ACCELLENT INC

CIK:0001342505|SEC Filings

Changes in Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2013

Changes in Accumulated Other Comprehensive Loss

The following table summarizes the changes in accumulated other comprehensive (loss) income for the three months ended September 30, 2012 (in thousands):



	Defined Benefit Pension Items			Unrealized Gains and Losses on Available-for-Sale Securities			Foreign Currency Items			Total
Balance at July 1, 2012	$	(317	)	$	1,348		$	(2,090	)	$	(1,059	)
Other comprehensive (loss) income before reclassifications	—			(250		)	344			94
Amounts reclassified from accumulated other comprehensive income	—			—			—			—
Net current-period other comprehensive (loss) income	—			(250		)	344			94
Balance at September 30, 2012	$	(317	)	$	1,098		$	(1,746	)	$	(965	)

The following table summarizes the changes in accumulated other comprehensive income (loss) for the three months ended September 30, 2013 (in thousands):



	Defined Benefit Pension Items			Unrealized Gains and Losses on Available-for-Sale Securities		Foreign Currency Items			Total
Balance at July 1, 2013	$	(1,159	)	$	—	$	(1,537	)	$	(2,696	)
Other comprehensive income before reclassifications	—			—		655			655
Amounts reclassified from accumulated other comprehensive income	—			—		—			—
Net current-period other comprehensive income	—			—		655			655
Balance at September 30, 2013	$	(1,159	)	$	—	$	(882	)	$	(2,041	)

The following table summarizes the changes in accumulated other comprehensive (loss) income for the nine months ended September 30, 2012 (in thousands):



	Defined Benefit Pension Items			Unrealized Gains and Losses on Available-for-Sale Securities			Foreign Currency Items			Total
Balance at January 1, 2012	$	(317	)	$	1,155		$	(2,104	)	$	(1,266	)
Other comprehensive (loss) income before reclassifications	—			(57		)	358			301
Amounts reclassified from accumulated other comprehensive income	—			—			—			—
Net current-period other comprehensive (loss) income	—			(57		)	358			301
Balance at September 30, 2012	$	(317	)	$	1,098		$	(1,746	)	$	(965	)

The following table summarizes the changes in accumulated other comprehensive (loss) income for the nine months ended September 30, 2013 (in thousands):



	Defined Benefit Pension Items			Unrealized Gains and Losses on Available-for-Sale Securities			Foreign Currency Items			Total
Balance at January 1, 2013	$	(1,159	)	$	210		$	(1,605	)	$	(2,554	)
Other comprehensive (loss) income before reclassifications	—			(210		)	723			513
Amounts reclassified from accumulated other comprehensive income	—			—			—			—
Net current-period other comprehensive (loss) income	—			(210		)	723			513
Balance at September 30, 2013	$	(1,159	)	$	—		$	(882	)	$	(2,041	)

Supplemental guarantor condensed consolidating financial statements - Unaudited Condensed Consolidating Statements of Cash Flows (Detail) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Segment Reporting Information [Line Items]
Net cash (used in) provided by operating activities of continuing operations	$ 12,617	$ 13,746
Net cash provided by (used in) operating activities of discontinued operations	(265)	2,406
Net cash provided by operating activities	12,352	16,152
Capital expenditures	(16,193)	(13,180)
Proceeds from disposition of assets	68	264
Proceeds from the sale of available for sale securities	242	0
Net cash used in investing activities of continuing operations	(15,883)	(12,916)
Net cash used in investing activities of discontinued operations	7,987	7,484
Net cash used in investing activities	(7,896)	(5,432)
Repayments of long-term debt and capital lease obligations	(9)	(16)
Net cash used in financing activities	(9)	(59)
Effect of exchange rate changes in cash	228	68
Net increase in cash	4,675	10,729
Cash, beginning of period	59,902	38,858
Cash, end of period	64,577	49,587
Parent
Segment Reporting Information [Line Items]
Net cash (used in) provided by operating activities of continuing operations	(48,325)	(49,930)
Net cash provided by (used in) operating activities of discontinued operations	0	0
Net cash provided by operating activities	(48,325)	(49,930)
Capital expenditures	0	0
Proceeds from disposition of assets	0	0
Proceeds from the sale of available for sale securities	242
Net cash used in investing activities of continuing operations	242	0
Net cash used in investing activities of discontinued operations	0	0
Net cash used in investing activities	242	0
Repayments of long-term debt and capital lease obligations	0	0
Intercompany receipts (advances)	48,083	49,973
Proceeds from (repurchase of) sale of parent company stock		(43)
Net cash used in financing activities	48,083	49,930
Effect of exchange rate changes in cash	0	0
Net increase in cash	0	0
Cash, beginning of period	0	0
Cash, end of period	0	0
Subsidiary Guarantors
Segment Reporting Information [Line Items]
Net cash (used in) provided by operating activities of continuing operations	56,307	59,628
Net cash provided by (used in) operating activities of discontinued operations	(265)	2,406
Net cash provided by operating activities	56,042	62,034
Capital expenditures	(9,877)	(4,552)
Proceeds from disposition of assets	61	264
Proceeds from the sale of available for sale securities	0
Net cash used in investing activities of continuing operations	(9,816)	(4,288)
Net cash used in investing activities of discontinued operations	7,987	7,484
Net cash used in investing activities	(1,829)	3,196
Repayments of long-term debt and capital lease obligations	(9)	(14)
Intercompany receipts (advances)	(51,357)	(53,379)
Proceeds from (repurchase of) sale of parent company stock		0
Net cash used in financing activities	(51,366)	(53,393)
Effect of exchange rate changes in cash	(8)	86
Net increase in cash	2,839	11,923
Cash, beginning of period	53,812	32,627
Cash, end of period	56,651	44,550
Non-Guarantor Subsidiaries
Segment Reporting Information [Line Items]
Net cash (used in) provided by operating activities of continuing operations	4,635	4,048
Net cash provided by (used in) operating activities of discontinued operations	0	0
Net cash provided by operating activities	4,635	4,048
Capital expenditures	(6,316)	(8,628)
Proceeds from disposition of assets	7	0
Proceeds from the sale of available for sale securities	0
Net cash used in investing activities of continuing operations	(6,309)	(8,628)
Net cash used in investing activities of discontinued operations	0	0
Net cash used in investing activities	(6,309)	(8,628)
Repayments of long-term debt and capital lease obligations	0	(2)
Intercompany receipts (advances)	3,274	3,406
Proceeds from (repurchase of) sale of parent company stock		0
Net cash used in financing activities	3,274	3,404
Effect of exchange rate changes in cash	236	(18)
Net increase in cash	1,836	(1,194)
Cash, beginning of period	6,090	6,231
Cash, end of period	7,926	5,037
Eliminations
Segment Reporting Information [Line Items]
Net cash (used in) provided by operating activities of continuing operations	0	0
Net cash provided by (used in) operating activities of discontinued operations	0	0
Net cash provided by operating activities	0	0
Capital expenditures	0	0
Proceeds from disposition of assets	0	0
Proceeds from the sale of available for sale securities	0
Net cash used in investing activities of continuing operations	0	0
Net cash used in investing activities of discontinued operations	0	0
Net cash used in investing activities	0	0
Repayments of long-term debt and capital lease obligations	0	0
Intercompany receipts (advances)	0	0
Proceeds from (repurchase of) sale of parent company stock		0
Net cash used in financing activities	0	0
Effect of exchange rate changes in cash	0	0
Net increase in cash	0	0
Cash, beginning of period	0	0
Cash, end of period	0	0
Consolidated
Segment Reporting Information [Line Items]
Net cash (used in) provided by operating activities of continuing operations	12,617	13,746
Net cash provided by (used in) operating activities of discontinued operations	(265)	2,406
Net cash provided by operating activities	12,352	16,152
Capital expenditures	(16,193)	(13,180)
Proceeds from disposition of assets	68	264
Proceeds from the sale of available for sale securities	242
Net cash used in investing activities of continuing operations	(15,883)	(12,916)
Net cash used in investing activities of discontinued operations	7,987	7,484
Net cash used in investing activities	(7,896)	(5,432)
Repayments of long-term debt and capital lease obligations	(9)	(16)
Intercompany receipts (advances)	0	0
Proceeds from (repurchase of) sale of parent company stock		(43)
Net cash used in financing activities	(9)	(59)
Effect of exchange rate changes in cash	228	68
Net increase in cash	4,675	10,729
Cash, beginning of period	59,902	38,858
Cash, end of period	$ 64,577	$ 49,587

Unaudited Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Current assets:
Cash	$ 64,577	$ 59,902
Accounts receivable, net of allowances of $2,106 and $2,508 as of December 31, 2012 and September 30, 2013, respectively	56,735	49,403
Inventory	63,329	57,069
Prepaid expenses and other current assets	3,403	10,973
Total current assets	188,044	177,347
Property, plant and equipment, net	116,315	114,809
Assets held for sale	880	1,060
Goodwill	556,315	619,443
Other intangible assets, net	123,543	134,747
Deferred financing costs and other assets, net	11,634	13,766
Total assets	996,731	1,061,172
Current liabilities:
Current portion of long-term debt	7	11
Accounts payable	22,259	20,044
Accrued payroll and benefits	11,766	6,829
Accrued interest	18,804	19,323
Accrued expenses and other current liabilities	15,915	17,359
Total current liabilities	68,751	63,566
Long-term debt	713,560	713,294
Other liabilities	40,984	39,905
Total liabilities	823,295	816,765
Commitments and contingencies (Note 12)
Stockholders' equity:
Common stock, par value $0.01 per share, 50,000,000 shares authorized; 1,000 shares issued and outstanding at December 31, 2012 and September 30, 2013, respectively	0	0
Additional paid-in capital	640,503	639,610
Accumulated other comprehensive loss	(2,041)	(2,554)
Accumulated deficit	(465,026)	(392,649)
Total stockholders’ equity	173,436	244,407
Total liabilities and stockholders’ equity	$ 996,731	$ 1,061,172