Norcraft Companies, Inc.

CIK:0001582616|SEC Filings

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2015

Computation of Basic and Diluted Net Earnings per Share

The following table sets forth the computation of basic and diluted net earnings per share (in thousands, except share and per share data):



	Three Months Ended
	March 31,
	2015		2014
Numerator
Numerator for basic earnings per share - Net income attributable to Norcraft Companies, Inc.	$	3,015	$	2,013
Net income attributable to noncontrolling interests	668		344
Numerator for diluted earnings per share	$	3,683	$	2,357
Denominator
Denominator for basic earnings per share weighted average number of common shares outstanding	17,311,573		17,311,573

Basic and diluted net earnings per share	$	0.17	$	0.12

Consolidated Statement of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Cash Flows [Abstract]
Net income	$ 3,683us-gaap_ProfitLoss	$ 2,357us-gaap_ProfitLoss
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization of property, plant and equipment	1,037	1,031
Amortization:
Customer relationships	1,117us-gaap_AmortizationOfIntangibleAssets	1,117us-gaap_AmortizationOfIntangibleAssets
Deferred financing costs	152us-gaap_AmortizationOfFinancingCosts	142us-gaap_AmortizationOfFinancingCosts
Display cabinets	1,186	1,085
Discount amortization	26	27
Provision for uncollectible accounts receivable	21us-gaap_ProvisionForDoubtfulAccounts	52us-gaap_ProvisionForDoubtfulAccounts
Provision for obsolete and excess inventories	144us-gaap_InventoryWriteDown	136us-gaap_InventoryWriteDown
Provision for warranty claims	1,431us-gaap_ProductWarrantyExpense	1,281us-gaap_ProductWarrantyExpense
Stock compensation expense	528us-gaap_ShareBasedCompensation	526us-gaap_ShareBasedCompensation
Deferred income tax expense	1,759us-gaap_DeferredIncomeTaxExpenseBenefit	428us-gaap_DeferredIncomeTaxExpenseBenefit
Gain on disposal of assets	(9)us-gaap_GainLossOnDispositionOfAssets	(15)us-gaap_GainLossOnDispositionOfAssets
Change in operating assets and liabilities:
Trade accounts receivable	(6,166)	(4,994)
Inventories	(2,967)us-gaap_IncreaseDecreaseInInventories	(2,176)us-gaap_IncreaseDecreaseInInventories
Prepaid expenses	18	203
Other assets	(18)	4
Accounts payable and accrued expenses	4,954	(1,898)
Net cash provided by (used in) operating activities	6,896	(694)
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	0	15
Purchase of property, plant and equipment	(2,222)	(825)
Additions to display cabinets	(1,543)	(1,276)
Net cash used in investing activities	(3,765)	(2,086)
Cash flows from financing activities:
Payment of financing costs	0us-gaap_PaymentsOfFinancingCosts	(214)us-gaap_PaymentsOfFinancingCosts
Repayment of long-term debt	(375)us-gaap_RepaymentsOfLongTermDebt	(375)us-gaap_RepaymentsOfLongTermDebt
Distributions to members	(601)us-gaap_PaymentsOfCapitalDistribution	0us-gaap_PaymentsOfCapitalDistribution
Net cash used in financing activities	(976)	(589)
Effect of exchange rates on cash and cash equivalents	(105)	(77)
Net increase (decrease) in cash and cash equivalents	2,050	(3,446)
Cash and cash equivalents, beginning of period	61,085	39,106
Cash and cash equivalents, end of period	63,135	35,660
Supplemental disclosure of cash paid:
Interest	2,003us-gaap_InterestPaid	2,448us-gaap_InterestPaid
Supplemental disclosure of non-cash transactions:
Overpayment of tax distributions to noncontrolling interests	$ 268	$ 0

Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 63,135	$ 61,085
Trade accounts receivable, net	30,047us-gaap_AccountsReceivableNetCurrent	24,177us-gaap_AccountsReceivableNetCurrent
Inventories	25,886us-gaap_InventoryNet	23,230us-gaap_InventoryNet
Deferred tax asset	8,962	8,962
Prepaid and other current assets	2,280	2,306
Total current assets	130,310us-gaap_AssetsCurrent	119,760us-gaap_AssetsCurrent
Non-current assets:
Property, plant and equipment, net	26,452us-gaap_PropertyPlantAndEquipmentNet	25,699us-gaap_PropertyPlantAndEquipmentNet
Goodwill	88,426us-gaap_Goodwill	88,445us-gaap_Goodwill
Intangible assets, net	53,994	55,263
Display cabinets, net	7,256ck0001582616_DisplayCabinetsNet	6,908ck0001582616_DisplayCabinetsNet
Other assets	168us-gaap_OtherAssetsNoncurrent	154us-gaap_OtherAssetsNoncurrent
Total non-current assets	176,296us-gaap_AssetsNoncurrent	176,469us-gaap_AssetsNoncurrent
Total assets	306,606us-gaap_Assets	296,229us-gaap_Assets
Current liabilities:
Current portion of long-term debt	1,500us-gaap_SecuredDebtCurrent	1,500us-gaap_SecuredDebtCurrent
Accounts payable	15,532us-gaap_AccountsPayableCurrent	7,170us-gaap_AccountsPayableCurrent
Accrued expenses	21,664us-gaap_AccruedLiabilitiesCurrent	24,067us-gaap_AccruedLiabilitiesCurrent
Total current liabilities	38,696us-gaap_LiabilitiesCurrent	32,737us-gaap_LiabilitiesCurrent
Non-current liabilities:
Long-term debt	146,625us-gaap_SecuredLongTermDebt	147,000us-gaap_SecuredLongTermDebt
Unamortized discount on long-term debt	(612)	(638)
Amounts payable under tax receivable agreements	32,611	32,611
Deferred tax liabilities and other liabilities	30,244us-gaap_OtherLiabilitiesNoncurrent	28,485us-gaap_OtherLiabilitiesNoncurrent
Total non-current liabilities	208,868us-gaap_LiabilitiesNoncurrent	207,458us-gaap_LiabilitiesNoncurrent
Total liabilities	247,564us-gaap_Liabilities	240,195us-gaap_Liabilities
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value; 100,000,000 shares authorized; 17,311,573 issued and outstanding at March 31, 2015 and December 31, 2014	173us-gaap_CommonStockValue	173us-gaap_CommonStockValue
Additional paid-in capital	54,427us-gaap_AdditionalPaidInCapital	53,899us-gaap_AdditionalPaidInCapital
Accumulated deficit	(7,465)	(10,480)
Accumulated other comprehensive income (loss)	(648)	115
Total Norcraft Companies, Inc. stockholders' equity	46,487us-gaap_StockholdersEquity	43,707us-gaap_StockholdersEquity
Noncontrolling interests	12,555us-gaap_MinorityInterest	12,327us-gaap_MinorityInterest
Total stockholders' equity	59,042	56,034
Total liabilities and stockholders' equity	$ 306,606	$ 296,229