[X] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
[ ] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| Delaware |
06-1507104 | |
| (State or other jurisdiction of |
(I.R.S. Employer | |
| incorporation or organization.) |
Identification No.) | |
| 240 Royal Palm Way |
||
| Palm Beach, FL |
33480 | |
| (Address of principal executive offices) |
(Zip Code) |
| Page No. | ||||
| PART IFINANCIAL INFORMATION |
||||
| Financial Statements |
||||
| 3 | ||||
| July 31, 2002 (unaudited) and April 30, 2002 |
||||
| 4 | ||||
| For the three months ended July 31, 2002 and July 31, 2001 |
||||
| 5 | ||||
| For the three months ended July 31, 2002 and July 31, 2001 |
||||
| 7 | ||||
| Managements Discussion and Analysis of Financial Condition and Results of Operations |
17 | |||
| Quantitative and Qualitative Disclosure About Market Risk |
25 | |||
| PART IIOTHER INFORMATION |
||||
| Exhibits and Reports on Form 8-K |
26 | |||
| 27 | ||||
| 27 | ||||
| 28 | ||||
| ASSETS |
July 31, 2002 |
April 30, 2002 |
||||||
| (Unaudited) |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ |
4,535 |
|
$ |
5,262 |
| ||
| Accounts receivable, less allowance for doubtful accounts of $4,934 and $4,917, respectively |
|
93,782 |
|
|
102,184 |
| ||
| Inventories |
|
52,785 |
|
|
50,529 |
| ||
| Prepaid expenses and other current assets |
|
18,878 |
|
|
13,821 |
| ||
| |
|
|
|
|
| |||
| Total current assets |
|
169,980 |
|
|
171,796 |
| ||
| Property and equipment, net |
|
47,475 |
|
|
48,992 |
| ||
| Goodwill |
|
131,810 |
|
|
128,232 |
| ||
| Other intangible assets, net |
|
1,394 |
|
|
1,544 |
| ||
| Other assets |
|
6,506 |
|
|
7,635 |
| ||
| |
|
|
|
|
| |||
| Total assets |
$ |
357,165 |
|
$ |
358,199 |
| ||
| |
|
|
|
|
| |||
| LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
| Current liabilities: |
||||||||
| Short-term debt |
$ |
169,000 |
|
$ |
157,843 |
| ||
| Accounts payable |
|
38,623 |
|
|
42,594 |
| ||
| Accrued compensation |
|
10,530 |
|
|
12,641 |
| ||
| Accrued additional purchase consideration |
|
3,183 |
|
|
8,525 |
| ||
| Accrued income taxes |
|
933 |
| |||||
| Accrued restructuring costs |
|
516 |
|
|
573 |
| ||
| Other accrued liabilities |
|
23,264 |
|
|
22,457 |
| ||
| |
|
|
|
|
| |||
| Total current liabilities |
|
245,116 |
|
|
245,566 |
| ||
| Other long-term debt |
|
1,321 |
|
|
1,500 |
| ||
| Deferred income taxes |
|
6,777 |
|
|
6,820 |
| ||
| Long-term swap contract liability |
|
4,345 |
|
|
3,666 |
| ||
| Other long-term liabilities |
|
3,189 |
|
|
3,865 |
| ||
| |
|
|
|
|
| |||
| Total liabilities |
|
260,748 |
|
|
261,417 |
| ||
| |
|
|
|
|
| |||
| Stockholders equity: |
||||||||
| Preferred stock, $.001 par value, 1,000,000 shares authorized, none outstanding |
||||||||
| Common stock, $.001 par value, 150,000,000 shares authorized, 13,178,489 and 13,132,724 issued and outstanding,
respectively |
|
13 |
|
|
13 |
| ||
| Additional paid-in capital |
|
52,598 |
|
|
52,501 |
| ||
| Notes receivable from officers |
|
(4,820 |
) |
|
(4,820 |
) | ||
| Accumulated other comprehensive loss |
|
(4,319 |
) |
|
(6,255 |
) | ||
| Retained earnings |
|
52,945 |
|
|
55,343 |
| ||
| |
|
|
|
|
| |||
| Total stockholders equity |
|
96,417 |
|
|
96,782 |
| ||
| |
|
|
|
|
| |||
| Total liabilities and stockholders equity |
$ |
357,165 |
|
$ |
358,199 |
| ||
| |
|
|
|
|
| |||
| Three Months Ended |
||||||||
| July 31, 2002
|
July 31, 2001
|
|||||||
| Revenues |
$ |
156,209 |
|
$ |
155,166 |
| ||
| Cost of revenues |
|
112,802 |
|
|
111,213 |
| ||
| |
|
|
|
|
| |||
| Gross profit |
|
43,407 |
|
|
43,953 |
| ||
| Selling, general and administrative expenses |
|
36,385 |
|
|
36,545 |
| ||
| Restructuring costs |
|
221 |
|
|||||
| |
|
|
|
|
| |||
| Operating income |
|
6,801 |
|
|
7,408 |
| ||
| Interest expense |
|
4,149 |
|
|
3,703 |
| ||
| Interest income |
|
(140 |
) |
|
(220 |
) | ||
| Loss on ineffective interest rate hedge |
|
4,345 |
|
|||||
| Debt offering costs |
|
1,705 |
|
|||||
| Other expense (income) |
|
13 |
|
|
(14 |
) | ||
| |
|
|
|
|
| |||
| (Loss) income before (benefit) provision for income taxes |
|
(3,271 |
) |
|
3,939 |
| ||
| (Benefit) provision for income taxes |
|
(872 |
) |
|
1,641 |
| ||
| |
|
|
|
|
| |||
| Net (loss) income |
$ |
(2,399 |
) |
$ |
2,298 |
| ||
| |
|
|
|
|
| |||
| (Loss) income per share: |
||||||||
| Basic |
$ |
(0.18 |
) |
$ |
0.18 |
| ||
| Diluted |
$ |
(0.18 |
) |
$ |
0.18 |
| ||
| Weighted average common shares outstanding: |
||||||||
| Basic |
|
13,155 |
|
|
13,002 |
| ||
| Diluted |
|
13,155 |
|
|
13,069 |
| ||
| Three Months Ended |
||||||||
| July 31, 2002
|
July 31, 2001
|
|||||||
| Cash flows from operating activities: |
||||||||
| Net (loss) income |
$ |
(2,399 |
) |
$ |
2,298 |
| ||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization expense |
|
2,644 |
|
|
2,740 |
| ||
| Restructuring costs, net of cash paid |
|
(57 |
) |
|
(966 |
) | ||
| Amortization of deferred financing costs |
|
295 |
|
|
161 |
| ||
| Changes in assets and liabilities (net of assets acquired and liabilities assumed in business
combinations): |
||||||||
| Accounts receivable |
|
8,321 |
|
|
4,583 |
| ||
| Inventories |
|
(2,313 |
) |
|
849 |
| ||
| Prepaid expenses and other assets |
|
(3,654 |
) |
|
240 |
| ||
| Accounts payable |
|
(3,927 |
) |
|
6,193 |
| ||
| Accrued liabilities |
|
(418 |
) |
|
(2,804 |
) | ||
| |
|
|
|
|
| |||
| Net cash (used in) provided by operating activities |
|
(1,508 |
) |
|
13,294 |
| ||
| |
|
|
|
|
| |||
| Cash flows from investing activities: |
||||||||
| Cash paid in acquisitions, net of cash received |
|
(1,072 |
) |
|
(3,624 |
) | ||
| Cash paid for additional purchase consideration |
|
(7,306 |
) |
|
(7,043 |
) | ||
| Additions to property and equipment |
|
(1,396 |
) |
|
(5,053 |
) | ||
| Cash collection of notes receivable |
|
175 |
|
|||||
| Cash received on the sale of property and equipment |
|
245 |
|
|
9,218 |
| ||
| Other |
|
(79 |
) |
|
(1 |
) | ||
| |
|
|
|
|
| |||
| Net cash used in investing activities |
|
(9,433 |
) |
|
(6,503 |
) | ||
| |
|
|
|
|
| |||
| Cash flows from financing activities: |
||||||||
| Proceeds from credit facility borrowings |
|
43,950 |
|
|
48,111 |
| ||
| Payments of credit facility borrowings |
|
(32,800 |
) |
|
(52,058 |
) | ||
| Payments of short-term debt, net |
|
(157 |
) | |||||
| Payments of other long-term debt |
|
(179 |
) |
|
(1,222 |
) | ||
| Payments of deferred financing costs |
|
(831 |
) |
|
(221 |
) | ||
| Proceeds from common stock issued under employee benefit programs |
|
92 |
|
|
116 |
| ||
| Issuance of common stock to outside directors |
|
6 |
|
|
5 |
| ||
| |
|
|
|
|
| |||
| Net cash provided by (used in) financing activities |
|
10,238 |
|
|
(5,426 |
) | ||
| |
|
|
|
|
| |||
| Effect of exchange rates on cash and cash equivalents |
|
(24 |
) |
|
(1 |
) | ||
| |
|
|
|
|
| |||
| Net (decrease) increase in cash and cash equivalents |
|
(727 |
) |
|
1,364 |
| ||
| Cash and cash equivalents at beginning of period |
|
5,262 |
|
|
2,126 |
| ||
| |
|
|
|
|
| |||
| Cash and cash equivalents at end of period |
$ |
4,535 |
|
$ |
3,490 |
| ||
| |
|
|
|
|
| |||
| Three Months E | ||||||