HII Mission Technologies Corp.

CIK:0001166568|SEC Filings

Consolidated Statements of Comprehensive Loss (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2012
Income Statement [Abstract]
Contract revenue	$ 804,809us-gaap_ContractsRevenue	$ 848,972us-gaap_ContractsRevenue	$ 817,204us-gaap_ContractsRevenue
Direct contract expense	629,311us-gaap_ContractRevenueCost	669,504us-gaap_ContractRevenueCost	632,831us-gaap_ContractRevenueCost
Gross profit	175,498us-gaap_GrossProfit	179,468us-gaap_GrossProfit	184,373us-gaap_GrossProfit
Operating expenses	78,061us-gaap_OperatingExpenses	84,128us-gaap_OperatingExpenses	91,494us-gaap_OperatingExpenses
General and administrative	51,159us-gaap_GeneralAndAdministrativeExpense	53,139us-gaap_GeneralAndAdministrativeExpense	52,441us-gaap_GeneralAndAdministrativeExpense
Operating income	46,278us-gaap_OperatingIncomeLoss	42,201us-gaap_OperatingIncomeLoss	40,438us-gaap_OperatingIncomeLoss
Other income (expense):
Interest income	55us-gaap_InvestmentIncomeInterest	55us-gaap_InvestmentIncomeInterest	78us-gaap_InvestmentIncomeInterest
Interest expense	(81,662)us-gaap_InterestExpense	(75,700)us-gaap_InterestExpense	(74,934)us-gaap_InterestExpense
Other	(123)us-gaap_OtherNonoperatingIncomeExpense	(84)us-gaap_OtherNonoperatingIncomeExpense	(55)us-gaap_OtherNonoperatingIncomeExpense
Change in warrant value	9,894us-gaap_FairValueAdjustmentOfWarrants	0us-gaap_FairValueAdjustmentOfWarrants	0us-gaap_FairValueAdjustmentOfWarrants
Gain (loss) on debt extinguishment	(11,458)	3,913	0
Total other income (expense)	(83,294)us-gaap_NonoperatingIncomeExpense	(71,816)us-gaap_NonoperatingIncomeExpense	(74,911)us-gaap_NonoperatingIncomeExpense
Loss before income taxes	(37,016)	(29,615)	(34,473)
Income tax expense	(6,980)us-gaap_IncomeTaxExpenseBenefit	(6,977)us-gaap_IncomeTaxExpenseBenefit	(6,974)us-gaap_IncomeTaxExpenseBenefit
Net (loss) income	(43,996)us-gaap_NetIncomeLoss	(36,592)us-gaap_NetIncomeLoss	(41,447)us-gaap_NetIncomeLoss
Basic and diluted loss per share (in dollars per share)	$ (5.53)us-gaap_EarningsPerShareBasicAndDiluted	$ (5.39)us-gaap_EarningsPerShareBasicAndDiluted	$ (6.74)us-gaap_EarningsPerShareBasicAndDiluted
Basic and diluted weighted average common shares outstanding (in shares)	7,952,248	6,787,660	6,148,438
Other comprehensive income:
Post-retirement actuarial gains (loss)	(149)	279	26
Comprehensive income (loss)	$ (44,145)us-gaap_ComprehensiveIncomeNetOfTax	$ (36,313)us-gaap_ComprehensiveIncomeNetOfTax	$ (41,421)us-gaap_ComprehensiveIncomeNetOfTax

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:
Net loss	$ (43,996)us-gaap_NetIncomeLoss	$ (36,592)us-gaap_NetIncomeLoss	$ (41,447)us-gaap_NetIncomeLoss
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,794	7,363	11,741
Paid-in-kind interest	10,072us-gaap_PaidInKindInterest	6,551us-gaap_PaidInKindInterest	6,423us-gaap_PaidInKindInterest
Bad debt expense	250us-gaap_ProvisionForDoubtfulAccounts	367us-gaap_ProvisionForDoubtfulAccounts	802us-gaap_ProvisionForDoubtfulAccounts
Amortization of debt issuance costs	11,449us-gaap_AmortizationOfFinancingCosts	10,571us-gaap_AmortizationOfFinancingCosts	10,421us-gaap_AmortizationOfFinancingCosts
Incentive and stock-based compensation	1,901us-gaap_ShareBasedCompensation	2,065us-gaap_ShareBasedCompensation	1,310us-gaap_ShareBasedCompensation
Loss (gain) on debt extinguishment	1,244	(3,913)	0
Change in warrant fair value	(9,894)us-gaap_FairValueAdjustmentOfWarrants	0us-gaap_FairValueAdjustmentOfWarrants	0us-gaap_FairValueAdjustmentOfWarrants
Deferred income taxes	6,974us-gaap_DeferredIncomeTaxExpenseBenefit	6,974us-gaap_DeferredIncomeTaxExpenseBenefit	6,974us-gaap_DeferredIncomeTaxExpenseBenefit
Other gains	(700)alst_OtherGainsAndLosses	(151)alst_OtherGainsAndLosses	(95)alst_OtherGainsAndLosses
Changes in assets and liabilities:
Accounts receivable	859	2,323	4,269
Other assets	(1,568)	733	4,122
Trade accounts payable	(6,089)	16,829	(7,562)
Accrued liabilities	19,086	(4,122)	16,513
Interest payable	(14,782)	100	266
Other liabilities	(2,877)	1,685	(1,056)
Net cash (used in) provided by operating activities	(23,277)	10,783	12,681
Cash flows from investing activities:
Capital expenditures	(1,182)	(1,869)	(2,731)
Asset sales proceeds	1,596	0	0
Net cash provided by (used in) investing activities	414	(1,869)	(2,731)
Cash flows from financing activities:
Payment of debt issue costs	(30,505)us-gaap_PaymentsOfDebtIssuanceCosts	0us-gaap_PaymentsOfDebtIssuanceCosts	0us-gaap_PaymentsOfDebtIssuanceCosts
Repurchase of secured notes	(338,959)us-gaap_RepaymentsOfSecuredDebt	0us-gaap_RepaymentsOfSecuredDebt	0us-gaap_RepaymentsOfSecuredDebt
Retirement / Repurchase of unsecured notes	0us-gaap_RepaymentsOfUnsecuredDebt	(6,030)us-gaap_RepaymentsOfUnsecuredDebt	0us-gaap_RepaymentsOfUnsecuredDebt
Revolver borrowings	78,000us-gaap_ProceedsFromLinesOfCredit	16,461us-gaap_ProceedsFromLinesOfCredit	26,000us-gaap_ProceedsFromLinesOfCredit
Revolver repayments	(35,000)us-gaap_RepaymentsOfLinesOfCredit	(16,461)us-gaap_RepaymentsOfLinesOfCredit	(26,000)us-gaap_RepaymentsOfLinesOfCredit
Loan to ESOP Trust	(855)	(1,907)	(477)
ESOP loan repayment	855	1,907	477
Redeemable common stock purchased from ESOP Trust	(2,285)	(6,664)	(4,843)
Redeemable common stock sold to ESOP Trust	934	2,166	1,302
Net cash used in financing activities	7,982	(10,528)	(3,541)
Net increase (decrease) in cash and cash equivalents	(14,881)	(1,614)	6,409
Cash and cash equivalents at beginning of period	25,613	27,227	20,818
Cash and cash equivalents at end of period	10,732	25,613	27,227
Supplemental disclosure of cash flow information:
Cash paid for interest	75,000us-gaap_InterestPaid	58,460us-gaap_InterestPaid	57,755us-gaap_InterestPaid
Cash paid (received) for taxes	11us-gaap_IncomeTaxesPaid	2us-gaap_IncomeTaxesPaid	0us-gaap_IncomeTaxesPaid
Non-cash investing and financing activities:
Common stock issued to ESOP Trust in satisfaction of employer contribution liability	14,145	13,757	13,732
Landlord funded leasehold improvements	60	493	1,841
Debt Refinance [Member] \| Common Stock [Member]
Non-cash investing and financing activities:
Value of stock/warrants	16,412	0	0
Debt Refinance [Member] \| Preferred Stock [Member]
Non-cash investing and financing activities:
Value of stock/warrants	2,339	0	0
Senior Notes [Member]
Cash flows from financing activities:
Retirement / Repurchase of unsecured notes	(4,876)	0	0
First Lien Term Loan, Tranche A [Member]
Cash flows from financing activities:
Proceeds from sale of loans	107,800	0	0
First Lien Term Loan, Tranche B [Member]
Cash flows from financing activities:
Proceeds from sale of loans	169,200	0	0
Second Lien Term Loans [Member]
Cash flows from financing activities:
Proceeds from sale of loans	66,150	0	0
Third Lien Notes [Member]
Cash flows from financing activities:
Proceeds from sale of loans	1,711	0	0
Third Lien Notes [Member] \| Debt Refinance [Member]
Non-cash investing and financing activities:
Unsecured Notes exchanged for Third Lien Notes	208,135	0	0
First Lien Notes [Member]
Cash flows from financing activities:
Repayment of first lien notes	$ (4,188)	$ 0	$ 0

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	0 Months Ended
	Aug. 18, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Sep. 30, 2011
Current assets:
Cash and cash equivalents		$ 10,732				$ 25,613				$ 27,227	$ 20,818
Accounts receivable, net		171,495us-gaap_AccountsReceivableNetCurrent				172,604us-gaap_AccountsReceivableNetCurrent
Receivable due from ESOP Trust		0us-gaap_DueFromRelatedPartiesCurrent				930us-gaap_DueFromRelatedPartiesCurrent
Prepaid expenses and other current assets		5,341				4,483
Total current assets		187,568us-gaap_AssetsCurrent	189,003us-gaap_AssetsCurrent	191,759us-gaap_AssetsCurrent	179,298us-gaap_AssetsCurrent	203,630us-gaap_AssetsCurrent	211,464us-gaap_AssetsCurrent	223,550us-gaap_AssetsCurrent	203,722us-gaap_AssetsCurrent
Property, plant and equipment, net		7,066us-gaap_PropertyPlantAndEquipmentNet				9,668us-gaap_PropertyPlantAndEquipmentNet
Intangible assets, net		961us-gaap_FiniteLivedIntangibleAssetsNet				2,040us-gaap_FiniteLivedIntangibleAssetsNet
Goodwill		398,921us-gaap_Goodwill				398,921us-gaap_Goodwill
Other assets		9,753us-gaap_OtherAssetsNoncurrent				10,367us-gaap_OtherAssetsNoncurrent
Total assets		604,269us-gaap_Assets				624,626us-gaap_Assets
Current liabilities:
Unsecured notes, current portion		23,977us-gaap_UnsecuredDebtCurrent				0us-gaap_UnsecuredDebtCurrent
Interest payable		2,976us-gaap_InterestPayableCurrent				17,758us-gaap_InterestPayableCurrent
Trade accounts payable		55,533us-gaap_AccountsPayableTradeCurrent				61,622us-gaap_AccountsPayableTradeCurrent
Accrued liabilities		45,021us-gaap_AccruedLiabilitiesCurrent				39,393us-gaap_AccruedLiabilitiesCurrent
Accrued payroll and related liabilities		38,190				37,954
Billings in excess of revenue earned		2,815us-gaap_BillingsInExcessOfCost				4,334us-gaap_BillingsInExcessOfCost
Total current liabilities		186,156us-gaap_LiabilitiesCurrent	743,602us-gaap_LiabilitiesCurrent	736,335us-gaap_LiabilitiesCurrent	474,643us-gaap_LiabilitiesCurrent	161,061us-gaap_LiabilitiesCurrent	167,253us-gaap_LiabilitiesCurrent	171,700us-gaap_LiabilitiesCurrent	157,168us-gaap_LiabilitiesCurrent
Secured notes		0us-gaap_SecuredLongTermDebt				322,286us-gaap_SecuredLongTermDebt
Unsecured notes		0us-gaap_UnsecuredLongTermDebt				233,832us-gaap_UnsecuredLongTermDebt
Accrued compensation and benefits, excluding current portion		5,878				5,736
Non-current portion of lease obligations		11,456us-gaap_DeferredRentCreditNoncurrent				12,821us-gaap_DeferredRentCreditNoncurrent
Deferred income taxes		65,104				58,130
Commitments and contingencies
Common stock warrants, secured notes						20,785us-gaap_WarrantsAndRightsOutstanding
Redeemable common stock, $0.01 par value, 24,000,000 shares authorized, 13,110,043 issued and outstanding at September 30, 2014; 20,000,000 shares authorized and 7,641,391 shares issued and outstanding at September 30, 2013 (recorded at redemption value, see Note 5)		32,120us-gaap_TemporaryEquityRedemptionValue				61,895us-gaap_TemporaryEquityRedemptionValue
Accumulated other comprehensive loss (gain)		(19)				130
Accumulated deficit		(253,475)				(252,050)
Total liabilities, redeemable common stock and stockholders' deficit		604,269us-gaap_Liabilities				624,626us-gaap_Liabilities
Second and Third Lien Notes [Member]
Current liabilities:
Common stock warrants, secured notes		6,518				0
Secured Notes [Member]
Current liabilities:
Common stock warrants, secured notes		20,785				20,785
Series A Preferred Stock [Member]
Current liabilities:
Series A preferred stock		2,339				0				0
Revolving Credit Facility [Member]
Current liabilities:
Revolving credit facility		39,549				0
First Lien Term Loan, Tranche A [Member]
Current liabilities:
Debt, current		16,059				0
Debt, noncurrent		82,627				0
First Lien Term Loan, Tranche B [Member]
Current liabilities:
Debt, current		1,585				0
Debt, noncurrent		158,413				0
Second Lien Term Loans [Member]
Current liabilities:
Debt, noncurrent		56,373				0
Third Lien Notes [Member]
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants	12,900
Current liabilities:
Debt, noncurrent		$ 190,445				$ 0