|
|
|
|
|
|
|
|
|
Accumulated | Net | |||||||||||
Gross | Impairment | Carrying | ||||||||||
(In thousands) | Goodwill | Loss | Amount | |||||||||
January 1, 2010
|
$ | 405,054 | $ | 72,536 | $ | 332,518 | ||||||
Additions
|
500 | — | 500 | |||||||||
Goodwill impairment
|
— | 38,263 | (38,263 | ) | ||||||||
Translation adjustment
|
4 | — | 4 | |||||||||
|
||||||||||||
December 31, 2010
|
405,558 | 110,799 | 294,759 | |||||||||
Additions
|
— | — | — | |||||||||
Goodwill impairment
|
— | 65,444 | (65,444 | ) | ||||||||
|
||||||||||||
September 30, 2011
|
$ | 405,558 | $ | 176,243 | $ | 229,315 | ||||||
|
September 30, 2011 | December 31, 2010 | |||||||||||||||||||||||
Gross | Net | Gross | Net | |||||||||||||||||||||
Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | |||||||||||||||||||
(In thousands) | Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||
|
||||||||||||||||||||||||
Amortizable other intangible
assets
|
||||||||||||||||||||||||
Customer relationships
|
$ | 97,474 | $ | 54,495 | $ | 42,979 | $ | 96,359 | $ | 48,301 | $ | 48,058 | ||||||||||||
Trade names and trademarks
|
20,317 | 13,607 | 6,710 | 20,294 | 5,736 | 14,558 | ||||||||||||||||||
Non-competition agreements
|
100 | 88 | 12 | 100 | 73 | 27 | ||||||||||||||||||
|
||||||||||||||||||||||||
|
$ | 117,891 | $ | 68,190 | $ | 49,701 | $ | 116,753 | $ | 54,110 | $ | 62,643 | ||||||||||||
|
(In thousands) | ||||
|
||||
2011
|
$ | 4,618 | ||
2012
|
10,957 | |||
2013
|
6,536 | |||
2014
|
5,701 | |||
2015
|
5,168 | |||
Thereafter
|
16,721 | |||
|
||||
|
$ | 49,701 | ||
|
|
|
September 30, | December 31, | |||||||
(In thousands) | 2011 | 2010 | ||||||
|
||||||||
Borrowings from foreign revolving credit facility; 6.0% interest rate
at September 30, 2011
|
$ | 1,022 | $ | — | ||||
Borrowings from a domestic revolving credit facility; 2.3% interest
rate at September 30, 2011
|
9,800 | — | ||||||
10.5% senior notes due 2016, net of bond discount of $3,902 and $4,308
|
196,098 | 195,692 | ||||||
Various subordinated notes payable; weighted average interest rate of
6.1% and 6.2%; principal and interest payable monthly through
September 2014
|
2,620 | 8,635 | ||||||
Various capital leases; weighted average interest rate of 8.5% and
8.8%; principal and interest payable monthly through November 2016
|
29,062 | 35,297 | ||||||
|
||||||||
|
238,602 | 239,624 | ||||||
Less current portion
|
(26,648 | ) | (23,608 | ) | ||||
|
||||||||
|
$ | 211,954 | $ | 216,016 | ||||
|
• |
Maximum consolidated leverage ratio as follows:
|
• |
4.35:1.00 for quarters ending December 31, 2010 through
September 30, 2011
|
||
• |
4.25:1.00 for quarters ending December 31, 2011 through
September 30, 2012
|
||
• |
4.15:1.00 for quarters ending December 31, 2012 through
September 30, 2013
|
||
• |
4.00:1.00 for quarters ending December 31, 2013 through maturity;
|
• |
Maximum consolidated senior secured debt leverage ratio not
greater than 1.50:1.00, determined on the last day of each
fiscal quarter through maturity;
|
||
• |
Minimum consolidated interest coverage ratio as follows:
|
• |
1.70:1.00 for quarters ending December 31, 2010 through
September 30, 2011
|
||
• |
1.75:1.00 for quarters ending December 31, 2011 through maturity;
|
|
|
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(In thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
|
||||||||||||||||
Net loss
|
$ | (41,696 | ) | $ | (25,217 | ) | $ | (130,120 | ) | $ | (22,775 | ) | ||||
Foreign currency translation adjustments
|
(308 | ) | 423 | 275 | 473 | |||||||||||
Gain (loss) on derivative, net of tax effect
|
871 | 55 | 2,737 | (119 | ) | |||||||||||
|
||||||||||||||||
Comprehensive loss
|
(41,133 | ) | (24,739 | ) | (127,108 | ) | (22,421 | ) | ||||||||
Comprehensive income attributable to
noncontrolling interest
|
(127 | ) | (86 | ) | (103 | ) | (132 | ) | ||||||||
|
||||||||||||||||
Comprehensive loss attributable to American
Reprographics Company
|
$ | (41,260 | ) | $ | (24,825 | ) | $ | (127,211 | ) | $ | (22,553 | ) | ||||
|
|
|
Fair Value | ||||||||
Balance Sheet | December 31, | |||||||
(In thousands) | Classification | 2010 | ||||||
|
||||||||
Derivative not designated as hedging instrument under ASC 815
|
||||||||
Swap transaction
|
Accrued expenses | $ | 9,729 |
Amount of Gain or (Loss) Recognized in AOCL on | ||||||||
Derivative | ||||||||
Three Months Ended | Nine Months Ended | |||||||
(In thousands) | September 30, 2010 | September 30, 2010 | ||||||
|
||||||||
Derivative in ASC 815 cash flow hedging relationship
|
||||||||
Swap transaction
|
$ | 92 | $ | (234 | ) | |||
Tax effect
|
(37 | ) | 115 | |||||
|
||||||||
Swap transaction, net of tax effect
|
$ | 55 | $ | (119 | ) | |||
|
Amount of Gain or (Loss) Reclassified from AOCL into Income | ||||||||||||||||||||||||||||||||
(effective portion) | (ineffective portion) | |||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
(In thousands) | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Location of Gain or
(Loss) Reclassified
from AOCL into
Income
|
||||||||||||||||||||||||||||||||
Interest expense
|
$ | (1,389 | ) | $ | (1,841 | ) | $ | (4,369 | ) | $ | (5,775 | ) | $ | — | $ | (44 | ) | $ | — | $ | (150 | ) |
Amount of Loss Recognized in Income on | ||||||||
Derivative | ||||||||
Three Months Ended | Nine Months Ended | |||||||
(In thousands) | September 30, 2011 | September 30, 2011 | ||||||
|
||||||||
Derivative not designated as hedging instrument under ASC 815
|
||||||||
Swap transaction
|
$ | — | $ | (120 | ) | |||
|
||||||||
Tax effect
|
— | 45 | ||||||
|
||||||||
Swap transaction, net of tax effect
|
$ | — | $ | (75 | ) | |||
|
|
Significant Other | ||||
Observable Inputs | ||||
Level 2 | ||||
(In thousands) | December 31, 2010 | |||
|
||||
Recurring Fair Value Measure
|
||||
Swap transaction
|
$ | 9,729 |
Significant Other Unobservable Inputs | ||||||||
September 30, 2011 | ||||||||
(In thousands) | Level 3 | Total Losses | ||||||
|
||||||||
Nonrecurring Fair Value Measure
|
||||||||
Goodwill
|
$ | 229,315 | $ | 65,444 |
|
American | ||||||||||||||||||||
Reprographics | Guarantor | Non-Guarantor | ||||||||||||||||||
(In thousands) (Unaudited) | Company | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
|
||||||||||||||||||||
Assets
|
||||||||||||||||||||
|
||||||||||||||||||||
Current assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | — | $ | 14,331 | $ | 11,623 | $ | — | $ | 25,954 | ||||||||||
Accounts receivable, net
|
— | 53,564 | 7,392 | — | 60,956 | |||||||||||||||
Intercompany operations
|
295 | 4,461 | (4,756 | ) | — | — | ||||||||||||||
Inventories, net
|
— | 7,841 | 3,039 | — | 10,880 | |||||||||||||||
Prepaid expenses
|
13 | 3,073 | 1,503 | — | 4,589 | |||||||||||||||
Other current assets
|
— | 18,529 | 1,080 | — | 19,609 | |||||||||||||||
|
||||||||||||||||||||
Total current assets
|
308 | 101,799 | 19,881 | — | 121,988 | |||||||||||||||
Property and equipment, net
|
— | 48,077 | 7,330 | — | 55,407 | |||||||||||||||
Goodwill
|
— | 229,315 | — | — | 229,315 | |||||||||||||||
Investment in subsidiaries
|
151,207 | 12,604 | — | (163,811 | ) | — | ||||||||||||||
Other intangible assets, net
|
— | 47,245 | 2,456 | — | 49,701 | |||||||||||||||
Deferred financing costs, net
|
4,561 | — | — | — | 4,561 | |||||||||||||||
Deferred income taxes
|
— | — | 1,347 | — | 1,347 | |||||||||||||||
Other assets
|
— | 1,864 | 256 | — | 2,120 | |||||||||||||||
|
||||||||||||||||||||
Total assets
|
$ | 156,076 | $ | 440,904 | $ | 31,270 | $ | (163,811 | ) | $ | 464,439 | |||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Liabilities and Equity
|
||||||||||||||||||||
|
||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||
Accounts payable
|
$ | — | $ | 20,458 | $ | 2,473 | $ | — | $ | 22,931 | ||||||||||
Accrued payroll and
payroll-related expenses
|
— | 9,397 | 362 | — | 9,759 | |||||||||||||||
Accrued expenses
|
6,184 | 16,265 | 2,534 | — | 24,983 | |||||||||||||||
Intercompany loans
|
(188,751 | ) | 186,975 | 1,776 | — | — | ||||||||||||||
Current portion of long-term
debt and capital leases
|
9,800 | 14,954 | 1,894 | — | 26,648 | |||||||||||||||
|
||||||||||||||||||||
Total current liabilities
|
(172,767 | ) | 248,049 | 9,039 | — | 84,321 | ||||||||||||||
Long-term debt and capital leases
|
196,101 | 14,233 | 1,620 | — | 211,954 | |||||||||||||||
Deferred income taxes
|
— | 26,070 | — | 26,070 | ||||||||||||||||
Other long-term liabilities
|
— | 1,345 | 1,728 | — | 3,073 | |||||||||||||||
|
||||||||||||||||||||
Total liabilities
|
23,334 | 289,697 | 12,387 | — | 325,418 | |||||||||||||||
|
||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||
|
||||||||||||||||||||
Total equity
|
132,742 | 151,207 | 18,883 | (163,811 | ) | 139,021 | ||||||||||||||
|
||||||||||||||||||||
Total liabilities and
equity
|
$ | 156,076 | $ | 440,904 | $ | 31,270 | $ | (163,811 | ) | $ | 464,439 | |||||||||
|
American | ||||||||||||||||||||
Reprographics | Guarantor | Non-Guarantor | ||||||||||||||||||
(In thousands) (Unaudited) | Company | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
|
||||||||||||||||||||
Assets
|
||||||||||||||||||||
|
||||||||||||||||||||
Current assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | — | $ | 12,587 | $ | 13,706 | $ | — | $ | 26,293 | ||||||||||
Accounts receivable, net
|
— | 48,283 | 4,336 | — | 52,619 | |||||||||||||||
Intercompany operations
|
295 | 2,717 | (3,012 | ) | — | — | ||||||||||||||
Inventories, net
|
— | 8,090 | 2,599 | — | 10,689 | |||||||||||||||
Deferred income taxes
|
— | 7,157 | — | — | 7,157 | |||||||||||||||
Prepaid expenses
|
72 | 2,799 | 1,203 | — | 4,074 | |||||||||||||||
Other current assets
|
— | 5,942 | 928 | — | 6,870 | |||||||||||||||
|
||||||||||||||||||||
Total current assets
|
367 | 87,575 | 19,760 | — | 107,702 | |||||||||||||||
Property and equipment, net
|
— | 52,376 | 6,660 | — | 59,036 | |||||||||||||||
Goodwill
|
— | 294,759 | — | — | 294,759 | |||||||||||||||
Investment in subsidiaries
|
257,838 | 16,065 | — | (273,903 | ) | — | ||||||||||||||
Other intangible assets, net
|
— | 60,585 | 2,058 | — | 62,643 | |||||||||||||||
Deferred financing costs, net
|
4,995 | — | — | — | 4,995 | |||||||||||||||
Deferred income taxes
|
708 | 34,453 | 2,674 | — | 37,835 | |||||||||||||||
Other assets
|
— | 1,978 | 137 | — | 2,115 | |||||||||||||||
|
||||||||||||||||||||
Total assets
|
$ | 263,908 | $ | 547,791 | $ | 31,289 | $ | (273,903 | ) | $ | 569,085 | |||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Liabilities and Equity
|
||||||||||||||||||||
|
||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||
Accounts payable
|
$ | — | $ | 21,137 | $ | 2,456 | $ | — | $ | 23,593 | ||||||||||
Accrued payroll and
payroll-related expenses
|
— | 7,643 | 337 | — | 7,980 | |||||||||||||||
Accrued expenses
|
2,210 | 25,563 | 2,361 | — | 30,134 | |||||||||||||||
Intercompany loans
|
(190,500 | ) | 190,241 | 259 | — | — | ||||||||||||||
Current portion of long-term
debt and capital leases
|
— | 22,787 | 821 | — | 23,608 | |||||||||||||||
|
||||||||||||||||||||
Total current liabilities
|
(188,290 | ) | 267,371 | 6,234 | — | 85,315 | ||||||||||||||
Long-term debt and capital leases
|
195,692 | 19,201 | 1,123 | — | 216,016 | |||||||||||||||
Other long-term liabilities
|
— | 3,381 | 1,691 | — | 5,072 | |||||||||||||||
|
||||||||||||||||||||
Total liabilities
|
7,402 | 289,953 | 9,048 | — | 306,403 | |||||||||||||||
|
||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||
Total equity
|
256,506 | 257,838 | 22,241 | (273,903 | ) | 262,682 | ||||||||||||||
|
||||||||||||||||||||
Total liabilities and
equity
|
$ | 263,908 | $ | 547,791 | $ | 31,289 | $ | (273,903 | ) | $ | 569,085 | |||||||||
|
American | ||||||||||||||||||||
Reprographics | Guarantor | Non-Guarantor | ||||||||||||||||||
(In thousands) (Unaudited) | Company | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales
|
$ | — | $ | 93,365 | $ | 11,427 | $ | — | $ | 104,792 | ||||||||||
Cost of sales
|
— | 61,895 | 8,973 | — | 70,868 | |||||||||||||||
|
||||||||||||||||||||
Gross profit
|
— | 31,470 | 2,454 | — | 33,924 | |||||||||||||||
Selling, general and
administrative expenses
|
— | 21,513 | 2,020 | — | 23,533 | |||||||||||||||
Amortization of intangible
assets
|
— | 4,581 | 73 | — | 4,654 | |||||||||||||||
Goodwill impairment
|
— | 42,109 | — | — | 42,109 | |||||||||||||||
|
||||||||||||||||||||
Loss from operations
|
— | (36,733 | ) | 361 | — | (36,372 | ) | |||||||||||||
Other income
|
— | (27 | ) | — | — | (27 | ) | |||||||||||||
Interest expense (income), net
|
5,788 | 1,999 | (44 | ) | — | 7,743 | ||||||||||||||
|
||||||||||||||||||||
(Loss) income before
equity earnings of
subsidiaries and income
tax benefit
|
(5,788 | ) | (38,705 | ) | 405 | — | (44,088 | ) | ||||||||||||
Equity in earnings of
subsidiaries
|
36,675 | (527 | ) | — | (36,148 | ) | — | |||||||||||||
Income tax benefit
|
(706 | ) | (1,503 | ) | (183 | ) | — | (2,392 | ) | |||||||||||
|
||||||||||||||||||||
Net (loss) income
|
(41,757 | ) | (36,675 | ) | 588 | 36,148 | (41,696 | ) | ||||||||||||
Loss attributable to
noncontrolling interest
|
— | — | (61 | ) | — | (61 | ) | |||||||||||||
|
||||||||||||||||||||
Net (loss) income
attributable to American
Reprographics Company
|
$ | (41,757 | ) | $ | (36,675 | ) | $ | 527 | $ | 36,148 | $ | (41,757 | ) | |||||||
|
American | ||||||||||||||||||||
Reprographics | Guarantor | Non-Guarantor | ||||||||||||||||||
(In thousands) (Unaudited) | Company | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales
|
$ | — | $ | 100,004 | $ | 9,417 | $ | — | $ | 109,421 | ||||||||||
Cost of sales
|
— | 66,678 | 7,725 | — | 74,403 | |||||||||||||||
|
||||||||||||||||||||
Gross profit
|
— | 33,326 | 1,692 | — | 35,018 | |||||||||||||||
Selling, general and
administrative expenses
|
— | 24,764 | 1,848 | — | 26,612 | |||||||||||||||
Amortization of intangible
assets
|
— | 2,394 | 72 | — | 2,466 | |||||||||||||||
Goodwill impairment
|
— | 36,697 | 1,566 | — | 38,263 | |||||||||||||||
|
||||||||||||||||||||
Loss from operations
|
— | (30,529 | ) | (1,794 | ) | — | (32,323 | ) | ||||||||||||
Other income
|
— | (52 | ) | — | — | (52 | ) | |||||||||||||
Interest expense (income), net
|
— | 5,621 | (7 | ) | — | 5,614 | ||||||||||||||
|
||||||||||||||||||||
Loss before equity
earnings of subsidiaries
and income tax benefit
|
— | (36,098 | ) | (1,787 | ) | — | (37,885 | ) | ||||||||||||
Equity in earnings of
subsidiaries
|
25,144 | 1,670 | — | (26,814 | ) | — | ||||||||||||||
Income tax benefit
|
— | (12,624 | ) | (44 | ) | — | (12,668 | ) | ||||||||||||
|
||||||||||||||||||||
Net (loss) income
|
(25,144 | ) | (25,144 | ) | (1,743 | ) | 26,814 | (25,217 | ) | |||||||||||
Loss attributable to
noncontrolling interest
|
— | — | 73 | — | 73 | |||||||||||||||
|
||||||||||||||||||||
Net (loss) income
attributable to American
Reprographics Company
|
$ | (25,144 | ) | $ | (25,144 | ) | $ | (1,670 | ) | $ | 26,814 | $ | (25,144 | ) | ||||||
|
American | ||||||||||||||||||||
Reprographics | Guarantor | Non-Guarantor | ||||||||||||||||||
(In thousands) (Unaudited) | Company | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales
|
$ | — | $ | 290,461 | $ | 30,425 | $ | — | $ | 320,886 | ||||||||||
Cost of sales
|
— | 193,825 | 24,056 | — | 217,881 | |||||||||||||||
|
||||||||||||||||||||
Gross profit
|
— | 96,636 | 6,369 | — | 103,005 | |||||||||||||||
Selling, general and
administrative expenses
|
— | 72,086 | 6,083 | — | 78,169 | |||||||||||||||
Amortization of intangible
assets
|
— | 13,914 | 205 | — | 14,119 | |||||||||||||||
Goodwill impairment
|
— | 65,444 | — | — | 65,444 | |||||||||||||||
|
||||||||||||||||||||
(Loss) income from
operations
|
— | (54,808 | ) | 81 | — | (54,727 | ) | |||||||||||||
Other income
|
— | (88 | ) | — | — | (88 | ) | |||||||||||||
Interest expense (income), net
|
17,130 | 6,555 | (76 | ) | — | 23,609 | ||||||||||||||
|
||||||||||||||||||||
(Loss) income before
equity earnings of
subsidiaries and income
tax provision
|
(17,130 | ) | (61,275 | ) | 157 | — | (78,248 | ) | ||||||||||||
Equity in earnings of
subsidiaries
|
112,900 | 917 | — | (113,817 | ) | — | ||||||||||||||
Income tax provision
|
— | 50,708 | 1,164 | — | 51,872 | |||||||||||||||
|
||||||||||||||||||||
Net (loss) income
|
(130,030 | ) | (112,900 | ) | (1,007 | ) | 113,817 | (130,120 | ) | |||||||||||
Loss attributable to
noncontrolling interest
|
— | — | 90 | — | 90 | |||||||||||||||
|
||||||||||||||||||||
Net (loss) income
attributable to American
Reprographics Company
|
$ | (130,030 | ) | $ | (112,900 | ) | $ | (917 | ) | $ | 113,817 | $ | (130,030 | ) | ||||||
|
American | ||||||||||||||||||||
Reprographics | Guarantor | Non-Guarantor | ||||||||||||||||||
(In thousands) (Unaudited) | Company | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales
|
$ | — | $ | 310,596 | $ | 26,074 | $ | — | $ | 336,670 | ||||||||||
Cost of sales
|
— | 204,840 | 20,506 | — | 225,346 | |||||||||||||||
|
||||||||||||||||||||
Gross profit
|
— | 105,756 | 5,568 | — | 111,324 | |||||||||||||||
Selling, general and
administrative expenses
|
— | 76,595 | 5,317 | — | 81,912 | |||||||||||||||
Amortization of intangible
assets
|
— | 7,443 | 216 | — | 7,659 | |||||||||||||||
Goodwill impairment
|
— | 36,697 | 1,566 | — | 38,263 | |||||||||||||||
|
||||||||||||||||||||
Loss from operations
|
— | (14,979 | ) | (1,531 | ) | — | (16,510 | ) | ||||||||||||
Other income
|
— | (129 | ) | — | — | (129 | ) | |||||||||||||
Interest expense (income), net
|
— | 17,258 | (2 | ) | — | 17,256 | ||||||||||||||
|
||||||||||||||||||||
Loss before equity
earnings of subsidiaries
and income tax (benefit)
provision
|
— | (32,108 | ) | (1,529 | ) | — | (33,637 | ) | ||||||||||||
Equity in earnings of
subsidiaries
|
22,748 | 1,527 | — | (24,275 | ) | — | ||||||||||||||
Income tax (benefit) provision
|
— | (10,887 | ) | 25 | — | (10,862 | ) | |||||||||||||
|
||||||||||||||||||||
Net (loss) income
|
(22,748 | ) | (22,748 | ) | (1,554 | ) | 24,275 | (22,775 | ) | |||||||||||
Loss attributable to
noncontrolling interest
|
— | — | 27 | — | 27 | |||||||||||||||
|
||||||||||||||||||||
Net (loss) income
attributable to American
Reprographics Company
|
$ | (22,748 | ) | $ | (22,748 | ) | $ | (1,527 | ) | $ | 24,275 | $ | (22,748 | ) | ||||||
|
American | ||||||||||||||||||||
Reprographics | Guarantor | Non-Guarantor | ||||||||||||||||||
(In thousands) (Unaudited) | Company | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
|
||||||||||||||||||||
Cash flows from operating
activities
|
||||||||||||||||||||
Net cash (used in) provided by
operating activities
|
$ | (10,881 | ) | $ | 41,255 | $ | (884 | ) | $ | — | $ | 29,490 | ||||||||
|
||||||||||||||||||||
Cash flows from investing
activities
|
||||||||||||||||||||
|
||||||||||||||||||||
Capital expenditures
|
— | (10,766 | ) | (1,172 | ) | — | (11,938 | ) | ||||||||||||
Payment for swap transaction
|
— | (9,729 | ) | — | — | (9,729 | ) | |||||||||||||
Other
|
— | 1,054 | (129 | ) | — | 925 | ||||||||||||||
|
||||||||||||||||||||
Net cash used in investing
activities
|
— | (19,441 | ) | (1,301 | ) | — | (20,742 | ) | ||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Cash flows from financing
activities
|
||||||||||||||||||||
|
||||||||||||||||||||
Proceeds from stock option
exercises
|
— | 108 | — | — | 108 | |||||||||||||||
Proceeds from issuance of
common stock under Employee
Stock Purchase Plan
|
— | 31 | — | — | 31 | |||||||||||||||
Excess tax benefit related to
stock-based compensation
|
— | 31 | — | — | 31 | |||||||||||||||
Payments on long-term debt
agreements and capital leases
|
— | (18,718 | ) | (1,001 | ) | — | (19,719 | ) | ||||||||||||
Net borrowings under
revolving credit facilities
|
9,800 | — | 1,022 | — | 10,822 | |||||||||||||||
Payment of deferred loan fees
|
(668 | ) | — | — | — | (668 | ) | |||||||||||||
Advances to/from subsidiaries
|
1,749 | (1,522 | ) | (227 | ) | — | — | |||||||||||||
|
||||||||||||||||||||
Net cash provided by (used
in) financing activities
|
10,881 | (20,070 | ) | (206 | ) | — | (9,395 | ) | ||||||||||||
|
||||||||||||||||||||
Effect of foreign currency
translation on cash balances
|
— | — | 308 | — | 308 | |||||||||||||||
|
||||||||||||||||||||
Net change in cash and cash
equivalents
|
— | 1,744 | (2,083 | ) | — | (339 | ) | |||||||||||||
Cash and cash equivalents at
beginning of period
|
— | 12,587 | 13,706 | — | 26,293 | |||||||||||||||
|
||||||||||||||||||||
Cash and cash equivalents at
end of period
|
$ | — | $ | 14,331 | $ | 11,623 | $ | — | $ | 25,954 | ||||||||||
|
American | ||||||||||||||||||||
Reprographics | Guarantor | Non-Guarantor | ||||||||||||||||||
(In thousands) (Unaudited) | Company | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
|
||||||||||||||||||||
Cash flows from operating
activities
|
||||||||||||||||||||
Net cash provided by
operating activities
|
$ | — | $ | 35,358 | $ | 2,650 | $ | — | $ | 38,008 | ||||||||||
|
||||||||||||||||||||
Cash flows from investing
activities
|
||||||||||||||||||||
|
||||||||||||||||||||
Capital expenditures
|
— | (4,900 | ) | (796 | ) | — | (5,696 | ) | ||||||||||||
Payments for businesses
acquired, net of cash
acquired and including other
cash payments associated with
the acquisitions
|
— | (500 | ) | — | — | (500 | ) | |||||||||||||
Other
|
— | 892 | (138 | ) | — | 754 | ||||||||||||||
|
||||||||||||||||||||
Net cash used in investing
activities
|
— | (4,508 | ) | (934 | ) | — | (5,442 | ) | ||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Cash flows from financing
activities
|
||||||||||||||||||||
|
||||||||||||||||||||
Proceeds from stock option
exercises
|
— | 125 | — | — | 125 | |||||||||||||||
Proceeds from issuance of
common stock under Employee
Stock Purchase Plan
|
— | 37 | — | — | 37 | |||||||||||||||
Excess tax benefit related to
stock-based compensation
|
— | 38 | — | — | 38 | |||||||||||||||
Payments on long-term debt
agreements and capital leases
|
— | (31,284 | ) | (919 | ) | — | (32,203 | ) | ||||||||||||
Net repayments under
revolving credit facility
|
— | — | (450 | ) | — | (450 | ) | |||||||||||||
Advances to/from subsidiaries
|
— | 1,140 | (1,140 | ) | — | — | ||||||||||||||
|
||||||||||||||||||||
Net cash used in financing
activities
|
— | (29,944 | ) | (2,509 | ) | — | (32,453 | ) | ||||||||||||
|
||||||||||||||||||||
Effect of foreign currency
translation on cash balances
|
— | — | 265 | — | 265 | |||||||||||||||
|
||||||||||||||||||||
Net change in cash and cash
equivalents
|
— | 906 | (528 | ) | — | 378 | ||||||||||||||
Cash and cash equivalents at
beginning of period
|
— | 15,319 | 14,058 | — | 29,377 | |||||||||||||||
|
||||||||||||||||||||
Cash and cash equivalents at
end of period
|
$ | — | $ | 16,225 | $ | 13,530 | $ | — | $ | 29,755 | ||||||||||
|