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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. |
Foreign currency | Defined benefit pension plans | Total | |||||||||
Balance at January 1, 2012 | $ | 9,994 | $ | (2,700 | ) | $ | 7,294 | ||||
Other comprehensive income before reclassifications | 1,385 | — | 1,385 | ||||||||
Amounts reclassified from AOCI to income tax expense (benefit) in the Condensed Consolidated Statements of Income | — | 632 | 632 | ||||||||
Net current-period other comprehensive income | $ | 1,385 | $ | 632 | $ | 2,017 | |||||
Balance at March 31, 2012 | $ | 11,379 | $ | (2,068 | ) | $ | 9,311 | ||||
Other comprehensive income before reclassifications | (612 | ) | — | (612 | ) | ||||||
Balance at June 30, 2012 | $ | 10,767 | $ | (2,068 | ) | $ | 8,699 | ||||
Balance at January 1, 2013 | $ | 12,784 | $ | (2,141 | ) | $ | 10,643 | ||||
Other comprehensive income before reclassifications | (851 | ) | — | (851 | ) | ||||||
Amounts reclassified from AOCI to income tax expense (benefit) in the Condensed Consolidated Statements of Income | — | (75 | ) | (75 | ) | ||||||
Net current-period other comprehensive income | $ | (851 | ) | $ | (75 | ) | $ | (926 | ) | ||
Balance at March 31, 2013 | $ | 11,933 | $ | (2,216 | ) | $ | 9,717 | ||||
Other comprehensive income before reclassifications | (4,994 | ) | — | (4,994 | ) | ||||||
Balance at June 30, 2013 | $ | 6,939 | $ | (2,216 | ) | $ | 4,723 |
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For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||
2012 | 2012 | ||||||
Net sales | $ | 194,365 | $ | 406,949 | |||
Cost of sales | 143,257 | 293,734 | |||||
Gross profit | 51,108 | 113,215 | |||||
Selling, general & administrative expenses | 39,912 | 83,231 | |||||
Operating income | 11,196 | 29,984 | |||||
Interest expense, net | 2,866 | 5,081 | |||||
Income before taxes | 8,330 | 24,903 | |||||
Income taxes | 3,049 | 9,304 | |||||
Net income | $ | 5,281 | $ | 15,599 | |||
Income per basic share | $ | 0.16 | $ | 0.47 | |||
Income per diluted share | $ | 0.15 | $ | 0.46 |
Assets acquired: | Novel | Jamco | |||||
Cash | $ | 630 | $ | 88 | |||
Accounts receivable | 5,467 | 1,690 | |||||
Inventory | 5,993 | 3,282 | |||||
Property, plant and equipment | 13,636 | 2,559 | |||||
Intangibles | 5,790 | 5,680 | |||||
Deferred tax assets | 435 | 28 | |||||
Prepaid assets | 1,451 | 48 | |||||
Other | 719 | 2 | |||||
Assets acquired, less cash | $ | 33,491 | $ | 13,289 | |||
Liabilities assumed: | |||||||
Accounts payable and accruals | $ | 3,134 | $ | 1,436 | |||
Other taxes | 3,608 | 676 | |||||
Other long-term liabilities | 2,293 | 454 | |||||
Debt | 26,028 | — | |||||
Deferred income taxes | 3,804 | 3,044 | |||||
Liabilities assumed | 38,867 | 5,610 | |||||
Goodwill | 8,805 | 7,435 | |||||
Total cash consideration, less cash acquired | $ | 3,429 | $ | 15,114 |
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Segment | Balance at January 1, 2013 | Acquisitions | Foreign Currency Translation | Impairment | Balance at June 30, 2013 | ||||||||||||||
Material Handling | $ | 50,521 | $ | — | $ | (566 | ) | $ | — | $ | 49,955 | ||||||||
Lawn and Garden | 9,614 | — | (205 | ) | — | 9,409 | |||||||||||||
Distribution | 214 | — | — | — | 214 | ||||||||||||||
Engineered Products | 707 | — | — | — | 707 | ||||||||||||||
Total | $ | 61,056 | $ | — | $ | (771 | ) | $ | — | $ | 60,285 |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest paid | $ | 445 | $ | 1,612 | $ | 971 | $ | 1,908 | |||||||
Income taxes paid | $ | 6,987 | $ | 10,827 | $ | 7,422 | $ | 13,282 |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
Segment | 2013 | 2012 | 2013 | 2012 | |||||||||||
Material Handling | $ | 15 | $ | — | $ | 225 | $ | — | |||||||
Lawn and Garden | 736 | 419 | 1,139 | 442 | |||||||||||
Distribution | 18 | (20 | ) | 92 | 410 | ||||||||||
Engineered Products | — | 99 | 3 | 201 | |||||||||||
Corporate | — | — | 17 | — | |||||||||||
Total | $ | 769 | $ | 498 | $ | 1,476 | $ | 1,053 |
Severance and | Other | ||||||||||
Personnel | Exit Costs | Total | |||||||||
Balance at January 1, 2012 | $ | — | $ | 605 | $ | 605 | |||||
Provision | 651 | 402 | 1,053 | ||||||||
Less: Payments | (651 | ) | (532 | ) | (1,183 | ) | |||||
Balance at June 30, 2012 | $ | — | $ | 475 | $ | 475 | |||||
Balance at January 1, 2013 | $ | 318 | $ | — | $ | 318 | |||||
Provision | 522 | 954 | 1,476 | ||||||||
Less: Payments | (840 | ) | (954 | ) | (1,794 | ) | |||||
Balance at June 30, 2013 | $ | — | $ | — | $ | — |
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Model | |||
Risk free interest rate | 1.86 | % | |
Expected dividend yield | 2.40 | % | |
Expected life of award (years) | 7.00 | ||
Expected volatility | 50.00 | % | |
Fair value per option share | $ | 5.39 |
Shares | Average Exercise Price | Weighted Average Life | ||||||
Outstanding at January 1, 2013 | 1,919,021 | $ | 11.63 | |||||
Options granted | 323,400 | 14.77 | ||||||
Options exercised | (306,892 | ) | 10.44 | |||||
Cancelled or forfeited | (140,020 | ) | 13.75 | |||||
Outstanding at June 30, 2013 | 1,795,509 | $ | 12.24 | 6.35 years | ||||
Exercisable at June 30, 2013 | 1,270,189 | $ | 11.74 | 5.23 years |
Awards | Average Grant-Date Fair Value | |||||
Unvested at January 1, 2013 | 363,125 | |||||
Granted | 169,100 | $ | 14.77 | |||
Released | (112,000 | ) | 10.02 | |||
Cancelled or forfeited | (124,200 | ) | 13.68 | |||
Unvested at June 30, 2013 | 296,025 | $ | 13.11 |
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June 30, | December 31, | ||||||
2013 | 2012 | ||||||
Credit agreement | $ | 60,988 | $ | 57,814 | |||
Senior notes | 35,000 | 35,000 | |||||
$ | 95,988 | $ | 92,814 |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Service cost | $ | 8 | $ | 18 | $ | 16 | $ | 35 | |||||||
Interest cost | 65 | 72 | 130 | 144 | |||||||||||
Expected return on assets | (91 | ) | (77 | ) | (182 | ) | (153 | ) | |||||||
Amortization of actuarial net loss | 28 | 25 | 56 | 50 | |||||||||||
Net periodic pension cost | $ | 10 | $ | 38 | $ | 20 | $ | 76 | |||||||
Company contributions | $ | 80 | $ | 123 | $ | 203 | $ | 199 |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
Net Sales | 2013 | 2012 | 2013 | 2012 | |||||||||||
Material Handling | $ | 83,814 | $ | 60,260 | $ | 163,803 | $ | 125,481 | |||||||
Lawn and Garden | 40,889 | 42,482 | 101,252 | 101,666 | |||||||||||
Distribution | 45,893 | 44,188 | 88,542 | 86,926 | |||||||||||
Engineered Products | 37,608 | 38,642 | 74,564 | 75,869 | |||||||||||
Inter-company Sales | (4,180 | ) | (4,471 | ) | (9,157 | ) | (10,052 | ) | |||||||
Net Sales | $ | 204,024 | $ | 181,101 | $ | 419,004 | $ | 379,890 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
Income Before Income Taxes | 2013 | 2012 | 2013 | 2012 | |||||||||||
Material Handling | $ | 11,010 | $ | 9,223 | $ | 20,715 | $ | 22,373 | |||||||
Lawn and Garden | (109 | ) | (1,942 | ) | 2,172 | (724 | ) | ||||||||
Distribution | 3,864 | 4,298 | 6,703 | 7,809 | |||||||||||
Engineered Products | 5,134 | 4,660 | 10,211 | 9,251 | |||||||||||
Corporate | (6,780 | ) | (6,247 | ) | (13,438 | ) | (11,600 | ) | |||||||
Interest expense - net | (1,116 | ) | (1,054 | ) | (2,208 | ) | (2,135 | ) | |||||||
Income before income taxes | $ | 12,003 | $ | 8,938 | $ | 24,155 | $ | 24,974 |
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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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Foreign currency | Defined benefit pension plans | Total | |||||||||
Balance at January 1, 2012 | $ | 9,994 | $ | (2,700 | ) | $ | 7,294 | ||||
Other comprehensive income before reclassifications | 1,385 | — | 1,385 | ||||||||
Amounts reclassified from AOCI to income tax expense (benefit) in the Condensed Consolidated Statements of Income | — | 632 | 632 | ||||||||
Net current-period other comprehensive income | $ | 1,385 | $ | 632 | $ | 2,017 | |||||
Balance at March 31, 2012 | $ | 11,379 | $ | (2,068 | ) | $ | 9,311 | ||||
Other comprehensive income before reclassifications | (612 | ) | — | (612 | ) | ||||||
Balance at June 30, 2012 | $ | 10,767 | $ | (2,068 | ) | $ | 8,699 | ||||
Balance at January 1, 2013 | $ | 12,784 | $ | (2,141 | ) | $ | 10,643 | ||||
Other comprehensive income before reclassifications | (851 | ) | — | (851 | ) | ||||||
Amounts reclassified from AOCI to income tax expense (benefit) in the Condensed Consolidated Statements of Income | — | (75 | ) | (75 | ) | ||||||
Net current-period other comprehensive income | $ | (851 | ) | $ | (75 | ) | $ | (926 | ) | ||
Balance at March 31, 2013 | $ | 11,933 | $ | (2,216 | ) | $ | 9,717 | ||||
Other comprehensive income before reclassifications | (4,994 | ) | — | (4,994 | ) | ||||||
Balance at June 30, 2013 | $ | 6,939 | $ | (2,216 | ) | $ | 4,723 |
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For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||
2012 | 2012 | ||||||
Net sales | $ | 194,365 | $ | 406,949 | |||
Cost of sales | 143,257 | 293,734 | |||||
Gross profit | 51,108 | 113,215 | |||||
Selling, general & administrative expenses | 39,912 | 83,231 | |||||
Operating income | 11,196 | 29,984 | |||||
Interest expense, net | 2,866 | 5,081 | |||||
Income before taxes | 8,330 | 24,903 | |||||
Income taxes | 3,049 | 9,304 | |||||
Net income | $ | 5,281 | $ | 15,599 | |||
Income per basic share | $ | 0.16 | $ | 0.47 | |||
Income per diluted share | $ | 0.15 | $ | 0.46 |
Assets acquired: | Novel | Jamco | |||||
Cash | $ | 630 | $ | 88 | |||
Accounts receivable | 5,467 | 1,690 | |||||
Inventory | 5,993 | 3,282 | |||||
Property, plant and equipment | 13,636 | 2,559 | |||||
Intangibles | 5,790 | 5,680 | |||||
Deferred tax assets | 435 | 28 | |||||
Prepaid assets | 1,451 | 48 | |||||
Other | 719 | 2 | |||||
Assets acquired, less cash | $ | 33,491 | $ | 13,289 | |||
Liabilities assumed: | |||||||
Accounts payable and accruals | $ | 3,134 | $ | 1,436 | |||
Other taxes | 3,608 | 676 | |||||
Other long-term liabilities | 2,293 | 454 | |||||
Debt | 26,028 | — | |||||
Deferred income taxes | 3,804 | 3,044 | |||||
Liabilities assumed | 38,867 | 5,610 | |||||
Goodwill | 8,805 | 7,435 | |||||
Total cash consideration, less cash acquired | $ | 3,429 | $ | 15,114 |
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Segment | Balance at January 1, 2013 | Acquisitions | Foreign Currency Translation | Impairment | Balance at June 30, 2013 | ||||||||||||||
Material Handling | $ | 50,521 | $ | — | $ | (566 | ) | $ | — | $ | 49,955 | ||||||||
Lawn and Garden | 9,614 | — | (205 | ) | — | 9,409 | |||||||||||||
Distribution | 214 | — | — | — | 214 | ||||||||||||||
Engineered Products | 707 | — | — | — | 707 | ||||||||||||||
Total | $ | 61,056 | $ | — | $ | (771 | ) | $ | — | $ | 60,285 |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest paid | $ | 445 | $ | 1,612 | $ | 971 | $ | 1,908 | |||||||
Income taxes paid | $ | 6,987 | $ | 10,827 | $ | 7,422 | $ | 13,282 |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
Segment | 2013 | 2012 | 2013 | 2012 | |||||||||||
Material Handling | $ | 15 | $ | — | $ | 225 | $ | — | |||||||
Lawn and Garden | 736 | 419 | 1,139 | 442 | |||||||||||
Distribution | 18 | (20 | ) | 92 | 410 | ||||||||||
Engineered Products | — | 99 | 3 | 201 | |||||||||||
Corporate | — | — | 17 | — | |||||||||||
Total | $ | 769 | $ | 498 | $ | 1,476 | $ | 1,053 |
Severance and | Other | ||||||||||
Personnel | Exit Costs | Total | |||||||||
Balance at January 1, 2012 | $ | — | $ | 605 | $ | 605 | |||||
Provision | 651 | 402 | 1,053 | ||||||||
Less: Payments | (651 | ) | (532 | ) | (1,183 | ) | |||||
Balance at June 30, 2012 | $ | — | $ | 475 | $ | 475 | |||||
Balance at January 1, 2013 | $ | 318 | $ | — | $ | 318 | |||||
Provision | 522 | 954 | 1,476 | ||||||||
Less: Payments | (840 | ) | (954 | ) | (1,794 | ) | |||||
Balance at June 30, 2013 | $ | — | $ | — | $ | — |
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Model | |||
Risk free interest rate | 1.86 | % | |
Expected dividend yield | 2.40 | % | |
Expected life of award (years) | 7.00 | ||
Expected volatility | 50.00 | % | |
Fair value per option share | $ | 5.39 |
Shares | Average Exercise Price | Weighted Average Life | ||||||
Outstanding at January 1, 2013 | 1,919,021 | $ | 11.63 | |||||
Options granted | 323,400 | 14.77 | ||||||
Options exercised | (306,892 | ) | 10.44 | |||||
Cancelled or forfeited | (140,020 | ) | 13.75 | |||||
Outstanding at June 30, 2013 | 1,795,509 | $ | 12.24 | 6.35 years | ||||
Exercisable at June 30, 2013 | 1,270,189 | $ | 11.74 | 5.23 years |
Awards | Average Grant-Date Fair Value | |||||
Unvested at January 1, 2013 | 363,125 | |||||
Granted | 169,100 | $ | 14.77 | |||
Released | (112,000 | ) | 10.02 | |||
Cancelled or forfeited | (124,200 | ) | 13.68 | |||
Unvested at June 30, 2013 | 296,025 | $ | 13.11 |
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June 30, | December 31, | ||||||
2013 | 2012 | ||||||
Credit agreement | $ | 60,988 | $ | 57,814 | |||
Senior notes | 35,000 | 35,000 | |||||
$ | 95,988 | $ | 92,814 |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Service cost | $ | 8 | $ | 18 | $ | 16 | $ | 35 | |||||||
Interest cost | 65 | 72 | 130 | 144 | |||||||||||
Expected return on assets | (91 | ) | (77 | ) | (182 | ) | (153 | ) | |||||||
Amortization of actuarial net loss | 28 | 25 | 56 | 50 | |||||||||||
Net periodic pension cost | $ | 10 | $ | 38 | $ | 20 | $ | 76 | |||||||
Company contributions | $ | 80 | $ | 123 | $ | 203 | $ | 199 |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
Net Sales | 2013 | 2012 | 2013 | 2012 | |||||||||||
Material Handling | $ | 83,814 | $ | 60,260 | $ | 163,803 | $ | 125,481 | |||||||
Lawn and Garden | 40,889 | 42,482 | 101,252 | 101,666 | |||||||||||
Distribution | 45,893 | 44,188 | 88,542 | 86,926 | |||||||||||
Engineered Products | 37,608 | 38,642 | 74,564 | 75,869 | |||||||||||
Inter-company Sales | (4,180 | ) | (4,471 | ) | (9,157 | ) | (10,052 | ) | |||||||
Net Sales | $ | 204,024 | $ | 181,101 | $ | 419,004 | $ | 379,890 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
Income Before Income Taxes | 2013 | 2012 | 2013 | 2012 | |||||||||||
Material Handling | $ | 11,010 | $ | 9,223 | $ | 20,715 | $ | 22,373 | |||||||
Lawn and Garden | (109 | ) | (1,942 | ) | 2,172 | (724 | ) | ||||||||
Distribution | 3,864 | 4,298 | 6,703 | 7,809 | |||||||||||
Engineered Products | 5,134 | 4,660 | 10,211 | 9,251 | |||||||||||
Corporate | (6,780 | ) | (6,247 | ) | (13,438 | ) | (11,600 | ) | |||||||
Interest expense - net | (1,116 | ) | (1,054 | ) | (2,208 | ) | (2,135 | ) | |||||||
Income before income taxes | $ | 12,003 | $ | 8,938 | $ | 24,155 | $ | 24,974 |
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