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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 March 31, 2005

OR

 
¨
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 333-106356
______________

CHAAS ACQUISITIONS, LLC.
(Exact name of registrant as specified in its charter)

Delaware
41-2107245
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)

12900 Hall Road, Suite 200, Sterling Heights, MI
48313
(Address of principal executive offices)
(Zip Code)

(586) 997-2900
(Registrant’s telephone number, including area code)

NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last report)

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 a 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
¨
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

Yes
¨
No
x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
 

 
Class
  
Outstanding at May 13, 2005
Membership Units
  
100


CHAAS ACQUISITIONS, LLC

INDEX


 
Page No.
   
   
Part I.    Financial Information
  
   
Item 1.   Financial Statements
  
   
 
   
 
   
 
   
 
   
5
   
11
   
14
   
15
   
Part II.   Other Information and Signature
  
   
Item 1.   Legal Proceedings
15
   
15
   
15
   
15
   
Item 5.   Other Information
15
   
Item 6.   Exhibits
15
   
16
   

 
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CHAAS ACQUISITIONS, LLC
CONSOLIDATED CONDENSED BALANCE SHEETS
As of March 31, 2005 and December 31, 2004
(Dollars in thousands)



 
  
March 31,
 
December 31,
  
   
2005
  
2004
  
   
(Unaudited)
 
      
Current assets
              
Cash
  
$
4,727
  
$
14,747
  
Accounts receivable, less reserves
              
of $2,170 and $2,078, respectively
    
72,161
    
61,745
  
Inventories
              
Raw materials
    
27,871
    
25,400
  
Work-in-process
    
11,675
    
12,382
  
Finished goods
    
31,342
    
28,937
  
Reserves
    
(5,176
)
  
(5,325
)
Total inventories
    
65,712
    
61,394
  
Other current assets
    
14,742
    
13,976
  
Total current assets
    
157,342
    
151,862
  
Property and equipment, net
    
74,270
    
75,113
  
Goodwill
    
39,061
    
39,061
  
Other intangible assets, net
    
99,667
    
102,835
  
Deferred income taxes
    
1,218
    
1,047
  
Other noncurrent assets
    
9,385
    
8,064
  
Total Assets
  
$
380,943
  
$
377,982
  
               
LIABILITIES AND MEMBERS’ EQUITY
              
Current liabilities
              
Current maturities of long-term debt
  
$
3,284
  
$
3,068
  
Accounts payable
    
53,288
    
46,664
  
Accrued liabilities
    
27,245
    
22,951
  
Deferred income taxes
    
1,798
    
1,876
  
Total current liabilities
    
85,615
    
74,559
  
Noncurrent liabilities
              
Deferred income taxes
    
6,682
    
7,203
  
Other noncurrent liabilities
    
5,635
    
4,276
  
Long-term debt, less current maturities
    
200,811
    
202,179
  
Total noncurrent liabilities
    
213,128
    
213,658
  
Members’ equity
              
Units
    
100,900
    
100,900
  
Other comprehensive income
    
6,859
    
8,549
  
Accumulated deficit
    
(25,559
)
  
(19,684
)
Total Members’ Equity
    
82,200
    
89,765
  
Total Liabilities and Members’ Equity
  
$
380,943
  
$
377,982
  
               





The accompanying notes are an integral part of the
consolidated condensed financial statements.
 
1
CHAAS ACQUISITIONS, LLC
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Dollars in thousands)
(Unaudited)




   
Three Months Ended
  
   
March 31,
 
   
2005
  
2004
  
           
Net sales
  
$
111,270
  
$
96,631
  
Cost of sales
    
91,494
    
74,064
  
Gross profit
    
19,776
    
22,567
  
Selling, administrative and product development expenses
    
16,585
    
15,085
  
Amortization of intangible assets
    
2,066
    
2,051
  
Operating income
   
1,125
    
5,431
  
Other expense
              
Interest expense
    
(5,683
)
  
(5,103
)
Foreign currency loss, net
    
(1,331
)
  
(628
)
Other expense
    
(10
)
  
(89
)
Loss before income taxes
    
(5,899
)
  
(389
)
Benefit from income taxes
    
(24
)
  
(104
)
Net loss
  
$
(5,875
)
$
(285
)



The accompanying notes are an integral part of the
consolidated condensed financial statements.
 
2
CHAAS ACQUISITIONS, LLC
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)

 
   
Three Months Ended
  
   
March 31,
  
   
2005
  
2004
  
 
          
CASH FLOWS FROM OPERATING ACTIVITIES:
              
               
 
$
(5,875
)
$
(285
)
Adjustments to reconcile net loss to net
              
cash provided by (used for) operating activities:
              
Depreciation and amortization
    
6,265
    
5,305
  
Deferred taxes
    
(668
)
  
(1,806
)
Foreign currency (gain) loss
    
1,241
    
(5
)
Loss on disposal of assets
    
8
    
114
  
Interest accretion on notes
    
319
    
342
  
Changes in assets and liabilities, net
    
(5,451
)
  
682
  
Net cash provided by (used for) operating activities