Euramax Holdings, Inc.

CIK:0001026743|SEC Filings

Condensed Consolidated Statements of Operations (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Apr. 03, 2015	Mar. 28, 2014
Net sales	$ 185,599us-gaap_SalesRevenueGoodsNet	$ 169,904us-gaap_SalesRevenueGoodsNet
Costs and expenses:
Cost of goods sold (excluding depreciation and amortization)	160,587	146,971
Selling and general (excluding depreciation and amortization)	18,537	18,776
Depreciation and amortization	7,499us-gaap_DepreciationAndAmortization	8,202us-gaap_DepreciationAndAmortization
Other operating charges	2,263	965
Loss from operations	(3,287)us-gaap_OperatingIncomeLoss	(5,010)us-gaap_OperatingIncomeLoss
Interest expense	(13,934)us-gaap_InterestExpense	(13,765)us-gaap_InterestExpense
Other (loss) income, net	(15,465)us-gaap_OtherNonoperatingIncomeExpense	196us-gaap_OtherNonoperatingIncomeExpense
Loss before income taxes	(32,686)	(18,579)
(Benefit from) provision for income taxes	(1,275)us-gaap_IncomeTaxExpenseBenefit	693us-gaap_IncomeTaxExpenseBenefit
Net loss	$ (31,411)us-gaap_NetIncomeLoss	$ (19,272)us-gaap_NetIncomeLoss

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Apr. 03, 2015	Mar. 28, 2014
Cash flows from operating activities [Abstract]
Net loss	$ (31,411)us-gaap_NetIncomeLoss	$ (19,272)us-gaap_NetIncomeLoss
Reconciliation of net loss to net cash provided by operating activities:
Depreciation and amortization	7,499	8,202
Amortization of deferred financing fees	641	576
Amortization of debt discount	175	129
Share-based compensation	99us-gaap_ShareBasedCompensation	121us-gaap_ShareBasedCompensation
Provision for doubtful accounts	1,318us-gaap_ProvisionForDoubtfulAccounts	119us-gaap_ProvisionForDoubtfulAccounts
Foreign exchange loss (gain)	16,559	(212)
Gain on sale or disposal of assets	0	(6)
Deferred income taxes	(1,497)us-gaap_DeferredIncomeTaxExpenseBenefit	864us-gaap_DeferredIncomeTaxExpenseBenefit
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable	(12,341)	(18,149)
Inventories	(6,586)us-gaap_IncreaseDecreaseInInventories	(14,948)us-gaap_IncreaseDecreaseInInventories
Other current assets	(868)	(690)
Accounts payable and other current liabilities	(5,329)	38,675
Income taxes payable	(390)	501
Other noncurrent assets and liabilities	(339)	204
Net cash used in operating activities	(32,470)	(3,886)
Cash flows from investing activities:
Proceeds from sales of assets	43	43
Capital expenditures	(2,109)	(1,488)
Net cash used in investing activities	(2,066)	(1,445)
Cash flows from financing activities:
Net borrowings (repayments) on ABL Credit Facility	24,207	(13,756)
Net borrowings on European Credit Facilities	10,523	14,657
Changes in cash overdrafts	0	236
Debt issuance costs	0us-gaap_PaymentsOfDebtIssuanceCosts	(88)us-gaap_PaymentsOfDebtIssuanceCosts
Net cash provided by financing activities	34,730	1,049
Effect of exchange rate changes on cash	(400)	(297)
Net decrease in cash and cash equivalents	(206)	(4,579)
Cash and cash equivalents at beginning of period	2,074	8,977
Cash and cash equivalents at end of period	$ 1,868	$ 4,398

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Apr. 03, 2015	Dec. 31, 2014	Mar. 28, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 1,868	$ 2,074	$ 4,398	$ 8,977
Accounts receivable, less allowances of $1,268 and $1,522, respectively	88,357us-gaap_AccountsReceivableNetCurrent	80,329us-gaap_AccountsReceivableNetCurrent
Inventories, net	110,648us-gaap_InventoryNet	106,385us-gaap_InventoryNet
Income taxes receivable	1,897us-gaap_IncomeTaxesReceivable	1,734us-gaap_IncomeTaxesReceivable
Deferred income taxes	424us-gaap_DeferredTaxAssetsNetCurrent	426us-gaap_DeferredTaxAssetsNetCurrent
Other current assets	7,750us-gaap_OtherAssetsCurrent	7,009us-gaap_OtherAssetsCurrent
Total current assets	210,944us-gaap_AssetsCurrent	197,957us-gaap_AssetsCurrent
Property, plant and equipment, net	104,037us-gaap_PropertyPlantAndEquipmentNet	111,164us-gaap_PropertyPlantAndEquipmentNet
Goodwill	180,659us-gaap_Goodwill	190,158us-gaap_Goodwill
Customer relationships, net	22,754us-gaap_FiniteLivedIntangibleAssetsNet	26,315us-gaap_FiniteLivedIntangibleAssetsNet
Other intangible assets, net	6,365	6,495
Deferred income taxes	179us-gaap_DeferredTaxAssetsNetNoncurrent	0us-gaap_DeferredTaxAssetsNetNoncurrent
Other assets	3,924us-gaap_OtherAssetsNoncurrent	4,687us-gaap_OtherAssetsNoncurrent
Total assets	528,862us-gaap_Assets	536,776us-gaap_Assets
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Accounts payable	83,772us-gaap_AccountsPayableCurrent	78,846us-gaap_AccountsPayableCurrent
Accrued expenses and other current liabilities	25,065us-gaap_AccruedLiabilitiesCurrent	25,509us-gaap_AccruedLiabilitiesCurrent
Accrued interest payable	85us-gaap_InterestPayableCurrent	12,912us-gaap_InterestPayableCurrent
Current portion of long-term debt	450,012us-gaap_LongTermDebtCurrent	4,663us-gaap_LongTermDebtCurrent
Deferred income taxes	811us-gaap_DeferredTaxLiabilitiesCurrent	895us-gaap_DeferredTaxLiabilitiesCurrent
Total current liabilities	559,745us-gaap_LiabilitiesCurrent	122,825us-gaap_LiabilitiesCurrent
Long-term debt	124,408us-gaap_LongTermDebtNoncurrent	534,852us-gaap_LongTermDebtNoncurrent
Deferred income taxes	14,073	15,894
Other liabilities	34,711us-gaap_OtherLiabilitiesNoncurrent	36,311us-gaap_OtherLiabilitiesNoncurrent
Total liabilities	732,937us-gaap_Liabilities	709,882us-gaap_Liabilities
Shareholders’ deficit:
Common stock	196us-gaap_CommonStockValue	196us-gaap_CommonStockValue
Additional paid-in capital	724,661	724,562
Accumulated loss	(934,440)	(903,029)
Accumulated other comprehensive income	5,508	5,165
Total shareholders’ deficit	(204,075)us-gaap_StockholdersEquity	(173,106)us-gaap_StockholdersEquity
Total liabilities and shareholders’ deficit	$ 528,862	$ 536,776