Loss before reorganization items, income tax, minority interest and cumulative effect of change in accounting principle
(304,797
)
(77,346
)
(27,710
)
(22,668
)
(441,195
)
(150,083
)
(78,063
)
(89,348
)
Reorganization items, net
—
36,370
67,042
18,434
11,527
6,158
3,784
4,398
Fresh start accounting
—
—
—
(228,371
)
—
—
—
—
Gain on discharge
—
—
—
(1,558,839
)
—
—
—
—
Minority interest
211
200
467
26
(18
)
529
478
72
Income taxes
(1,422
)
26,969
3,271
(2,482
)
14,219
15,962
1,924
2,572
Income (Loss) before cumulative effect of change in accounting principle
(303,586
)
(140,885
)
(98,490
)
1,748,564
(466,923
)
(172,732
)
(84,249
)
(96,390
)
Cumulative effect of change in accounting principle (1)
(496
)
—
(15,593
)
—
—
—
—
—
Net income (loss)
$
(304,082
)
$
(140,885
)
$
(114,083
)
$
1,748,564
$
(466,923
)
$
(172,732
)
$
(84,249
)
$
(96,390
)
Basic and diluted net income (loss) per share (2)
$
(11.35
)
$
(5.14
)
$
(4.17
)
$
63.86
$
(18.26
)
$
(6.75
)
$
(2.16
)
$
(3.77
)
Weighted Average Shares (2)
26,798
27,383
27,383
27,383
25,576
25,576
38,940
25,576
Balance Sheet Data (at period end)
Working capital (deficit) (3)
$
(951,866
)
$
(15,876
)
$
(270,394
)
$
402,076
$
(180,172
)
$
431,570
$
505,697
$
413,819
Property, plant and equipment, net
530,220
533,375
543,124
826,900
799,763
685,842
651,320
691,384
Total assets
1,915,868
2,372,691
2,471,808
2,729,404
2,290,780
2,082,909
2,141,232
2,123,179
Total debt
1,413,272
1,804,903
1,847,656
547,549
653,758
701,004
685,380
678,293
Total stockholders’ equity (deficit)
(555,742
)
(695,369
)
(769,769
)
888,391
427,259
224,739
299,495
301,992
Other Financial Data
Cash provided by (used in):
Operating activities (4)
$
(6,665
)
$
(239,858
)
$
40,551
$
(7,186
)
$
(9,691
)
$
(44,348
)
$
(35,052
)
$
(44,401
)
Investing activities
(58,462
)
(39,095
)
(38,411
)
(4,352
)
(44,013
)
(32,817
)
(25,593
)
(18,204
)
Financing activities
73,720
278,882
(9,667
)
35,168
68,925
34,646
90,882
25,156
Capital expenditures
61,323
45,878
65,128
7,152
69,114
58,133
28,978
37,861
Cash dividents per share
0.04
—
—
—
—
—
—
—
(1) The cumulative effect of change in accounting principle in fiscal 2002 resulted from the adoption of SFAS 133 on April 1, 2001 and in fiscal 2004 resulted from the adoption of SFAS 143 on April 1, 2003.
(2) On September 18, 2006, the Company completed a $75.0 million rights offering and $50.0 million private sale which allowed stockholders to purchase additional shares of common stock. The Company distributed, at no charge to its holders of common stock, non-transferable subscription rights to purchase additional shares of the Company’s common stock. Each holder received 0.85753 of a subscription right for each share of common stock owned at the close of business on August 23, 2006, subject to adjustments to eliminate fractional rights. The per share price was equal to a 20% discount to the average closing price of the Company’s common stock for the 30 trading day period ended July 6, 2006. Upon consummation of the rights offering, the fair value of the Company’s common stock was more than the rights offering’s $3.50 per share subscription price. Accordingly, basic and diluted loss per common share have been restated for the Successor Company for the period May 6, 2004 to March 31, 2005, the fiscal year ended 2006, and the nine months ended December 31, 2006 and 2005 to reflect a stock dividend of 576 shares of the Company’s common stock.
(3) Working capital (deficit) is calculated as current assets less current liabilities, which at March 31, 2005 and March 31, 2002 reflects the reclassification of certain long-term debt as current. At March 31, 2003 and March 31, 2004, working capital (deficit) excludes liabilities of the Debtors classified as subject to compromise.
(4) Cash used in operating activities in fiscal 2003 includes the repurchase of uncollected securitized accounts receivable under the terminated U.S. and European securitization programs of $117,455 and $124,793, respectively.
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