AVINTIV Specialty Materials, LLC

CIK:0000927417|SEC Filings

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 28, 2014	Jun. 30, 2015	Jun. 28, 2014
Net sales	$ 457,694	$ 439,898	$ 918,932	$ 862,482
Gross profit	105,524	86,586	210,942	161,051
Selling, general and administrative expenses	(66,175)	(64,169)	(131,164)	(119,703)
Special charges, net	(6,613)	(24,264)	(12,635)	(32,975)
Other operating, net	(189)	(3,855)	1,234	(4,924)
Operating income (loss)	32,547	(5,702)	68,377	3,449
Other income (expense):
Interest expense	(27,011)	(20,917)	(54,644)	(38,823)
Foreign currency and other, net	3,217	10,003	(40,706)	14,962
Income (loss) before income taxes	(4,251)	(27,354)	(39,977)	(31,150)
Income tax (provision) benefit	(3,317)	5,413	(7,865)	(287)
Net income (loss)	(7,568)	(21,941)	(47,842)	(31,437)
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest	1,176	(2,277)	860	(2,293)
Net income (loss) attributable to AVINTIV Specialty Materials Inc.	(8,744)	(19,664)	(48,702)	(29,144)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	15,790	1,980	(22,349)	3,693
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	0	0	0	0
Other Comprehensive Income (Loss), Net of Tax	15,790	1,980	(22,349)	3,693
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	8,222	(19,961)	(70,191)	(27,744)
Comprehensive income (loss) attributable to redeemable noncontrolling interest	(6,873)	(2,300)	(7,038)	(2,290)
Comprehensive income (loss) attributable to Polymer Group, Inc.	5,483	(17,661)	(63,153)	(25,454)
Cost of goods sold	(352,170)	$ (353,312)	(707,990)	$ (701,431)
Noncontrolling Interest [Member]
Other income (expense):
Net income (loss)			(48,862)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax			$ (14,456)
Comprehensive income (loss) attributable to redeemable noncontrolling interest	$ 2,739

Consolidated Statements of Cash Flows (Unaudited) - Scenario, Unspecified [Domain] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 28, 2014
Payments of Debt Restructuring Costs	$ 7,750	$ 0
Operating activities:
Net income (loss)	(47,842)	(31,437)
Debt Modification, Charges	13,004	10,738
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred income taxes	0	2,201
Depreciation and amortization expense	62,025	51,515
Inventory step-up	24	5,663
Gains (Losses) on Extinguishment of Debt	(1,816)	(253)
(Gain) loss on financial instruments	2,393	(12,837)
(Gain) loss on sale of assets, net	(2,613)	83
Non-cash compensation	903	1,065
Changes in operating assets and liabilities:
Accounts receivable	(1,636)	(11,987)
Inventories	19,757	(6,470)
Other current assets	1,998	(6,064)
Accounts payable and accrued liabilities	(54,182)	(1,517)
Other, net	35,435	9,028
Net cash provided by (used in) operating activities	31,082	10,234
Investing activities:
Purchases of property, plant and equipment	(29,020)	(33,800)
Proceeds from sale of assets	4,039	47
Acquisition of intangibles and other	(411)	(124)
Payments to Acquire Businesses, Net of Cash Acquired	58,158	356,281
Net cash provided by (used in) investing activities	(83,550)	(390,158)
Financing activities:
Proceeds from long-term borrowings	282,308	523,152
Proceeds from short-term borrowings	37,567	17,421
Repayment of long-term borrowings	(226,027)	(7,857)
Repayment of short-term borrowings	(17,635)	(5,849)
Net cash provided by (used in) financing activities	65,192	505,555
Payments of Loan Costs	3,271	21,312
Effect of exchange rate changes on cash	(3,964)	(499)
Net change in cash and cash equivalents	8,760	125,132
Cash and cash equivalents at beginning of period	178,491	86,064
Cash and cash equivalents at end of period	187,251	211,196
Supplemental disclosures of cash flow information:
Cash payments for interest	57,898	34,141
Cash payments (receipts) for taxes, net	$ 6,369	$ 6,134

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 187,251	$ 178,491
Accounts receivable, net	251,018	247,727
Inventories, net	149,582	173,701
Deferred income taxes	11,858	16,776
Other current assets	81,156	89,121
Total current assets	680,865	705,816
Property, plant and equipment, net of accumulated depreciation of $285,648 and $230,681, respectively	854,887	870,230
Goodwill	218,861	220,554
Intangible assets, net	182,573	178,911
Deferred income taxes	17,500	18,231
Other noncurrent assets	36,758	41,431
Total assets	1,991,444	2,035,173
Current liabilities:
Short-term borrowings	36,761	17,665
Accounts payable and accrued liabilities	271,898	321,313
Income taxes payable	9,514	9,636
Deferred income taxes	8,793	10,217
Current portion of long-term debt	31,779	31,892
Total current liabilities	358,745	390,723
Long-term debt	1,486,695	1,433,283
Deferred Portion of Purchase Price	38,127	42,440
Deferred income taxes	50,092	36,223
Other noncurrent liabilities	61,693	67,124
Total liabilities	1,995,352	1,969,793
Redeemable noncontrolling interest	82,130	89,181
Shareholders’ equity:
Common stock — 1,000 shares issued and outstanding	0	0
Additional paid-in capital	278,329	277,248
Accumulated deficit	(291,141)	(242,439)
Accumulated other comprehensive income (loss)	(73,615)	(59,164)
Total AVINTIV Specialty Materials Inc. shareholders' equity (deficit)	(86,427)	(24,355)
Noncontrolling interest	389	554
Total equity (deficit)	(86,038)	(23,801)
Total liabilities and equity	$ 1,991,444	$ 2,035,173