FREMONT GENERAL CORP

CIK:0000038984|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Revenues	$ 1,346.4	$ 1,249.7	$ 1,145.6
Cost of sales	1,287.3	1,183.0	1,070.7
Gross profit	59.1	66.7	74.9
Selling, general and administrative expenses	52.3	61.0	56.0
Losses on derivative financial instruments, net	2.1	0.2	4.2
Amortization of identifiable intangible assets	2.4	2.4	2.0
Goodwill impairment	33.6	61.8	0.0
Identifiable intangible asset impairment	10.1	0.1	0.0
Property, plant and equipment impairment	40.5
Other operating expense, net	2.6	5.9	2.5
Operating profit (loss)	(84.5)	(64.7)	10.2
Nonoperating expense (income):
Interest expense, net	41.7	37.3	34.9
Change in fair value of common stock warrant liability	(4.4)	(2.4)	1.5
Acquisition-related costs and expenses		1.0	14.8
Loss (earnings) from equity method investment	(2.9)	1.1
Foreign exchange losses (gains) on intercompany loans	(2.4)	2.4	1.3
Reorganization items, net	11.7
Other, net	0.4	(0.3)	(1.5)
Total nonoperating expense, net	44.1	39.1	51.0
Loss from continuing operations before income taxes	(128.6)	(103.8)	(40.8)
Income tax benefit	(7.8)	(0.6)	(9.1)
Loss from continuing operations	(120.8)	(103.2)	(31.7)
Earnings (loss) from discontinued operations, net of income taxes		0.6	24.9
Net loss	(120.8)	(102.6)	(6.8)
Earnings from continuing operations attributable to noncontrolling interest	0.9	0.3	0.1
Net loss attributable to Real Industry, Inc.	(121.7)	(102.9)	(6.9)
LOSS PER SHARE:
Net loss attributable to Real Industry, Inc.	(121.7)	(102.9)	(6.9)
Dividends on Redeemable Preferred Stock, in-kind		(2.0)	(1.5)
Dividends on Redeemable Preferred Stock, in cash or accrued	(2.4)
Accretion of fair value adjustment to Redeemable Preferred Stock	(3.6)	(1.0)	(0.8)
Net loss available to common stockholders	$ (127.7)	$ (105.9)	$ (9.2)
Basic and diluted loss per share:
Continuing operations	$ (4.41)	$ (3.68)	$ (0.35)
Basic and diluted loss per share	$ (4.41)	$ (3.68)	$ (0.35)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net loss	$ (120.8)	$ (102.6)	$ (6.8)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Loss (earnings) from discontinued operations, net of income taxes		(0.6)	(24.9)
Depreciation and amortization	45.1	48.6	32.5
Deferred income taxes	(8.9)	(3.9)	(2.1)
Change in fair value of common stock warrant liability	(4.4)	(2.4)	1.5
Share-based compensation expense	2.1	3.6	1.3
Amortization of debt issuance costs	7.6	5.1	4.3
Unrealized losses (gains) on derivative financial instruments	0.2	(1.0)	0.8
Unrealized foreign exchange losses (gains) on intercompany loans	(2.5)	2.1
Amortization of inventories and supplies purchase accounting adjustments		1.1	9.2
Goodwill, identifiable intangible assets and property, plant and equipment impairment	84.2	62.0
Loss (earnings) from equity method investment	(2.9)	1.1
Noncash reorganization items, net	6.0
Other, net	2.5	2.5	1.5
Changes in operating assets and liabilities:
Trade accounts receivable, net	(28.2)	(14.1)	3.7
Financing receivable	11.9	4.3	33.4
Inventories	15.9	(9.6)	44.6
Prepaid expenses, supplies and other current assets	(9.3)	(2.4)	0.9
Other noncurrent assets	0.1	(0.5)	(2.0)
Trade payables	(6.6)	18.3	(8.2)
Accrued liabilities	(18.0)	(4.8)	19.1
Other noncurrent liabilities	13.2	2.4	(1.7)
Net cash provided by (used in) operating activities of discontinued operations	(0.1)	0.1	(13.9)
Net cash provided by (used in) operating activities	(12.9)	9.3	93.2
Cash flows from investing activities:
Acquisition of business, net of cash		(23.6)	(524.5)
Proceeds from sale of NABCO			77.9
Purchases of property and equipment	(23.8)	(30.8)	(26.0)
Other, net	(0.6)	(0.1)	(0.7)
Net cash used in investing activities	(24.4)	(54.5)	(473.3)
Cash flows from financing activities:
Payment of NABCO outstanding debt			(14.3)
Proceeds from Revolving Credit Facilities, net of issuance costs	159.6	130.0	126.1
Repayments on capital leases, the term loan, the Revolving Credit Facilities	(219.8)	(97.8)	(108.3)
Proceeds from issuance of Senior Secured Notes, net of debt issuance costs			290.2
Proceeds from issuance of RA DIP Financing, net of debt issuance costs	103.2
Dividends on Redeemable Preferred Stock, in cash	(0.6)
Proceeds from exercise of common stock options and Warrants		0.1	1.4
Proceeds from issuance of common stock, net of issuance costs			63.3
Distributions to noncontrolling interest	(2.3)
Other, net	(3.4)	2.7
Net cash used in financing activities of discontinued operations			(0.4)
Net cash provided by financing activities	36.7	35.0	358.0
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	0.7	(0.4)	(0.3)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	0.1	(10.6)	(22.4)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period	32.7	43.3	65.7
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	$ 32.8	$ 32.7	$ 43.3

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 24.9	$ 27.2
Trade accounts receivable, net	122.5	88.4
Financing receivable	16.5	28.4
Inventories	107.3	118.2
Prepaid expenses, supplies and other current assets	33.9	24.6
Total current assets	305.1	286.8
Property, plant and equipment, net	247.5	289.2
Equity method investment	7.9	5.0
Identifiable intangible assets, net		12.5
Goodwill	9.8	42.2
Deferred income taxes, net	9.0
Other noncurrent assets	12.8	9.8
TOTAL ASSETS	592.1	645.5
Current liabilities:
Trade payables	96.4	115.8
Accrued liabilities	28.1	46.4
RA DIP Financing, net	103.9
Long-term debt due within one year, net	3.6	2.3
Total current liabilities	232.0	164.5
Accrued pension benefits	46.9	42.0
Environmental liabilities	10.4	11.6
Long-term debt, net	4.4	354.2
Common stock warrant liability		4.4
Deferred income taxes, net	2.7	2.5
Other noncurrent liabilities	7.4	6.9
Liabilities not subject to compromise	303.8	586.1
Liabilities subject to compromise	340.7
TOTAL LIABILITIES	644.5	586.1
Redeemable Preferred Stock, Series B; $1,000 liquidation preference per share; 100,000 shares designated; 28,503 shares issued and outstanding as of December 31, 2017 and 2016	28.5	24.9
Stockholders' equity (deficit):
Preferred stock, Series A Junior Participating; $0.001 par value; 665,000 shares authorized; none issued or outstanding
Common stock; $0.001 par value; 66,500,000 shares authorized; 29,721,934 and 29,386,882 shares issued and outstanding as of December 31, 2017 and 2016, respectively
Additional paid-in capital	542.3	546.7
Accumulated deficit	(627.9)	(506.2)
Accumulated other comprehensive income (loss)	4.5	(7.1)
Total stockholders' equity (deficit)	(81.1)	33.4
Noncontrolling interest	0.2	1.1
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	(80.9)	34.5
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 592.1	$ 645.5