Condensed Consolidating Financial Statements | 3 Months Ended |
3-May-14 |
Condensed Consolidating Financial Statements | ' |
18. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS |
The Company and several of its subsidiaries (the “Guarantors”) have fully and unconditionally guaranteed the senior subordinated notes payable on a joint and several basis. These guarantees are subject to release in limited circumstances (only upon the occurrence of certain customary conditions). The following are condensed consolidating financial statements, which present, in separate columns: Perry Ellis International, Inc. (Parent Only), the Guarantors on a combined, or where appropriate, consolidated basis, and the Non-Guarantors on a combined, or where appropriate, consolidated basis. Additional columns present eliminating adjustments and consolidated totals as of May 3, 2014 and February 1, 2014 and for the three months ended May 3, 2014 and May 4, 2013. The combined Guarantors are 100% owned subsidiaries of Perry Ellis International, Inc., and have fully and unconditionally guaranteed the senior subordinated notes payable on a joint and several basis. |
Effective June 2013, the Company changed its reporting entity structure through the merger of companies under common control. C&C California, LLC (“C&C California”) and Laundry, LLC (“Laundry”) were merged with Supreme International, LLC, a guarantor subsidiary. Prior to their merger and subsequent dissolution, C&C California and Laundry were previously non-guarantor subsidiaries. This change in reporting entity was retrospectively applied to the condensed consolidating financial statements and, consequently, amounts related to C&C California and Laundry are presented in the guarantor subsidiary column for all periods presented. |
|
Additionally, subsequent to the issuance of the February 2, 2013 financial statements, the Company determined that the condensed consolidating guarantor financial statements required an adjustment relating to the cash flow classification of certain intercompany transactions between the parent and its affiliates. As a result, the condensed consolidating financial statements have been adjusted to correct prior year amounts in the Condensed Consolidated Statements of Cash Flows to reflect certain intercompany activities between the parent and its subsidiaries as cash flows from investing activities that had previously been reflected within cash flows from financing activities. |
The effect on the condensed consolidating statement of comprehensive income, as a result of the change in reporting entity, is a decrease of approximately ($0.2) million in net income and comprehensive income to the guarantor subsidiaries for the three months ended May 4, 2013 with a corresponding change to the non-guarantor for the respective period from the previously reported amounts. |
The effect on the condensed consolidating statement of cash flows, as a result of the change in reporting entity, is an increase of approximately $29,000 in net cash used in operating activities, an increase of approximately $50,000 in net cash used in investing activities and an increase of approximately $79,000 in net cash provided by financing activities to the guarantor subsidiaries for the three months ended May 4, 2013 with a corresponding change to the non-guarantor for the respective period from the previously reported amounts. |
The effect on the condensed consolidating statement of cash flows as a result of the adjustment in intercompany activities is a decrease of approximately ($6.7) million in net cash from financing activities in the parent only column for the three months ended May 4, 2013 with a corresponding change to the net cash from investing activity in the parent only column from the previously reported amounts. |
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PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) |
AS OF MAY 3, 2014 |
(amounts in thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent Only | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
ASSETS | | | | | | | | | | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | 3,126 | | | $ | 23,483 | | | $ | — | | | $ | 26,609 | |
Accounts receivable, net | | | — | | | | 160,243 | | | | 22,903 | | | | — | | | | 183,146 | |
Intercompany receivable, net | | | 171,561 | | | | — | | | | — | | | | (171,561 | ) | | | — | |
Inventories | | | — | | | | 157,246 | | | | 19,904 | | | | — | | | | 177,150 | |
Investment, at fair value | | | — | | | | — | | | | 21,221 | | | | — | | | | 21,221 | |
Deferred income taxes | | | — | | | | 13,309 | | | | 244 | | | | — | | | | 13,553 | |
Prepaid income taxes | | | 6,599 | | | | — | | | | — | | | | 654 | | | | 7,253 | |
Prepaid expenses and other current assets | | | — | | | | 6,903 | | | | 1,085 | | | | — | | | | 7,988 | |
| | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 178,160 | | | | 340,827 | | | | 88,840 | | | | (170,907 | ) | | | 436,920 | |
Property and equipment, net | | | — | | | | 55,238 | | | | 4,875 | | | | — | | | | 60,113 | |
Other intangible assets, net | | | — | | | | 177,253 | | | | 34,003 | | | | — | | | | 211,256 | |
Goodwill | | | — | | | | 6,022 | | | | — | | | | — | | | | 6,022 | |
Investment in subsidiaries | | | 327,701 | | | | — | | | | — | | | | (327,701 | ) | | | — | |
Other assets | | | 2,378 | | | | 1,771 | | | | 634 | | | | — | | | | 4,783 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL | | $ | 508,239 | | | $ | 581,111 | | | $ | 128,352 | | | $ | (498,608 | ) | | $ | 719,094 | |
| | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | — | | | $ | 51,642 | | | $ | 4,689 | | | $ | — | | | $ | 56,331 | |
Accrued expenses and other liabilities | | | — | | | | 22,384 | | | | 4,740 | | | | (1,042 | ) | | | 26,082 | |
Accrued interest payable | | | 1,036 | | | | — | | | | — | | | | — | | | | 1,036 | |
Unearned revenues | | | — | | | | 3,323 | | | | 1,791 | | | | — | | | | 5,114 | |
Intercompany payable, net | | | — | | | | 147,461 | | | | 25,639 | | | | (173,100 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 1,036 | | | | 224,810 | | | | 36,859 | | | | (174,142 | ) | | | 88,563 | |
| | | | | | | | | | | | | | | | | | | | |
Senior subordinated notes payable, net | | | 150,000 | | | | — | | | | — | | | | — | | | | 150,000 | |
Senior credit facility | | | — | | | | 64,567 | | | | — | | | | — | | | | 64,567 | |
Real estate mortgages | | | — | | | | 22,651 | | | | — | | | | — | | | | 22,651 | |
Deferred pension obligation | | | — | | | | 9,200 | | | | 71 | | | | — | | | | 9,271 | |
Unearned revenues and other long-term liabilities | | | — | | | | 14,260 | | | | 2,356 | | | | — | | | | 16,616 | |
Deferred income taxes | | | — | | | | 8,527 | | | | — | | | | 1,696 | | | | 10,223 | |
| | | | | | | | | | | | | | | | | | | | |
Total long-term liabilities | | | 150,000 | | | | 119,205 | | | | 2,427 | | | | 1,696 | | | | 273,328 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 151,036 | | | | 344,015 | | | | 39,286 | | | | (172,446 | ) | | | 361,891 | |
| | | | | | | | | | | | | | | | | | | | |
Total equity | | | 357,203 | | | | 237,096 | | | | 89,066 | | | | (326,162 | ) | | | 357,203 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL | | $ | 508,239 | | | $ | 581,111 | | | $ | 128,352 | | | $ | (498,608 | ) | | $ | 719,094 | |
| | | | | | | | | | | | | | | | | | | | |
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PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATING BALANCE SHEET |
AS OF FEBRUARY 1, 2014 |
(amounts in thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent Only | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
ASSETS | | | | | | | | | | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | — | | | $ | 29,988 | | | $ | (2,999 | ) | | $ | 26,989 | |
Accounts receivable, net | | | — | | | | 123,539 | | | | 22,853 | | | | — | | | | 146,392 | |
Intercompany receivable, net | | | 174,075 | | | | — | | | | — | | | | (174,075 | ) | | | — | |
Inventories | | | — | | | | 183,216 | | | | 23,386 | | | | — | | | | 206,602 | |
Investments, at fair value | | | — | | | | — | | | | 15,398 | | | | — | | | | 15,398 | |
Deferred income taxes | | | — | | | | 13,806 | | | | 254 | | | | — | | | | 14,060 | |
Prepaid income taxes | | | 5,141 | | | | — | | | | 1,193 | | | | 1,245 | | | | 7,579 | |
Prepaid expenses and other current assets | | | — | | | | 6,578 | | | | 791 | | | | — | | | | 7,369 | |
| | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 179,216 | | | | 327,139 | | | | 93,863 | | | | (175,829 | ) | | | 424,389 | |
Property and equipment, net | | | — | | | | 55,046 | | | | 4,866 | | | | — | | | | 59,912 | |
Other intangible assets, net | | | — | | | | 177,482 | | | | 34,003 | | | | — | | | | 211,485 | |
Goodwill | | | — | | | | 6,022 | | | | — | | | | — | | | | 6,022 | |
Investment in subsidiaries | | | 319,926 | | | | — | | | | — | | | | (319,926 | ) | | | — | |
Other assets | | | 2,486 | | | | 1,822 | | | | 619 | | | | — | | | | 4,927 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL | | $ | 501,628 | | | $ | 567,511 | | | $ | 133,351 | | | $ | (495,755 | ) | | $ | 706,735 | |
| | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | — | | | $ | 104,480 | | | $ | 10,961 | | | $ | (2,999 | ) | | $ | 112,442 | |
Accrued expenses and other liabilities | | | — | | | | 19,294 | | | | 5,799 | | | | (451 | ) | | | 24,642 | |
Accrued interest payable | | | 4,095 | | | | — | | | | — | | | | — | | | | 4,095 | |
Unearned revenues | | | — | | | | 3,192 | | | | 1,821 | | | | — | | | | 5,013 | |
Intercompany payable, net | | | — | | | | 151,253 | | | | 24,997 | | | | (176,250 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 4,095 | | | | 278,219 | | | | 43,578 | | | | (179,700 | ) | | | 146,192 | |
| | | | | | | | | | | | | | | | | | | | |
Senior subordinated notes payable, net | | | 150,000 | | | | — | | | | — | | | | — | | | | 150,000 | |
Senior credit facility | | | — | | | | 8,162 | | | | — | | | | — | | | | 8,162 | |
Real estate mortgages | | | — | | | | 22,844 | | | | — | | | | — | | | | 22,844 | |
Deferred pension obligation | | | — | | | | 9,792 | | | | 70 | | | | — | | | | 9,862 | |
Unearned revenues and other long-term liabilities | | | — | | | | 12,064 | | | | 2,668 | | | | — | | | | 14,732 | |
Deferred income taxes | | | — | | | | 5,712 | | | | 2 | | | | 1,696 | | | | 7,410 | |
| | | | | | | | | | | | | | | | | | | | |
Total long-term liabilities | | | 150,000 | | | | 58,574 | | | | 2,740 | | | | 1,696 | | | | 213,010 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 154,095 | | | | 336,793 | | | | 46,318 | | | | (178,004 | ) | | | 359,202 | |
| | | | | | | | | | | | | | | | | | | | |
Total equity | | | 347,533 | | | | 230,718 | | | | 87,033 | | | | (317,751 | ) | | | 347,533 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL | | $ | 501,628 | | | $ | 567,511 | | | $ | 133,351 | | | $ | (495,755 | ) | | $ | 706,735 | |
| | | | | | | | | | | | | | | | | | | | |
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PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) |
FOR THE THREE MONTHS ENDED MAY 3, 2014 |
(amounts in thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Non- | | | | | | | |
| | Parent Only | | | Guarantors | | | Guarantors | | | Eliminations | | | Consolidated | |
Revenues: | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | — | | | $ | 225,331 | | | $ | 24,585 | | | $ | — | | | $ | 249,916 | |
Royalty income | | | — | | | | 4,520 | | | | 2,878 | | | | — | | | | 7,398 | |
| | | | | | | | | | | | | | | | | | | | |
Total revenues | | | — | | | | 229,851 | | | | 27,463 | | | | — | | | | 257,314 | |
Cost of sales | | | — | | | | 154,245 | | | | 15,404 | | | | — | | | | 169,649 | |
| | | | | | | | | | | | | | | | | | | | |
Gross profit | | | — | | | | 75,606 | | | | 12,059 | | | | — | | | | 87,665 | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative expenses | | | — | | | | 60,554 | | | | 9,156 | | | | — | | | | 69,710 | |
Depreciation and amortization | | | — | | | | 2,769 | | | | 211 | | | | — | | | | 2,980 | |
| | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | — | | | | 63,323 | | | | 9,367 | | | | — | | | | 72,690 | |
Operating income | | | — | | | | 12,283 | | | | 2,692 | | | | — | | | | 14,975 | |
Interest expense | | | — | | | | 3,685 | | | | 31 | | | | — | | | | 3,716 | |
| | | | | | | | | | | | | | | | | | | | |
Net income before income taxes | | | — | | | | 8,598 | | | | 2,661 | | | | — | | | | 11,259 | |
Income tax provision | | | — | | | | 2,220 | | | | 1,264 | | | | — | | | | 3,484 | |
| | | | | | | | | | | | | | | | | | | | |
Equity in earnings of subsidiaries, net | | | 7,775 | | | | — | | | | — | | | | (7,775 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net income | | | 7,775 | | | | 6,378 | | | | 1,397 | | | | (7,775 | ) | | | 7,775 | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive income | | | 754 | | | | 80 | | | | 674 | | | | (754 | ) | | | 754 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 8,529 | | | $ | 6,458 | | | $ | 2,071 | | | $ | (8,529 | ) | | $ | 8,529 | |
| | | | | | | | | | | | | | | | | | | | |
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PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) |
FOR THE THREE MONTHS ENDED MAY 4, 2013 |
(amounts in thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Non- | | | | | | | |
| | Parent Only | | | Guarantors | | | Guarantors | | | Eliminations | | | Consolidated | |
Revenues: | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | — | | | $ | 236,245 | | | $ | 19,239 | | | $ | — | | | $ | 255,484 | |
Royalty income | | | — | | | | 4,034 | | | | 2,801 | | | | — | | | | 6,835 | |
| | | | | | | | | | | | | | | | | | | | |
Total revenues | | | — | | | | 240,279 | | | | 22,040 | | | | — | | | | 262,319 | |
Cost of sales | | | — | | | | 161,998 | | | | 11,640 | | | | — | | | | 173,638 | |
| | | | | | | | | | | | | | | | | | | | |
Gross profit | | | — | | | | 78,281 | | | | 10,400 | | | | — | | | | 88,681 | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative expenses | | | — | | | | 62,954 | | | | 7,715 | | | | — | | | | 70,669 | |
Depreciation and amortization | | | — | | | | 2,602 | | | | 190 | | | | — | | | | 2,792 | |
| | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | — | | | | 65,556 | | | | 7,905 | | | | — | | | | 73,461 | |
Gain on sale of long-lived assets | | | — | | | | (691 | ) | | | 6,961 | | | | — | | | | 6,270 | |
| | | | | | | | | | | | | | | | | | | | |
Operating income | | | — | | | | 12,034 | | | | 9,456 | | | | — | | | | 21,490 | |
Interest expense | | | — | | | | 3,777 | | | | 26 | | | | — | | | | 3,803 | |
| | | | | | | | | | | | | | | | | | | | |
Net income before income taxes | | | — | | | | 8,257 | | | | 9,430 | | | | — | | | | 17,687 | |
Income tax provision | | | — | | | | 4,597 | | | | 1,770 | | | | — | | | | 6,367 | |
| | | | | | | | | | | | | | | | | | | | |
Equity in earnings of subsidiaries, net | | | 11,320 | | | | — | | | | — | | | | (11,320 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net income | | | 11,320 | | | | 3,660 | | | | 7,660 | | | | (11,320 | ) | | | 11,320 | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive (loss) income | | | (324 | ) | | | 81 | | | | (405 | ) | | | 324 | | | | (324 | ) |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 10,996 | | | $ | 3,741 | | | $ | 7,255 | | | $ | (10,996 | ) | | $ | 10,996 | |
| | | | | | | | | | | | | | | | | | | | |
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) |
FOR THE THREE MONTHS ENDED MAY 3, 2014 |
(amounts in thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Non- | | | | | | | |
| | Parent Only | | | Guarantors | | | Guarantors | | | Eliminations | | | Consolidated | |
NET CASH (USED IN) OPERATING ACTIVITIES: | | $ | (4,408 | ) | | $ | (45,242 | ) | | $ | (656 | ) | | $ | 2,999 | | | $ | (47,307 | ) |
| | | | | | | | | | | | | | | | | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | |
Purchase of property and equipment | | | — | | | | (2,816 | ) | | | (234 | ) | | | — | | | | (3,050 | ) |
Purchase of investments | | | — | | | | — | | | | (15,387 | ) | | | — | | | | (15,387 | ) |
Proceeds from investments maturities | | | — | | | | — | | | | 9,490 | | | | — | | | | 9,490 | |
Intercompany transactions | | | 4,664 | | | | — | | | | — | | | | (4,664 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | | | 4,664 | | | | (2,816 | ) | | | (6,131 | ) | | | (4,664 | ) | | | (8,947 | ) |
| | | | | | | | | | | | | | | | | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | |
Borrowings from senior credit facility | | | — | | | | 110,991 | | | | — | | | | — | | | | 110,991 | |
Payments on senior credit facility | | | — | | | | (54,586 | ) | | | — | | | | — | | | | (54,586 | ) |
Payments on real estate mortgages | | | — | | | | (200 | ) | | | — | | | | — | | | | (200 | ) |
Payments on capital leases | | | — | | | | (75 | ) | | | — | | | | — | | | | (75 | ) |
Tax benefit from exercise of equity instruments | | | (95 | ) | | | — | | | | — | | | | — | | | | (95 | ) |
Intercompany transactions | | | — | | | | (4,946 | ) | | | 443 | | | | 4,503 | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net cash (used in) provided by financing activities | | | (95 | ) | | | 51,184 | | | | 443 | | | | 4,503 | | | | 56,035 | |
Effect of exchange rate changes on cash and cash equivalents | | | (161 | ) | | | — | | | | (161 | ) | | | 161 | | | | (161 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | | | — | | | | 3,126 | | | | (6,505 | ) | | | 2,999 | | | | (380 | ) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | | | — | | | | — | | | | 29,988 | | | | (2,999 | ) | | | 26,989 | |
| | | | | | | | | | | | | | | | | | | | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | | $ | — | | | $ | 3,126 | | | $ | 23,483 | | | $ | — | | | $ | 26,609 | |
| | | | | | | | | | | | | | | | | | | | |
|
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) |
FOR THE THREE MONTHS ENDED MAY 4, 2013 |
(amounts in thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Non- | | | | | | | |
| | Parent Only | | | Guarantors | | | Guarantors | | | Eliminations | | | Consolidated | |
NET CASH USED IN OPERATING ACTIVITIES: | | $ | (6,403 | ) | | $ | (7,537 | ) | | $ | (306 | ) | | $ | — | | | $ | (14,246 | ) |
| | | | | | | | | | | | | | | | | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | |
Purchase of property and equipment | | | — | | | | (6,534 | ) | | | (666 | ) | | | — | | | | (7,200 | ) |
Proceeds on sale of intangible assets | | | — | | | | — | | | | 4,875 | | | | — | | | | 4,875 | |
Intercompany transactions | | | 6,701 | | | | — | | | | — | | | | (6,701 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net cash (used in) provided by investing activities | | | 6,701 | | | | (6,534 | ) | | | 4,209 | | | | (6,701 | ) | | | (2,325 | ) |
| | | | | | | | | | | | | | | | | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | |
Borrowings from senior credit facility | | | — | | | | 129,344 | | | | — | | | | — | | | | 129,344 | |
Payments on senior credit facility | | | — | | | | (121,625 | ) | | | — | | | | — | | | | (121,625 | ) |
Payments on real estate mortgages | | | — | | | | (202 | ) | | | — | | | | — | | | | (202 | ) |
Payments on capital leases | | | — | | | | (78 | ) | | | — | | | | — | | | | (78 | ) |
Proceeds from exercise of stock options | | | 27 | | | | — | | | | — | | | | — | | | | 27 | |
Tax benefit from exercise of equity instruments | | | (52 | ) | | | — | | | | — | | | | — | | | | (52 | ) |
Intercompany transactions | | | — | | | | (5,848 | ) | | | (580 | ) | | | 6,428 | | | | — | |
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Net cash provided by (used in) financing activities | | | (25 | ) | | | 1,591 | | | | (580 | ) | | | 6,428 | | | | 7,414 | |
Effect of exchange rate changes on cash and cash equivalents | | | (273 | ) | | | — | | | | (273 | ) | | | 273 | | | | (273 | ) |
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NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | | | — | | | | (12,480 | ) | | | 3,050 | | | | — | | | | (9,430 | ) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | | | — | | | | 14,825 | | | | 40,132 | | | | — | | | | 54,957 | |
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CASH AND CASH EQUIVALENTS AT END OF PERIOD | | $ | — | | | $ | 2,345 | | | $ | 43,182 | | | $ | — | | | $ | 45,527 | |
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