' | ' | 314 |
Net income | 16,810 | ' | ' | ' | 16,810 | ' |
Cash dividends $0.04 and $0.10 for the nine months ended September 30, 2012 and 2013 respectively | -704 | ' | ' | ' | -704 | ' |
Stock-based compensation | 1,443 | ' | ' | 1,443 | ' | ' |
BALANCE at Sep. 30, 2012 | 45,315 | 17 | -3,446 | 94,328 | -45,713 | 129 |
BALANCE (in shares) at Sep. 30, 2012 | ' | 17,051 | ' | ' | ' | ' |
BALANCE at Dec. 31, 2012 | 51,165 | 17 | -3,918 | 94,470 | -39,371 | -33 |
BALANCE (in shares) at Dec. 31, 2012 | 16,998 | 16,998 | ' | ' | ' | ' |
Stock awards | ' | 495 | ' | ' | ' | ' |
Stock options exercised (in shares) | 863 | 863 | ' | ' | ' | ' |
Stock options exercised | 9,612 | 1 | ' | 9,611 | ' | ' |
Treasury shares repurchased (in shares) | -42 | -42 | ' | ' | ' | ' |
Treasury shares repurchased | -772 | ' | -772 | ' | ' | ' |
Other comprehensive income | -286 | ' | ' | ' | ' | -286 |
Net income | 13,375 | ' | ' | ' | 13,375 | ' |
Cash dividends $0.04 and $0.10 for the nine months ended September 30, 2012 and 2013 respectively | -1,842 | ' | ' | ' | -1,842 | ' |
Stock-based compensation | 3,654 | ' | ' | 3,654 | ' | ' |
BALANCE at Sep. 30, 2013 | $74,906 | $18 | ($4,690) | $107,735 | ($27,838) | ($319) |
BALANCE (in shares) at Sep. 30, 2013 | 18,314 | 18,314 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash dividends per share | $0.10 | $0.04 |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis Of Presentation | ' |
1. BASIS OF PRESENTATION | |
The accompanying condensed consolidated financial statements include Coleman Cable, Inc. and all of its subsidiaries (the “Company,” “Coleman,” “we,” “us,” or “our”). The condensed consolidated financial statements included herein are unaudited. The preparation of the condensed consolidated financial statements is in conformity with the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules or regulations. The condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation in conformity with U.S. GAAP. All amounts are in thousands, unless otherwise indicated. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended December 31, 2012. The results of operations for the interim periods should not be considered indicative of results to be expected for the full year. |
New_Accounting_Pronouncement
New Accounting Pronouncement | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncement | ' |
2. NEW ACCOUNTING PRONOUNCEMENT | |
Accounting Standards Update No. 2013-11 – “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU No. 2013-11”) | |
ASU No. 2013-11 requires that an unrecognized tax benefit, or portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to deferred tax asset for a net operating loss carryforward, a similar loss, or a tax credit carryforward. However, to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforwards is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of the tax positions, or the tax law of the applicable jurisdictions does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not combined with deferred tax assets. The amendments are effective for fiscal years and interim periods beginning after December 15, 2013. The Company does not expect the adoption of these amendments to have a material impact on the Company’s statement of financial position. | |
Accounting Standards Update No. 2013-02 – “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (“ASU No. 2013 -02”) | |
ASU No. 2013-02 requires entities to disclose additional information about reclassification adjustments, including changes in Accumulated Other Comprehensive Income (“AOCI”) and significant items reclassified out of AOCI. The new disclosure requirements do not amend any existing requirements for reporting net income or Other Comprehensive Income (“OCI”). An entity is required to disaggregate the total change of each component of OCI and separately present (1) reclassification adjustments and (2) current-period OCI. Additionally, the amendments require an entity to present information about significant items reclassified out of AOCI by component either (1) on the face of the statement where net income is presented or (2) as a separate disclosure in the notes to the financial statements. ASU 2013-02 does not change the current requirements for interim financial statement reporting or comprehensive income. The amendments were effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. The Company adopted this provision during the first quarter ended March 31, 2013 and it did not have a material impact on the Company’s results of operations, financial position and cash flows. | |
Accounting Standards Update No. 2011-11 – “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” (“ASU No. 2011-11”) | |
ASU No. 2011-11 amends existing guidance by enhancing disclosures required by U.S. GAAP by requiring improved information about financial instruments and derivative instruments that are either (1) offset in accordance with Section 201-20-45 or Section 815-10-45 or | |
(2) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with Section 210-20-45 or Section 815-10-45. This information will enable users of an entity’s financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position, including the effect or potential effect of rights of setoff associated with certain derivatives, sale and repurchase agreements and reverse sale repurchase agreements, and securities borrowing and securities lending arrangements. ASU No. 2011-11 requires retrospective application, and was effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. The Company adopted the provisions in ASU No. 2011-11 and the clarifying amendments included in ASU No. 2013-01 during the first quarter ended March 31, 2013 and they did not have a material impact on the Company’s results of operations, financial position and cash flows. |
Goodwill_Intangible_Assets_and
Goodwill, Intangible Assets and Asset Impairments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Goodwill, Intangible Assets and Asset Impairments | ' | ||||||||||||||||
3. GOODWILL, INTANGIBLE ASSETS AND ASSET IMPAIRMENTS | |||||||||||||||||
We recorded a $6,584 non-cash goodwill impairment charge in the third quarter of 2013 related to our TRC Military reporting unit. TRC Military serves primarily as a subcontractor to customers who directly sell to the U.S. military for defense-related programs. This non-cash goodwill impairment was largely as a result of the continued negative impact of the U.S. government sequestration, which has greatly reduced overall demand in this business from pre-sequestration levels, as well as delays and limited visibility with respect to the timing of, and total projected revenues to be earned from, certain new military programs being pursued. The success of these new programs was viewed as necessary to offset weakness in TRC Military’s base business in achieving forecasted 2013 and 2014 revenues in this business. At the end of the second quarter of 2013, we indicated that several of these new projects faced key 2013 milestones in testing or the securing of orders pursuant to government contracts. During the period ending September 30, 2013, we did not achieve certain of these milestone events and visibility with respect to future orders remained limited. Consequently, we revised our projected forecast for future periods. We believe this revision created a triggering event that required us to perform an interim goodwill impairment test of as September 30, 2013. | |||||||||||||||||
The Company followed the accounting provisions outlined in Accounting Standards Codification — “Intangibles — Goodwill and Other (ASC Topic 350)” used to measure the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. After assigning an implied fair value to all of the reporting unit’s assets and liabilities, the second step results indicated a non-cash impairment of $6,584 related to goodwill which was recorded during the three months ended September 30, 2013. | |||||||||||||||||
The goodwill impairment testing process involves the use of significant assumptions, estimates and judgments, and is subject to inherent uncertainties and subjectivity. The analysis estimates numerous factors, including future sales, gross profit, selling, general and administrative expense rates, capital expenditures, and cash flows. These estimates are based on our business plans and forecasts. These estimated cash flows are then discounted, which necessitates the selection of an appropriate discount rate. The discount rate used reflects market-based estimates of the risks associated with the projected cash flows of the reporting unit. | |||||||||||||||||
The use of different assumptions, estimates, or judgments in the goodwill impairment testing process may significantly increase or decrease the estimated fair value of a reporting unit. As of the September 30, 2013 assessment date, changes in the assumptions in excess of : 1) a 2.5% decrease in the estimated sales growth rate, without a change in the discount rate, 2) an assumption that our terminal term growth rate would decrease by 200 basis points, without a change in the discount rate or; 3) a 200 basis point increase in the discount rate without a change in sales projections would have increased our goodwill impairment charge from $6,584 to approximately $10,000. The impairment recorded represents our best estimate, and while we believe the amount recorded is reasonable, due to the timing and complexity of the second step of the impairment test, there could be adjustments to the goodwill impairment charge when the goodwill impairment test is completed. Any adjustments as a result of completing this evaluation will be recorded in our financial statements for the year ended December 31, 2013. | |||||||||||||||||
Distribution | OEM | Engineered | Total | ||||||||||||||
Segment | Segment | Solutions | |||||||||||||||
Segment | |||||||||||||||||
Net book value at January 1, 2013 | |||||||||||||||||
Goodwill | $ | 102,846 | $ | 11,725 | $ | 33,187 | $ | 147,758 | |||||||||
Accumulated impairment losses | (69,498 | ) | (11,725 | ) | — | (81,223 | ) | ||||||||||
Total | $ | 33,348 | $ | — | $ | 33,187 | $ | 66,535 | |||||||||
Impairment losses | — | — | (6,584 | ) | (6,584 | ) | |||||||||||
Foreign currency translation adjustments | (55 | ) | — | — | (55 | ) | |||||||||||
Net book value at September 30, 2013 | |||||||||||||||||
Goodwill | 102,791 | 11,725 | 33,187 | 147,703 | |||||||||||||
Accumulated impairment losses | (69,498 | ) | (11,725 | ) | (6,584 | ) | (87,807 | ) | |||||||||
Total | $ | 33,293 | $ | — | $ | 26,603 | $ | 59,896 | |||||||||
Acquisitions
Acquisitions | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Acquisitions | ' | ||||||||
4. ACQUISITIONS | |||||||||
On May 31, 2012, Coleman, through a 100%-owned subsidiary, completed the acquisition of most of the operating assets (and assumed certain liabilities) of Watteredge, Inc., (“WE”) an Ohio corporation that designs, manufactures and sells secondary power connectors, including electric arc furnace cables, resistance welding cables, industrial high-performance copper bus and accessories, and other high performance power conduction devices and accessories. WE serves the steel, chemical, chlorine, power generation, fiberglass and automotive industries and sells its products and services worldwide. Coleman retained WE’s workforce and has continued all of WE’s production at its current manufacturing plant in Avon Lake, Ohio. We believe the acquisition of WE has strengthened and provided for greater diversification of our overall portfolio. | |||||||||
The acquisition of the assets of WE was structured as an all-cash transaction valued at approximately $33,922 (equal to a $35,000 preliminary purchase price adjusted by a $1,078 working capital adjustment). The transaction was funded with proceeds from Coleman’s existing credit facility. WE has been included as a component of our Engineered Solutions segment reported herein. | |||||||||
Purchase Price Allocations | |||||||||
WE was accounted for under the purchase method of accounting. Accordingly, we have allocated the purchase price to the net assets acquired based on the related estimated fair values at the acquisition date. The long-term growth, increased market position and synergies from the acquisition are the primary factors which gave rise to the acquisition price for WE, which resulted in the recognition of goodwill. | |||||||||
The purchase price allocation for WE was finalized during the third quarter of 2012. | |||||||||
The table below summarizes the final allocations of purchase price related to WE. | |||||||||
WE | |||||||||
Accounts receivable | 2,720 | ||||||||
Inventories | 2,249 | ||||||||
Prepaid expenses and other current assets | 59 | ||||||||
Property, plant and equipment | 3,363 | ||||||||
Deferred income tax asset | 170 | ||||||||
Intangible assets | 17,020 | ||||||||
Goodwill | 10,742 | ||||||||
Total assets acquired | 36,323 | ||||||||
Current liabilities | (2,401 | ) | |||||||
Total liabilities assumed | (2,401 | ) | |||||||
Net assets acquired | 33,922 | ||||||||
All goodwill attributable to WE is deductible for income tax purposes and has been allocated to our Engineered Solutions segment. | |||||||||
The customer relationships, trademarks and trade names, and developed technology are amortized using an accelerated method which reflects our estimate of the pattern in which the economic benefit derived from such assets will be consumed. The purchase price allocation to identifiable intangible assets, which are all amortizable, along with their respective weighted-average amortization periods at the acquisition date are as follows: | |||||||||
Weighted- | WE | ||||||||
Average | |||||||||
Amortization | |||||||||
Period | |||||||||
Customer relationships | 6 | $ | 9,000 | ||||||
Trademarks and trade names | 6 | 6,600 | |||||||
Developed technology | 3 | 970 | |||||||
Backlog | 1 | 450 | |||||||
Total intangible assets | $ | 17,020 | |||||||
Unaudited Selected Pro Forma Financial Information | |||||||||
The following unaudited pro forma financial information summarizes our estimate of combined results of operations assuming that the WE business combination had taken place on January 1, 2011. The unaudited pro forma combined results of operations were prepared using historical financial information of WE, and we make no representation with respect to the accuracy of such information. | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
2012 | 2012 | ||||||||
Net sales | $ | 229,301 | $ | 691,291 | |||||
Net income | 5,392 | 17,315 |
Restructuring_Activities
Restructuring Activities | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Restructuring Activities | ' | ||||||||||||
5. RESTRUCTURING ACTIVITIES | |||||||||||||
We incurred restructuring costs of $122 and $959 during the three months ended September 30, 2013 and 2012, respectively. We incurred restructuring costs of $491 and $1,314 during the nine months ended September 30, 2013 and 2012, respectively. The majority of these charges related to relocation costs associated with our plant consolidations. | |||||||||||||
Our restructuring reserve was $1,040 as of September 30, 2013, recorded within accrued liabilities and other long-term liabilities, which represents our estimate of the remaining liability existing relative to a closed property under lease and which is equal to our remaining obligation under such lease reduced by estimated sublease rental income reasonably expected for the property. Accordingly, the liability may be increased or decreased in future periods as facts and circumstances change, including possible negotiation of a lease termination, sublease agreement, or changes in the related market in which the property is located. Restructuring expense is not segregated by reportable segment as our operating segments generally share common production processes and manufacturing facilities, as discussed in Note 17. | |||||||||||||
Lease Holding | Severance, | Total | |||||||||||
Costs | Moving & Other | ||||||||||||
Closing Costs | |||||||||||||
BALANCE — December 31, 2012 | $ | 1,200 | $ | 45 | $ | 1,245 | |||||||
Provision | 46 | 445 | 491 | ||||||||||
Cash payments | (206 | ) | (490 | ) | (696 | ) | |||||||
BALANCE — September 30, 2013 | $ | 1,040 | $ | — | $ | 1,040 | |||||||
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventories | ' | ||||||||
6. INVENTORIES | |||||||||
Inventories consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
FIFO cost: | |||||||||
Raw materials | $ | 43,429 | $ | 44,874 | |||||
Work in progress | 5,185 | 3,391 | |||||||
Finished products | 74,958 | 64,325 | |||||||
Total | $ | 123,572 | $ | 112,590 | |||||
Accrued_Liabilities
Accrued Liabilities | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accrued Liabilities | ' | ||||||||
7. ACCRUED LIABILITIES | |||||||||
Accrued liabilities consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Salaries, wages and employee benefits | $ | 9,533 | $ | 9,597 | |||||
Sales incentives | 10,574 | 10,694 | |||||||
Interest | 3,178 | 9,427 | |||||||
Other | 9,669 | 8,490 | |||||||
Total | $ | 32,954 | $ | 38,208 | |||||
Debt
Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt | ' | ||||||||
8. DEBT | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Revolving Credit Facility expiring October 2016 | $ | 28,000 | $ | 50,430 | |||||
9% Senior Notes due February 2018, including unamortized discount of $1,948 and $2,286, respectively | 273,052 | 272,714 | |||||||
Capital lease obligations | 576 | 695 | |||||||
301,628 | 323,839 | ||||||||
Less current portion | (28,177 | ) | (35,566 | ) | |||||
Long-term debt | $ | 273,451 | $ | 288,273 | |||||
Senior Secured Revolving Credit Facility (the “Revolving Credit Facility”) | |||||||||
At September 30, 2013, we had $28,000 in borrowings under the Revolving Credit Facility, with $168,727 in remaining excess availability. At December 31, 2012, we had $50,430 in borrowings under the Revolving Credit Facility, with $131,635 in remaining excess availability. The $28,000 in borrowings under the Revolving Credit Facility approximates the fair value of such debt at September 30, 2013 (Level 2). | |||||||||
The interest rate charged on borrowings under the Revolving Credit Facility is based on our election of either the base rate (greater of the federal funds rate plus 0.50% and the lender’s prime rate) plus a range of 0.25% to 0.75% or the LIBOR rate plus a range of 1.50% to 2.00%, in each case based on quarterly average excess availability under the Revolving Credit Facility. In addition, we pay an unused line fee of between 0.25% and 0.50% based on quarterly average excess availability pursuant to the terms of the Revolving Credit Facility. | |||||||||
Pursuant to the terms of the Revolving Credit Facility, we are required to maintain a fixed charge covenant ratio of not less than 1.0 to 1.0 for any month during which our excess availability under the Revolving Credit Facility falls below $30,000. Borrowing availability under the Revolving Credit Facility is limited to the lesser of (1) $250,000 or (2) the sum of 85% of eligible accounts receivable, 70% of eligible inventory, with a maximum amount of borrowing-base availability which may be generated from inventory of $150,000 for the U.S. portion and $12,000 Canadian for the Canadian portion, and an advance rate to be 75% of certain appraised real estate and 85% of certain appraised equipment and capped at $62,500, with a $15,000 sublimit for letters of credit. We currently have $29,400 in appraised real estate and certain appraised equipment in our borrowing base. Additional availability that may be generated by adding additional appraised real estate and/or appraised equipment not to exceed $62,500 to the borrowing base. | |||||||||
The Revolving Credit Facility is guaranteed by CCI International Inc. (“CCI International”), Technology Research Corporation (“TRC”) (excluding TRC’s 100%-owned foreign subsidiary, TRC Honduras, S.A. de C.V.), Patco Electronics (“Patco”), and WE, each of which are 100%-owned domestic subsidiaries, and is secured by substantially all of our assets and the assets of each of CCI International, TRC, Patco, and WE including accounts receivable, inventory and any other tangible and intangible assets (including real estate, machinery and equipment and intellectual property) as well as by a pledge of all the capital stock of CCI International, TRC, Patco, and WE and 65% of the capital stock of our Canadian foreign subsidiary, but not our Chinese 100%-owned entity. | |||||||||
As of September 30, 2013, we were in compliance with all of the covenants of our Revolving Credit Facility. | |||||||||
9% Senior Notes due 2018 (the “Senior Notes”) | |||||||||
The Indenture relating to our Senior Notes contains customary covenants that limit us and our restricted subsidiaries with respect to, among other things, incurring additional indebtedness, making restricted payments, creating liens, paying dividends, consolidating, merging or selling substantially all of their assets, entering into sale and leaseback transactions, and entering into transactions with affiliates. Additionally, all our domestic restricted subsidiaries that guarantee the Revolving Credit Facility are required under the Indenture to guarantee our obligations under the Senior Notes. TRC, Patco and WE became subsidiary guarantors of the Senior Notes following the acquisition of those businesses. | |||||||||
As of September 30, 2013, we were in compliance with all of the covenants of our Senior Notes. | |||||||||
Our Senior Notes were issued at a discount in 2010, resulting in proceeds of less than par value. This discount is being amortized to par value over the remaining term of the Senior Notes. | |||||||||
Senior Notes | September 30, 2013 | ||||||||
Face Value | $ | 275,000 | |||||||
Fair Value (Level 1) | $ | 292,325 | |||||||
Interest Rate | 9 | % | |||||||
Interest Payment | Semi-Annually | ||||||||
February 15th and | |||||||||
August 15th | |||||||||
Maturity Date | February 15, 2018 | ||||||||
Guarantee | Jointly and severally guaranteed fully and unconditionally by our 100% owned subsidiaries, CCI International, Inc., Patco, TRC, and WE | ||||||||
Optional redemption (1) | |||||||||
Beginning Date | Percentage | ||||||||
February 15, 2014 | 104.5 | % | |||||||
February 15, 2015 | 102.25 | % | |||||||
February 15, 2016 | 100 | % | |||||||
-1 | The Company may, at its option, redeem the Senior Notes, in whole at any time or in part from time to time, on or after the above-noted dates and at the above-noted percentages of the principal amount thereof (plus interest due). | ||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
9. EARNINGS PER SHARE | |||||||||||||||||
We compute earnings per share using the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities. Our participating securities are our grants of restricted stock, as such awards contain non-forfeitable rights to dividends. Security holders are not obligated to fund the Company’s losses, and therefore, participating securities are not allocated a portion of these losses in periods where a net loss is recorded. As of September 30, 2013 and 2012, the impact of participating securities on net income allocated to common shareholders and the dilutive effect of share-based awards outstanding on weighted average shares outstanding was as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
Components of Basic and Diluted Earnings per Share | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Basic EPS Numerator: | |||||||||||||||||
Net income | $ | 784 | $ | 5,454 | $ | 13,375 | $ | 16,810 | |||||||||
Less: Earnings allocated to participating securities | (5 | ) | (50 | ) | (88 | ) | (153 | ) | |||||||||
Net income allocated to common shareholders | $ | 779 | $ | 5,404 | $ | 13,287 | $ | 16,657 | |||||||||
Basic EPS Denominator: | |||||||||||||||||
Weighted average shares outstanding | 18,293 | 17,071 | 17,617 | 17,077 | |||||||||||||
Basic earnings per common share | $ | 0.04 | $ | 0.32 | $ | 0.75 | $ | 0.98 | |||||||||
Diluted EPS Numerator: | |||||||||||||||||
Net income | $ | 784 | $ | 5,454 | $ | 13,375 | $ | 16,810 | |||||||||
Less: Earnings allocated to participating securities | (5 | ) | (49 | ) | (87 | ) | (151 | ) | |||||||||
Net income allocated to common shareholders | $ | 779 | $ | 5,405 | $ | 13,288 | $ | 16,659 | |||||||||
Diluted EPS Denominator: | |||||||||||||||||
Weighted average shares outstanding | 18,293 | 17,071 | 17,617 | 17,077 | |||||||||||||
Dilutive common shares issuable upon exercise of stock options | 185 | 230 | 163 | 234 | |||||||||||||
Diluted weighted average shares outstanding | 18,478 | 17,301 | 17,780 | 17,311 | |||||||||||||
Diluted earnings per common share | $ | 0.04 | $ | 0.31 | $ | 0.75 | $ | 0.96 | |||||||||
Options | |||||||||||||||||
Options with respect to 55 and 771 common shares were not included in the computation of diluted earnings per share for the three and nine months ended September 30, 2013 and 2012 because they were antidilutive. |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Shareholders' Equity | ' | ||||||||||||||||
10. SHAREHOLDERS’ EQUITY | |||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company has a stock-based compensation plan for its directors, executives and certain key employees under which the grant of stock options and other share-based awards is authorized. We recorded $134 and $3,013 in stock compensation expense for the three and nine months ended September 30, 2013, respectively. We recorded $457 and $1,169 for the three and nine months ended September 30, 2012, respectively. | |||||||||||||||||
Stock Options | |||||||||||||||||
No stock options were issued during the first nine months of 2013 and 2012. | |||||||||||||||||
Changes in stock options were as follows: | |||||||||||||||||
Shares | Weighted-Average | Weighted-Average | Aggregate | ||||||||||||||
Exercise | Remaining | Intrinsic | |||||||||||||||
Price | Contractual | Value | |||||||||||||||
Terms | |||||||||||||||||
Outstanding January 1, 2013 | 1,388 | $ | 11.09 | 4.8 | $ | 2,352 | |||||||||||
Granted | — | — | — | ||||||||||||||
Exercised | (863 | ) | 19.5 | 1,388 | |||||||||||||
Forfeited or expired | (38 | ) | 9.44 | — | |||||||||||||
Outstanding September 30, 2013 | 487 | 11.08 | 4.4 | 5,022 | |||||||||||||
Vested or expected to vest | 470 | 11.32 | 4.4 | 4,745 | |||||||||||||
Exercisable | 415 | 9.69 | 4.5 | 4,745 | |||||||||||||
Intrinsic value for stock options is defined as the difference between the current market value of the Company’s common stock and the exercise price of the stock option. When the current market value is less than the exercise price, there is no aggregate intrinsic value. For the nine months ended September 30, 2013 there were 863 stock option shares exercised with an intrinsic value of $1,388. There were three stock option exercises for the nine month period ended September 30, 2012 with an intrinsic value of $11. As of September 30, 2013 and December 31, 2012, there were 470 and 1,372 vested options with an aggregate intrinsic value of $4,745 and $2,271, respectively. | |||||||||||||||||
Stock Awards | |||||||||||||||||
In the first quarter of 2013, the Company awarded unvested common shares to non-management members of its Board of Directors. In total, 53 unvested shares were awarded with an approximate aggregate fair value of $500. One-third of the shares vest on the first, second and third anniversary of the grant date. These awarded shares are participating securities which provide the recipient with both voting rights and, to the extent dividends, if any, are paid by the Company, non-forfeitable dividend rights with respect to such shares. | |||||||||||||||||
Changes in nonvested shares for the first nine months of 2013 were as follows: | |||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at January 1, 2013 | 558 | $ | 4.79 | ||||||||||||||
Granted | 53 | 9.44 | |||||||||||||||
Vested | (495 | ) | 4.39 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Nonvested at September 30, 2013 | 116 | $ | 8.61 | ||||||||||||||
In addition, in the first quarter of 2010, 775 performance shares were granted to certain executives and key employees. Of the total performance shares awarded, 517 were settled in stock, on a one-to-one basis, which was contingent upon future stock price performance. The remaining 258 performance shares vested under the same terms as the performance awards settled in stock, but settled in cash rather than stock. The first tranche of performance shares vested in a prior period resulting in the issuance of 117 shares settled in stock and 58 shares settled in cash. During the second quarter ended June 30, 2013, the second and third tranches vested as a result of the stock price reaching predetermined levels. Accordingly, 358 shares were settled in stock net of 42 shares returned back to the Company to satisfy income tax requirements. Additionally, the equivalent of 200 shares were issued and settled in cash. The Company recorded $2,362 of compensation cost for the nine months ended September 30, 2013 related to the performance shares. | |||||||||||||||||
Treasury Stock | |||||||||||||||||
On August 3, 2011, our Board of Directors authorized the purchase of up to 500 shares of the Company’s common stock in open market or privately-negotiated transactions. We purchased 426 shares pursuant to this repurchase program. The repurchase plan expired in August 2013 and was not renewed by our Board of Directors. | |||||||||||||||||
During the nine months ended September 30, 2013, we repurchased 42 shares of common stock at a total cost of $772 from employees of the Company that were withheld to satisfy the tax withholding obligation due upon vesting of performance share awards and repurchased zero shares for the three months ended September 30, 2013. During the three and nine months ended September 30, 2012, we repurchased 38 and 70 shares of common stock at a total cost of $360 and $657, respectively, including commissions and shares repurchased from employees of the Company that were withheld to satisfy the tax withholding obligation due upon vesting of restricted stock awards. | |||||||||||||||||
Subsequent Event | |||||||||||||||||
On November 5, 2013, our Board of Directors declared a quarterly dividend of $0.05 per common share, payable on November 29, 2013, to stockholders of record as of the close of business on November 15, 2013. Future declarations of quarterly dividends are subject to approval of the Board of Directors and may be adjusted as business needs or market conditions change. |
Related_Parties
Related Parties | 9 Months Ended |
Sep. 30, 2013 | |
Related Parties | ' |
11. RELATED PARTIES | |
Three of our directors and one of our former executive officers own our corporate office facility which is leased to the company. The Company recorded rental expense of $108 and $320 for the three and nine months ended September 30, 2013, respectively. We incurred rental expense of of $105 and $311 for the three and nine months ended September 30, 2012, respectively. In addition, we previously leased three manufacturing facilities from an entity in which one of our executive officers has a minority interest. During the first quarter of 2012, we purchased these three manufacturing facilities for $6,505. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies | ' |
12. COMMITMENTS AND CONTINGENCIES | |
Operating Leases | |
We lease certain of our buildings, machinery and equipment under lease agreements that expire at various dates over the next ten years. Rental expense under operating leases was $1,284 and $3,916 for the three and nine months ended September 30, 2013, respectively, and was $1,297 and $3,925 for the three and nine months ended September 30, 2012, respectively. | |
Legal Matters | |
We are party to one environmental claim. The Leonard Chemical Company Superfund site consists of approximately 7.1 acres of land in an industrial area located a half mile east of Catawba, York County, South Carolina. The Leonard Chemical Company operated this site until the early 1980s for recycling of waste solvents. These operations resulted in the contamination of soils and groundwater at the site with hazardous substances. In 1984, the U.S. Environmental Protection Agency (the “EPA”) listed this site on the National Priorities List. Riblet Products Corporation, with which the Company merged in 2000, was identified through documents as a company that sent solvents to the site for recycling and was one of the companies receiving a special notice letter from the EPA identifying it as a party potentially liable under the Comprehensive Environmental Response, Compensation, and Liability Act for cleanup of the site. | |
In 2004, along with other “potentially responsible parties” (“PRPs”), we entered into a Consent Decree with the EPA requiring the performance of a remedial design and remedial action (“RD/RA”) for this site. We have entered into a Site Participation Agreement with the other PRPs for fulfillment of the requirements of the Consent Decree. Under the Site Participation Agreement, we are responsible for 9.19% share of the costs for the RD/RA. As of September 30, 2013 and December 31, 2012 we had a $333 and $331 accrual, respectively, recorded for this liability in accordance with ASC 450. | |
We recently received a civil complaint for $2,300 plus attorney’s fees and expenses related to a recent acquisition. We believe the civil complaint lacks merit and is not payable by us. We have not provided for this claim in accordance with ASC 450 as we do not believe an unfavorable outcome is probable and estimable at this time. | |
Though no assurances are possible, we believe that our accruals related to legal matters are sufficient and that these items and our rights to available insurance and indemnities will be resolved without material effect on our financial position, results of operations or cash flows. |
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
13. INCOME TAXES | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Effective Tax Rate | 84 | % | 33.3 | % | 43.9 | % | 33.8 | % | |||||||||
We recorded income tax expense of $4,106 and $2,725 for the three months ended September 30, 2013 and 2012, respectively. The increase in our effective tax rate for the three months ended September 30, 2013, as compared to the three months ended September 30, 2012, is primarily due to the $6,584 non-deductible goodwill impairment recorded. There was no tax basis in the goodwill that was impaired, as such the full impact of the expense was recorded as a discrete item during the three months ended September 30, 2013. | |||||||||||||||||
We recorded income tax expense of $10,481 and $8,579 for the nine months ended September 30, 2013 and 2012, respectively. The increase in our effective tax rate for the nine months ended 2013, as compared to the nine months ended 2012, is primarily due to a discrete impact of the goodwill impairment as mentioned in the preceding paragraph. |
Benefit_Plans
Benefit Plans | 9 Months Ended |
Sep. 30, 2013 | |
Benefit Plans | ' |
14. BENEFIT PLANS | |
Employee Savings Plan | |
We provide defined contribution savings plans for employees meeting certain age and service requirements. We currently make matching contributions for a portion of employee contributions to the plans. Including such matching contributions, we recorded expenses totaling $382 and $1,118 related to these savings plans during the three and nine months ended September 30, 2013, respectively. We recorded $359 and $1,048 for the three and nine months ended September 30, 2012, respectively. |
Fair_Value_Disclosure
Fair Value Disclosure | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosure | ' | ||||||||||||||||||||||||||||||||
15. FAIR VALUE DISCLOSURE | |||||||||||||||||||||||||||||||||
Accounting guidance for fair value measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources or reflect our own assumptions of market participant valuation. The hierarchy is broken down into three levels based on the reliability of the inputs as follows: | |||||||||||||||||||||||||||||||||
Level 1 Inputs – Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | |||||||||||||||||||||||||||||||||
Level 2 Inputs – Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | |||||||||||||||||||||||||||||||||
Level 3 Inputs – Level 3 inputs are unobservable inputs for the asset or liability. | |||||||||||||||||||||||||||||||||
As of the periods ending September 30, 2013 and December 31, 2012, we utilized Level 1 inputs to determine the fair value of cash and cash equivalents and derivatives. | |||||||||||||||||||||||||||||||||
We classify cash on hand and deposits in banks, including money market accounts, commercial paper, and other investments with an original maturity of three months or less, that we hold from time to time, as cash and cash equivalents. The primary objective of our investment activities is to preserve our capital for the purpose of funding operations. | |||||||||||||||||||||||||||||||||
Financial assets measured at fair value on a recurring basis are summarized below: | |||||||||||||||||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 9,745 | $ | — | $ | — | $ | 9,745 | $ | 9,562 | $ | — | $ | — | $ | 9,562 | |||||||||||||||||
Derivative Assets, Inclusive of Collateral | 97 | — | — | 97 | 127 | — | — | 127 | |||||||||||||||||||||||||
Total | $ | 9,842 | $ | — | $ | — | $ | 9,842 | $ | 9,689 | $ | — | $ | — | $ | 9,689 | |||||||||||||||||
Other_Income_Loss
Other Income / Loss | 9 Months Ended |
Sep. 30, 2013 | |
Other Income / Loss | ' |
16. OTHER INCOME / LOSS | |
We recorded other loss of $103 and other income of $129 for the three and nine months ended September 30, 2013, respectively, primarily reflecting exchange rate impacts on our Canadian subsidiary. We recorded other losses of $227 and $230 for the three and nine months ended September 30, 2012, respectively, primarily reflecting the exchange rate impact on our Canadian subsidiary. | |
Business_Segment_Information
Business Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Business Segment Information | ' | ||||||||||||||||
17. BUSINESS SEGMENT INFORMATION | |||||||||||||||||
We have three reportable segments: (1) Distribution, (2) Original Equipment Manufacturers (“OEM”) and (3) Engineered Solutions. Our reportable segments are a function of how we are organized internally to market our customer groups and measure our financial performance. The Distribution and OEM segments serve our customers in distribution, retail and OEM businesses. Our Engineered Solutions segment is comprised of our most recent acquisitions, made in 2011 and 2012, serving a variety of customers such as military contractors, independent distributors, and various end markets utilizing secondary power connectors. | |||||||||||||||||
Financial data for the Company’s reportable segments is as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net Sales: | |||||||||||||||||
Distribution Segment | $ | 163,065 | $ | 162,179 | $ | 477,027 | $ | 481,548 | |||||||||
OEM Segment | 51,802 | 54,140 | 168,788 | 168,382 | |||||||||||||
Engineered Solutions | 14,172 | 12,982 | 39,535 | 31,093 | |||||||||||||
Total | $ | 229,039 | $ | 229,301 | $ | 685,350 | $ | 681,023 | |||||||||
Operating Income: | |||||||||||||||||
Distribution Segment | $ | 16,833 | $ | 15,240 | $ | 48,732 | $ | 45,140 | |||||||||
OEM Segment | 3,784 | 3,282 | 14,172 | 12,929 | |||||||||||||
Engineered Solutions | 1,920 | 1,822 | 4,057 | 3,649 | |||||||||||||
Total segments | 22,537 | 20,344 | 66,961 | 61,718 | |||||||||||||
Corporate | (10,629 | ) | (5,019 | ) | (22,507 | ) | (15,136 | ) | |||||||||
Consolidated operating income | $ | 11,908 | $ | 15,325 | $ | 44,454 | $ | 46,582 | |||||||||
Our Distribution, OEM, and Engineered Solutions segments have common production processes and manufacturing facilities. Accordingly, we do not identify all of our net assets to those segments. Thus, we do not report capital expenditures at the segment level. Additionally, depreciation expense is not allocated to those segments, but is included in manufacturing overhead cost pools and is absorbed into product cost (and inventory) as each product passes through our manufacturing work centers. Accordingly, as products are sold across those segments, it is impracticable to determine the amount of depreciation expense included in the operating results of each segment. | |||||||||||||||||
Segment operating income represents income from continuing operations before interest income or expense, other income or expense, and income taxes. Corporate consists of items not charged or allocated to the segments, including costs for employee relocation, discretionary bonuses, professional fees, restructuring expenses, asset impairments, and intangible amortization. |
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Supplemental Guarantor Information | ' | ||||||||||||||||||||
18. SUPPLEMENTAL GUARANTOR INFORMATION | |||||||||||||||||||||
The following unaudited supplemental financial information sets forth, on a combined basis, balance sheets, statements of income, statements of comprehensive income and statements of cash flows for Coleman Cable, Inc. (“Parent”) and the Guarantor Subsidiaries. The condensed consolidating financial statements have been prepared on the same basis as the condensed consolidated financial statements of Parent. The equity method of accounting is followed within this financial information. The Senior Notes and the Revolving Credit Facility are instruments of the parent, and are reflected in their respective balance sheets. As of September 30, 2013, our payment obligations under the Senior Notes and the Revolving Credit Facility (see Note 8) were guaranteed by our 100% owned subsidiaries, CCI International, Patco, TRC, and WE (the “Guarantor Subsidiaries”). Such guarantees are full, unconditional, and joint and several. | |||||||||||||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE THREE MONTHS ENDED | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Parent | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
NET SALES | $ | 197,540 | $ | 14,172 | $ | 20,918 | $ | (3,591 | ) | $ | 229,039 | ||||||||||
COST OF GOODS SOLD | 169,516 | 10,176 | 18,810 | (3,591 | ) | 194,911 | |||||||||||||||
GROSS PROFIT | 28,024 | 3,996 | 2,108 | — | 34,128 | ||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 10,026 | 2,340 | 1,172 | — | 13,538 | ||||||||||||||||
INTANGIBLE ASSET AMORTIZATION | 937 | 1,037 | 2 | — | 1,976 | ||||||||||||||||
ASSET IMPAIRMENT | — | 6,584 | — | — | 6,584 | ||||||||||||||||
RESTRUCTURING CHARGES | 122 | — | — | — | 122 | ||||||||||||||||
OPERATING INCOME (LOSS) | 16,939 | (5,965 | ) | 934 | — | 11,908 | |||||||||||||||
INTEREST EXPENSE | 6,893 | — | 22 | — | 6,915 | ||||||||||||||||
OTHER LOSS, NET | — | — | 103 | — | 103 | ||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 10,046 | (5,965 | ) | 809 | — | 4,890 | |||||||||||||||
LOSS FROM SUBSIDIARIES | (8,133 | ) | — | — | 8,133 | — | |||||||||||||||
INCOME TAX EXPENSE | 1,129 | 2,788 | 189 | — | 4,106 | ||||||||||||||||
NET INCOME (LOSS) | $ | 784 | $ | (8,753 | ) | $ | 620 | $ | 8,133 | $ | 784 | ||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE THREE MONTHS ENDED | |||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||
Parent | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
NET SALES | $ | 197,723 | $ | 12,981 | $ | 23,006 | $ | (4,409 | ) | $ | 229,301 | ||||||||||
COST OF GOODS SOLD | 169,705 | 9,139 | 20,513 | (4,409 | ) | 194,948 | |||||||||||||||
GROSS PROFIT | 28,018 | 3,842 | 2,493 | — | 34,353 | ||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 12,212 | 2,589 | 1,079 | — | 15,880 | ||||||||||||||||
INTANGIBLE ASSET AMORTIZATION | 1,176 | 1,011 | 2 | — | 2,189 | ||||||||||||||||
RESTRUCTURING CHARGES | 946 | (34 | ) | 47 | — | 959 | |||||||||||||||
OPERATING INCOME | 13,684 | 276 | 1,365 | — | 15,325 | ||||||||||||||||
INTEREST EXPENSE | 6,904 | — | 15 | — | 6,919 | ||||||||||||||||
OTHER LOSS, NET | — | — | 227 | — | 227 | ||||||||||||||||
INCOME BEFORE INCOME TAXES | 6,780 | 276 | 1,123 | — | 8,179 | ||||||||||||||||
INCOME FROM SUBSIDIARIES | 1,128 | — | — | (1,128 | ) | — | |||||||||||||||
INCOME TAX EXPENSE | 2,454 | 91 | 180 | — | 2,725 | ||||||||||||||||
NET INCOME | $ | 5,454 | $ | 185 | $ | 943 | $ | (1,128 | ) | $ | 5,454 | ||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE NINE MONTHS ENDED | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Parent | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
NET SALES | $ | 604,396 | $ | 39,535 | $ | 53,502 | $ | (12,083 | ) | $ | 685,350 | ||||||||||
COST OF GOODS SOLD | 516,911 | 29,112 | 47,345 | (12,083 | ) | 581,285 | |||||||||||||||
GROSS PROFIT | 87,485 | 10,423 | 6,157 | — | 104,065 | ||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 35,564 | 7,469 | 3,366 | — | 46,399 | ||||||||||||||||
INTANGIBLE ASSET AMORTIZATION | 3,019 | 3,113 | 5 | — | 6,137 | ||||||||||||||||
ASSET IMPAIRMENT | — | 6,584 | — | — | 6,584 | ||||||||||||||||
RESTRUCTURING CHARGES | 401 | 90 | — | — | 491 | ||||||||||||||||
OPERATING INCOME (LOSS) | 48,501 | (6,833 | ) | 2,786 | — | 44,454 | |||||||||||||||
INTEREST EXPENSE | 20,676 | — | 51 | — | 20,727 | ||||||||||||||||
OTHER INCOME, NET | — | — | (129 | ) | — | (129 | ) | ||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 27,825 | (6,833 | ) | 2,864 | — | 23,856 | |||||||||||||||
LOSS FROM SUBSIDIARIES | (7,145 | ) | — | — | 7,145 | — | |||||||||||||||
INCOME TAX EXPENSE | 7,305 | 2,488 | 688 | — | 10,481 | ||||||||||||||||
NET INCOME (LOSS) | $ | 13,375 | $ | (9,321 | ) | $ | 2,176 | $ | 7,145 | $ | 13,375 | ||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE NINE MONTHS ENDED | |||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||
Parent | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
NET SALES | $ | 602,349 | $ | 31,284 | $ | 60,949 | $ | (13,559 | ) | $ | 681,023 | ||||||||||
COST OF GOODS SOLD | 516,934 | 23,030 | 53,613 | (13,559 | ) | 580,018 | |||||||||||||||
GROSS PROFIT | 85,415 | 8,254 | 7,336 | — | 101,005 | ||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 37,618 | 6,554 | 3,182 | — | 47,354 | ||||||||||||||||
INTANGIBLE ASSET AMORTIZATION | 3,783 | 1,967 | 5 | — | 5,755 | ||||||||||||||||
RESTRUCTURING CHARGES | 735 | 229 | 350 | — | 1,314 | ||||||||||||||||
OPERATING INCOME (LOSS) | 43,279 | (496 | ) | 3,799 | — | 46,582 | |||||||||||||||
INTEREST EXPENSE | 20,919 | — | 44 | — | 20,963 | ||||||||||||||||
OTHER (INCOME) LOSS, NET | — | (2 | ) | 232 | — | 230 | |||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 22,360 | (494 | ) | 3,523 | — | 25,389 | |||||||||||||||
INCOME FROM SUBSIDIARIES | 2,651 | — | — | (2,651 | ) | — | |||||||||||||||
INCOME TAX EXPENSE (BENEFIT) | 8,201 | (175 | ) | 553 | — | 8,579 | |||||||||||||||
NET INCOME (LOSS) | $ | 16,810 | $ | (319 | ) | $ | 2,970 | $ | (2,651 | ) | $ | 16,810 | |||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR | |||||||||||||||||||||
THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
NET INCOME (LOSS) | $ | 784 | $ | (8,753 | ) | $ | 620 | $ | 8,133 | $ | 784 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
Foreign currency translation adjustments, net of tax of $(7) | — | — | 271 | — | 271 | ||||||||||||||||
Pension adjustments, net of tax $1 | (2 | ) | — | — | — | (2 | ) | ||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | (2 | ) | — | 271 | — | 269 | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 782 | $ | (8,753 | ) | $ | 891 | $ | 8,133 | $ | 1,053 | ||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR | |||||||||||||||||||||
THE THREE MONTHS ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
NET INCOME (LOSS) | $ | 5,454 | $ | 185 | $ | 943 | $ | (1,128 | ) | $ | 5,454 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
Foreign currency translation adjustments, net of tax of $(134) | — | — | 365 | — | 365 | ||||||||||||||||
Pension adjustments, net of tax of $2 | (3 | ) | — | — | — | (3 | ) | ||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | (3 | ) | — | 365 | — | 362 | |||||||||||||||
COMPREHENSIVE INCOME | $ | 5,451 | $ | 185 | $ | 1,308 | $ | (1,128 | ) | $ | 5,816 | ||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Parent | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
NET INCOME (LOSS) | $ | 13,375 | $ | (9,321 | ) | $ | 2,176 | $ | 7,145 | $ | 13,375 | ||||||||||
OTHER COMPREHENSIVE LOSS | |||||||||||||||||||||
Foreign currency translation adjustments, net of tax of $189 | — | — | (280 | ) | — | (280 | ) | ||||||||||||||
Pension adjustments, net of tax $3 | (6 | ) | — | — | — | (6 | ) | ||||||||||||||
OTHER COMPREHENSIVE (LOSS) | (6 | ) | — | (280 | ) | — | (286 | ) | |||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 13,369 | $ | (9,321 | ) | $ | 1,896 | $ | 7,145 | $ | 13,089 | ||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED | |||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||
Parent | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
NET INCOME (LOSS) | $ | 16,810 | $ | (319 | ) | $ | 2,970 | $ | (2,651 | ) | $ | 16,810 | |||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
Foreign currency translation adjustments, net of tax of $(120) | — | — | 326 | — | 326 | ||||||||||||||||
Pension adjustments, net of tax of $4 | (12 | ) | — | — | — | (12 | ) | ||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | (12 | ) | — | 326 | — | 314 | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 16,798 | $ | (319 | ) | $ | 3,296 | $ | (2,651 | ) | $ | 17,124 | |||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET AS OF SEPTMEBER 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 2,062 | $ | 1,432 | $ | 6,251 | $ | — | $ | 9,745 | |||||||||||
Accounts receivable—net of allowances | 108,935 | 8,148 | 11,366 | — | 128,449 | ||||||||||||||||
Intercompany receivable | 3,355 | 3,980 | 4,668 | (12,003 | ) | — | |||||||||||||||
Inventories | 109,398 | 10,023 | 4,151 | — | 123,572 | ||||||||||||||||
Deferred income taxes | 3,941 | 1,104 | 161 | — | 5,206 | ||||||||||||||||
Assets held for sale | 1,072 | — | — | — | 1,072 | ||||||||||||||||
Prepaid expenses and other current assets | 5,954 | (1,099 | ) | 672 | — | 5,527 | |||||||||||||||
Total current assets | 234,717 | 23,588 | 27,269 | (12,003 | ) | 273,571 | |||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, NET | 69,297 | 6,525 | 1,620 | — | 77,442 | ||||||||||||||||
GOODWILL | 30,842 | 27,563 | 1,491 | — | 59,896 | ||||||||||||||||
INTANGIBLE ASSETS, NET | 13,375 | 17,829 | 74 | — | 31,278 | ||||||||||||||||
DEFERRED INCOME TAXES | — | — | 591 | — | 591 | ||||||||||||||||
OTHER ASSETS | 8,165 | 250 | 900 | — | 9,315 | ||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 83,697 | — | — | (83,697 | ) | — | |||||||||||||||
TOTAL ASSETS | $ | 440,093 | $ | 75,755 | $ | 31,945 | $ | (95,700 | ) | $ | 452,093 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Current portion of long-term debt | $ | 28,177 | $ | — | $ | — | $ | — | $ | 28,177 | |||||||||||
Accounts payable | 25,288 | 1,506 | 1,383 | — | 28,177 | ||||||||||||||||
Intercompany payable | — | 4,668 | 7,335 | (12,003 | ) | — | |||||||||||||||
Accrued liabilities | 24,774 | 4,940 | 3,240 | — | 32,954 | ||||||||||||||||
Total current liabilities | 78,239 | 11,114 | 11,958 | (12,003 | ) | 89,308 | |||||||||||||||
LONG-TERM DEBT | 273,451 | — | — | — | 273,451 | ||||||||||||||||
OTHER LONG-TERM LIABILITIES | 4,171 | — | 60 | — | 4,231 | ||||||||||||||||
DEFERRED INCOME TAXES | 9,326 | 871 | — | — | 10,197 | ||||||||||||||||
SHAREHOLDERS’ EQUITY: | |||||||||||||||||||||
Common stock | 18 | — | 928 | (928 | ) | 18 | |||||||||||||||
Treasury stock | (4,690 | ) | — | — | — | (4,690 | ) | ||||||||||||||
Additional paid-in capital | 107,735 | 75,563 | 1,472 | (77,035 | ) | 107,735 | |||||||||||||||
(Accumulated deficit) retained earnings | (27,838 | ) | (11,793 | ) | 17,778 | (5,985 | ) | (27,838 | ) | ||||||||||||
Accumulated other comprehensive loss | (319 | ) | — | (251 | ) | 251 | (319 | ) | |||||||||||||
Total shareholders’ equity | 74,906 | 63,770 | 19,927 | (83,697 | ) | 74,906 | |||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 440,093 | $ | 75,755 | $ | 31,945 | $ | (95,700 | ) | $ | 452,093 | ||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 3,417 | $ | 1,709 | $ | 4,436 | $ | — | $ | 9,562 | |||||||||||
Accounts receivable—net of allowances | 109,421 | 5,906 | 10,655 | — | 125,982 | ||||||||||||||||
Intercompany receivable | 829 | 6,738 | 5,945 | (13,512 | ) | — | |||||||||||||||
Inventories | 99,839 | 8,123 | 4,628 | — | 112,590 | ||||||||||||||||
Deferred income taxes | 3,332 | 811 | 128 | — | 4,271 | ||||||||||||||||
Assets held for sale | 1,074 | — | — | — | 1,074 | ||||||||||||||||
Prepaid expenses and other current assets | 1,895 | 1,488 | 688 | — | 4,071 | ||||||||||||||||
Total current assets | 219,807 | 24,775 | 26,480 | (13,512 | ) | 257,550 | |||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, NET | 70,158 | 6,908 | 1,848 | — | 78,914 | ||||||||||||||||
GOODWILL | 30,842 | 34,147 | 1,546 | — | 66,535 | ||||||||||||||||
INTANGIBLE ASSETS, NET | 16,394 | 20,941 | 82 | — | 37,417 | ||||||||||||||||
DEFERRED INCOME TAXES | — | — | 329 | — | 329 | ||||||||||||||||
OTHER ASSETS | 8,475 | — | 120 | — | 8,595 | ||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 93,589 | — | — | (93,589 | ) | — | |||||||||||||||
TOTAL ASSETS | $ | 439,265 | $ | 86,771 | $ | 30,405 | $ | (107,101 | ) | $ | 449,340 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Current portion of long-term debt | $ | 35,566 | $ | — | $ | — | $ | — | $ | 35,566 | |||||||||||
Accounts payable | 22,854 | 1,196 | 1,698 | — | 25,748 | ||||||||||||||||
Intercompany payable | — | 5,945 | 7,567 | (13,512 | ) | — | |||||||||||||||
Accrued liabilities | 32,817 | 2,352 | 3,039 | — | 38,208 | ||||||||||||||||
Total current liabilities | 91,237 | 9,493 | 12,304 | (13,512 | ) | 99,522 | |||||||||||||||
LONG-TERM DEBT | 288,273 | — | — | — | 288,273 | ||||||||||||||||
OTHER LONG-TERM LIABILITIES | 3,625 | — | 68 | — | 3,693 | ||||||||||||||||
DEFERRED INCOME TAXES | 4,965 | 1,722 | — | — | 6,687 | ||||||||||||||||
SHAREHOLDERS’ EQUITY: | |||||||||||||||||||||
Common stock | 17 | — | 928 | (928 | ) | 17 | |||||||||||||||
Treasury stock | (3,918 | ) | — | — | — | (3,918 | ) | ||||||||||||||
Additional paid-in capital | 94,470 | 78,030 | 1,472 | (79,502 | ) | 94,470 | |||||||||||||||
(Accumulated deficit) retained earnings | (39,371 | ) | (2,474 | ) | 15,603 | (13,129 | ) | (39,371 | ) | ||||||||||||
Accumulated other comprehensive (loss) income | (33 | ) | — | 30 | (30 | ) | (33 | ) | |||||||||||||
Total shareholders’ equity | 51,165 | 75,556 | 18,033 | (93,589 | ) | 51,165 | |||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 439,265 | $ | 86,771 | $ | 30,405 | $ | (107,101 | ) | $ | 449,340 | ||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Parent | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
CASH FLOW FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income (loss) | $ | 13,375 | $ | (9,321 | ) | $ | 2,176 | $ | 7,145 | $ | 13,375 | ||||||||||
Adjustments to reconcile net income (loss) to net cash flow from operating activities: | |||||||||||||||||||||
Depreciation and amortization | 13,691 | 3,811 | 255 | — | 17,757 | ||||||||||||||||
Stock-based compensation | 3,013 | — | — | — | 3,013 | ||||||||||||||||
Foreign currency transaction gain | — | — | (131 | ) | — | (131 | ) | ||||||||||||||
Asset Impairment | — | 6,584 | — | — | 6,584 | ||||||||||||||||
Deferred taxes | 3,755 | (1,144 | ) | (115 | ) | — | 2,496 | ||||||||||||||
Excess tax benefits from stock-based compensation | (3,190 | ) | — | — | — | (3,190 | ) | ||||||||||||||
Loss on disposal of fixed assets | 33 | 19 | 12 | — | 64 | ||||||||||||||||
Equity in consolidated subsidiaries | 7,145 | — | — | (7,145 | ) | — | |||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||
Accounts receivable | 487 | (2,241 | ) | (705 | ) | — | (2,459 | ) | |||||||||||||
Inventories | (9,560 | ) | (1,899 | ) | 477 | — | (10,982 | ) | |||||||||||||
Prepaid expenses and other assets | (4,091 | ) | 2,337 | (805 | ) | — | (2,559 | ) | |||||||||||||
Accounts payable | 2,663 | 309 | (272 | ) | — | 2,700 | |||||||||||||||
Intercompany accounts | (57 | ) | (987 | ) | 1,044 | — | — | ||||||||||||||
Accrued liabilities | (7,468 | ) | 2,589 | 167 | — | (4,712 | ) | ||||||||||||||
Net cash flow provided by operating activities | 19,796 | 57 | 2,103 | — | 21,956 | ||||||||||||||||
CASH FLOW FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures | (8,780 | ) | (334 | ) | (30 | ) | — | (9,144 | ) | ||||||||||||
Proceeds from sale of capital expenditures | 11 | — | — | — | 11 | ||||||||||||||||
Net cash flow used in investing activities | (8,769 | ) | (334 | ) | (30 | ) | — | (9,133 | ) | ||||||||||||
CASH FLOW FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Borrowings under revolving loan facilities | 89,904 | — | — | — | 89,904 | ||||||||||||||||
Repayments under revolving loan facilities | (112,334 | ) | — | — | — | (112,334 | ) | ||||||||||||||
Repayment of long-term debt | (139 | ) | — | — | — | (139 | ) | ||||||||||||||
Purchase of treasury stock | (772 | ) | — | — | — | (772 | ) | ||||||||||||||
Excess tax benefits from stock-based compensation | 3,190 | — | — | — | 3,190 | ||||||||||||||||
Proceed from option exercises | 9,611 | — | — | — | 9,611 | ||||||||||||||||
Dividends paid | (1,842 | ) | — | — | — | (1,842 | ) | ||||||||||||||
Net cash flow used in financing activities | (12,382 | ) | — | — | — | (12,382 | ) | ||||||||||||||
Effect of exchange rate on cash and cash equivalents | — | — | (258 | ) | — | (258 | ) | ||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (1,355 | ) | (277 | ) | 1,815 | — | 183 | ||||||||||||||
CASH AND CASH EQUIVALENTS—Beginning of period | 3,417 | 1,709 | 4,436 | — | 9,562 | ||||||||||||||||
CASH AND CASH EQUIVALENTS—End of period | $ | 2,062 | $ | 1,432 | $ | 6,251 | $ | — | $ | 9,745 | |||||||||||
NONCASH ACTIVITY | |||||||||||||||||||||
Unpaid capital expenditures | 46 | — | — | — | 46 | ||||||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||||||||||||||
Income taxes paid (refunded), net | 6,347 | (1,171 | ) | 790 | — | 5,966 | |||||||||||||||
Cash interest paid | 25,817 | — | 37 | — | 25,854 | ||||||||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED | |||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||
Parent | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
CASH FLOW FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income (loss) | $ | 16,810 | $ | (319 | ) | $ | 2,970 | $ | (2,651 | ) | $ | 16,810 | |||||||||
Adjustments to reconcile net income (loss) to net cash flow from operating activities: | |||||||||||||||||||||
Depreciation and amortization | 14,247 | 2,756 | 238 | — | 17,241 | ||||||||||||||||
Stock-based compensation | 1,169 | — | — | — | 1,169 | ||||||||||||||||
Foreign currency transaction loss | — | — | 252 | — | 252 | ||||||||||||||||
Excess tax benefits from stock-based compensation | (625 | ) | — | — | — | (625 | ) | ||||||||||||||
Deferred taxes | 1,810 | (34 | ) | 89 | — | 1,865 | |||||||||||||||
Gain on disposal of fixed assets | (31 | ) | (10 | ) | — | — | (41 | ) | |||||||||||||
Equity in consolidated subsidiaries | (2,651 | ) | — | — | 2,651 | — | |||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||
Accounts receivable | (11,138 | ) | (2,787 | ) | (867 | ) | — | (14,792 | ) | ||||||||||||
Inventories | (12,602 | ) | (2,832 | ) | (9 | ) | — | (15,443 | ) | ||||||||||||
Prepaid expenses and other assets | 3,595 | (345 | ) | 67 | — | 3,317 | |||||||||||||||
Accounts payable | 9,815 | 1,450 | (2,544 | ) | — | 8,721 | |||||||||||||||
Intercompany accounts | (2,696 | ) | 6,843 | (4,147 | ) | — | — | ||||||||||||||
Accrued liabilities | (7,939 | ) | 1,405 | 1,406 | — | (5,128 | ) | ||||||||||||||
Net cash flow from operating activities | 9,764 | 6,127 | (2,545 | ) | — | 13,346 | |||||||||||||||
CASH FLOW FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures | (23,250 | ) | (5,048 | ) | (402 | ) | — | (28,700 | ) | ||||||||||||
Proceeds from sale of fixed assets | 24 | — | — | — | 24 | ||||||||||||||||
Acquisition of businesses, net of cash acquired | (33,090 | ) | — | — | — | (33,090 | ) | ||||||||||||||
Net cash flow from investing activities | (56,316 | ) | (5,048 | ) | (402 | ) | — | (61,766 | ) | ||||||||||||
CASH FLOW FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Borrowings under revolving loan facilities | 332,996 | — | — | — | 332,996 | ||||||||||||||||
Repayments under revolving loan facilities | (288,626 | ) | — | — | — | (288,626 | ) | ||||||||||||||
Payment of deferred financing fees | — | — | — | — | — | ||||||||||||||||
Repayment of long-term debt | (124 | ) | — | — | — | (124 | ) | ||||||||||||||
Purchase of treasury stock | (657 | ) | — | — | — | (657 | ) | ||||||||||||||
Excess tax benefits from stock-based compensation | 625 | — | — | — | 625 | ||||||||||||||||
Proceeds from stock option exercises | 14 | — | — | — | 14 | ||||||||||||||||
Cash dividends paid | (704 | ) | — | — | — | (704 | ) | ||||||||||||||
Net cash flow from financing activities | 43,524 | — | — | — | 43,524 | ||||||||||||||||
Effect of exchange rate on cash and cash equivalents | — | — | 478 | — | 478 | ||||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (3,028 | ) | 1,079 | (2,469 | ) | — | (4,418 | ) | |||||||||||||
CASH AND CASH EQUIVALENTS — Beginning of period | 4,086 | 724 | 4,936 | — | 9,746 | ||||||||||||||||
CASH AND CASH EQUIVALENTS — End of period | $ | 1,058 | $ | 1,803 | $ | 2,467 | $ | — | $ | 5,328 | |||||||||||
NONCASH ACTIVITY | |||||||||||||||||||||
Unpaid capital expenditures | 176 | — | — | — | 176 | ||||||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||||||||||||||
Income taxes paid, net | 1,735 | (207 | ) | 390 | — | 1,918 | |||||||||||||||
Cash interest paid | 26,074 | — | — | — | 26,074 | ||||||||||||||||
Goodwill_Intangible_Assets_and1
Goodwill, Intangible Assets and Asset Impairments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Changes in Carrying Amount of Goodwill by Reportable Business Segment | ' | ||||||||||||||||
Distribution | OEM | Engineered | Total | ||||||||||||||
Segment | Segment | Solutions | |||||||||||||||
Segment | |||||||||||||||||
Net book value at January 1, 2013 | |||||||||||||||||
Goodwill | $ | 102,846 | $ | 11,725 | $ | 33,187 | $ | 147,758 | |||||||||
Accumulated impairment losses | (69,498 | ) | (11,725 | ) | — | (81,223 | ) | ||||||||||
Total | $ | 33,348 | $ | — | $ | 33,187 | $ | 66,535 | |||||||||
Impairment losses | — | — | (6,584 | ) | (6,584 | ) | |||||||||||
Foreign currency translation adjustments | (55 | ) | — | — | (55 | ) | |||||||||||
Net book value at September 30, 2013 | |||||||||||||||||
Goodwill | 102,791 | 11,725 | 33,187 | 147,703 | |||||||||||||
Accumulated impairment losses | (69,498 | ) | (11,725 | ) | (6,584 | ) | (87,807 | ) | |||||||||
Total | $ | 33,293 | $ | — | $ | 26,603 | $ | 59,896 | |||||||||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Final Allocations of Purchase Price Related to Twenty Eleven Acquisitions and Provisional Allocation Related to WE Acquisition | ' | ||||||||
The table below summarizes the final allocations of purchase price related to WE. | |||||||||
WE | |||||||||
Accounts receivable | 2,720 | ||||||||
Inventories | 2,249 | ||||||||
Prepaid expenses and other current assets | 59 | ||||||||
Property, plant and equipment | 3,363 | ||||||||
Deferred income tax asset | 170 | ||||||||
Intangible assets | 17,020 | ||||||||
Goodwill | 10,742 | ||||||||
Total assets acquired | 36,323 | ||||||||
Current liabilities | (2,401 | ) | |||||||
Total liabilities assumed | (2,401 | ) | |||||||
Net assets acquired | 33,922 | ||||||||
Purchase Price Allocation to Identifiable Amortizable Intangible Assets along with Respective Weighted-Average Amortization Periods | ' | ||||||||
The purchase price allocation to identifiable intangible assets, which are all amortizable, along with their respective weighted-average amortization periods at the acquisition date are as follows: | |||||||||
Weighted- | WE | ||||||||
Average | |||||||||
Amortization | |||||||||
Period | |||||||||
Customer relationships | 6 | $ | 9,000 | ||||||
Trademarks and trade names | 6 | 6,600 | |||||||
Developed technology | 3 | 970 | |||||||
Backlog | 1 | 450 | |||||||
Total intangible assets | $ | 17,020 | |||||||
Watteredge | ' | ||||||||
Unaudited Selected Pro Forma Financial Information | ' | ||||||||
The unaudited pro forma combined results of operations were prepared using historical financial information of WE, and we make no representation with respect to the accuracy of such information. | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
2012 | 2012 | ||||||||
Net sales | $ | 229,301 | $ | 691,291 | |||||
Net income | 5,392 | 17,315 |
Restructuring_Activities_Table
Restructuring Activities (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Restructuring Activities | ' | ||||||||||||
Lease Holding | Severance, | Total | |||||||||||
Costs | Moving & Other | ||||||||||||
Closing Costs | |||||||||||||
BALANCE — December 31, 2012 | $ | 1,200 | $ | 45 | $ | 1,245 | |||||||
Provision | 46 | 445 | 491 | ||||||||||
Cash payments | (206 | ) | (490 | ) | (696 | ) | |||||||
BALANCE — September 30, 2013 | $ | 1,040 | $ | — | $ | 1,040 | |||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventories | ' | ||||||||
Inventories consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
FIFO cost: | |||||||||
Raw materials | $ | 43,429 | $ | 44,874 | |||||
Work in progress | 5,185 | 3,391 | |||||||
Finished products | 74,958 | 64,325 | |||||||
Total | $ | 123,572 | $ | 112,590 | |||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accrued Liabilities | ' | ||||||||
Accrued liabilities consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Salaries, wages and employee benefits | $ | 9,533 | $ | 9,597 | |||||
Sales incentives | 10,574 | 10,694 | |||||||
Interest | 3,178 | 9,427 | |||||||
Other | 9,669 | 8,490 | |||||||
Total | $ | 32,954 | $ | 38,208 | |||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Total Borrowings | ' | ||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Revolving Credit Facility expiring October 2016 | $ | 28,000 | $ | 50,430 | |||||
9% Senior Notes due February 2018, including unamortized discount of $1,948 and $2,286, respectively | 273,052 | 272,714 | |||||||
Capital lease obligations | 576 | 695 | |||||||
301,628 | 323,839 | ||||||||
Less current portion | (28,177 | ) | (35,566 | ) | |||||
Long-term debt | $ | 273,451 | $ | 288,273 | |||||
Nine Percent Senior Notes Due Twenty Eighteen | ' | ||||||||
Senior Notes | September 30, 2013 | ||||||||
Face Value | $ | 275,000 | |||||||
Fair Value (Level 1) | $ | 292,325 | |||||||
Interest Rate | 9 | % | |||||||
Interest Payment | Semi-Annually | ||||||||
February 15th and | |||||||||
August 15th | |||||||||
Maturity Date | February 15, 2018 | ||||||||
Optional Redemption | ' | ||||||||
Optional redemption (1) | |||||||||
Beginning Date | Percentage | ||||||||
February 15, 2014 | 104.5 | % | |||||||
February 15, 2015 | 102.25 | % | |||||||
February 15, 2016 | 100 | % | |||||||
-1 | The Company may, at its option, redeem the Senior Notes, in whole at any time or in part from time to time, on or after the above-noted dates and at the above-noted percentages of the principal amount thereof (plus interest due). |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Components of Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
As of September 30, 2013 and 2012, the impact of participating securities on net income allocated to common shareholders and the dilutive effect of share-based awards outstanding on weighted average shares outstanding was as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
Components of Basic and Diluted Earnings per Share | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Basic EPS Numerator: | |||||||||||||||||
Net income | $ | 784 | $ | 5,454 | $ | 13,375 | $ | 16,810 | |||||||||
Less: Earnings allocated to participating securities | (5 | ) | (50 | ) | (88 | ) | (153 | ) | |||||||||
Net income allocated to common shareholders | $ | 779 | $ | 5,404 | $ | 13,287 | $ | 16,657 | |||||||||
Basic EPS Denominator: | |||||||||||||||||
Weighted average shares outstanding | 18,293 | 17,071 | 17,617 | 17,077 | |||||||||||||
Basic earnings per common share | $ | 0.04 | $ | 0.32 | $ | 0.75 | $ | 0.98 | |||||||||
Diluted EPS Numerator: | |||||||||||||||||
Net income | $ | 784 | $ | 5,454 | $ | 13,375 | $ | 16,810 | |||||||||
Less: Earnings allocated to participating securities | (5 | ) | (49 | ) | (87 | ) | (151 | ) | |||||||||
Net income allocated to common shareholders | $ | 779 | $ | 5,405 | $ | 13,288 | $ | 16,659 | |||||||||
Diluted EPS Denominator: | |||||||||||||||||
Weighted average shares outstanding | 18,293 | 17,071 | 17,617 | 17,077 | |||||||||||||
Dilutive common shares issuable upon exercise of stock options | 185 | 230 | 163 | 234 | |||||||||||||
Diluted weighted average shares outstanding | 18,478 | 17,301 | 17,780 | 17,311 | |||||||||||||
Diluted earnings per common share | $ | 0.04 | $ | 0.31 | $ | 0.75 | $ | 0.96 |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Changes in Stock Options | ' | ||||||||||||||||
Changes in stock options were as follows: | |||||||||||||||||
Shares | Weighted-Average | Weighted-Average | Aggregate | ||||||||||||||
Exercise | Remaining | Intrinsic | |||||||||||||||
Price | Contractual | Value | |||||||||||||||
Terms | |||||||||||||||||
Outstanding January 1, 2013 | 1,388 | $ | 11.09 | 4.8 | $ | 2,352 | |||||||||||
Granted | — | — | — | ||||||||||||||
Exercised | (863 | ) | 19.5 | 1,388 | |||||||||||||
Forfeited or expired | (38 | ) | 9.44 | — | |||||||||||||
Outstanding September 30, 2013 | 487 | 11.08 | 4.4 | 5,022 | |||||||||||||
Vested or expected to vest | 470 | 11.32 | 4.4 | 4,745 | |||||||||||||
Exercisable | 415 | 9.69 | 4.5 | 4,745 | |||||||||||||
Changes in Nonvested Shares | ' | ||||||||||||||||
Changes in nonvested shares for the first nine months of 2013 were as follows: | |||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at January 1, 2013 | 558 | $ | 4.79 | ||||||||||||||
Granted | 53 | 9.44 | |||||||||||||||
Vested | (495 | ) | 4.39 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Nonvested at September 30, 2013 | 116 | $ | 8.61 |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Effective Tax Rate | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Effective Tax Rate | 84 | % | 33.3 | % | 43.9 | % | 33.8 | % |
Fair_Value_Disclosure_Tables
Fair Value Disclosure (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Financial Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||||||||||
Financial assets measured at fair value on a recurring basis are summarized below: | |||||||||||||||||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 9,745 | $ | — | $ | — | $ | 9,745 | $ | 9,562 | $ | — | $ | — | $ | 9,562 | |||||||||||||||||
Derivative Assets, Inclusive of Collateral | 97 | — | — | 97 | 127 | — | — | 127 | |||||||||||||||||||||||||
Total | $ | 9,842 | $ | — | $ | — | $ | 9,842 | $ | 9,689 | $ | — | $ | — | $ | 9,689 | |||||||||||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Financial Data for Reportable Segments | ' | ||||||||||||||||
Financial data for the Company’s reportable segments is as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net Sales: | |||||||||||||||||
Distribution Segment | $ | 163,065 | $ | 162,179 | $ | 477,027 | $ | 481,548 | |||||||||
OEM Segment | 51,802 | 54,140 | 168,788 | 168,382 | |||||||||||||
Engineered Solutions | 14,172 | 12,982 | 39,535 | 31,093 | |||||||||||||
Total | $ | 229,039 | $ | 229,301 | $ | 685,350 | $ | 681,023 | |||||||||
Operating Income: | |||||||||||||||||
Distribution Segment | $ | 16,833 | $ | 15,240 | $ | 48,732 | $ | 45,140 | |||||||||
OEM Segment | 3,784 | 3,282 | 14,172 | 12,929 | |||||||||||||
Engineered Solutions | 1,920 | 1,822 | 4,057 | 3,649 | |||||||||||||
Total segments | 22,537 | 20,344 | 66,961 | 61,718 | |||||||||||||
Corporate | (10,629 | ) | (5,019 | ) | (22,507 | ) | (15,136 | ) | |||||||||
Consolidated operating income | $ | 11,908 | $ | 15,325 | $ | 44,454 | $ | 46,582 | |||||||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Consolidating Statement of Income | ' | ||||||||||||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE THREE MONTHS ENDED | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Parent | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
NET SALES | $ | 197,540 | $ | 14,172 | $ | 20,918 | $ | (3,591 | ) | $ | 229,039 | ||||||||||
COST OF GOODS SOLD | 169,516 | 10,176 | 18,810 | (3,591 | ) | 194,911 | |||||||||||||||
GROSS PROFIT | 28,024 | 3,996 | 2,108 | — | 34,128 | ||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 10,026 | 2,340 | 1,172 | — | 13,538 | ||||||||||||||||
INTANGIBLE ASSET AMORTIZATION | 937 | 1,037 | 2 | — | 1,976 | ||||||||||||||||
ASSET IMPAIRMENT | — | 6,584 | — | — | 6,584 | ||||||||||||||||
RESTRUCTURING CHARGES | 122 | — | — | — | 122 | ||||||||||||||||
OPERATING INCOME (LOSS) | 16,939 | (5,965 | ) | 934 | — | 11,908 | |||||||||||||||
INTEREST EXPENSE | 6,893 | — | 22 | — | 6,915 | ||||||||||||||||
OTHER LOSS, NET | — | — | 103 | — | 103 | ||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 10,046 | (5,965 | ) | 809 | — | 4,890 | |||||||||||||||
LOSS FROM SUBSIDIARIES | (8,133 | ) | — | — | 8,133 | — | |||||||||||||||
INCOME TAX EXPENSE | 1,129 | 2,788 | 189 | — | 4,106 | ||||||||||||||||
NET INCOME (LOSS) | $ | 784 | $ | (8,753 | ) | $ | 620 | $ | 8,133 | $ | 784 | ||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE THREE MONTHS ENDED | |||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||
Parent | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
NET SALES | $ | 197,723 | $ | 12,981 | $ | 23,006 | $ | (4,409 | ) | $ | 229,301 | ||||||||||
COST OF GOODS SOLD | 169,705 | 9,139 | 20,513 | (4,409 | ) | 194,948 | |||||||||||||||
GROSS PROFIT | 28,018 | 3,842 | 2,493 | — | 34,353 | ||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 12,212 | 2,589 | 1,079 | — | 15,880 | ||||||||||||||||
INTANGIBLE ASSET AMORTIZATION | 1,176 | 1,011 | 2 | — | 2,189 | ||||||||||||||||
RESTRUCTURING CHARGES | 946 | (34 | ) | 47 | — | 959 | |||||||||||||||
OPERATING INCOME | 13,684 | 276 | 1,365 | — | 15,325 | ||||||||||||||||
INTEREST EXPENSE | 6,904 | — | 15 | — | 6,919 | ||||||||||||||||
OTHER LOSS, NET | — | — | 227 | — | 227 | ||||||||||||||||
INCOME BEFORE INCOME TAXES | 6,780 | 276 | 1,123 | — | 8,179 | ||||||||||||||||
INCOME FROM SUBSIDIARIES | 1,128 | — | — | (1,128 | ) | — | |||||||||||||||
INCOME TAX EXPENSE | 2,454 | 91 | 180 | — | 2,725 | ||||||||||||||||
NET INCOME | $ | 5,454 | $ | 185 | $ | 943 | $ | (1,128 | ) | $ | 5,454 | ||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE NINE MONTHS ENDED | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Parent | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
NET SALES | $ | 604,396 | $ | 39,535 | $ | 53,502 | $ | (12,083 | ) | $ | 685,350 | ||||||||||
COST OF GOODS SOLD | 516,911 | 29,112 | 47,345 | (12,083 | ) | 581,285 | |||||||||||||||
GROSS PROFIT | 87,485 | 10,423 | 6,157 | — | 104,065 | ||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 35,564 | 7,469 | 3,366 | — | 46,399 | ||||||||||||||||
INTANGIBLE ASSET AMORTIZATION | 3,019 | 3,113 | 5 | — | 6,137 | ||||||||||||||||
ASSET IMPAIRMENT | — | 6,584 | — | — | 6,584 | ||||||||||||||||
RESTRUCTURING CHARGES | 401 | 90 | — | — | 491 | ||||||||||||||||
OPERATING INCOME (LOSS) | 48,501 | (6,833 | ) | 2,786 | — | 44,454 | |||||||||||||||
INTEREST EXPENSE | 20,676 | — | 51 | — | 20,727 | ||||||||||||||||
OTHER INCOME, NET | — | — | (129 | ) | — | (129 | ) | ||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 27,825 | (6,833 | ) | 2,864 | — | 23,856 | |||||||||||||||
LOSS FROM SUBSIDIARIES | (7,145 | ) | — | — | 7,145 | — | |||||||||||||||
INCOME TAX EXPENSE | 7,305 | 2,488 | 688 | — | 10,481 | ||||||||||||||||
NET INCOME (LOSS) | $ | 13,375 | $ | (9,321 | ) | $ | 2,176 | $ | 7,145 | $ | 13,375 | ||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE NINE MONTHS ENDED | |||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||
Parent | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
NET SALES | $ | 602,349 | $ | 31,284 | $ | 60,949 | $ | (13,559 | ) | $ | 681,023 | ||||||||||
COST OF GOODS SOLD | 516,934 | 23,030 | 53,613 | (13,559 | ) | 580,018 | |||||||||||||||
GROSS PROFIT | 85,415 | 8,254 | 7,336 | — | 101,005 | ||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 37,618 | 6,554 | 3,182 | — | 47,354 | ||||||||||||||||
INTANGIBLE ASSET AMORTIZATION | 3,783 | 1,967 | 5 | — | 5,755 | ||||||||||||||||
RESTRUCTURING CHARGES | 735 | 229 | 350 | — | 1,314 | ||||||||||||||||
OPERATING INCOME (LOSS) | 43,279 | (496 | ) | 3,799 | — | 46,582 | |||||||||||||||
INTEREST EXPENSE | 20,919 | — | 44 | — | 20,963 | ||||||||||||||||
OTHER (INCOME) LOSS, NET | — | (2 | ) | 232 | — | 230 | |||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 22,360 | (494 | ) | 3,523 | — | 25,389 | |||||||||||||||
INCOME FROM SUBSIDIARIES | 2,651 | — | — | (2,651 | ) | — | |||||||||||||||
INCOME TAX EXPENSE (BENEFIT) | 8,201 | (175 | ) | 553 | — | 8,579 | |||||||||||||||
NET INCOME (LOSS) | $ | 16,810 | $ | (319 | ) | $ | 2,970 | $ | (2,651 | ) | $ | 16,810 | |||||||||
Consolidating Statement of Comprehensive Income | ' | ||||||||||||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR | |||||||||||||||||||||
THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
NET INCOME (LOSS) | $ | 784 | $ | (8,753 | ) | $ | 620 | $ | 8,133 | $ | 784 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
Foreign currency translation adjustments, net of tax of $(7) | — | — | 271 | — | 271 | ||||||||||||||||
Pension adjustments, net of tax $1 | (2 | ) | — | — | — | (2 | ) | ||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | (2 | ) | — | 271 | — | 269 | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 782 | $ | (8,753 | ) | $ | 891 | $ | 8,133 | $ | 1,053 | ||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR | |||||||||||||||||||||
THE THREE MONTHS ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
NET INCOME (LOSS) | $ | 5,454 | $ | 185 | $ | 943 | $ | (1,128 | ) | $ | 5,454 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
Foreign currency translation adjustments, net of tax of $(134) | — | — | 365 | — | 365 | ||||||||||||||||
Pension adjustments, net of tax of $2 | (3 | ) | — | — | — | (3 | ) | ||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | (3 | ) | — | 365 | — | 362 | |||||||||||||||
COMPREHENSIVE INCOME | $ | 5,451 | $ | 185 | $ | 1,308 | $ | (1,128 | ) | $ | 5,816 | ||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Parent | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
NET INCOME (LOSS) | $ | 13,375 | $ | (9,321 | ) | $ | 2,176 | $ | 7,145 | $ | 13,375 | ||||||||||
OTHER COMPREHENSIVE LOSS | |||||||||||||||||||||
Foreign currency translation adjustments, net of tax of $189 | — | — | (280 | ) | — | (280 | ) | ||||||||||||||
Pension adjustments, net of tax $3 | (6 | ) | — | — | — | (6 | ) | ||||||||||||||
OTHER COMPREHENSIVE (LOSS) | (6 | ) | — | (280 | ) | — | (286 | ) | |||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 13,369 | $ | (9,321 | ) | $ | 1,896 | $ | 7,145 | $ | 13,089 | ||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED | |||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||
Parent | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
NET INCOME (LOSS) | $ | 16,810 | $ | (319 | ) | $ | 2,970 | $ | (2,651 | ) | $ | 16,810 | |||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
Foreign currency translation adjustments, net of tax of $(120) | — | — | 326 | — | 326 | ||||||||||||||||
Pension adjustments, net of tax of $4 | (12 | ) | — | — | — | (12 | ) | ||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | (12 | ) | — | 326 | — | 314 | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 16,798 | $ | (319 | ) | $ | 3,296 | $ | (2,651 | ) | $ | 17,124 | |||||||||
Consolidating Balance Sheet | ' | ||||||||||||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET AS OF SEPTMEBER 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 2,062 | $ | 1,432 | $ | 6,251 | $ | — | $ | 9,745 | |||||||||||
Accounts receivable—net of allowances | 108,935 | 8,148 | 11,366 | — | 128,449 | ||||||||||||||||
Intercompany receivable | 3,355 | 3,980 | 4,668 | (12,003 | ) | — | |||||||||||||||
Inventories | 109,398 | 10,023 | 4,151 | — | 123,572 | ||||||||||||||||
Deferred income taxes | 3,941 | 1,104 | 161 | — | 5,206 | ||||||||||||||||
Assets held for sale | 1,072 | — | — | — | 1,072 | ||||||||||||||||
Prepaid expenses and other current assets | 5,954 | (1,099 | ) | 672 | — | 5,527 | |||||||||||||||
Total current assets | 234,717 | 23,588 | 27,269 | (12,003 | ) | 273,571 | |||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, NET | 69,297 | 6,525 | 1,620 | — | 77,442 | ||||||||||||||||
GOODWILL | 30,842 | 27,563 | 1,491 | — | 59,896 | ||||||||||||||||
INTANGIBLE ASSETS, NET | 13,375 | 17,829 | 74 | — | 31,278 | ||||||||||||||||
DEFERRED INCOME TAXES | — | — | 591 | — | 591 | ||||||||||||||||
OTHER ASSETS | 8,165 | 250 | 900 | — | 9,315 | ||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 83,697 | — | — | (83,697 | ) | — | |||||||||||||||
TOTAL ASSETS | $ | 440,093 | $ | 75,755 | $ | 31,945 | $ | (95,700 | ) | $ | 452,093 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Current portion of long-term debt | $ | 28,177 | $ | — | $ | — | $ | — | $ | 28,177 | |||||||||||
Accounts payable | 25,288 | 1,506 | 1,383 | — | 28,177 | ||||||||||||||||
Intercompany payable | — | 4,668 | 7,335 | (12,003 | ) | — | |||||||||||||||
Accrued liabilities | 24,774 | 4,940 | 3,240 | — | 32,954 | ||||||||||||||||
Total current liabilities | 78,239 | 11,114 | 11,958 | (12,003 | ) | 89,308 | |||||||||||||||
LONG-TERM DEBT | 273,451 | — | — | — | 273,451 | ||||||||||||||||
OTHER LONG-TERM LIABILITIES | 4,171 | — | 60 | — | 4,231 | ||||||||||||||||
DEFERRED INCOME TAXES | 9,326 | 871 | — | — | 10,197 | ||||||||||||||||
SHAREHOLDERS’ EQUITY: | |||||||||||||||||||||
Common stock | 18 | — | 928 | (928 | ) | 18 | |||||||||||||||
Treasury stock | (4,690 | ) | — | — | — | (4,690 | ) | ||||||||||||||
Additional paid-in capital | 107,735 | 75,563 | 1,472 | (77,035 | ) | 107,735 | |||||||||||||||
(Accumulated deficit) retained earnings | (27,838 | ) | (11,793 | ) | 17,778 | (5,985 | ) | (27,838 | ) | ||||||||||||
Accumulated other comprehensive loss | (319 | ) | — | (251 | ) | 251 | (319 | ) | |||||||||||||
Total shareholders’ equity | 74,906 | 63,770 | 19,927 | (83,697 | ) | 74,906 | |||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 440,093 | $ | 75,755 | $ | 31,945 | $ | (95,700 | ) | $ | 452,093 | ||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 3,417 | $ | 1,709 | $ | 4,436 | $ | — | $ | 9,562 | |||||||||||
Accounts receivable—net of allowances | 109,421 | 5,906 | 10,655 | — | 125,982 | ||||||||||||||||
Intercompany receivable | 829 | 6,738 | 5,945 | (13,512 | ) | — | |||||||||||||||
Inventories | 99,839 | 8,123 | 4,628 | — | 112,590 | ||||||||||||||||
Deferred income taxes | 3,332 | 811 | 128 | — | 4,271 | ||||||||||||||||
Assets held for sale | 1,074 | — | — | — | 1,074 | ||||||||||||||||
Prepaid expenses and other current assets | 1,895 | 1,488 | 688 | — | 4,071 | ||||||||||||||||
Total current assets | 219,807 | 24,775 | 26,480 | (13,512 | ) | 257,550 | |||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, NET | 70,158 | 6,908 | 1,848 | — | 78,914 | ||||||||||||||||
GOODWILL | 30,842 | 34,147 | 1,546 | — | 66,535 | ||||||||||||||||
INTANGIBLE ASSETS, NET | 16,394 | 20,941 | 82 | — | 37,417 | ||||||||||||||||
DEFERRED INCOME TAXES | — | — | 329 | — | 329 | ||||||||||||||||
OTHER ASSETS | 8,475 | — | 120 | — | 8,595 | ||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 93,589 | — | — | (93,589 | ) | — | |||||||||||||||
TOTAL ASSETS | $ | 439,265 | $ | 86,771 | $ | 30,405 | $ | (107,101 | ) | $ | 449,340 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Current portion of long-term debt | $ | 35,566 | $ | — | $ | — | $ | — | $ | 35,566 | |||||||||||
Accounts payable | 22,854 | 1,196 | 1,698 | — | 25,748 | ||||||||||||||||
Intercompany payable | — | 5,945 | 7,567 | (13,512 | ) | — | |||||||||||||||
Accrued liabilities | 32,817 | 2,352 | 3,039 | — | 38,208 | ||||||||||||||||
Total current liabilities | 91,237 | 9,493 | 12,304 | (13,512 | ) | 99,522 | |||||||||||||||
LONG-TERM DEBT | 288,273 | — | — | — | 288,273 | ||||||||||||||||
OTHER LONG-TERM LIABILITIES | 3,625 | — | 68 | — | 3,693 | ||||||||||||||||
DEFERRED INCOME TAXES | 4,965 | 1,722 | — | — | 6,687 | ||||||||||||||||
SHAREHOLDERS’ EQUITY: | |||||||||||||||||||||
Common stock | 17 | — | 928 | (928 | ) | 17 | |||||||||||||||
Treasury stock | (3,918 | ) | — | — | — | (3,918 | ) | ||||||||||||||
Additional paid-in capital | 94,470 | 78,030 | 1,472 | (79,502 | ) | 94,470 | |||||||||||||||
(Accumulated deficit) retained earnings | (39,371 | ) | (2,474 | ) | 15,603 | (13,129 | ) | (39,371 | ) | ||||||||||||
Accumulated other comprehensive (loss) income | (33 | ) | — | 30 | (30 | ) | (33 | ) | |||||||||||||
Total shareholders’ equity | 51,165 | 75,556 | 18,033 | (93,589 | ) | 51,165 | |||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 439,265 | $ | 86,771 | $ | 30,405 | $ | (107,101 | ) | $ | 449,340 | ||||||||||
Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Parent | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
CASH FLOW FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income (loss) | $ | 13,375 | $ | (9,321 | ) | $ | 2,176 | $ | 7,145 | $ | 13,375 | ||||||||||
Adjustments to reconcile net income (loss) to net cash flow from operating activities: | |||||||||||||||||||||
Depreciation and amortization | 13,691 | 3,811 | 255 | — | 17,757 | ||||||||||||||||
Stock-based compensation | 3,013 | — | — | — | 3,013 | ||||||||||||||||
Foreign currency transaction gain | — | — | (131 | ) | — | (131 | ) | ||||||||||||||
Asset Impairment | — | 6,584 | — | — | 6,584 | ||||||||||||||||
Deferred taxes | 3,755 | (1,144 | ) | (115 | ) | — | 2,496 | ||||||||||||||
Excess tax benefits from stock-based compensation | (3,190 | ) | — | — | — | (3,190 | ) | ||||||||||||||
Loss on disposal of fixed assets | 33 | 19 | 12 | — | 64 | ||||||||||||||||
Equity in consolidated subsidiaries | 7,145 | — | — | (7,145 | ) | — | |||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||
Accounts receivable | 487 | (2,241 | ) | (705 | ) | — | (2,459 | ) | |||||||||||||
Inventories | (9,560 | ) | (1,899 | ) | 477 | — | (10,982 | ) | |||||||||||||
Prepaid expenses and other assets | (4,091 | ) | 2,337 | (805 | ) | — | (2,559 | ) | |||||||||||||
Accounts payable | 2,663 | 309 | (272 | ) | — | 2,700 | |||||||||||||||
Intercompany accounts | (57 | ) | (987 | ) | 1,044 | — | — | ||||||||||||||
Accrued liabilities | (7,468 | ) | 2,589 | 167 | — | (4,712 | ) | ||||||||||||||
Net cash flow provided by operating activities | 19,796 | 57 | 2,103 | — | 21,956 | ||||||||||||||||
CASH FLOW FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures | (8,780 | ) | (334 | ) | (30 | ) | — | (9,144 | ) | ||||||||||||
Proceeds from sale of capital expenditures | 11 | — | — | — | 11 | ||||||||||||||||
Net cash flow used in investing activities | (8,769 | ) | (334 | ) | (30 | ) | — | (9,133 | ) | ||||||||||||
CASH FLOW FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Borrowings under revolving loan facilities | 89,904 | — | — | — | 89,904 | ||||||||||||||||
Repayments under revolving loan facilities | (112,334 | ) | — | — | — | (112,334 | ) | ||||||||||||||
Repayment of long-term debt | (139 | ) | — | — | — | (139 | ) | ||||||||||||||
Purchase of treasury stock | (772 | ) | — | — | — | (772 | ) | ||||||||||||||
Excess tax benefits from stock-based compensation | 3,190 | — | — | — | 3,190 | ||||||||||||||||
Proceed from option exercises | 9,611 | — | — | — | 9,611 | ||||||||||||||||
Dividends paid | (1,842 | ) | — | — | — | (1,842 | ) | ||||||||||||||
Net cash flow used in financing activities | (12,382 | ) | — | — | — | (12,382 | ) | ||||||||||||||
Effect of exchange rate on cash and cash equivalents | — | — | (258 | ) | — | (258 | ) | ||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (1,355 | ) | (277 | ) | 1,815 | — | 183 | ||||||||||||||
CASH AND CASH EQUIVALENTS—Beginning of period | 3,417 | 1,709 | 4,436 | — | 9,562 | ||||||||||||||||
CASH AND CASH EQUIVALENTS—End of period | $ | 2,062 | $ | 1,432 | $ | 6,251 | $ | — | $ | 9,745 | |||||||||||
NONCASH ACTIVITY | |||||||||||||||||||||
Unpaid capital expenditures | 46 | — | — | — | 46 | ||||||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||||||||||||||
Income taxes paid (refunded), net | 6,347 | (1,171 | ) | 790 | — | 5,966 | |||||||||||||||
Cash interest paid | 25,817 | — | 37 | — | 25,854 | ||||||||||||||||
COLEMAN CABLE, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED | |||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||
Parent | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
CASH FLOW FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income (loss) | $ | 16,810 | $ | (319 | ) | $ | 2,970 | $ | (2,651 | ) | $ | 16,810 | |||||||||
Adjustments to reconcile net income (loss) to net cash flow from operating activities: | |||||||||||||||||||||
Depreciation and amortization | 14,247 | 2,756 | 238 | — | 17,241 | ||||||||||||||||
Stock-based compensation | 1,169 | — | — | — | 1,169 | ||||||||||||||||
Foreign currency transaction loss | — | — | 252 | — | 252 | ||||||||||||||||
Excess tax benefits from stock-based compensation | (625 | ) | — | — | — | (625 | ) | ||||||||||||||
Deferred taxes | 1,810 | (34 | ) | 89 | — | 1,865 | |||||||||||||||
Gain on disposal of fixed assets | (31 | ) | (10 | ) | — | — | (41 | ) | |||||||||||||
Equity in consolidated subsidiaries | (2,651 | ) | — | — | 2,651 | — | |||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||
Accounts receivable | (11,138 | ) | (2,787 | ) | (867 | ) | — | (14,792 | ) | ||||||||||||
Inventories | (12,602 | ) | (2,832 | ) | (9 | ) | — | (15,443 | ) | ||||||||||||
Prepaid expenses and other assets | 3,595 | (345 | ) | 67 | — | 3,317 | |||||||||||||||
Accounts payable | 9,815 | 1,450 | (2,544 | ) | — | 8,721 | |||||||||||||||
Intercompany accounts | (2,696 | ) | 6,843 | (4,147 | ) | — | — | ||||||||||||||
Accrued liabilities | (7,939 | ) | 1,405 | 1,406 | — | (5,128 | ) | ||||||||||||||
Net cash flow from operating activities | 9,764 | 6,127 | (2,545 | ) | — | 13,346 | |||||||||||||||
CASH FLOW FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures | (23,250 | ) | (5,048 | ) | (402 | ) | — | (28,700 | ) | ||||||||||||
Proceeds from sale of fixed assets | 24 | — | — | — | 24 | ||||||||||||||||
Acquisition of businesses, net of cash acquired | (33,090 | ) | — | — | — | (33,090 | ) | ||||||||||||||
Net cash flow from investing activities | (56,316 | ) | (5,048 | ) | (402 | ) | — | (61,766 | ) | ||||||||||||
CASH FLOW FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Borrowings under revolving loan facilities | 332,996 | — | — | — | 332,996 | ||||||||||||||||
Repayments under revolving loan facilities | (288,626 | ) | — | — | — | (288,626 | ) | ||||||||||||||
Payment of deferred financing fees | — | — | — | — | — | ||||||||||||||||
Repayment of long-term debt | (124 | ) | — | — | — | (124 | ) | ||||||||||||||
Purchase of treasury stock | (657 | ) | — | — | — | (657 | ) | ||||||||||||||
Excess tax benefits from stock-based compensation | 625 | — | — | — | 625 | ||||||||||||||||
Proceeds from stock option exercises | 14 | — | — | — | 14 | ||||||||||||||||
Cash dividends paid | (704 | ) | — | — | — | (704 | ) | ||||||||||||||
Net cash flow from financing activities | 43,524 | — | — | — | 43,524 | ||||||||||||||||
Effect of exchange rate on cash and cash equivalents | — | — | 478 | — | 478 | ||||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (3,028 | ) | 1,079 | (2,469 | ) | — | (4,418 | ) | |||||||||||||
CASH AND CASH EQUIVALENTS — Beginning of period | 4,086 | 724 | 4,936 | — | 9,746 | ||||||||||||||||
CASH AND CASH EQUIVALENTS — End of period | $ | 1,058 | $ | 1,803 | $ | 2,467 | $ | — | $ | 5,328 | |||||||||||
NONCASH ACTIVITY | |||||||||||||||||||||
Unpaid capital expenditures | 176 | — | — | — | 176 | ||||||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||||||||||||||
Income taxes paid, net | 1,735 | (207 | ) | 390 | — | 1,918 | |||||||||||||||
Cash interest paid | 26,074 | — | — | — | 26,074 | ||||||||||||||||
Goodwill_Intangible_Assets_and2
Goodwill, Intangible Assets and Asset Impairments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Goodwill impairment | $6,584 | $6,584 |
Engineered Solutions | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Goodwill impairment | 6,584 | 6,584 |
Increase in the discount rate used to discount the aggregate estimated cash flows | 2.00% | 2.00% |
Engineered Solutions | Sales Growth Rate | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Decrease in the estimated growth rate | -2.50% | -2.50% |
Engineered Solutions | Long Term Growth Rate | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Decrease in the estimated growth rate | -2.00% | -2.00% |
Engineered Solutions | 200 Basis Points Increase | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Increase in goodwill impairment charge | $10,000 | ' |
Changes_in_Carrying_Amount_of_
Changes in Carrying Amount of Goodwill by Reportable Business Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' |
Impairment losses | ($6,584) | ($6,584) | ' |
Foreign currency translation adjustments | ' | -55 | ' |
Goodwill | 147,703 | 147,703 | 147,758 |
Accumulated impairment losses | -87,807 | -87,807 | -81,223 |
Total | 59,896 | 59,896 | 66,535 |
Distribution Segment | ' | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' |
Foreign currency translation adjustments | ' | -55 | ' |
Goodwill | 102,791 | 102,791 | 102,846 |
Accumulated impairment losses | -69,498 | -69,498 | -69,498 |
Total | 33,293 | 33,293 | 33,348 |
OEM Segment | ' | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' |
Goodwill | 11,725 | 11,725 | 11,725 |
Accumulated impairment losses | -11,725 | -11,725 | -11,725 |
Engineered Solutions | ' | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' |
Impairment losses | -6,584 | -6,584 | ' |
Goodwill | 33,187 | 33,187 | 33,187 |
Accumulated impairment losses | -6,584 | -6,584 | ' |
Total | $26,603 | $26,603 | $33,187 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | 31-May-12 |
Subsidiaries | ' |
Business Acquisition [Line Items] | ' |
Ownership percentage | 100.00% |
Watteredge | ' |
Business Acquisition [Line Items] | ' |
Net assets acquired | $33,922 |
Business acquisition, preliminary purchase price | 35,000 |
Working capital adjustments | $1,078 |
Final_Allocations_of_Purchase_
Final Allocations of Purchase Price Related to Twenty Eleven Acquisitions and Provisional Allocation Related to WE Acquisition (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | 31-May-12 |
In Thousands, unless otherwise specified | Watteredge | Watteredge | ||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | $2,720 |
Inventories | ' | ' | ' | 2,249 |
Prepaid expenses and other current assets | ' | ' | ' | 59 |
Property, plant and equipment | ' | ' | ' | 3,363 |
Deferred income tax asset | ' | ' | ' | 170 |
Intangible assets | ' | ' | 17,020 | 17,020 |
GOODWILL | 59,896 | 66,535 | ' | 10,742 |
Total assets acquired | ' | ' | ' | 36,323 |
Current liabilities | ' | ' | ' | -2,401 |
Total liabilities assumed | ' | ' | ' | -2,401 |
Net assets acquired | ' | ' | ' | $33,922 |
Purchase_Price_Allocation_to_I
Purchase Price Allocation to Identifiable Amortizable Intangible Assets along with Respective Weighted-Average Amortization Periods (Detail) (USD $) | 9 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 31-May-12 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Customer relationships | Trademarks and trade names | Developed technology | Backlog | Watteredge | Watteredge | Watteredge | Watteredge | Watteredge | Watteredge | |
Customer relationships | Trademarks and trade names | Developed technology | Backlog | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-lived intangible assets, weighted-average amortization period | '6 years | '6 years | '3 years | '1 year | ' | ' | ' | ' | ' | ' |
Business acquisition, purchase price allocation, amortizable intangible assets | ' | ' | ' | ' | $17,020 | $17,020 | $9,000 | $6,600 | $970 | $450 |
Unaudited_Selected_Pro_Forma_F
Unaudited Selected Pro Forma Financial Information (Detail) (Watteredge, USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 |
Watteredge | ' | ' |
Business Acquisition, Pro Forma Information [Line Items] | ' | ' |
Net sales | $229,301 | $691,291 |
Net income | $5,392 | $17,315 |
Restructuring_and_Integration_
Restructuring and Integration Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
RESTRUCTURING CHARGES | $122 | $959 | $491 | $1,314 | ' |
Restructuring reserve | $1,040 | ' | $1,040 | ' | $1,245 |
Restructuring_Activities_Detai
Restructuring Activities (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' |
BALANCE - December 31, 2012 | $1,245 |
Provision | 491 |
Cash payments | -696 |
BALANCE - September 30, 2013 | 1,040 |
Lease Holding Costs | ' |
Restructuring Cost and Reserve [Line Items] | ' |
BALANCE - December 31, 2012 | 1,200 |
Provision | 46 |
Cash payments | -206 |
BALANCE - September 30, 2013 | 1,040 |
Severance, Moving & Other Closing Costs | ' |
Restructuring Cost and Reserve [Line Items] | ' |
BALANCE - December 31, 2012 | 45 |
Provision | 445 |
Cash payments | ($490) |
Inventories_Detail
Inventories (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
FIFO cost: | ' | ' |
Raw materials | $43,429 | $44,874 |
Work in progress | 5,185 | 3,391 |
Finished products | 74,958 | 64,325 |
Total | $123,572 | $112,590 |
Accrued_Liabilities_Detail
Accrued Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Accrued Liabilities [Line Items] | ' | ' |
Salaries, wages and employee benefits | $9,533 | $9,597 |
Sales incentives | 10,574 | 10,694 |
Interest | 3,178 | 9,427 |
Other | 9,669 | 8,490 |
Total | $32,954 | $38,208 |
Total_Borrowings_Detail
Total Borrowings (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Capital lease obligations | $576 | $695 |
Total debt | 301,628 | 323,839 |
Less current portion | -28,177 | -35,566 |
LONG-TERM DEBT | 273,451 | 288,273 |
Revolving Credit Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Revolving Credit Facility expiring October 2016 | 28,000 | 50,430 |
9% Senior Notes due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
9% Senior Notes due February 2018, including unamortized discount of $1,948 and $2,286, respectively | $273,052 | $272,714 |
Total_Borrowings_Parenthetical
Total Borrowings (Parenthetical) (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Senior Notes, interest rate | 9.00% | ' |
Senior Notes, due date | 15-Feb-18 | ' |
Revolving Credit Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Revolving Credit Facility, expiration date | 1-Oct-16 | 1-Oct-16 |
9% Senior Notes due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes, interest rate | 9.00% | 9.00% |
Senior Notes, due date | 15-Feb-18 | 15-Feb-18 |
Senior Notes, unamortized discount | 1,948 | 2,286 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 9 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Aug. 04, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 04, 2011 | Aug. 04, 2011 | Aug. 04, 2011 | Aug. 04, 2011 | Aug. 04, 2011 | Aug. 04, 2011 | Aug. 04, 2011 | Aug. 04, 2011 | Aug. 04, 2011 | Aug. 04, 2011 | Aug. 04, 2011 | Sep. 30, 2013 | Aug. 04, 2011 | Aug. 04, 2011 | Aug. 04, 2011 | Aug. 04, 2011 | Aug. 04, 2011 | Aug. 04, 2011 | Aug. 04, 2011 |
Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | ||
USD ($) | USD ($) | Minimum | Maximum | Domestic Subsidiaries | CANADA | CHINA | Technology Research Corporation | Federal Funds Rate | Base Rate | Base Rate | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | Covenant Requirement | Covenant Requirement | Covenant Requirement | Covenant Requirement | Covenant Requirement | Covenant Requirement | Covenant Requirement | Letter of Credit | |||
Foreign Subsidiaries | Minimum | Maximum | Minimum | Maximum | USD ($) | USD ($) | Minimum | CANADA | UNITED STATES | Real Estate | Equipment | USD ($) | |||||||||||
USD ($) | CAD | USD ($) | |||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing under revolving credit facility | ' | ' | $28,000 | $50,430 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining Excess availability | ' | ' | 168,727 | 131,635 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' | ' |
Debt instrument additional interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.25% | 0.75% | 1.50% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Unused line fee | ' | ' | ' | ' | 0.25% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, covenant terms | ' | 'Pursuant to the terms of the Revolving Credit Facility, we are required to maintain a fixed charge covenant ratio of not less than 1.0 to 1.0 for any month during which our excess availability under the Revolving Credit Facility falls below $30,000. Borrowing availability under the Revolving Credit Facility is limited to the lesser of (1) $250,000 or (2) the sum of 85% of eligible accounts receivable, 70% of eligible inventory, with a maximum amount of borrowing-base availability which may be generated from inventory of $150,000 for the U.S. portion and $12,000 Canadian for the Canadian portion, and an advance rate to be 75% of certain appraised real estate and 85% of certain appraised equipment and capped at $62,500, with a $15,000 sublimit for letters of credit. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Revolving credit facility agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' |
Line of credit facility , covenant percentage of eligible accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' |
Line of credit facility , covenant percentage of eligible Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' |
Line of credit maximum borrowing capacity generated from inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000 | 150,000 | ' | ' | ' |
Advance rate on sub limit for letter of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | 85.00% | ' |
Line of credit facility, advance limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,500 | ' | ' | ' | ' | ' | 15,000 |
Line of credit facility, advance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $29,400 | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, guarantee description | 'Jointly and severally guaranteed fully and unconditionally by our 100% owned subsidiaries, CCI International, Inc., Patco, TRC, and WE | 'The Revolving Credit Facility is guaranteed by CCI International Inc. (bCCI Internationalb), Technology Research Corporation (bTRCb) (excluding TRCbs 100%-owned foreign subsidiary, TRC Honduras, S.A. de C.V.), Patco Electronics (bPatcob), and WE, each of which are 100%-owned domestic subsidiaries, and is secured by substantially all of our assets and the assets of each of CCI International, TRC, Patco, and WE including accounts receivable, inventory and any other tangible and intangible assets (including real estate, machinery and equipment and intellectual property) as well as by a pledge of all the capital stock of CCI International, TRC, Patco, and WE and 65% of the capital stock of our Canadian foreign subsidiary, but not our Chinese 100%-owned entity. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of capital stock | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nine_Percent_Senior_Notes_Due_
Nine Percent Senior Notes Due Twenty Eighteen (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Debt Instrument [Line Items] | ' |
Face Value | $275,000 |
Fair Value (Level 1) | $292,325 |
Interest Rate | 9.00% |
Interest Payment | 'Semi-Annually |
Maturity Date | 15-Feb-18 |
Guarantee | 'Jointly and severally guaranteed fully and unconditionally by our 100% owned subsidiaries, CCI International, Inc., Patco, TRC, and WE |
Semi Annual Payment, First Payment | ' |
Debt Instrument [Line Items] | ' |
Interest payment date | '--02-15 |
Semi Annual Payment, Second Payment | ' |
Debt Instrument [Line Items] | ' |
Interest payment date | '--08-15 |
Optional_Redemption_Detail
Optional Redemption (Detail) | 12 Months Ended | |||
Dec. 31, 2012 | Sep. 30, 2013 | |||
Debtor Optional Redemption Period 1 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Optional redemption Beginning Date | ' | 15-Feb-14 | [1] | |
Optional redemption Percentage | 104.50% | [1] | ' | |
Debtor Optional Redemption Period 2 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Optional redemption Beginning Date | ' | 15-Feb-15 | [1] | |
Optional redemption Percentage | 102.25% | [1] | ' | |
Debtor Optional Redemption Period 3 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Optional redemption Beginning Date | ' | 15-Feb-16 | [1] | |
Optional redemption Percentage | 100.00% | [1] | ' | |
[1] | The Company may, at its option, redeem the Senior Notes, in whole at any time or in part from time to time, on or after the above-noted dates and at the above-noted percentages of the principal amount thereof (plus interest due). |
Components_of_Basic_and_Dilute
Components of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Basic EPS Numerator: | ' | ' | ' | ' |
Net income | $784 | $5,454 | $13,375 | $16,810 |
Less: Earnings allocated to participating securities | -5 | -50 | -88 | -153 |
Net income allocated to common shareholders | 779 | 5,404 | 13,287 | 16,657 |
Basic EPS Denominator: | ' | ' | ' | ' |
Weighted average shares outstanding | 18,293 | 17,071 | 17,617 | 17,077 |
Basic earnings per common share | $0.04 | $0.32 | $0.75 | $0.98 |
Diluted EPS Numerator: | ' | ' | ' | ' |
Net income | 784 | 5,454 | 13,375 | 16,810 |
Less: Earnings allocated to participating securities | -5 | -49 | -87 | -151 |
Net income allocated to common shareholders | $779 | $5,405 | $13,288 | $16,659 |
Diluted EPS Denominator: | ' | ' | ' | ' |
Weighted average shares outstanding | 18,293 | 17,071 | 17,617 | 17,077 |
Dilutive common shares issuable upon exercise of stock options | 185 | 230 | 163 | 234 |
Diluted weighted average shares outstanding | 18,478 | 17,301 | 17,780 | 17,311 |
Diluted earnings per common share | $0.04 | $0.31 | $0.75 | $0.96 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive options excluded from computation of earnings per share | 55 | 771 | 55 | 771 |
Shareholders_Equity_Additional
Shareholder's Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 03, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Nov. 05, 2013 | Jun. 30, 2013 | Mar. 31, 2010 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2010 | Mar. 31, 2010 | Mar. 31, 2010 | Mar. 31, 2010 | Mar. 31, 2013 |
Subsequent Event | Performance Shares | Performance Shares | Performance Shares | Settled in Stock | Settled in Stock | Settled in Stock | Settled in Cash | Settled in Cash | Board of Directors | |||||||
Performance Shares | Performance Shares | Performance Shares | Performance Shares | Performance Shares | ||||||||||||
First Tranche | First Tranche | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock compensation expense (income) | ' | $134 | $457 | $3,013 | $1,169 | ' | ' | ' | ' | $2,362 | ' | ' | ' | ' | ' | ' |
Stock options exercised | ' | ' | ' | 863 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercised, intrinsic value | ' | ' | ' | 1,388 | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option vested or expected to vested | ' | 470 | ' | 470 | ' | 1,372 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option vested or expected to vested intrinsic value | ' | 4,745 | ' | 4,745 | ' | 2,271 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares awarded | ' | ' | ' | 53 | ' | ' | ' | ' | 775 | ' | 358 | 517 | 117 | 258 | 58 | 53 |
Estimated aggregate fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 |
Percentage of shares vesting on first anniversary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% |
Percentage of shares vesting on second anniversary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% |
Percentage of shares vesting on third anniversary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% |
Stock issued during period | ' | ' | ' | ' | ' | ' | ' | 200 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares forfeited | ' | ' | ' | ' | ' | ' | ' | 42 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized to be purchased | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase plan expiration date | '2013-08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares purchased pursuant to repurchase program | 426 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares repurchased | ' | 0 | 38 | 42 | 70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate value of shares repurchased | ' | ' | $360 | $772 | $657 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividend per share | ' | $0.04 | $0.02 | $0.10 | $0.04 | ' | $0.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend payable date | ' | ' | ' | ' | ' | ' | 29-Nov-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Record date dividend | ' | ' | ' | ' | ' | ' | 15-Nov-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes_in_Stock_Options_Detai
Changes in Stock Options (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Shares | ' | ' | ' |
Outstanding on January 1, 2013 | 1,388 | ' | ' |
Granted | ' | ' | ' |
Exercised | -863 | -3 | ' |
Forfeited or expired | -38 | ' | ' |
Outstanding September 30, 2013 | 487 | ' | 1,388 |
Vested or expected to vest | 470 | ' | 1,372 |
Exercisable | 415 | ' | ' |
Weighted-Average Exercise Price | ' | ' | ' |
Outstanding on January 1, 2013 | $11.09 | ' | ' |
Granted | ' | ' | ' |
Exercised | $19.50 | ' | ' |
Forfeited or expired | $9.44 | ' | ' |
Outstanding September 30, 2013 | $11.08 | ' | $11.09 |
Vested or expected to vest | $11.32 | ' | ' |
Exercisable | $9.69 | ' | ' |
Weighted- Average Remaining Contractual Terms | ' | ' | ' |
Outstanding | '4 years 4 months 24 days | ' | '4 years 9 months 18 days |
Vested or expected to vest | '4 years 4 months 24 days | ' | ' |
Exercisable | '4 years 6 months | ' | ' |
Aggregate intrinsic value | ' | ' | ' |
Outstanding on January 1, 2013 | $2,352 | ' | ' |
Granted | ' | ' | ' |
Exercised | 1,388 | 11 | ' |
Forfeited or expired | ' | ' | ' |
Outstanding September 30, 2013 | 5,022 | ' | 2,352 |
Vested or expected to vest | 4,745 | ' | 2,271 |
Exercisable | $4,745 | ' | ' |
Changes_in_Nonvested_Shares_De
Changes in Nonvested Shares (Detail) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Shares | ' |
Nonvested at January 1, 2013 | 558 |
Granted | 53 |
Vested | -495 |
Forfeited | ' |
Nonvested at September 30, 2013 | 116 |
Weighted-Average Grant-Date Fair Value | ' |
Nonvested at January 1, 2013 | $4.79 |
Granted | $9.44 |
Vested | $4.39 |
Forfeited | ' |
Nonvested at September 30, 2013 | $8.61 |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
Director | Manufacturing Facility | Board and Management | Board and Management | Board and Management | Board and Management | Executive Officer | ||||
Facility | Corporate Office | Corporate Office | Corporate Office | Corporate Office | Manufacturing Facility | |||||
Facility | ||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of directors leased corporate facility | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Number of former executive officers leased corporate facility | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Rental payments made on leased facility | $1,284 | $1,297 | $3,916 | $3,925 | ' | $108 | $105 | $320 | $311 | ' |
Number of manufacturing facilities leased | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Payment for purchase of manufacturing facilities | ' | ' | ' | ' | $6,505 | ' | ' | ' | ' | ' |
Number of manufacturing facilities acquired | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Site Participation Agreement | Site Participation Agreement | Leonard Chemical Company | |||||
LegalMatter | |||||||
acre | |||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Lease agreements, expiration period | ' | ' | '10 years | ' | ' | ' | ' |
Rental expense under operating leases | $1,284 | $1,297 | $3,916 | $3,925 | ' | ' | ' |
Area of land (in acre) | ' | ' | ' | ' | ' | ' | 7.1 |
Number of potential legal claims | ' | ' | ' | ' | ' | ' | 1 |
Percentage share of the costs of remedial design and remedial action (RD/RA) | ' | ' | ' | ' | 9.19% | ' | ' |
Accrual related to environmental claim | ' | ' | ' | ' | 333 | 331 | ' |
Civil complaint related to acquisition | ' | ' | $2,300 | ' | ' | ' | ' |
Income_Taxes_Detail
Income Taxes (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes [Line Items] | ' | ' | ' | ' |
Effective Tax Rate | 84.00% | 33.30% | 43.90% | 33.80% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes [Line Items] | ' | ' | ' | ' |
INCOME TAX EXPENSE | $4,106 | $2,725 | $10,481 | $8,579 |
Goodwill impairment | $6,584 | ' | $6,584 | ' |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined contribution savings plans expenses | $382 | $359 | $1,118 | $1,048 |
Financial_Assets_Measured_at_F
Financial Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash and Cash Equivalents | $9,745 | $9,562 |
Derivative Assets, Inclusive of Collateral | 97 | 127 |
Total | 9,842 | 9,689 |
Fair Value, Inputs, Level 1 | ' | ' |
Assets: | ' | ' |
Cash and Cash Equivalents | 9,745 | 9,562 |
Derivative Assets, Inclusive of Collateral | 97 | 127 |
Total | $9,842 | $9,689 |
Other_Income_Loss_Additional_I
Other (Income) Loss - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Components of Other Income (Expense) [Line Items] | ' | ' | ' | ' |
Other income (loss) | ($103) | ($227) | $129 | ($230) |
Business_Segment_Information_A
Business Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of segments | 3 |
Financial_Data_for_Reportable_
Financial Data for Reportable Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $229,039 | $229,301 | $685,350 | $681,023 |
Operating income (loss) | 11,908 | 15,325 | 44,454 | 46,582 |
Distribution Segment | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 163,065 | 162,179 | 477,027 | 481,548 |
OEM Segment | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 51,802 | 54,140 | 168,788 | 168,382 |
Engineered Solutions | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 14,172 | 12,982 | 39,535 | 31,093 |
Operating Segments | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income (loss) | 22,537 | 20,344 | 66,961 | 61,718 |
Operating Segments | Distribution Segment | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income (loss) | 16,833 | 15,240 | 48,732 | 45,140 |
Operating Segments | OEM Segment | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income (loss) | 3,784 | 3,282 | 14,172 | 12,929 |
Operating Segments | Engineered Solutions | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income (loss) | 1,920 | 1,822 | 4,057 | 3,649 |
Corporate | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income (loss) | ($10,629) | ($5,019) | ($22,507) | ($15,136) |
Condensed_Consolidating_Statem
Condensed Consolidating Statement of Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | $229,039 | $229,301 | $685,350 | $681,023 |
COST OF GOODS SOLD | 194,911 | 194,948 | 581,285 | 580,018 |
GROSS PROFIT | 34,128 | 34,353 | 104,065 | 101,005 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 13,538 | 15,880 | 46,399 | 47,354 |
INTANGIBLE ASSET AMORTIZATION | 1,976 | 2,189 | 6,137 | 5,755 |
ASSET IMPAIRMENT | 6,584 | ' | 6,584 | ' |
RESTRUCTURING CHARGES | 122 | 959 | 491 | 1,314 |
Operating income (loss) | 11,908 | 15,325 | 44,454 | 46,582 |
INTEREST EXPENSE | 6,915 | 6,919 | 20,727 | 20,963 |
OTHER (INCOME) LOSS, NET | 103 | 227 | -129 | 230 |
INCOME (LOSS) BEFORE INCOME TAXES | 4,890 | 8,179 | 23,856 | 25,389 |
INCOME TAX EXPENSE (BENEFIT) | 4,106 | 2,725 | 10,481 | 8,579 |
NET INCOME | 784 | 5,454 | 13,375 | 16,810 |
Parent Company | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 197,540 | 197,723 | 604,396 | 602,349 |
COST OF GOODS SOLD | 169,516 | 169,705 | 516,911 | 516,934 |
GROSS PROFIT | 28,024 | 28,018 | 87,485 | 85,415 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 10,026 | 12,212 | 35,564 | 37,618 |
INTANGIBLE ASSET AMORTIZATION | 937 | 1,176 | 3,019 | 3,783 |
RESTRUCTURING CHARGES | 122 | 946 | 401 | 735 |
Operating income (loss) | 16,939 | 13,684 | 48,501 | 43,279 |
INTEREST EXPENSE | 6,893 | 6,904 | 20,676 | 20,919 |
INCOME (LOSS) BEFORE INCOME TAXES | 10,046 | 6,780 | 27,825 | 22,360 |
(LOSS) FROM SUBSIDIARIES | -8,133 | 1,128 | -7,145 | 2,651 |
INCOME TAX EXPENSE (BENEFIT) | 1,129 | 2,454 | 7,305 | 8,201 |
NET INCOME | 784 | 5,454 | 13,375 | 16,810 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 14,172 | 12,981 | 39,535 | 31,284 |
COST OF GOODS SOLD | 10,176 | 9,139 | 29,112 | 23,030 |
GROSS PROFIT | 3,996 | 3,842 | 10,423 | 8,254 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 2,340 | 2,589 | 7,469 | 6,554 |
INTANGIBLE ASSET AMORTIZATION | 1,037 | 1,011 | 3,113 | 1,967 |
ASSET IMPAIRMENT | 6,584 | ' | 6,584 | ' |
RESTRUCTURING CHARGES | ' | -34 | 90 | 229 |
Operating income (loss) | -5,965 | 276 | -6,833 | -496 |
OTHER (INCOME) LOSS, NET | ' | ' | ' | -2 |
INCOME (LOSS) BEFORE INCOME TAXES | -5,965 | 276 | -6,833 | -494 |
INCOME TAX EXPENSE (BENEFIT) | 2,788 | 91 | 2,488 | -175 |
NET INCOME | -8,753 | 185 | -9,321 | -319 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 20,918 | 23,006 | 53,502 | 60,949 |
COST OF GOODS SOLD | 18,810 | 20,513 | 47,345 | 53,613 |
GROSS PROFIT | 2,108 | 2,493 | 6,157 | 7,336 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 1,172 | 1,079 | 3,366 | 3,182 |
INTANGIBLE ASSET AMORTIZATION | 2 | 2 | 5 | 5 |
RESTRUCTURING CHARGES | ' | 47 | ' | 350 |
Operating income (loss) | 934 | 1,365 | 2,786 | 3,799 |
INTEREST EXPENSE | 22 | 15 | 51 | 44 |
OTHER (INCOME) LOSS, NET | 103 | 227 | -129 | 232 |
INCOME (LOSS) BEFORE INCOME TAXES | 809 | 1,123 | 2,864 | 3,523 |
INCOME TAX EXPENSE (BENEFIT) | 189 | 180 | 688 | 553 |
NET INCOME | 620 | 943 | 2,176 | 2,970 |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | -3,591 | -4,409 | -12,083 | -13,559 |
COST OF GOODS SOLD | -3,591 | -4,409 | -12,083 | -13,559 |
(LOSS) FROM SUBSIDIARIES | 8,133 | -1,128 | 7,145 | -2,651 |
NET INCOME | $8,133 | ($1,128) | $7,145 | ($2,651) |
Condensed_Consolidating_Statem1
Condensed Consolidating Statement of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
NET INCOME (LOSS) | $784 | $5,454 | $13,375 | $16,810 |
OTHER COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' |
Foreign currency translation adjustments, net of tax | 271 | 365 | -280 | 326 |
Pension adjustments, net of tax | -2 | -3 | -6 | -12 |
OTHER COMPREHENSIVE INCOME (LOSS) | 269 | 362 | -286 | 314 |
COMPREHENSIVE INCOME (LOSS) | 1,053 | 5,816 | 13,089 | 17,124 |
Parent Company | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
NET INCOME (LOSS) | 784 | 5,454 | 13,375 | 16,810 |
OTHER COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' |
Pension adjustments, net of tax | -2 | -3 | -6 | -12 |
OTHER COMPREHENSIVE INCOME (LOSS) | -2 | -3 | -6 | -12 |
COMPREHENSIVE INCOME (LOSS) | 782 | 5,451 | 13,369 | 16,798 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
NET INCOME (LOSS) | -8,753 | 185 | -9,321 | -319 |
OTHER COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' |
COMPREHENSIVE INCOME (LOSS) | -8,753 | 185 | -9,321 | -319 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
NET INCOME (LOSS) | 620 | 943 | 2,176 | 2,970 |
OTHER COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' |
Foreign currency translation adjustments, net of tax | 271 | 365 | -280 | 326 |
OTHER COMPREHENSIVE INCOME (LOSS) | 271 | 365 | -280 | 326 |
COMPREHENSIVE INCOME (LOSS) | 891 | 1,308 | 1,896 | 3,296 |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
NET INCOME (LOSS) | 8,133 | -1,128 | 7,145 | -2,651 |
OTHER COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' |
COMPREHENSIVE INCOME (LOSS) | $8,133 | ($1,128) | $7,145 | ($2,651) |
Condensed_Consolidating_Statem2
Condensed Consolidating Statement of Comprehensive Income (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Foreign currency translation adjustments, tax | ($7) | ($134) | $189 | ($120) |
Pension adjustments, tax | $1 | $2 | $3 | $4 |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheet (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | $9,745 | $9,562 | $5,328 | $9,746 |
Accounts receivable-net of allowances | 128,449 | 125,982 | ' | ' |
Inventories | 123,572 | 112,590 | ' | ' |
Deferred income taxes | 5,206 | 4,271 | ' | ' |
Assets held for sale | 1,072 | 1,074 | ' | ' |
Prepaid expenses and other current assets | 5,527 | 4,071 | ' | ' |
Total current assets | 273,571 | 257,550 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, NET | 77,442 | 78,914 | ' | ' |
GOODWILL | 59,896 | 66,535 | ' | ' |
INTANGIBLE ASSETS, NET | 31,278 | 37,417 | ' | ' |
DEFERRED INCOME TAXES | 591 | 329 | ' | ' |
OTHER ASSETS | 9,315 | 8,595 | ' | ' |
TOTAL ASSETS | 452,093 | 449,340 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Current portion of long-term debt | 28,177 | 35,566 | ' | ' |
Accounts payable | 28,177 | 25,748 | ' | ' |
Accrued liabilities | 32,954 | 38,208 | ' | ' |
Total current liabilities | 89,308 | 99,522 | ' | ' |
LONG-TERM DEBT | 273,451 | 288,273 | ' | ' |
OTHER LONG-TERM LIABILITIES | 4,231 | 3,693 | ' | ' |
DEFERRED INCOME TAXES | 10,197 | 6,687 | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' | ' | ' |
Common stock | 18 | 17 | ' | ' |
Treasury stock | -4,690 | -3,918 | ' | ' |
Additional paid-in capital | 107,735 | 94,470 | ' | ' |
(Accumulated deficit) retained earnings | -27,838 | -39,371 | ' | ' |
Accumulated other comprehensive (loss) income | -319 | -33 | ' | ' |
Total shareholders' equity | 74,906 | 51,165 | 45,315 | 28,095 |
TOTAL LIABILITIES AND EQUITY | 452,093 | 449,340 | ' | ' |
Parent Company | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 2,062 | 3,417 | 1,058 | 4,086 |
Accounts receivable-net of allowances | 108,935 | 109,421 | ' | ' |
Intercompany receivable | 3,355 | 829 | ' | ' |
Inventories | 109,398 | 99,839 | ' | ' |
Deferred income taxes | 3,941 | 3,332 | ' | ' |
Assets held for sale | 1,072 | 1,074 | ' | ' |
Prepaid expenses and other current assets | 5,954 | 1,895 | ' | ' |
Total current assets | 234,717 | 219,807 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, NET | 69,297 | 70,158 | ' | ' |
GOODWILL | 30,842 | 30,842 | ' | ' |
INTANGIBLE ASSETS, NET | 13,375 | 16,394 | ' | ' |
OTHER ASSETS | 8,165 | 8,475 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 83,697 | 93,589 | ' | ' |
TOTAL ASSETS | 440,093 | 439,265 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Current portion of long-term debt | 28,177 | 35,566 | ' | ' |
Accounts payable | 25,288 | 22,854 | ' | ' |
Accrued liabilities | 24,774 | 32,817 | ' | ' |
Total current liabilities | 78,239 | 91,237 | ' | ' |
LONG-TERM DEBT | 273,451 | 288,273 | ' | ' |
OTHER LONG-TERM LIABILITIES | 4,171 | 3,625 | ' | ' |
DEFERRED INCOME TAXES | 9,326 | 4,965 | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' | ' | ' |
Common stock | 18 | 17 | ' | ' |
Treasury stock | -4,690 | -3,918 | ' | ' |
Additional paid-in capital | 107,735 | 94,470 | ' | ' |
(Accumulated deficit) retained earnings | -27,838 | -39,371 | ' | ' |
Accumulated other comprehensive (loss) income | -319 | -33 | ' | ' |
Total shareholders' equity | 74,906 | 51,165 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 440,093 | 439,265 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 1,432 | 1,709 | 1,803 | 724 |
Accounts receivable-net of allowances | 8,148 | 5,906 | ' | ' |
Intercompany receivable | 3,980 | 6,738 | ' | ' |
Inventories | 10,023 | 8,123 | ' | ' |
Deferred income taxes | 1,104 | 811 | ' | ' |
Prepaid expenses and other current assets | -1,099 | 1,488 | ' | ' |
Total current assets | 23,588 | 24,775 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, NET | 6,525 | 6,908 | ' | ' |
GOODWILL | 27,563 | 34,147 | ' | ' |
INTANGIBLE ASSETS, NET | 17,829 | 20,941 | ' | ' |
OTHER ASSETS | 250 | ' | ' | ' |
TOTAL ASSETS | 75,755 | 86,771 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 1,506 | 1,196 | ' | ' |
Intercompany payable | 4,668 | 5,945 | ' | ' |
Accrued liabilities | 4,940 | 2,352 | ' | ' |
Total current liabilities | 11,114 | 9,493 | ' | ' |
DEFERRED INCOME TAXES | 871 | 1,722 | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' | ' | ' |
Additional paid-in capital | 75,563 | 78,030 | ' | ' |
(Accumulated deficit) retained earnings | -11,793 | -2,474 | ' | ' |
Total shareholders' equity | 63,770 | 75,556 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 75,755 | 86,771 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 6,251 | 4,436 | 2,467 | 4,936 |
Accounts receivable-net of allowances | 11,366 | 10,655 | ' | ' |
Intercompany receivable | 4,668 | 5,945 | ' | ' |
Inventories | 4,151 | 4,628 | ' | ' |
Deferred income taxes | 161 | 128 | ' | ' |
Prepaid expenses and other current assets | 672 | 688 | ' | ' |
Total current assets | 27,269 | 26,480 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, NET | 1,620 | 1,848 | ' | ' |
GOODWILL | 1,491 | 1,546 | ' | ' |
INTANGIBLE ASSETS, NET | 74 | 82 | ' | ' |
DEFERRED INCOME TAXES | 591 | 329 | ' | ' |
OTHER ASSETS | 900 | 120 | ' | ' |
TOTAL ASSETS | 31,945 | 30,405 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 1,383 | 1,698 | ' | ' |
Intercompany payable | 7,335 | 7,567 | ' | ' |
Accrued liabilities | 3,240 | 3,039 | ' | ' |
Total current liabilities | 11,958 | 12,304 | ' | ' |
OTHER LONG-TERM LIABILITIES | 60 | 68 | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' | ' | ' |
Common stock | 928 | 928 | ' | ' |
Additional paid-in capital | 1,472 | 1,472 | ' | ' |
(Accumulated deficit) retained earnings | 17,778 | 15,603 | ' | ' |
Accumulated other comprehensive (loss) income | -251 | 30 | ' | ' |
Total shareholders' equity | 19,927 | 18,033 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 31,945 | 30,405 | ' | ' |
Eliminations | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Intercompany receivable | -12,003 | -13,512 | ' | ' |
Total current assets | -12,003 | -13,512 | ' | ' |
INVESTMENT IN SUBSIDIARIES | -83,697 | -93,589 | ' | ' |
TOTAL ASSETS | -95,700 | -107,101 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Intercompany payable | -12,003 | -13,512 | ' | ' |
Total current liabilities | -12,003 | -13,512 | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' | ' | ' |
Common stock | -928 | -928 | ' | ' |
Additional paid-in capital | -77,035 | -79,502 | ' | ' |
(Accumulated deficit) retained earnings | -5,985 | -13,129 | ' | ' |
Accumulated other comprehensive (loss) income | 251 | -30 | ' | ' |
Total shareholders' equity | -83,697 | -93,589 | ' | ' |
TOTAL LIABILITIES AND EQUITY | ($95,700) | ($107,101) | ' | ' |
Condensed_Consolidating_Statem3
Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOW FROM OPERATING ACTIVITIES: | ' | ' |
NET INCOME (LOSS) | $13,375 | $16,810 |
Adjustments to reconcile net income (loss) to net cash flow from operating activities: | ' | ' |
Depreciation and amortization | 17,757 | 17,241 |
Stock-based compensation | 3,013 | 1,169 |
Foreign currency transaction gain (loss) | -131 | 252 |
Excess tax benefits from stock-based compensation | -3,190 | -625 |
ASSET IMPAIRMENT | 6,584 | ' |
Deferred taxes | 2,496 | 1,865 |
Gain on disposal of fixed assets | 64 | -41 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -2,459 | -14,792 |
Inventories | -10,982 | -15,443 |
Prepaid expenses and other assets | -2,559 | 3,317 |
Accounts payable | 2,700 | 8,721 |
Accrued liabilities | -4,712 | -5,128 |
Net cash flow provided by operating activities | 21,956 | 13,346 |
CASH FLOW FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -9,144 | -28,700 |
Proceeds from sale of fixed assets | 11 | 24 |
Acquisition of businesses, net of cash acquired | ' | -33,090 |
Net cash flow from (used in) investing activities | -9,133 | -61,766 |
CASH FLOW FROM FINANCING ACTIVITIES: | ' | ' |
Borrowings under revolving loan facilities | 89,904 | 332,996 |
Repayments under revolving loan facilities | -112,334 | -288,626 |
Payment of deferred financing fees | ' | ' |
Repayment of long-term debt | -139 | -124 |
Purchase of treasury stock | -772 | -657 |
Excess tax benefits from stock-based compensation | 3,190 | 625 |
Proceed from option exercises | 9,611 | 14 |
Cash dividends paid | -1,842 | -704 |
Net cash flow (used in) provided by financing activities | -12,382 | 43,524 |
Effect of exchange rate on cash and cash equivalents | -258 | 478 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 183 | -4,418 |
CASH AND CASH EQUIVALENTS - Beginning of period | 9,562 | 9,746 |
CASH AND CASH EQUIVALENTS - End of period | 9,745 | 5,328 |
NONCASH ACTIVITY | ' | ' |
Unpaid capital expenditures | 46 | 176 |
SUPPLEMENTAL CASH FLOW INFORMATION | ' | ' |
Income taxes paid (refunded), net | 5,966 | 1,918 |
Cash interest paid | 25,854 | 26,074 |
Parent Company | ' | ' |
CASH FLOW FROM OPERATING ACTIVITIES: | ' | ' |
NET INCOME (LOSS) | 13,375 | 16,810 |
Adjustments to reconcile net income (loss) to net cash flow from operating activities: | ' | ' |
Depreciation and amortization | 13,691 | 14,247 |
Stock-based compensation | 3,013 | 1,169 |
Excess tax benefits from stock-based compensation | -3,190 | -625 |
Deferred taxes | 3,755 | 1,810 |
Gain on disposal of fixed assets | 33 | -31 |
Equity in consolidated subsidiaries | 7,145 | -2,651 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 487 | -11,138 |
Inventories | -9,560 | -12,602 |
Prepaid expenses and other assets | -4,091 | 3,595 |
Accounts payable | 2,663 | 9,815 |
Intercompany accounts | -57 | -2,696 |
Accrued liabilities | -7,468 | -7,939 |
Net cash flow provided by operating activities | 19,796 | 9,764 |
CASH FLOW FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -8,780 | -23,250 |
Proceeds from sale of fixed assets | 11 | 24 |
Acquisition of businesses, net of cash acquired | ' | -33,090 |
Net cash flow from (used in) investing activities | -8,769 | -56,316 |
CASH FLOW FROM FINANCING ACTIVITIES: | ' | ' |
Borrowings under revolving loan facilities | 89,904 | 332,996 |
Repayments under revolving loan facilities | -112,334 | -288,626 |
Payment of deferred financing fees | ' | ' |
Repayment of long-term debt | -139 | -124 |
Purchase of treasury stock | -772 | -657 |
Excess tax benefits from stock-based compensation | 3,190 | 625 |
Proceed from option exercises | 9,611 | 14 |
Cash dividends paid | -1,842 | -704 |
Net cash flow (used in) provided by financing activities | -12,382 | 43,524 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -1,355 | -3,028 |
CASH AND CASH EQUIVALENTS - Beginning of period | 3,417 | 4,086 |
CASH AND CASH EQUIVALENTS - End of period | 2,062 | 1,058 |
NONCASH ACTIVITY | ' | ' |
Unpaid capital expenditures | 46 | 176 |
SUPPLEMENTAL CASH FLOW INFORMATION | ' | ' |
Income taxes paid (refunded), net | 6,347 | 1,735 |
Cash interest paid | 25,817 | 26,074 |
Guarantor Subsidiaries | ' | ' |
CASH FLOW FROM OPERATING ACTIVITIES: | ' | ' |
NET INCOME (LOSS) | -9,321 | -319 |
Adjustments to reconcile net income (loss) to net cash flow from operating activities: | ' | ' |
Depreciation and amortization | 3,811 | 2,756 |
ASSET IMPAIRMENT | 6,584 | ' |
Deferred taxes | -1,144 | -34 |
Gain on disposal of fixed assets | 19 | -10 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -2,241 | -2,787 |
Inventories | -1,899 | -2,832 |
Prepaid expenses and other assets | 2,337 | -345 |
Accounts payable | 309 | 1,450 |
Intercompany accounts | -987 | 6,843 |
Accrued liabilities | 2,589 | 1,405 |
Net cash flow provided by operating activities | 57 | 6,127 |
CASH FLOW FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -334 | -5,048 |
Net cash flow from (used in) investing activities | -334 | -5,048 |
CASH FLOW FROM FINANCING ACTIVITIES: | ' | ' |
Payment of deferred financing fees | ' | ' |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -277 | 1,079 |
CASH AND CASH EQUIVALENTS - Beginning of period | 1,709 | 724 |
CASH AND CASH EQUIVALENTS - End of period | 1,432 | 1,803 |
SUPPLEMENTAL CASH FLOW INFORMATION | ' | ' |
Income taxes paid (refunded), net | -1,171 | -207 |
Non-Guarantor Subsidiaries | ' | ' |
CASH FLOW FROM OPERATING ACTIVITIES: | ' | ' |
NET INCOME (LOSS) | 2,176 | 2,970 |
Adjustments to reconcile net income (loss) to net cash flow from operating activities: | ' | ' |
Depreciation and amortization | 255 | 238 |
Foreign currency transaction gain (loss) | -131 | 252 |
Deferred taxes | -115 | 89 |
Gain on disposal of fixed assets | 12 | ' |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -705 | -867 |
Inventories | 477 | -9 |
Prepaid expenses and other assets | -805 | 67 |
Accounts payable | -272 | -2,544 |
Intercompany accounts | 1,044 | -4,147 |
Accrued liabilities | 167 | 1,406 |
Net cash flow provided by operating activities | 2,103 | -2,545 |
CASH FLOW FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -30 | -402 |
Net cash flow from (used in) investing activities | -30 | -402 |
CASH FLOW FROM FINANCING ACTIVITIES: | ' | ' |
Payment of deferred financing fees | ' | ' |
Effect of exchange rate on cash and cash equivalents | -258 | 478 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,815 | -2,469 |
CASH AND CASH EQUIVALENTS - Beginning of period | 4,436 | 4,936 |
CASH AND CASH EQUIVALENTS - End of period | 6,251 | 2,467 |
SUPPLEMENTAL CASH FLOW INFORMATION | ' | ' |
Income taxes paid (refunded), net | 790 | 390 |
Cash interest paid | 37 | ' |
Eliminations | ' | ' |
CASH FLOW FROM OPERATING ACTIVITIES: | ' | ' |
NET INCOME (LOSS) | 7,145 | -2,651 |
Adjustments to reconcile net income (loss) to net cash flow from operating activities: | ' | ' |
Equity in consolidated subsidiaries | -7,145 | 2,651 |
CASH FLOW FROM FINANCING ACTIVITIES: | ' | ' |
Payment of deferred financing fees | ' | ' |