PAPERWEIGHT DEVELOPMENT CORP

CIK:0001166365|SEC Filings

Condensed Consolidated Statements Of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2017	Jul. 03, 2016	Jul. 02, 2017	Jul. 03, 2016
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Net sales	$ 163,977	$ 173,551	$ 330,670	$ 354,091
Cost of sales	135,414	143,259	271,290	287,634
Gross profit	28,563	30,292	59,380	66,457
Selling, general and administrative expenses	23,425	26,401	47,685	53,005
Operating income	5,138	3,891	11,695	13,452
Other expense
Interest expense	12,501	10,189	24,226	20,371
Foreign exchange (gain) loss	(479)	215	(568)	(318)
Other expense	291	258	586	522
Loss from continuing operations before income taxes	(7,175)	(6,771)	(12,549)	(7,123)
Provision for income taxes	76	89	140	158
Net loss	(7,251)	(6,860)	(12,689)	(7,281)
Other comprehensive loss
Changes in retiree plans	(912)	(915)	(1,825)	(1,830)
Unrealized losses on derivatives	(54)	326	(72)	(845)
Total other comprehensive loss	(966)	(589)	(1,897)	(2,675)
Comprehensive loss	$ (8,217)	$ (7,449)	$ (14,586)	$ (9,956)

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 02, 2017	Jul. 03, 2016
Cash flows from operating activities:
Net loss	$ (12,689)	$ (7,281)
Adjustments to reconcile net loss to net cash (used) provided by operating activities:
Depreciation	11,390	11,941
Amortization of intangible assets	1,325	1,305
Amortization of financing fees	1,844	945
Amortization of debt discount	524	390
Employer 401(k) non-cash matching contributions	731	862
Foreign exchange (gain) loss	(580)	(368)
Noncash (gain) loss on hedging	149
(Gain) loss on disposals of equipment	1	(34)
(Increase)/decrease in assets and increase/(decrease) in liabilities:
Accounts receivable	(3,298)	(3,878)
Inventories	905	(2,955)
Other current assets	1,068	1,289
Accounts payable and other accrued liabilities	(78)	(9,638)
Accrued pension	(1,091)	182
Other, net	(3,101)	(513)
Net cash (used) provided by operating activities	(2,900)	(7,753)
Cash flows from investing activities:
Proceeds from sale of equipment	4	46
Additions to property, plant and equipment	(4,130)	(5,754)
Net cash used by investing activities	(4,126)	(5,708)
Cash flows from financing activities:
Debt acquisition costs	(1,306)
Payment of first lien term loan	20,000
Payments relating to capital lease obligations	(124)	(132)
Proceeds from new revolving line of credit	290,780	197,900
Payments of new revolving line of credit	(303,200)	(180,500)
Payments of State of Ohio loans	(817)	(772)
Proceeds from Issuance of Common Stock	708	850
Payments to redeem common stock	(5,490)	(6,092)
Decrease in cash overdraft	1,892	4,421
Net cash used by financing activities	2,443	15,675
Effect of foreign exchange rate changes on cash and cash equivalents	12	50
Change in cash and cash equivalents	(4,571)	2,264
Cash and cash equivalents at beginning of period	6,397	1,817
Cash and cash equivalents at end of period	$ 1,826	$ 4,081

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 02, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 1,826	$ 6,397
Accounts receivable, less allowance for doubtful accounts of $322 and $323, respectively	44,658	41,297
Inventories	85,592	86,392
Other current assets	3,413	4,478
Total current assets	135,489	138,564
Property, plant and equipment, net	200,342	206,413
Intangible assets, net	33,555	34,697
Other assets	8,987	7,495
Total assets	378,373	387,169
Current liabilities
Current portion of long-term debt	19,827	982
Accounts payable	54,733	49,433
Accrued interest	3,065	3,258
Other accrued liabilities	43,181	44,939
Total current liabilities	120,806	98,612
Long-term debt	427,001	437,515
Postretirement benefits other than pension	20,531	20,842
Accrued pension	112,067	111,963
Other long-term liabilities	28,975	30,536
Commitments and contingencies (Note 12)
Redeemable common stock, $0.01 par value, shares authorized: 30,000,000, shares issued and outstanding: 6,260,418 and 6,260,418, respectively	91,760	100,641
Accumulated deficit	(439,817)	(431,887)
Accumulated other comprehensive income	17,050	18,947
Total liabilities, redeemable common stock, accumulated deficit and accumulated other comprehensive income	$ 378,373	$ 387,169