Victor Technologies Group, Inc.

CIK:0000850660|SEC Filings

Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited)

The following is a summary of the quarterly results of operations for the years ended December 31, 2013 and 2012.



2013	December 31		September 30		June 30		March 31
Net sales	$	116,753	$	119,388	$	126,723	$	123,932
Gross margin	45,320		45,531		49,108		45,148
Operating income	14,327		17,939		21,752		9,973
Net income	1,532		10,331		9,755		709


2012	December 31		September 30		June 30		March 31
Net sales	$	115,891	$	121,111	$	132,257	$	126,871
Gross margin	45,492		43,393		47,143		43,868
Operating income	16,046		15,868		17,252		15,032
Net income	5,095		5,332		5,986		5,212

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:
Net income	$ 22,327	$ 21,625	$ 6,741
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	21,749	20,640	22,519
Deferred income taxes	(1,382)	1,787	522
Stock compensation expense	1,289	963	570
Non-cash interest expense	750	563	0
Gain on disposal of assets	(908)	0	0
Loss on debt extinguishment	2,463	0	0
Restructuring costs, net of payments	772	(1,014)	1,866
Changes in operating assets and liabilities:
Accounts receivable, net	(3,789)	4,463	(5,977)
Inventory	6,220	(3,633)	(10,942)
Prepaid expenses	753	(49)	(895)
Accounts payable	(1,485)	(404)	2,929
Accrued interest	(90)	293	(8,103)
Accrued taxes	1,172	(2,644)	(1,010)
Accrued and other	(3,060)	(9,445)	(1,129)
Net cash provided by operating activities	46,781	33,145	7,091
Cash flows from investing activities:
Capital expenditures	(9,123)	(12,551)	(14,824)
Proceeds from sale of assets	9,887	0	0
Acquisition of business, net of cash acquired	(34,737)	(3,498)	0
Other	(481)	(655)	(899)
Net cash used in investing activities	(34,454)	(16,704)	(15,723)
Cash flows from financing activities:
Issuance (Repayment) of Senior Secured Notes due 2017	(33,000)	100,000	0
Senior Secured Notes discount	(990)	(5,200)	0
Dividend payment to Parent	0	(93,507)	0
Use of Trusteed Assets for redemption of Senior Subordinated Notes		0	183,685
Working Capital Facility borrowings	22,336	0	0
Repayment of Senior Subordinated Notes		0	(176,095)
Repayments of other long-term obligations	(1,462)	(2,347)	(1,443)
Deferred financing fees	(155)	(4,421)	0
Other	425	246	1,185
Net cash provided by (used in) financing activities	(12,846)	(5,229)	7,332
Effect of exchange rate changes on cash and cash equivalents	(1,250)	311	(243)
Total increase (decrease) in cash and cash equivalents	(1,769)	11,523	(1,543)
Total cash and cash equivalents beginning of period	32,379	20,856	22,399
Total cash and cash equivalents end of period	30,610	32,379	20,856
Income taxes paid	4,107	8,975	8,329
Interest paid, including $8,688 for defeased Sr. Subordinated Notes in 2011	$ 33,151	$ 31,230	$ 33,980

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Current Assets:
Cash and cash equivalents	$ 30,610	$ 32,379
Accounts receivable, less allowance for doubtful accounts of $823 and $910	68,904	64,986
Inventory	96,983	100,609
Prepaid expenses	13,029	12,492
Deferred tax assets	2,011	2,423
Assets held for sale	1,500	0
Total current assets	213,037	212,889
Property, plant and equipment, net of accumulated depreciation of $35,232 and $26,515	61,627	75,894
Goodwill	195,743	187,123
Intangibles, net	152,633	136,788
Deferred financing fees, net	11,844	15,486
Other assets	1,362	559
Total assets	636,246	628,739
Current Liabilities:
Working Capital Facility	22,336	0
Current maturities of long-term obligations	1,284	1,563
Accounts payable	28,115	29,709
Accrued and other liabilities	39,763	36,717
Accrued interest	1,389	1,479
Income taxes payable	2,977	312
Deferred tax liabilities	7,115	4,436
Total current liabilities	102,979	74,216
Long-term obligations, less current maturities	324,416	357,520
Deferred tax liabilities	80,718	80,767
Other long-term liabilities	9,206	18,801
Total liabilities	517,319	531,304
Stockholder's equity:
Issued and outstanding -- 1,000 shares at December 31, 2013 and 2012	0	0
Additional paid-in capital	86,763	85,492
Retained earnings	36,013	13,686
Accumulated other comprehensive loss	(3,849)	(1,743)
Total stockholder's equity	118,927	97,435
Total liabilities and stockholder's equity	$ 636,246	$ 628,739