Guarantor Subsidiaries |
Note 14. Guarantor Subsidiaries
On June 12, 2007, Actuant Corporation (the "Parent") issued $250.0 million of 6.875% Senior Notes. All of the Company's material domestic wholly owned subsidiaries (the "Guarantors") fully and unconditionally guarantee (except for certain customary limitations) the 6.875% Senior Notes on a joint and several basis. There are no significant restrictions on the ability of the Guarantors to make distributions to the Parent. The following tables present the results of operations, financial position and cash flows of Actuant Corporation and its subsidiaries, the Guarantor and non-Guarantor entities, and the eliminations necessary to arrive at the information for the Company on a consolidated basis.
Certain assets, liabilities and expenses have not been allocated to the Guarantors and non-Guarantors and therefore are included in the Parent column in the accompanying consolidating financial statements. These items are of a corporate or consolidated nature and include, but are not limited to, tax provisions and related assets and liabilities, certain employee benefit obligations, prepaid and accrued insurance and corporate indebtedness. Intercompany activity in the consolidating financial statements primarily includes loan activity, purchases and sales of goods or services and dividends. Intercompany balances also reflect certain non-cash transactions including transfers of assets and liabilities between the Parent, Guarantor and non-Guarantor, allocation of non-cash expenses from the Parent to the Guarantors and non-Guarantors, the impact of foreign currency rate changes and non-cash intercompany dividends.
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended February 29, 2012 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
Net sales
|
|
$ |
49,514 |
|
|
$ |
137,431 |
|
|
$ |
191,079 |
|
|
$ |
— |
|
|
$ |
378,024 |
|
Cost of products sold
|
|
|
17,114 |
|
|
|
97,651 |
|
|
|
121,967 |
|
|
|
— |
|
|
|
236,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
32,400 |
|
|
|
39,780 |
|
|
|
69,112 |
|
|
|
— |
|
|
|
141,292 |
|
Selling, administrative and engineering expenses
|
|
|
19,660 |
|
|
|
26,612 |
|
|
|
38,491 |
|
|
|
— |
|
|
|
84,763 |
|
Amortization of intangible assets
|
|
|
335 |
|
|
|
3,411 |
|
|
|
3,327 |
|
|
|
— |
|
|
|
7,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
12,405 |
|
|
|
9,757 |
|
|
|
27,294 |
|
|
|
— |
|
|
|
49,456 |
|
Financing costs, net
|
|
|
8,035 |
|
|
|
5 |
|
|
|
(219 |
) |
|
|
— |
|
|
|
7,821 |
|
Intercompany expense (income), net
|
|
|
(8,682 |
) |
|
|
1,733 |
|
|
|
6,949 |
|
|
|
— |
|
|
|
— |
|
Other expense (income), net
|
|
|
822 |
|
|
|
1,330 |
|
|
|
(2,323 |
) |
|
|
— |
|
|
|
(171 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income tax expense
|
|
|
12,230 |
|
|
|
6,689 |
|
|
|
22,887 |
|
|
|
— |
|
|
|
41,806 |
|
Income tax expense
|
|
|
2,818 |
|
|
|
1,541 |
|
|
|
5,272 |
|
|
|
— |
|
|
|
9,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings before equity in earnings of subsidiaries
|
|
|
9,412 |
|
|
|
5,148 |
|
|
|
17,615 |
|
|
|
— |
|
|
|
32,175 |
|
Equity in earnings of subsidiaries
|
|
|
22,763 |
|
|
|
17,819 |
|
|
|
1,926 |
|
|
|
(42,508 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
$ |
32,175 |
|
|
$ |
22,967 |
|
|
$ |
19,541 |
|
|
$ |
(42,508 |
) |
|
$ |
32,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended February 28, 2011 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
Net sales
|
|
$ |
37,936 |
|
|
$ |
123,185 |
|
|
$ |
169,577 |
|
|
$ |
— |
|
|
$ |
330,698 |
|
Cost of products sold
|
|
|
11,509 |
|
|
|
85,833 |
|
|
|
108,329 |
|
|
|
— |
|
|
|
205,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
26,427 |
|
|
|
37,352 |
|
|
|
61,248 |
|
|
|
— |
|
|
|
125,027 |
|
Selling, administrative and engineering expenses
|
|
|
20,014 |
|
|
|
24,209 |
|
|
|
36,872 |
|
|
|
— |
|
|
|
81,095 |
|
Amortization of intangible assets
|
|
|
— |
|
|
|
3,782 |
|
|
|
3,104 |
|
|
|
— |
|
|
|
6,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
6,413 |
|
|
|
9,361 |
|
|
|
21,272 |
|
|
|
— |
|
|
|
37,046 |
|
Financing costs, net
|
|
|
8,238 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,238 |
|
Intercompany expense (income), net
|
|
|
(9,313 |
) |
|
|
3,602 |
|
|
|
5,711 |
|
|
|
— |
|
|
|
— |
|
Other expense (income), net
|
|
|
(383 |
) |
|
|
(436 |
) |
|
|
1,316 |
|
|
|
— |
|
|
|
497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations before income tax expense
|
|
|
7,871 |
|
|
|
6,195 |
|
|
|
14,245 |
|
|
|
— |
|
|
|
28,311 |
|
Income tax expense
|
|
|
1,715 |
|
|
|
1,350 |
|
|
|
3,104 |
|
|
|
— |
|
|
|
6,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings from continuing operations before equity in earnings of subsidiaries
|
|
|
6,156 |
|
|
|
4,845 |
|
|
|
11,141 |
|
|
|
— |
|
|
|
22,142 |
|
Equity in earnings of subsidiaries
|
|
|
15,653 |
|
|
|
10,149 |
|
|
|
855 |
|
|
|
(26,657 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
21,809 |
|
|
|
14,994 |
|
|
|
11,996 |
|
|
|
(26,657 |
) |
|
|
22,142 |
|
Loss from discontinued operations, net of income taxes
|
|
|
(13,880 |
) |
|
|
— |
|
|
|
(333 |
) |
|
|
— |
|
|
|
(14,213 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
$ |
7,929 |
|
|
$ |
14,994 |
|
|
$ |
11,663 |
|
|
$ |
(26,657 |
) |
|
$ |
7,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended February 29, 2012 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
Net sales
|
|
$ |
98,034 |
|
|
$ |
273,872 |
|
|
$ |
398,917 |
|
|
$ |
— |
|
|
$ |
770,823 |
|
Cost of products sold
|
|
|
32,393 |
|
|
|
192,283 |
|
|
|
252,247 |
|
|
|
— |
|
|
|
476,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
65,641 |
|
|
|
81,589 |
|
|
|
146,670 |
|
|
|
— |
|
|
|
293,900 |
|
Selling, administrative and engineering expenses
|
|
|
40,326 |
|
|
|
52,874 |
|
|
|
79,672 |
|
|
|
— |
|
|
|
172,872 |
|
Amortization of intangible assets
|
|
|
670 |
|
|
|
6,831 |
|
|
|
6,790 |
|
|
|
— |
|
|
|
14,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
24,645 |
|
|
|
21,884 |
|
|
|
60,208 |
|
|
|
— |
|
|
|
106,737 |
|
Financing costs, net
|
|
|
16,272 |
|
|
|
8 |
|
|
|
(237 |
) |
|
|
— |
|
|
|
16,043 |
|
Intercompany expense (income), net
|
|
|
(16,173 |
) |
|
|
2,299 |
|
|
|
13,874 |
|
|
|
— |
|
|
|
— |
|
Other expense (income), net
|
|
|
1,015 |
|
|
|
1,674 |
|
|
|
(2,203 |
) |
|
|
— |
|
|
|
486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income tax expense
|
|
|
23,531 |
|
|
|
17,903 |
|
|
|
48,774 |
|
|
|
— |
|
|
|
90,208 |
|
Income tax expense
|
|
|
5,440 |
|
|
|
4,142 |
|
|
|
11,277 |
|
|
|
— |
|
|
|
20,859 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings before equity in earnings of subsidiaries
|
|
|
18,091 |
|
|
|
13,761 |
|
|
|
37,497 |
|
|
|
— |
|
|
|
69,349 |
|
Equity in earnings of subsidiaries
|
|
|
51,258 |
|
|
|
34,613 |
|
|
|
1,438 |
|
|
|
(87,309 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
$ |
69,349 |
|
|
$ |
48,374 |
|
|
$ |
38,935 |
|
|
$ |
(87,309 |
) |
|
$ |
69,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended February 28, 2011 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
Net sales
|
|
$ |
73,905 |
|
|
$ |
245,914 |
|
|
$ |
329,291 |
|
|
$ |
— |
|
|
$ |
649,110 |
|
Cost of products sold
|
|
|
21,934 |
|
|
|
172,996 |
|
|
|
207,300 |
|
|
|
— |
|
|
|
402,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
51,971 |
|
|
|
72,918 |
|
|
|
121,991 |
|
|
|
— |
|
|
|
246,880 |
|
Selling, administrative and engineering expenses
|
|
|
39,184 |
|
|
|
48,197 |
|
|
|
67,906 |
|
|
|
— |
|
|
|
155,287 |
|
Amortization of intangible assets
|
|
|
— |
|
|
|
7,508 |
|
|
|
5,467 |
|
|
|
— |
|
|
|
12,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
12,787 |
|
|
|
17,213 |
|
|
|
48,618 |
|
|
|
— |
|
|
|
78,618 |
|
Financing costs, net
|
|
|
15,790 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,790 |
|
Intercompany expense (income), net
|
|
|
(7,428 |
) |
|
|
8,026 |
|
|
|
(598 |
) |
|
|
— |
|
|
|
— |
|
Other expense (income), net
|
|
|
(696 |
) |
|
|
(32 |
) |
|
|
1,673 |
|
|
|
— |
|
|
|
945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations before income tax expense
|
|
|
5,121 |
|
|
|
9,219 |
|
|
|
47,543 |
|
|
|
— |
|
|
|
61,883 |
|
Income tax expense
|
|
|
1,150 |
|
|
|
1,973 |
|
|
|
9,957 |
|
|
|
— |
|
|
|
13,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings from continuing operations before equity in earnings of subsidiaries
|
|
|
3,971 |
|
|
|
7,246 |
|
|
|
37,586 |
|
|
|
— |
|
|
|
48,803 |
|
Equity in earnings of subsidiaries
|
|
|
43,728 |
|
|
|
29,412 |
|
|
|
2,197 |
|
|
|
(75,337 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
47,699 |
|
|
|
36,658 |
|
|
|
39,783 |
|
|
|
(75,337 |
) |
|
|
48,803 |
|
Loss from discontinued operations, net of income taxes
|
|
|
(13,880 |
) |
|
|
— |
|
|
|
(1,104 |
) |
|
|
— |
|
|
|
(14,984 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
$ |
33,819 |
|
|
$ |
36,658 |
|
|
$ |
38,679 |
|
|
$ |
(75,337 |
) |
|
$ |
33,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATING BALANCE SHEETS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 29, 2012 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non- Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets
|
|
$ |
90,912 |
|
|
$ |
164,024 |
|
|
$ |
318,461 |
|
|
$ |
— |
|
|
$ |
573,397 |
|
Property, Plant & Equipment, net
|
|
|
5,916 |
|
|
|
34,301 |
|
|
|
78,241 |
|
|
|
— |
|
|
|
118,458 |
|
Goodwill
|
|
|
62,543 |
|
|
|
433,794 |
|
|
|
387,486 |
|
|
|
— |
|
|
|
883,823 |
|
Other Intangibles, net
|
|
|
15,192 |
|
|
|
210,337 |
|
|
|
238,012 |
|
|
|
— |
|
|
|
463,541 |
|
Intercompany Receivable
|
|
|
— |
|
|
|
267,668 |
|
|
|
46,918 |
|
|
|
(314,586 |
) |
|
|
— |
|
Investment in Subsidiaries
|
|
|
1,884,879 |
|
|
|
440,606 |
|
|
|
120,274 |
|
|
|
(2,445,759 |
) |
|
|
— |
|
Other Long-term Assets
|
|
|
10,075 |
|
|
|
52 |
|
|
|
2,541 |
|
|
|
— |
|
|
|
12,668 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$ |
2,069,517 |
|
|
$ |
1,550,782 |
|
|
$ |
1,191,933 |
|
|
$ |
(2,760,345 |
) |
|
$ |
2,051,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
$ |
68,302 |
|
|
$ |
62,035 |
|
|
$ |
169,244 |
|
|
$ |
— |
|
|
$ |
299,581 |
|
Long-term Debt
|
|
|
520,072 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
520,072 |
|
Deferred Income Taxes
|
|
|
129,723 |
|
|
|
— |
|
|
|
37,030 |
|
|
|
— |
|
|
|
166,753 |
|
Pension and Post-retirement Benefit Liabilities
|
|
|
16,522 |
|
|
|
— |
|
|
|
2,152 |
|
|
|
— |
|
|
|
18,674 |
|
Other Long-term Liabilities
|
|
|
63,675 |
|
|
|
700 |
|
|
|
25,795 |
|
|
|
— |
|
|
|
90,170 |
|
Intercompany Payable
|
|
|
314,586 |
|
|
|
— |
|
|
|
— |
|
|
|
(314,586 |
) |
|
|
— |
|
Shareholders' Equity
|
|
|
956,637 |
|
|
|
1,488,047 |
|
|
|
957,712 |
|
|
|
(2,445,759 |
) |
|
|
956,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity
|
|
$ |
2,069,517 |
|
|
$ |
1,550,782 |
|
|
$ |
1,191,933 |
|
|
$ |
(2,760,345 |
) |
|
$ |
2,051,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATING BALANCE SHEETS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2011 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non- Guarantors
|
|
|
Eliminations |
|
|
Consolidated |
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets
|
|
$ |
87,982 |
|
|
$ |
155,067 |
|
|
$ |
303,435 |
|
|
$ |
— |
|
|
$ |
546,484 |
|
Property, Plant & Equipment, net
|
|
|
4,327 |
|
|
|
37,133 |
|
|
|
87,189 |
|
|
|
— |
|
|
|
128,649 |
|
Goodwill
|
|
|
62,543 |
|
|
|
432,184 |
|
|
|
393,739 |
|
|
|
— |
|
|
|
888,466 |
|
Other Intangibles, net
|
|
|
15,861 |
|
|
|
216,277 |
|
|
|
247,268 |
|
|
|
— |
|
|
|
479,406 |
|
Intercompany Receivable
|
|
|
— |
|
|
|
277,157 |
|
|
|
45,770 |
|
|
|
(322,927 |
) |
|
|
— |
|
Investment in Subsidiaries
|
|
|
1,859,779 |
|
|
|
379,170 |
|
|
|
67,794 |
|
|
|
(2,306,743 |
) |
|
|
— |
|
Other Long-term Assets
|
|
|
10,862 |
|
|
|
51 |
|
|
|
2,763 |
|
|
|
— |
|
|
|
13,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$ |
2,041,354 |
|
|
$ |
1,497,039 |
|
|
$ |
1,147,958 |
|
|
$ |
(2,629,670 |
) |
|
$ |
2,056,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
$ |
76,300 |
|
|
$ |
70,126 |
|
|
$ |
183,877 |
|
|
$ |
— |
|
|
$ |
330,303 |
|
Long-term Debt
|
|
|
522,727 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
522,727 |
|
Deferred Income Taxes
|
|
|
124,469 |
|
|
|
— |
|
|
|
41,476 |
|
|
|
— |
|
|
|
165,945 |
|
Pension and Post-retirement Benefit Liabilities
|
|
|
16,452 |
|
|
|
— |
|
|
|
2,412 |
|
|
|
— |
|
|
|
18,864 |
|
Other Long-term Liabilities
|
|
|
59,466 |
|
|
|
779 |
|
|
|
39,584 |
|
|
|
— |
|
|
|
99,829 |
|
Intercompany Payable
|
|
|
322,927 |
|
|
|
— |
|
|
|
— |
|
|
|
(322,927 |
) |
|
|
— |
|
Shareholders' Equity
|
|
|
919,013 |
|
|
|
1,426,134 |
|
|
|
880,609 |
|
|
|
(2,306,743 |
) |
|
|
919,013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity
|
|
$ |
2,041,354 |
|
|
$ |
1,497,039 |
|
|
$ |
1,147,958 |
|
|
$ |
(2,629,670 |
) |
|
$ |
2,056,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended February 29, 2012 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non- Guarantors
|
|
|
Eliminations |
|
|
Consolidated |
|
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
$ |
(495 |
) |
|
$ |
12,656 |
|
|
$ |
39,840 |
|
|
$ |
— |
|
|
$ |
52,001 |
|
Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of property, plant and equipment
|
|
|
1,541 |
|
|
|
113 |
|
|
|
6,121 |
|
|
|
— |
|
|
|
7,775 |
|
Capital expenditures
|
|
|
(3,142 |
) |
|
|
(1,699 |
) |
|
|
(5,611 |
) |
|
|
— |
|
|
|
(10,452 |
) |
Business acquisitions, net of cash acquired
|
|
|
(290 |
) |
|
|
— |
|
|
|
(18,617 |
) |
|
|
— |
|
|
|
(18,907 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash used in investing activities
|
|
|
(1,891 |
) |
|
|
(1,586 |
) |
|
|
(18,107 |
) |
|
|
— |
|
|
|
(21,584 |
) |
Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net borrowings on revolving credit facilities
|
|
|
10 |
|
|
|
— |
|
|
|
(177 |
) |
|
|
— |
|
|
|
(167 |
) |
Intercompany loan activity
|
|
|
24,565 |
|
|
|
(11,070 |
) |
|
|
(13,495 |
) |
|
|
— |
|
|
|
— |
|
Purchase of treasury shares
|
|
|
(20,410 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(20,410 |
) |
Stock option exercises and related tax benefits
|
|
|
5,507 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,507 |
|
Cash dividends
|
|
|
(2,748 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,748 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by (used in) financing activities
|
|
|
6,924 |
|
|
|
(11,070 |
) |
|
|
(13,672 |
) |
|
|
— |
|
|
|
(17,818 |
) |
Effect of exchange rate changes on cash
|
|
|
— |
|
|
|
— |
|
|
|
1,625 |
|
|
|
— |
|
|
|
1,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
4,538 |
|
|
|
— |
|
|
|
9,686 |
|
|
|
— |
|
|
|
14,224 |
|
Cash and cash equivalents - beginning of period
|
|
|
872 |
|
|
|
— |
|
|
|
43,349 |
|
|
|
— |
|
|
|
44,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents - end of period
|
|
$ |
5,410 |
|
|
$ |
— |
|
|
$ |
53,035 |
|
|
$ |
— |
|
|
$ |
58,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended February 28, 2011 |
|
|
|
Parent |
|
|
Guarantors |
|
|
Non- Guarantors
|
|
|
Eliminations |
|
|
Consolidated |
|
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
$ |
(35,738 |
) |
|
$ |
(9,378 |
) |
|
$ |
66,945 |
|
|
$ |
(1,533 |
) |
|
$ |
20,296 |
|
Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of property, plant and equipment
|
|
|
— |
|
|
|
176 |
|
|
|
90 |
|
|
|
— |
|
|
|
266 |
|
Proceeds from sale of businesses, net of transaction costs
|
|
|
— |
|
|
|
— |
|
|
|
3,463 |
|
|
|
— |
|
|
|
3,463 |
|
Capital expenditures
|
|
|
(1,741 |
) |
|
|
(2,180 |
) |
|
|
(4,370 |
) |
|
|
— |
|
|
|
(8,291 |
) |
Business acquisitions, net of cash acquired
|
|
|
— |
|
|
|
(350 |
) |
|
|
(158,183 |
) |
|
|
— |
|
|
|
(158,533 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash used in investing activities
|
|
|
(1,741 |
) |
|
|
(2,354 |
) |
|
|
(159,000 |
) |
|
|
— |
|
|
|
(163,095 |
) |
Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net borrowings on revolving credit facilities
|
|
|
40,000 |
|
|
|
— |
|
|
|
1,169 |
|
|
|
— |
|
|
|
41,169 |
|
Issuance of term loans
|
|
|
100,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
100,000 |
|
Intercompany loan activity
|
|
|
(102,640 |
) |
|
|
11,732 |
|
|
|
90,908 |
|
|
|
— |
|
|
|
— |
|
Repurchases of 2% Convertible Notes
|
|
|
(34 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(34 |
) |
Debt issuance costs
|
|
|
(5,197 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,197 |
) |
Stock option exercises and related tax benefits
|
|
|
6,813 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,813 |
|
Cash dividends
|
|
|
(2,716 |
) |
|
|
— |
|
|
|
(1,533 |
) |
|
|
1,533 |
|
|
|
(2,716 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by financing activities
|
|
|
36,226 |
|
|
|
11,732 |
|
|
|
90,544 |
|
|
|
1,533 |
|
|
|
140,035 |
|
Effect of exchange rate changes on cash
|
|
|
— |
|
|
|
— |
|
|
|
2,942 |
|
|
|
— |
|
|
|
2,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
(1,253 |
) |
|
|
— |
|
|
|
1,431 |
|
|
|
— |
|
|
|
178 |
|
Cash and cash equivalents - beginning of period
|
|
|
5,055 |
|
|
|
— |
|
|
|
35,167 |
|
|
|
— |
|
|
|
40,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents - end of period
|
|
$ |
3,802 |
|
|
$ |
— |
|
|
$ |
36,598 |
|
|
$ |
— |
|
|
$ |
40,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|