AMERICAN PACIFIC CORP

CIK:0000350832|SEC Filings

EARNINGS PER SHARE

3 Months Ended

Dec. 31, 2013

4.	EARNINGS PER SHARE

Shares used to compute earnings per share from continuing operations are as follows:



	Three Months Ended
	December 31,
	2013		2012

Income from continuing operations	$	4,344	$	1,151


Basic weighted-average shares		7,890,000		7,670,000


Diluted:
Weighted-average shares, basic		7,890,000		7,670,000
Dilutive effect of stock options		293,000		171,000
Dilutive effect of restricted stock		41,000		35,000

Weighted-average shares, diluted		8,224,000		7,876,000


Basic earnings per share from continuing operations	$	0.55	$	0.15
Diluted earnings per share from continuing operations	$	0.53	$	0.15

As of December 31, 2013, we had an aggregate of 51,622 antidilutive options and unvested restricted shares outstanding. As of December 31, 2012, we had an aggregate of 68,896 antidilutive options and unvested restricted shares outstanding.

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Cash Flows from Operating Activities:
Net Income	$ 4,323	$ 1,155
Adjustments to Reconcile Net Income to Net Cash Used by Operating Activities:
Depreciation and amortization	3,421	3,310
Non-cash interest expense	83	64
Non-cash component of loss on debt extinguishment		1,252
Share-based compensation	373	253
Excess tax benefit from stock-based compensation	(326)	(71)
Deferred income taxes	(46)	1,080
Loss (gain) on sale of assets	(34)	1
Changes in operating assets and liabilities:
Accounts receivable, net	(15,705)	6,032
Inventories	(5,077)	(13,684)
Prepaid expenses and other current assets	(494)	(470)
Accounts payable	144	(2,483)
Income taxes	1,625	(2,192)
Accrued liabilities	2,760	(111)
Accrued interest	(1)	(853)
Employee related liabilities	(3,744)	(3,566)
Customer deposits	10,071	7,440
Deferred revenues	(1,865)	4,139
Environmental remediation reserves	(639)	(2,088)
Pension obligations, net	(14)	(393)
Other	(155)	(2,068)
Discontinued operations, net	15	(19)
Net Cash Used by Operating Activities	(5,285)	(3,272)
Cash Flows from Investing Activities:
Capital expenditures	(1,755)	(1,961)
Other investing activities	38
Net Cash Used by Investing Activities	(1,717)	(1,961)
Cash Flows from Financing Activities:
Issuances of long-term debt		60,000
Payments of long-term debt	(1,501)	(66,129)
Debt issuance costs		(1,364)
Issuances of common stock	110	248
Excess tax benefit from stock-based compensation	326	71
Net Cash Used by Financing Activities	(1,065)	(7,174)
Net Change in Cash and Cash Equivalents	(8,067)	(12,407)
Cash and Cash Equivalents, Beginning of Period	60,864	31,182
Cash and Cash Equivalents, End of Period	52,797	18,775
Cash Paid For:
Interest	526	2,071
Income taxes	761	2,342
Non-Cash Investing and Financing Transactions:
Additions to Property, Plant and Equipment not yet paid	$ 241	$ 1,707

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013
Current Assets:
Cash and Cash Equivalents	$ 52,797	$ 60,864
Accounts Receivable, Net	37,006	21,309
Inventories	64,690	59,572
Prepaid Expenses and Other Assets	2,035	1,541
Income Taxes Receivable	1,699	1,567
Deferred Income Taxes	16,690	16,214
Total Current Assets	174,917	161,067
Property, Plant and Equipment, Net	102,377	103,847
Deferred Income Taxes	6,178	6,446
Other Assets	6,148	5,947
TOTAL ASSETS	289,620	277,307
Current Liabilities:
Accounts Payable	13,933	13,501
Accrued Liabilities	8,203	5,453
Accrued Interest	6	7
Employee Related Liabilities	9,424	11,325
Income Taxes Payable	2,386	629
Customer Deposits	37,007	26,936
Deferred Revenues	6,812	8,677
Current Portion of Environmental Remediation Reserves	2,091	2,244
Current Portion of Long-Term Debt	6,001	6,002
Total Current Liabilities	85,863	74,774
Long-Term Debt	48,000	49,500
Environmental Remediation Reserves	9,217	9,703
Pension Obligations	29,379	29,899
Other Long-Term Liabilities	237	2,094
Total Liabilities	172,696	165,970
Commitments and Contingencies
Stockholders' Equity
Preferred Stock - $1.00 par value; 3,000,000 authorized; none outstanding
Common Stock - $0.10 par value; 20,000,000 shares authorized, 7,997,913 and 7,949,000 issued and outstanding	800	795
Capital in Excess of Par Value	78,770	77,966
Retained Earnings	52,358	48,035
Accumulated Other Comprehensive Loss	(15,004)	(15,459)
Total Stockholders' Equity	116,924	111,337
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 289,620	$ 277,307