Guarantor Subsidiaries (Tables)
|
3 Months Ended |
Nov. 30, 2012
|
Condensed Consolidating Statements of Earnings and Comprehensive Income |
CONDENSED
CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE
INCOME
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
November 30, 2012 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
Net sales
|
|
$ |
45,838 |
|
|
$ |
124,117 |
|
|
$ |
207,293 |
|
|
$ |
— |
|
|
$ |
377,248 |
|
Cost of products
sold
|
|
|
12,408 |
|
|
|
87,868 |
|
|
|
129,986 |
|
|
|
— |
|
|
|
230,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
33,430 |
|
|
|
36,249 |
|
|
|
77,307 |
|
|
|
— |
|
|
|
146,986 |
|
Selling, administrative and
engineering expenses
|
|
|
17,453 |
|
|
|
25,040 |
|
|
|
45,337 |
|
|
|
— |
|
|
|
87,830 |
|
Amortization of intangible
assets
|
|
|
321 |
|
|
|
3,449 |
|
|
|
4,084 |
|
|
|
— |
|
|
|
7,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
15,656 |
|
|
|
7,760 |
|
|
|
27,886 |
|
|
|
— |
|
|
|
51,302 |
|
Financing costs,
net
|
|
|
6,358 |
|
|
|
5 |
|
|
|
(41 |
) |
|
|
— |
|
|
|
6,322 |
|
Intercompany expense
(income), net
|
|
|
(7,270 |
) |
|
|
1,955 |
|
|
|
5,315 |
|
|
|
— |
|
|
|
— |
|
Other expense (income),
net
|
|
|
(364 |
) |
|
|
(316 |
) |
|
|
1,044 |
|
|
|
— |
|
|
|
364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income tax
expense
|
|
|
16,932 |
|
|
|
6,116 |
|
|
|
21,568 |
|
|
|
— |
|
|
|
44,616 |
|
Income tax
expense
|
|
|
3,140 |
|
|
|
1,134 |
|
|
|
3,999 |
|
|
|
— |
|
|
|
8,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings before equity
in earnings of subsidiaries
|
|
|
13,792 |
|
|
|
4,982 |
|
|
|
17,569 |
|
|
|
— |
|
|
|
36,343 |
|
Equity in earnings of
subsidiaries
|
|
|
22,551 |
|
|
|
17,899 |
|
|
|
1,024 |
|
|
|
(41,474 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
$ |
36,343 |
|
|
$ |
22,881 |
|
|
$ |
18,593 |
|
|
$ |
(41,474 |
) |
|
$ |
36,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
$ |
48,518 |
|
|
$ |
28,858 |
|
|
$ |
26,019 |
|
|
$ |
(54,877 |
) |
|
$ |
48,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
November 30, 2011 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
Net sales
|
|
$ |
48,520 |
|
|
$ |
136,441 |
|
|
$ |
207,838 |
|
|
$ |
— |
|
|
$ |
392,799 |
|
Cost of products
sold
|
|
|
15,279 |
|
|
|
94,632 |
|
|
|
130,280 |
|
|
|
— |
|
|
|
240,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
33,241 |
|
|
|
41,809 |
|
|
|
77,558 |
|
|
|
— |
|
|
|
152,608 |
|
Selling, administrative and
engineering expenses
|
|
|
20,666 |
|
|
|
26,262 |
|
|
|
41,181 |
|
|
|
— |
|
|
|
88,109 |
|
Amortization of intangible
assets
|
|
|
335 |
|
|
|
3,420 |
|
|
|
3,463 |
|
|
|
— |
|
|
|
7,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
12,240 |
|
|
|
12,127 |
|
|
|
32,914 |
|
|
|
— |
|
|
|
57,281 |
|
Financing costs,
net
|
|
|
8,237 |
|
|
|
3 |
|
|
|
(18 |
) |
|
|
— |
|
|
|
8,222 |
|
Intercompany expense
(income), net
|
|
|
(7,491 |
) |
|
|
566 |
|
|
|
6,925 |
|
|
|
— |
|
|
|
— |
|
Other expense,
net
|
|
|
193 |
|
|
|
344 |
|
|
|
120 |
|
|
|
— |
|
|
|
657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income tax
expense
|
|
|
11,301 |
|
|
|
11,214 |
|
|
|
25,887 |
|
|
|
— |
|
|
|
48,402 |
|
Income tax
expense
|
|
|
2,622 |
|
|
|
2,601 |
|
|
|
6,005 |
|
|
|
— |
|
|
|
11,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings before equity
in earnings of subsidiaries
|
|
|
8,679 |
|
|
|
8,613 |
|
|
|
19,882 |
|
|
|
— |
|
|
|
37,174 |
|
Equity in earnings (loss)
of subsidiaries
|
|
|
28,495 |
|
|
|
16,794 |
|
|
|
(488 |
) |
|
|
(44,801 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
$ |
37,174 |
|
|
$ |
25,407 |
|
|
$ |
19,394 |
|
|
$ |
(44,801 |
) |
|
$ |
37,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
$ |
4,788 |
|
|
$ |
8,339 |
|
|
$ |
11,321 |
|
|
$ |
(19,660 |
) |
|
$ |
4,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Balance Sheets |
CONDENSED
CONSOLIDATING BALANCE SHEETS
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30,
2012 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
$ |
73,934 |
|
|
$ |
152,380 |
|
|
$ |
352,254 |
|
|
$ |
— |
|
|
$ |
578,568 |
|
Property, plant &
equipment, net
|
|
|
6,890 |
|
|
|
31,077 |
|
|
|
79,792 |
|
|
|
— |
|
|
|
117,759 |
|
Goodwill
|
|
|
62,543 |
|
|
|
432,464 |
|
|
|
376,691 |
|
|
|
— |
|
|
|
871,698 |
|
Other intangibles,
net
|
|
|
14,201 |
|
|
|
202,745 |
|
|
|
223,242 |
|
|
|
— |
|
|
|
440,188 |
|
Investment in
subsidiaries
|
|
|
1,919,244 |
|
|
|
265,560 |
|
|
|
92,319 |
|
|
|
(2,277,123 |
) |
|
|
— |
|
Intercompany
receivable
|
|
|
— |
|
|
|
425,309 |
|
|
|
301,844 |
|
|
|
(727,153 |
) |
|
|
— |
|
Other long-term
assets
|
|
|
11,835 |
|
|
|
22 |
|
|
|
5,386 |
|
|
|
— |
|
|
|
17,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
2,088,647 |
|
|
$ |
1,509,557 |
|
|
$ |
1,431,528 |
|
|
$ |
(3,004,276 |
) |
|
$ |
2,025,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES &
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
$ |
61,673 |
|
|
$ |
54,539 |
|
|
$ |
173,635 |
|
|
$ |
— |
|
|
$ |
289,847 |
|
Long-term debt
|
|
|
387,500 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
387,500 |
|
Deferred income
taxes
|
|
|
88,353 |
|
|
|
— |
|
|
|
41,598 |
|
|
|
— |
|
|
|
129,951 |
|
Pension and post-retirement
benefit liabilities
|
|
|
22,253 |
|
|
|
— |
|
|
|
3,980 |
|
|
|
— |
|
|
|
26,233 |
|
Other long-term
liabilities
|
|
|
62,308 |
|
|
|
525 |
|
|
|
27,094 |
|
|
|
— |
|
|
|
89,927 |
|
Intercompany
payable
|
|
|
364,562 |
|
|
|
— |
|
|
|
362,591 |
|
|
|
(727,153 |
) |
|
|
— |
|
Shareholders’
equity
|
|
|
1,101,998 |
|
|
|
1,454,493 |
|
|
|
822,630 |
|
|
|
(2,277,123 |
) |
|
|
1,101,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity
|
|
$ |
2,088,647 |
|
|
$ |
1,509,557 |
|
|
$ |
1,431,528 |
|
|
$ |
(3,004,276 |
) |
|
$ |
2,025,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31,
2012 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
$ |
88,559 |
|
|
$ |
151,168 |
|
|
$ |
321,554 |
|
|
$ |
— |
|
|
$ |
561,281 |
|
Property, plant &
equipment, net
|
|
|
6,944 |
|
|
|
31,818 |
|
|
|
77,122 |
|
|
|
— |
|
|
|
115,884 |
|
Goodwill
|
|
|
62,543 |
|
|
|
433,193 |
|
|
|
370,676 |
|
|
|
— |
|
|
|
866,412 |
|
Other intangibles,
net
|
|
|
14,522 |
|
|
|
206,194 |
|
|
|
225,168 |
|
|
|
— |
|
|
|
445,884 |
|
Investment in
subsidiaries
|
|
|
1,886,478 |
|
|
|
250,738 |
|
|
|
90,770 |
|
|
|
(2,227,986 |
) |
|
|
— |
|
Intercompany
receivable
|
|
|
— |
|
|
|
418,253 |
|
|
|
307,282 |
|
|
|
(725,535 |
) |
|
|
— |
|
Other long-term
assets
|
|
|
12,297 |
|
|
|
22 |
|
|
|
5,339 |
|
|
|
— |
|
|
|
17,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
2,071,343 |
|
|
$ |
1,491,386 |
|
|
$ |
1,397,911 |
|
|
$ |
(2,953,521 |
) |
|
$ |
2,007,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES &
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
$ |
76,686 |
|
|
$ |
63,105 |
|
|
$ |
179,215 |
|
|
$ |
— |
|
|
$ |
319,006 |
|
Long-term debt
|
|
|
390,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
390,000 |
|
Deferred income
taxes
|
|
|
91,604 |
|
|
|
— |
|
|
|
41,049 |
|
|
|
— |
|
|
|
132,653 |
|
Pension and post-retirement
benefit liabilities
|
|
|
22,500 |
|
|
|
— |
|
|
|
3,942 |
|
|
|
— |
|
|
|
26,442 |
|
Other long-term
liabilities
|
|
|
59,929 |
|
|
|
620 |
|
|
|
26,633 |
|
|
|
— |
|
|
|
87,182 |
|
Intercompany
payable
|
|
|
378,788 |
|
|
|
— |
|
|
|
346,747 |
|
|
|
(725,535 |
) |
|
|
— |
|
Shareholders’
equity
|
|
|
1,051,836 |
|
|
|
1,427,661 |
|
|
|
800,325 |
|
|
|
(2,227,986 |
) |
|
|
1,051,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity
|
|
$ |
2,071,343 |
|
|
$ |
1,491,386 |
|
|
$ |
1,397,911 |
|
|
$ |
(2,953,521 |
) |
|
$ |
2,007,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statements of Cash Flows |
CONDENSED
CONSOLIDATING STATEMENTS OF CASH FLOWS
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
November 30, 2012 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
Operating
Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used
in) operating activities
|
|
$ |
(658 |
) |
|
$ |
4,779 |
|
|
$ |
8,154 |
|
|
$ |
— |
|
|
$ |
12,275 |
|
Investing
Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of
property, plant and equipment
|
|
|
571 |
|
|
|
14 |
|
|
|
392 |
|
|
|
— |
|
|
|
977 |
|
Capital
expenditures
|
|
|
(399 |
) |
|
|
(1,291 |
) |
|
|
(5,999 |
) |
|
|
— |
|
|
|
(7,689 |
) |
Business acquisitions, net
of cash acquired
|
|
|
— |
|
|
|
— |
|
|
|
(83 |
) |
|
|
— |
|
|
|
(83 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by (used in)
investing activities
|
|
|
172 |
|
|
|
(1,277 |
) |
|
|
(5,690 |
) |
|
|
— |
|
|
|
(6,795 |
) |
Financing
Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal repayment of term
loans
|
|
|
(1,250 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,250 |
) |
Intercompany loan
activity
|
|
|
(4,991 |
) |
|
|
(3,593 |
) |
|
|
8,584 |
|
|
|
— |
|
|
|
— |
|
Purchase of treasury
shares
|
|
|
(7,142 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,142 |
) |
Stock option exercises,
related tax benefits and other
|
|
|
5,473 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,473 |
|
Cash dividend
|
|
|
(2,911 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,911 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by (used in)
financing activities
|
|
|
(10,821 |
) |
|
|
(3,593 |
) |
|
|
8,584 |
|
|
|
— |
|
|
|
(5,830 |
) |
Effect of exchange rate
changes on cash
|
|
|
— |
|
|
|
— |
|
|
|
477 |
|
|
|
— |
|
|
|
477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
in cash and cash equivalents
|
|
|
(11,307 |
) |
|
|
(91 |
) |
|
|
11,525 |
|
|
|
— |
|
|
|
127 |
|
Cash and cash
equivalents—beginning of period
|
|
|
12,401 |
|
|
|
91 |
|
|
|
55,692 |
|
|
|
— |
|
|
|
68,184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents—end of period
|
|
$ |
1,094 |
|
|
$ |
— |
|
|
$ |
67,217 |
|
|
$ |
— |
|
|
$ |
68,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATING STATEMENTS OF CASH FLOWS
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
November 30, 2011 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
Operating
Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used
in) operating activities
|
|
$ |
(10,089 |
) |
|
$ |
7,121 |
|
|
$ |
23,443 |
|
|
$ |
— |
|
|
$ |
20,475 |
|
Investing
Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of
property, plant and equipment
|
|
|
— |
|
|
|
68 |
|
|
|
5,850 |
|
|
|
— |
|
|
|
5,918 |
|
Capital
expenditures
|
|
|
(2,206 |
) |
|
|
(571 |
) |
|
|
(2,818 |
) |
|
|
— |
|
|
|
(5,595 |
) |
Business acquistitions, net
of cash acquired
|
|
|
(290 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(290 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash (used in) provided by
investing activities
|
|
|
(2,496 |
) |
|
|
(503 |
) |
|
|
3,032 |
|
|
|
— |
|
|
|
33 |
|
Financing
Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net borrowings on revolver
and other debt
|
|
|
4,700 |
|
|
|
— |
|
|
|
109 |
|
|
|
— |
|
|
|
4,809 |
|
Intercompany loan
activity
|
|
|
28,060 |
|
|
|
(6,618 |
) |
|
|
(21,442 |
) |
|
|
— |
|
|
|
— |
|
Purchase of treasury
shares
|
|
|
(20,410 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(20,410 |
) |
Stock option exercises and
related tax benefits
|
|
|
2,782 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,782 |
|
Cash dividend
|
|
|
(2,748 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,748 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash (used in) provided by
financing activities
|
|
|
12,384 |
|
|
|
(6,618 |
) |
|
|
(21,333 |
) |
|
|
— |
|
|
|
(15,567 |
) |
Effect of exchange rate
changes on cash
|
|
|
— |
|
|
|
— |
|
|
|
(1,043 |
) |
|
|
— |
|
|
|
(1,043 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase
in cash and cash equivalents
|
|
|
(201 |
) |
|
|
— |
|
|
|
4,099 |
|
|
|
— |
|
|
|
3,898 |
|
Cash and cash
equivalents—beginning of period
|
|
|
872 |
|
|
|
— |
|
|
|
43,349 |
|
|
|
— |
|
|
|
44,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents—end of period
|
|
$ |
671 |
|
|
$ |
— |
|
|
$ |
47,448 |
|
|
$ |
— |
|
|
$ |
48,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|