EASTON-BELL SPORTS, INC.

CIK:0001322739|SEC Filings

Consolidated Statements of Comprehensive (Loss) Income (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 28, 2013	Dec. 29, 2012	Dec. 31, 2011
Net sales	$ 780,432	$ 827,152	$ 834,910
Cost of sales	511,087	544,691	551,409
Gross profit	269,345	282,461	283,501
Selling, general and administrative expenses	235,756	229,751	211,292
Amortization of intangibles	7,881	10,394	9,612
Income from operations	25,708	42,316	62,597
Interest expense, net	42,680	42,634	42,872
(Loss) income before income taxes	(16,972)	(318)	19,725
Income tax (benefit) expense	(1,831)	3,102	9,697
Net (loss) income	(15,141)	(3,420)	10,028
Other comprehensive (loss) income:
Foreign currency translation adjustment	(3,847)	631	(1,548)
Comprehensive (loss) income	$ (18,988)	$ (2,789)	$ 8,480

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 28, 2013	Dec. 29, 2012	Dec. 31, 2011
Cash flows from operating activities:
Net (loss) income	$ (15,141)	$ (3,420)	$ 10,028
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	28,873	31,987	28,842
Amortization of deferred financing fees and debt discount	3,269	3,212	3,290
Deferred financing fees written-off			120
Equity compensation expense	9,268	5,048	3,507
Deferred income taxes	(1,527)	719	8,005
Non-cash impairment charges	958
Disposal of property, plant and equipment	334		53
Changes in operating assets and liabilities, net of effects from purchase of businesses:
Accounts receivable, net	27,631	21,977	(34,800)
Inventories, net	14,927	4,388	(5,345)
Other current assets and noncurrent assets	5,260	(2,376)	(2,053)
Accounts payable	(2,942)	(10,333)	15,512
Accrued expenses	2,379	555	5,047
Other noncurrent liabilities	5,939	120	(2,454)
Net cash provided by operating activities	79,228	51,877	29,752
Cash flows from investing activities:
Purchase of property, plant and equipment	(34,222)	(22,169)	(23,798)
Purchase of intellectual property	(8,662)	(2,500)
Purchase of businesses, net of cash acquired		(1,150)	(1,875)
Net cash used in investing activities	(42,884)	(25,819)	(25,673)
Cash flows from financing activities:
Payments on capital lease obligations	(29)	(26)	(24)
Payments on revolving ABL credit facility	(82,000)	(62,500)	(54,671)
Proceeds from revolving ABL credit facility	70,000	55,500	57,778
Distribution to RBG	(17,276)	(8,385)
Payment of debt issuance costs			(1,282)
Net cash (used in) provided by financing activities	(29,305)	(15,411)	1,801
Effect of exchange rate changes on cash and cash equivalents	(4,193)	700	(399)
Net change in cash and cash equivalents	2,846	11,347	5,481
Cash and cash equivalents, beginning of year	40,852	29,505	24,024
Cash and cash equivalents, end of year	$ 43,698	$ 40,852	$ 29,505

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 28, 2013	Dec. 29, 2012
Current assets:
Cash and cash equivalents	$ 43,698	$ 40,852
Accounts receivable, net	200,941	228,201
Inventories, net	126,931	141,716
Prepaid expenses	7,072	6,162
Deferred taxes, net	17,330	20,777
Other current assets	7,003	13,183
Total current assets	402,975	450,891
Property, plant and equipment, net	69,285	55,549
Deferred financing fees, net	7,305	9,964
Intangible assets, net	269,394	265,898
Goodwill	207,739	208,697
Other assets	1,245	1,235
Total assets	957,943	992,234
Current liabilities:
Revolving credit facility	23,000	35,000
Current portion of capital lease obligations	23	28
Accounts payable	76,373	78,344
Accrued expenses	68,978	63,848
Total current liabilities	168,374	177,220
Long-term debt, less current portion	347,834	347,224
Capital lease obligations, less current portion		24
Deferred taxes, net	57,652	62,626
Other noncurrent liabilities	27,580	21,641
Total liabilities	601,440	608,735
Stockholder's equity:
Common stock: $0.01 par value, 100 shares authorized, 100 shares issued and outstanding at December 28, 2013 and December 29, 2012
Additional paid-in capital	369,868	368,778
(Accumulated deficit) retained earnings	(10,615)	13,624
Accumulated other comprehensive (loss) income	(2,750)	1,097
Total stockholder's equity	356,503	383,499
Total liabilities and stockholder's equity	$ 957,943	$ 992,234