Subsidiary Guarantors | 9 Months Ended |
Sep. 30, 2014 |
Subsidiary Guarantors [Abstract] | ' |
Subsidiary Guarantors | ' |
13. Subsidiary guarantors |
The Company’s long-term debt at September 30, 2014 includes $250,000 of 7.375% senior notes due February 1, 2019. The Company’s obligations under these senior unsecured notes are guaranteed by the Company’s 100% owned domestic subsidiaries. Such guarantees are full, unconditional and joint and several. |
The following supplemental financial information sets forth for the Company’s subsidiary guarantors (on a combined basis), the Company’s non-guarantor subsidiaries (on a combined basis) and Great Lakes Dredge & Dock Corporation, exclusive of its subsidiaries (“GLDD Corporation”): |
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| (i) | balance sheets as of September 30, 2014 and December 31, 2013; | | | | | | | | | | | | | |
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| (ii) | statements of operations and comprehensive loss for the three and nine months ended September 30, 2014 and 2013; and | | | | | | | | | | | | | |
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| (iii) | statements of cash flows for the nine months ended September 30, 2014 and 2013. | | | | | | | | | | | | | |
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Certain amounts included in the following condensed consolidating statements of cash flows for the nine months ended September 30, 2013 have been revised to conform with current year presentation reflecting intercompany borrowings and payments as either investing or financing activities. |
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GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |
CONDENSED CONSOLIDATING BALANCE SHEET | |
AS OF SEPTEMBER 30, 2014 | |
(In thousands) | |
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ASSETS | Subsidiary Guarantors | | Non-Guarantor Subsidiaries | | GLDD Corporation | | Eliminations | | Consolidated Totals | |
CURRENT ASSETS: | | | | | | | | | | | | | | | |
Cash and cash equivalents | $ | 18,212 | | $ | 2,873 | | $ | 3 | | $ | - | | $ | 21,088 | |
Accounts receivable — net | | 98,118 | | | - | | | - | | | - | | | 98,118 | |
Receivables from affiliates | | 164,731 | | | 3,561 | | | 33,406 | | | -201,698 | | | - | |
Contract revenues in excess of billings | | 82,717 | | | 2,911 | | | - | | | - | | | 85,628 | |
Inventories | | 33,194 | | | - | | | - | | | - | | | 33,194 | |
Prepaid expenses and other current assets | | 60,207 | | | 875 | | | -2,642 | | | - | | | 58,440 | |
Total current assets | | 457,179 | | | 10,220 | | | 30,767 | | | -201,698 | | | 296,468 | |
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PROPERTY AND EQUIPMENT—Net | | 382,325 | | | 6 | | | - | | | - | | | 382,331 | |
GOODWILL AND OTHER INTANGIBLE ASSETS—Net | | 80,885 | | | - | | | - | | | - | | | 80,885 | |
INVENTORIES — Noncurrent | | 37,324 | | | - | | | - | | | - | | | 37,324 | |
INVESTMENTS IN JOINT VENTURES | | 8,445 | | | - | | | - | | | - | | | 8,445 | |
INVESTMENTS IN SUBSIDIARIES | | 3,722 | | | - | | | 594,364 | | | -598,086 | | | - | |
OTHER | | 7,409 | | | 3 | | | 4,333 | | | - | | | 11,745 | |
TOTAL | $ | 977,289 | | $ | 10,229 | | $ | 629,464 | | $ | -799,784 | | $ | 817,198 | |
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LIABILITIES AND EQUITY | | | | | | | | | | | | | | | |
CURRENT LIABILITIES: | | | | | | | | | | | | | | | |
Accounts payable | $ | 138,137 | | $ | 903 | | $ | 301 | | $ | - | | $ | 139,341 | |
Payables to affiliates | | 175,587 | | | 12,327 | | | 13,784 | | | -201,698 | | | - | |
Accrued expenses | | 45,663 | | | 221 | | | 3,871 | | | - | | | 49,755 | |
Billings in excess of contract revenues | | 4,978 | | | - | | | - | | | - | | | 4,978 | |
Current portion of long term debt | | 373 | | | - | | | - | | | - | | | 373 | |
Total current liabilities | | 364,738 | | | 13,451 | | | 17,956 | | | -201,698 | | | 194,447 | |
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7 3/8% SENIOR NOTES | | - | | | - | | | 250,000 | | | - | | | 250,000 | |
REVOLVING CREDIT FACILITY | | - | | | - | | | 35,000 | | | - | | | 35,000 | |
LONG TERM NOTE PAYABLE | | 485 | | | - | | | - | | | - | | | 485 | |
DEFERRED INCOME TAXES | | -363 | | | - | | | 90,403 | | | - | | | 90,040 | |
OTHER | | 11,121 | | | - | | | 551 | | | - | | | 11,672 | |
Total liabilities | | 375,981 | | | 13,451 | | | 393,910 | | | -201,698 | | | 581,644 | |
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Total Great Lakes Dredge & Dock Corporation Equity | | 601,308 | | | -3,222 | | | 235,554 | | | -598,086 | | | 235,554 | |
NONCONTROLLING INTERESTS | | - | | | - | | | - | | | - | | | - | |
TOTAL EQUITY | | 601,308 | | | -3,222 | | | 235,554 | | | -598,086 | | | 235,554 | |
TOTAL | $ | 977,289 | | $ | 10,229 | | $ | 629,464 | | $ | -799,784 | | $ | 817,198 | |
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GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |
CONDENSED CONSOLIDATING BALANCE SHEET | |
AS OF DECEMBER 31, 2013 | |
(In thousands) | |
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ASSETS | Subsidiary Guarantors | | Non-Guarantor Subsidiaries | | GLDD Corporation | | Eliminations | | Consolidated Totals | |
CURRENT ASSETS: | | | | | | | | | | | | | | | |
Cash and cash equivalents | $ | 71,939 | | $ | 3,399 | | $ | - | | $ | - | | $ | 75,338 | |
Accounts receivable — net | | 95,476 | | | 1,039 | | | - | | | - | | | 96,515 | |
Receivables from affiliates | | 131,984 | | | 7,337 | | | 12,205 | | | -151,526 | | | - | |
Contract revenues in excess of billings | | 63,591 | | | 3,841 | | | - | | | - | | | 67,432 | |
Inventories | | 32,500 | | | - | | | - | | | - | | | 32,500 | |
Prepaid expenses and other current assets | | 23,549 | | | 137 | | | 20,478 | | | - | | | 44,164 | |
Assets held for sale | | 41,763 | | | 11,877 | | | - | | | -8,536 | | | 45,104 | |
Total current assets | | 460,802 | | | 27,630 | | | 32,683 | | | -160,062 | | | 361,053 | |
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PROPERTY AND EQUIPMENT—Net | | 345,612 | | | 8 | | | - | | | - | | | 345,620 | |
GOODWILL AND OTHER INTANGIBLE ASSETS—Net | | 81,302 | | | - | | | - | | | - | | | 81,302 | |
INVENTORIES — Noncurrent | | 38,496 | | | - | | | - | | | - | | | 38,496 | |
INVESTMENTS IN JOINT VENTURES | | 8,256 | | | - | | | - | | | - | | | 8,256 | |
INVESTMENTS IN SUBSIDIARIES | | 1,212 | | | - | | | 638,955 | | | -640,167 | | | - | |
ASSETS HELD FOR SALE—Noncurrent | | 8,796 | | | 60 | | | - | | | - | | | 8,856 | |
OTHER | | 3,886 | | | 3 | | | 5,193 | | | -20 | | | 9,062 | |
TOTAL | $ | 948,362 | | $ | 27,701 | | $ | 676,831 | | $ | -800,249 | | $ | 852,645 | |
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LIABILITIES AND EQUITY | | | | | | | | | | | | | | | |
CURRENT LIABILITIES: | | | | | | | | | | | | | | | |
Accounts payable | $ | 115,235 | | $ | 754 | | $ | 132 | | $ | - | | $ | 116,121 | |
Payables to affiliates | | 96,270 | | | 24,862 | | | 30,394 | | | -151,526 | | | - | |
Accrued expenses | | 28,086 | | | 15 | | | 10,430 | | | - | | | 38,531 | |
Billings in excess of contract revenues | | 6,754 | | | - | | | - | | | - | | | 6,754 | |
Current portion of long term debt | | - | | | - | | | - | | | - | | | - | |
Liabilities held for sale | | 38,158 | | | 2,871 | | | - | | | -8,536 | | | 32,493 | |
Total current liabilities | | 284,503 | | | 28,502 | | | 40,956 | | | -160,062 | | | 193,899 | |
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7 3/8% SENIOR NOTES | | - | | | - | | | 250,000 | | | - | | | 250,000 | |
REVOLVING CREDIT FACILITY | | - | | | - | | | 35,000 | | | - | | | 35,000 | |
DEFERRED INCOME TAXES | | - | | | - | | | 108,531 | | | -20 | | | 108,511 | |
LIABILITIES HELD FOR SALE—Noncurrent | | 1,212 | | | - | | | - | | | - | | | 1,212 | |
OTHER | | 21,679 | | | - | | | 243 | | | - | | | 21,922 | |
Total liabilities | | 307,394 | | | 28,502 | | | 434,730 | | | -160,082 | | | 610,544 | |
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Total Great Lakes Dredge & Dock Corporation Equity | | 640,968 | | | -801 | | | 242,946 | | | -640,167 | | | 242,946 | |
NONCONTROLLING INTERESTS | | - | | | - | | | -845 | | | - | | | -845 | |
TOTAL EQUITY | | 640,968 | | | -801 | | | 242,101 | | | -640,167 | | | 242,101 | |
TOTAL | $ | 948,362 | | $ | 27,701 | | $ | 676,831 | | $ | -800,249 | | $ | 852,645 | |
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GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |
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CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 | |
(In thousands) | |
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| Subsidiary Guarantors | | Non-Guarantor Subsidiaries | | GLDD Corporation | | Eliminations | | Consolidated Totals | |
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Contract revenues | $ | 198,934 | | $ | 3,264 | | $ | - | | $ | - | | $ | 202,198 | |
Costs of contract revenues | | -170,911 | | | -6,828 | | | - | | | - | | | -177,739 | |
Gross profit | | 28,023 | | | -3,564 | | | - | | | - | | | 24,459 | |
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OPERATING EXPENSES: | | | | | | | | | | | | | | | |
General and administrative expenses | | 15,988 | | | 1 | | | 73 | | | - | | | 16,062 | |
Loss on sale of assets—net | | 390 | | | - | | | - | | | - | | | 390 | |
Operating income (loss) | | 11,645 | | | -3,565 | | | -73 | | | - | | | 8,007 | |
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Interest expense—net | | -60 | | | - | | | -4,642 | | | - | | | -4,702 | |
Equity in earnings of subsidiaries | | 54 | | | - | | | 3,316 | | | -3,370 | | | - | |
Equity in loss of joint ventures | | -5,785 | | | - | | | - | | | - | | | -5,785 | |
Other income | | 384 | | | - | | | - | | | - | | | 384 | |
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Income (loss) from continuing operations before income taxes | | 6,238 | | | -3,565 | | | -1,399 | | | -3,370 | | | -2,096 | |
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Income tax benefit | | 697 | | | - | | | 372 | | | - | | | 1,069 | |
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Income (loss) from continuing operations | | 6,935 | | | -3,565 | | | -1,027 | | | -3,370 | | | -1,027 | |
Loss from discontinued operations, net of income taxes | | -1,059 | | | - | | | -1,059 | | | 1,059 | | | -1,059 | |
Net income (loss) | | 5,876 | | | -3,565 | | | -2,086 | | | -2,311 | | | -2,086 | |
Net (income) loss attributable to noncontrolling interest | | - | | | - | | | - | | | - | | | - | |
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | 5,876 | | $ | -3,565 | | $ | -2,086 | | $ | -2,311 | | $ | -2,086 | |
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Comprehensive income (loss) attributable to | $ | 5,707 | | $ | -3,981 | | $ | -2,671 | | $ | -1,726 | | $ | -2,671 | |
Great Lakes Dredge & Dock Corporation | |
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GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |
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CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | |
(In thousands) | |
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| Subsidiary Guarantors | | Non-Guarantor Subsidiaries | | GLDD Corporation | | Eliminations | | Consolidated Totals | |
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Contract revenues | $ | 179,514 | | $ | 8,348 | | $ | - | | $ | - | | $ | 187,862 | |
Costs of contract revenues | | -149,966 | | | -10,060 | | | - | | | - | | | -160,026 | |
Gross profit | | 29,548 | | | -1,712 | | | - | | | - | | | 27,836 | |
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OPERATING EXPENSES: | | | | | | | | | | | | | | | |
General and administrative expenses | | 17,121 | | | - | | | - | | | - | | | 17,121 | |
Proceeds from loss of use claim | | - | | | - | | | - | | | - | | | - | |
Gain on sale of assets—net | | -3,214 | | | - | | | - | | | - | | | -3,214 | |
Operating income (loss) | | 15,641 | | | -1,712 | | | - | | | - | | | 13,929 | |
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Interest expense—net | | -65 | | | -71 | | | -5,406 | | | - | | | -5,542 | |
Equity in earnings of subsidiaries | | 304 | | | - | | | 12,711 | | | -13,015 | | | - | |
Equity in earnings of joint ventures | | 1,427 | | | - | | | - | | | - | | | 1,427 | |
Other income (expense) | | -187 | | | 9 | | | - | | | - | | | -178 | |
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Income (loss) from continuing operations before income taxes | | 17,120 | | | -1,774 | | | 7,305 | | | -13,015 | | | 9,636 | |
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Income tax provision | | -2,331 | | | - | | | -729 | | | - | | | -3,060 | |
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Income (loss) from continuing operations | | 14,789 | | | -1,774 | | | 6,576 | | | -13,015 | | | 6,576 | |
Loss from discontinued operations, net of income taxes | | -5,310 | | | -198 | | | -5,310 | | | 5,508 | | | -5,310 | |
Net income (loss) | | 9,479 | | | -1,972 | | | 1,266 | | | -7,507 | | | 1,266 | |
Net loss attributable to noncontrolling interest | | - | | | - | | | 182 | | | - | | | 182 | |
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | | 9,479 | | | -1,972 | | | 1,448 | | | -7,507 | | | 1,448 | |
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Comprehensive income (loss) attributable to | $ | 9,391 | | $ | -2,023 | | $ | 1,309 | | $ | -7,368 | | $ | 1,309 | |
Great Lakes Dredge & Dock Corporation | |
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GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 | |
(In thousands) | |
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| Subsidiary Guarantors | | Non-Guarantor Subsidiaries | | GLDD Corporation | | Eliminations | | Consolidated Totals | |
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Contract revenues | $ | 540,199 | | $ | 21,090 | | $ | - | | $ | - | | $ | 561,289 | |
Costs of contract revenues | | -463,718 | | | -26,002 | | | - | | | - | | | -489,720 | |
Gross profit | | 76,481 | | | -4,912 | | | - | | | - | | | 71,569 | |
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OPERATING EXPENSES: | | | | | | | | | | | | | | | |
General and administrative expenses | | 49,776 | | | 1 | | | 73 | | | - | | | 49,850 | |
Proceeds from loss of use claim | | - | | | - | | | - | | | - | | | - | |
Loss on sale of assets—net | | 558 | | | - | | | - | | | - | | | 558 | |
Operating income (loss) | | 26,147 | | | -4,913 | | | -73 | | | - | | | 21,161 | |
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Interest expense—net | | 91 | | | -261 | | | -14,560 | | | - | | | -14,730 | |
Equity in earnings (loss) of subsidiaries | | -52 | | | - | | | 15,915 | | | -15,863 | | | - | |
Equity in loss of joint ventures | | -9,063 | | | - | | | - | | | - | | | -9,063 | |
Gain on bargain purchase acquisition | | 2,197 | | | - | | | - | | | - | | | 2,197 | |
Other income | | 403 | | | 7 | | | - | | | - | | | 410 | |
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Income (loss) from continuing operations before income taxes | | 19,723 | | | -5,167 | | | 1,282 | | | -15,863 | | | -25 | |
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Income tax (provision) benefit | | 1,307 | | | - | | | -882 | | | - | | | 425 | |
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Income (loss) from continuing operations | | 21,030 | | | -5,167 | | | 400 | | | -15,863 | | | 400 | |
Loss from discontinued operations, net of income taxes | | -9,118 | | | -1,343 | | | -9,118 | | | 10,461 | | | -9,118 | |
Net income (loss) | | 11,912 | | | -6,510 | | | -8,718 | | | -5,402 | | | -8,718 | |
Net (income) loss attributable to noncontrolling interest | | - | | | - | | | - | | | - | | | - | |
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | 11,912 | | $ | -6,510 | | $ | -8,718 | | $ | -5,402 | | $ | -8,718 | |
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Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | $ | 11,713 | | $ | -6,899 | | $ | -9,306 | | $ | -4,814 | | $ | -9,306 | |
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GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |
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CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | |
(In thousands) | |
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| Subsidiary Guarantors | | Non-Guarantor Subsidiaries | | GLDD Corporation | | Eliminations | | Consolidated Totals | |
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Contract revenues | $ | 497,486 | | $ | 17,654 | | $ | - | | $ | - | | $ | 515,140 | |
Costs of contract revenues | | -422,764 | | | -20,034 | | | - | | | - | | | -442,798 | |
Gross profit | | 74,722 | | | -2,380 | | | - | | | - | | | 72,342 | |
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OPERATING EXPENSES: | | | | | | | | | | | | | | | |
General and administrative expenses | | 48,695 | | | 5 | | | - | | | - | | | 48,700 | |
Proceeds from loss of use claim | | -13,272 | | | - | | | - | | | - | | | -13,272 | |
Gain on sale of assets—net | | -3,141 | | | - | | | - | | | - | | | -3,141 | |
Operating income (loss) | | 42,440 | | | -2,385 | | | - | | | - | | | 40,055 | |
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Interest expense—net | | -214 | | | -160 | | | -16,297 | | | - | | | -16,671 | |
Equity in earnings of subsidiaries | | 306 | | | - | | | 39,777 | | | -40,083 | | | - | |
Equity in earnings of joint ventures | | 452 | | | - | | | - | | | - | | | 452 | |
Other expense | | -55 | | | -348 | | | - | | | - | | | -403 | |
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Income (loss) from continuing operations before income taxes | | 42,929 | | | -2,893 | | | 23,480 | | | -40,083 | | | 23,433 | |
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Income tax (provision) benefit | | 45 | | | 2 | | | -8,373 | | | - | | | -8,326 | |
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Income (loss) from continuing operations | | 42,974 | | | -2,891 | | | 15,107 | | | -40,083 | | | 15,107 | |
Loss from discontinued operations, net of income taxes | | -38,618 | | | -265 | | | -38,618 | | | 38,883 | | | -38,618 | |
Net income (loss) | | 4,356 | | | -3,156 | | | -23,511 | | | -1,200 | | | -23,511 | |
Net loss attributable to noncontrolling interest | | - | | | - | | | 151 | | | - | | | 151 | |
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | 4,356 | | $ | -3,156 | | $ | -23,360 | | $ | -1,200 | | $ | -23,360 | |
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Comprehensive income (loss) attributable to | $ | 4,234 | | $ | -3,287 | | $ | -23,613 | | $ | -947 | | $ | -23,613 | |
Great Lakes Dredge & Dock Corporation | |
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GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 |
(In thousands) |
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| | Subsidiary Guarantors | | Non-Guarantor Subsidiaries | | GLDD Corporation | | Eliminations | | Consolidated Totals |
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OPERATING ACTIVITIES: | | | | | | | | | | | | | | | |
Net cash flows provided by (used in) operating activities of continuing operations | | $ | 24,488 | | $ | -3,357 | | $ | -5,840 | | $ | - | | $ | 15,291 |
Net cash flows used in operating activities of discontinued operations | | | -4,000 | | | -1,024 | | | - | | | - | | | -5,024 |
Cash provided by (used in) operating activities | | | 20,488 | | | -4,381 | | | -5,840 | | | - | | | 10,267 |
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INVESTING ACTIVITIES: | | | | | | | | | | | | | | | |
Purchases of property and equipment | | | -66,433 | | | - | | | - | | | - | | | -66,433 |
Proceeds from dispositions of property and equipment | | | 1,614 | | | - | | | - | | | - | | | 1,614 |
Payments on vendor performance obligations | | | -3,100 | | | - | | | - | | | - | | | -3,100 |
Payments for acquisitions of businesses | | | -2,048 | | | - | | | - | | | - | | | -2,048 |
Net change in accounts with affiliates | | | -9,402 | | | - | | | - | | | 9,402 | | | - |
Net cash flows used in investing activities of continuing operations | | | -79,369 | | | - | | | - | | | 9,402 | | | -69,967 |
Net cash flows provided by investing activities of discontinued operations | | | 5,275 | | | - | | | - | | | - | | | 5,275 |
Cash used in investing activities | | | -74,094 | | | - | | | - | | | 9,402 | | | -64,692 |
| | | | | | | | | | | | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | | |
Deferred financing fees | | | - | | | - | | | -845 | | | - | | | -845 |
Taxes paid on settlement of vested share awards | | | - | | | - | | | -501 | | | - | | | -501 |
Repayments of equipment debt | | | -121 | | | - | | | - | | | - | | | -121 |
Purchase of noncontrolling interest | | | - | | | - | | | -205 | | | - | | | -205 |
Net change in accounts with affiliates | | | - | | | 3,595 | | | 5,807 | | | -9,402 | | | - |
Exercise of options and purchases from employee stock plans | | | - | | | - | | | 1,542 | | | - | | | 1,542 |
Excess income tax benefit from share-based compensation | | | - | | | - | | | 45 | | | - | | | 45 |
Borrowings under revolving loans | | | - | | | - | | | 105,000 | | | - | | | 105,000 |
Repayments of revolving loans | | | - | | | - | | | -105,000 | | | - | | | -105,000 |
| | | | | | | | | | | | | | | |
Net cash flows provided by (used in) financing activities of continuing operations | | | -121 | | | 3,595 | | | 5,843 | | | -9,402 | | | -85 |
Net cash flows provided by (used in) financing activities of discontinued operations | | | - | | | - | | | - | | | - | | | - |
Cash provided by (used in) financing activities | | | -121 | | | 3,595 | | | 5,843 | | | -9,402 | | | -85 |
| | | | | | | | | | | | | | | |
Effect of foreign currency exchange rates on cash and cash equivalents | | | - | | | 260 | | | - | | | - | | | 260 |
| | | | | | | | | | | | | | | |
Net increase (decrease) in cash and cash equivalents | | | -53,727 | | | -526 | | | 3 | | | - | | | -54,250 |
| | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | 71,939 | | | 3,399 | | | - | | | - | | | 75,338 |
| | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | 18,212 | | $ | 2,873 | | $ | 3 | | $ | - | | $ | 21,088 |
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| | | | | | | | | | | | | | | |
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 |
(In thousands) |
| | | | | | | | | | | | | | | |
| | Subsidiary Guarantors | | Non-Guarantor Subsidiaries | | GLDD Corporation | | Eliminations | | Consolidated Totals |
| | | | | | | | | | | | | | | |
OPERATING ACTIVITIES: | | | | | | | | | | | | | | | |
Net cash flows provided by (used in) operating activities of continuing operations | | $ | 47,543 | | $ | -6,776 | | $ | -29,542 | | $ | - | | $ | 11,225 |
Net cash flows used in operating activities of discontinued operations | | | -8,054 | | | -437 | | | - | | | - | | | -8,491 |
Cash provided by (used in) operating activities | | | 39,489 | | | -7,213 | | | -29,542 | | | - | | | 2,734 |
| | | | | | | | | | | | | | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | | | |
Purchases of property and equipment | | | -37,968 | | | - | | | - | | | - | | | -37,968 |
Proceeds from dispositions of property and equipment | | | 4,194 | | | - | | | - | | | - | | | 4,194 |
Proceeds from vendor performance obligations | | | 13,600 | | | - | | | - | | | - | | | 13,600 |
Net change in accounts with affiliates | | | -5,309 | | | - | | | - | | | 5,309 | | | - |
| | | | | | | | | | | | | | | |
Net cash flows used in investing activities of continuing operations | | | -25,483 | | | - | | | - | | | 5,309 | | | -20,174 |
Net cash flows used in investing activities of discontinued operations | | | -149 | | | - | | | - | | | - | | | -149 |
Cash used in investing activities | | | -25,632 | | | - | | | - | | | 5,309 | | | -20,323 |
| | | | | | | | | | | | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | | |
Repayments of long term note payable | | | - | | | - | | | -10,547 | | | - | | | -10,547 |
Taxes paid on settlement of vested share awards | | | - | | | - | | | -305 | | | - | | | -305 |
Repayment of equipment debt | | | -6 | | | - | | | - | | | - | | | -6 |
Net change in accounts with affiliates | | | - | | | 9,700 | | | -4,391 | | | -5,309 | | | - |
Exercise of options and purchases from employee stock plans | | | - | | | - | | | 581 | | | - | | | 581 |
Excess income tax benefit from share-based compensation | | | - | | | - | | | 133 | | | - | | | 133 |
Borrowings under revolving loans | | | - | | | - | | | 194,500 | | | - | | | 194,500 |
Repayments of revolving loans | | | - | | | - | | | -149,500 | | | - | | | -149,500 |
Capital contributions | | | - | | | 926 | | | -926 | | | - | | | - |
| | | | | | | | | | | | | | | |
Net cash flows provided by (used in) financing activities of continuing operations | | | -6 | | | 10,626 | | | 29,545 | | | -5,309 | | | 34,856 |
Net cash flows used in financing activities of discontinued operations | | | -36 | | | - | | | -3 | | | - | | | -39 |
Cash provided by (used in) financing activities | | | -42 | | | 10,626 | | | 29,542 | | | -5,309 | | | 34,817 |
| | | | | | | | | | | | | | | |
Effect of foreign currency exchange rates on cash and cash equivalents | | | - | | | -346 | | | - | | | - | | | -346 |
| | | | | | | | | | | | | | | |
Net increase in cash and cash equivalents | | | 13,815 | | | 3,067 | | | - | | | - | | | 16,882 |
| | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | 24,272 | | | 168 | | | - | | | - | | | 24,440 |
| | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | 38,087 | | $ | 3,235 | | $ | - | | $ | - | | $ | 41,322 |
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