Symmetry Medical Inc.

CIK:0001292055|SEC Filings

Other Comprehensive Income

9 Months Ended

Sep. 27, 2014

Other Comprehensive Income Disclosure [Abstract]

Amounts reclassified from accumulated other comprehensive income (loss) to earnings during the three and nine months ended September 27, 2014 and September 28, 2013 were as follows:



Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income												Affected line item in the statement where net income is presented
	Three Months Ended						Nine Months Ended
	September 27, 2014			September 28, 2013			September 27, 2014			September 28, 2013
	(unaudited)						(unaudited)
Realized losses on derivative instruments	$	208		$	84		$	590		$	264		Interest expense
Tax benefit	(77		)	(37		)	(219		)	(116		)	Income tax expense (benefit)
Net of tax	$	131		$	47		$	371		$	148

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 27, 2014	Sep. 28, 2013
Operating activities
Net income (loss)	$ (3,980)	$ (33,641)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	12,048	12,476
Amortization of intangible assets	5,687	5,343
Amortization of debt issuance costs	741	1,569
Interest paid in kind	0	1,006
Net loss on sale of assets	142	675
Loss on sale of business	4,117	0
Asset impairment	10,500	51,646
Deferred income tax provision	(4,457)	(16,522)
Loss on debt extinguishment	503	0
Excess tax benefit from stock-based compensation	(61)	(57)
Stock-based compensation	2,716	1,934
Derivative valuation loss	0	242
Foreign currency transaction (gain) loss	(1,306)	1,391
Change in operating assets and liabilities:
Accounts receivable	(3,841)	5,005
Other assets	301	245
Inventories	(442)	3,853
Current income taxes	3,552	370
Accounts payable	1,787	(1,036)
Accrued expenses and other	5,826	(110)
Net cash provided by operating activities	33,833	34,389
Investing activities
Purchases of property and equipment	(11,404)	(7,786)
Proceeds from sale of property and equipment and other	1,603	655
Net cash used in investing activities	(9,801)	(7,131)
Financing activities
Proceeds from Bank Revolver	79,838	82,687
Payments on Bank Revolver	(64,838)	(85,687)
Proceeds on short term borrowings	20,638	0
Payments on short term borrowings	(20,638)	0
Payments on bank term loans and capital lease obligations	(17,350)	(29,328)
Proceeds from the issuance of common stock, net	(142)	(458)
Excess tax benefit from stock-based compensation	61	57
Net cash used in financing activities	(2,431)	(32,729)
Effect of exchange rate changes on cash	(1,788)	553
Net increase (decrease) in cash and cash equivalents	19,813	(4,918)
Cash and cash equivalents at beginning of period	7,362	9,815
Cash and cash equivalents at end of period	27,175	4,897
Supplemental disclosure of cash flow information:
Cash paid for interest	5,200	11,381
Cash paid (received) for income taxes	413	(966)
Supplemental disclosure of non-cash investing activities:
Non-cash property, plant and equipment additions	$ 1,129	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Sep. 27, 2014	Dec. 28, 2013
ASSETS:
Cash and cash equivalents	$ 27,175	$ 7,362
Accounts receivable, net	53,180	51,813
Inventories	56,661	58,879
Refundable income taxes	3,198	5,784
Deferred income taxes	6,193	5,439
Other current assets	4,800	4,900
Total current assets	151,207	134,177
Property and equipment, net	87,357	89,993
Goodwill	170,674	182,178
Intangible assets, net of accumulated amortization	99,246	105,004
Other assets	2,839	4,484
Total Assets	511,323	515,836
LIABILITIES AND SHAREHOLDERS' EQUITY:
Accounts payable	28,831	28,837
Accrued wages and benefits	12,909	9,656
Other accrued expenses	9,144	7,138
Accrued income taxes	989	53
Derivative valuation liability	416	283
Current portion of capital lease obligations	507	465
Current portion of long-term debt	0	6,531
Total current liabilities	52,796	52,963
Accrued income taxes	685	2,126
Deferred income taxes	4,768	7,536
Derivative valuation liability	2,311	1,104
Other liabilities	923	886
Capital lease obligations, less current portion	563	974
Long-term debt, less current portion	170,000	165,450
Total Liabilities	232,046	231,039
Commitments and contingencies
Shareholders' Equity:
Common Stock, $.0001 par value; 75,000 shares authorized; shares issued September 27, 2014-37,550; December 28, 2013-37,209	4	4
Additional paid-in capital	291,893	289,257
Accumulated deficit	(13,511)	(9,531)
Accumulated other comprehensive income	891	5,067
Total Shareholders' Equity	279,277	284,797
Total Liabilities and Shareholders' Equity	$ 511,323	$ 515,836