Horsehead Holding Corp

CIK:0001385544|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Net sales of zinc material and other goods	$ 331,127	$ 359,487	$ 344,798
Net sales of nickel-based material and other services	47,379	54,020	53,520
EAF dust service fees	36,437	40,430	43,618
Net sales	414,943	453,937	441,936
Cost of sales of zinc material and other goods	385,086	347,391	327,800
Cost of sales of nickel-based material and other services	29,256	32,820	34,399
Cost of EAF dust services	29,318	33,660	34,869
Restructuring expenses		288	7,691
Cost of sales (excluding depreciation and amortization)	443,660	414,159	404,759
(Gain) loss on asset dispositions	(11,029)	915	701
Impairment loss	527,621		9,349
Depreciation and amortization	54,824	35,406	29,678
Selling, general and administrative expenses	26,580	24,149	22,207
Total costs and expenses	1,041,656	474,629	466,694
Loss from operations	(626,713)	(20,692)	(24,758)
Other income (expense)
Interest expense	(39,280)	(21,680)	(2,728)
Interest and other income	946	13,942	6,072
Total other income (expense)	(38,334)	(7,738)	3,344
(Loss) income before income taxes	(665,047)	(28,430)	(21,414)
Income tax provision (benefit)	341	(12,974)	(7,455)
Net loss	$ (665,388)	$ (15,456)	$ (13,959)
Loss per common share:
Basic	$ (11.75)	$ (0.30)	$ (0.31)
Diluted	$ (11.75)	$ (0.30)	$ (0.31)
Weighted average shares outstanding:
Basic	56,632	50,682	45,160
Diluted	56,632	50,682	45,160

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Flows from Operating Activities:
Net loss	$ (665,388)	$ (15,456)	$ (13,959)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	54,824	35,406	29,678
Gain on insurance recovery related to fixed assets	(254)		(1,791)
Deferred income tax benefit	(238)	(16,356)	(9,862)
Accretion on debt	3,867	3,766	3,727
Accretion on ESOI liabilities	421	431	445
Amortization and write-off of deferred finance costs	4,976	2,759	2,394
Impairment loss	527,621		9,349
(Gain) loss on asset dispositions	(11,029)	915	701
Losses on write down of inventory supplies	3,054	456	2,738
Losses (gains) on derivative financial instruments	901	(1,054)	5,719
Lower of cost or market adjustment to inventories	4,389	3,561	3,739
Stock compensation expense	5,420	4,768	3,209
Capitalization of interest	(2,989)	(14,895)	(29,438)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable, net	18,198	(1,558)	1,338
Decrease (increase) in inventories, net	3,989	10,551	(14,386)
(Increase) decrease in prepaid expenses and other current assets	(1,585)	1,317	3,399
(Increase) in other assets	(580)	(634)	(97)
(Decrease) increase in accounts payable	(3,636)	(46,457)	30,252
(Decrease) increase in accrued expenses	(7,420)	(7,902)	12,667
(Decrease) increase in other long-term liabilities	(3,207)	(277)	2,173
Net cash (used in) provided by operating activities	(68,666)	(40,659)	41,995
Cash Flows from Investing Activities:
Purchase of property, plant and equipment	(33,693)	(110,825)	(311,798)
Insurance proceeds related to fixed assets	254		1,791
Increase in restricted cash	(7,939)
Proceeds related to the sale of land	9,000
Net cash (used in) provided by investing activities	(32,378)	(110,825)	(310,007)
Cash Flows from Financing Activities:
Proceeds from the issuance of debt		51,300	21,300
Distributions to noncontrolling interest equity holders	(113)	(113)	(114)
Borrowings on the Credit Facilities	79,951	33,324	74,500
Repayments on the Credit Facilities	(57,230)	(35,594)	(18,000)
Debt issuance costs	(1,644)	(1,897)	(524)
Borrowings on the Credit Agreement	496	1,555	13,358
Repayments on the Credit Agreement	(3,065)	(2,929)	(1,866)
Proceeds from the exercise of stock options	33	941
Tax effect of share based compensation award exercise and vesting	(11)	(33)	(19)
Restricted stock withheld for taxes	(441)	(683)	(411)
Net proceeds from the issuance of stock	78,029		71,996
Net cash provided by financing activities	96,005	45,871	160,220
Net decrease in cash and cash equivalents	(5,039)	(105,613)	(107,792)
Cash and cash equivalents at beginning of period	30,714	136,327	244,119
Cash and cash equivalents at end of period	$ 25,675	$ 30,714	$ 136,327

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current assets
Cash and cash equivalents	$ 25,675	$ 30,714	$ 136,327	$ 244,119
Accounts receivable, net of allowance of $555 and $371, respectively	42,044	60,242
Inventories	40,491	55,008
Prepaid expenses and other current assets	10,115	3,755
Deferred income taxes		5,251
Total current assets	118,325	154,970
Property, plant and equipment, net	254,841	799,093
Other assets
Intangible assets, net	9,451	10,192
Restricted cash	7,939
Deferred finance costs and other	1,496	9,262
Total other assets	18,886	19,454
Total assets	392,052	973,517
Current liabilities
Current maturities of long-term debt	433,079	3,044
Accounts payable	64,098	67,734
Accrued expenses	24,830	35,645
Total current liabilities	522,007	106,423
Long-term debt, less current maturities		406,016
Other long-term liabilities	15,505	18,291
Deferred income taxes	3,113	8,602
Commitments and contingencies
Stockholders' equity (deficit)
Common stock, par value $0.01 per share; 100,000 shares authorized; 60,174 and 50,719 shares issued and outstanding as of December 31, 2015 and 2014, respectively	602	507
Preferred stock, par value $0.01 per share; 10,000 shares authorized; no shares issued or outstanding
Additional paid-in capital	396,750	313,815
Retained earnings (deficit)	(550,011)	115,377
Accumulated other comprehensive income	247	534
Total stockholders' equity (deficit) before noncontrolling interest	(152,412)	430,233
Noncontrolling interest	3,839	3,952
Total stockholders' equity (deficit)	(148,573)	434,185	$ 444,894	$ 383,281
Total liabilities and stockholders' equity (deficit)	$ 392,052	$ 973,517