Condensed Consolidating Financial Statements | 6 Months Ended |
Sep. 30, 2014 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' |
Condensed Consolidating Financial Statements | ' |
Condensed Consolidating Financial Statements |
|
The 10.5% Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior basis by certain of the Company’s 100% owned domestic subsidiaries (“Guarantor Subsidiaries”) and secured by a first priority lien on 51% of the capital stock of certain of our foreign restricted subsidiaries (“Non-Guarantor Subsidiaries”). The Company’s Guarantor Subsidiaries and Non-Guarantor Subsidiaries are not consistent with the Company’s business groups or geographic operations; accordingly this basis of presentation is not intended to present the Company’s financial condition, results of operations or cash flows for any purpose other than to comply with the specific requirements for subsidiary guarantor reporting. The Company is required to present condensed consolidating financial information in order for the subsidiary guarantors of the Company’s public debt to be exempt from reporting under the Securities Exchange Act of 1934, as amended. |
|
Condensed consolidating financial statements for the Company’s Guarantor Subsidiaries and Non-Guarantor Subsidiaries are presented in the following tables (amounts in thousands): |
|
Condensed Consolidating Balance Sheet |
September 30, 2014 |
(Unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Reclassifications | | Consolidated |
Subsidiaries | Subsidiaries | and Eliminations |
ASSETS | | | | | | | | | | | | | | |
|
Current assets: | | | | | | | | | | | | | | |
|
Cash and cash equivalents | $ | 641 | | | $ | 29,984 | | | $ | 20,951 | | | $ | — | | | $ | 51,576 | |
|
Accounts receivable, net | — | | | 41,010 | | | 54,571 | | | — | | | 95,581 | |
|
Intercompany receivable | 320,305 | | | 348,367 | | | 217,971 | | | (886,643 | ) | | — | |
|
Inventories, net | — | | | 127,232 | | | 61,601 | | | — | | | 188,833 | |
|
Prepaid expenses and other | 3,145 | | | 16,610 | | | 23,415 | | | (2,941 | ) | | 40,229 | |
|
Deferred income taxes | — | | | 1,957 | | | 4,612 | | | — | | | 6,569 | |
|
Total current assets | 324,091 | | | 565,160 | | | 383,121 | | | (889,584 | ) | | 382,788 | |
|
Property and equipment, net | 316 | | | 101,498 | | | 173,684 | | | — | | | 275,498 | |
|
Goodwill | — | | | 35,584 | | | — | | | — | | | 35,584 | |
|
Intangible assets, net | — | | | 27,688 | | | 7,689 | | | — | | | 35,377 | |
|
Investment in NEC TOKIN | — | | | 48,449 | | | — | | | — | | | 48,449 | |
|
Investments in subsidiaries | 421,754 | | | 424,312 | | | 30,285 | | | (876,351 | ) | | — | |
|
Restricted cash | — | | | 12,955 | | | — | | | — | | | 12,955 | |
|
Deferred income taxes | — | | | 969 | | | 5,454 | | | — | | | 6,423 | |
|
Other assets | 4,750 | | | 14,486 | | | 917 | | | — | | | 20,153 | |
|
Long-term intercompany receivable | 74,603 | | | 58,634 | | | 2,800 | | | (136,037 | ) | | — | |
|
Total assets | $ | 825,514 | | | $ | 1,289,735 | | | $ | 603,950 | | | $ | (1,901,972 | ) | | $ | 817,227 | |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | |
|
Current liabilities: | | | | | | | | | | | | | | |
|
Current portion of long-term debt | $ | 18,486 | | | $ | 6,800 | | | $ | 540 | | | $ | — | | | $ | 25,826 | |
|
Accounts payable | 93 | | | 35,621 | | | 36,915 | | | — | | | 72,629 | |
|
Intercompany payable | 208,989 | | | 590,222 | | | 87,432 | | | (886,643 | ) | | — | |
|
Accrued expenses | 25,301 | | | 12,692 | | | 28,407 | | | — | | | 66,400 | |
|
Income taxes payable and deferred income taxes | — | | | 2,923 | | | 363 | | | (2,941 | ) | | 345 | |
|
Total current liabilities | 252,869 | | | 648,258 | | | 153,657 | | | (889,584 | ) | | 165,200 | |
|
Long-term debt, less current portion | 357,807 | | | 6,449 | | | 12,000 | | | — | | | 376,256 | |
|
Other non-current obligations | — | | | 3,626 | | | 48,620 | | | — | | | 52,246 | |
|
Deferred income taxes | — | | | 4,191 | | | 4,496 | | | — | | | 8,687 | |
|
Long-term intercompany payable | — | | | 74,603 | | | 61,434 | | | (136,037 | ) | | — | |
|
Stockholders’ equity | 214,838 | | | 552,608 | | | 323,743 | | | (876,351 | ) | | 214,838 | |
|
Total liabilities and stockholders’ equity | $ | 825,514 | | | $ | 1,289,735 | | | $ | 603,950 | | | $ | (1,901,972 | ) | | $ | 817,227 | |
|
|
Condensed Consolidating Balance Sheet (1) |
March 31, 2014 |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Reclassifications | | Consolidated |
Subsidiaries | Subsidiaries | and Eliminations |
ASSETS | | | | | | | | | | | | | | |
|
Current assets: | | | | | | | | | | | | | | |
|
Cash and cash equivalents | $ | 616 | | | $ | 22,200 | | | $ | 35,113 | | | $ | — | | | $ | 57,929 | |
|
Accounts receivable, net | — | | | 49,462 | | | 49,485 | | | — | | | 98,947 | |
|
Intercompany receivable | 318,582 | | | 329,211 | | | 203,018 | | | (850,811 | ) | | — | |
|
Inventories, net | — | | | 119,340 | | | 68,634 | | | — | | | 187,974 | |
|
Prepaid expenses and other | 3,146 | | | 15,286 | | | 21,380 | | | (2,941 | ) | | 36,871 | |
|
Deferred income taxes | — | | | 1,022 | | | 5,673 | | | — | | | 6,695 | |
|
Current assets of discontinued operations | — | | | — | | | 12,160 | | | — | | | 12,160 | |
|
Total current assets | 322,344 | | | 536,521 | | | 395,463 | | | (853,752 | ) | | 400,576 | |
|
Property and equipment, net | 329 | | | 104,874 | | | 187,445 | | | — | | | 292,648 | |
|
Goodwill | — | | | 35,584 | | | — | | | — | | | 35,584 | |
|
Intangible assets, net | — | | | 28,380 | | | 8,804 | | | — | | | 37,184 | |
|
Investment in NEC TOKIN | — | | | 46,419 | | | — | | | — | | | 46,419 | |
|
Investments in subsidiaries | 402,090 | | | 424,386 | | | 30,285 | | | (856,761 | ) | | — | |
|
Restricted cash | — | | | 13,512 | | | — | | | — | | | 13,512 | |
|
Deferred income taxes | — | | | 1,010 | | | 5,768 | | | — | | | 6,778 | |
|
Other assets | 5,415 | | | 3,895 | | | 820 | | | — | | | 10,130 | |
|
Non-current assets of discontinued operations | — | | | — | | | 836 | | | — | | | 836 | |
|
Long-term intercompany receivable | 81,746 | | | 60,663 | | | 2,801 | | | (145,210 | ) | | — | |
|
Total assets | $ | 811,924 | | | $ | 1,255,244 | | | $ | 632,222 | | | $ | (1,855,723 | ) | | $ | 843,667 | |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | |
|
Current liabilities: | | | | | | | | | | | | | | |
|
Current portion of long-term debt | $ | 5,988 | | | $ | — | | | $ | 1,309 | | | $ | — | | | $ | 7,297 | |
|
Accounts payable | 84 | | | 36,579 | | | 38,155 | | | — | | | 74,818 | |
|
Intercompany payable | 176,624 | | | 570,535 | | | 103,652 | | | (850,811 | ) | | — | |
|
Accrued expenses | 34,236 | | | 13,698 | | | 28,534 | | | — | | | 76,468 | |
|
Income taxes payable and deferred income taxes | — | | | 2,909 | | | 1,012 | | | (2,941 | ) | | 980 | |
|
Current liabilities of discontinued operations | — | | | — | | | 7,269 | | | — | | | 7,269 | |
|
Total current liabilities | 216,932 | | | 623,721 | | | 179,931 | | | (853,752 | ) | | 166,832 | |
|
Long-term debt, less current portion | 372,251 | | | 6,449 | | | 12,592 | | | — | | | 391,292 | |
|
Other non-current obligations | 857 | | | 3,311 | | | 51,696 | | | — | | | 55,864 | |
|
Deferred income taxes | — | | | 3,258 | | | 1,945 | | | — | | | 5,203 | |
|
Non-current liabilities of discontinued operations | — | | | — | | | 2,592 | | | — | | | 2,592 | |
|
Long-term intercompany payable | — | | | 81,747 | | | 63,463 | | | (145,210 | ) | | — | |
|
Stockholders’ equity | 221,884 | | | 536,758 | | | 320,003 | | | (856,761 | ) | | 221,884 | |
|
Total liabilities and stockholders’ equity | $ | 811,924 | | | $ | 1,255,244 | | | $ | 632,222 | | | $ | (1,855,723 | ) | | $ | 843,667 | |
|
|
(1) Derived from audited financial statements. |
Condensed Consolidating Statement of Operations |
For the Quarter Ended September 30, 2014 |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Reclassifications | | Consolidated |
Subsidiaries | Subsidiaries | and Eliminations |
Net sales | $ | 57 | | | $ | 250,019 | | | $ | 198,983 | | | $ | (233,766 | ) | | $ | 215,293 | |
|
Operating costs and expenses: | | | | | | | | | | | | | | |
|
Cost of sales | 561 | | | 211,328 | | | 175,839 | | | (218,190 | ) | | 169,538 | |
|
Selling, general and administrative expenses | 13,056 | | | 15,071 | | | 12,959 | | | (15,576 | ) | | 25,510 | |
|
Research and development | 140 | | | 4,247 | | | 1,951 | | | — | | | 6,338 | |
|
Restructuring charges | — | | | 192 | | | 1,495 | | | — | | | 1,687 | |
|
Net (gain) loss on sales and disposals of assets | (9 | ) | | 43 | | | (584 | ) | | — | | | (550 | ) |
|
Total operating costs and expenses | 13,748 | | | 230,881 | | | 191,660 | | | (233,766 | ) | | 202,523 | |
|
Operating income (loss) | (13,691 | ) | | 19,138 | | | 7,323 | | | — | | | 12,770 | |
|
Interest income | — | | | — | | | (3 | ) | | | | | (3 | ) |
|
Interest expense | 9,726 | | | 263 | | | 298 | | | | | | 10,287 | |
|
Other (income) expense, net | (12,975 | ) | | 9,355 | | | (3,975 | ) | | — | | | (7,595 | ) |
|
Equity in earnings of subsidiaries | (16,772 | ) | | — | | | — | | | 16,772 | | | — | |
|
Income (loss) from continuing operations before income taxes and equity income (loss) from NEC TOKIN | 6,330 | | | 9,520 | | | 11,003 | | | (16,772 | ) | | 10,081 | |
|
Income tax expense | — | | | 210 | | | 2,373 | | | — | | | 2,583 | |
|
Income (loss) from continuing operations before equity income from NEC TOKIN | 6,330 | | | 9,310 | | | 8,630 | | | (16,772 | ) | | 7,498 | |
|
Equity income (loss) from NEC TOKIN | — | | | 232 | | | — | | | — | | | 232 | |
|
Income (loss) from continuing operations | 6,330 | | | 9,542 | | | 8,630 | | | (16,772 | ) | | 7,730 | |
|
Income (loss) from discontinued operations | — | | | 593 | | | (1,993 | ) | | — | | | (1,400 | ) |
|
Net income (loss) | $ | 6,330 | | | $ | 10,135 | | | $ | 6,637 | | | $ | (16,772 | ) | | $ | 6,330 | |
|
|
Condensed Consolidating Statements of Comprehensive Income (Loss) |
Quarter Ended September 30, 2014 |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | $ | (44 | ) | | $ | 14,431 | | | $ | (1,933 | ) | | $ | (16,772 | ) | | $ | (4,318 | ) |
|
|
Condensed Consolidating Statement of Operations |
For the Quarter Ended September 30, 2013 |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Reclassifications | | Consolidated |
Subsidiaries | Subsidiaries | and Eliminations |
Net sales | $ | 67 | | | $ | 245,786 | | | $ | 208,798 | | | $ | (246,202 | ) | | $ | 208,449 | |
|
Operating costs and expenses: | | | | | | | | | | | | | | |
|
Cost of sales | 299 | | | 222,882 | | | 184,945 | | | (230,594 | ) | | 177,532 | |
|
Selling, general and administrative expenses | 9,944 | | | 16,075 | | | 11,904 | | | (15,608 | ) | | 22,315 | |
|
Research and development | 54 | | | 3,791 | | | 1,766 | | | — | | | 5,611 | |
|
Restructuring charges | — | | | 446 | | | 918 | | | — | | | 1,364 | |
|
Net (gain) loss on sales and disposals of assets | — | | | 18 | | | 24 | | | — | | | 42 | |
|
Total operating costs and expenses | 10,297 | | | 243,212 | | | 199,557 | | | (246,202 | ) | | 206,864 | |
|
Operating income (loss) | (10,230 | ) | | 2,574 | | | 9,241 | | | — | | | 1,585 | |
|
Non-operating (income) expense: | | | | | | | | | |
Interest income | (3 | ) | | — | | | (8 | ) | | — | | | (11 | ) |
|
Interest expense | 10,065 | | | 226 | | | (383 | ) | | — | | | 9,908 | |
|
Other (income) expense, net | (9,915 | ) | | 9,639 | | | 1,222 | | | — | | | 946 | |
|
Equity in earnings of subsidiaries | 2,703 | | | — | | | — | | | (2,703 | ) | | — | |
|
Income (loss) from continuing operations before income taxes | (13,080 | ) | | (7,291 | ) | | 8,410 | | | 2,703 | | | (9,258 | ) |
|
Income tax expense | — | | | 33 | | | 1,411 | | | — | | | 1,444 | |
|
Income (loss) from continuing operations before equity loss from NEC TOKIN | (13,080 | ) | | (7,324 | ) | | 6,999 | | | 2,703 | | | (10,702 | ) |
|
Equity income (loss) from NEC TOKIN | — | | | (1,243 | ) | | — | | | — | | | (1,243 | ) |
|
Income (loss) from continuing operations | (13,080 | ) | | (8,567 | ) | | 6,999 | | | 2,703 | | | (11,945 | ) |
|
Income (loss) from discontinued operations | (16 | ) | | (250 | ) | | (885 | ) | | — | | | (1,151 | ) |
|
Net income (loss) | $ | (13,096 | ) | | $ | (8,817 | ) | | $ | 6,114 | | | $ | 2,703 | | | $ | (13,096 | ) |
|
|
Condensed Consolidating Statements of Comprehensive Income (Loss) |
For the Quarter Ended September 30, 2013 |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | $ | (10,576 | ) | | $ | (9,936 | ) | | $ | 10,608 | | | $ | 2,703 | | | $ | (7,201 | ) |
|
|
Condensed Consolidating Statement of Operations |
For the Six Month Period Ended September 30, 2014 |
(Unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Reclassifications | | Consolidated |
Subsidiaries | Subsidiaries | and Eliminations |
Net sales | $ | 110 | | | $ | 505,596 | | | $ | 400,202 | | | $ | (477,734 | ) | | $ | 428,174 | |
|
Operating costs and expenses: | | | | | | | | | | | | | | |
|
Cost of sales | 1,025 | | | 434,000 | | | 360,747 | | | (446,310 | ) | | 349,462 | |
|
Selling, general and administrative expenses | 24,145 | | | 32,223 | | | 25,345 | | | (31,424 | ) | | 50,289 | |
|
Research and development | 206 | | | 8,597 | | | 4,124 | | | — | | | 12,927 | |
|
Restructuring charges | — | | | 562 | | | 2,955 | | | — | | | 3,517 | |
|
Net gain (loss) on sales and disposals of assets | (9 | ) | | 230 | | | (406 | ) | | — | | | (185 | ) |
|
Total operating costs and expenses | 25,367 | | | 475,612 | | | 392,765 | | | (477,734 | ) | | 416,010 | |
|
Operating income (loss) | (25,257 | ) | | 29,984 | | | 7,437 | | | — | | | 12,164 | |
|
Non-operating (income) expense: | | | | | | | | | |
Interest income | — | | | — | | | (6 | ) | | — | | | (6 | ) |
|
Interest expense | 19,524 | | | 663 | | | 556 | | | — | | | 20,743 | |
|
Non-operating (income) expense, net | (23,801 | ) | | 16,799 | | | (4,126 | ) | | — | | | (11,128 | ) |
|
Equity in earnings of subsidiaries | (23,770 | ) | | — | | | — | | | 23,770 | | | — | |
|
Income (loss) from continuing operations before income taxes and equity income (loss) from NEC TOKIN | 2,790 | | | 12,522 | | | 11,013 | | | (23,770 | ) | | 2,555 | |
|
Income tax expense | — | | | 233 | | | 3,632 | | | — | | | 3,865 | |
|
Income (loss) from continuing operations before equity income (loss) from NEC TOKIN | 2,790 | | | 12,289 | | | 7,381 | | | (23,770 | ) | | (1,310 | ) |
|
Equity income (loss) from NEC TOKIN | — | | | (1,443 | ) | | — | | | — | | | (1,443 | ) |
|
Income (loss) from continuing operations | 2,790 | | | 10,846 | | | 7,381 | | | (23,770 | ) | | (2,753 | ) |
|
Income (loss) from discontinued operations | — | | | 104 | | | 5,439 | | | — | | | 5,543 | |
|
Net income (loss) | $ | 2,790 | | | $ | 10,950 | | | $ | 12,820 | | | $ | (23,770 | ) | | $ | 2,790 | |
|
|
Condensed Consolidating Statements of Comprehensive Income (Loss) |
For the Six Month Period Ended September 30, 2014 |
(Unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | $ | (4,354 | ) | | $ | 15,850 | | | $ | 3,815 | | | $ | (23,770 | ) | | $ | (8,459 | ) |
|
|
Condensed Consolidating Statement of Operations |
For the Six Month Period Ended September 30, 2013 |
(Unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Reclassifications | | Consolidated |
Subsidiaries | Subsidiaries | and Eliminations |
Net sales | $ | 86 | | | $ | 483,109 | | | $ | 415,743 | | | $ | (488,432 | ) | | $ | 410,506 | |
|
Operating costs and expenses: | | | | | | | | | | | | | | |
|
Cost of sales | 691 | | | 449,930 | | | 373,114 | | | (462,690 | ) | | 361,045 | |
|
Selling, general and administrative expenses | 20,555 | | | 28,132 | | | 25,450 | | | (25,742 | ) | | 48,395 | |
|
Research and development | 144 | | | 8,066 | | | 3,467 | | | — | | | 11,677 | |
|
Restructuring charges | — | | | 2,380 | | | 3,594 | | | — | | | 5,974 | |
|
Net (gain) loss on sales and disposals of assets | — | | | 18 | | | 24 | | | — | | | 42 | |
|
Total operating costs and expenses | 21,390 | | | 488,526 | | | 405,649 | | | (488,432 | ) | | 427,133 | |
|
Operating income (loss) | (21,304 | ) | | (5,417 | ) | | 10,094 | | | — | | | (16,627 | ) |
|
Non-operating (income) expense: | | | | | | | | | | | | | | |
|
Interest income | (11 | ) | | (3 | ) | | (161 | ) | | — | | | (175 | ) |
|
Interest expense | 20,194 | | | 478 | | | (730 | ) | | — | | | 19,942 | |
|
Other (income) expense, net | (19,975 | ) | | 20,446 | | | 830 | | | — | | | 1,301 | |
|
Equity in earnings of subsidiaries | 26,698 | | | — | | | — | | | (26,698 | ) | | — | |
|
Income (loss) from continuing operations before income taxes | (48,210 | ) | | (26,338 | ) | | 10,155 | | | 26,698 | | | (37,695 | ) |
|
Income tax expense (benefit) | — | | | 89 | | | 3,171 | | | — | | | 3,260 | |
|
Income (loss) from continuing operations before equity income (loss) from NEC TOKIN | (48,210 | ) | | (26,427 | ) | | 6,984 | | | 26,698 | | | (40,955 | ) |
|
Equity income (loss) from NEC TOKIN | — | | | (4,620 | ) | | — | | | — | | | (4,620 | ) |
|
Income (loss) from continuing operations | (48,210 | ) | | (31,047 | ) | | 6,984 | | | 26,698 | | | (45,575 | ) |
|
Income (loss) from discontinued operations | (26 | ) | | (567 | ) | | (2,068 | ) | | — | | | (2,661 | ) |
|
Net income (loss) | $ | (48,236 | ) | | $ | (31,614 | ) | | $ | 4,916 | | | $ | 26,698 | | | $ | (48,236 | ) |
|
|
Condensed Consolidating Statements of Comprehensive Income (Loss) |
For the Six Month Period Ended September 30, 2013 |
(Unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | $ | (44,087 | ) | | $ | (34,978 | ) | | $ | 11,752 | | | $ | 26,698 | | | $ | (40,615 | ) |
|
|
|
|
Condensed |
Consolidating Statement of Cash Flows |
For the Six Month Period Ended September 30, 2014 |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Reclassifications | | Consolidated |
Subsidiaries | Subsidiaries | and Eliminations |
Sources (uses) of cash and cash equivalents | | | | | | | | | | | | | | |
|
Net cash provided by (used in) operating activities | $ | 12,417 | | | $ | 4,666 | | | $ | (15,489 | ) | | $ | — | | | $ | 1,594 | |
|
Investing activities: | | | | | | | | | | | | | | |
|
Capital expenditures | — | | | (5,514 | ) | | (6,461 | ) | | — | | | (11,975 | ) |
|
Change in restricted cash | — | | | 558 | | | — | | | — | | | 558 | |
|
Proceeds from sale of assets | — | | | 2,273 | | | 178 | | | — | | | 2,451 | |
|
Proceeds from sale of discontinued operations | — | | | — | | | 10,125 | | | — | | | 10,125 | |
|
Net cash used in investing activities | — | | | (2,683 | ) | | 3,842 | | | — | | | 1,159 | |
|
Financing activities: | | | | | | | | | | | | | | |
|
Proceeds from revolving line credit | — | | | 14,300 | | | — | | | — | | | 14,300 | |
|
Payments of revolving line credit | — | | | (7,500 | ) | | — | | | — | | | (7,500 | ) |
|
Deferred acquisition payments | (10,597 | ) | | (1,000 | ) | | — | | | — | | | (11,597 | ) |
|
Payments of long-term debt | (1,820 | ) | | — | | | (1,315 | ) | | — | | | (3,135 | ) |
|
Proceeds from exercise of stock options | 25 | | | — | | | — | | | — | | | 25 | |
|
Net cash provided by (used in) financing activities | (12,392 | ) | | 5,800 | | | (1,315 | ) | | — | | | (7,907 | ) |
|
Net increase (decrease) in cash and cash equivalents | 25 | | | 7,783 | | | (12,962 | ) | | — | | | (5,154 | ) |
|
Effect of foreign currency fluctuations on cash | — | | | 1 | | | (1,200 | ) | | — | | | (1,199 | ) |
|
Cash and cash equivalents at beginning of fiscal period | 616 | | | 22,200 | | | 35,113 | | | — | | | 57,929 | |
|
Cash and cash equivalents at end of fiscal period | $ | 641 | | | $ | 29,984 | | | $ | 20,951 | | | $ | — | | | $ | 51,576 | |
|
|
|
Condensed Consolidating Statements of Cash Flows |
For the Six Month Period Ended September 30, 2013 |
(Unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Reclassifications | | Consolidated |
Subsidiaries | Subsidiaries | and Eliminations |
Sources (uses) of cash and cash equivalents | | | | | | | | | | | | | | |
|
Net cash provided by (used in) operating activities | $ | (3,747 | ) | | $ | (29,147 | ) | | $ | 1,288 | | | $ | — | | | $ | (31,606 | ) |
|
Investing activities: | | | | | | | | | | | | | | |
|
Capital expenditures | | | | (9,474 | ) | | (8,863 | ) | | — | | | (18,337 | ) |
|
Change in restricted cash | | | | 2,874 | | | | | | — | | | 2,874 | |
|
Net cash used in investing activities | — | | | (6,600 | ) | | (8,863 | ) | | — | | | (15,463 | ) |
|
Financing activities: | | | | | | | | | | | | | | |
|
Proceeds from revolving line credit | — | | | 9,000 | | | 12,000 | | | — | | | 21,000 | |
|
Deferred acquisition payments | (10,452 | ) | | (1,000 | ) | | | | | — | | | (11,452 | ) |
|
Payments of long-term debt | (1,404 | ) | | (18 | ) | | | | | — | | | (1,422 | ) |
|
Proceeds from exercise of stock options | 57 | | | | | | | | | — | | | 57 | |
|
Net cash provided by (used in) financing activities | (11,799 | ) | | 7,982 | | | 12,000 | | | — | | | 8,183 | |
|
Net increase (decrease) in cash and cash equivalents | (15,546 | ) | | (27,765 | ) | | 4,425 | | | — | | | (38,886 | ) |
|
Effect of foreign currency fluctuations on cash | — | | | (475 | ) | | 1,083 | | | — | | | 608 | |
|
Cash and cash equivalents at beginning of fiscal period | 17,202 | | | 52,056 | | | 26,720 | | | — | | | 95,978 | |
|
Cash and cash equivalents at end of fiscal period | $ | 1,656 | | | $ | 23,816 | | | $ | 32,228 | | | $ | — | | | $ | 57,700 | |
|
| | | | | | | | | | | | | | | | | | | | |