| Goodwill
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Level 1: | Unadjusted quoted prices in active markets for identical assets or liabilities. |
Level 2: | Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable either directly or indirectly. |
Level 3: | Unobservable inputs for which there is little or no market data or which reflect the entity’s own assumptions. |
Accumulated | |||||||||||
Defined | other | ||||||||||
Foreign | benefit | comprehensive | |||||||||
currency | pension plan | income | |||||||||
Balance at January 1, 2011 | $ | 12,234 | $ | (2,070 | ) | $ | 10,164 | ||||
Current-period other comprehensive income | 1,810 | — | 1,810 | ||||||||
Balance at March 31, 2011 | $ | 14,044 | $ | (2,070 | ) | $ | 11,974 | ||||
Current-period other comprehensive income | 824 | — | 824 | ||||||||
Balance at June 30, 2011 | $ | 14,868 | $ | (2,070 | ) | $ | 12,798 | ||||
Current-period other comprehensive income | (6,177 | ) | — | (6,177 | ) | ||||||
Balance at September 30, 2011 | $ | 8,691 | $ | (2,070 | ) | $ | 6,621 | ||||
Balance at January 1, 2012 | $ | 9,994 | $ | (2,700 | ) | $ | 7,294 | ||||
Current-period other comprehensive income | 1,385 | — | 1,385 | ||||||||
Tax effect of pension liability from prior periods | — | 632 | 632 | ||||||||
Balance at March 31, 2012 | $ | 11,379 | $ | (2,068 | ) | $ | 9,311 | ||||
Current-period other comprehensive income | (612 | ) | — | (612 | ) | ||||||
Balance at June 30, 2012 | $ | 10,767 | $ | (2,068 | ) | $ | 8,699 | ||||
Current-period other comprehensive income | 2,926 | — | 2,926 | ||||||||
Balance at September 30, 2012 | $ | 13,693 | $ | (2,068 | ) | $ | 11,625 |
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Preliminary allocation of purchase price | |||
(dollars in thousands) | |||
Assets acquired: | |||
Cash | $ | 630 | |
Accounts receivable | $ | 5,467 | |
Inventory | 5,993 | ||
Property, plant and equipment | 13,636 | ||
Intangibles | 5,790 | ||
Deferred tax assets | 435 | ||
Prepaid assets | 1,451 | ||
Other | 719 | ||
Assets acquired, less cash | $ | 33,491 | |
Liabilities assumed: | |||
Accounts payable and accruals | $ | (3,134 | ) |
Other taxes | (3,608 | ) | |
Other long-term liabilities | (2,293 | ) | |
Debt | (26,028 | ) | |
Deferred tax liabilities | (3,804 | ) | |
$ | (38,866 | ) | |
Goodwill | 8,805 | ||
Total consideration, less cash acquired | $ | 3,430 |
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(In thousands) Segment | Balance at January 1, 2012 | Acquisitions | Foreign Currency Translation | Impairment | Balance at September 30, 2012 | ||||||||||||||
Distribution | $ | 214 | $ | — | $ | — | $ | — | $ | 214 | |||||||||
Engineered Products | 707 | — | — | — | 707 | ||||||||||||||
Material Handling | 34,279 | 8,805 | (24 | ) | — | 43,060 | |||||||||||||
Lawn and Garden | 9,466 | — | 198 | — | 9,664 | ||||||||||||||
Total | $ | 44,666 | $ | 8,805 | $ | 174 | $ | — | $ | 53,645 |
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Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In thousands) | 2012 | 2011 | 2012 | 2011 | |||||||||||
Interest paid | $ | 491 | $ | 441 | $ | 2,399 | $ | 2,498 | |||||||
Income taxes paid | $ | 3,183 | $ | 1,576 | $ | 16,465 | $ | 7,855 |
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Severance and | Other | ||||||||
(Dollars in thousands) | Personnel | Exit Costs | Total | ||||||
Balance at January 1, 2012 | $ | — | $ | 605 | $ | 605 | |||
Provision | 783 | 1,323 | 2,106 | ||||||
Less: Payments | (783 | ) | (728 | ) | (1,511 | ) | |||
Balance at September 30, 2012 | $ | — | $ | 1,200 | $ | 1,200 |
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Model | |||
Risk free interest rate | 2.00 | % | |
Expected dividend yield | 2.20 | % | |
Expected life of award (years) | 5.4 | ||
Expected volatility | 50.00 | % | |
Fair value per option share | $ | 4.93 |
Shares | Average Exercise Price | Weighted Average Life | ||||||
Outstanding at January 1, 2012 | 1,997,778 | $ | 11.33 | |||||
Options Granted | 323,950 | 12.96 | ||||||
Options Exercised | (281,324 | ) | 11.07 | |||||
Cancelled or Forfeited | (25,199 | ) | 11.05 | |||||
Outstanding at September 30, 2012 | 2,015,205 | $ | 11.61 | 6.59 years | ||||
Exercisable at September 30, 2012 | 1,363,466 | $ | 11.62 |
Shares | Average Grant-Date Fair Value | |||||
Unvested shares at January 1, 2012 | 288,500 | |||||
Granted | 165,495 | $ | 13.79 | |||
Vested | (40,500 | ) | — | |||
Forfeited | (32,275 | ) | 10.03 | |||
Unvested shares at September 30, 2012 | 381,220 | $ | 11.01 |
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Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Service cost | $ | 18 | $ | 18 | $ | 53 | $ | 54 | |||||||
Interest cost | 72 | 76 | 216 | 228 | |||||||||||
Expected return on assets | (77 | ) | (77 | ) | (230 | ) | (231 | ) | |||||||
Amortization of actuarial net loss | 25 | 16 | 75 | 48 | |||||||||||
Net periodic pension cost | $ | 38 | $ | 33 | $ | 114 | $ | 99 | |||||||
Company contributions | $ | 339 | $ | 116 | $ | 538 | $ | 268 |
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Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Net Sales | 2012 | 2011 | 2012 | 2011 | |||||||||||
Material Handling | $ | 76,151 | $ | 72,070 | $ | 201,632 | $ | 204,808 | |||||||
Lawn and Garden | 45,341 | 45,839 | 147,008 | 154,812 | |||||||||||
Distribution | 45,065 | 48,785 | 131,991 | 136,511 | |||||||||||
Engineered Products | 35,709 | 29,360 | 111,578 | 85,182 | |||||||||||
Intra-segment elimination | (4,976 | ) | (5,722 | ) | (15,029 | ) | (18,208 | ) | |||||||
Net Sales | $ | 197,290 | $ | 190,332 | $ | 577,180 | $ | 563,105 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Income Before Income Taxes | 2012 | 2011 | 2012 | 2011 | |||||||||||
Material Handling | $ | 12,530 | $ | 8,870 | $ | 34,903 | $ | 27,526 | |||||||
Lawn and Garden | 41 | (1,413 | ) | (683 | ) | 846 | |||||||||
Distribution | 3,343 | 4,564 | 11,152 | 11,651 | |||||||||||
Engineered Products | 2,921 | 3,001 | 12,172 | 8,381 | |||||||||||
Corporate | (9,063 | ) | (7,763 | ) | (20,663 | ) | (20,103 | ) | |||||||
Interest expense-net | (1,194 | ) | (1,264 | ) | (3,328 | ) | (3,655 | ) | |||||||
Income before income taxes | $ | 8,578 | $ | 5,995 | $ | 33,553 | $ | 24,646 |
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Level 1: | Unadjusted quoted prices in active markets for identical assets or liabilities. |
Level 2: | Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable either directly or indirectly. |
Level 3: | Unobservable inputs for which there is little or no market data or which reflect the entity’s own assumptions. |
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Accumulated | |||||||||||
Defined | other | ||||||||||
Foreign | benefit | comprehensive | |||||||||
currency | pension plan | income | |||||||||
Balance at January 1, 2011 | $ | 12,234 | $ | (2,070 | ) | $ | 10,164 | ||||
Current-period other comprehensive income | 1,810 | — | 1,810 | ||||||||
Balance at March 31, 2011 | $ | 14,044 | $ | (2,070 | ) | $ | 11,974 | ||||
Current-period other comprehensive income | 824 | — | 824 | ||||||||
Balance at June 30, 2011 | $ | 14,868 | $ | (2,070 | ) | $ | 12,798 | ||||
Current-period other comprehensive income | (6,177 | ) | — | (6,177 | ) | ||||||
Balance at September 30, 2011 | $ | 8,691 | $ | (2,070 | ) | $ | 6,621 | ||||
Balance at January 1, 2012 | $ | 9,994 | $ | (2,700 | ) | $ | 7,294 | ||||
Current-period other comprehensive income | 1,385 | — | 1,385 | ||||||||
Tax effect of pension liability from prior periods | — | 632 | 632 | ||||||||
Balance at March 31, 2012 | $ | 11,379 | $ | (2,068 | ) | $ | 9,311 | ||||
Current-period other comprehensive income | (612 | ) | — | (612 | ) | ||||||
Balance at June 30, 2012 | $ | 10,767 | $ | (2,068 | ) | $ | 8,699 | ||||
Current-period other comprehensive income | 2,926 | — | 2,926 | ||||||||
Balance at September 30, 2012 | $ | 13,693 | $ | (2,068 | ) | $ | 11,625 |
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Preliminary allocation of purchase price | |||
(dollars in thousands) | |||
Assets acquired: | |||
Cash | $ | 630 | |
Accounts receivable | $ | 5,467 | |
Inventory | 5,993 | ||
Property, plant and equipment | 13,636 | ||
Intangibles | 5,790 | ||
Deferred tax assets | 435 | ||
Prepaid assets | 1,451 | ||
Other | 719 | ||
Assets acquired, less cash | $ | 33,491 | |
Liabilities assumed: | |||
Accounts payable and accruals | $ | (3,134 | ) |
Other taxes | (3,608 | ) | |
Other long-term liabilities | (2,293 | ) | |
Debt | (26,028 | ) | |
Deferred tax liabilities | (3,804 | ) | |
$ | (38,866 | ) | |
Goodwill | 8,805 | ||
Total consideration, less cash acquired | $ | 3,430 |
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(In thousands) Segment | Balance at January 1, 2012 | Acquisitions | Foreign Currency Translation | Impairment | Balance at September 30, 2012 | ||||||||||||||
Distribution | $ | 214 | $ | — | $ | — | $ | — | $ | 214 | |||||||||
Engineered Products | 707 | — | — | — | 707 | ||||||||||||||
Material Handling | 34,279 | 8,805 | (24 | ) | — | 43,060 | |||||||||||||
Lawn and Garden | 9,466 | — | 198 | — | 9,664 | ||||||||||||||
Total | $ | 44,666 | $ | 8,805 | $ | 174 | $ | — | $ | 53,645 |
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Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In thousands) | 2012 | 2011 | 2012 | 2011 | |||||||||||
Interest paid | $ | 491 | $ | 441 | $ | 2,399 | $ | 2,498 | |||||||
Income taxes paid | $ | 3,183 | $ | 1,576 | $ | 16,465 | $ | 7,855 |
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Severance and | Other | ||||||||
(Dollars in thousands) | Personnel | Exit Costs | Total | ||||||
Balance at January 1, 2012 | $ | — | $ | 605 | $ | 605 | |||
Provision | 783 | 1,323 | 2,106 | ||||||
Less: Payments | (783 | ) | (728 | ) | (1,511 | ) | |||
Balance at September 30, 2012 | $ | — | $ | 1,200 | $ | 1,200 |
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Model | |||
Risk free interest rate | 2.00 | % | |
Expected dividend yield | 2.20 | % | |
Expected life of award (years) | 5.4 | ||
Expected volatility | 50.00 | % | |
Fair value per option share | $ | 4.93 |
Shares | Average Exercise Price | Weighted Average Life | ||||||
Outstanding at January 1, 2012 | 1,997,778 | $ | 11.33 | |||||
Options Granted | 323,950 | 12.96 | ||||||
Options Exercised | (281,324 | ) | 11.07 | |||||
Cancelled or Forfeited | (25,199 | ) | 11.05 | |||||
Outstanding at September 30, 2012 | 2,015,205 | $ | 11.61 | 6.59 years | ||||
Exercisable at September 30, 2012 | 1,363,466 | $ | 11.62 |
Shares | Average Grant-Date Fair Value | |||||
Unvested shares at January 1, 2012 | 288,500 | |||||
Granted | 165,495 | $ | 13.79 | |||
Vested | (40,500 | ) | — | |||
Forfeited | (32,275 | ) | 10.03 | |||
Unvested shares at September 30, 2012 | 381,220 | $ | 11.01 |
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Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Service cost | $ | 18 | $ | 18 | $ | 53 | $ | 54 | |||||||
Interest cost | 72 | 76 | 216 | 228 | |||||||||||
Expected return on assets | (77 | ) | (77 | ) | (230 | ) | (231 | ) | |||||||
Amortization of actuarial net loss | 25 | 16 | 75 | 48 | |||||||||||
Net periodic pension cost | $ | 38 | $ | 33 | $ | 114 | $ | 99 | |||||||
Company contributions | $ | 339 | $ | 116 | $ | 538 | $ | 268 |
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Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Net Sales | 2012 | 2011 | 2012 | 2011 | |||||||||||
Material Handling | $ | 76,151 | $ | 72,070 | $ | 201,632 | $ | 204,808 | |||||||
Lawn and Garden | 45,341 | 45,839 | 147,008 | 154,812 | |||||||||||
Distribution | 45,065 | 48,785 | 131,991 | 136,511 | |||||||||||
Engineered Products | 35,709 | 29,360 | 111,578 | 85,182 | |||||||||||
Intra-segment elimination | (4,976 | ) | (5,722 | ) | (15,029 | ) | (18,208 | ) | |||||||
Net Sales | $ | 197,290 | $ | 190,332 | $ | 577,180 | $ | 563,105 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Income Before Income Taxes | 2012 | 2011 | 2012 | 2011 | |||||||||||
Material Handling | $ | 12,530 | $ | 8,870 | $ | 34,903 | $ | 27,526 | |||||||
Lawn and Garden | 41 | (1,413 | ) | (683 | ) | 846 | |||||||||
Distribution | 3,343 | 4,564 | 11,152 | 11,651 | |||||||||||
Engineered Products | 2,921 | 3,001 | 12,172 | 8,381 | |||||||||||
Corporate | (9,063 | ) | (7,763 | ) | (20,663 | ) | (20,103 | ) | |||||||
Interest expense-net | (1,194 | ) | (1,264 | ) | (3,328 | ) | (3,655 | ) | |||||||
Income before income taxes | $ | 8,578 | $ | 5,995 | $ | 33,553 | $ | 24,646 |
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