KID BRANDS, INC

CIK:0000739878|SEC Filings

Consolidated Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Income Statement [Abstract]
Net sales	$ 38,002	$ 51,439
Cost of sales	53,619	37,047
Gross (loss) profit	(15,617)	14,392
Selling, general and administrative expenses	14,951	13,818
(Loss) income from operations	(30,568)	574
Other (expense) income:
Interest expense, including amortization of deferred financing costs	(1,106)	(1,259)
Other, net	(24)	(261)
Other (expense) income, Total	(1,130)	(1,520)
(Loss) from operations before income tax provision	(31,698)	(946)
Income tax provision	27	37
Net (loss)	$ (31,725)	$ (983)
Basic (loss) per share	$ (1.44)	$ (0.04)
Diluted (loss) per share	$ (1.44)	$ (0.04)
Weighted average shares:
Basic	22,094,000	21,850,000
Diluted	22,094,000	21,850,000

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:
Net (loss)	$ (31,725)	$ (983)
Adjustments to reconcile net (loss) to net cash provided by operating activities:
Depreciation and amortization	638	704
Amortization of deferred financing costs	105	138
Provision for customer allowances	5,099	4,623
Provision for inventory reserve	234	224
Impairment of other intangible assets	24,060
Impairment of fixed assets	70
Share-based compensation expense	190	475
Deferred income taxes	106	87
Change in assets and liabilities:
Accounts receivable	(73)	(3,689)
Income tax receivable		96
Inventories	9,199	6,900
Prepaid expenses and other current assets	71	(237)
Other assets	171	10
Accounts payable	(2,847)	(3,560)
Accrued expenses	(545)	(360)
Income taxes payable	(69)	3
Net cash provided by operating activities	4,684	4,431
Cash flows from investing activities:
Capital expenditures	(491)	(438)
Net cash used in investing activities	(491)	(438)
Cash flows from financing activities:
Net borrowings (repayment) on revolving credit facility	(5,100)	(5,396)
Change in restricted cash	994	1,421
Payment of deferred financing costs		(40)
Net cash used in financing activities	(4,106)	(4,015)
Effect of exchange rate changes on cash and cash equivalents	42	138
Net increase in cash and cash equivalents	129	116
Cash and cash equivalents at beginning of period	174	318
Cash and cash equivalents at end of period	303	434
Cash paid (refunded) during the period for:
Interest	956	821
Income taxes paid (refunded)		$ (62)

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 303	$ 174
Restricted cash	992	1,986
Accounts receivable - trade, less allowances of $3,627 in 2014 and $5,352 in 2013	28,615	33,614
Inventories, net	31,789	41,185
Prepaid expenses and other current assets	4,252	4,352
Income tax receivable	5	5
Total current assets	65,956	81,316
Property, plant and equipment, net	3,636	3,557
Intangible assets	8,895	33,250
Notes receivable, net allowance of $14,955 in 2014 and 2013	357	453
Other assets	1,503	1,680
Total assets	80,347	120,256
Current liabilities:
Short-term debt	47,977	53,077
Accounts payable	22,837	25,671
Accrued expenses	29,216	29,875
Deferred income taxes	251	132
Income taxes payable	518	579
Total current liabilities	100,799	109,334
Income taxes payable	44	44
Other long-term liabilities	1,762	1,638
Total liabilities	102,605	111,016
Commitments and contingencies
Shareholders' (deficit) equity:
Common stock: $0.10 stated value; authorized 50,000,000 shares; issued 26,727,780 shares at March 31, 2014 and December 31, 2013	2,674	2,674
Additional paid-in capital	87,969	89,016
Retained (deficit) earnings	(23,600)	8,125
Accumulated other comprehensive income	202	165
Treasury stock, at cost 4,579,668 and 4,642,944 shares at March 31, 2014 and December 31, 2013, respectively	(89,503)	(90,740)
Total shareholders' (deficit) equity	(22,258)	9,240
Total liabilities and shareholders' (deficit) equity	$ 80,347	$ 120,256