MAGNETEK, INC.

CIK:0000751085|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
Income Statement [Abstract]
Net sales	$ 28,348	$ 27,009	$ 54,960	$ 51,122
Cost of sales	17,937	17,294	35,150	33,255
Gross profit	10,411	9,715	19,810	17,867
Operating expenses:
Research and development	800	790	1,699	1,589
Pension expense	502	925	1,004	1,850
Selling, general and administrative	5,884	5,250	11,374	10,240
Total operating expenses	7,186	6,965	14,077	13,679
Income from continuing operations before income taxes	3,225	2,750	5,733	4,188
Provision for income taxes	41	240	82	480
Income from continuing operations	3,184	2,510	5,651	3,708
Income (loss) from discontinued operations, net of tax	(146)	(213)	(309)	(357)
Net income	$ 3,038	$ 2,297	$ 5,342	$ 3,351
Earnings per common share - basic:
Income from continuing operations (in dollars per share)	$ 0.89	$ 0.77	$ 1.59	$ 1.14
Income (loss) from discontinued operations (in dollars per share)	(0.04)	(0.07)	(0.09)	(0.11)
Net income per common share (in dollars per share)	0.85	0.70	1.50	1.03
Earnings per common share - diluted:
Income from continuing operations (in dollars per share)	0.87	0.74	1.54	1.10
Income (loss) from discontinued operations (in dollars per share)	(0.04)	(0.06)	(0.09)	(0.11)
Net income per common share (in dollars per share)	$ 0.83	$ 0.68	$ 1.45	$ 0.99
Weighted average shares outstanding:
Basic (in shares)	3,566	3,267	3,558	3,265
Diluted (in shares)	3,679	3,372	3,678	3,375

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Cash flows from operating activities
Net income	$ 5,342	$ 3,351
(Income) loss from discontinued operations	309	357
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	372	378
Amortization of intangible assets	27	27
Stock based compensation expense	389	231
Pension expense	1,004	1,850
Deferred income tax provision	30	480
Changes in operating assets and liabilities	(2,400)	(813)
Cash contribution to pension fund	0	(4,102)
Net cash provided by (used in) operating activities - continuing operations	5,073	1,759
Net cash provided by (used in) operating activities - discontinued operations	(551)	(579)
Net cash provided by (used in) operating activities	4,522	1,180
Cash flows from investing activities:
Capital expenditures	(698)	(359)
Net cash provided by (used in) investing activities - continuing operations	(698)	(359)
Net cash provided by (used in) investing activities - discontinued operations	0	0
Net cash provided by (used in) investing activities	(698)	(359)
Cash flow from financing activities:
Proceeds from issuance of common stock	218	147
Purchase and retirement of treasury stock	(672)	(20)
Principal payments under capital lease obligations	0	0
Net cash provided by (used in) financing activities - continuing operations	(454)	127
Net cash provided by (used in) financing activities - discontinued operations	0	0
Net cash provided by (used in) financing activities	(454)	127
Net increase (decrease) in cash	3,370	948
Cash at the beginning of the period	9,702	$ 14,960
Cash at the end of the period	$ 13,072

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 28, 2015	Dec. 28, 2014
Current assets:
Cash and cash equivalents	$ 13,072	$ 9,702
Restricted cash	262	262
Accounts receivable, net	17,515	16,975
Inventories	14,234	13,626
Prepaid expenses and other current assets	546	801
Total current assets	45,629	41,366
Property, plant and equipment	23,741	23,071
Less: accumulated depreciation	20,488	20,140
Net property, plant and equipment	3,253	2,931
Goodwill	30,323	30,364
Other assets	4,010	4,039
Total Assets	83,215	78,700
Current liabilities:
Accounts payable	9,989	10,375
Accrued liabilities	5,524	6,703
Total current liabilities	15,513	17,078
Pension benefit obligations, net	25,012	27,360
Other long term obligations	780	845
Deferred income taxes	$ 9,828	$ 9,798
Commitments and contingencies
Stockholders’ deficit
Common stock	$ 36	$ 35
Paid in capital in excess of par value	150,576	150,641
Retained earnings	(4,833)	(10,175)
Accumulated other comprehensive loss	(113,697)	(116,882)
Total stockholders' deficit	32,082	23,619
Total Liabilities and Stockholders' Deficit	$ 83,215	$ 78,700