Armored AutoGroup Inc.

CIK:0001537660|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net sales	$ 82,441us-gaap_SalesRevenueGoodsNet	$ 80,559us-gaap_SalesRevenueGoodsNet
Cost of products sold	46,838us-gaap_CostOfGoodsSold	41,654us-gaap_CostOfGoodsSold
Gross profit	35,603us-gaap_GrossProfit	38,905us-gaap_GrossProfit
Operating expenses:
Selling and administrative expenses	10,507armai_SellingAndAdministrativeExpenses	11,552armai_SellingAndAdministrativeExpenses
Advertising costs	2,643us-gaap_AdvertisingExpense	5,405us-gaap_AdvertisingExpense
Research and development costs	575us-gaap_ResearchAndDevelopmentExpense	608us-gaap_ResearchAndDevelopmentExpense
Amortization of acquired intangible assets	8,968us-gaap_AmortizationOfIntangibleAssets	9,111us-gaap_AmortizationOfIntangibleAssets
Total operating expenses	22,693us-gaap_OperatingExpenses	26,676us-gaap_OperatingExpenses
Operating profit	12,910us-gaap_OperatingIncomeLoss	12,229us-gaap_OperatingIncomeLoss
Non-operating expenses
Interest expense	11,793us-gaap_InterestExpenseDebt	11,949us-gaap_InterestExpenseDebt
Other (income) expense, net	205us-gaap_OtherNonoperatingIncomeExpense	(421)us-gaap_OtherNonoperatingIncomeExpense
Income before income taxes	912	701
Provision for income taxes	642us-gaap_IncomeTaxExpenseBenefit	627us-gaap_IncomeTaxExpenseBenefit
Net income	270	74
Other comprehensive income (loss)
Foreign currency translation loss	(7,958)	(1,892)
Comprehensive loss	$ (7,688)us-gaap_ComprehensiveIncomeNetOfTax	$ (1,818)us-gaap_ComprehensiveIncomeNetOfTax

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$ 270	$ 74
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization	11,901	11,919
Share based compensation		27us-gaap_ShareBasedCompensation
Deferred income taxes	(3,116)	(3,098)
Other	66us-gaap_OtherNoncashIncomeExpense	2us-gaap_OtherNoncashIncomeExpense
Cash effect of changes in:
Accounts receivable, net	(23,698)	(18,730)
Inventories	2,253us-gaap_IncreaseDecreaseInInventories	(2,586)us-gaap_IncreaseDecreaseInInventories
Prepaid taxes		2,830us-gaap_IncreaseDecreaseInPrepaidTaxes
Other current assets	(1,131)	(451)
Accounts payable and accrued liabilities	13,661	21,936
Due from IDQ	742
Other	(1,489)	102
Net Cash Provided By (Used In) Operating Activities	(541)	12,025
Cash flows from investing activities:
Capital expenditures	(545)	(328)
Investment in affiliate		(10,000)
Net cash used in investing activities	(545)	(10,328)
Cash flows from financing activities:
Principal payments on term loan	(750)us-gaap_RepaymentsOfNotesPayable	(9,750)us-gaap_RepaymentsOfNotesPayable
Payment on advance from Parent		(50)armai_PaymentOnAdvanceFromParent
Net cash used in financing activities	(750)	(9,800)
Effect of exchange rate changes on cash	(378)	32
Net decrease in cash	(2,214)	(8,071)
Cash at beginning of period	13,051	21,253
Cash at end of period	10,837	13,182
Supplemental cash flow disclosures:
Cash paid for interest	4,259us-gaap_InterestPaid	4,695us-gaap_InterestPaid
Cash paid for income taxes	$ 4,141us-gaap_IncomeTaxesPaid	$ 555us-gaap_IncomeTaxesPaid

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash	$ 10,837	$ 13,051
Accounts receivable, net	91,529us-gaap_AccountsReceivableNetCurrent	67,897us-gaap_AccountsReceivableNetCurrent
Inventories	36,338us-gaap_InventoryNet	38,591us-gaap_InventoryNet
Due from IDQ	88us-gaap_DueFromAffiliateCurrent	830us-gaap_DueFromAffiliateCurrent
Due from parent	269us-gaap_DueFromRelatedPartiesCurrent
Other current assets	12,001	10,980
Total current assets	151,062us-gaap_AssetsCurrent	131,349us-gaap_AssetsCurrent
Property, plant and equipment, net	24,913us-gaap_PropertyPlantAndEquipmentNet	26,245us-gaap_PropertyPlantAndEquipmentNet
Goodwill	353,230us-gaap_Goodwill	356,789us-gaap_Goodwill
Intangible assets, net	254,735	266,448
Investment in affiliate	10,000us-gaap_EquityMethodInvestments	10,000us-gaap_EquityMethodInvestments
Deferred financing costs and other assets, net	1,872	2,158
Total assets	795,812us-gaap_Assets	792,989us-gaap_Assets
Current liabilities:
Accounts payable	19,857us-gaap_AccountsPayableCurrent	14,150us-gaap_AccountsPayableCurrent
Accrued expenses and other current liabilities	38,485	30,531
Due to Parent		29us-gaap_DueToRelatedPartiesCurrent
Current portion of long-term debt	3,000us-gaap_LongTermDebtCurrent	3,000us-gaap_LongTermDebtCurrent
Total current liabilities	61,342us-gaap_LiabilitiesCurrent	47,710us-gaap_LiabilitiesCurrent
Long-term debt, less discount and current portion	541,464us-gaap_LongTermDebtNoncurrent	541,469us-gaap_LongTermDebtNoncurrent
Other liability	2,500us-gaap_OtherLiabilitiesNoncurrent	2,500us-gaap_OtherLiabilitiesNoncurrent
Deferred income taxes	71,304	74,420
Total liabilities	676,610us-gaap_Liabilities	666,099us-gaap_Liabilities
Commitments and contingencies (Note 4)
Shareholder's Equity:
Common stock ($0.01 par value, 1,000 shares authorized, 1,000 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively)
Additional paid-in capital	260,200	260,200
Accumulated deficit	(115,940)	(116,210)
Accumulated other comprehensive loss	(25,058)	(17,100)
Total shareholder's equity	119,202us-gaap_StockholdersEquity	126,890us-gaap_StockholdersEquity
Total liabilities and shareholder's equity	$ 795,812	$ 792,989