| 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. | ||||
| Financial Information |
||||
| 3 | ||||
| 4 | ||||
| 5 | ||||
| 6 | ||||
| 7 | ||||
| 23 | ||||
| 30 | ||||
| 30 | ||||
| Other Information |
||||
| 31 | ||||
| 31 | ||||
| 31 | ||||
| 31 | ||||
| 31 | ||||
| 32 | ||||
| 33 | ||||
| Thirteen Weeks Ended |
Twenty-Six Weeks Ended | ||||||||||||
| July 28, 2001 |
July 27, 2002 |
July 28, 2001 |
July 27, 2002 | ||||||||||
| NET SALES |
$ |
100,566 |
$ |
99,899 |
|
$ |
177,858 |
$ |
166,316 | ||||
| |
|
|
|
|
|
|
|
| |||||
| COST OF GOODS SOLD |
|
62,511 |
|
62,118 |
|
|
112,099 |
|
105,219 | ||||
| SELLING, GENERAL & ADMINISTRATIVE EXPENSES |
|
20,460 |
|
18,962 |
|
|
40,758 |
|
36,317 | ||||
| |
|
|
|
|
|
|
|
| |||||
| |
82,971 |
|
81,080 |
|
|
152,857 |
|
141,536 | |||||
| |
|
|
|
|
|
|
|
| |||||
| OPERATING INCOME |
|
17,595 |
|
18,819 |
|
|
25,001 |
|
24,780 | ||||
| MINORITY INTEREST IN INCOME (LOSS) OF SUBSIDIARY |
|
53 |
|
(10 |
) |
|
68 |
|
6 | ||||
| EQUITY IN EARNINGS OF AFFILIATE |
|
466 |
|
533 |
|
|
947 |
|
1,009 | ||||
| NET INTEREST EXPENSE |
|
5,927 |
|
4,788 |
|
|
11,805 |
|
13,287 | ||||
| |
|
|
|
|
|
|
|
| |||||
| INCOME BEFORE INCOME TAXES |
|
12,081 |
|
14,574 |
|
|
14,075 |
|
12,496 | ||||
| INCOME TAX EXPENSE |
|
5,177 |
|
5,540 |
|
|
6,303 |
|
4,810 | ||||
| |
|
|
|
|
|
|
|
| |||||
| NET INCOME |
$ |
6,904 |
$ |
9,034 |
|
$ |
7,772 |
$ |
7,686 | ||||
| |
|
|
|
|
|
|
|
| |||||
| Thirteen Weeks Ended |
Twenty-Six Weeks Ended |
||||||||||||||
| July 28, 2001 |
July 27, 2002 |
July 28, 2001 |
July 27, 2002 |
||||||||||||
| NET INCOME |
$ |
6,904 |
$ |
9,034 |
|
$ |
7,772 |
|
$ |
7,686 |
| ||||
| OTHER COMPREHENSIVE INCOME (LOSS): |
|||||||||||||||
| Foreign Currency Translation Adjustments |
|
22 |
|
(474 |
) |
|
(144 |
) |
|
(330 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
| |||||
| COMPREHENSIVE INCOME |
$ |
6,926 |
$ |
8,560 |
|
$ |
7,628 |
|
$ |
7,356 |
| ||||
| |
|
|
|
|
|
|
|
|
|
| |||||
| January 26, 2002 |
July 27, 2002
|
|||||||
| ASSETS |
|
(Unaudited) |
| |||||
| CURRENT ASSETS: |
||||||||
| Cash and cash equivalents |
$ |
6,234 |
|
$ |
3,836 |
| ||
| Accounts receivable, net of allowances of $745 and $787 in fiscal 2001 and 2002, respectively |
|
33,524 |
|
|
55,309 |
| ||
| Inventories |
|
31,834 |
|
|
41,860 |
| ||
| Deferred tax assets |
|
3,955 |
|
|
2,277 |
| ||
| Prepaid expenses and other |
|
1,667 |
|
|
2,657 |
| ||
| |
|
|
|
|
| |||
| Total current assets |
|
77,214 |
|
|
105,939 |
| ||
| PROPERTY, PLANT, AND EQUIPMENT, net |
|
45,390 |
|
|
65,299 |
| ||
| DEFERRED TAX ASSETS |
|
3,876 |
|
|
2,553 |
| ||
| GOODWILL |
|
95,987 |
|
|
109,621 |
| ||
| OTHER INTANGIBLE ASSETS, net |
|
40,560 |
|
|
38,602 |
| ||
| OTHER ASSETS |
|
7,406 |
|
|
10,994 |
| ||
| |
|
|
|
|
| |||
| TOTAL ASSETS |
$ |
270,433 |
|
$ |
333,008 |
| ||
| |
|
|
|
|
| |||
| LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
| CURRENT LIABILITIES: |
||||||||
| Accounts payable |
$ |
11,416 |
|
$ |
18,551 |
| ||
| Accrued expenses |
|
19,150 |
|
|
26,007 |
| ||
| Current portion of long-term debt |
|
4,787 |
|
|
1,099 |
| ||
| |
|
|
|
|
| |||
| Total current liabilities |
|
35,353 |
|
|
45,657 |
| ||
| OTHER LIABILITIES, including postretirement benefit obligation |
|
3,991 |
|
|
3,993 |
| ||
| LONG-TERM DEBT, net of current portion |
|
185,197 |
|
|
232,243 |
| ||
| MINORITY INTEREST |
|
310 |
|
|
316 |
| ||
| 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 |
) |
|
(20,561 |
) | ||
| Accumulated other comprehensive loss |
|
(958 |
) |
|
(1,288 |
) | ||
| |
|
|
|
|
| |||
| |
45,582 |
|
|
50,799 |
| |||
| |
|
|
|
|
| |||
| TOTAL LIABILITIES AND STOCKHOLDERS EQUITY |
$ |
270,433 |
|
$ |
333,008 |
| ||
| |
|
|
|
|
| |||
| Twenty-Six Weeks Ended |
||||||||
| July 28, 2001 |
July 27, 2002 |
|||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
| Net income |
$ |
7,772 |
|
$ |
7,686 |
| ||
| |
|
|
|
|
| |||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Depreciation and leasehold amortization |
|
4,997 |
|
|
4,122 |
| ||
| Amortization of other intangible assets |
|
3,928 |
|
|
1,958 |
| ||
| Amortization of deferred financing fees |
|
461 |
|
|
3,324 |
| ||
| Deferred income tax expense |
|
218 |
|
|
3,001 |
| ||
| Equity in earnings of affiliate |
|
(949 |
) |
|
(1,009 |
) | ||
| Minority interest in income of subsidiary |
|
68 |
|
|
6 |
| ||
| Changes in operating assets and liabilities, net of effects of acquisitions: |
||||||||
| Accounts receivable |
|
(13,099 |
) |
|
(21,785 |
) | ||
| Inventories |
|
(8,191 |
) |
|
(8,595 |
) | ||
| Accounts payable |
|
(1,628 |
) |
|
7,135 |
| ||
| Accrued expenses |
|
9,679 |
|
|
6,857 |
| ||
| Other, net |
|
(445 |
) |
|
(1,887 |
) | ||
| |
|
|
|
|
| |||
| Total adjustments |
|
(4,961 |
) |
|
(6,873 |
) | ||
| |
|
|
|
|
| |||
| Net cash provided by operating activities |
|
2,811 |
|
|
813 |
| ||
| |
|
|
|
|
| |||
| CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||
| Acquisition of business |
|
|
|
|
(35,127 |
) | ||
| Equity distribution from affiliate |
|
787 |
|
|
971 |
| ||
| Additions to property, plant, and equipment |
|
(4,627 |
) |
|
(3,522 |
) | ||
| |
|
|
|
|
| |||
| Net cash used in investing activities |
|
(3,840 |
) |
|
(37,678 |
) | ||
| |
|
|
|
|
| |||
| CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||
| Net proceeds from revolving credit facilities |
|
7,000 |
|
|
|
| ||
| Proceeds from issuance of long-term debt |
|
31 |
|
|
175,000 |
| ||
| Repayments of long-term debt |
|
(3,769 |
) |
|
(131,767 |
) | ||
| Cash dividends to parent |
|
|
|
|
(2,139 |
) | ||
| Financing costs |
|
|
|
|
(6,627 |
) | ||
| |
|
|
|
|
| |||
| Net cash provided by financing activities |
|
3,262 |
|
|
34,467 |
| ||
| |
|
|
|
|
| |||