UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
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For the quarterly period ended March 31, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
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For the transition period from to |
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Commission File Number 0-21803
AFTERMARKET TECHNOLOGY CORP.
(Exact Name of Registrant as Specified in its Charter)
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Delaware |
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95-4486486 |
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(State or Other
Jurisdiction of |
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(I.R.S. Employer Identification No.) |
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One Oak Hill Center - Suite 400, Westmont, IL |
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60559 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: (630) 455-6000 |
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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 ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý
As of April 25, 2003, there were 24,211,786 shares of common stock of the Registrant outstanding.
AFTERMARKET TECHNOLOGY CORP.
FORM 10-Q
Table of Contents
2
AFTERMARKET TECHNOLOGY CORP.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
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March 31, |
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December
31, |
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(Unaudited) |
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Assets |
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Current Assets: |
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Cash and cash equivalents |
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$ |
63,328 |
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$ |
65,504 |
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Accounts receivable, net |
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49,283 |
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49,283 |
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Inventories |
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72,895 |
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70,262 |
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Prepaid and other assets |
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5,959 |
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4,891 |
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Deferred income taxes |
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22,126 |
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26,106 |
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Total current assets |
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213,591 |
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216,046 |
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Property, plant and equipment, net |
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55,541 |
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54,616 |
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Debt issuance costs, net |
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4,869 |
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5,152 |
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Goodwill |
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169,149 |
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168,229 |
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Intangible assets, net |
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734 |
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819 |
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Other assets |
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9,192 |
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9,168 |
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Total assets |
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$ |
453,076 |
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$ |
454,030 |
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Liabilities and Stockholders’ Equity |
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Current Liabilities: |
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Accounts payable |
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$ |
37,194 |
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$ |
37,963 |
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Accrued expenses |
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26,139 |
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29,996 |
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Income taxes payable |
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816 |
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847 |
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Credit facility |
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11,305 |
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15,805 |
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Capital lease obligation |
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652 |
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678 |
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Amounts due to sellers of acquired companies |
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2,014 |
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2,261 |
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Deferred compensation |
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154 |
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154 |
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Liabilities of discontinued operations |
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303 |
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330 |
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Total current liabilities |
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78,577 |
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88,034 |
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Amount drawn on credit facility, less current portion |
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136,285 |
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139,111 |
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Amounts due to sellers of acquired companies, less current portion |
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6,614 |
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6,474 |
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Deferred compensation, less current portion |
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790 |
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912 |
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Capital lease obligation, less current portion |
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163 |
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284 |
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Other long-term liabilities |
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202 |
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370 |
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Deferred income taxes |
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14,361 |
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12,410 |
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Stockholders’ Equity: |
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Preferred stock, $.01 par value; shares authorized - 2,000,000; none issued |
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— |
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— |
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Common stock, $.01 par value; shares authorized - 30,000,000; Issued - 25,145,523 (including shares held in treasury) |
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251 |
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251 |
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Additional paid-in capital |
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193,869 |
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193,869 |
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Retained earnings |
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30,448 |
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20,595 |
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Accumulated other comprehensive loss |
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(513 |
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(309 |
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Common stock held in treasury, at cost (933,737 shares) |
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(7,971 |
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(7,971 |
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Total stockholders’ equity |
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216,084 |
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206,435 |
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Total liabilities and stockholders’ equity |
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$ |
453,076 |
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$ |
454,030 |
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See accompanying notes.
3
AFTERMARKET TECHNOLOGY CORP.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
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For the three months ended March 31, |
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2003 |
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2002 |
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(Unaudited) |
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Net sales |
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$ |
95,062 |
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$ |
101,266 |
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Cost of sales |
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64,319 |
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67,122 |
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Gross profit |
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30,743 |
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34,144 |
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Selling, general and administrative expense |
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13,475 |
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14,675 |
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Amortization of intangible assets |
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83 |
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83 |
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Income from operations |
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17,185 |
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19,386 |
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Interest income |
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681 |
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427 |
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Other (expense) income, net |
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(31 |
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33 |
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Equity in losses of investee |
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(63 |
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Termination of credit facility |
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(1,480 |
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Interest expense |
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(2,195 |
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(4,654 |
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Income before income taxes |
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15,640 |
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13,649 |
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