ASSOCIATED MATERIALS INC

CIK:0000802967|SEC Filings

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Statement of Comprehensive Income [Abstract]
Net sales	$ 332,482	$ 339,787	$ 892,552	$ 891,402
Cost of sales	244,743	258,083	665,755	686,780
Gross profit	87,739	81,704	226,797	204,622
Selling, general and administrative expenses	63,392	61,391	183,987	182,027
Restructuring costs	0	1,787	74	1,787
Other operating income	(158)	0	(890)	0
Income from operations	24,505	18,526	43,626	20,808
Interest expense	21,386	20,808	63,887	62,670
Foreign currency loss	305	806	470	1,923
Income (loss) before income taxes	2,814	(3,088)	(20,731)	(43,785)
Income tax expense	2,996	2,116	5,777	4,879
Net (loss) income	(182)	(5,204)	(26,508)	(48,664)
Other comprehensive income (loss); net of tax
Pension and other postretirement benefit adjustments	17	145	51	444
Foreign currency translation adjustments	(3,193)	(8,659)	9,254	(21,624)
Total comprehensive (loss) income	$ (3,358)	$ (13,718)	$ (17,203)	$ (69,844)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015
Operating Activities
Net loss	$ (26,508)	$ (48,664)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	29,448	30,016
Deferred income taxes	1,193	926
Non-cash portion of restructuring costs	0	4,035
Provision for allowance for doubtful accounts	1,671	1,137
Amortization of deferred financing costs and premium on senior notes	2,823	2,696
Gain on sale or disposal of assets	(941)	(45)
Stock based compensation expense	189	129
Changes in operating assets and liabilities:
Accounts receivable	(35,516)	(42,005)
Inventories	(15,072)	(15,974)
Accounts payable and accrued liabilities	34,818	59,732
Income taxes receivable / payable	5,686	506
Other assets and liabilities	(214)	(1,031)
Net cash used in operating activities	(2,423)	(8,542)
Investing Activities
Capital expenditures	(6,718)	(14,628)
Proceeds from the sale of assets	1,474	140
Net cash used in investing activities	(5,244)	(14,488)
Financing Activities
Borrowings under ABL facilities	132,789	135,731
Payments under ABL facilities	(145,649)	(110,653)
Proceeds from promissory note	27,500	0
Financing fees	(3,203)	0
Net cash provided by financing activities	11,437	25,078
Effect of exchange rate changes on cash and cash equivalents	14	(70)
Net increase in cash and cash equivalents	3,784	1,978
Cash and cash equivalents at beginning of period	9,394	5,963
Cash and cash equivalents at end of period	13,178	7,941
Cash paid during the period for:
Interest	41,685	40,947
Income taxes	126	3,525
Capital expenditures incurred but not yet paid	$ 511	$ 614

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Oct. 01, 2016	Jan. 02, 2016	Oct. 03, 2015	Jan. 03, 2015
Current assets:
Cash and cash equivalents	$ 13,178	$ 9,394	$ 7,941	$ 5,963
Accounts receivable, net	162,158	127,043
Inventories	140,178	123,374
Income taxes receivable	652	1,612
Deferred income taxes	1,502	1,502
Prepaid expenses and other current assets	12,732	14,163
Total current assets	330,400	277,088
Property, plant and equipment, net	87,027	90,794
Goodwill	307,353	302,908
Other intangible assets, net	383,649	397,953
Other assets	3,882	4,593
Total assets	1,112,311	1,073,336
Current liabilities:
Accounts payable	109,605	91,563
Accrued liabilities	101,652	83,630
Borrowings under ABL facilities	80,000	0
Deferred income taxes	1,652	436
Income taxes payable	4,658	36
Total current liabilities	297,567	175,665
Deferred income taxes	83,227	82,102
Other liabilities	111,790	113,123
Long-term debt	851,102	916,807
Member’s deficit	(231,375)	(214,361)
Total liabilities and member’s deficit	$ 1,112,311	$ 1,073,336