| Delaware |
58-2151061 | |
| (State or other jurisdiction of incorporation or organization) |
(IRS Employer Identification No.) |
| 311 Smith Industrial Boulevard, Dalton, Georgia |
30721 | |
| (Address of principal executive offices) |
(Zip Code) |
| Page No. | ||||
| Item 1. Financial Statements |
||||
| 3 | ||||
| 4 | ||||
| 5 | ||||
| 6 | ||||
| 7 | ||||
| 24 | ||||
| 31 | ||||
| 32 | ||||
| 32 | ||||
| 32 | ||||
| 33 | ||||
| 34 | ||||
| Thirteen Weeks Ended |
Thirty-Nine Weeks Ended |
||||||||||||||
| October 27, 2001 |
October 26, 2002 |
October 27, 2001 |
October 26, 2002 |
||||||||||||
| NET SALES |
$ |
82,433 |
|
$ |
84,282 |
|
$ |
260,291 |
$ |
250,597 |
| ||||
| |
|
|
|
|
|
|
|
|
|
| |||||
| COST OF GOODS SOLD |
|
54,997 |
|
|
57,425 |
|
|
167,096 |
|
162,644 |
| ||||
| SELLING, GENERAL & ADMINISTRATIVE EXPENSES |
|
17,415 |
|
|
17,913 |
|
|
58,173 |
|
54,231 |
| ||||
| |
|
|
|
|
|
|
|
|
|
| |||||
| |
72,412 |
|
|
75,338 |
|
|
225,269 |
|
216,875 |
| |||||
| |
|
|
|
|
|
|
|
|
|
| |||||
| OPERATING INCOME |
|
10,021 |
|
|
8,944 |
|
|
35,022 |
|
33,722 |
| ||||
| MINORITY INTEREST IN INCOME (LOSS) OF SUBSIDIARY |
|
(23 |
) |
|
(1 |
) |
|
45 |
|
5 |
| ||||
| EQUITY IN EARNINGS OF AFFILIATE |
|
367 |
|
|
484 |
|
|
1,314 |
|
1,493 |
| ||||
| NET INTEREST EXPENSE |
|
8,598 |
|
|
5,464 |
|
|
20,403 |
|
18,751 |
| ||||
| |
|
|
|
|
|
|
|
|
|
| |||||
| INCOME BEFORE INCOME TAXES |
|
1,813 |
|
|
3,965 |
|
|
15,888 |
|
16,459 |
| ||||
| INCOME TAX EXPENSE |
|
738 |
|
|
1,775 |
|
|
7,041 |
|
6,585 |
| ||||
| |
|
|
|
|
|
|
|
|
|
| |||||
| INCOME BEFORE CHANGE IN ACCOUNTING PRINCIPLE |
|
1,075 |
|
|
2,190 |
|
|
8,847 |
|
9,874 |
| ||||
| CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET OF TAX |
|
|
|
|
|
|
|
|
|
(2,009 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
| |||||
| NET INCOME |
$ |
1,075 |
|
$ |
2,190 |
|
$ |
8,847 |
$ |
7,865 |
| ||||
| |
|
|
|
|
|
|
|
|
|
| |||||
| January 26, 2002 |
October 26, 2002 |
|||||||
| ASSETS |
(Unaudited) |
|||||||
| CURRENT ASSETS: |
||||||||
| Cash and cash equivalents |
$ |
6,234 |
|
$ |
10,681 |
| ||
| Accounts receivable, net of allowance of $745 and $737 in fiscal 2001 and 2002, respectively |
|
33,524 |
|
|
44,475 |
| ||
| Inventories |
|
31,834 |
|
|
37,827 |
| ||
| Deferred tax assets |
|
3,955 |
|
|
2,104 |
| ||
| Prepaid expenses and other |
|
1,667 |
|
|
2,282 |
| ||
| |
|
|
|
|
| |||
| Total current assets |
|
77,214 |
|
|
97,369 |
| ||
| PROPERTY, PLANT, AND EQUIPMENT, net |
|
45,390 |
|
|
65,369 |
| ||
| DEFERRED TAX ASSETS |
|
3,876 |
|
|
3,116 |
| ||
| GOODWILL |
|
95,987 |
|
|
106,341 |
| ||
| OTHER INTANGIBLE ASSETS, net |
|
40,560 |
|
|
37,615 |
| ||
| OTHER ASSETS |
|
7,406 |
|
|
10,464 |
| ||
| |
|
|
|
|
| |||
| TOTAL ASSETS |
$ |
270,433 |
|
$ |
320,274 |
| ||
| |
|
|
|
|
| |||
| LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
| CURRENT LIABILITIES: |
||||||||
| Accounts payable |
$ |
11,416 |
|
$ |
13,850 |
| ||
| Accrued expenses |
|
19,150 |
|
|
20,315 |
| ||
| Current portion of long-term debt |
|
4,787 |
|
|
1,194 |
| ||
| |
|
|
|
|
| |||
| Total current liabilities |
|
35,353 |
|
|
35,359 |
| ||
| OTHER LIABILITIES, including post-retirement benefit obligation |
|
3,991 |
|
|
3,985 |
| ||
| LONG-TERM DEBT, net of current portion |
|
185,197 |
|
|
230,026 |
| ||
| MINORITY INTEREST |
|
310 |
|
|
315 |
| ||
| COMMITMENTS AND CONTINGENCIES |
||||||||
| STOCKHOLDERS EQUITY: |
||||||||
| Common stock; $.01 par value per share, 1,000 shares authorized, issued, and outstanding in fiscal 2001 and
2002 |
|
|
|
|
|
| ||
| Paid-in capital |
|
72,648 |
|
|
72,648 |
| ||
| Retained deficit |
|
(26,108 |
) |
|
(20,836 |
) | ||
| Accumulated other comprehensive loss |
|
(958 |
) |
|
(1,223 |
) | ||
| |
|
|
|
|
| |||
| |
45,582 |
|
|
50,589 |
| |||
| |
|
|
|
|
| |||
| TOTAL LIABILITIES AND STOCKHOLDERS EQUITY |
$ |
270,433 |
|
$ |
320,274 |
| ||
| |
|
|
|
|
| |||
| Common Stock |
Accumulated Other Comprehensive Income (Loss) |
|||||||||||||||||||||||
| Shares |
Amount |
Paid-in Capital |
Retained Earnings (Deficit) |
Foreign Currency Translation Adjustment |
Minimum Pension Liability |
Total |
||||||||||||||||||
| BALANCE, January 26, 2002 |
1,000 |
$ |
|
$ |
72,648 |
$ |
(26,108 |
) |
$ |
(519 |
) |
$ |
(439 |
) |
$ |
45,582 |
| |||||||
| Net income |
|
|
|
|
|
|
7,865 |
|
|
|
|
|
|
|
|
7,865 |
| |||||||
| Dividend to parent |
|
|
|
|
|
|
(2,593 |
) |
|
|
|
|
|
|
|
(2,593 |
) | |||||||
| Foreign currency translation adjustment |
|
|
|
|
|
|
|
|
|
(265 |
) |
|
|
|
|
(265 |
) | |||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| BALANCE, October 26, 2002 |
1,000 |
$ |
|
$ |
72,648 |
$ |
(20,836 |
) |
$ |
(784 |
) |
$ |
(439 |
) |
$ |
50,589 |
| |||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Thirty-Nine Weeks Ended |
||||||||
| October 27, 2001 |
October 26, 2002 |
|||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
| Net income |
$ |
8,847 |
|
$ |
7,865 |
| ||
| |
|
|
|
|
| |||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Depreciation and leasehold amortization |
|
7,521 |
|
|
6,543 |
| ||
| Amortization of other intangible assets |
|
5,891 |
|
|
2,946 |
| ||
| Amortization of deferred financing fees |
|
819 |
|
|
3,757 |
| ||
| Deferred income tax expense |
|
1,958 |
|
|
3,842 |
| ||
| Equity in earnings of affiliate |
|
(1,314 |
) |
|
(1,493 |
) | ||
| Minority interest in income of subsidiary |
|
45 |
|
|
5 |
| ||
| Cumulative effect of change in accounting principle, net of tax |
|
|
|
|
2,009 |
| ||
| Changes in operating assets and liabilities, net of effects of acquisitions: |
||||||||
| Accounts receivable |
|
3,734 |
|
|
(10,951 |
) | ||
| Inventories |
|
(1,089 |
) |
|
(4,562 |
) | ||
| Accounts payable |
|
(4,225 |
) |
|
2,434 |
| ||
| Accrued expenses |
|
5,326 |
|
|
1,165 |
| ||
| Other, net |
|
(1,052 |
) |
|
(1,336 |
) | ||
| |
|
|
|
|
| |||
| Total adjustments |
|
17,614 |
||||||