MEASUREMENT SPECIALTIES INC

CIK:0000778734|SEC Filings

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Net sales	$ 114,129	$ 100,512
Cost of goods sold	68,401	58,618
Gross profit	45,728	41,894
Selling, general, and administrative expenses	40,945	29,282
Operating income	4,783	12,612
Interest expense, net	1,095	914
Foreign currency exchange loss	2,619	154
Equity income in unconsolidated joint venture	(223)	(121)
Other income	74	(2)
Income before income taxes	1,218	11,667
Income tax expense	250	2,506
Net income	$ 968	$ 9,161
Earnings per common share
Net income - Basic (in dollars per share)	$ 0.06	$ 0.59
Net income - Diluted (in dollars per share)	$ 0.06	$ 0.56
Weighted average shares outstanding - Basic (in shares)	15,956	15,632
Weighted average shares outstanding - Diluted (in shares)	16,837	16,481

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:
Net income	$ 968	$ 9,161
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,965	4,832
Gain on sale of assets	(264)
Non-cash equity based compensation	2,683	1,093
Acquisition earn-out adjustment	0	39
Deferred income taxes	907	156
Equity income in unconsolidated joint venture	(223)	(121)
Unconsolidated joint venture distributions	677	615
Net change in operating assets and liabilities, excluding the effects of acquisitions:
Accounts receivable, trade	2,651	(4,324)
Inventories	(1,874)	(501)
Prepaid expenses, other current assets and other receivables	1,520	224
Other assets	(363)	(480)
Accounts payable	(3,336)	2,382
Accrued expenses, accrued compensation, restructuring, other current and other liabilities	42	486
Income taxes receivable and payable	(2,605)	(52)
Net cash provided by operating activities	6,748	13,510
Cash flows from investing activities:
Purchases of property and equipment	(4,685)	(4,058)
Acquisition of business, net of cash acquired, and acquired intangible assets	(110,208)	(51,374)
Proceeds from sale of assets, net	1,063	0
Net cash used in investing activities	(113,830)	(55,432)
Cash flows from financing activities:
Borrowings from revolver and short-term debt	99,000	50,000
Repayments of revolver and capital leases	(53)	(7,010)
Repayments of long-term debt	(138)	(34)
Payment of deferred acquisition payment	0	(1,500)
Payment of deferred financing costs	(204)
Proceeds from exercise of options and employee stock purchase plan	2,201	3,000
Excess tax benefit from exercise of stock options	456	462
Net cash provided by financing activities	101,262	44,918
Net change in cash and cash equivalents	(5,820)	2,996
Effect of exchange rate changes on cash	(148)	286
Cash, beginning of year	49,964	36,028
Cash, end of period	43,996	39,310
Supplemental Cash Flow Information:
Interest paid	(754)	(833)
Income taxes paid	(2,164)	(1,862)
Income taxes refunded	$ 0	$ 29

CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Mar. 31, 2014
Current assets:
Cash and cash equivalents	$ 43,996	$ 49,964
Accounts receivable trade, net of allowance for doubtful accounts of $997 and $827, respectively	88,757	65,451
Inventories, net	95,942	68,280
Deferred income taxes, net	6,407	1,719
Prepaid expenses and other current assets	8,685	6,097
Other receivables	2,723	1,407
Promissory note receivable	33	33
Income taxes receivable	1,727	0
Total current assets	248,270	192,951
Property, plant and equipment, net	82,788	77,253
Goodwill	218,220	179,816
Acquired intangible assets, net	119,179	74,900
Deferred income taxes, net	3,601	3,940
Investment in unconsolidated joint venture	2,109	2,520
Promissory note receivable	705	712
Other assets	10,005	9,568
Total assets	684,877	541,660
Current liabilities:
Current portion of long-term debt	10,000	138
Current portion of capital lease obligations	297	239
Accounts payable	49,315	32,967
Accrued expenses	14,524	6,337
Accrued compensation	17,597	17,251
Income taxes payable	0	703
Deferred income taxes, net	150	152
Restructuring liabilities	1,140	84
Other current liabilities	3,810	3,481
Total current liabilities	96,833	61,352
Revolver	204,000	105,000
Long-term debt, net of current portion	10,000	20,000
Capital lease obligations, net of current portion	243	275
Deferred income taxes, net	25,603	13,025
Other liabilities	6,357	5,462
Total liabilities	343,036	205,114
Equity:
Serial preferred stock; 221,756 shares authorized; none outstanding	0	0
Common stock, no par; 25,000,000 shares authorized; 16,031,521 shares and 15,934,051 shares issued and outstanding	0	0
Additional paid-in capital	124,300	118,960
Retained earnings	201,929	200,961
Accumulated other comprehensive income	15,612	16,625
Total equity	341,841	336,546
Total liabilities and shareholders' equity	$ 684,877	$ 541,660