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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 10-Q
 
              (Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2004

OR

o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______to_______

 
 
Commission File Number 333-20095

 
Atrium Companies, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware
  
75-2642488
(State or other jurisdiction of
  
(I.R.S. Employer
incorporation or organization)
  
Identification Number)
 
3890 West Northwest Highway, Suite 500 Dallas, Texas 75220, (214) 630-5757
(Address of principal executive offices, including zip code and telephone number, including area code)

 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    
Yes x  No o

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).
Yes o  No x

As of November 12, 2004, the registrant had 100 shares of Common Stock, par value $.01 per share outstanding.

 


 
   
Table of contents


ATRIUM COMPANIES, INC.
FORM 10-Q
QUARTER ENDED SEPTEMBER 30, 2004
INDEX


   
Page
   
 
     
 
     
 
     
   
 
     
   
 
     
   
 
     
 
     
 
 
     
     
     
     
 
     
     
     
 
















 
  2  
Table of contents

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)


ATRIUM COMPANIES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share amounts)
 
   
September 30,
  
December 31,
  
   
2004
  
2003
  
   
(Unaudited)
      
           
ASSETS
          
Current assets:
          
Cash and cash equivalents
  
$
4,159
  
$
7,713
  
Accounts receivable, net
    
22,866
    
8,387
  
Retained interest in sold accounts receivable
    
23,666
    
24,461
  
Inventories, net
    
74,699
    
48,989
  
Prepaid expenses and other current assets 
     6,329     8,007  
Deferred tax asset 
     2,186     2,595  
Total current assets
    
133,905
    
100,152
  
               
Property, plant and equipment, net
    
104,573
    
95,921
  
Goodwill
    
395,231
    
376,763
  
Intangible assets, net
    
21,974
    
12,900
  
Deferred financing costs, net
    
14,480
    
16,298
  
Other assets
    
6,005
    
5,442
  
Total assets
  
$
676,168
  
$
607,476
  
               
LIABILITIES AND STOCKHOLDER’S EQUITY
              
Current liabilities:
              
Accounts payable
  
$
47,969
  
$
28,036
  
Accrued liabilities
    
47,683
    
34,261
  
Current portion of notes payable 
     3,960     3,302  
Total current liabilities
    
99,612
    
65,599
  
               
Non-current liabilities:
              
Notes payable, net of current portion
    
430,419
    
411,890
  
Deferred tax liability 
     2,186     2,595  
Other non-current liabilities 
     5,142     2,341  
Total non-current liabilities
    
437,747
    
416,826
  
Total liabilities
    
537,359
    
482,425
  
               
Commitments and contingencies
    
—
    
—
  
               
Stockholder’s equity:
              
Common stock $0.01 par value, 3,000 shares
          
 
authorized, 100 shares issued and outstanding
    
—
    
—
  
Paid-in capital
    
186,269
    
183,601
  
Accumulated deficit
    
(47,460
)
  
(58,550
)
Total stockholder’s equity
    
138,809
    
125,051
  
Total liabilities and stockholder’s equity
  
$
676,168
  
$
607,476
  
 
The accompanying notes are an integral part of the consolidated financial statements.

 
  3  
Table of contents


ATRIUM COMPANIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
(Unaudited)


   
Three months ended
  
Nine months ended
  
   
September 30,
  
September 30,
  
   
2004
  
2003
  
2004
  
2003
  
                   
Net sales
  
$
197,431
  
$
166,873
  
$
535,849
  
$
442,237
  
Cost of goods sold
    
137,631
    
111,914
    
374,025
    
299,705
  
Gross profit
    
59,800
    
54,959
    
161,824
    
142,532
  
                           
Operating expenses:
                          
Selling, delivery, general and administrative
                          
expense (excluding amortization, securitization
                          
and stock compensation expense)
    
39,556
    
33,461
    
114,265
    
94,352
  
Amortization expense
    
2,106
    
1,092
    
5,325
    
3,067
  
Securitization expense
    
327
    
355
    
841
    
867
  
Stock compensation expense
    
—
    
100
    
—
    
552
  
Total selling, delivery, general and
                          
administrative expenses
    
41,989
    
35,008
    
120,431
    
98,838
  
Special charges
    
210
    
375
    
2,938
    
375
  
Total operating expenses
    
42,199
    
35,383
    
123,369
    
99,213
  
                           
Income from operations
    
17,601
    
19,576
    
38,455
    
43,319