Colt Finance Corp.

CIK:0001512369|SEC Filings

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 30, 2014

Accumulated Other Comprehensive Loss

Note 20 Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss were as follows:

	Unrecognized						Foreign
	Prior Service			Unrecognized			Currency
	Cost			Loss			Translation			Total
Balance, December 31, 2012	$	825		$	(17,399	)	$	2,733		$	(13,841	)
Other comprehensive income before reclassifications	—			—			—			—
Amounts reclassified from accumulated other comprehensive income	(43		)	176			—			133
Currency translation	—			—			(577		)	(577		)
Net current period other comprehensive income	(43		)	176			(577		)	(444		)
Balance, March 31, 2013	$	782		$	(17,223	)	$	2,156		$	(14,285	)

Balance, December 31, 2013	$	653		$	(10,836	)	$	843		$	(9,340	)
Other comprehensive income before reclassifications	—			—			—			—
Amounts reclassified from accumulated other comprehensive income	(43		)	90			—			47
Currency translation	—			—			(938		)	(938		)
Net current period other comprehensive income	(43		)	90			(938		)	(891		)
Balance, March 30, 2014	$	610		$	(10,746	)	$	(95	)	$	(10,231	)

Amounts are on a before-tax basis.

Consolidated Statements of Changes in Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 30, 2014	Mar. 31, 2013
Operating Activities
Net income (loss)	$ (7,946)	$ 5,129
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization	2,289	1,162
Amortization of financing fees	606us-gaap_AmortizationOfFinancingCosts	414us-gaap_AmortizationOfFinancingCosts
Amortization of debt discount	305	104
Deferred income taxes	3us-gaap_DeferredIncomeTaxExpenseBenefit	(60)us-gaap_DeferredIncomeTaxExpenseBenefit
Other non-cash items	(15)us-gaap_OtherNoncashIncomeExpense	13us-gaap_OtherNoncashIncomeExpense
Changes in operating assets and liabilities:
Accounts receivable	8,649	(15,611)
Inventories	(10,672)us-gaap_IncreaseDecreaseInInventories	(6,151)us-gaap_IncreaseDecreaseInInventories
Prepaid expenses and other current assets	734	(209)
Accounts payable and accrued expenses	6,955	7,166
Accrued pension and retirement liabilities	(371)	(282)
Customer advances and deferred income	2,076	(711)
Other	(105)	5
Net cash provided by (used in) operating activities	2,508	(9,031)
Investing Activities
Purchases of property and equipment	(634)	(1,265)
Change in restricted cash		5
Net cash used in investing activities	(634)	(1,260)
Financing Activities
Line of credit repayments	(7,083)us-gaap_RepaymentsOfLinesOfCredit	(6)us-gaap_RepaymentsOfLinesOfCredit
Purchase of common units		(14,000)
Net cash used in financing activities	(7,083)	(14,006)
Effect of exchange rates on cash and cash equivalents	14	(117)
Change in cash and cash equivalents	(5,195)	(24,414)
Cash and cash equivalents, beginning of period	12,594	42,373
Cash and cash equivalents, end of period	7,399	17,959
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	63us-gaap_InterestPaid	378us-gaap_InterestPaid
Cash paid for income taxes	313us-gaap_IncomeTaxesPaidNet	295us-gaap_IncomeTaxesPaidNet
Non-cash consideration for sale of equipment		23
Accrued purchases of fixed assets		7
Accrued distribution to members	$ 2,947	$ 1,418

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 7,399	$ 12,594
Restricted cash	771	771
Accounts receivable, net	13,536us-gaap_AccountsReceivableNetCurrent	22,842us-gaap_AccountsReceivableNetCurrent
Inventories	77,074us-gaap_InventoryNet	66,674us-gaap_InventoryNet
Deferred tax assets	106us-gaap_DeferredTaxAssetsNetCurrent	954us-gaap_DeferredTaxAssetsNetCurrent
Other current assets	5,193us-gaap_OtherAssetsCurrent	5,962us-gaap_OtherAssetsCurrent
Total current assets	104,079us-gaap_AssetsCurrent	109,437us-gaap_AssetsCurrent
Property and equipment, net	29,709us-gaap_PropertyPlantAndEquipmentNet	30,733us-gaap_PropertyPlantAndEquipmentNet
Goodwill	50,836us-gaap_Goodwill	51,225us-gaap_Goodwill
Trademarks	50,100us-gaap_IndefiniteLivedTrademarks	50,100us-gaap_IndefiniteLivedTrademarks
Intangible assets with finite lives, net	12,456us-gaap_FiniteLivedIntangibleAssetsNet	13,415us-gaap_FiniteLivedIntangibleAssetsNet
Deferred financing costs	7,135	7,742
Long-term restricted cash	572	572
Other assets	1,491us-gaap_OtherAssetsNoncurrent	1,510us-gaap_OtherAssetsNoncurrent
Total assets	256,378us-gaap_Assets	264,734us-gaap_Assets
Current liabilities:
Line of credit		7,083us-gaap_LinesOfCreditCurrent
Accounts payable	16,224us-gaap_AccountsPayableCurrent	14,038us-gaap_AccountsPayableCurrent
Accrued expenses (Note 10)	27,054us-gaap_AccruedLiabilitiesCurrent	22,158us-gaap_AccruedLiabilitiesCurrent
Pension and retirement liabilities - current portion	1,085	1,085
Customer advances and deferred income	21,211us-gaap_DeferredRevenueCurrent	19,467us-gaap_DeferredRevenueCurrent
Long-term debt - current portion	5,000us-gaap_LongTermDebtCurrent	5,000us-gaap_LongTermDebtCurrent
Accrued distributions to members	670coltdef_AccruedDistributionsToMembers	670coltdef_AccruedDistributionsToMembers
Total current liabilities	71,244us-gaap_LiabilitiesCurrent	69,501us-gaap_LiabilitiesCurrent
Long-term debt	290,123us-gaap_LongTermDebtNoncurrent	289,817us-gaap_LongTermDebtNoncurrent
Pension and retirement liabilities	21,252	21,670
Long-term deferred tax liability	17,819	18,715
Long-term distribution payable to members	2,277	2,277
Other long-term liabilities	2,082us-gaap_OtherLiabilitiesNoncurrent	2,230us-gaap_OtherLiabilitiesNoncurrent
Total long-term liabilities	333,553us-gaap_LiabilitiesNoncurrent	334,709us-gaap_LiabilitiesNoncurrent
Total liabilities	404,797us-gaap_Liabilities	404,210us-gaap_Liabilities
Commitments and Contingencies (Note 16)
Deficit:
Accumulated deficit	(138,188)	(130,136)
Accumulated other comprehensive loss	(10,231)	(9,340)
Total deficit	(148,419)us-gaap_StockholdersEquity	(139,476)us-gaap_StockholdersEquity
Total liabilities and deficit	$ 256,378	$ 264,734