Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - HILLMAN COMPANIES INC | Financial_Report.xls |
| EX-32.2 - EX-32.2 - HILLMAN COMPANIES INC | d761379dex322.htm |
| EX-32.1 - EX-32.1 - HILLMAN COMPANIES INC | d761379dex321.htm |
| EX-4.1 - EX-4.1 - HILLMAN COMPANIES INC | d761379dex41.htm |
| EX-10.1 - EX-10.1 - HILLMAN COMPANIES INC | d761379dex101.htm |
| EX-31.2 - EX-31.2 - HILLMAN COMPANIES INC | d761379dex312.htm |
| EX-10.2 - EX-10.2 - HILLMAN COMPANIES INC | d761379dex102.htm |
| EX-4.2 - EX-4.2 - HILLMAN COMPANIES INC | d761379dex42.htm |
| EX-31.1 - EX-31.1 - HILLMAN COMPANIES INC | d761379dex311.htm |
| 10-Q - 10-Q - HILLMAN COMPANIES INC | d761379d10q.htm |
Exhibit 99.1
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
The 6.375% Senior Notes, of which $330,000 aggregate principal amount was outstanding as of June 30, 2014, were issued by Hillman Group and are fully and unconditionally guaranteed on a joint and several basis by The Hillman Companies, Inc., Hillman Investment Company, and certain of the Company’s wholly-owned subsidiaries. The non-guarantor information presented represents our Australian, Canadian, and Mexican subsidiaries.
In connection with the Merger Transaction on June 30, 2014, the Company repaid $265,000 of it’s 10.875% Senior Notes.
The following financial information presents condensed consolidating statements of comprehensive loss, balance sheets, and cash flows for the Hillman Group, all guarantor subsidiaries, all non-guarantor subsidiaries, and the eliminations necessary to provide the consolidated results for the Hillman Companies and subsidiaries. For purposes of this presentation, we have accounted for investments in our subsidiaries using the equity method of accounting. The principal consolidating adjustments eliminate investment in subsidiary and intercompany balances and transactions.
Page 1 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Condensed Consolidating Statements of Comprehensive Income (Unaudited)
For the three months ended June 29, 2014
(Amounts in thousands)
| Predecessor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| Net sales |
$ | — | $ | 147,829 | $ | 8,746 | $ | 46,023 | $ | — | $ | 202,598 | ||||||||||||
| Cost of sales (exclusive of depreciation and amortization shown separately below) |
— | 69,236 | 6,079 | 28,612 | — | 103,927 | ||||||||||||||||||
| Selling, general and administrative expenses |
38,798 | 47,772 | 1,941 | 12,408 | — | 100,919 | ||||||||||||||||||
| Transaction, acquisition and integration expenses |
— | 31,681 | — | — | — | 31,681 | ||||||||||||||||||
| Depreciation |
— | 6,593 | 27 | 661 | — | 7,281 | ||||||||||||||||||
| Amortization |
4,514 | 771 | — | 264 | — | 5,549 | ||||||||||||||||||
| Intercompany administrative (income) expense |
— | (108 | ) | — | 108 | — | — | |||||||||||||||||
| Management and transaction fees to related party |
— | 15 | — | — | — | 15 | ||||||||||||||||||
| Other (income) expense, net |
(77 | ) | 74 | 128 | 86 | — | 211 | |||||||||||||||||
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| (Loss) income from operations |
(43,235 | ) | (8,205 | ) | 571 | 3,884 | — | (46,985 | ) | |||||||||||||||
| Intercompany interest (income) expense |
(3,059 | ) | 3,059 | — | — | — | — | |||||||||||||||||
| Interest (income) expense, net |
(52 | ) | 9,886 | — | 1,771 | — | 11,605 | |||||||||||||||||
| Interest expense on junior subordinated debentures |
3,153 | — | — | — | — | 3,153 | ||||||||||||||||||
| Investment income on trust common securities |
(94 | ) | — | — | — | — | (94 | ) | ||||||||||||||||
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| (Loss) income before equity in subsidiaries’ income |
(43,183 | ) | (21,150 | ) | 571 | 2,113 | — | (61,649 | ) | |||||||||||||||
| Equity in subsidiaries’ (loss) income |
(19,656 | ) | 1,494 | — | — | 18,162 | — | |||||||||||||||||
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| (Loss) income before income taxes |
(62,839 | ) | (19,656 | ) | 571 | 2,113 | 18,162 | (61,649 | ) | |||||||||||||||
| Income tax (benefit) provision |
(22,375 | ) | — | 182 | 1,008 | — | (21,185 | ) | ||||||||||||||||
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| Net (loss) income |
$ | (40,464 | ) | $ | (19,656 | ) | $ | 389 | $ | 1,105 | $ | 18,162 | $ | (40,464 | ) | |||||||||
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| Other comprehensive (loss) income: |
||||||||||||||||||||||||
| Foreign currency translation adjustments |
— | 3,916 | — | 10,061 | (10,025 | ) | 3,952 | |||||||||||||||||
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| Total comprehensive (loss) income |
$ | (40,464 | ) | $ | (15,740 | ) | $ | 389 | $ | 11,166 | $ | 8,137 | $ | (36,512 | ) | |||||||||
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Page 2 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Condensed Consolidating Statements of Comprehensive Loss (Unaudited)
For the one day ended June 30, 2014
(Amounts in thousands)
| Successor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| Net sales |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Cost of sales (exclusive of depreciation and amortization shown below) |
— | — | — | — | — | — | ||||||||||||||||||
| Selling, general and administrative expenses |
— | — | — | — | — | — | ||||||||||||||||||
| Transaction, acquisition and integration expenses |
22,018 | — | — | — | — | 22,018 | ||||||||||||||||||
| Depreciation |
— | — | — | — | — | — | ||||||||||||||||||
| Amortization |
— | — | — | — | — | — | ||||||||||||||||||
| Intercompany administrative (income) expense |
— | — | — | — | — | — | ||||||||||||||||||
| Other (income) expense, net |
— | — | — | — | — | — | ||||||||||||||||||
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| (Loss) from operations |
(22,018 | ) | — | — | — | — | (22,018 | ) | ||||||||||||||||
| Intercompany interest (income) expense |
— | — | — | — | — | — | ||||||||||||||||||
| Interest expense, net |
— | — | — | — | — | — | ||||||||||||||||||
| Interest expense on junior subordinated debentures |
— | — | — | — | — | — | ||||||||||||||||||
| Investment income on trust common securities |
— | — | — | — | — | — | ||||||||||||||||||
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| (Loss) before equity in subsidiaries’ income |
(22,018 | ) | — | — | — | — | (22,018 | ) | ||||||||||||||||
| Equity in subsidiaries’ income (loss) |
— | — | — | — | — | — | ||||||||||||||||||
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| (Loss) before income taxes |
(22,018 | ) | — | — | — | — | (22,018 | ) | ||||||||||||||||
| Income tax (benefit) |
(6,228 | ) | — | — | — | — | (6,228 | ) | ||||||||||||||||
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| Net (loss) |
$ | (15,790 | ) | $ | — | $ | — | $ | — | $ | — | $ | (15,790 | ) | ||||||||||
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| Other comprehensive income (loss): |
||||||||||||||||||||||||
| Foreign currency translation adjustments |
— | — | — | — | — | — | ||||||||||||||||||
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| Total comprehensive (loss) |
$ | (15,790 | ) | $ | — | $ | — | $ | — | $ | — | $ | (15,790 | ) | ||||||||||
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Page 3 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Condensed Consolidating Statements of Comprehensive Income (Unaudited)
For the three months ended June 30, 2013
(Amounts in thousands)
| Predecessor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| Net sales |
$ | — | $ | 139,604 | $ | 9,128 | $ | 43,979 | $ | — | $ | 192,711 | ||||||||||||
| Cost of sales (exclusive of depreciation and amortization shown below) |
— | 66,205 | 6,646 | 27,487 | — | 100,338 | ||||||||||||||||||
| Selling, general and administrative expenses |
4,511 | 41,996 | 1,717 | 11,559 | — | 59,783 | ||||||||||||||||||
| Acquisition and integration expenses |
— | 657 | 37 | 1,459 | — | 2,153 | ||||||||||||||||||
| Depreciation |
— | 5,785 | 20 | 468 | — | 6,273 | ||||||||||||||||||
| Amortization |
4,514 | 771 | — | 274 | — | 5,559 | ||||||||||||||||||
| Intercompany administrative (income) expense |
— | (86 | ) | — | 86 | — | — | |||||||||||||||||
| Other (income) expense, net |
69 | 231 | (62 | ) | 794 | — | 1,032 | |||||||||||||||||
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| Income (loss) from operations |
(9,094 | ) | 24,045 | 770 | 1,852 | — | 17,573 | |||||||||||||||||
| Intercompany interest (income) expense |
(3,058 | ) | 3,058 | — | — | — | — | |||||||||||||||||
| Interest expense, net |
(46 | ) | 10,274 | — | 1,874 | — | 12,102 | |||||||||||||||||
| Interest expense on junior subordinated debentures |
3,153 | — | — | — | — | 3,153 | ||||||||||||||||||
| Investment income on trust common securities |
(95 | ) | — | — | — | — | (95 | ) | ||||||||||||||||
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| Income (loss) before equity in subsidiaries’ income |
(9,048 | ) | 10,713 | 770 | (22 | ) | — | 2,413 | ||||||||||||||||
| Equity in subsidiaries’ income (loss) |
10,347 | (366 | ) | — | — | (9,981 | ) | — | ||||||||||||||||
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| Income (loss) before income taxes |
1,299 | 10,347 | 770 | (22 | ) | (9,981 | ) | 2,413 | ||||||||||||||||
| Income tax provision |
(3,364 | ) | — | 718 | 396 | — | (2,250 | ) | ||||||||||||||||
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| Net income (loss) |
$ | 4,663 | $ | 10,347 | $ | 52 | $ | (418 | ) | $ | (9,981 | ) | $ | 4,663 | ||||||||||
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| Other comprehensive income (loss): |
||||||||||||||||||||||||
| Foreign currency translation adjustments |
— | (3,512 | ) | 21 | (642 | ) | — | (4,133 | ) | |||||||||||||||
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| Total comprehensive income (loss) |
$ | 4,663 | $ | 6,835 | $ | 73 | $ | (1,060 | ) | $ | (9,981 | ) | $ | 530 | ||||||||||
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Page 4 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Condensed Consolidating Statements of Comprehensive Income (Loss) (Unaudited)
For the six months ended June 29, 2014
(Amounts in thousands)
| Predecessor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| Net sales |
$ | — | $ | 263,194 | $ | 16,053 | $ | 78,130 | $ | — | $ | 357,377 | ||||||||||||
| Cost of sales (exclusive of depreciation and amortization shown separately below) |
— | 123,971 | 11,185 | 48,186 | — | 183,342 | ||||||||||||||||||
| Selling, general and administrative expenses |
39,324 | 90,090 | 3,656 | 23,692 | — | 156,762 | ||||||||||||||||||
| Transaction, acquisition and integration expenses |
— | 31,681 | — | — | — | 31,681 | ||||||||||||||||||
| Depreciation |
— | 12,789 | 48 | 1,312 | — | 14,149 | ||||||||||||||||||
| Amortization |
9,029 | 1,543 | — | 521 | — | 11,093 | ||||||||||||||||||
| Intercompany administrative (income) expense |
— | (216 | ) | — | 216 | — | — | |||||||||||||||||
| Management and transaction fees to related party |
— | 15 | — | — | — | 15 | ||||||||||||||||||
| Other (income) expense, net |
(95 | ) | 151 | 10 | (343 | ) | — | (277 | ) | |||||||||||||||
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| (Loss) income from operations |
(48,258 | ) | 3,170 | 1,154 | 4,546 | — | (39,388 | ) | ||||||||||||||||
| Intercompany interest (income) expense |
(6,117 | ) | 6,117 | — | — | — | — | |||||||||||||||||
| Interest (income) expense, net |
(103 | ) | 19,802 | — | 3,451 | — | 23,150 | |||||||||||||||||
| Interest expense on junior subordinated debentures |
6,305 | — | — | — | — | 6,305 | ||||||||||||||||||
| Investment income on trust common securities |
(189 | ) | — | — | — | — | (189 | ) | ||||||||||||||||
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| (Loss) income before equity in subsidiaries’ income |
(48,154 | ) | (22,749 | ) | 1,154 | 1,095 | — | (68,654 | ) | |||||||||||||||
| Equity in subsidiaries’ (loss) income |
(21,498 | ) | 1,251 | — | — | 20,247 | — | |||||||||||||||||
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| (Loss) income before income taxes |
(69,652 | ) | (21,498 | ) | 1,154 | 1,095 | 20,247 | (68,654 | ) | |||||||||||||||
| Income tax (benefit) provision |
(25,126 | ) | — | 426 | 572 | — | (24,128 | ) | ||||||||||||||||
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| Net (loss) income |
$ | (44,526 | ) | $ | (21,498 | ) | $ | 728 | $ | 523 | $ | 20,247 | $ | (44,526 | ) | |||||||||
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| Other comprehensive (loss) income: |
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| Foreign currency translation adjustments |
— | (151 | ) | — | (102 | ) | 158 | (95 | ) | |||||||||||||||
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| Total comprehensive (loss) income |
$ | (44,526 | ) | $ | (21,649 | ) | $ | 728 | $ | 421 | $ | 20,405 | $ | (44,621 | ) | |||||||||
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Page 5 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Condensed Consolidating Statements of Comprehensive Income (Loss) (Unaudited)
For the six months ended June 30, 2013
(Amounts in thousands)
| Predecessor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| Net sales |
$ | — | $ | 256,762 | $ | 15,468 | $ | 64,400 | $ | — | $ | 336,630 | ||||||||||||
| Cost of sales (exclusive of depreciation and amortization shown separately below) |
— | 122,520 | 11,145 | 40,319 | — | 173,984 | ||||||||||||||||||
| Selling, general and administrative expenses |
4,910 | 82,298 | 3,024 | 17,920 | — | 108,152 | ||||||||||||||||||
| Acquisition and integration expenses |
— | 2,297 | 51 | 1,834 | — | 4,182 | ||||||||||||||||||
| Depreciation |
— | 11,133 | 35 | 647 | — | 11,815 | ||||||||||||||||||
| Amortization |
9,029 | 1,543 | — | 433 | — | 11,005 | ||||||||||||||||||
| Intercompany administrative (income) expense |
— | (173 | ) | — | 173 | — | — | |||||||||||||||||
| Other (income) expense, net |
(69 | ) | 1,447 | (96 | ) | 853 | — | 2,135 | ||||||||||||||||
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| (Loss) income from operations |
(13,870 | ) | 35,697 | 1,309 | 2,221 | — | 25,357 | |||||||||||||||||
| Intercompany interest (income) expense |
(6,116 | ) | 6,120 | — | (4 | ) | — | — | ||||||||||||||||
| Interest expense, net |
(92 | ) | 21,430 | — | 2,717 | — | 24,055 | |||||||||||||||||
| Interest expense on junior subordinated debentures |
6,305 | — | — | — | — | 6,305 | ||||||||||||||||||
| Investment income on trust common securities |
(189 | ) | — | — | — | — | (189 | ) | ||||||||||||||||
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| (Loss) income before equity in subsidiaries’ income |
(13,778 | ) | 8,147 | 1,309 | (492 | ) | — | (4,814 | ) | |||||||||||||||
| Equity in subsidiaries’ income (loss) |
7,550 | (597 | ) | — | — | (6,953 | ) | — | ||||||||||||||||
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| (Loss) income before income taxes |
(6,228 | ) | 7,550 | 1,309 | (492 | ) | (6,953 | ) | (4,814 | ) | ||||||||||||||
| Income tax (benefit) provision |
(6,306 | ) | — | 940 | 474 | — | (4,892 | ) | ||||||||||||||||
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| Net income (loss) |
$ | 78 | $ | 7,550 | $ | 369 | $ | (966 | ) | $ | (6,953 | ) | $ | 78 | ||||||||||
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| Other comprehensive income (loss): |
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| Foreign currency translation adjustments |
— | (4,222 | ) | — | 9 | — | (4,213 | ) | ||||||||||||||||
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| Total comprehensive income (loss) |
$ | 78 | $ | 3,328 | $ | 369 | $ | (957 | ) | $ | (6,953 | ) | $ | (4,135 | ) | |||||||||
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Page 6 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Condensed Consolidating Balance Sheet (Unaudited)
As of June 30, 2014
(Amounts in thousands)
| Successor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||
| Current assets: |
||||||||||||||||||||||||
| Cash and cash equivalents |
$ | (161,656 | ) | $ | 185,848 | $ | 668 | $ | 3,835 | $ | — | $ | 28,695 | |||||||||||
| Restricted investments |
280 | — | — | — | — | 280 | ||||||||||||||||||
| Accounts receivable, net |
— | 78,858 | 4,478 | 29,694 | — | 113,030 | ||||||||||||||||||
| Inventories, net |
— | 119,150 | 10,714 | 65,751 | (299 | ) | 195,316 | |||||||||||||||||
| Deferred income taxes |
8,718 | — | 864 | 792 | (105 | ) | 10,269 | |||||||||||||||||
| Other current assets |
— | 8,527 | 354 | 2,820 | — | 11,701 | ||||||||||||||||||
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|
|||||||||||||
| Total current assets |
(152,658 | ) | 392,383 | 17,078 | 102,892 | (404 | ) | 359,291 | ||||||||||||||||
| Intercompany notes receivable |
100,864 | 122,059 | (3,529 | ) | (113,948 | ) | (105,446 | ) | — | |||||||||||||||
| Intercompany interest receivable |
6,117 | 5,530 | — | (20 | ) | (11,627 | ) | — | ||||||||||||||||
| Investments in subsidiaries |
(560,574 | ) | 23,704 | 158 | 269,652 | 267,060 | — | |||||||||||||||||
| Property and equipment, net |
— | 81,067 | 406 | 13,321 | — | 94,794 | ||||||||||||||||||
| Goodwill |
962,391 | 366,609 | (12,055 | ) | 20,153 | (548,026 | ) | 789,072 | ||||||||||||||||
| Other intangibles, net |
505,977 | 41,416 | 250 | 24,857 | — | 572,500 | ||||||||||||||||||
| Restricted investments |
1,718 | — | — | — | — | 1,718 | ||||||||||||||||||
| Deferred income taxes |
58,725 | — | (76 | ) | 690 | (59,339 | ) | — | ||||||||||||||||
| Deferred financing fees |
— | 26,355 | — | — | — | 26,355 | ||||||||||||||||||
| Investment in trust common securities |
3,261 | — | — | — | — | 3,261 | ||||||||||||||||||
| Other assets |
— | 1,563 | 43 | 158 | — | 1,764 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total assets |
$ | 925,821 | $ | 1,060,686 | $ | 2,275 | $ | 317,755 | $ | (457,782 | ) | $ | 1,848,755 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
| Current liabilities: |
||||||||||||||||||||||||
| Accounts payable |
$ | — | $ | 51,554 | $ | 1,271 | $ | 12,184 | $ | — | $ | 65,009 | ||||||||||||
| Current portion of senior term loans |
— | 5,500 | — | — | — | 5,500 | ||||||||||||||||||
| Current portion of capitalized lease and other obligations |
— | 263 | — | — | — | 263 | ||||||||||||||||||
| Interest payable on junior subordinated debentures |
1,019 | — | — | — | — | 1,019 | ||||||||||||||||||
| Intercompany interest payable |
— | 6,116 | — | 5,511 | (11,627 | ) | — | |||||||||||||||||
| Accrued expenses: |
||||||||||||||||||||||||
| Salaries and wages |
18,177 | 6,669 | 158 | 2,051 | — | 27,055 | ||||||||||||||||||
| Pricing allowances |
— | 2,949 | 2 | 3,076 | — | 6,027 | ||||||||||||||||||
| Income and other taxes |
(690 | ) | 2,639 | 68 | 2,368 | — | 4,385 | |||||||||||||||||
| Interest |
— | — | — | — | — | — | ||||||||||||||||||
| Deferred compensation |
280 | — | — | — | — | 280 | ||||||||||||||||||
| Other accrued expenses |
— | 7,810 | 458 | 2,181 | — | 10,449 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total current liabilities |
18,786 | 83,500 | 1,957 | 27,371 | (11,627 | ) | 119,987 | |||||||||||||||||
Page 7 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Condensed Consolidating Balance Sheet (Unaudited)
As of June 30, 2014
(Amounts in thousands)
| Successor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY(CONTINUED) | ||||||||||||||||||||||||
| Intercompany debt payable |
— | 105,446 | — | — | (105,446 | ) | — | |||||||||||||||||
| Long term senior term loans |
— | 544,500 | — | — | — | 544,500 | ||||||||||||||||||
| Bank revolving credit |
— | 16,000 | — | — | — | 16,000 | ||||||||||||||||||
| Long term portion of capitalized leases and other obligations |
— | 451 | — | — | — | 451 | ||||||||||||||||||
| Long term senior notes |
— | 330,000 | — | — | — | 330,000 | ||||||||||||||||||
| Junior subordinated debentures |
131,141 | — | — | — | — | 131,141 | ||||||||||||||||||
| Deferred compensation |
1,718 | — | — | — | — | 1,718 | ||||||||||||||||||
| Deferred income taxes, net |
225,019 | — | 268 | 8,759 | (59,444 | ) | 174,602 | |||||||||||||||||
| Other non-current liabilities |
— | 2,807 | — | 410 | — | 3,217 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total liabilities |
376,664 | 1,082,704 | 2,225 | 36,540 | (176,517 | ) | 1,321,616 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Commitments and Contingencies |
||||||||||||||||||||||||
| Stockholders’ Equity: |
||||||||||||||||||||||||
| Preferred Stock: |
||||||||||||||||||||||||
| Preferred stock, $.01 par, 5,000 shares authorized, none issued and outstanding at June 30, 2014 |
— | — | — | — | — | — | ||||||||||||||||||
| Common Stock: |
||||||||||||||||||||||||
| Common stock, $.01 par, 5,000 shares authorized, issued and outstanding at June 30, 2014 |
— | — | 50 | — | (50 | ) | — | |||||||||||||||||
| Additional paid-in capital |
542,929 | — | — | 303,852 | (303,852 | ) | 542,929 | |||||||||||||||||
| Accumulated deficit |
6,228 | (22,018 | ) | — | (9,577 | ) | 9,577 | (15,790 | ) | |||||||||||||||
| Accumulated other comprehensive (loss) income |
— | — | — | (13,060 | ) | 13,060 | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total stockholders’ equity |
549,157 | (22,018 | ) | 50 | 281,215 | (281,265 | ) | 527,139 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total liabilities and stockholders’ equity |
$ | 925,821 | $ | 1,060,686 | $ | 2,275 | $ | 317,755 | $ | (457,782 | ) | $ | 1,848,755 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Page 8 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Condensed Consolidating Balance Sheet (Unaudited)
As of December 31, 2013
(Amounts in thousands)
| Predecessor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||
| Current assets: |
||||||||||||||||||||||||
| Cash and cash equivalents |
$ | 1 | $ | 27,553 | $ | 792 | $ | 6,623 | $ | — | $ | 34,969 | ||||||||||||
| Restricted investments |
2,856 | — | — | — | — | 2,856 | ||||||||||||||||||
| Accounts receivable, net |
— | 71,173 | 1,043 | 15,299 | — | 87,515 | ||||||||||||||||||
| Inventories, net |
— | 101,386 | 10,048 | 66,450 | (304 | ) | 177,580 | |||||||||||||||||
| Deferred income taxes |
10,041 | — | 830 | 830 | (605 | ) | 11,096 | |||||||||||||||||
| Other current assets |
— | 6,006 | 322 | 2,754 | — | 9,082 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total current assets |
12,898 | 206,118 | 13,035 | 91,956 | (909 | ) | 323,098 | |||||||||||||||||
| Intercompany notes receivable |
105,446 | 103,422 | — | (103,422 | ) | (105,446 | ) | — | ||||||||||||||||
| Intercompany interest receivable |
— | 1,975 | — | — | (1,975 | ) | — | |||||||||||||||||
| Investments in subsidiaries |
(648,310 | ) | 28,122 | 507 | 263,216 | 356,465 | — | |||||||||||||||||
| Property and equipment |
— | 81,406 | 400 | 14,012 | — | 95,818 | ||||||||||||||||||
| Goodwill |
418,947 | 24,512 | 2,701 | 19,787 | 280 | 466,227 | ||||||||||||||||||
| Other intangibles |
293,774 | 42,959 | 250 | 25,382 | — | 362,365 | ||||||||||||||||||
| Restricted investments |
1,530 | — | — | — | — | 1,530 | ||||||||||||||||||
| Deferred income taxes |
31,349 | — | (616 | ) | 2,095 | (32,828 | ) | — | ||||||||||||||||
| Deferred financing fees, net |
— | 9,798 | — | — | — | 9,798 | ||||||||||||||||||
| Investment in trust common securities |
3,261 | — | — | — | — | 3,261 | ||||||||||||||||||
| Other assets |
— | 2,442 | 25 | 292 | — | 2,759 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total assets |
$ | 218,895 | $ | 500,754 | $ | 16,302 | $ | 313,318 | $ | 215,587 | $ | 1,264,856 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
| Current liabilities: |
||||||||||||||||||||||||
| Accounts payable |
$ | — | $ | 25,610 | $ | 1,036 | $ | 17,723 | $ | — | $ | 44,369 | ||||||||||||
| Current portion of senior term loans |
— | 3,968 | — | — | — | 3,968 | ||||||||||||||||||
| Intercompany interest payable |
— | — | — | 1,975 | (1,975 | ) | — | |||||||||||||||||
| Current portion of capitalized lease and other obligations |
— | 219 | — | — | — | 219 | ||||||||||||||||||
| Accrued expenses: |
||||||||||||||||||||||||
| Salaries and wages |
— | 8,462 | 287 | 3,115 | — | 11,864 | ||||||||||||||||||
| Pricing allowances |
— | 3,791 | 1 | 2,418 | — | 6,210 | ||||||||||||||||||
| Income and other taxes |
(568 | ) | 2,267 | 30 | 1,392 | — | 3,121 | |||||||||||||||||
| Interest |
— | 2,674 | — | — | — | 2,674 | ||||||||||||||||||
| Deferred compensation |
2,856 | — | — | — | — | 2,856 | ||||||||||||||||||
| Other accrued expenses |
— | 6,191 | 261 | 2,579 | — | 9,031 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total current liabilities |
2,288 | 53,182 | 1,615 | 29,202 | (1,975 | ) | 84,312 | |||||||||||||||||
Page 9 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Condensed Consolidating Balance Sheet (Unaudited)
As of December 31, 2013
(Amounts in thousands)
| Predecessor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY(CONTINUED) | ||||||||||||||||||||||||
| Intercompany debt payable |
— | 105,446 | — | — | (105,446 | ) | — | |||||||||||||||||
| Long term senior term loans |
— | 377,641 | — | — | — | 377,641 | ||||||||||||||||||
| Long term portion of capitalized lease and other obligations |
— | 337 | — | — | — | 337 | ||||||||||||||||||
| Long term senior notes |
— | 271,750 | — | — | — | 271,750 | ||||||||||||||||||
| Junior subordinated debentures |
114,941 | — | — | — | — | 114,941 | ||||||||||||||||||
| Deferred compensation |
1,530 | — | — | — | — | 1,530 | ||||||||||||||||||
| Deferred income taxes, net |
143,313 | — | 260 | 9,920 | (33,433 | ) | 120,060 | |||||||||||||||||
| Other non-current liabilities |
9,618 | 5,773 | — | — | — | 15,391 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total liabilities |
271,690 | 814,129 | 1,875 | 39,122 | (140,854 | ) | 985,962 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Common stock with put options: |
||||||||||||||||||||||||
| Common stock, $.01 par, 5,000 shares authorized, 161.2 issued and outstanding at December 31, 2013 |
16,975 | — | — | — | — | 16,975 | ||||||||||||||||||
| Commitments and Contingencies |
||||||||||||||||||||||||
| Stockholders’ Equity: |
||||||||||||||||||||||||
| Preferred Stock: |
||||||||||||||||||||||||
| Preferred stock, $.01 par, 5,000 shares authorized, none issued and outstanding at December 31, 2013 |
— | — | — | — | — | — | ||||||||||||||||||
| Common Stock: |
||||||||||||||||||||||||
| Common stock, $.01 par, 5,000 shares authorized, 4,838.8 issued and outstanding at December 31, 2013 |
— | — | 50 | — | (50 | ) | — | |||||||||||||||||
| Additional paid-in capital |
116,659 | (130,559 | ) | 11,711 | 293,717 | 1,461 | 292,989 | |||||||||||||||||
| Accumulated deficit |
(186,429 | ) | (177,173 | ) | 2,666 | (6,522 | ) | 341,259 | (26,199 | ) | ||||||||||||||
| Accumulated other comprehensive (loss) income |
— | (5,643 | ) | — | (12,999 | ) | 13,771 | (4,871 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total stockholders’ (deficit) equity |
(69,770 | ) | (313,375 | ) | 14,427 | 274,196 | 356,441 | 261,919 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total liabilities and stockholders’ equity |
$ | 218,895 | $ | 500,754 | $ | 16,302 | $ | 313,318 | $ | 215,587 | $ | 1,264,856 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Page 10 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Condensed Consolidating Statement of Cash Flows (Unaudited)
For the six months ended June 29, 2014
(Amounts in thousands)
| Predecessor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| Cash flows from operating activities: |
||||||||||||||||||||||||
| Net (loss) income |
$ | (23,029 | ) | $ | (22,749 | ) | $ | 728 | $ | 524 | $ | — | $ | (44,526 | ) | |||||||||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
||||||||||||||||||||||||
| Depreciation and amortization |
9,029 | 14,332 | 48 | 1,833 | — | 25,242 | ||||||||||||||||||
| Deferred income tax (benefit) provision |
(24,245 | ) | — | 206 | (419 | ) | — | (24,458 | ) | |||||||||||||||
| Deferred financing and original issue discount amortization |
(103 | ) | 1,477 | — | — | — | 1,374 | |||||||||||||||||
| Stock-based compensation expense |
39,229 | — | — | — | — | 39,229 | ||||||||||||||||||
| Changes in operating items: |
||||||||||||||||||||||||
| Accounts receivable |
— | (17,638 | ) | (633 | ) | (6,996 | ) | — | (25,267 | ) | ||||||||||||||
| Inventories |
— | (17,769 | ) | (666 | ) | 584 | — | (17,851 | ) | |||||||||||||||
| Other assets |
— | (3,199 | ) | 678 | 11,320 | — | 8,799 | |||||||||||||||||
| Accounts payable |
— | 25,944 | 236 | (5,369 | ) | — | 20,811 | |||||||||||||||||
| Interest payable on junior subordinated debentures |
1,019 | — | — | — | — | 1,019 | ||||||||||||||||||
| Other accrued liabilities |
(123 | ) | 28,651 | (4 | ) | 2,659 | — | 31,183 | ||||||||||||||||
| Other items, net |
(2,251 | ) | (1,168 | ) | (659 | ) | 235 | — | (3,843 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net cash provided by (used for) operating activities |
(474 | ) | 7,881 | (66 | ) | 4,371 | — | 11,712 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Cash flows from investing activities: |
||||||||||||||||||||||||
| Capital expenditures |
— | (12,224 | ) | (57 | ) | (652 | ) | — | (12,933 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net cash (used for) investing activities |
— | (12,224 | ) | (57 | ) | (652 | ) | — | (12,933 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Cash flows from financing activities: |
||||||||||||||||||||||||
| Repayments of senior term loans |
— | (992 | ) | — | — | — | (992 | ) | ||||||||||||||||
| Proceeds from exercise of stock options |
474 | — | — | — | — | 474 | ||||||||||||||||||
| Principal payments under capitalized lease obligations |
— | (84 | ) | — | — | — | (84 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net cash (used for) financing activities |
474 | (1,076 | ) | — | — | — | (602 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Effect of exchange rate changes on cash |
— | (151 | ) | — | 35 | — | (116 | ) | ||||||||||||||||
| Net (decrease) increase in cash and cash equivalents |
— | (5,570 | ) | (123 | ) | 3,754 | — | (1,939 | ) | |||||||||||||||
| Cash and cash equivalents at beginning of period |
1 | 27,553 | 791 | 6,624 | — | 34,969 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Cash and cash equivalents at end of period |
$ | 1 | $ | 21,983 | $ | 668 | $ | 10,378 | $ | — | $ | 33,030 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Page 11 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Condensed Consolidating Statement of Cash Flows (Unaudited)
For the one day ended June 30, 2014
(Amounts in thousands)
| Successor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| Cash flows from operating activities: |
||||||||||||||||||||||||
| Net income (loss) |
$ | 6,228 | $ | (22,018 | ) | $ | — | $ | — | $ | — | $ | (15,790 | ) | ||||||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
||||||||||||||||||||||||
| Depreciation and amortization |
— | — | — | — | — | — | ||||||||||||||||||
| Deferred income tax provision |
(6,228 | ) | — | — | — | — | (6,228 | ) | ||||||||||||||||
| Deferred financing and original issue discount amortization |
— | — | — | — | — | — | ||||||||||||||||||
| Stock-based compensation expense |
— | — | — | — | — | — | ||||||||||||||||||
| Changes in operating items: |
||||||||||||||||||||||||
| Accounts receivable |
— | — | — | — | — | — | ||||||||||||||||||
| Inventories |
— | — | — | — | — | — | ||||||||||||||||||
| Other assets |
— | (2,321 | ) | — | — | — | (2,321 | ) | ||||||||||||||||
| Accounts payable |
— | — | — | — | — | — | ||||||||||||||||||
| Interest payable on junior subordinated debentures |
— | — | — | — | — | — | ||||||||||||||||||
| Other accrued liabilities |
18,177 | (31,969 | ) | — | — | — | (13,792 | ) | ||||||||||||||||
| Other items, net |
— | (65 | ) | — | (1,961 | ) | — | (2,026 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net cash (used for) operating activities |
18,177 | (56,373 | ) | — | (1,961 | ) | — | (40,157 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Cash flows from investing activities: |
||||||||||||||||||||||||
| Capital expenditures |
— | — | — | — | — | — | ||||||||||||||||||
| Purchase of predecessors equity securities |
(722,763 | ) | — | — | (4,582 | ) | — | (727,345 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
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|
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| Net cash used for investing activities |
(722,763 | ) | — | — | (4,582 | ) | — | (727,345 | ) | |||||||||||||||
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|
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| Cash flows from financing activities: |
||||||||||||||||||||||||
| Borrowings of senior term loans |
— | 550,000 | — | — | — | 550,000 | ||||||||||||||||||
| Repayments of senior term loans |
— | (384,407 | ) | — | — | — | (384,407 | ) | ||||||||||||||||
| Borrowings on revolving credit loans |
— | 16,000 | — | — | — | 16,000 | ||||||||||||||||||
| Borrowings of senior notes |
— | 330,000 | — | — | — | 330,000 | ||||||||||||||||||
| Repayments of senior notes |
— | (265,000 | ) | — | — | — | (265,000 | ) | ||||||||||||||||
| Proceeds from sale of successor equity securities |
542,929 | — | — | — | — | 542,929 | ||||||||||||||||||
| Financing fees, net |
— | (26,355 | ) | — | — | — | (26,355 | ) | ||||||||||||||||
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| Net cash (used for) provided by financing activities |
542,929 | 220,238 | — | — | — | 763,167 | ||||||||||||||||||
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| Effect of exchange rate changes on cash |
— | — | — | — | — | — | ||||||||||||||||||
| Net (decrease) increase in cash and cash equivalents |
(161,657 | ) | 163,865 | — | (6,543 | ) | — | (4,335 | ) | |||||||||||||||
| Cash and cash equivalents at beginning of period |
1 | 21,983 | 668 | 10,378 | — | 33,030 | ||||||||||||||||||
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| Cash and cash equivalents at end of period |
$ | (161,656 | ) | $ | 185,848 | $ | 668 | $ | 3,835 | $ | — | $ | 28,695 | |||||||||||
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Page 12 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Condensed Consolidating Statement of Cash Flows (Unaudited)
For the six months ended June 30, 2013
(Amounts in thousands)
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| Cash flows from operating activities: |
||||||||||||||||||||||||
| Net (loss) income |
$ | (7,471 | ) | $ | 8,147 | $ | 369 | $ | (967 | ) | $ | — | $ | 78 | ||||||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: |
||||||||||||||||||||||||
| Depreciation and amortization |
9,029 | 12,677 | 35 | 1,079 | — | 22,820 | ||||||||||||||||||
| Dispositions of property and equipment |
— | 23 | 13 | 3 | — | 39 | ||||||||||||||||||
| Deferred income tax (benefit) provision |
(6,666 | ) | — | 423 | (624 | ) | — | (6,867 | ) | |||||||||||||||
| Deferred financing and original issue discount amortization |
(92 | ) | 1,315 | — | — | — | 1,223 | |||||||||||||||||
| Stock-based compensation expense |
4,840 | — | — | — | — | 4,840 | ||||||||||||||||||
| Other non-cash interest expense |
— | (418 | ) | — | — | — | (418 | ) | ||||||||||||||||
| Changes in operating items: |
||||||||||||||||||||||||
| Accounts receivable |
— | (17,636 | ) | (1,076 | ) | (6,885 | ) | — | (25,597 | ) | ||||||||||||||
| Inventories |
— | (5,068 | ) | 693 | (44 | ) | — | (4,419 | ) | |||||||||||||||
| Other assets |
— | (1,669 | ) | (661 | ) | 640 | — | (1,690 | ) | |||||||||||||||
| Accounts payable |
— | 137 | 816 | 7,005 | — | 7,958 | ||||||||||||||||||
| Interest payable on junior subordinated debentures |
1,019 | — | — | — | — | 1,019 | ||||||||||||||||||
| Other accrued liabilities |
96 | (6,365 | ) | 409 | 4,062 | — | (1,798 | ) | ||||||||||||||||
| Other items, net |
(755 | ) | (100,177 | ) | (393 | ) | 107,978 | — | 6,653 | |||||||||||||||
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| Net cash (used for) provided by operating activities |
— | (109,034 | ) | 628 | 112,247 | — | 3,841 | |||||||||||||||||
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| Cash flows from investing activities: |
||||||||||||||||||||||||
| Paulin acquisition |
— | (919 | ) | 205 | (102,702 | ) | — | (103,416 | ) | |||||||||||||||
| Capital expenditures |
— | (14,336 | ) | (93 | ) | (182 | ) | — | (14,611 | ) | ||||||||||||||
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|||||||||||||
| Net cash (used for) provided by investing activities |
— | (15,255 | ) | 112 | (102,884 | ) | — | (118,027 | ) | |||||||||||||||
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| Cash flows from financing activities: |
||||||||||||||||||||||||
| Borrowings of senior term loans |
— | 76,800 | — | — | — | 76,800 | ||||||||||||||||||
| Repayments of senior term loans |
— | (1,792 | ) | — | — | — | (1,792 | ) | ||||||||||||||||
| Discount on senior term loans |
— | (2,152 | ) | — | — | — | (2,152 | ) | ||||||||||||||||
| Principal payments under capitalized lease obligations |
— | (41 | ) | — | — | — | (41 | ) | ||||||||||||||||
| Repayment of other credit obligations |
— | (456 | ) | — | — | — | (456 | ) | ||||||||||||||||
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| Net cash provided by financing activities |
— | 72,359 | — | — | — | 72,359 | ||||||||||||||||||
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| Effect of exchange rate changes on cash |
— | (4,222 | ) | — | 1,416 | — | (2,806 | ) | ||||||||||||||||
| Net (decrease) increase in cash and cash equivalents |
— | (56,152 | ) | 740 | 10,779 | — | (44,633 | ) | ||||||||||||||||
| Cash and cash equivalents at beginning of period |
1 | 62,917 | 429 | 2,201 | — | 65,548 | ||||||||||||||||||
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| Cash and cash equivalents at end of period |
$ | 1 | $ | 6,765 | $ | 1,169 | $ | 12,980 | $ | — | $ | 20,915 | ||||||||||||
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Page 13 of 13