Quarterly report pursuant to Section 13 or 15(d)

Note 15 - Financial Information About the Parent, the Issuer and the Guarantors (Tables)

v2.4.0.8
Note 15 - Financial Information About the Parent, the Issuer and the Guarantors (Tables)
3 Months Ended
Sep. 30, 2013
Disclosure Text Block Supplement [Abstract]  
Condensed Consolidating Balance Sheet [Table Text Block]
   

Parent

   

Issuer

   

Guarantors

   

Non-Guarantors

   

Eliminations

   

Consolidated

 

Assets

                                               

Current assets:

                                               

Cash and cash equivalents

  $ -     $ 74,888     $ 12,810     $ 3,526     $ -     $ 91,224  

Marketable securities

    -       13,431       -       -       -       13,431  

Accounts receivable, net

    -       12,306       242       1       -       12,549  

Inventories

    -       -       165,829       5,827       (29,992 )     141,664  

Prepaid expenses and other current assets

    -       7,015       13,431       2,069       -       22,515  

Intercompany receivables

    -       831,631       304,803       (3,654 )     (1,132,780 )     -  

Total current assets

    -       939,271       497,115       7,769       (1,162,772 )     281,383  

Property, plant and equipment, net

    -       9,256       263,836       16,450       -       289,542  

Goodwill and other intangible assets

    -       37,905       7,223       -       -       45,128  

Restricted cash and investments

    -       14,934       -       -       -       14,934  

Other assets

    -       2,262       1,509       814       -       4,585  

Investment in affiliated companies

    695,856       (113,612 )     -       -       (582,244 )     -  

Total assets

  $ 695,856     $ 890,016     $ 769,683     $ 25,033     $ (1,745,016 )   $ 635,572  

Liabilities and Shareholders’ Equity

                                               

Current liabilities:

                                               

Current maturities of long-term debt

  $ -     $ -     $ 485     $ -     $ -     $ 485  

Customer deposits

    -       -       63,752       3,649       -       67,401  

Accounts payable

    -       6,516       18,564       703       -       25,783  

Accrued expenses and other current liabilities

    3,021       32,213       14,406       1,574       -       51,214  

Intercompany payables

    351,894       (7,854 )     765,023       23,717       (1,132,780 )     -  

Total current liabilities

    354,915       30,875       862,230       29,643       (1,132,780 )     144,883  

Long-term debt

    -       129,178       1,534       -       -       130,712  

Other long-term liabilities

    -       4,473       14,185       378       -       19,036  

Total liabilities

    354,915       164,526       877,949       30,021       (1,132,780 )     294,631  

Shareholders’ equity

    340,941       725,490       (108,266 )     (4,988 )     (612,236 )     340,941  

Total liabilities and shareholders’ equity

  $ 695,856     $ 890,016     $ 769,683     $ 25,033     $ (1,745,016 )   $ 635,572  

CONDENSED CONSOLIDATING BALANCE SHEET

(In thousands)

June 30, 2013

   

Parent

   

Issuer

   

Guarantors

   

Non-Guarantors

   

Eliminations

   

Consolidated

 

Assets

                                               

Current assets:

                                               

Cash and cash equivalents

  $ -     $ 57,307     $ 12,463     $ 2,831     $ -     $ 72,601  

Marketable securities

    -       15,529       -       -       -       15,529  

Accounts receivable, net

    -       12,061       212       4       -       12,277  

Inventories

    -       -       161,683       5,463       (29,890 )     137,256  

Prepaid expenses and other current assets

    -       9,882       11,275       1,750       -       22,907  

Intercompany receivables

    -       831,238       302,577       (3,726 )     (1,130,089 )     -  

Total current assets

    -       926,017       488,210       6,322       (1,159,979 )     260,570  

Property, plant and equipment, net

    -       9,432       265,698       16,542       -       291,672  

Goodwill and other intangible assets

    -       37,905       7,223       -       -       45,128  

Restricted cash and investments

    -       15,433       -       -       -       15,433  

Other assets

    -       2,188       1,488       806       -       4,482  

Investment in affiliated companies

    686,451       (111,647 )     -       -       (574,804 )     -  

Total assets

  $ 686,451     $ 879,328     $ 762,619     $ 23,670     $ (1,734,783 )   $ 617,285  

Liabilities and Shareholders’ Equity

                                               

Current liabilities:

                                               

Current maturities of long-term debt

  $ -     $ -     $ 480     $ -     $ -     $ 480  

Customer deposits

    -       -       56,030       3,068       -       59,098  

Accounts payable

    -       7,390       15,097       508       -       22,995  

Accrued expenses and other current liabilities

    2,720       29,710       16,683       1,253       -       50,366  

Intercompany payables

    349,374       (7,460 )     766,039       22,136       (1,130,089 )     -  

Total current liabilities

    352,094       29,640       854,329       26,965       (1,130,089 )     132,939  

Long-term debt

    -       129,152       1,657       -       -       130,809  

Other long-term liabilities

    -       4,492       14,355       333       -       19,180  

Total liabilities

    352,094       163,284       870,341       27,298       (1,130,089 )     282,928  

Shareholders’ equity

    334,357       716,044       (107,722 )     (3,628 )     (604,694 )     334,357  

Total liabilities and shareholders’ equity

  $ 686,451     $ 879,328     $ 762,619     $ 23,670     $ (1,734,783 )   $ 617,285  
Condensed Consolidating Statement of Operations [Table Text Block]
   

Parent

   

Issuer

   

Guarantors

   

Non-Guarantors

   

Eliminations

   

Consolidated

 

Net sales

  $ -     $ 111,523     $ 194,828     $ 10,439     $ (135,131 )   $ 181,659  

Cost of sales

    -       83,933       127,155       6,857       (135,029 )     82,916  

Gross profit

    -       27,590       67,673       3,582       (102 )     98,743  

Selling, general and administrative expenses

    45       9,632       68,165       4,957       -       82,799  

Operating income (loss)

    (45 )     17,958       (492 )     (1,375 )     (102 )     15,944  

Interest and other income (expense)

    9,079       (1,868 )     -       (16 )     (7,113 )     82  

Interest and other related financing costs

    -       1,851       22       -       -       1,873  

Income (loss) before income taxes

    9,034       14,239       (514 )     (1,391 )     (7,215 )     14,153  

Income tax expense (benefit)

    -       5,058       38       23       -       5,119  

Net income/(loss)

  $ 9,034     $ 9,181     $ (552 )   $ (1,414 )   $ (7,215 )   $ 9,034  
                                                 

Three months ended September 30, 2012

 
   

Parent

   

Issuer

   

Guarantors

   

Non-Guarantors

   

Eliminations

   

Consolidated

 

Net sales

  $ -     $ 111,624     $ 203,950     $ 9,580     $ (137,717 )   $ 187,437  

Cost of sales

    -       83,805       131,929       5,807       (138,357 )     83,184  

Gross profit

    -       27,819       72,021       3,773       640       104,253  

Selling, general and administrative expenses

    45       10,242       71,922       4,090       -       86,299  

Operating income (loss)

    (45 )     17,577       99       (317 )     640       17,954  

Interest and other income (expense)

    10,109       (602 )     (6 )     (41 )     (9,386 )     74  

Interest and other related financing costs

    -       2,183       16       -       -       2,199  

Income (loss) before income taxes

    10,064       14,792       77       (358 )     (8,746 )     15,829  

Income tax expense

    -       5,323       419       23       -       5,765  

Net income/(loss)

  $ 10,064     $ 9,469     $ (342 )   $ (381 )   $ (8,746 )   $ 10,064  
Condensed Consolidating Statement Of Cash Flows [Table Text Block]

CONDENSED CONSOLIDATING STATEMENT OF CASH FL

(In thousands)

Three months ended September 30, 2013

   

Parent

   

Issuer

   

Guarantors

   

Non-Guarantors

   

Eliminations

   

Consolidated

 

Net cash provided by (used in) operating activities

  $ 2,477     $ 15,198     $ 2,707     $ 763     $ -     $ 21,145  

Cash flows from investing activities:

                                               

Capital expenditures

    -       (159 )     (2,994 )     (152 )     -       (3,305 )

Proceeds from the disposal of property, plant and equipment

    -       18       752       -       -       770  

Change in restricted cash and investments

    -       499       -       -       -       499  

Purchases of marketable securities

    -       (3,990 )     -       -       -       (3,990 )

Sales of marketable securities

    -       5,920       -       -       -       5,920  

Other

    -       83       -       -       -       83  

Net cash provided by (used in) investing activities

    -       2,371       (2,242 )     (152 )     -       (23 )

Cash flows from financing activities:

                                               

Payments on long-term debt

    -       -       (118 )     -       -       (118 )

Dividends paid

    (2,605 )     -       -       -       -       (2,605 )

Other

    128       12       -       -       -       140  

Net cash provided by (used in) financing activities

    (2,477 )     12       (118 )     -       -       (2,583 )

Effect of exchange rate changes on cash

    -       -       -       84       -       84  

Net increase (decrease) in cash and cash equivalents

    -       17,581       347       695       -       18,623  
                                                 

Cash and cash equivalents – beginning of period

    -       57,307       12,463       2,831       -       72,601  

Cash and cash equivalents – end of period

  $ -     $ 74,888     $ 12,810     $ 3,526     $ -     $ 91,224  

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(In thousands)

Three months ended September 30, 2012

   

Parent

   

Issuer

   

Guarantors

   

Non-Guarantors

   

Eliminations

   

Consolidated

 

Net cash provided by (used in) operating activities

  $ 2,547     $ (5,061 )   $ 8,333     $ 870     $ -     $ 6,689  

Cash flows from investing activities:

                                               

Capital expenditures

    -       (768 )     (7,163 )     (387 )     -       (8,318 )

Acquisitions

    -       -       (598 )     -       -       (598 )

Proceeds from the disposal of property, plant and equipment

    -       -       711       -       -       711  

Change in restricted cash and investments

    -       (6 )     -       -       -       (6 )

Purchases of marketable securities

    -       (4,677 )     -       -       -       (4,677 )

Sales of marketable securities

    -       2,885       -       -       -       2,885  

Other

    -       60       -       -       -       60  

Net cash used in investing activities

    -       (2,506 )     (7,050 )     (387 )     -       (9,943 )

Cash flows from financing activities:

                                               

Payments on long-term debt

    -       -       (62 )     -       -       (62 )

Dividends paid

    (2,594 )     -       -       -       -       (2,594 )

Other

    47       -       -       -       -       47  

Net cash used in financing activities

    (2,547 )     -       (62 )     -       -       (2,609 )

Effect of exchange rate changes on cash

    -       -       -       55       -       55  

Net increase (decrease) in cash and cash equivalents

    -       (7,567 )     1,221       538       -       (5,808 )

Cash and cash equivalents – beginning of period

    -       64,946       12,276       2,499       -       79,721  

Cash and cash equivalents – end of period

  $ -     $ 57,379     $ 13,497     $ 3,037     $ -     $ 73,913