| Goodwill
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Level 1: |
Unadjusted quoted prices in active markets for identical assets or liabilities.
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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.
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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 | ||||||||||||||||||||
(Amount in thousands) | Balance at | Currency | Balance at | |||||||||||||||||
Segment | January 1, 2011 | Acquisitions | Translation | Impairment | June 30, 2011 | |||||||||||||||
Distribution
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$ | 214 | $ | -0- | $ | -0- | $ | -0- | $ | 214 | ||||||||||
Engineered Products
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707 | -0- | -0- | -0- | 707 | |||||||||||||||
Material Handling — North America
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30,383 | -0- | -0- | -0- | 30,383 | |||||||||||||||
Lawn and Garden
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9,588 | -0- | 190 | -0- | 9,778 | |||||||||||||||
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Total
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$ | 40,892 | $ | -0- | $ | 190 | $ | -0- | $ | 41,082 | ||||||||||
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Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Interest
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$ | 1,548 | $ | 3,288 | $ | 2,057 | $ | 3,389 | ||||||||
Income taxes
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$ | 6,304 | $ | 5,974 | $ | 6,373 | $ | 7,637 |
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Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Net income (loss)
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$ | 4,658 | $ | (1,099 | ) | $ | 11,377 | $ | 4,431 | |||||||
Other comprehensive income:
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Foreign currency translation adjustment
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824 | (2,861 | ) | 2,634 | (1,021 | ) | ||||||||||
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Comprehensive income (loss)
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$ | 5,482 | $ | (3,960 | ) | $ | 14,011 | $ | 3,410 | |||||||
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June 30, | December 31, | |||||||
(In thousands) | 2011 | 2010 | ||||||
Foreign currency translation adjustments
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$ | 14,868 | $ | 12,234 | ||||
Pension adjustments
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(2,070 | ) | (2,070 | ) | ||||
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Total
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$ | 12,798 | $ | 10,164 | ||||
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(Dollars in thousands) | ||||
Balance at January 1, 2011
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$ | 763 | ||
Provision
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(285 | ) | ||
Less: Payments
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(200 | ) | ||
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Balance at June 30, 2011
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$ | 278 | ||
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Model
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Risk free interest rate
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3.79 | % | ||
Expected dividend yield
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2.90 | % | ||
Expected life of award (years)
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6.00 | |||
Expected volatility
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50.72 | % | ||
Fair value per option share
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$ | 3.69 |
Average | Weighted | |||||||||||
Exercise | Average | |||||||||||
Shares | Price | Life | ||||||||||
Outstanding at January 1, 2011
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1,845,210 | $ | 11.65 | |||||||||
Options Granted
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355,025 | 10.10 | ||||||||||
Options Exercised
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(1,727 | ) | 8.00 | |||||||||
Cancelled or Forfeited
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(121,184 | ) | 12.88 | |||||||||
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Outstanding at June 30, 2011
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2,077,324 | $ | 11.32 | 7.21 years | ||||||||
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Exercisable at June 30, 2011
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1,352,727 | $ | 11.81 |
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Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Service cost
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$ | 18 | $ | 9 | $ | 36 | $ | 18 | ||||||||
Interest cost
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76 | 80 | 152 | 160 | ||||||||||||
Expected return on assets
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(77 | ) | (74 | ) | (154 | ) | (148 | ) | ||||||||
Amortization of actuarial net loss
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16 | 15 | 32 | 30 | ||||||||||||
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Net periodic pension cost
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$ | 33 | $ | 30 | $ | 66 | $ | 60 | ||||||||
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Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
Net Sales | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Lawn and Garden
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$ | 41,358 | $ | 45,241 | $ | 106,446 | $ | 114,746 | ||||||||
Material Handling
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67,008 | 62,729 | 132,738 | 122,940 | ||||||||||||
Distribution
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46,091 | 43,955 | 87,725 | 82,687 | ||||||||||||
Engineered Products
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27,897 | 29,747 | 55,822 | 54,156 | ||||||||||||
Intra-segment elimination
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(5,549 | ) | (5,766 | ) | (12,485 | ) | (12,200 | ) | ||||||||
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Sales from continuing operations
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$ | 176,805 | $ | 175,906 | $ | 370,246 | $ | 362,329 | ||||||||
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Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
Income (Loss) Before Income Taxes | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Lawn and Garden
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$ | (1,619 | ) | $ | (5,479 | ) | $ | 2,259 | $ | (722 | ) | |||||
Material Handling
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8,396 | 3,452 | 18,657 | 8,862 | ||||||||||||
Distribution
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4,015 | 3,628 | 7,087 | 6,530 | ||||||||||||
Engineered Products
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2,591 | 3,084 | 5,380 | 5,637 | ||||||||||||
Corporate
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(4,709 | ) | (4,694 | ) | (12,341 | ) | (9,835 | ) | ||||||||
Interest expense-net
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(1,153 | ) | (1,851 | ) | (2,391 | ) | (3,651 | ) | ||||||||
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Income from continuing operations before income taxes
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$ | 7,520 | $ | (1,860 | ) | $ | 18,651 | $ | 6,821 | |||||||
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