|
|
|
|
|
|
|
|
|
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
|
— | 23,335 | (23,335 | ) | ||||||||
Translation adjustment
|
— | — | — | |||||||||
|
||||||||||||
June 30, 2011
|
$ | 405,558 | $ | 134,134 | $ | 271,424 | ||||||
|
June 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
|
$ | 96,994 | $ | 52,538 | $ | 44,456 | $ | 96,359 | $ | 48,301 | $ | 48,058 | ||||||||||||
Trade names and trademarks
|
20,309 | 10,983 | 9,326 | 20,294 | 5,736 | 14,558 | ||||||||||||||||||
Non-competition agreements
|
100 | 83 | 17 | 100 | 73 | 27 | ||||||||||||||||||
|
||||||||||||||||||||||||
|
$ | 117,403 | $ | 63,604 | $ | 53,799 | $ | 116,753 | $ | 54,110 | $ | 62,643 | ||||||||||||
|
(In thousands) | ||||
|
||||
2011
|
$ | 9,245 | ||
2012
|
10,879 | |||
2013
|
6,465 | |||
2014
|
5,636 | |||
2015
|
5,105 | |||
Thereafter
|
16,469 | |||
|
||||
|
$ | 53,799 | ||
|
|
|
June 30, | December 31, | |||||||
(In thousands) | 2011 | 2010 | ||||||
Borrowings from foreign revolving credit facility; 6.0% interest rate
at June 30, 2011
|
$ | 831 | $ | — | ||||
Borrowings from a domestic revolving credit facility; 2.3% interest
rate at June 30, 2011
|
13,800 | — | ||||||
10.5% Senior Notes due 2016, net of bond discount of $4,041 and $4,308
|
195,959 | 195,692 | ||||||
Various subordinated notes payable; weighted average interest rate of
6.2% and 6.2%; principal and interest payable monthly through
November 2013
|
3,949 | 8,635 | ||||||
Various capital leases; weighted average interest rate of 8.7% and
8.8%; principal and interest payable monthly through August 2016
|
31,114 | 35,297 | ||||||
|
||||||||
|
245,653 | 239,624 | ||||||
Less current portion
|
(32,365 | ) | (23,608 | ) | ||||
|
||||||||
|
$ | 213,288 | $ | 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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
|
||||||||||||||||
Net (loss) income
|
$ | (84,742 | ) | $ | 1,733 | $ | (88,424 | ) | $ | 2,442 | ||||||
Foreign currency translation adjustments
|
294 | (66 | ) | 583 | 50 | |||||||||||
Gain (loss) on derivative, net of tax effect
|
912 | 139 | 1,866 | (174 | ) | |||||||||||
|
||||||||||||||||
Comprehensive (loss) income
|
(83,536 | ) | 1,806 | (85,975 | ) | 2,318 | ||||||||||
Comprehensive loss (income) attributable to
noncontrolling interest
|
17 | (54 | ) | 24 | (46 | ) | ||||||||||
|
||||||||||||||||
Comprehensive (loss) income attributable to
American Reprographics Company
|
$ | (83,519 | ) | $ | 1,752 | $ | (85,951 | ) | $ | 2,272 | ||||||
|
|
|
Fair Value | ||||||||
Balance Sheet | December 31, | |||||||
(In thousands) | Classification | 2010 | ||||||
|
||||||||
Derivative not designated as hedging instrument under ASC 815
|
||||||||
|
||||||||
Amended Swap Transaction
|
Accrued expenses | $ | 9,729 |
Amount of Gain or (Loss) Recognized in | ||||||||
AOCL on Derivative | ||||||||
Three Months Ended | Six Months Ended | |||||||
(In thousands) | June 30, 2010 | June 30, 2010 | ||||||
|
||||||||
Derivative in ASC 815 cash flow hedging relationship
|
||||||||
Amended Swap Transaction
|
$ | 222 | $ | (326 | ) | |||
Tax effect
|
(83 | ) | 152 | |||||
|
||||||||
Amended Swap Transaction, net of tax effect
|
$ | 139 | $ | (174 | ) | |||
|
Amount of Gain or (Loss) Reclassified from AOCL into Income | ||||||||||||||||||||||||||||||||
(effective portion) | (ineffective portion) | |||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||
(In thousands) | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Location of Gain or
(Loss) Reclassified
from AOCL into
Income
|
||||||||||||||||||||||||||||||||
Interest expense
|
$ | (1,457 | ) | $ | (1,968 | ) | $ | (2,980 | ) | $ | (3,934 | ) | $ | — | $ | (34 | ) | $ | — | $ | (106 | ) |
Amount of Loss Recognized in Income on | ||||||||
Derivative | ||||||||
Three Months Ended | Six Months Ended | |||||||
(In thousands) | June 30, 2011 | June 30, 2011 | ||||||
|
||||||||
Derivative not designated as hedging instrument under ASC 815
|
||||||||
Amended Swap Transaction
|
$ | — | $ | (120 | ) | |||
Tax effect
|
— | 45 | ||||||
|
||||||||
Amended Swap Transaction, net of tax effect
|
$ | — | $ | (75 | ) | |||
|
|
Significant Other | ||||
Observable Inputs | ||||
Level 2 | ||||
(In thousands) | December 31, 2010 | |||
|
||||
Recurring Fair Value Measure
|
||||
Amended Swap Transaction
|
$ | 9,729 |
Significant Other Unobservable Inputs | ||||||||
June 30, 2011 | ||||||||
(In thousands) | Level 3 | Total Losses | ||||||
|
||||||||
Nonrecurring Fair Value Measure
|
||||||||
Goodwill
|
$ | 271,424 | $ | 23,335 |
|
American | ||||||||||||||||||||
Reprographics | Guarantor | Non-Guarantor | ||||||||||||||||||
(In thousands) (Unaudited) | Company | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
|
||||||||||||||||||||
Assets
|
||||||||||||||||||||
|
||||||||||||||||||||
Current assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | — | $ | 9,527 | $ | 12,380 | $ | — | $ | 21,907 | ||||||||||
Accounts receivable, net
|
— | 54,899 | 6,146 | — | 61,045 | |||||||||||||||
Intercompany operations
|
295 | 4,529 | (4,824 | ) | — | — | ||||||||||||||
Inventories, net
|
— | 8,072 | 3,278 | — | 11,350 | |||||||||||||||
Deferred income taxes
|
— | — | — | — | — | |||||||||||||||
Prepaid expenses
|
33 | 3,235 | 955 | — | 4,223 | |||||||||||||||
Other current assets
|
— | 19,825 | 950 | — | 20,775 | |||||||||||||||
|
||||||||||||||||||||
Total current assets
|
328 | 100,087 | 18,885 | — | 119,300 | |||||||||||||||
Property and equipment, net
|
— | 48,914 | 7,226 | — | 56,140 | |||||||||||||||
Goodwill
|
— | 271,424 | — | — | 271,424 | |||||||||||||||
Investment in subsidiaries
|
186,373 | 12,725 | — | (199,098 | ) | — | ||||||||||||||
Other intangible assets, net
|
— | 51,827 | 1,972 | — | 53,799 | |||||||||||||||
Deferred financing costs, net
|
4,669 | — | — | — | 4,669 | |||||||||||||||
Deferred income taxes
|
— | — | 1,442 | — | 1,442 | |||||||||||||||
Other assets
|
— | 1,938 | 281 | — | 2,219 | |||||||||||||||
|
||||||||||||||||||||
Total assets
|
$ | 191,370 | $ | 486,915 | $ | 29,806 | $ | (199,098 | ) | $ | 508,993 | |||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Liabilities and Equity
|
||||||||||||||||||||
|
||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||
Accounts payable
|
$ | 45 | $ | 21,135 | $ | 1,987 | $ | — | $ | 23,167 | ||||||||||
Accrued payroll and
payroll-related expenses
|
— | 7,752 | 288 | — | 8,040 | |||||||||||||||
Accrued expenses
|
875 | 16,553 | 2,069 | — | 19,497 | |||||||||||||||
Intercompany loans
|
(193,009 | ) | 191,487 | 1,522 | — | — | ||||||||||||||
Current portion of long-term
debt and capital leases
|
13,800 | 16,841 | 1,724 | — | 32,365 | |||||||||||||||
|
||||||||||||||||||||
Total current liabilities
|
(178,289 | ) | 253,768 | 7,590 | — | 83,069 | ||||||||||||||
Long-term debt and capital leases
|
195,959 | 15,793 | 1,536 | — | 213,288 | |||||||||||||||
Deferred income taxes
|
— | 29,486 | — | 29,486 | ||||||||||||||||
Other long-term liabilities
|
— | 1,495 | 1,803 | — | 3,298 | |||||||||||||||
|
||||||||||||||||||||
Total liabilities
|
17,670 | 300,542 | 10,929 | — | 329,141 | |||||||||||||||
|
||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||
Total equity
|
173,700 | 186,373 | 18,877 | (199,098 | ) | 179,852 | ||||||||||||||
|
||||||||||||||||||||
Total liabilities and
equity
|
$ | 191,370 | $ | 486,915 | $ | 29,806 | $ | (199,098 | ) | $ | 508,993 | |||||||||
|
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
|
$ | — | $ | 99,106 | $ | 10,484 | $ | — | $ | 109,590 | ||||||||||
Cost of sales
|
— | 65,315 | 8,580 | — | 73,895 | |||||||||||||||
|
||||||||||||||||||||
Gross profit
|
— | 33,791 | 1,904 | — | 35,695 | |||||||||||||||
Selling, general and
administrative expenses
|
— | 24,746 | 2,058 | — | 26,804 | |||||||||||||||
Amortization of intangible
assets
|
— | 4,655 | 66 | — | 4,721 | |||||||||||||||
Goodwill impairment
|
— | 23,335 | — | — | 23,335 | |||||||||||||||
|
||||||||||||||||||||
Loss from operations
|
— | (18,945 | ) | (220 | ) | — | (19,165 | ) | ||||||||||||
Other income
|
— | (35 | ) | — | — | (35 | ) | |||||||||||||
Interest expense (income), net
|
5,602 | 2,114 | (17 | ) | — | 7,699 | ||||||||||||||
|
||||||||||||||||||||
Loss before equity
earnings of subsidiaries
and income tax provision
|
(5,602 | ) | (21,024 | ) | (203 | ) | — | (26,829 | ) | |||||||||||
Equity in earnings of
subsidiaries
|
76,175 | 1,446 | — | (77,621 | ) | — | ||||||||||||||
Income tax provision
|
2,853 | 53,705 | 1,355 | — | 57,913 | |||||||||||||||
|
||||||||||||||||||||
Net (loss) income
|
(84,630 | ) | (76,175 | ) | (1,558 | ) | 77,621 | (84,742 | ) | |||||||||||
Loss attributable to
noncontrolling interest
|
— | — | 112 | — | 112 | |||||||||||||||
|
||||||||||||||||||||
Net (loss) income
attributable to American
Reprographics Company
|
$ | (84,630 | ) | $ | (76,175 | ) | $ | (1,446 | ) | $ | 77,621 | $ | (84,630 | ) | ||||||
|
American | ||||||||||||||||||||
Reprographics | Guarantor | Non-Guarantor | ||||||||||||||||||
(In thousands) (Unaudited) | Company | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales
|
$ | — | $ | 106,504 | $ | 8,584 | $ | — | $ | 115,088 | ||||||||||
Cost of sales
|
— | 69,136 | 6,497 | — | 75,633 | |||||||||||||||
|
||||||||||||||||||||
Gross profit
|
— | 37,368 | 2,087 | — | 39,455 | |||||||||||||||
Selling, general and
administrative expenses
|
— | 26,404 | 1,765 | — | 28,169 | |||||||||||||||
Amortization of intangible
assets
|
— | 2,484 | 73 | — | 2,557 | |||||||||||||||
|
||||||||||||||||||||
Income from operations
|
— | 8,480 | 249 | — | 8,729 | |||||||||||||||
Other income, net
|
— | (34 | ) | — | — | (34 | ) | |||||||||||||
Interest expense (income), net
|
— | 5,757 | (3 | ) | — | 5,754 | ||||||||||||||
|
||||||||||||||||||||
Income before equity
earnings of subsidiaries
and income tax provision
|
— | 2,757 | 252 | — | 3,009 | |||||||||||||||
Equity in earnings of
subsidiaries
|
(1,679 | ) | (141 | ) | — | 1,820 | — | |||||||||||||
Income tax provision
|
— | 1,219 | 57 | — | 1,276 | |||||||||||||||
|
||||||||||||||||||||
Net income (loss)
|
1,679 | 1,679 | 195 | (1,820 | ) | 1,733 | ||||||||||||||
Income attributable to
noncontrolling interest
|
— | — | (54 | ) | — | (54 | ) | |||||||||||||
|
||||||||||||||||||||
Net income (loss)
attributable to American
Reprographics Company
|
$ | 1,679 | $ | 1,679 | $ | 141 | $ | (1,820 | ) | $ | 1,679 | |||||||||
|
American | ||||||||||||||||||||
Reprographics | Guarantor | Non-Guarantor | ||||||||||||||||||
(In thousands) (Unaudited) | Company | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales
|
$ | — | $ | 197,096 | $ | 18,998 | $ | — | $ | 216,094 | ||||||||||
Cost of sales
|
— | 131,930 | 15,083 | — | 147,013 | |||||||||||||||
|
||||||||||||||||||||
Gross profit
|
— | 65,166 | 3,915 | — | 69,081 | |||||||||||||||
Selling, general and
administrative expenses
|
— | 50,573 | 4,063 | — | 54,636 | |||||||||||||||
Amortization of intangible
assets
|
— | 9,333 | 132 | — | 9,465 | |||||||||||||||
Goodwill impairment
|
— | 23,335 | — | — | 23,335 | |||||||||||||||
|
||||||||||||||||||||
Loss from operations
|
— | (18,075 | ) | (280 | ) | — | (18,355 | ) | ||||||||||||
Other income
|
— | (61 | ) | — | — | (61 | ) | |||||||||||||
Interest expense (income), net
|
11,342 | 4,556 | (32 | ) | — | 15,866 | ||||||||||||||
|
||||||||||||||||||||
Loss before equity
earnings of subsidiaries
and income tax provision
|
(11,342 | ) | (22,570 | ) | (248 | ) | — | (34,160 | ) | |||||||||||
Equity in earnings of
subsidiaries
|
76,225 | 1,444 | — | (77,669 | ) | — | ||||||||||||||
Income tax provision
|
706 | 52,211 | 1,347 | — | 54,264 | |||||||||||||||
|
||||||||||||||||||||
Net (loss) income
|
(88,273 | ) | (76,225 | ) | (1,595 | ) | 77,669 | (88,424 | ) | |||||||||||
Loss attributable to
noncontrolling interest
|
— | — | 151 | — | 151 | |||||||||||||||
|
||||||||||||||||||||
Net (loss) income
attributable to American
Reprographics Company
|
$ | (88,273 | ) | $ | (76,225 | ) | $ | (1,444 | ) | $ | 77,669 | $ | (88,273 | ) | ||||||
|
American | ||||||||||||||||||||
Reprographics | Guarantor | Non-Guarantor | ||||||||||||||||||
(In thousands) (Unaudited) | Company | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales
|
$ | — | $ | 210,593 | $ | 16,656 | $ | — | $ | 227,249 | ||||||||||
Cost of sales
|
— | 138,160 | 12,783 | — | 150,943 | |||||||||||||||
|
||||||||||||||||||||
Gross profit
|
— | 72,433 | 3,873 | — | 76,306 | |||||||||||||||
Selling, general and
administrative expenses
|
— | 51,831 | 3,469 | — | 55,300 | |||||||||||||||
Amortization of intangible
assets
|
— | 5,049 | 144 | — | 5,193 | |||||||||||||||
Goodwill impairment
|
— | — | — | — | — | |||||||||||||||
|
||||||||||||||||||||
Income from operations
|
— | 15,553 | 260 | — | 15,813 | |||||||||||||||
Other income, net
|
— | (77 | ) | — | — | (77 | ) | |||||||||||||
Interest expense, net
|
— | 11,638 | 4 | — | 11,642 | |||||||||||||||
|
||||||||||||||||||||
Income before equity
earnings of
subsidiaries and
income tax provision
|
— | 3,992 | 256 | — | 4,248 | |||||||||||||||
Equity in earnings of
subsidiaries
|
(2,396 | ) | (141 | ) | — | 2,537 | — | |||||||||||||
Income tax provision
|
— | 1,737 | 69 | — | 1,806 | |||||||||||||||
|
||||||||||||||||||||
Net income (loss)
|
2,396 | 2,396 | 187 | (2,537 | ) | 2,442 | ||||||||||||||
Income attributable to
noncontrolling interest
|
— | — | (46 | ) | — | (46 | ) | |||||||||||||
|
||||||||||||||||||||
Net income (loss)
attributable to
American
Reprographics Company
|
$ | 2,396 | $ | 2,396 | $ | 141 | $ | (2,537 | ) | $ | 2,396 | |||||||||
|
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
|
$ | (10,750 | ) | $ | 22,939 | $ | (316 | ) | $ | — | $ | 11,873 | ||||||||
|
||||||||||||||||||||
Cash flows from investing
activities
|
||||||||||||||||||||
Capital expenditures
|
— | (6,968 | ) | (654 | ) | — | (7,622 | ) | ||||||||||||
Payment for swap transaction
|
— | (9,729 | ) | — | — | (9,729 | ) | |||||||||||||
Other
|
— | 803 | (156 | ) | — | 647 | ||||||||||||||
|
||||||||||||||||||||
Net cash used in investing
activities
|
— | (15,894 | ) | (810 | ) | — | (16,704 | ) | ||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Cash flows from financing
activities
|
||||||||||||||||||||
Proceeds from stock option
exercises
|
— | 108 | — | — | 108 | |||||||||||||||
Proceeds from issuance of
common stock under Employee
Stock Purchase Plan
|
— | 23 | — | — | 23 | |||||||||||||||
Excess tax benefit related
to stock-based compensation
|
— | 31 | — | — | 31 | |||||||||||||||
Payments on long-term debt
agreements and capital
leases
|
— | (13,325 | ) | (776 | ) | — | (14,101 | ) | ||||||||||||
Net borrowings under
revolving credit facilities
|
13,800 | — | 820 | — | 14,620 | |||||||||||||||
Payment of deferred loan fees
|
(541 | ) | — | — | — | (541 | ) | |||||||||||||
Advances to/from subsidiaries
|
(2,509 | ) | 3,058 | (549 | ) | — | - | |||||||||||||
|
||||||||||||||||||||
Net cash provided by (used
in) financing activities
|
10,750 | (10,105 | ) | (505 | ) | — | 140 | |||||||||||||
|
||||||||||||||||||||
Effect of foreign currency
translation on cash balances
|
— | — | 305 | — | 305 | |||||||||||||||
|
||||||||||||||||||||
Net change in cash and cash
equivalents
|
— | (3,060 | ) | (1,326 | ) | — | (4,386 | ) | ||||||||||||
Cash and cash equivalents at
beginning of period
|
— | 12,587 | 13,706 | — | 26,293 | |||||||||||||||
|
||||||||||||||||||||
Cash and cash equivalents at
end of period
|
$ | — | $ | 9,527 | $ | 12,380 | $ | — | $ | 21,907 | ||||||||||
|
American | ||||||||||||||||||||
Reprographics | Guarantor | Non-Guarantor | ||||||||||||||||||
(In thousands) (Unaudited) | Company | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
|
||||||||||||||||||||
Cash flows from operating
activities
|
||||||||||||||||||||
Net cash provided by
operating activities
|
$ | — | $ | 27,427 | $ | 319 | $ | — | $ | 27,746 | ||||||||||
|
||||||||||||||||||||
Cash flows from investing
activities
|
||||||||||||||||||||
Capital expenditures
|
— | (2,349 | ) | (428 | ) | — | (2,777 | ) | ||||||||||||
Payment for swap transaction
|
— | — | — | — | — | |||||||||||||||
Other
|
— | 811 | 34 | — | 845 | |||||||||||||||
|
||||||||||||||||||||
Net cash used in investing
activities
|
— | (1,538 | ) | (394 | ) | — | (1,932 | ) | ||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Cash flows from financing
activities
|
||||||||||||||||||||
Proceeds from stock option
exercises
|
— | 125 | — | — | 125 | |||||||||||||||
Proceeds from issuance of
common stock under Employee
Stock Purchase Plan
|
— | 16 | — | — | 16 | |||||||||||||||
Excess tax benefit related
to stock-based compensation
|
— | 38 | — | — | 38 | |||||||||||||||
Payments on long-term debt
agreements and capital
leases
|
— | (20,947 | ) | (649 | ) | — | (21,596 | ) | ||||||||||||
Net repayments under
revolving credit facility
|
— | — | (123 | ) | — | (123 | ) | |||||||||||||
Payment of loan fees
|
— | — | — | — | — | |||||||||||||||
Advances to/from subsidiaries
|
— | 573 | (573 | ) | — | — | ||||||||||||||
|
||||||||||||||||||||
Net cash used in financing
activities
|
— | (20,195 | ) | (1,345 | ) | — | (21,540 | ) | ||||||||||||
|
||||||||||||||||||||
Effect of foreign currency
translation on cash balances
|
— | — | 22 | — | 22 | |||||||||||||||
|
||||||||||||||||||||
Net change in cash and cash
equivalents
|
— | 5,694 | (1,398 | ) | — | 4,296 | ||||||||||||||
Cash and cash equivalents at
beginning of period
|
— | 15,319 | 14,058 | — | 29,377 | |||||||||||||||
|
||||||||||||||||||||
Cash and cash equivalents at
end of period
|
$ | — | $ | 21,013 | $ | 12,660 | $ | — | $ | 33,673 | ||||||||||
|