0001437749-12-011370.txt : 20121109 0001437749-12-011370.hdr.sgml : 20121109 20121109123729 ACCESSION NUMBER: 0001437749-12-011370 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121109 DATE AS OF CHANGE: 20121109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREW INDUSTRIES INC CENTRAL INDEX KEY: 0000763744 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 133250533 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-13646 FILM NUMBER: 121192595 BUSINESS ADDRESS: STREET 1: 200 MAMARONECK AVE CITY: WHITE PLAINS STATE: NY ZIP: 10601 BUSINESS PHONE: 9144289098 MAIL ADDRESS: STREET 1: 200 MAMARONECK AVE CITY: WHITE PLAINS STATE: NY ZIP: 10601 10-Q 1 drew_10q-093012.htm FORM 10-Q drew_10q-093012.htm
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q
(Mark One)
[ X ]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: SEPTEMBER 30, 2012

OR
 
[   ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _________________ to _________________

Commission File Number:  0-13646

DREW INDUSTRIES INCORPORATED
(Exact name of registrant as specified in its charter)
 
Delaware     13-3250533
(State or other jurisdiction of    (I.R.S. Employer
incorporation or organization)    Identification No.)
 
200 Mamaroneck Avenue, White Plains, NY 10601
(Address of principal executive offices)  (Zip Code)

(914) 428-9098
(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)   N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X   No___

Indicate by checkmark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (paragraph 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes X   No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ___ Accelerated filer   X    Non-accelerated filer ___ (Do not check if a smaller reporting company) Smaller reporting company ___

Indicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ___ No    X  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 22,388,319 shares of common stock as of October 31, 2012.

 
1

 

DREW INDUSTRIES INCORPORATED

INDEX TO FINANCIAL STATEMENTS FILED WITH
QUARTERLY REPORT OF REGISTRANT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2012

(UNAUDITED)
 


   
Page
PART I
FINANCIAL INFORMATION
   
       
 
Item 1 FINANCIAL STATEMENTS
   
       
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
3
 
       
 
CONDENSED CONSOLIDATED BALANCE SHEETS
4
 
       
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
5
 
       
 
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
6
 
       
 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
7 19
 
       
 
Item 2 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
20 38
 
       
 
Item 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
39
 
       
 
Item 4 CONTROLS AND PROCEDURES
39
 
       
PART II
OTHER INFORMATION
   
       
 
Item 1 LEGAL PROCEEDINGS
40
 
       
 
Item 1A RISK FACTORS
40
 
       
 
Item 6 EXHIBITS
40
 
       
SIGNATURES
41
 
       
EXHIBIT 31.1 SECTION 302 CEO CERTIFICATION
42
 
       
EXHIBIT 31.2 SECTION 302 CFO CERTIFICATION
43
 
       
EXHIBIT 32.1 SECTION 906 CEO CERTIFICATION
44
 
       
EXHIBIT 32.2 SECTION 906 CFO CERTIFICATION
45
 
 
 
2

 
 
DREW INDUSTRIES INCORPORATED
 
PART I –  FINANCIAL INFORMATION
ITEM 1 – FINANCIAL STATEMENTS
 

 
DREW INDUSTRIES INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
   
Nine Months Ended
September 30,
   
Three Months Ended
September 30,
 
   
2012
   
2011
   
2012
   
2011
 
(In thousands, except per share amounts)
                       
                         
Net sales
  $ 700,889     $ 521,570     $ 226,323     $ 166,689  
Cost of sales
    568,101       409,631       184,781       134,688  
Gross profit
    132,788       111,939       41,542       32,001  
Selling, general and administrative expenses
    81,499       69,283       26,594       22,798  
Operating profit
    51,289       42,656       14,948       9,203  
Interest expense, net
    246       197       116       78  
Income before income taxes
    51,043       42,459       14,832       9,125  
Provision for income taxes
    18,448       16,488       5,061       3,506  
Net income
  $ 32,595     $ 25,971     $ 9,771     $ 5,619  
                                 
Net income per common share:
                               
Basic
  $ 1.45     $ 1.17     $ 0.43     $ 0.25  
Diluted
  $ 1.43     $ 1.16     $ 0.43     $ 0.25  
                                 
Weighted average common shares outstanding:
                               
Basic
    22,507       22,254       22,563       22,273  
Diluted
    22,724       22,427       22,800       22,447  
 
 
The accompanying notes are an integral part of these financial statements.
 
 
3

 
 
DREW INDUSTRIES INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
   
September 30,
   
December 31,
 
   
2012
   
2011
   
2011
 
(In thousands, except per share amount)
                 
                   
ASSETS
                 
Current assets
                 
Cash and cash equivalents
  $ 32,584     $ 1,472     $ 6,584  
Accounts receivable, net
    50,421       41,965       22,620  
Inventories
    98,393       97,765       92,052  
Deferred taxes
    10,125       12,142       10,125  
Prepaid expenses and other current assets
    11,165       6,960       6,187  
Total current assets
    202,688       160,304       137,568  
Fixed assets, net
    101,931       90,884       95,050  
Goodwill
    21,177       20,137       20,499  
Other intangible assets, net
    71,755       80,746       79,059  
Deferred taxes
    14,496       15,744       14,496  
Other assets
    6,422       3,544       4,411  
Total assets
  $ 418,469     $ 371,359     $ 351,083  
                         
LIABILITIES AND STOCKHOLDERS’ EQUITY
                       
Current liabilities
                       
Accounts payable, trade
  $ 33,392     $ 30,106     $ 15,742  
Accrued expenses and other current liabilities
    47,074       39,413       36,169  
Total current liabilities
    80,466       69,519       51,911  
Long-term indebtedness
    -       8,075       -  
Other long-term liabilities
    20,369       20,005       21,876  
Total liabilities
    100,835       97,599       73,787  
                         
Stockholders’ equity
                       
Common stock, par value $.01 per share
    250       247       248  
Paid-in capital
    92,130       84,942       84,389  
Retained earnings
    254,721       218,038       222,126  
Stockholders’ equity before treasury stock
    347,101       303,227       306,763  
Treasury stock, at cost
    (29,467 )     (29,467 )     (29,467 )
Total stockholders’ equity
    317,634       273,760       277,296  
Total liabilities and stockholders’ equity
  $ 418,469     $ 371,359     $ 351,083  
 
 
The accompanying notes are an integral part of these financial statements.
 
 
4

 
 
DREW INDUSTRIES INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
   
Nine Months Ended
September 30,
 
   
2012
   
2011
 
(In thousands)
           
             
Cash flows from operating activities:
           
Net income
  $ 32,595     $ 25,971  
Adjustments to reconcile net income to cash flows provided by operating activities:
               
Depreciation and amortization
    19,211       15,069  
Stock-based compensation expense
    4,703       3,352  
Deferred taxes
    -       26  
Other non-cash items
    889       751  
Changes in assets and liabilities, net of acquisitions of businesses:
               
Accounts receivable, net
    (27,801 )     (24,440 )
Inventories
    (5,753 )     (20,581 )
Prepaid expenses and other assets
    (6,993 )     (1,996 )
Accounts payable
    17,650       18,755  
Accrued expenses and other liabilities
    10,086       (628 )
Net cash flows provided by operating activities
    44,587       16,279  
                 
Cash flows from investing activities:
               
Capital expenditures
    (22,010 )     (17,721 )
Acquisitions of businesses
    (1,473 )     (49,340 )
Proceeds from maturity of short-term investments
    -       5,000  
Proceeds from sales of fixed assets
    5,397       1,248  
Other investing activities
    (88 )     (438 )
Net cash flows used for investing activities
    (18,174 )     (61,251 )
                 
Cash flows from financing activities:
               
Exercise of stock options and deferred stock units
    2,840       504  
Proceeds from line of credit borrowings
    37,702       48,675  
Repayments under line of credit borrowings
    (37,702 )     (40,600 )
Payment of contingent consideration related to acquisitions
    (3,253 )     (226 )
Purchase of treasury stock
    -       (626 )
Other financing activities
    -       (163 )
Net cash flows (used for) provided by financing activities
    (413 )     7,564  
                 
Net increase (decrease) in cash
    26,000       (37,408 )
                 
Cash and cash equivalents at beginning of period
    6,584       38,880  
Cash and cash equivalents at end of period
  $ 32,584     $ 1,472  
                 
Supplemental disclosure of cash flow information:
               
Cash paid during the period for:
               
Interest
  $ 289     $ 263  
Income taxes, net of refunds
  $ 16,121     $ 17,101  
 

The accompanying notes are an integral part of these financial statements
 
 
5

 
 
DREW INDUSTRIES INCORPORATED
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
(Unaudited)
 
   
Common
Stock
   
Paid-in
Capital
   
Retained
Earnings
   
Treasury
Stock
   
Total
Stockholders’
Equity
 
(In thousands, except shares)
                             
                               
Balance - December 31, 2011
  $ 248     $ 84,389     $ 222,126     $ (29,467 )   $ 277,296  
Net income
    -       -       32,595       -       32,595  
Issuance of 243,848 shares of common stock pursuant to stock options and deferred stock units
    2       2,732       -       -       2,734  
Income tax benefit relating to issuance of common stock pursuant to stock options and deferred stock units
    -       106       -       -       106  
Stock-based compensation expense
    -       4,703       -       -       4,703  
Issuance of 7,548 deferred stock units relating to prior year compensation
    -       200       -       -       200  
Balance - September 30, 2012
  $ 250     $ 92,130     $ 254,721     $ (29,467 )   $ 317,634  
 
 
The accompanying notes are an integral part of these financial statements.

 
6

 
 
 DREW INDUSTRIES INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
 
1.     Basis of Presentation
 
The Condensed Consolidated Financial Statements include the accounts of Drew Industries Incorporated and its wholly-owned subsidiaries (collectively, “Drew” or the “Company”). Drew has no unconsolidated subsidiaries. Drew’s wholly-owned active subsidiaries are Lippert Components, Inc. and its subsidiaries (collectively, “Lippert”), and Kinro, Inc. and its subsidiaries (collectively, “Kinro”). Drew, through Lippert and Kinro, manufactures a broad array of components for recreational vehicles (“RVs”) and manufactured homes, and to a lesser extent manufactures components for modular housing, truck caps and buses, as well as for trailers used to haul boats, livestock, equipment and other cargo.

Because of fluctuations in dealer inventories, and volatile economic conditions, current and future seasonal industry trends may be different than in prior years.

The Condensed Consolidated Financial Statements presented herein have been prepared by the Company in accordance with the accounting policies described in its December 31, 2011 Annual Report on Form 10-K and should be read in conjunction with the Notes to Consolidated Financial Statements which appear in that report. All significant intercompany balances and transactions have been eliminated. Certain prior year balances have been reclassified to conform to current year presentation.

In the opinion of management, the information furnished in this Form 10-Q reflects all adjustments necessary for a fair statement of the financial position and results of operations as of and for the nine and three month periods ended September 30, 2012 and 2011. All such adjustments are of a normal recurring nature. The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q, and therefore do not include some information necessary to conform to annual reporting requirements.

2.     Segment Reporting

The Company has two reportable segments; the recreational vehicle products segment (the "RV Segment") and the manufactured housing products segment (the "MH Segment"). Intersegment sales are insignificant.

The RV Segment, which accounted for 87 percent and 84 percent of consolidated net sales for the nine month periods ended September 30, 2012 and 2011, respectively, manufactures a variety of products used primarily in the production of RVs, including:
 
Steel chassis for towable RVs
Aluminum windows and screens
Axles and suspension solutions for towable RVs
Chassis components
Slide-out mechanisms and solutions
Furniture and mattresses
Thermoformed bath, kitchen and other products
Entry, baggage, patio and ramp doors
Entry steps
Awnings
Manual, electric and hydraulic stabilizer and leveling systems
Other accessories
 
The Company also supplies certain of these products as replacement parts to the RV aftermarket. In addition, the Company manufactures components for truck caps, buses, and trailers used to haul boats, livestock, equipment and other cargo. Approximately 85 percent of the Company’s RV Segment net sales are components to manufacturers of travel trailer and fifth-wheel RVs.
 
 
7

 
 
DREW INDUSTRIES INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
 
 
The MH Segment, which accounted for 13 percent and 16 percent of consolidated net sales for the nine month periods ended September 30, 2012 and 2011, respectively, manufactures a variety of products used in the production of manufactured homes and to a lesser extent, modular housing and mobile office units, including:
 
Vinyl and aluminum windows and screens
Steel chassis
Thermoformed bath and kitchen products
Steel chassis parts
Steel and fiberglass entry doors
Axles
Aluminum and vinyl patio doors
 
 
The Company also supplies windows, doors and thermoformed bath products as replacement parts to the manufactured housing aftermarket. Certain of the Company’s MH Segment customers manufacture both manufactured homes and modular homes, and certain of the products manufactured by the Company are suitable for both types of homes. As a result, the Company is not always able to determine in which type of home its products are installed.

Decisions concerning the allocation of the Company's resources are made by the Company's key executives, with oversight by the Board of Directors. This group evaluates the performance of each segment based upon segment operating profit or loss, defined as income or loss before interest, corporate expenses, goodwill impairment, accretion, other non-segment items and income taxes. Decisions concerning the allocation of resources are also based on each segment’s utilization of assets. Management of debt is a corporate function. The accounting policies of the RV and MH Segments are the same as those described in Note 1 of Notes to Consolidated Financial Statements of the Company’s December 31, 2011 Annual Report on Form 10-K.

Information relating to segments follows (in thousands):
 
   
Nine Months Ended
September 30,
   
Three Months Ended
September 30,
 
   
2012
   
2011
   
2012
   
2011
 
                         
Net sales:
                       
RV Segment:
                       
RV OEMs:
                       
Travel Trailers and Fifth-Wheels
  $ 514,653     $ 387,746     $ 162,719     $ 117,946  
Motorhomes
    22,568       12,244       8,376       3,304  
RV Aftermarket
    14,714       12,169       5,355       4,108  
Adjacent Industries
    57,008       27,497       18,507       10,870  
Total RV Segment net sales
    608,943       439,656       194,957       136,228  
                                 
MH Segment:
                               
Manufactured Housing OEMs
    61,678       56,112       21,188       21,487  
Manufactured Housing Aftermarket
    12,730       12,693       3,990       4,254  
Adjacent Industries
    17,538       13,109       6,188       4,720  
Total MH Segment net sales
    91,946       81,914       31,366       30,461  
                                 
Total net sales
  $ 700,889     $ 521,570     $ 226,323     $ 166,689  
                                 
Operating profit:
                               
RV Segment
  $ 47,209     $ 40,370     $ 12,945     $ 7,745  
MH Segment
    10,942       8,963       3,781       3,786  
Total segment operating profit
    58,151       49,333       16,726       11,531  
Corporate
    (6,513 )     (5,846 )     (1,989 )     (1,803 )
Accretion related to contingent consideration
    (1,350 )     (1,394 )     (430 )     (445 )
Other non-segment items
    1,001       563       641       (80 )
Total operating profit
  $ 51,289     $ 42,656     $ 14,948     $ 9,203  
 
 
8

 
 
DREW INDUSTRIES INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

 
3.           Acquisitions, Goodwill and Other Intangible Assets

Acquisitions

RV Entry Door Operation

On February 21, 2012, the Company acquired the business and certain assets of the United States RV entry door operation of Euramax International, Inc. The acquired business had annualized sales of approximately $6 million. The purchase price was $1.7 million, of which $1.2 million was paid at closing, with the balance to be paid over the next three years. The results of the acquired business have been included in the Company’s RV Segment and in the Condensed Consolidated Statement of Income since the acquisition date.

The acquisition of this business was recorded on the acquisition date as follows (in thousands):
 
Cash consideration   $ 1,164  
Present value of future payments
    482  
Total fair value of consideration given
  $ 1,646  
         
Customer relationships
  $ 270  
Other identifiable intangible assets
    40  
Net tangible assets
    785  
Total fair value of net assets acquired
  $ 1,095  
         
Goodwill (tax deductible)
  $ 551  
 
The customer relationships are being amortized over their estimated useful life of 7 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates leveraging its existing manufacturing capacity and purchasing power to reduce costs in this product line.

 
9

 
 
DREW INDUSTRIES INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
 
 
Goodwill

Goodwill by reportable segment was as follows (in thousands):
 
   
MH Segment
   
RV Segment
   
Total
 
                   
Accumulated cost – December 31, 2011
  $ 10,025     $ 61,001     $ 71,026  
Accumulated impairment – December 31, 2011
    (9,251 )     (41,276 )     (50,527 )
Net balance – December 31, 2011
    774       19,725       20,499  
Acquisitions – 2012
    -       678       678  
Net balance – September 30, 2012
  $ 774     $ 20,403     $ 21,177  
 
Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist. The impairment tests are based on fair value, determined using discounted cash flows, appraised values or management’s estimates. No impairment tests were required or performed during the nine months ended September 30, 2012.

Other Intangible Assets

Other intangible assets consisted of the following at September 30, 2012 (in thousands):
 
   
Gross
Cost
   
Accumulated
Amortization
   
Net
Balance
 
Estimated Useful
Life in Years
                         
Customer relationships
  $ 50,105     $ 16,782     $ 33,323  
3
to 16
Patents
    45,934       13,994       31,940  
2
to 19
Tradenames
    7,959       4,243       3,716  
5
to 15
Non-compete agreements
    4,988       2,212       2,776  
1
to 7
Other intangible assets
  $ 108,986     $ 37,231     $ 71,755        
 
Other intangible assets consisted of the following at December 31, 2011 (in thousands):
 
   
Gross
Cost
   
Accumulated
Amortization
   
Net
Balance
 
Estimated Useful
Life in Years
                         
Customer relationships
  $ 50,645     $ 14,483     $ 36,162  
3
to 16
Patents
    46,139       10,651       35,488  
2
to 19
Tradenames
    8,069       3,408       4,661  
5
to 15
Non-compete agreements
    4,136       1,388       2,748  
3
to 7
Other intangible assets
  $ 108,989     $ 29,930     $ 79,059        
 
At September 30, 2012, other intangible assets included $2.0 million related to the Company’s marine and leisure operation, which sells trailers and related axles primarily for hauling small and medium-sized boats. Compared to historical averages, industry shipments of small and medium-sized boats have declined significantly over the past few years. From time to time, throughout this period, the Company conducted impairment analyses on these operations, and the estimated fair value of these operations continued to exceed the corresponding carrying values, thus no impairment has been recorded. A further downturn in industry shipments of small and medium-sized boats, or in the profitability of the Company’s operations, could result in a future non-cash impairment charge for the related other intangible assets.
 
 
10

 
 
DREW INDUSTRIES INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
 
 
4.           Cash and Investments

Cash and investments consisted of the following at (in thousands):
 
   
September 30,
   
December 31,
 
   
2012
   
2011
   
2011
 
                   
Cash in banks
  $ 32,584     $ 1,472     $ 6,584  
Cash and investments
  $ 32,584     $ 1,472     $ 6,584  
 
5.           Inventories

Inventories consisted of the following at (in thousands):
 
   
September 30,
   
December 31,
 
   
2012
   
2011
   
2011
 
                   
Raw materials
  $ 79,117     $ 84,294     $ 77,066  
Work in process
    4,802       2,335       3,224  
Finished goods
    14,474       11,136       11,762  
Inventories
  $ 98,393     $ 97,765     $ 92,052  
 
6.           Fixed Assets

Fixed assets consisted of the following at (in thousands):
 
   
September 30,
   
December 31,
 
   
2012
   
2011
   
2011
 
                   
Fixed assets, at cost
  $ 201,665     $ 183,906     $ 189,084  
Less accumulated depreciation and amortization
    99,734       93,022       94,034  
Fixed assets, net
  $ 101,931     $ 90,884     $ 95,050  
 
 
11

 
 
DREW INDUSTRIES INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
 
 
7.            Accrued Expenses and Other Current Liabilities

 
Accrued expenses and other current liabilities consisted of the following at (in thousands):
 
   
September 30,
   
December 31,
 
   
2012
   
2011
   
2011
 
                   
Employee compensation and benefits
  $ 16,613     $ 16,180     $ 14,258  
Warranty
    8,013       5,665       5,882  
Sales rebates
    4,866       3,369       3,337  
Contingent consideration related to acquisitions
    5,667       3,188       3,292  
Other
    11,915       11,011       9,400  
Accrued expenses and other current liabilities
  $ 47,074     $ 39,413     $ 36,169  
 
Estimated costs related to product warranties are accrued at the time products are sold. In estimating its future warranty obligations, the Company considers various factors, including the Company’s (i) historical warranty costs, (ii) product mix, and (iii) sales. The following table provides a reconciliation of the activity related to the Company’s accrued warranty, including both the current and long-term portions, for the nine months ended (in thousands):
 
   
September 30,
 
   
2012
   
2011
 
             
Balance at beginning of period
  $ 8,640     $ 5,892  
Provision for warranty expense
    8,548       5,291  
Warranty liability from acquired businesses
    12       527  
Warranty costs paid
    (5,813 )     (3,467 )
Total accrued warranty
    11,387       8,243  
Less long-term portion
    3,374       2,578  
Current accrued warranty
  $ 8,013     $ 5,665  
 
8.            Long-Term Indebtedness

The Company had no debt outstanding at September 30, 2012 or December 31, 2011. The Company had $8.1 million outstanding at September 30, 2011 under its line of credit at a weighted average interest rate of 2.5 percent.

On February 24, 2011, the Company entered into an agreement (the “Credit Agreement”) for a $50.0 million line of credit with JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. (collectively, the “Lenders”). The maximum borrowings under the Company’s line of credit can be increased by $20.0 million upon approval of the Lenders. Interest on borrowings under the line of credit is designated from time to time by the Company as either (i) the Prime Rate, but not less than 2.5 percent, plus additional interest up to 0.8 percent (0 percent at September 30, 2012), or (ii) LIBOR plus additional interest ranging from 2.0 percent to 2.8 percent (2.0 percent at September 30, 2012) depending on the Company’s performance and financial condition. The Credit Agreement expires on January 1, 2016. At September 30, 2012, the Company had $3.0 million in outstanding letters of credit under the line of credit. Availability under the Company’s line of credit was $47.0 million at September 30, 2012.
 
 
12

 
 
DREW INDUSTRIES INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
 

Simultaneously, the Company entered into a $150.0 million “shelf-loan” facility with Prudential Investment Management, Inc. and its affiliates (“Prudential”). The facility provides for Prudential to consider purchasing, at the Company’s request, in one or a series of transactions, Senior Promissory Notes of the Company in the aggregate principal amount of up to $150.0 million, to mature no more than twelve years after the date of original issue of each Senior Promissory Note. Prudential has no obligation to purchase the Senior Promissory Notes. Interest payable on the Senior Promissory Notes will be at rates determined by Prudential within five business days after the Company issues a request to Prudential. At September 30, 2012, there were no Senior Promissory Notes outstanding. This facility expires on February 24, 2014.

Both the line of credit pursuant to the Credit Agreement and the “shelf-loan” facility are subject to a maximum leverage ratio covenant which limits the amount of consolidated outstanding indebtedness to 2.5 times the trailing twelve-month EBITDA, as defined. This limitation did not impact the Company’s borrowing availability at September 30, 2012. The remaining availability under these facilities was $196.6 million at September 30, 2012. The Company believes this availability, together with the $32.6 million in cash at September 30, 2012, is more than adequate to finance the Company’s anticipated cash requirements for the next twelve months.
 
Pursuant to the Credit Agreement and “shelf-loan” facility at September 30, 2012, the Company was required to maintain minimum interest and fixed charge coverages, and to meet certain other financial requirements. At September 30, 2012, the Company was in compliance with all such requirements, and expects to remain in compliance for the next twelve months.

 Borrowings under both the line of credit and the “shelf-loan” facility are secured on a pari passu basis by first priority liens on the capital stock or other equity interests of each of the Company’s direct and indirect subsidiaries.

9.           Stockholders’ Equity

The following table summarizes information about the Common Stock at (in thousands):

   
September 30,
    December 31,  
    2012     2011     2011  
Common stock authorized
    30,000       30,000       30,000  
Common stock issued
    25,070       24,738       24,826  
Treasury stock
    2,684       2,684       2,684  
 
 
13

 
 
DREW INDUSTRIES INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

The following reconciliation details the denominator used in the computation of basic and diluted earnings per share (in thousands):
 
   
Nine Months Ended
September 30,
   
Three Months Ended
September 30,
 
      2012     2011       2012     2011  
                             
Weighted average shares outstanding for basic earnings per share
    22,507       22,254       22,563       22,273  
Common stock equivalents pertaining to stock options and contingently issuable deferred stock units
    217       173       237       174  
Weighted average shares outstanding for diluted earnings per share
    22,724       22,427       22,800       22,447  
 
The weighted average diluted shares outstanding for the nine months ended September 30, 2012 and 2011 excludes the effect of 797,038 and 1,467,393 shares of common stock, respectively, subject to stock options and deferred stock units. The weighted average diluted shares outstanding for the three months ended September 30, 2012 and 2011 excludes the effect of 592,038 and 1,519,726 shares of common stock, respectively, subject to stock options and deferred stock units. Such shares were excluded from total diluted shares because they were anti-dilutive or the specified performance conditions those shares were subject to were not yet achieved.

In 2007, the Board of Directors authorized the Company to repurchase up to 1 million shares of the Company’s Common Stock from time to time in the open market, in privately negotiated transactions, or in block trades. Of this authorization, 535,135 shares were repurchased prior to 2012 at an average price of $18.64 per share, or $10.0 million. No shares have been purchased in 2012. The number of shares ultimately repurchased, and the timing of the purchases, will depend upon market conditions, share price, and other factors.

10.           Commitments and Contingencies

Litigation

See Item 3. “Legal Proceedings” in the Annual Report on Form 10-K for the year ended December 31, 2011. On June 7, 2012, the United States Court of Appeals for the Ninth Circuit unanimously affirmed the decision of the United States District Court, Central District of California, which had granted Kinro’s motion for summary judgment dismissing all claims against Kinro asserted by Plaintiffs.  Consequently, the litigation was terminated.

In addition, in the normal course of business, the Company is subject to proceedings, lawsuits and other claims. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. While these matters could materially affect operating results when resolved in future periods, it is management’s opinion that after final disposition, including anticipated insurance recoveries in certain cases, any monetary liability or financial impact to the Company beyond that provided in the Condensed Consolidated Balance Sheet as of September 30, 2012, would not be material to the Company’s financial position or annual results of operations.
 
 
14

 
 
DREW INDUSTRIES INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
 
 
Contingent Consideration Related to Acquisitions

In connection with several acquisitions, if certain sales targets for the acquired products are achieved, the Company would pay additional cash consideration. The Company has recorded a liability for the fair value of this contingent consideration at September 30, 2012, based on the present value of the expected future cash flows using a market participant’s weighted average cost of capital of 14.9 percent.

The following table summarizes the contingent consideration liability as of September 30, 2012 (in thousands):
 
         
Fair Value
 
   
Estimated
   
of Estimated
 
   
Remaining
   
Remaining
 
Acquisition
 
Payments
   
Payments
 
Schwintek products
  $ 11,616 (a)   $ 9,605  
Level-UpTM six-point leveling system
    3,135 (b)     2,359  
Other acquired products
    806 (c)     672  
Total
  $ 15,557     $ 12,636  
 
(a)
Contingent consideration for three of the four products expires in March 2014. Contingent consideration for the remaining product will cease five years after the product is first sold to customers. Two of the four products acquired have a combined remaining maximum contingent consideration of $9.7 million, of which the Company estimates $8.5 million will be paid. Other than expiration of the contingent consideration period, the remaining products have no maximum contingent consideration.

(b)
Other than expiration of the contingent consideration period in February 2016, these products have no maximum contingent consideration.

(c)
Contingent consideration expires at various dates through October 2025. Certain of these products have a combined remaining maximum of $3.4 million, while the remaining products have no maximum contingent consideration.

As required, the liability for this contingent consideration is measured quarterly, considering actual sales of the acquired products, updated sales projections, and the updated market participant weighted average cost of capital. Depending upon the weighted average costs of capital and future sales of the products which are subject to contingent consideration, the Company could record adjustments in future periods.

In the first nine months of 2012 and 2011, the net impact of the quarterly fair value adjustments and accretion of the liability was an expense recorded in selling, general, and administrative expenses in the Condensed Consolidated Statements of Income of $1.3 million and $1.0 million, respectively.
 
 
15

 
 
DREW INDUSTRIES INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
 
 
The following table provides a reconciliation of the Company’s contingent consideration liability for the nine months ended September 30, 2012 (in thousands):
 
Balance at December 31, 2011
  $ 14,561  
Acquisitions
    67  
Payments
    (3,253 )
Accretion
    1,324  
Fair value adjustments
    (63 )
Balance at September 30, 2012
    12,636  
Less current portion in accrued expenses and other current liabilities
    5,667  
Total long-term portion in other long-term liabilities
  $ 6,969  
 
Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, accounts receivable, inventories, notes receivable, goodwill and other intangible assets, income taxes, warranty obligations, self-insurance obligations, lease terminations, asset retirement obligations, long-lived assets, post-retirement benefits, stock-based compensation, segment allocations, contingent consideration, environmental liabilities, contingencies and litigation. The Company bases its estimates on historical experience, other available information and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources. Actual results and events could differ significantly from management estimates.

11.           Fair Value Measurements

The carrying values of cash and cash equivalents, short-term investments, accounts receivable and accounts payable approximated their fair value due to the short-term nature of these instruments.
 
 
16

 
 
DREW INDUSTRIES INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
 
 
Recurring

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at (in thousands):
 
    September 30, 2012     December 31, 2011  
   
Total
   
Level 1
   
Level 2
    Level 3    
Total
   
Level 1
    Level 2    
Level 3
 
Assets
                                               
Deferred compensation
  $ 4,248     $ 4,248     $ -     $ -     $ 2,564     $ 2,564     $ -     $ -  
Unrealized gain on derivative instruments
    362       -       362       -       -       -       -       -  
Total assets
  $ 4,610     $ 4,248     $ 362     $ -     $ 2,564     $ 2,564     $ -     $ -  
Liabilities
                                                               
Contingent consideration related to acquisitions
  $ 12,636     $ -     $ -     $ 12,636     $ 14,561     $ -     $ -     $ 14,561  
Deferred compensation
    6,607       6,607       -       -       4,468       4,468       -       -  
Unrealized loss on derivative instruments
    -       -       -       -       436       -       436       -  
Total liabilities
  $ 19,243     $ 6,607     $ -     $ 12,636     $ 19,465     $ 4,468     $ 436     $ 14,561  
 
Deferred Compensation
The Company has an Executive Non-Qualified Deferred Compensation Plan (the “Plan”). The amounts deferred under this Plan are credited with earnings or losses based upon changes in values of the notional investments elected by the Plan participants. Deferred compensation assets and liabilities were valued using a market approach based on the quoted market prices of identical instruments.

Contingent Consideration Related to Acquisitions
Liabilities for contingent consideration related to acquisitions were valued using management’s projections for long-term sales forecasts, including assumptions regarding market share gains and future industry-specific economic and market conditions, and a market participant’s weighted average cost of capital. Over the next five years, the Company’s long-term sales growth forecasts for products subject to contingent consideration arrangements average approximately 40 percent per year. For further information on the inputs used in determining the fair value, and a roll-forward of the contingent consideration liability, see Note 10 of the Notes to Condensed Consolidated Financial Statements.

Changes in either of the inputs in isolation would result in a change in the fair value measurement. A change in the assumptions used for sales forecasts would result in a directionally similar change in the fair value liability, while a change in the weighted average cost of capital would result in a directionally opposite change in the fair value liability. If there is an increase in the fair value liability, the Company would record a charge to selling, general and administrative expenses, and if there is a decrease in the fair value liability, the Company would record a benefit in selling, general and administrative expenses.
 
 
17

 
 
DREW INDUSTRIES INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
 
 
Derivative Instruments
At September 30, 2012, the Company had derivative instruments for 7.1 million pounds of aluminum, approximately 20 percent of the Company’s anticipated annual aluminum purchases, in order to manage a portion of the exposure to movements associated with aluminum costs. These derivative instruments expire between October 2012 and September 2013, at an average mid-west aluminum price of $1.02 per pound. While these derivative instruments are considered to be economic hedges of the underlying movement in the price of aluminum, they are not designated or accounted for as a hedge. These derivative instruments were valued at fair value using a market approach based on the quoted market prices of similar instruments at the end of each reporting period, and the resulting net gain or loss was recorded in cost of sales in the Condensed Consolidated Statements of Income. At September 30, 2012 the corresponding asset was recorded in prepaid expenses and other current assets, and at December 31, 2011 the corresponding liability was recorded in accrued expenses and other current liabilities, both as reflected in the Condensed Consolidated Balance Sheet. During the first nine months of 2012, derivative instruments for 2.5 million pounds were settled at a loss of $0.3 million.
 
 Non-recurring

The following table presents the carrying value on the measurement date of any assets and liabilities which were measured at fair value and recorded at the lower of cost or fair value, on a non-recurring basis, using significant unobservable inputs (Level 3), and the corresponding non-recurring losses recognized during the nine months ended (in thousands):
 
   
September 30, 2012
   
September 30, 2011
 
   
Carrying
Value
   
Non-Recurring
Losses
   
Carrying
Value
   
Non-Recurring
Losses
 
Assets
                       
Vacant owned facilities
  $ 5,794     $ 486     $ 10,123     $ -  
Other intangible assets
    -       1,228       -       -  
Net assets of acquired businesses
    1,345       -       37,340       -  
Total assets
  $ 7,139     $ 1,714     $ 47,463     $ -  
Liabilities
                               
Vacant leased facilities
  $ -     $ 10     $ 583     $ 203  
Total liabilities
  $ -     $ 10     $ 583     $ 203  
 
Vacant Owned Facilities
During the first nine months of 2012, the Company reviewed the recoverability of the carrying value of eight vacant owned facilities. The determination of fair value was based on the best information available, including internal cash flow estimates, market prices for similar assets, broker quotes and independent appraisals, as appropriate. During the first nine months of 2012, the carrying value of three of these vacant owned facilities exceeded their fair value, therefore an impairment charge of $0.5 million was recorded in selling, general, and administrative expenses in the Condensed Consolidated Statements of Income. During the first nine months of 2012, the Company sold at carrying value two of the facilities previously recorded as a vacant facility and reopened another. At September 30, 2012, the Company had five vacant owned facilities, with an estimated combined fair value of $5.8 million, classified in fixed assets in the Condensed Consolidated Balance Sheets.  The Company has leased to third parties two of these owned facilities with a combined carrying value of $3.8 million, both for five year terms, for a combined rental income of $0.4 million annually. Both of these leases also contain an option for the lessee to purchase the facility at an amount in excess of carrying value.

During the first nine months of 2011, the fair value of vacant owned facilities exceeded their carrying value, therefore no impairment charges were recorded.
 
 
18

 
 
DREW INDUSTRIES INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
 
 
Other Intangible Assets
During the first nine months of 2012, the Company reviewed the recoverability of amortizable intangible assets associated with an acquired patent. Based on the analyses, the $1.2 million carrying value of these intangible assets exceeded the undiscounted cash flows expected to be generated. As a result, the Company was required to determine the fair value of these intangible assets. Fair value was determined based on the present value of internal cash flow estimates. The resulting fair value of these intangible assets was nominal, therefore the Company recorded a non-cash impairment charge of $1.2 million, of which $1.0 million was recorded in cost of sales in the Condensed Consolidated Statements of Income.

Net Assets of Acquired Businesses
The Company valued the assets and liabilities associated with the acquisitions of businesses on the respective acquisition dates. Depending upon the type of asset or liability acquired, the Company used different valuation techniques in determining the fair value. Those techniques included comparable market prices, long-term sales, profitability and cash flow forecasts, assumptions regarding future industry-specific economic and market conditions, a market participant’s weighted average cost of capital, as well as other techniques as circumstances required. For further information on acquired assets and liabilities, see Note 3 of the Notes to Condensed Consolidated Financial Statements.

Vacant Leased Facilities
The Company recorded a charge of less than $0.1 million in selling, general and administrative expenses in the Condensed Consolidated Statements of Income in the first nine months of 2012 due to the early termination of leases of vacant facilities by the lessor. In the first nine months of 2011, the Company recorded a charge of $0.2 million in selling, general and administrative expenses in the Condensed Consolidated Statements of Income related to the exit from leased facilities.

12.           New Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (“FASB”) issued updated standards related to additional requirements and guidance regarding disclosures of fair value measurements. The guidance expanded required disclosures, including the reasons for and amounts of all transfers in and out of Levels 1 and 2 fair value measurements, and for Level 3 fair value measurements added (1) a quantitative disclosure of the unobservable inputs and assumptions used in the measurement, (2) a description of the valuation processes used, and (3) a narrative description of the sensitivity of the fair value to changes in unobservable inputs and the interrelationships between those inputs. This guidance was effective for interim or annual periods beginning after December 15, 2011. The adoption of this guidance had no impact on the Company’s financial statements other than additional disclosures.
 
In August 2011, the FASB issued updated standards intended to simplify how an entity tests goodwill for impairment. Under the new guidance, an entity is no longer required to perform the two-step quantitative goodwill impairment test unless the entity determines, based on the qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The adoption of this guidance is not expected to have a significant impact on the Company’s financial statements.

 
19

 
 
DREW INDUSTRIES INCORPORATED

ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
This Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Company’s Condensed Consolidated Financial Statements and Notes thereto included in Item 1 of this Report.

The Company has two reportable segments; the recreational vehicle products segment (the "RV Segment") and the manufactured housing products segment (the "MH Segment"). Intersegment sales are insignificant.

The Company’s operations are conducted through its wholly-owned operating subsidiaries, Lippert Components, Inc. and its subsidiaries (collectively, “Lippert”) and Kinro, Inc. and its subsidiaries (collectively, “Kinro”). Each has operations in both the RV and MH Segments. At September 30, 2012, the Company operated 31 plants in the United States.

Net sales and operating profit are as follows (in thousands):
 
   
Nine Months Ended
September 30,
   
Three Months Ended
September 30,
 
    2012    
2011
      2012     2011  
Net sales:
                         
RV Segment:                                
RV OEMs:                                
Travel Trailers and Fifth-Wheels
  $ 514,653     $ 387,746     $ 162,719     $ 117,946  
Motorhomes
    22,568       12,244       8,376       3,304  
RV Aftermarket
    14,714       12,169       5,355       4,108  
Adjacent Industries
    57,008       27,497       18,507       10,870  
Total RV Segment net sales
    608,943       439,656       194,957       136,228  
MH Segment
                               
Manufactured Housing OEMs
    61,678       56,112       21,188       21,487  
Manufactured Housing Aftermarket
    12,730       12,693       3,990       4,254  
Adjacent Industries
    17,538       13,109       6,188       4,720  
Total MH Segment net sales
    91,946       81,914       31,366       30,461  
Total net sales
  $ 700,889     $ 521,570     $ 226,323     $ 166,689  
Operating profit:
                               
RV Segment
  $ 47,209     $ 40,370     $ 12,945     $ 7,745  
MH Segment
    10,942       8,963       3,781       3,786  
Total segment operating profit
    58,151       49,333       16,726       11,531  
Corporate
    (6,513 )     (5,846 )     (1,989 )     (1,803 )
Accretion related to contingent consideration
    (1,350 )     (1,394 )     (430 )     (445 )
Other non-segment items
    1,001       563       641       (80 )
Total operating profit
  $ 51,289     $ 42,656     $ 14,948     $ 9,203  

Because of fluctuations in dealer inventories, and volatile economic conditions, current and future seasonal industry trends may be different than in prior years.

 
20

 
 
DREW INDUSTRIES INCORPORATED
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
  
The Company’s RV Segment manufactures a variety of products used primarily in the production of RVs, including:
 
Steel chassis for towable RVs  Aluminum windows and screens
Axles and suspension solutions for towable RVs Chassis components
Slide-out mechanisms and solutions  Furniture and mattresses
Thermoformed bath, kitchen and other products  Entry, baggage, patio and ramp doors
● Entry steps  Awnings
Manual, electric and hydraulic stabilizerand leveling systems  Other accessories

The Company also supplies certain of these products as replacement parts to the RV aftermarket. In addition, the Company manufactures components for truck caps, buses, and trailers used to haul boats, livestock, equipment and other cargo (“Adjacent Industries”). Approximately 85 percent of the Company’s RV Segment net sales are components to manufacturers of travel trailer and fifth-wheel RVs. Travel trailer and fifth-wheel RVs accounted for 84 percent of all RVs shipped by the industry in 2011.

The Company’s MH Segment manufactures a variety of products used in the production of manufactured homes and to a lesser extent, modular housing and mobile office units, including:
 
 Vinyl and aluminum windows and screens  Steel chassis
 Thermoformed bath and kitchen products  Steel chassis parts
 Steel and fiberglass entry doors  Axles
Aluminum and vinyl patio doors  
 
The Company also supplies windows, doors and thermoformed bath products as replacement parts to the manufactured housing aftermarket. Certain of the Company’s MH Segment customers manufacture both manufactured homes and modular homes, and certain of the products manufactured by the Company are suitable for both types of homes. As a result, the Company is not always able to determine in which type of home its products are installed.

INDUSTRY BACKGROUND

Recreational Vehicle Industry

An RV is a vehicle designed as temporary living quarters for recreational, camping, travel or seasonal use. RVs may be motorized (motorhomes) or towable (travel trailers, fifth-wheel travel trailers, folding camping trailers and truck campers).

According to the Recreation Vehicle Industry Association (“RVIA”), industry-wide wholesale shipments of travel trailers and fifth-wheel RVs, the Company’s primary RV markets, increased 12 percent in the first nine months of 2012 to 188,200 units compared to the first nine months of 2011, as a result of:

 
·
An estimated 8 percent increase in retail demand in the first nine months of 2012 to 180,900 units, as compared to the same period of 2011, despite continued concerns about high unemployment and slower economic growth in the U.S.
 
·
RV dealers increasing inventory levels by an estimated 7,500 more units in the first nine months of 2012 than in the comparable period of 2011.

 
21

 
 
DREW INDUSTRIES INCORPORATED
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
  
The Company estimates that dealer inventories of travel trailer and fifth-wheel RVs across the U.S and Canada increased by about 23,000 units during the twelve months ended September 2012, compared to a 14,100 unit increase in retail sales for the same period. Industry surveys indicate that RV dealers are cautious, but generally comfortable with their level of towable RV inventory in relation to the increases they anticipate in retail sales.

While the Company measures its RV sales against industry-wide wholesale shipment statistics, the underlying health of the RV industry is determined by retail demand. A comparison of the number of units and the year-over-year percentage change in industry-wide wholesale shipments and retail sales of travel trailers and fifth-wheel RVs, as reported by Statistical Surveys, Inc., as well as the resulting increase or (decrease) in dealer inventories, for both the United States and Canada, is as follows:

 
    Wholesale     Retail    
Estimated
Unit Impact on
 
   
Units
   
Change
   
Units
   
Change
   
Dealer Inventories
 
Quarter ended September 30, 2012(1)
    56,700       19 %     62,900       6 %     (6,200 )
Quarter ended June 30, 2012
    71,100       8 %     79,300       6 %     (8,200 )
Quarter ended March 31, 2012
    60,400       11 %     38,700       16 %     21,700  
Quarter ended December 31, 2011
    45,200       16 %     29,500       4 %     15,700  
Twelve months ended September 30, 2012
    233,400       13 %     210,400       7 %     23,000  
Quarter ended September 30, 2011
    47,500       -2 %     59,400       4 %     (11,900 )
Quarter ended June 30, 2011
    66,000       6 %     75,100       8 %     (9,100 )
Quarter ended March 31, 2011
    54,200       10 %     33,500       7 %     20,700  
Quarter ended December 31, 2010
    39,000       4 %     28,300       12 %     10,700  
Twelve months ended September 30, 2011
    206,700       5 %     196,300       7 %     10,400  

(1)  Retail sales data for September 2012 has not been published, therefore retail and dealer inventory data include an estimate for retail units sold.

While production over the last twelve months was strong, unless retail demand matches these production levels, dealers could reduce the pace of their orders for additional units, and our customers, the original equipment manufacturers (“OEMs”), would need to adjust their production levels in future months.

Ultimately, industry-wide retail sales, and therefore production levels of RVs will depend to a significant extent on the course of the economy. Further, retail sales of RVs have historically been closely tied to consumer confidence, which according to one measure reached a five-year high this October. The Company is encouraged that several key customers have expressed their long-term optimism by expanding production capacity. The Company also remains confident in its ability to exceed industry growth rates through new products, market share gains, acquisitions and ongoing investments in quality and in customer service.
 
The RVIA has a generic advertising campaign promoting the “RV lifestyle”. The current campaign is targeted at both parents aged 30-49 with children at home, as well as couples aged 50-64 with no children at home. The popularity of traveling in RVs to NASCAR and other sporting events, more family-oriented domestic vacations, and using RVs as second homes, also appear to motivate consumer demand for RVs. RVIA studies indicate that RV vacations cost significantly less than other forms of vacation. In the long-term, the Company expects RV industry sales to be aided by positive demographics, and the continued popularity of the “RV Lifestyle”.

 
22

 
 
DREW INDUSTRIES INCORPORATED
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
  
Manufactured Housing Industry

Manufactured homes are built entirely in a factory on permanent steel undercarriages or chassis to which axles and wheels are attached. The homes are then transported to a manufactured housing dealer which sells and transports the home to the buyer’s home site. The manufactured home is installed pursuant to a federal building code administered by the U.S. Department of Housing and Urban Development (“HUD”). The federal standards regulate manufactured housing design and construction, methods to site and secure the home at a home site, strength and durability, transportability, fire resistance, energy efficiency and quality. The HUD code also sets performance standards for the heating, plumbing, air conditioning, thermal and electrical systems. It is the only federally regulated national building code. On-site additions, such as garages, decks and porches, often add to the attractiveness of manufactured homes and must be built to local, state or regional building codes. A manufactured home may be sited on owned or leased land.

The Institute for Building Technology and Safety (“IBTS”) reported that for the first nine months of 2012, industry-wide wholesale shipments of manufactured homes were 41,900 units, an increase of 13 percent compared to the first nine months of 2011. In the third quarter of 2012, there were 14,200 industry-wide wholesale shipments of manufactured homes, a more moderate increase of 2 percent compared to the same period of 2011. Industry-wide wholesale shipments of manufactured homes in the month of September 2012 declined 13 percent, and the Company estimates that industry-wide shipments declined 5 percent to 10 percent in October 2012. These comparative declines resulted primarily from an increase in production last September and October in response to orders by FEMA, which did not recur in 2012.

Industry-wide wholesale shipments by the manufactured housing industry declined from 1999 to 2011 for a variety of reasons. Because of the current real estate and economic environment, including the availability of foreclosed site built homes at abnormally low prices, high interest rate spreads between conventional mortgages for site-built homes and loans for manufactured homes, and the current retail and wholesale credit markets, industry-wide wholesale shipments of manufactured homes may remain low until these conditions improve. In addition, certain provisions of the recently enacted Dodd-Frank Act which regulate financial transactions could make certain types of mortgages historically used to finance the purchase of manufactured homes more difficult to obtain. If this law remains unchanged, industry sales of manufactured homes could decline significantly, although legislation has recently been introduced to reduce regulatory burdens which impede access to affordable manufactured housing financing.

Manufactured homes contain one or more “floors” or sections which can be joined to make larger homes. A typical section may range in size from 800 to 1,200 square feet. During 2011, multi-section homes were 51 percent of the total manufactured homes produced, down from 59 percent and 63 percent in 2010 and 2009, respectively. However, in recent months, multi-section homes have increased as a percent of the total manufactured homes produced, but there can be no assurance that this trend will continue. Multi-section manufactured homes contain more of the Company’s products than single-section manufactured homes. The decline in multi-section homes prior to 2012 may have been partly due to the weak site-built housing market, as a result of which many retirees have not been able to sell their primary residence, or may have been unwilling to sell at currently depressed prices, and purchase a more affordable multi-section manufactured home as many had done historically.

The Company believes that long-term growth prospects for manufactured housing may be positive because of (i) the quality and affordability of the home, (ii) favorable demographic trends, including the increasing number of retirees who, in the past, had represented a significant market for manufactured homes, and (iii) pent-up demand by retirees who have been unable or unwilling to sell their primary residence and purchase a manufactured home.

 
23

 
 
DREW INDUSTRIES INCORPORATED
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
  
RESULTS OF OPERATIONS

Consolidated Highlights

 
§
Net sales in the 2012 third quarter increased to $226 million, 36 percent higher than in the 2011 third quarter. This sales growth was primarily the result of a 43 percent sales increase by Drew’s RV Segment, which accounted for 86 percent of Drew’s consolidated net sales in the 2012 third quarter. RV Segment sales growth was primarily due to a 19 percent increase in industry-wide wholesale shipments of travel trailer and fifth-wheel RVs, Drew’s primary RV market, as well as acquisitions, market share gains, and increased sales to adjacent markets. Excluding the impact of acquisitions, consolidated net sales increased 27 percent.

Sales for the twelve months ended September 2012 exceeded $860 million, a Company record for any twelve month period.

 
§
In October 2012, consolidated net sales reached approximately $85 million, an increase of 35 percent from October 2011 sales, as a result of strong growth in the Company’s RV Segment. Acquisitions did not have a significant impact on sales growth in October 2012, as most acquisitions were completed more than a year ago. It is estimated that industry-wide shipments of travel trailer and fifth-wheel RVs increased 30 percent in October 2012. This increase in industry-wide RV production was apparently in response to very strong initial orders following the 2012 annual RV open house in Elkhart, Indiana in late September. On the other hand, it is estimated that industry-wide production of manufactured homes declined 5 percent to 10 percent in October. This comparative decline resulted from an increase in production last October in response to orders by FEMA, which did not recur in 2012.

 
§
For the third quarter of 2012, the Company reported net income of $9.8 million ($0.43 per diluted share), a 74 percent increase over net income of $5.6 million ($0.25 per diluted share) in the third quarter of 2011.

Sales in the 2012 third quarter increased nearly $60 million compared to the year-earlier quarter, on which the Company achieved incremental operating profit of $5.7 million. This is an improvement from the year-over-year incremental margin the Company achieved in the second quarter of 2012, and in the first quarter of 2012.

The Company’s operating profits continue to be impacted by higher labor and related costs because of lower operating efficiencies resulting from greater than expected demand, as well as costs related to facility realignment, process changes and lean manufacturing initiatives. Further, the Company continues to incur greater than normal outsourcing costs on tempered glass due to capacity constraints.

Over the past several months, the Company has developed and implemented action plans to increase efficiencies and improve customer service. In certain product lines, the Company has begun to realize the benefits of these initiatives, including overtime declining significantly from the second quarter of 2012 to the third quarter of 2012. However, implementing these plans to improve production efficiencies has taken longer than expected because it is very difficult to re-organize production flow while still operating near capacity at several key facilities. The full impact of these plans will take time to realize, but the Company expects production efficiencies to further improve before the 2013 selling season.

 
24

 
 
DREW INDUSTRIES INCORPORATED
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
 
Material cost as a percent of sales was lower than in the prior year third quarter. After rising briefly at the beginning of 2012, steel and aluminum costs have declined over the past two quarters, which benefitted operating results in the third quarter of 2012. However, steel and aluminum costs remain volatile.

The effective tax rate for the 2012 third quarter was lower than in the prior year as a result of declines in tax reserve requirements, primarily due to the expiration of certain federal and state tax statute of limitations, as well as higher federal and state tax credits.

 
§
After investing $53 million for seven acquisitions and $46 million in capital expenditures since the beginning of 2011, at September 30, 2012 the Company was debt-free and had $33 million in cash, along with significant borrowing capacity. The Company remains well-positioned to continue to take advantage of investment opportunities to further improve results.

RV Segment – Third Quarter

Net sales of the RV Segment in the third quarter of 2012 increased 43 percent compared to the third quarter of 2011. Net sales of components were to the following markets (in thousands):
 
   
2012
   
2011
   
Change
 
RV OEMs:                  
Travel Trailers and Fifth-Wheels
  $ 162,719     $ 117,946       38 %
Motorhomes
    8,376       3,304       154 %
RV Aftermarket
    5,355       4,108       30 %
Adjacent Industries
    18,507       10,870       70 %
Total RV Segment net sales
  $ 194,957     $ 136,228       43 %
 
According to the RVIA, industry-wide wholesale shipments for the three months ended September 30, were:
 
   
2012
   
2011
   
Change
 
Travel Trailer and Fifth-Wheel RVs
    56,700       47,500       19 %
Motorhomes
    6,800       5,300       28 %
 
The Company’s net sales growth in components for travel trailer and fifth-wheel RVs during the third quarter of 2012 exceeded the increase in industry-wide wholesale shipments of travel trailer and fifth-wheel RVs primarily due to market share gains of $13 million and net sales from acquisitions completed during the last twelve months which added $9 million in net sales during the third quarter of 2012.

The Company’s net sales growth in components for motorhomes exceeded the increase in industry-wide wholesale shipments of motorhomes primarily due to market share gains of $3 million, and acquisitions which added $1 million in net sales during the third quarter of 2012. In the past year, the Company has been expanding its product line of components for motorhomes in order to increase its customer base and market penetration.

 
25

 
 
DREW INDUSTRIES INCORPORATED
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
 
Net sales to adjacent industries, including components for truck caps, buses, and trailers used to haul boats, livestock, equipment and other cargo, increased due to market share gains of $4 million and acquisitions which added $4 million in net sales during the third quarter of 2012. The Company believes there are significant opportunities in these adjacent industries. Customer relationships gained through an acquisition completed by the Company during the third quarter of 2011, along with increased focus provided by the Company’s specialty markets sales team which was added earlier in 2011, are expected to continue to aid the Company’s growth in these adjacent industries.

The trend in the Company’s average product content per RV produced is an indicator of the Company’s overall market share of components for new RVs. The Company’s average product content per type of RV, calculated based upon the Company’s net sales of components to RV OEMs for the different types of RVs produced for the twelve months ended September 30, divided by the industry-wide wholesale shipments of the different types of RVs for the same period, was:
 
Content per:
 
2012
   
2011
   
Change
 
Travel Trailer and Fifth-Wheel RV
  $ 2,685     $ 2,244       20 %
Motorhome
  $ 1,002     $ 617       62 %
 
The Company’s average product content per type of RV excludes sales of replacement parts to the aftermarket and sales to adjacent industries. Content per RV is impacted by market share gains, acquisitions and new product introductions, as well as changes in selling prices for the Company’s products. In the first quarter of 2012, the Company refined the calculation of content per unit to better identify aftermarket sales, as well as sales to adjacent industries. There was no change in total reported net sales for the RV Segment, and all prior periods have also been refined for consistency.

Operating profit of the RV Segment was $12.9 million in the third quarter of 2012, an increase of $5.2 million compared to the third quarter of 2011. This increase in RV Segment operating profit was less than the Company’s expected 15 - 20 percent incremental margin.

The operating margin of the RV Segment in the third quarter of 2012 was negatively impacted by:
 
 
·
Excess labor and related costs due to greater than expected demand, as well as start-up costs associated with the new aluminum extrusion operation and the RV awning product line. Further, due to capacity constraints, the Company outsourced a portion of its tempered glass requirements, which added $0.8 million to cost of goods sold.

Over the past several months, the Company has developed and implemented action plans to increase efficiencies and improve customer service. In particular, among other initiatives, the Company (i) has hired a Vice President of Customer Service and increased its customer service capabilities, (ii) has purchased additional glass tempering equipment, which should be operational by the second quarter of 2013, (iii) is expanding its RV chassis production capacity, (iv) is implementing lean manufacturing principles, and (v) is consolidating its furniture operation. In certain product lines, the Company has begun to realize the benefits of these initiatives, including overtime declining significantly from the second quarter of 2012 to the third quarter of 2012. However, implementing these plans to improve production efficiencies has taken longer than expected because it is very difficult to re-organize production flow while still operating near capacity at several key facilities. The full impact of these plans will take time to realize, but the Company expects production efficiencies to further improve before the 2013 selling season. In the fourth quarter of 2012, the Company also expects to incur costs related to facility re-alignment, and process improvement, as it did in the third quarter.

 
26

 
 
DREW INDUSTRIES INCORPORATED
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
 
Further, in the seasonally slower months ahead, the Company plans to retain more production employees than typical in the slow winter season in order to level out production by building to stock certain high volume products. Retaining employees will also enable the Company to minimize hiring and training costs when demand ramps up in early 2013.

 
·
Fixed costs were approximately $2 million higher than in the third quarter of 2011, primarily due to additional staff and facilities, as well as higher amortization, largely related to acquisitions and other investments.

 
·
Higher warranty and workers compensation insurance costs, primarily due to higher claims experience, as well as higher supplies expense.
 
Partially offset by:
 
 
·
Lower material costs. After rising briefly at the beginning of 2012, steel and aluminum costs have declined over the past two quarters, which benefitted operating results in the third quarter of 2012. However, steel and aluminum costs remain volatile. As a result of rising aluminum costs at the end of the 2012 third quarter, the Company recorded a positive adjustment from its aluminum hedge of $0.7 million. In addition, employee training and lean manufacturing initiatives enabled the Company to reduce scrap costs in the 2012 third quarter by $0.9 million as compared to the 2012 second quarter.

 
·
The spreading of fixed manufacturing and selling, general and administrative costs over a $59 million larger sales base.

RV Segment – Year to Date

Net sales of the RV Segment in the first nine months of 2012 increased 39 percent compared to the first nine months of 2011. Net sales of components were to the following markets (in thousands):
 
   
2012
   
2011
   
Change
 
RV OEMs:                  
Travel Trailers and Fifth-Wheels
  $ 514,653     $ 387,746       33 %
Motorhomes
    22,568       12,244       84 %
RV Aftermarket
    14,714       12,169       21 %
Adjacent Industries
    57,008       27,497       107 %
Total RV Segment net sales
  $ 608,943     $ 439,656       39 %
 
 
27

 
 
DREW INDUSTRIES INCORPORATED
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
 
According to the RVIA, industry-wide wholesale shipments for the nine months ended September 30, were:
 
   
2012
   
2011
   
Change
 
Travel Trailer and Fifth-Wheel RVs
    188,200       167,700       12 %
Motorhomes
    21,300       20,000       7 %
 
The Company’s net sales growth in components for travel trailer and fifth-wheel RVs during the first nine months of 2012 exceeded the increase in industry-wide wholesale shipments of travel trailer and fifth-wheel RVs primarily due to the acquisitions completed during the twelve months ended September 30, 2012, which added $39 million in net sales during the first nine months of 2012, market share gains of $31 million, as well as sales price increases of $8 million.

The Company’s net sales growth in components for motorhomes exceeded the increase in industry-wide wholesale shipments of motorhomes primarily due to market share gains of $6 million, as well as acquisitions which added $4 million in net sales during the first nine months of 2012. In the past year, the Company has been expanding its product line of components for motorhomes in order to increase its customer base and market penetration.

Net sales to adjacent industries, including components for truck caps, buses, and trailers used to haul boats, livestock, equipment and other cargo, increased due to market share gains of $16 million and acquisitions which added $13 million in net sales during the first nine months of 2012. The Company believes there are significant opportunities in these adjacent industries. Customer relationships gained through an acquisition completed by the Company during the third quarter of 2011, along with increased focus provided by the Company’s specialty markets sales team which was added earlier in 2011, are expected to aid the Company’s growth in these adjacent industries.

Operating profit of the RV Segment was $47.2 million in the first nine months of 2012, an increase of $6.8 million compared to the first nine months of 2011. This increase in RV Segment operating profit was less than the Company’s expected 15 - 20 percent incremental margin.

The operating margin of the RV Segment in the first nine months of 2012 was negatively impacted by:

 
·
Excess labor, overtime and related costs due to greater than expected demand, as well as start-up and integration costs associated with the acquisitions completed in 2011 and the new aluminum extrusion operation and the RV awning product line. Further, due to capacity constraints, the Company outsourced a portion of its tempered glass requirements, which added over $1.5 million to cost of goods sold.

Over the past several months, the Company has developed and implemented action plans to increase efficiencies and improve customer service. In particular, among other initiatives, the Company (i) has hired a new Vice President of Customer Service and increased customer service capabilities, (ii) has purchased additional glass tempering equipment, which should be operational by the second quarter of 2013, (iii) is expanding its RV chassis production capacity, (iv) is implementing lean manufacturing principles, and (v) is consolidating its furniture operation. In certain product lines, the Company has begun to realize the benefits of these initiatives, including overtime declining significantly from the second quarter of 2012 to the third quarter of 2012. However, implementing these plans to improve production efficiencies has taken longer than expected because it is very difficult to re-organize production flow while still operating near capacity at several key facilities. The full impact of these plans will take time to realize, but the Company expects production efficiencies to further improve before the 2013 selling season. In the fourth quarter of 2012, the Company also expects to incur costs related to facility re-alignment, and process improvement, as it did in the third quarter.

 
28

 
 
DREW INDUSTRIES INCORPORATED
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
 
Further, in the seasonally slower months ahead, the Company plans to retain more production employees than typical in the slow winter season in order to level out production by building to stock certain high volume products. Retaining employees will also enable the Company to minimize hiring and training costs when demand ramps up in early 2013.

 
·
Fixed costs were approximately $5 million to $6 million higher than in the first nine months of 2011, primarily due to additional staff and facilities, as well as higher amortization, largely related to acquisitions and other investments.

 
·
Higher warranty, health insurance and workers compensation insurance costs, primarily due to higher claims experience, as well as higher supplies expense.
 
Partially offset by:
 
 
·
Lower material costs. After rising briefly at the beginning of 2012, steel and aluminum costs have declined over the past two quarters, which benefitted operating results in the third quarter of 2012. However, steel and aluminum costs remain volatile. Further, employee training and lean manufacturing initiatives enabled the Company to reduce scrap costs in the 2012 third quarter by $0.9 million as compared to the 2012 second quarter.

 
·
The spreading of fixed manufacturing and selling, general and administrative costs over a $169 million larger sales base. In addition, incentive compensation, which is based on profits, did not change proportionately with net sales.

MH Segment – Third Quarter

Net sales of the MH Segment in the third quarter of 2012 increased 3 percent compared to the same period of 2011. Net sales of components were to the following markets (in thousands):
 
   
2012
   
2011
   
Change
 
Manufactured Housing OEMs
  $ 21,188     $ 21,487       (1 %)
Manufactured Housing Aftermarket
    3,990       4,254       (6 %)
Adjacent Industries
    6,188       4,720       31 %
Total MH Segment net sales
  $ 31,366     $ 30,461       3 %

 
29

 
 
DREW INDUSTRIES INCORPORATED
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
 
According to the IBTS, industry-wide wholesale shipments for the three months ended September 30, were:
 
   
2012
   
2011
   
Change
 
Total Homes Produced
    14,200       13,900       2 %
Total Floors Produced
    22,300       21,300       4 %
 
The change in the Company’s net sales of components for new manufactured homes was less than the increase in industry-wide wholesale shipments of manufactured homes, primarily because the timing of shipments to the Company’s customers is often different from when those customers ship the finished manufactured home, and customer mix as the Company’s content per unit varies between customers.

Net sales to adjacent industries increased due to market share gains. The Company believes there are opportunities in these adjacent industries, as well as in the manufactured housing aftermarket, and expects growth to accelerate due to the increased focus provided by the Company’s new sales teams added in 2011.

The trend in the Company’s average product content per manufactured home produced is an indicator of the Company’s overall market share of components for new manufactured homes. Manufactured homes contain one or more “floors” or sections which can be joined to make larger homes. The larger homes typically contain more of the Company’s products. The Company’s average product content per manufactured home produced by the industry and total manufactured home floors produced by the industry, calculated based upon the Company’s net sales of components to manufactured housing OEMs for newly produced manufactured homes for the twelve months ended September 30, divided by the number of manufactured homes and manufactured home floors produced by the industry, respectively, for the same period, was:
 
   
2012
   
2011
   
Change
 
Content per Home Produced
  $ 1,464     $ 1,472       (1 %)
Content per Floor Produced
  $ 962     $ 946       2 %

The Company’s average product content per manufactured home excludes sales of replacement parts to the aftermarket and sales to adjacent industries. Content per manufactured home and content per floor are impacted by market share gains, acquisitions and new product introductions, as well as changes in selling prices for the Company’s products. In the first quarter of 2012, the Company refined the calculation of content per unit to better identify aftermarket sales, as well as sales to adjacent industries. There was no change in total reported net sales for the MH Segment, and all prior periods have also been refined for consistency.

Based upon relatively consistent sales, operating profit of the MH Segment of $3.8 million in the third quarter of 2012 was consistent with the third quarter of 2011.

 
30

 
 
DREW INDUSTRIES INCORPORATED
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
  
MH Segment – Year to Date

Net sales of the MH Segment in the first nine months of 2012 increased 12 percent compared to the same period of 2011. Net sales of components were to the following markets (in thousands):
 
   
2012
   
2011
   
Change
 
Manufactured Housing OEMs
  $ 61,678     $ 56,112       10 %
Manufactured Housing Aftermarket
    12,730       12,693       - %
Adjacent Industries
    17,538       13,109       34 %
Total MH Segment net sales
  $ 91,946     $ 81,914       12 %
 
According to the IBTS, industry-wide wholesale shipments for the nine months ended September 30, were:
 
   
2012
   
2011
   
Change
 
Total Homes Produced
    41,900       37,100       13 %
Total Floors Produced
    64,700       57,300       13 %
 
The Company’s net sales growth in components for new manufactured homes was less than the increase in industry-wide wholesale shipments of manufactured homes, primarily because the timing of shipments to the Company’s customers is often different from when those customers ship the finished manufactured home, and customer mix as the Company’s content per unit varies between customers. Net sales to manufactured housing OEMs in the first nine months of 2012 included $2 million from acquisitions.

Net sales to adjacent industries increased due to market share gains and acquisitions. The Company believes there are opportunities in these adjacent industries, as well as in the manufactured housing aftermarket, and expects growth to accelerate due to the increased focus provided by the Company’s new sales teams added in 2011.

 
Operating profit of the MH Segment was $10.9 million in the first nine months of 2012, an increase of $2.0 million compared to the first nine months of 2011, primarily due to the $10 million increase in net sales. This increase in MH Segment operating profit was consistent with the Company’s target 15 to 20 percent incremental margin for its established products.

Corporate

Corporate expenses for the first nine months of 2012 increased $0.7 million compared to the first nine months of 2011, largely due to higher professional fees.

 
31

 
 
DREW INDUSTRIES INCORPORATED
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
  
Other Non-Segment Items

Selling, general and administrative expenses include the following other non-segment items (in thousands):
 
   
Nine Months Ended
September 30,
   
Three Months Ended
September 30,
 
   
2012
    2011    
2012
    2011  
Contingent consideration fair value adjustments(1)
  $ 63     $ 441     $ (46 )   $ (215 )
Net gains on sale or write-down to fair value of vacant facilities
    429       122       595       122  
Legal
    496       (90 )     1       (56 )
Other income (expense), net
    13       90       91       69  
Total other non-segment items
  $ 1,001     $ 563     $ 641     $ (80 )
 
 
(1)
The Company is required to measure on a quarterly basis the fair value of the liability for estimated contingent consideration payments in connection with certain of the acquisitions completed over the last few years, based upon the projected timing and extent of future sales, as well as the weighted average cost of capital. Depending upon the weighted average cost of capital and future sales of the products which are subject to contingent consideration, the Company could record adjustments in future periods.

Income Taxes

The income tax rate for the 2012 third quarter and for the first nine months of 2012 was lower than the income tax rate for the comparable periods of 2011 due to declines in tax reserve requirements, primarily due to the expiration of certain federal and state tax statute of limitations, as well as higher federal and state tax credits. The Company expects the effective income tax rate for the full year 2012 to be approximately 37 percent. Further, the Company estimates that the full year effective 2013 tax rate is expected to be approximately 38 percent.

LIQUIDITY AND CAPITAL RESOURCES

The Statements of Cash Flows reflect the following for the nine months ended September 30, (in thousands):
 
   
2012
   
2011
 
Net cash flows provided by operating activities
  $ 44,587     $ 16,279  
Net cash flows used for investing activities
    (18,174 )     (61,251 )
Net cash flows (used for) provided by financing activities
    (413 )     7,564  
Net increase (decrease) in cash
  $ 26,000     $ (37,408 )
 
Cash Flows from Operations

Net cash flows from operating activities in the first nine months of 2012 were $28.3 million higher than in the first nine months of 2011 primarily due to:

 
32

 
 
DREW INDUSTRIES INCORPORATED
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
 
 
·
A $14.8 million smaller increase in inventories in the first nine months of 2012 as compared to the same period of 2011. The smaller increase in inventories in 2012 was primarily due to the higher than expected sales during the first nine months of 2012, as well as through the concerted effort of management to improve inventory turns on a sustainable basis. In the first nine months of 2011 the Company experienced a more typical seasonal increase in inventory, as well as an increase in raw material costs. Inventory turnover for the twelve months ended September 30, 2012 improved to 7.5 turns from 6.3 turns for the full year 2011, and 6.0 turns for the twelve months ended September 30, 2011.
 
 
·
A $9.6 million larger increase in accounts payable and accrued expenses and other liabilities in the first nine months of 2012 compared to the first nine months of 2011, primarily due to the increase in sales, production and earnings.
 
 
·
A $6.6 million increase in net income in the first nine months of 2012 compared to the first nine months of 2011.
 
Partially offset by:
 
 
·
A $3.4 million higher seasonal increase in accounts receivable in the first nine months of 2012 compared to the first nine months of 2011 due to higher sales. Accounts receivable balances remain current, with only 23 days sales outstanding at September 30, 2012.

In the seasonally slower months ahead, the Company plans to retain more production employees than typical in the slow winter season in order to level out production by building to stock certain high volume products. As a result, the Company expects to see a higher than normal increase in finished goods inventory levels over the next several months. Retaining employees will enable the Company to minimize hiring and training costs when demand ramps up in early 2013.

Over the long-term, based on the Company’s historical collection and payment patterns, as well as inventory turnover, the Company estimates that working capital should increase or decrease at approximately 10 percent to 12 percent of the corresponding change in net sales. However, there are many factors that can impact this relationship, especially in the short-term.

At September 30, 2012, the Company had derivative instruments for 7.1 million pounds of aluminum, approximately 20 percent of the Company’s anticipated annual aluminum purchases, in order to manage a portion of the exposure to movements associated with aluminum costs. These derivative instruments expire between October 2012 and September 2013, at an average mid-west aluminum price of $1.02 per pound. While these derivative instruments are considered to be economic hedges of the underlying movement in the price of aluminum, they are not designated or accounted for as a hedge. These derivative instruments were valued at fair value using a market approach based on the quoted market prices of similar instruments at the end of each reporting period, and the resulting net gain or loss was recorded in cost of sales in the Condensed Consolidated Statements of Income. During the first nine months of 2012, derivative instruments for 2.5 million pounds were settled at a loss of $0.3 million.

Depreciation and amortization was $19.2 million in the first nine months of 2012, and is expected to aggregate $25 million to $26 million for the full year 2012. Further, the Company estimates that depreciation and amortization will be approximately $24 million in 2013.

 
33

 
 
DREW INDUSTRIES INCORPORATED
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
 
Non-cash stock-based compensation was $4.9 million in the first nine months of 2012, including $0.2 million for 2011 incentive compensation in lieu of cash, and is expected to be $6 million to $7 million for the full year 2012.  Non-cash stock-based compensation is expected to be $8 million to $10 million for the full year 2013.

Cash Flows from Investing Activities

Cash flows used for investing activities for the first nine months of 2012 included capital expenditures of $22.0 million. Since January 1, 2011, in order to better serve its customers, the Company has invested in both capacity expansion and cost reduction opportunities, adding approximately 800,000 square feet of production space. Estimates for the full year 2012 are that capital expenditures will be $27 million to $28 million, including the addition of a second glass tempering operation, expansion of one of its RV chassis facilities, the purchase of a larger facility to consolidate all of its furniture operations, and the completion of the aluminum extrusion operation, in addition to routine maintenance capital expenditures.

The Company estimates that capital expenditures will be $25 million to $30 million in 2013. However, certain capital projects included in the 2012 capital expenditure forecast may not be completed until next year. If delayed, this will not change the Company’s overall cash flow, but rather just the timing between years. Additional capital expenditures may also be required depending on the extent of the sales growth and other initiatives by the Company. The 2012 and 2013 capital expenditures are expected to be funded by cash flows from operations.

The Company’s capital expenditures are for maintenance and growth. Over the long-term, based on the Company’s historical capital expenditures, the maintenance portion has averaged approximately 1.5 percent of net sales, while the growth portion has averaged approximately 10 percent of the annual increase in net sales. However, there are many factors that can impact this relationship, such as new initiatives by the Company, especially in the short-term.

On February 21, 2012, the Company acquired the business and certain assets of the United States RV entry door operation of Euramax International, Inc. The acquired business had annualized sales of approximately $6 million. The purchase price was $1.7 million, of which $1.2 million was paid at closing, with the balance to be paid over the next three years.

Cash flows used for investing activities of $61.3 million in the first nine months of 2011 included four acquisitions for $49.3 million and capital expenditures of $17.7 million. These were funded from available cash, including $5.0 million received from the maturity of U.S. Treasury Bills classified as short-term investments, plus borrowings pursuant to the Company’s $50 million line of credit.

Cash Flows from Financing Activities

Cash flows used for financing activities of $0.4 million in the first nine months of 2012 included payment of $3.3 million of contingent consideration, partially offset by $2.8 million received from the exercise of stock options and deferred stock units. At September 30, 2012 the Company had no outstanding debt and $32.6 million of cash. However, due to the seasonal increase in working capital, the Company had to borrow from time to time during the first quarter of 2012 under its line of credit, with such borrowings reaching a high of $16.2 million.

Cash flows provided by financing activities for the first nine months of 2011 of $7.6 million were primarily due to a net increase in indebtedness of $8.1 million.  During the first nine months of 2011, the Company had invested $67.1 million in acquisitions and capital expenditures, utilizing its available cash and necessitating borrowing under its line of credit.

 
34

 
 
DREW INDUSTRIES INCORPORATED
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
 
In connection with several acquisitions, if certain sales targets for the acquired products are achieved, the Company would pay additional cash consideration. The Company has recorded a $12.6 million liability for the aggregate fair value of these expected contingent consideration liabilities at September 30, 2012. During the first nine months of 2012, the Company paid $3.3 million related to these contingent consideration liabilities, and expects to pay $5.7 million over the next twelve months. For further information see Note 10 of the Notes to Condensed Consolidated Financial Statements.

On February 24, 2011, the Company entered into an agreement (the “Credit Agreement”) for a $50.0 million line of credit with JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. (collectively, the “Lenders”). The maximum borrowings under the Company’s line of credit can be increased by $20.0 million upon approval of the Lenders. Interest on borrowings under the line of credit is designated from time to time by the Company as either (i) the Prime Rate, but not less than 2.5 percent, plus additional interest up to 0.8 percent (0 percent at September 30, 2012), or (ii) LIBOR plus additional interest ranging from 2.0 percent to 2.8 percent (2.0 percent at September 30, 2012) depending on the Company’s performance and financial condition. The Credit Agreement expires on January 1, 2016. At September 30, 2012, the Company had $3.0 million in outstanding letters of credit under the line of credit. Availability under the Company’s line of credit was $47.0 million at September 30, 2012.

Simultaneously, the Company entered into a $150.0 million “shelf-loan” facility with Prudential Investment Management, Inc. and its affiliates (“Prudential”). The facility provides for Prudential to consider purchasing, at the Company’s request, in one or a series of transactions, Senior Promissory Notes of the Company in the aggregate principal amount of up to $150.0 million, to mature no more than twelve years after the date of original issue of each Senior Promissory Note. Prudential has no obligation to purchase the Senior Promissory Notes. Interest payable on the Senior Promissory Notes will be at rates determined by Prudential within five business days after the Company issues a request to Prudential. At September 30, 2012, there were no Senior Promissory Notes outstanding. This facility expires on February 24, 2014.

Both the line of credit pursuant to the Credit Agreement and the “shelf-loan” facility are subject to a maximum leverage ratio covenant which limits the amount of consolidated outstanding indebtedness to 2.5 times the trailing twelve-month EBITDA, as defined. This limitation did not impact the Company’s borrowing availability at September 30, 2012. The remaining availability under these facilities was $196.6 million at September 30, 2012. The Company believes this availability, together with the $32.6 million in cash at September 30, 2012, is more than adequate to finance the Company’s anticipated cash requirements for the next twelve months.

Pursuant to the Credit Agreement and “shelf-loan” facility at September 30, 2012, the Company was required to maintain minimum interest and fixed charge coverages, and to meet certain other financial requirements. At September 30, 2012, the Company was in compliance with all such requirements, and expects to remain in compliance for the next twelve months.

Borrowings under both the line of credit and the “shelf-loan” facility are secured on a pari passu basis by first priority liens on the capital stock or other equity interests of each of the Company’s direct and indirect subsidiaries.

 
35

 
 
DREW INDUSTRIES INCORPORATED
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
 
In 2007, the Board of Directors authorized the Company to repurchase up to 1 million shares of the Company’s Common Stock from time to time in the open market, in privately negotiated transactions, or in block trades. Of this authorization, 535,135 shares were repurchased prior to 2012 at an average price of $18.64 per share, or $10.0 million. No shares have been purchased in 2012. The number of shares ultimately repurchased, and the timing of the purchases, will depend upon market conditions, share price and other factors.

CORPORATE GOVERNANCE
 
The Company is in compliance with the corporate governance requirements of the Securities and Exchange Commission (“SEC”) and the New York Stock Exchange. The Company’s governance documents and committee charters and key practices have been posted to the Company’s website (www.drewindustries.com) and are updated periodically. The website also contains, or provides direct links to, all SEC filings, press releases and investor presentations. The Company has also established a Whistleblower Policy, which includes a toll-free hotline (877-373-9123), to report complaints about the Company’s accounting, internal controls, auditing matters or other concerns. The whistleblower policy and procedure for complaints can be found on the Company’s website (www.drewindustries.com).

CONTINGENCIES

Additional information required by this item is included under Item 1 of Part II of this Quarterly Report on Form 10-Q.

INFLATION

The prices of key raw materials, consisting primarily of steel and aluminum, and components used by the Company which are made from these raw materials, are influenced by demand and other factors specific to these commodities, rather than being directly affected by inflationary pressures. Prices of these commodities have historically been volatile, and over the past few months prices have continued to fluctuate. The Company has experienced increases in its labor costs in the first nine months of 2012 which may be partially related to inflation. Over the past several months, the Company has found it difficult to find qualified production employees for certain facilities and has incurred higher than normal labor costs.

NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued updated standards related to additional requirements and guidance regarding disclosures of fair value measurements. The guidance expanded required disclosures, including the reasons for and amounts of all transfers in and out of Levels 1 and 2 fair value measurements, and for Level 3 fair value measurements added (1) a quantitative disclosure of the unobservable inputs and assumptions used in the measurement, (2) a description of the valuation processes used, and (3) a narrative description of the sensitivity of the fair value to changes in unobservable inputs and the interrelationships between those inputs. This guidance was effective for interim or annual periods beginning after December 15, 2011. The adoption of this guidance had no impact on the Company’s financial statements other than additional disclosures.

In August 2011, the FASB issued updated standards intended to simplify how an entity tests goodwill for impairment. Under the new guidance, an entity is no longer required to perform the two-step quantitative goodwill impairment test unless the entity determines, based on the qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The adoption of this guidance is not expected to have a significant impact on the Company’s financial statements.

 
36

 
 
DREW INDUSTRIES INCORPORATED
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
 
USE OF ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, accounts receivable, inventories, notes receivable, goodwill and other intangible assets, income taxes, warranty obligations, self-insurance obligations, lease terminations, asset retirement obligations, long-lived assets, post-retirement benefits, stock-based compensation, segment allocations, contingent consideration, environmental liabilities, contingencies and litigation. The Company bases its estimates on historical experience, other available information and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources. Actual results and events could differ significantly from management estimates.

FORWARD-LOOKING STATEMENTS AND RISK FACTORS

This Form 10-Q contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to financial condition, results of operations, business strategies, operating efficiencies or synergies, competitive position, growth opportunities for existing products, acquisitions, plans and objectives of management, markets for the Company’s Common Stock and other matters. Statements in this Form 10-Q that are not historical facts are “forward-looking statements” for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 27A of the Securities Act of 1933 (the “Securities Act”).

Forward-looking statements, including, without limitation, those relating to our future business prospects, net sales, expenses and income (loss), cash flow, and financial condition, whenever they occur in this Form 10-Q are necessarily estimates reflecting the best judgment of our senior management at the time such statements were made, and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by forward-looking statements. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. You should consider forward-looking statements, therefore, in light of various important factors, including those set forth in this Form 10-Q, and in our subsequent filings with the Securities and Exchange Commission (“SEC”).

 
37

 
 
DREW INDUSTRIES INCORPORATED
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
 
There are a number of factors, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this Form 10-Q, pricing pressures due to domestic and foreign competition, costs and availability of raw materials (particularly steel, steel-based components and aluminum) and other components, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, availability and costs of labor, inventory levels of retail dealers and manufacturers, levels of repossessed manufactured homes and RVs, changes in zoning regulations for manufactured homes, sales declines in the industries to which we sell our products, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the successful integration of acquisitions, realization of efficiency improvements, interest rates, oil and gasoline prices, and the outcome of litigation. In addition, international, national and regional economic conditions and consumer confidence affect the retail sale of products for which we sell our components.

 
38

 
 
DREW INDUSTRIES INCORPORATED

ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
The Company has historically been exposed to changes in interest rates primarily as a result of its financing activities. At September 30, 2012, the Company had no outstanding borrowings.

The Company is also exposed to changes in the prices of raw materials, specifically steel and aluminum. The Company has entered into derivative instruments for the purpose of managing a portion of the exposures associated with fluctuations in aluminum costs. While these derivative instruments are subject to fluctuations in value, these fluctuations are generally offset by the changes in fair value of the underlying exposures. See Note 11 of the Notes to Condensed Consolidated Financial Statements for a more detailed discussion of derivative instruments.

The Company has historically been able to obtain sales price increases to offset the majority of raw material cost increases. However, there can be no assurance that future cost increases, if any, can be partially or fully passed on to customers, or that the timing of such increases will match raw material cost increases.

Additional information required by this item is included under the caption “Inflation” in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of this Report.

ITEM 4 – CONTROLS AND PROCEDURES

 
a)
Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company’s Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure, in accordance with the definition of “disclosure controls and procedures” in Rule 13a-15 under the Exchange Act. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, cannot provide absolute assurance of achieving the desired control objectives. Management included in its evaluation the cost-benefit relationship of possible controls and procedures. The Company continually evaluates its disclosure controls and procedures to determine if changes are appropriate based upon changes in the Company’s operations or the business environment in which it operates.

As of the end of the period covered by this Form 10-Q, the Company performed an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and the Company’s Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based on the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective.

 
b)
Changes in Internal Controls

There were no changes in the Company’s internal controls over financial reporting during the quarter ended September 30, 2012 or subsequent to the date the Company completed its evaluation that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.  Over the last few quarters, the Company has converted the systems used by acquired businesses to its existing ERP software and business processes, except one which is planned to be converted in the fourth quarter. Further, the Company has selected a new ERP system, and is in preliminary stages of designing and implementing that system. The full implementation is expected to take several years. No significant changes to internal controls are expected during the balance of 2012.
 
 
39

 
 
DREW INDUSTRIES INCORPORATED

PART II – OTHER INFORMATION

ITEM 1 – LEGAL PROCEEDINGS

See Item 3. “Legal Proceedings” in the Annual Report on Form 10-K for the year ended December 31, 2011 for discussion of a case pending against Kinro, Inc. On June 7, 2012, the United States Court of Appeals for the Ninth Circuit unanimously affirmed the decision of the United States District Court, Central District of California, which had granted Kinro’s motion for summary judgment dismissing all claims against Kinro asserted by Plaintiffs.  Consequently, the litigation was terminated.

In addition, in the normal course of business, the Company is subject to proceedings, lawsuits and other claims. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. While these matters could materially affect operating results when resolved in future periods, it is management’s opinion that after final disposition, including anticipated insurance recoveries in certain cases, any monetary liability or financial impact to the Company beyond that provided in the Condensed Consolidated Balance Sheet as of September 30, 2012, would not be material to the Company’s financial position or annual results of operations.

ITEM 1A – RISK FACTORS

There have been no material changes to the matters discussed in Part I, Item 1A – Risk Factors in our Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 14, 2012, except as noted below.

Key operating management.

In February and April 2012, we entered into employment and compensation agreements with four key executives for 2012 - 2014, which replaced recently expired arrangements.

Certain litigation.

On June 7, 2012, Court of Appeals unanimously affirmed the decision of the District Court dismissing all claims against Kinro. Consequently, the litigation was terminated.

ITEM 6 – EXHIBITS
 
a)         Exhibits as required by item 601 of Regulation S-K:
 
 
1)
31.1 Certification of Chief Executive Officer pursuant to 13a-14(a) under the Securities Exchange Act of 1934. Exhibit 31.1 is filed herewith.

 
2)
31.2 Certification of Chief Financial Officer pursuant to 13a-14(a) under the Securities Exchange Act of 1934. Exhibit 31.2 is filed herewith.

 
3)
32.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350. Exhibit 32.1 is filed herewith.

 
4)
32.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350. Exhibit 32.2 is filed herewith.
 
 
40

 
 
DREW INDUSTRIES INCORPORATED
SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
DREW INDUSTRIES INCORPORATED
Registrant
 
       
       
 
By:
/s/ Joseph S. Giordano III  
 
Joseph S. Giordano III
Chief Financial Officer and Treasurer
November 9, 2012
 
 
 
 
41
EX-31.1 2 ex31-1.htm EXHIBIT 31.1 ex31-1.htm
 
EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 13a-14(a)
UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, Fredric M. Zinn, President and Chief Executive Officer, certify that:
 
1)  
I have reviewed this quarterly report on Form 10-Q of Drew Industries Incorporated;
 
2)  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3)  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4)  
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c)  
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d)  
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5)  
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 9, 2012
By /s/ Fredric M. Zinn
Fredric M. Zinn, President and Chief Executive Officer
EX-31.2 3 ex31-2.htm EXHIBIT 31.2 ex31-2.htm
 
EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 13a-14(a)
UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, Joseph S. Giordano III, Chief Financial Officer and Treasurer, certify that:
 
1)  
I have reviewed this quarterly report on Form 10-Q of Drew Industries Incorporated;
 
2)  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3)  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4)  
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c)  
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d)  
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5)  
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 9, 2012
By  /s/ Joseph S. Giordano III
Joseph S. Giordano III, Chief Financial Officer and Treasurer
EX-32.1 4 ex32-1.htm EXHIBIT 32.1 ex32-1.htm
 
EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C.
SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002



In connection with the quarterly report on Form 10-Q of Drew Industries Incorporated (the “Company”) for the period ended September 30, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Fredric M. Zinn, President and Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)  
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)  
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
 
 
 
 
 
By:
/s/ Fredric M. Zinn  
 
Fredric M. Zinn
President and Chief Executive Officer
Principal Executive Officer
November 9, 2012
 
EX-32.2 5 ex32-2.htm EXHIBIT 32.2 ex32-2.htm
 
EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C.
SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002



In connection with the quarterly report on Form 10-Q of Drew Industries Incorporated (the “Company”) for the period ended September 30, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Joseph S. Giordano III, Chief Financial Officer and Treasurer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)  
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)  
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.


 
 
 
By:
/s/ Joseph S. Giordano III  
 
Joseph S. Giordano III
Chief Financial Officer and Treasurer
Principal Financial Officer
November 9, 2012
 
 
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style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3. Acquisitions, Goodwill and Other Intangible Assets Acquisitions</font></b></p><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2"> </font></i> <p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><b><font style="font-size: 11pt;" class="_mt">Acquisitions</font></b></p> <p style="text-align: left;">RV Entry Door Operation</p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">On February 21, 2012, the Company acquired the business and certain assets of the United States RV entry door operation of Euramax International, Inc. The acquired business had annualized sales of approximately $<font class="_mt">6</font> million. The purchase price was $1.7 million, of which $1.2 million was paid at closing, with the balance to be paid over the next three years. The results of the acquired business have been included in the Company's RV Segment and in the Condensed Consolidated Statement of Income since the acquisition date.</font></p> <p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The acquisition of this business was recorded on the acquisition date as follows<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"> </font><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(in thousands)</font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">:</font></font></p> <div> <table border="0" cellspacing="0"> <tr><td width="83%"> </td> <td width="2%"> </td> <td width="12%"> </td></tr> <tr valign="bottom"><td width="83%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cash consideration</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,164</font></td></tr> <tr valign="bottom"><td width="83%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Present value of future payments</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">482</font></td></tr> <tr valign="bottom"><td style="text-indent: 7px;" width="83%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total fair value of consideration given</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,646</font></td></tr> <tr><td width="97%" colspan="3">&nbsp;</td></tr> <tr valign="bottom"><td width="83%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Customer relationships</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">270</font></td></tr> <tr valign="bottom"><td width="83%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other identifiable intangible assets</font></td> <td width="2%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">40</font></td></tr> <tr valign="bottom"><td width="83%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net tangible assets</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">785</font></td></tr> <tr valign="bottom"><td style="text-indent: 7px;" width="83%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total fair value of net assets acquired</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,095</font></td></tr> <tr><td width="97%" colspan="3">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 7px;" width="83%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Goodwill (tax deductible)</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">551</font></td></tr></table></div> <p style="margin: 0px;">&nbsp;</p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The customer relationships are being amortized over their estimated useful life of 7 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates leveraging its existing manufacturing capacity and purchasing power to reduce costs in this product line.</font></p> <div><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Goodwill</font></b></div> <p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Goodwill by reportable segment was as follows </font><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(in thousands)</font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">:</font></p> <div> <table border="0" cellspacing="0"> <tr><td width="44%"> </td> <td width="4%"> </td> <td width="10%"> </td> <td width="3%"> </td> <td width="3%"> </td> <td width="14%"> </td> <td width="3%"> </td> <td width="3%"> </td> <td width="10%"> </td> <td width="3%"> </td></tr> <tr valign="bottom"><td align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">MH Segment</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">RV Segment</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td></tr> <tr><td colspan="10">&nbsp;</td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Accumulated cost &#8211; December 31, 2011</font></td> <td style="text-indent: 1px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,025</font></td> <td align="left">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">61,001</font></td> <td align="left">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">71,026</font></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Accumulated impairment &#8211; December 31, 2011</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(9,251</font></td> <td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(41,276</font></td> <td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(50,527</font></td> <td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr> <tr valign="bottom"><td style="text-indent: 10px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net balance &#8211; December 31, 2011</font></td> <td align="left">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">774</font></td> <td align="left">&nbsp;</td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">19,725</font></td> <td align="left">&nbsp;</td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">20,499</font></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Acquisitions &#8211; 2012</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">678</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">678</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 10px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net balance &#8211; September 30, 2012</font></td> <td style="border-bottom: #000000 3px double; text-indent: 1px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">774</font></td> <td style="border-bottom: #000000 3px double;" align="left">&nbsp;</td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">20,403</font></td> <td style="border-bottom: #000000 3px double;" align="left">&nbsp;</td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,177</font></td> <td style="border-bottom: #000000 3px double;" align="left">&nbsp;</td></tr></table></div> <p style="margin: 0px;">&nbsp;</p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist. The impairment tests are based on fair value, determined using discounted cash flows, appraised values or management's estimates. No impairment tests were required or performed during the nine months ended September 30, 2012.</font></p> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Other Intangible Assets</font></b></p> <p style="text-align: center;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other intangible assets consisted of the following at September 30, 2012 </font><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(in thousands):</font></i></p> <div> <div> <table border="0" cellspacing="0"> <tr><td width="29%"> </td> <td width="3%" align="center"> </td> <td width="15%" align="center"> </td> <td width="5%" align="center"> </td> <td width="12%" align="center"> </td> <td width="3%" align="center"> </td> <td width="13%" align="center"> </td> <td width="20%" align="center"> </td></tr> <tr valign="bottom"><td width="29%" align="left">&nbsp;</td> <td width="3%" align="center">&nbsp;</td> <td width="15%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></td> <td width="5%" align="center">&nbsp;</td> <td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Accumulated</font></td> <td width="3%" align="center">&nbsp;</td> <td width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net</font></td> <td width="20%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated Useful</font></td></tr> <tr valign="bottom"><td width="29%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid; text-indent: 4px;" width="15%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cost</font></td> <td style="border-bottom: #000000 1px solid;" width="5%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Amortization</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Balance</font></td> <td style="border-bottom: #000000 1px solid;" width="20%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Life in Years</font></td></tr> <tr><td width="100%" colspan="8">&nbsp;</td></tr> <tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Customer relationships</font></td> <td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">50,105</font></td> <td style="text-indent: 1px;" width="5%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">16,782</font></td> <td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">33,323</font></td> <td width="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">to 16</font></td></tr> <tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Patents</font></td> <td width="3%" align="right">&nbsp;</td> <td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">45,934</font></td> <td width="5%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,994</font></td> <td width="3%" align="right">&nbsp;</td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">31,940</font></td> <td width="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">to 19</font></td></tr> <tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Tradenames</font></td> <td width="3%" align="right">&nbsp;</td> <td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,959</font></td> <td width="5%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,243</font></td> <td width="3%" align="right">&nbsp;</td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,716</font></td> <td width="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">to 15</font></td></tr> <tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Non-compete agreements</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,988</font></td> <td style="border-bottom: #000000 1px solid;" width="5%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,212</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,776</font></td> <td width="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">to 7</font></td></tr> <tr valign="bottom"><td style="text-indent: 5px;" width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other intangible assets</font></td> <td style="border-bottom: #000000 3px double;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">108,986</font></td> <td style="border-bottom: #000000 3px double; text-indent: 1px;" width="5%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">37,231</font></td> <td style="border-bottom: #000000 3px double;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">71,755</font></td> <td width="20%" align="left"> </td></tr></table></div> <p style="margin: 0px;">&nbsp;</p> <p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other intangible assets consisted of the following at December 31, 2011 </font><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(in thousands):</font></i></p> <div> <table border="0" cellspacing="0"> <tr><td width="31%"> </td> <td width="4%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="14%"> </td> <td width="22%"> </td></tr> <tr valign="bottom"><td width="31%" align="left">&nbsp;</td> <td width="4%" align="center">&nbsp;</td> <td width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></td> <td width="2%" align="center">&nbsp;</td> <td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Accumulated</font></td> <td width="2%" align="center">&nbsp;</td> <td width="14%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net</font></td> <td width="22%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated Useful</font></td></tr> <tr valign="bottom"><td width="31%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid; text-indent: 4px;" width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cost</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Amortization</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="14%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Balance</font></td> <td style="border-bottom: #000000 1px solid;" width="22%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Life in Years</font></td></tr> <tr><td width="100%" colspan="8">&nbsp;</td></tr> <tr valign="bottom"><td width="31%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Customer relationships</font></td> <td width="4%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">50,645</font></td> <td style="text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,483</font></td> <td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">36,162</font></td> <td width="22%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">to 16</font></td></tr> <tr valign="bottom"><td width="31%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Patents</font></td> <td width="4%" align="right">&nbsp;</td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">46,139</font></td> <td width="2%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,651</font></td> <td width="2%" align="right">&nbsp;</td> <td width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">35,488</font></td> <td width="22%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">to 19</font></td></tr> <tr valign="bottom"><td width="31%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Tradenames</font></td> <td width="4%" align="right">&nbsp;</td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,069</font></td> <td width="2%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,408</font></td> <td width="2%" align="right">&nbsp;</td> <td width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,661</font></td> <td width="22%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">to 15</font></td></tr> <tr valign="bottom"><td width="31%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Non-compete agreements</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,136</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,388</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,748</font></td> <td width="22%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">to 7</font></td></tr> <tr valign="bottom"><td style="text-indent: 5px;" width="31%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other intangible assets</font></td> <td style="border-bottom: #000000 3px double;" width="4%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">108,989</font></td> <td style="border-bottom: #000000 3px double; text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">29,930</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">79,059</font></td> <td width="22%" align="left"> </td></tr></table></div></div> <p style="margin: 0px;">&nbsp;</p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">At September 30, 2012, other intangible assets included $<font class="_mt">2.0</font> million related to the Company's marine and leisure operation, which sells trailers and related axles primarily for hauling small and medium-sized boats. Compared to historical averages, industry shipments of small and medium-sized boats have declined significantly </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">over the past few years. From time to time, throughout this period, the Company conducted impairment analyses on these operations, and the estimated fair value of these operations continued to exceed the corresponding carrying values, thus no impairment has been recorded. A further downturn in industry shipments of small and medium-sized boats, or in the profitability of the Company's operations, could result in a future non-cash impairment charge for the related other intangible assets.</font></p> </div> 400000 1.02 5667000 6969000 63000 15557000 3135000 806000 11616000 8500000 P5Y 3188000 3292000 5667000 7548 3800000 P5Y 0.40 P12Y 3400000 9700000 1714000 486000 1228000 203000 203000 10000 10000 7100000 2 2500000 8 3 5 2 226000 3253000 0.85 P5Y P3Y 20000000 482000 3369000 3337000 4866000 <div> <div> <div> <table border="0" cellspacing="0"> <tr><td width="47%"> </td> <td width="6%"> </td> <td width="17%"> </td> <td width="4%"> </td> <td width="6%"> </td> <td width="18%"> </td></tr> <tr valign="bottom"><td width="47%" align="left">&nbsp;</td> <td width="6%" align="center">&nbsp;</td> <td width="17%" align="center">&nbsp;</td> <td width="4%" align="center">&nbsp;</td> <td width="6%" align="center">&nbsp;</td> <td width="18%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair Value</font></td></tr> <tr valign="bottom"><td width="47%" align="left">&nbsp;</td> <td width="6%" align="center">&nbsp;</td> <td width="17%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated</font></td> <td width="4%" align="center">&nbsp;</td> <td width="6%" align="center">&nbsp;</td> <td width="18%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">of Estimated</font></td></tr> <tr valign="bottom"><td width="47%" align="left">&nbsp;</td> <td width="6%" align="center">&nbsp;</td> <td width="17%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Remaining</font></td> <td width="4%" align="center">&nbsp;</td> <td width="6%" align="center">&nbsp;</td> <td width="18%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Remaining</font></td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Acquisition</font></td> <td style="border-bottom: #000000 1px solid;" width="6%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="17%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Payments</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="6%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="18%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Payments</font></td></tr> <tr valign="bottom"><td width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Schwintek products</font></td> <td width="6%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,616</font></td> <td width="4%" align="left"><i><sup><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(a)</font></sup></i></td> <td width="6%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,605</font></td></tr> <tr valign="bottom"><td width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level-Up</font><sup><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">TM </font></sup><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">six-point leveling system</font></td> <td width="6%" align="left">&nbsp;</td> <td width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,135</font></td> <td width="4%" align="left"><i><sup><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(b)</font></sup></i></td> <td width="6%" align="left">&nbsp;</td> <td width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,359</font></td></tr> <tr valign="bottom"><td width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other acquired products</font></td> <td style="border-bottom: #000000 1px solid;" width="6%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">806</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left"><i><sup><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(c)</font></sup></i></td> <td style="border-bottom: #000000 1px solid;" width="6%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">672</font></td></tr> <tr valign="bottom"><td width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td> <td style="border-bottom: #000000 3px double;" width="6%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">15,557</font></td> <td style="border-bottom: #000000 3px double;" width="4%" align="left">&nbsp;</td> <td style="border-bottom: #000000 3px double;" width="6%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,636</font></td></tr></table></div> <p style="margin: 0px;">&nbsp;</p> <div> <p style="text-align: left;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(a) <font class="_mt"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">Contingent consideration for three of the four products expires in March 2014. Contingent consideration for the remaining product will cease five years after the product is first sold to customers. Two of the four products acquired have a combined remaining maximum contingent consideration of $<font class="_mt">9.7</font> million, of which the Company estimates $<font class="_mt">8.5</font> million will be paid. Other than expiration of the contingent consideration period, the remaining products have no maximum contingent consideration.</font></i></font></font></i></p></div> <p style="text-align: left;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(b) <font class="_mt">Other than expiration of the contingent consideration period in February 2016, these products have no maximum contingent consideration.</font></font></i></p> <div> <p style="text-align: left;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(c) <font class="_mt"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">Contingent consideration expires at various dates through October 2025. Certain of these products have a combined remaining maximum of $<font class="_mt">3.4</font> million, while the remaining products have no maximum contingent consideration.</font></i></font></font></i></p></div></div> </div> <div> <table border="0" cellspacing="0"> <tr><td width="77%"> </td> <td width="3%"> </td> <td width="15%"> </td> <td width="3%"> </td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Balance at December 31, 2011</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,561</font></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Acquisitions</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">67</font></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Payments</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3,253</font></td> <td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Accretion</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,324</font></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair value adjustments</font></td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(63</font></td> <td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr> <tr valign="bottom"><td style="text-indent: 5px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Balance at September 30, 2012</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,636</font></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Less current portion in accrued expenses and other current liabilities</font></td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,667</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 5px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total long-term portion in other long-term liabilities</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,969</font></td> <td style="border-bottom: #000000 3px double;" align="left">&nbsp;</td></tr></table> </div> 150000000 10000000 <div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">7. Accrued Expenses and Other Current Liabilities</font></b></p> <p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Accrued expenses and other current liabilities consisted of the following at (</font><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">in thousands)</font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">:</font></p> <div> <table border="0" cellspacing="0"> <tr><td width="46%"> </td> <td width="4%"> </td> <td width="12%"> </td> <td width="3%"> </td> <td width="15%"> </td> <td width="3%"> </td> <td width="16%"> </td></tr> <tr valign="bottom"><td width="46%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="30%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30,</font></td> <td width="3%" align="center">&nbsp;</td> <td width="16%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31,</font></td></tr> <tr valign="bottom"><td width="46%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="15%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid; text-indent: 5px;" width="16%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td></tr> <tr><td width="99%" colspan="7">&nbsp;</td></tr> <tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Employee compensation and benefits</font></td> <td width="4%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">16,613</font></td> <td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">16,180</font></td> <td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,258</font></td></tr> <tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Warranty</font></td> <td width="4%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,013</font></td> <td width="3%" align="right">&nbsp;</td> <td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,665</font></td> <td width="3%" align="right">&nbsp;</td> <td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,882</font></td></tr> <tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Sales rebates</font></td> <td width="4%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,866</font></td> <td width="3%" align="right">&nbsp;</td> <td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,369</font></td> <td width="3%" align="right">&nbsp;</td> <td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,337</font></td></tr> <tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Contingent consideration related to acquisitions</font></td> <td width="4%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,667</font></td> <td width="3%" align="right">&nbsp;</td> <td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,188</font></td> <td width="3%" align="right">&nbsp;</td> <td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,292</font></td></tr> <tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,915</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,011</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,400</font></td></tr> <tr valign="bottom"><td width="46%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Accrued expenses and other current liabilities </font></td> <td style="border-bottom: #000000 3px double;" width="4%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font>&nbsp;</td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">47,074</font></td> <td style="border-bottom: #000000 3px double;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">39,413</font></td> <td style="border-bottom: #000000 3px double;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">36,169</font></td></tr></table></div> <p style="margin: 0px;">&nbsp;</p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated costs related to product warranties are accrued at the time products are sold. In estimating its future warranty obligations, the Company considers various factors, including the Company's (i) historical warranty costs, (ii) product mix, and (iii) sales. The following table provides a reconciliation of the activity related to the Company's accrued warranty, including both the current and long-term portions, for the nine months ended </font><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(in thousands):</font></i></p> <div> <table border="0" cellspacing="0"> <tr><td width="55%"> </td> <td width="6%" align="center"> </td> <td width="12%" align="center"> </td> <td width="4%" align="center"> </td> <td width="4%" align="center"> </td> <td width="12%" align="center"> </td> <td width="4%" align="center"> </td></tr> <tr valign="bottom"><td width="55%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="6%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="32%" colspan="4" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30,</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">&nbsp;</td></tr> <tr valign="bottom"><td width="55%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="6%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">&nbsp;</td></tr> <tr><td width="97%" colspan="7">&nbsp;</td></tr> <tr valign="bottom"><td width="55%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Balance at beginning of period</font></td> <td width="6%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,640</font></td> <td width="4%" align="left">&nbsp;</td> <td width="4%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,892</font></td> <td width="4%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td width="55%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Provision for warranty expense</font></td> <td width="6%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,548</font></td> <td width="4%" align="left">&nbsp;</td> <td width="4%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,291</font></td> <td width="4%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td width="55%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Warranty liability from acquired businesses</font></td> <td width="6%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12</font></td> <td width="4%" align="left">&nbsp;</td> <td width="4%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">527</font></td> <td width="4%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td width="55%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Warranty costs paid</font></td> <td style="border-bottom: #000000 1px solid;" width="6%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(5,813</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3,467</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr> <tr valign="bottom"><td style="text-indent: 10px;" width="55%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total accrued warranty</font></td> <td width="6%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,387</font></td> <td width="4%" align="left">&nbsp;</td> <td width="4%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,243</font></td> <td width="4%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td width="55%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Less long-term portion</font></td> <td style="border-bottom: #000000 1px solid;" width="6%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,374</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,578</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 10px;" width="55%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Current accrued warranty</font></td> <td style="border-bottom: #000000 3px double;" width="6%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,013</font></td> <td style="border-bottom: #000000 3px double;" width="4%" align="left">&nbsp;</td> <td style="border-bottom: #000000 3px double;" width="4%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,665</font></td> <td style="border-bottom: #000000 3px double;" width="4%" align="left">&nbsp;</td></tr></table></div> <p style="margin: 0px;">&nbsp;</p> </div> 30106000 15742000 33392000 41965000 22620000 50421000 1394000 445000 1350000 430000 39413000 36169000 47074000 93022000 94034000 99734000 84942000 84389000 92130000 200000 200000 4703000 4703000 106000 106000 1467393 1519726 797038 592038 371359000 351083000 418469000 160304000 137568000 202688000 2564000 2564000 2564000 2564000 5800000 4610000 4248000 362000 4248000 362000 4248000 362000 47463000 37340000 10123000 7139000 1345000 5794000 <div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1. Basis of Presentation</font></b></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The Condensed Consolidated Financial Statements include the accounts of Drew Industries Incorporated and its wholly-owned subsidiaries (collectively, "Drew" or the "Company"). Drew has no unconsolidated subsidiaries. Drew's wholly-owned active subsidiaries are Lippert Components, Inc. and its subsidiaries (collectively, "Lippert"), and Kinro, Inc. and its subsidiaries (collectively, "Kinro"). Drew, through Lippert and Kinro, manufactures a broad array of components for recreational vehicles ("RVs") and manufactured homes, and to a lesser extent manufactures components for modular housing, truck caps and buses, as well as for trailers used to haul boats, livestock, equipment and other cargo.</font></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Because of fluctuations in dealer inventories, and volatile economic conditions, current and future seasonal industry trends may be different than in prior years.</font></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The Condensed Consolidated Financial Statements presented herein have been prepared by the Company in accordance with the accounting policies described in its December 31, 2011 Annual Report on Form 10-K and should be read in conjunction with the Notes to Consolidated Financial Statements which appear in that report. All significant intercompany balances and transactions have been eliminated. Certain prior year balances have been reclassified to conform to current year presentation.</font></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">In the opinion of management, the information furnished in this Form 10-Q reflects all adjustments necessary for a fair statement of the financial position and results of operations as of and for the nine and three month periods ended September 30, 2012 and 2011. All such adjustments are of a normal recurring nature. The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q, and therefore do not include some information necessary to conform to annual reporting requirements.</font></p> </div> 14561000 12636000 2359000 672000 9605000 1164000 1646000 1095000 551000 270000 40000 785000 67000 38880000 1472000 1472000 6584000 6584000 32584000 32584000 <div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">4. Cash and Investments</font></b></p> <p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cash and investments consisted of the following at </font><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(in thousands)</font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">:</font></p> <div> <table border="0" cellspacing="0"> <tr><td width="50%"> </td> <td width="2%"> </td> <td width="12%"> </td> <td width="4%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="12%"> </td></tr> <tr valign="bottom"><td width="50%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="28%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30,</font></td> <td width="2%" align="center">&nbsp;</td> <td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31,</font></td></tr> <tr valign="bottom"><td width="50%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td></tr> <tr><td width="94%" colspan="7">&nbsp;</td></tr> <tr valign="bottom"><td width="50%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cash in banks</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">32,584</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,472</font></td> <td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,584</font></td></tr> <tr valign="bottom"><td style="text-indent: 10px;" width="50%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cash and investments</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">32,584</font></td> <td style="border-bottom: #000000 3px double;" width="4%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,472</font></td> <td style="border-bottom: #000000 3px double; text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double; text-indent: 2px;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,584</font></td></tr></table></div> <p style="margin: 0px;">&nbsp;</p> </div> -37408000 26000000 1472000 6584000 32584000 <div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">10. Commitments and Contingencies</font></b></p> <p style="text-align: left;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">Litigation</font></i></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">See Item 3. "Legal Proceedings" in the Annual Report on Form 10-K for the year ended December 31, 2011. On June 7, 2012, the United States Court of Appeals for the Ninth Circuit unanimously affirmed the decision of the United States District Court, Central District of California, which had granted Kinro's motion for summary judgment dismissing all claims against Kinro asserted by Plaintiffs. Consequently, the litigation was terminated.</font></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">In addition, in the normal course of business, the Company is subject to proceedings, lawsuits and other claims. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. While these matters could materially affect operating results when resolved in future periods, it is management's opinion that after final disposition, including anticipated insurance recoveries in certain cases, any monetary liability or financial impact to the Company beyond that provided in the Condensed Consolidated Balance Sheet as of September 30, 2012, would not be material to the Company's financial position or annual results of operations.</font></p> <p style="text-align: left;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">Contingent Consideration Related to Acquisitions</font></i></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">In connection with several acquisitions, if certain sales targets for the acquired products are achieved, the Company would pay additional cash consideration. The Company has recorded a liability for the fair value of this contingent consideration at September 30, 2012, based on the present value of the expected future cash flows using a market participant's weighted average cost of capital of&nbsp;<font class="_mt">14.9</font> percent.</font></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">T</font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">he following table summarizes the contingent consideration liability as of September 30, 2012 </font><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(in thousands):</font></i></p> <div> <div> <table border="0" cellspacing="0"> <tr><td width="47%"> </td> <td width="6%"> </td> <td width="17%"> </td> <td width="4%"> </td> <td width="6%"> </td> <td width="18%"> </td></tr> <tr valign="bottom"><td width="47%" align="left">&nbsp;</td> <td width="6%" align="center">&nbsp;</td> <td width="17%" align="center">&nbsp;</td> <td width="4%" align="center">&nbsp;</td> <td width="6%" align="center">&nbsp;</td> <td width="18%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair Value</font></td></tr> <tr valign="bottom"><td width="47%" align="left">&nbsp;</td> <td width="6%" align="center">&nbsp;</td> <td width="17%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated</font></td> <td width="4%" align="center">&nbsp;</td> <td width="6%" align="center">&nbsp;</td> <td width="18%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">of Estimated</font></td></tr> <tr valign="bottom"><td width="47%" align="left">&nbsp;</td> <td width="6%" align="center">&nbsp;</td> <td width="17%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Remaining</font></td> <td width="4%" align="center">&nbsp;</td> <td width="6%" align="center">&nbsp;</td> <td width="18%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Remaining</font></td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Acquisition</font></td> <td style="border-bottom: #000000 1px solid;" width="6%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="17%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Payments</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="6%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="18%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Payments</font></td></tr> <tr valign="bottom"><td width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Schwintek products</font></td> <td width="6%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,616</font></td> <td width="4%" align="left"><i><sup><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(a)</font></sup></i></td> <td width="6%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,605</font></td></tr> <tr valign="bottom"><td width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level-Up</font><sup><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">TM </font></sup><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">six-point leveling system</font></td> <td width="6%" align="left">&nbsp;</td> <td width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,135</font></td> <td width="4%" align="left"><i><sup><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(b)</font></sup></i></td> <td width="6%" align="left">&nbsp;</td> <td width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,359</font></td></tr> <tr valign="bottom"><td width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other acquired products</font></td> <td style="border-bottom: #000000 1px solid;" width="6%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">806</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left"><i><sup><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(c)</font></sup></i></td> <td style="border-bottom: #000000 1px solid;" width="6%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">672</font></td></tr> <tr valign="bottom"><td width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td> <td style="border-bottom: #000000 3px double;" width="6%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">15,557</font></td> <td style="border-bottom: #000000 3px double;" width="4%" align="left">&nbsp;</td> <td style="border-bottom: #000000 3px double;" width="6%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,636</font></td></tr></table></div> <p style="margin: 0px;">&nbsp;</p> <div> <p style="text-align: left;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(a) <font class="_mt"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">Contingent consideration for three of the four products expires in March 2014. Contingent consideration for the remaining product will cease five years after the product is first sold to customers. Two of the four products acquired have a combined remaining maximum contingent consideration of $<font class="_mt">9.7</font> million, of which the Company estimates $<font class="_mt">8.5</font> million will be paid. Other than expiration of the contingent consideration period, the remaining products have no maximum contingent consideration.</font></i></font></font></i></p></div> <p style="text-align: left;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(b) <font class="_mt">Other than expiration of the contingent consideration period in February 2016, these products have no maximum contingent consideration.</font></font></i></p> <div> <p style="text-align: left;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(c) <font class="_mt"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">Contingent consideration expires at various dates through October 2025. Certain of these products have a combined remaining maximum of $<font class="_mt">3.4</font> million, while the remaining products have no maximum contingent consideration.</font></i></font></font></i></p></div></div> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">As required, the liability for this contingent consideration is measured quarterly, considering actual sales of the acquired products, updated sales projections, and the updated market participant weighted average cost of capital. Depending upon the weighted average costs of capital and future sales of the products which are subject to contingent consideration, the Company could record adjustments in future periods.</font></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">In the first nine months of 2012 and 2011, the net impact of the quarterly fair value adjustments and accretion of the liability was an expense recorded in selling, general, and administrative expenses in the Condensed Consolidated Statements of Income of $<font class="_mt">1.3</font> million and $<font class="_mt">1.0</font> million, respectively.</font></p> <div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The following table provides a reconciliation of the Company's contingent consideration liability for the nine months ended September 30, 2012 (</font><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">in thousands</font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">):</font></div> <div> <table border="0" cellspacing="0"> <tr><td width="77%"> </td> <td width="3%"> </td> <td width="15%"> </td> <td width="3%"> </td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Balance at December 31, 2011</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,561</font></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Acquisitions</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">67</font></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Payments</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3,253</font></td> <td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Accretion</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,324</font></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair value adjustments</font></td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(63</font></td> <td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr> <tr valign="bottom"><td style="text-indent: 5px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Balance at September 30, 2012</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,636</font></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Less current portion in accrued expenses and other current liabilities</font></td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,667</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 5px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total long-term portion in other long-term liabilities</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,969</font></td> <td style="border-bottom: #000000 3px double;" align="left">&nbsp;</td></tr></table></div> <p style="margin: 0px;">&nbsp;</p> <p style="text-align: left;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">Use of Estimates</font></i></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, accounts receivable, inventories, notes receivable, goodwill and other intangible assets, income taxes, warranty obligations, self-insurance obligations, lease terminations, asset retirement obligations, long-lived assets, post-retirement benefits, stock-based compensation, segment allocations, contingent consideration, environmental liabilities, contingencies and litigation. The Company bases its estimates on historical experience, other available information and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources. Actual results and events could differ significantly from management estimates.</font></p> </div> 0.01 0.01 0.01 30000000 30000000 30000000 24738000 24826000 25070000 247000 248000 250000 409631000 134688000 568101000 184781000 <div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">8. Long-Term Indebtedness</font></b></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The Company had no debt outstanding at September 30, 2012 or December 31, 2011. The Company had $8.1 million outstanding at September 30, 2011 under its line of credit at a weighted average interest rate of&nbsp;<font class="_mt">2.5</font> percent.</font></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">On February 24, 2011, the Company entered into an agreement (the "Credit Agreement") for a $<font class="_mt">50.0</font> million line of credit with JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. (collectively, the "Lenders"). The maximum borrowings under the Company's line of credit can be increased by $<font class="_mt">20.0</font> million upon approval of the Lenders. Interest on borrowings under the line of credit is designated from time to time by the Company as either (i) the Prime Rate, but not less than&nbsp;<font class="_mt">2.5</font> percent, plus additional interest up to&nbsp;<font class="_mt">0.8</font> percent (<font class="_mt">0</font> percent at September 30, 2012), or (ii) LIBOR plus additional interest ranging from&nbsp;<font class="_mt">2.0</font> percent to&nbsp;<font class="_mt">2.8</font> percent (<font class="_mt">2.0</font> percent at September 30, 2012) depending on the Company's performance and financial condition. The Credit Agreement expires on <font class="_mt">January 1, 2016</font>. At September 30, 2012, the Company had $<font class="_mt">3.0</font> million in outstanding letters of credit under the line of credit. Availability under the Company's line of credit was $<font class="_mt">47.0</font> million at September 30, 2012.</font></p> <div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Simultaneously, the Company entered into a $<font class="_mt">150.0</font> million "shelf-loan" facility with Prudential Investment Management, Inc. and its affiliates ("Prudential"). The facility provides for Prudential to consider purchasing, at the Company's request, in one or a series of transactions, Senior Promissory Notes of the Company in the aggregate principal amount of up to $150.0 million, to mature no more than twelve years after the date of original issue of each Senior Promissory Note. Prudential has no obligation to purchase the Senior Promissory Notes. Interest payable on the Senior Promissory Notes will be at rates determined by Prudential within five business days after the Company issues a request to Prudential. At September 30, 2012, there were no Senior Promissory Notes outstanding. This facility expires on <font class="_mt">February 24, 2014</font>.</font></div> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Both the line of credit pursuant to the Credit Agreement and the "shelf-loan" facility are subject to a maximum leverage ratio covenant which limits the amount of consolidated outstanding indebtedness to&nbsp;<font class="_mt">2.5</font> times the trailing twelve-month EBITDA, as defined. This limitation did not impact the Company's borrowing availability at September 30, 2012. The remaining availability under these facilities was $<font class="_mt">196.6</font> million at September 30, 2012. The Company believes this availability, together with the $<font class="_mt">32.6</font> million in cash at September 30, 2012, is more than adequate to finance the Company's anticipated cash requirements for the next twelve months.</font></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Pursuant to the Credit Agreement and "shelf-loan" facility at September 30, 2012, the Company was required to maintain minimum interest and fixed charge coverages, and to meet certain other financial requirements. At September 30, 2012, the Company was in compliance with all such requirements, and expects to remain in compliance for the next twelve months.</font></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Borrowings under both the line of credit and the "shelf-loan" facility are secured on a pari passu basis by first priority liens on the capital stock or other equity interests of each of the Company's direct and indirect subsidiaries.</font></p> </div> 0.020 0.00 0.028 0.020 0.008 0.025 2014-02-24 26000 12142000 10125000 10125000 15744000 14496000 14496000 15069000 19211000 300000 0.20 1.17 0.25 1.45 0.43 1.16 0.25 1.43 0.43 16180000 14258000 16613000 <div> <table border="0" cellspacing="0"> <tr><td width="37%"> </td> <td width="2%"> </td> <td width="16%"> </td> <td width="2%"> </td> <td width="15%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="12%"> </td></tr> <tr valign="bottom"><td width="37%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="33%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30, 2012</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid; text-indent: 8px;" width="27%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30, 2011</font></td></tr> <tr valign="bottom"><td width="37%" align="left">&nbsp;</td> <td width="2%" align="center">&nbsp;</td> <td width="16%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Carrying</font></td> <td width="2%" align="center"> </td> <td width="15%" align="center">&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Non-Recurring</font></td> <td width="2%" align="center">&nbsp;</td> <td width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Carrying</font></td> <td width="14%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Non-Recurring</font></td></tr> <tr valign="bottom"><td width="37%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="15%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></td> <td style="border-bottom: #000000 1px solid;" width="14%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="37%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Assets</font></td> <td width="2%" align="left">&nbsp;</td> <td width="16%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="15%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td width="37%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Vacant owned facilities</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,794</font></td> <td style="text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">486</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,123</font></td> <td style="text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr> <tr valign="bottom"><td width="37%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other intangible assets</font></td> <td width="2%" align="left">&nbsp;</td> <td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="2%" align="left">&nbsp;</td> <td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,228</font></td> <td width="2%" align="left">&nbsp;</td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="2%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr> <tr valign="bottom"><td width="37%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net assets of acquired</font></td> <td width="2%" align="left">&nbsp;</td> <td width="16%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="15%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 2px;" width="37%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">businesses</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,345</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">37,340</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr> <tr valign="bottom"><td width="37%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total assets</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,139</font></td> <td style="border-bottom: #000000 3px double; text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,714</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">47,463</font></td> <td style="border-bottom: #000000 3px double; text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr> <tr><td width="101%" colspan="9">&nbsp;</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="37%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Liabilities</font></td> <td width="2%" align="left">&nbsp;</td> <td width="16%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="15%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td width="37%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Vacant leased facilities</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">583</font></td> <td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">203</font></td></tr> <tr valign="bottom"><td style="text-indent: 10px;" width="37%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total liabilities</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 3px double; text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">583</font></td> <td style="border-bottom: #000000 3px double; text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">203</font></td></tr></table> </div> <div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">11. Fair Value Measurements</font></b></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The carrying values of cash and cash equivalents, short-term investments, accounts receivable and accounts payable approximated their fair value due to the short-term nature of these instruments.</font></p> <div><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">Recurring</font></i></div> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis at </font><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(in thousands):</font></i></p> <div> <table border="0" cellspacing="0"> <tr><td width="26%"> </td> <td width="2%" align="center"> </td> <td width="7%" align="center"> </td> <td width="2%" align="center"> </td> <td width="8%" align="center"> </td> <td width="2%" align="center"> </td> <td width="8%" align="center"> </td> <td width="1%" align="center"> </td> <td width="7%" align="center"> </td> <td width="3%" align="center"> </td> <td width="6%" align="center"> </td> <td width="2%" align="center"> </td> <td width="8%" align="center"> </td> <td width="2%" align="center"> </td> <td width="8%" align="center"> </td> <td width="3%" align="center"> </td> <td width="8%" align="center"> </td></tr> <tr valign="bottom"><td width="26%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="37%" colspan="8" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30, 2012</font></td> <td style="border-bottom: #000000 1px solid;" width="40%" colspan="8" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31, 2011</font></td></tr> <tr valign="bottom"><td width="26%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="7%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 1</font></td> <td style="border-bottom: #000000 1px solid;" width="10%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 2</font></td> <td style="border-bottom: #000000 1px solid;" width="1%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="7%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 3</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="6%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 1</font></td> <td width="2%" align="center">&nbsp;</td> <td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 2</font></td> <td width="3%" align="center">&nbsp;</td> <td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">&nbsp;Level 3</font>&nbsp;</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="26%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Assets</font></td> <td width="2%" align="left">&nbsp;</td> <td width="7%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="7%" align="left">&nbsp;</td> <td width="3%" align="left">&nbsp;</td> <td width="6%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="3%" align="right">&nbsp;</td> <td width="8%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td width="26%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Deferred compensation</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,248</font></td> <td style="text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,248</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="6%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,564</font></td> <td style="text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,564</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr> <tr valign="bottom"><td width="26%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized gain on</font></td> <td width="2%" align="left">&nbsp;</td> <td width="7%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="7%" align="left">&nbsp;</td> <td width="3%" align="left">&nbsp;</td> <td width="6%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="3%" align="right">&nbsp;</td> <td width="8%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 2px;" width="26%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">derivative instruments</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">362</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">362</font></td> <td style="border-bottom: #000000 1px solid;" width="1%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="6%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr> <tr valign="bottom"><td width="26%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total assets</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,610</font></td> <td style="border-bottom: #000000 3px double; text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,248</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">362</font></td> <td style="border-bottom: #000000 3px double;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="6%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,564</font></td> <td style="border-bottom: #000000 3px double; text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,564</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 3px double;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr> <tr><td width="103%" colspan="17">&nbsp;</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="26%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Liabilities</font></td> <td width="2%" align="left">&nbsp;</td> <td width="7%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="7%" align="left">&nbsp;</td> <td width="3%" align="left">&nbsp;</td> <td width="6%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="3%" align="right">&nbsp;</td> <td width="8%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td width="26%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Contingent consideration</font></td> <td width="2%" align="left">&nbsp;</td> <td width="7%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="7%" align="left">&nbsp;</td> <td width="3%" align="left">&nbsp;</td> <td width="6%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="3%" align="right">&nbsp;</td> <td width="8%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 2px;" width="26%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">related to acquisitions</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,636</font></td> <td style="text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,636</font></td> <td width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="6%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,561</font></td> <td style="text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,561</font></td></tr> <tr valign="bottom"><td width="26%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Deferred compensation</font></td> <td width="2%" align="left">&nbsp;</td> <td width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,607</font></td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,607</font></td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="1%" align="left">&nbsp;</td> <td width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="3%" align="left">&nbsp;</td> <td width="6%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,468</font></td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,468</font></td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="3%" align="right">&nbsp;</td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr> <tr valign="bottom"><td width="26%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized loss on</font></td> <td width="2%" align="left">&nbsp;</td> <td width="7%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="7%" align="left">&nbsp;</td> <td width="3%" align="left">&nbsp;</td> <td width="6%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="3%" align="right">&nbsp;</td> <td width="8%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 2px;" width="26%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">derivative instruments</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="1%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="6%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">436</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">436</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr> <tr valign="bottom"><td width="26%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total liabilities</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">19,243</font></td> <td style="border-bottom: #000000 3px double; text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,607</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 3px double;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,636</font></td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="6%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">19,465</font></td> <td style="border-bottom: #000000 3px double; text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,468</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">436</font></td> <td style="border-bottom: #000000 3px double;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,561</font></td></tr></table></div> <p style="margin: 0px;">&nbsp;</p> <p style="text-align: left;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">Deferred Compensation</font></i></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The Company has an Executive Non-Qualified Deferred Compensation Plan (the "Plan"). The amounts deferred under this Plan are credited with earnings or losses based upon changes in values of the notional investments elected by the Plan participants. Deferred compensation assets and liabilities were valued using a market approach based on the quoted market prices of identical instruments.</font></p> <p style="text-align: left;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">Contingent Consideration Related to Acquisitions</font></i></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Liabilities for contingent consideration related to acquisitions were valued using management's projections for long-term sales forecasts, including assumptions regarding market share gains and future industry-specific economic and market conditions, and a market participant's weighted average cost of capital. Over the next five years, the Company's long-term sales growth forecasts for products subject to contingent consideration arrangements average approximately&nbsp;<font class="_mt">40</font> percent per year. For further information on the inputs used in determining the fair value, and a roll-forward of the contingent consideration liability, see Note 10 of the Notes to Condensed Consolidated Financial Statements.</font></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Changes in either of the inputs in isolation would result in a change in the fair value measurement. A change in the assumptions used for sales forecasts would result in a directionally similar change in the fair value liability, while a change in the weighted average cost of capital would result in a directionally opposite change in the fair value liability. If there is an increase in the fair value liability, the Company would record a charge to selling, general and administrative expenses, and if there is a decrease in the fair value liability, the Company would record a benefit in selling, general and administrative expenses.</font></p> <p style="text-align: left;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">Derivative Instruments</font></i></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">At September 30, 2012, the Company had derivative instruments for&nbsp;<font class="_mt">7.1</font> million pounds of aluminum, approximately&nbsp;<font class="_mt">20</font> percent of the Company's anticipated annual aluminum purchases, in order to manage a portion </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">of the exposure to movements associated with aluminum costs. These derivative instruments expire between October 2012 and September 2013, at an average mid-west aluminum price of $<font class="_mt">1.02</font> per pound. While these derivative instruments are considered to be economic hedges of the underlying movement in the price of aluminum, they are not designated or accounted for as a hedge. These derivative instruments were valued at fair value using a market approach based on the quoted market prices of similar instruments at the end of each reporting period, and the resulting net gain or loss was recorded in cost of sales in the Condensed Consolidated Statements of Income. At September 30, 2012 the corresponding asset was recorded in prepaid expenses and other current assets, and at December 31, 2011 the corresponding liability was recorded in accrued expenses and other current liabilities, both as reflected in the Condensed Consolidated Balance Sheet. During the first nine months of 2012, derivative instruments for&nbsp;<font class="_mt">2.5</font> million pounds were settled at a loss of $<font class="_mt">0.3</font> million.</font></p> <p style="text-align: left;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">Non-recurring</font></i></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The following table presents the carrying value on the measurement date of any assets and liabilities which were measured at fair value and recorded at the lower of cost or fair value, on a non-recurring basis, using significant unobservable inputs (Level 3), and the corresponding non-recurring losses recognized during the nine months ended </font><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(in thousands):</font></i></p> <div> <table border="0" cellspacing="0"> <tr><td width="37%"> </td> <td width="2%"> </td> <td width="16%"> </td> <td width="2%"> </td> <td width="15%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="12%"> </td></tr> <tr valign="bottom"><td width="37%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="33%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30, 2012</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid; text-indent: 8px;" width="27%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30, 2011</font></td></tr> <tr valign="bottom"><td width="37%" align="left">&nbsp;</td> <td width="2%" align="center">&nbsp;</td> <td width="16%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Carrying</font></td> <td width="2%" align="center"> </td> <td width="15%" align="center">&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Non-Recurring</font></td> <td width="2%" align="center">&nbsp;</td> <td width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Carrying</font></td> <td width="14%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Non-Recurring</font></td></tr> <tr valign="bottom"><td width="37%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="15%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></td> <td style="border-bottom: #000000 1px solid;" width="14%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="37%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Assets</font></td> <td width="2%" align="left">&nbsp;</td> <td width="16%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="15%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td width="37%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Vacant owned facilities</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,794</font></td> <td style="text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">486</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,123</font></td> <td style="text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr> <tr valign="bottom"><td width="37%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other intangible assets</font></td> <td width="2%" align="left">&nbsp;</td> <td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="2%" align="left">&nbsp;</td> <td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,228</font></td> <td width="2%" align="left">&nbsp;</td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="2%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr> <tr valign="bottom"><td width="37%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net assets of acquired</font></td> <td width="2%" align="left">&nbsp;</td> <td width="16%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="15%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 2px;" width="37%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">businesses</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,345</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">37,340</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr> <tr valign="bottom"><td width="37%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total assets</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,139</font></td> <td style="border-bottom: #000000 3px double; text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,714</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">47,463</font></td> <td style="border-bottom: #000000 3px double; text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr> <tr><td width="101%" colspan="9">&nbsp;</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="37%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Liabilities</font></td> <td width="2%" align="left">&nbsp;</td> <td width="16%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="15%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td width="37%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Vacant leased facilities</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">583</font></td> <td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">203</font></td></tr> <tr valign="bottom"><td style="text-indent: 10px;" width="37%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total liabilities</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 3px double; text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">583</font></td> <td style="border-bottom: #000000 3px double; text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">203</font></td></tr></table></div> <p style="margin: 0px;">&nbsp;</p> <p style="text-align: left;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">Vacant Owned Facilities</font></i></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">During the first nine months of 2012, the Company reviewed the recoverability of the carrying value of&nbsp;<font class="_mt">eight</font> vacant owned facilities. The determination of fair value was based on the best information available, including internal cash flow estimates, market prices for similar assets, broker quotes and independent appraisals, as appropriate. During the first nine months of 2012, the carrying value of&nbsp;<font class="_mt">three</font> of these vacant owned facilities exceeded their fair value, therefore an impairment charge of $<font class="_mt">0.5</font> million was recorded in selling, general, and administrative expenses in the Condensed Consolidated Statements of Income. During the first nine months of 2012, the Company sold at carrying value&nbsp;<font class="_mt">two</font> of the facilities previously recorded as a vacant facility and reopened another. At September 30, 2012, the Company had&nbsp;<font class="_mt">five</font> vacant owned facilities, with an estimated combined fair value of $<font class="_mt">5.8</font> million, classified in fixed assets in the Condensed Consolidated Balance Sheets. The Company has leased to third parties&nbsp;<font class="_mt">two</font> of these owned facilities with a combined carrying value of $<font class="_mt">3.8</font> million, both for five year terms, for a combined rental income of $<font class="_mt">0.4</font> million annually. Both of these leases also contain an option for the lessee to purchase the facility at an amount in excess of carrying value.</font></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">During the first nine months of 2011, the fair value of vacant owned facilities exceeded their carrying value, therefore no impairment charges were recorded.</font></p> <div><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">Other Intangible Assets</font></i></div> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">During the first nine months of 2012, the Company reviewed the recoverability of amortizable intangible assets associated with an acquired patent. Based on the analyses, the $1.2 million carrying value of these intangible assets exceeded the undiscounted cash flows expected to be generated. As a result, the Company was required to determine the fair value of these intangible assets. Fair value was determined based on the present value of internal cash flow estimates. The resulting fair value of these intangible assets was nominal, therefore the Company recorded a non-cash impairment charge of $<font class="_mt">1.2</font> million, of which $<font class="_mt">1.0</font> million was recorded in cost of sales in the Condensed Consolidated Statements of Income.</font></p> <p style="text-align: left;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">Net Assets of Acquired Businesses</font></i></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The Company valued the assets and liabilities associated with the acquisitions of businesses on the respective acquisition dates. Depending upon the type of asset or liability acquired, the Company used different valuation techniques in determining the fair value. Those techniques included comparable market prices, long-term sales, profitability and cash flow forecasts, assumptions regarding future industry-specific economic and market conditions, a market participant's weighted average cost of capital, as well as other techniques as circumstances required. For further information on acquired assets and liabilities, see Note 3 of the Notes to Condensed Consolidated Financial Statements.</font></p> <p style="text-align: left;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">Vacant Leased Facilities</font></i></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The Company recorded a charge of less than $<font class="_mt">0.1</font> million in selling, general and administrative expenses in the Condensed Consolidated Statements of Income in the first nine months of 2012 due to the early termination of leases of vacant facilities by the lessor. In the first nine months of 2011, the Company recorded a charge of $<font class="_mt">0.2</font> million in selling, general and administrative expenses in the Condensed Consolidated Statements of Income related to the exit from leased facilities.</font></p> </div> 0.149 29930000 14483000 1388000 10651000 3408000 16782000 2212000 37231000 13994000 4243000 108989000 50645000 4136000 46139000 8069000 50105000 4988000 108986000 45934000 7959000 P16Y P3Y P7Y P3Y P19Y P2Y P15Y P5Y P7Y P16Y P3Y P7Y P1Y P19Y P2Y P15Y P5Y -200000 -100000 20137000 20499000 774000 19725000 21177000 774000 20403000 678000 678000 71026000 10025000 61001000 50527000 9251000 41276000 111939000 32001000 132788000 41542000 1200000 1000000 42459000 9125000 51043000 14832000 17101000 16121000 16488000 3506000 18448000 5061000 18755000 17650000 24440000 27801000 -628000 10086000 20581000 5753000 1996000 6993000 80746000 79059000 36162000 2748000 35488000 4661000 71755000 2000000 33323000 2776000 71755000 31940000 3716000 -197000 -78000 -246000 -116000 263000 289000 <div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">5. Inventories</font></b></p> <p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Inventories consisted of the following at </font><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(in thousands)</font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">:</font></p> <div> <table border="0" cellspacing="0"> <tr><td width="48%"> </td> <td width="2%" align="center"> </td> <td width="14%" align="center"> </td> <td width="4%" align="center"> </td> <td width="13%" align="center"> </td> <td width="2%" align="center"> </td> <td width="12%" align="center"> </td></tr> <tr valign="bottom"><td width="48%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="31%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30,</font></td> <td width="2%" align="center">&nbsp;</td> <td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31,</font></td></tr> <tr valign="bottom"><td width="48%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="14%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td></tr> <tr><td width="95%" colspan="7">&nbsp;</td></tr> <tr valign="bottom"><td width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Raw materials</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">79,117</font></td> <td width="4%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">84,294</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">77,066</font></td></tr> <tr valign="bottom"><td width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Work in process</font></td> <td width="2%" align="left">&nbsp;</td> <td width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,802</font></td> <td width="4%" align="right">&nbsp;</td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,335</font></td> <td width="2%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,224</font></td></tr> <tr valign="bottom"><td width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Finished goods</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,474</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,136</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,762</font></td></tr> <tr valign="bottom"><td style="text-indent: 10px;" width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Inventories</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">98,393</font></td> <td style="border-bottom: #000000 3px double;" width="4%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">97,765</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">92,052</font></td></tr></table></div> <p style="margin: 0px;">&nbsp;</p> </div> 11136000 11762000 14474000 97765000 92052000 98393000 84294000 77066000 79117000 2335000 3224000 4802000 97599000 73787000 100835000 371359000 351083000 418469000 69519000 51911000 80466000 19465000 4468000 436000 14561000 14561000 4468000 436000 4468000 436000 14561000 19243000 6607000 12636000 12636000 6607000 6607000 12636000 583000 583000 3000000 2016-01-01 50000000 196600000 47000000 500000 8075000 0.025 7564000 -413000 -61251000 -18174000 16279000 44587000 25971000 5619000 32595000 32595000 9771000 2 42656000 8963000 40370000 -5846000 49333000 563000 9203000 3786000 7745000 -1803000 11531000 -80000 51289000 10942000 47209000 -6513000 58151000 1001000 14948000 3781000 12945000 -1989000 16726000 641000 11011000 9400000 11915000 3544000 4411000 6422000 20005000 21876000 20369000 -751000 -889000 438000 88000 626000 49340000 1473000 17721000 22010000 6960000 6187000 11165000 504000 2840000 48675000 37702000 -163000 5000000 1248000 5397000 5892000 8243000 8640000 11387000 527000 12000 5665000 5882000 8013000 2578000 3374000 -3467000 -5813000 5291000 8548000 <div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">6. Fixed Assets</font></b></p> <p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fixed assets consisted of the following at </font><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(in thousands):</font></i></p> <div> <table border="0" cellspacing="0"> <tr><td width="46%"> </td> <td width="3%"> </td> <td width="12%"> </td> <td width="3%"> </td> <td width="14%"> </td> <td width="3%"> </td> <td width="16%"> </td></tr> <tr valign="bottom"><td align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30,</font></td> <td align="center">&nbsp;</td> <td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31,</font></td></tr> <tr valign="bottom"><td align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td> <td style="border-bottom: #000000 1px solid;" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td> <td style="border-bottom: #000000 1px solid;" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid; text-indent: 5px;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td></tr> <tr><td colspan="7">&nbsp;</td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fixed assets, at cost</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">201,665</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">183,906</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">189,084</font></td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Less accumulated depreciation and amortization</font></td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">99,734</font></td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">93,022</font></td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">94,034</font></td></tr> <tr valign="bottom"><td style="text-indent: 10px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fixed assets, net</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">101,931</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">90,884</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">95,050</font></td></tr></table></div> <p style="margin: 0px;">&nbsp;</p> <div>&nbsp;</div><br /> </div> 183906000 189084000 201665000 90884000 95050000 101931000 <div> <table border="0" cellspacing="0"> <tr><td width="46%"> </td> <td width="3%"> </td> <td width="12%"> </td> <td width="3%"> </td> <td width="14%"> </td> <td width="3%"> </td> <td width="16%"> </td></tr> <tr valign="bottom"><td align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30,</font></td> <td align="center">&nbsp;</td> <td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31,</font></td></tr> <tr valign="bottom"><td align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td> <td style="border-bottom: #000000 1px solid;" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td> <td style="border-bottom: #000000 1px solid;" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid; text-indent: 5px;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td></tr> <tr><td colspan="7">&nbsp;</td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fixed assets, at cost</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">201,665</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">183,906</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">189,084</font></td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Less accumulated depreciation and amortization</font></td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">99,734</font></td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">93,022</font></td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">94,034</font></td></tr> <tr valign="bottom"><td style="text-indent: 10px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fixed assets, net</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">101,931</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">90,884</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">95,050</font></td></tr></table> </div> 2.5 40600000 37702000 218038000 222126000 254721000 521570000 13109000 12693000 56112000 12244000 27497000 12169000 387746000 6000000 166689000 4720000 4254000 21487000 3304000 10870000 4108000 117946000 700889000 17538000 12730000 61678000 22568000 57008000 14714000 514653000 226323000 6188000 3990000 21188000 8376000 18507000 5355000 162719000 0.16 0.84 0.13 0.87 <div> <table border="0" cellspacing="0"> <tr><td width="46%"> </td> <td width="4%"> </td> <td width="12%"> </td> <td width="3%"> </td> <td width="15%"> </td> <td width="3%"> </td> <td width="16%"> </td></tr> <tr valign="bottom"><td width="46%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="30%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30,</font></td> <td width="3%" align="center">&nbsp;</td> <td width="16%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31,</font></td></tr> <tr valign="bottom"><td width="46%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="15%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid; text-indent: 5px;" width="16%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td></tr> <tr><td width="99%" colspan="7">&nbsp;</td></tr> <tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Employee compensation and benefits</font></td> <td width="4%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">16,613</font></td> <td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">16,180</font></td> <td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,258</font></td></tr> <tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Warranty</font></td> <td width="4%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,013</font></td> <td width="3%" align="right">&nbsp;</td> <td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,665</font></td> <td width="3%" align="right">&nbsp;</td> <td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,882</font></td></tr> <tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Sales rebates</font></td> <td width="4%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,866</font></td> <td width="3%" align="right">&nbsp;</td> <td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,369</font></td> <td width="3%" align="right">&nbsp;</td> <td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,337</font></td></tr> <tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Contingent consideration related to acquisitions</font></td> <td width="4%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,667</font></td> <td width="3%" align="right">&nbsp;</td> <td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,188</font></td> <td width="3%" align="right">&nbsp;</td> <td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,292</font></td></tr> <tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,915</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,011</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,400</font></td></tr> <tr valign="bottom"><td width="46%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Accrued expenses and other current liabilities </font></td> <td style="border-bottom: #000000 3px double;" width="4%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font>&nbsp;</td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">47,074</font></td> <td style="border-bottom: #000000 3px double;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">39,413</font></td> <td style="border-bottom: #000000 3px double;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">36,169</font></td></tr></table> </div> <div> <table border="0" cellspacing="0"> <tr><td width="83%"> </td> <td width="2%"> </td> <td width="12%"> </td></tr> <tr valign="bottom"><td width="83%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cash consideration</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,164</font></td></tr> <tr valign="bottom"><td width="83%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Present value of future payments</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">482</font></td></tr> <tr valign="bottom"><td style="text-indent: 7px;" width="83%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total fair value of consideration given</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,646</font></td></tr> <tr><td width="97%" colspan="3">&nbsp;</td></tr> <tr valign="bottom"><td width="83%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Customer relationships</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">270</font></td></tr> <tr valign="bottom"><td width="83%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other identifiable intangible assets</font></td> <td width="2%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">40</font></td></tr> <tr valign="bottom"><td width="83%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net tangible assets</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">785</font></td></tr> <tr valign="bottom"><td style="text-indent: 7px;" width="83%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total fair value of net assets acquired</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,095</font></td></tr> <tr><td width="97%" colspan="3">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 7px;" width="83%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Goodwill (tax deductible)</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">551</font></td></tr></table> </div> <div> <table border="0" cellspacing="0"> <tr><td width="52%"> </td> <td width="12%"> </td> <td width="12%"> </td> <td width="12%"> </td> <td width="12%"> </td></tr> <tr valign="bottom"><td width="52%" align="left">&nbsp;</td> <td width="24%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Nine Months Ended</font></td> <td width="24%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Three Months Ended</font></td></tr> <tr valign="bottom"><td width="52%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="24%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30,</font></td> <td style="border-bottom: #000000 1px solid;" width="24%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30,</font></td></tr> <tr valign="bottom"><td width="52%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td></tr> <tr valign="bottom"><td width="52%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Weighted average shares outstanding</font></td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 5px;" width="52%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">for basic earnings per share</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,507</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,254</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,563</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,273</font></td></tr> <tr valign="bottom"><td width="52%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stock equivalents pertaining</font></td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 5px;" width="52%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">to stock options and contingently</font></td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 5px;" width="52%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">issuable deferred stock units</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">217</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">173</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">237</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">174</font></td></tr> <tr valign="bottom"><td width="52%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Weighted average shares outstanding</font></td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 5px;" width="52%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">for diluted earnings per share</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,724</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,427</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,800</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,447</font></td></tr></table> </div> <div> <table border="0" cellspacing="0"> <tr><td width="50%"> </td> <td width="2%"> </td> <td width="12%"> </td> <td width="4%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="12%"> </td></tr> <tr valign="bottom"><td width="50%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="28%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30,</font></td> <td width="2%" align="center">&nbsp;</td> <td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31,</font></td></tr> <tr valign="bottom"><td width="50%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td></tr> <tr><td width="94%" colspan="7">&nbsp;</td></tr> <tr valign="bottom"><td width="50%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cash in banks</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">32,584</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,472</font></td> <td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,584</font></td></tr> <tr valign="bottom"><td style="text-indent: 10px;" width="50%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cash and investments</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">32,584</font></td> <td style="border-bottom: #000000 3px double;" width="4%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,472</font></td> <td style="border-bottom: #000000 3px double; text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double; text-indent: 2px;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,584</font></td></tr></table> </div> <div> <table border="0" cellspacing="0"> <tr><td width="26%"> </td> <td width="2%" align="center"> </td> <td width="7%" align="center"> </td> <td width="2%" align="center"> </td> <td width="8%" align="center"> </td> <td width="2%" align="center"> </td> <td width="8%" align="center"> </td> <td width="1%" align="center"> </td> <td width="7%" align="center"> </td> <td width="3%" align="center"> </td> <td width="6%" align="center"> </td> <td width="2%" align="center"> </td> <td width="8%" align="center"> </td> <td width="2%" align="center"> </td> <td width="8%" align="center"> </td> <td width="3%" align="center"> </td> <td width="8%" align="center"> </td></tr> <tr valign="bottom"><td width="26%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="37%" colspan="8" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30, 2012</font></td> <td style="border-bottom: #000000 1px solid;" width="40%" colspan="8" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31, 2011</font></td></tr> <tr valign="bottom"><td width="26%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="7%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 1</font></td> <td style="border-bottom: #000000 1px solid;" width="10%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 2</font></td> <td style="border-bottom: #000000 1px solid;" width="1%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="7%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 3</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="6%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 1</font></td> <td width="2%" align="center">&nbsp;</td> <td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 2</font></td> <td width="3%" align="center">&nbsp;</td> <td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">&nbsp;Level 3</font>&nbsp;</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="26%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Assets</font></td> <td width="2%" align="left">&nbsp;</td> <td width="7%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="7%" align="left">&nbsp;</td> <td width="3%" align="left">&nbsp;</td> <td width="6%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="3%" align="right">&nbsp;</td> <td width="8%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td width="26%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Deferred compensation</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,248</font></td> <td style="text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,248</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="6%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,564</font></td> <td style="text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,564</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr> <tr valign="bottom"><td width="26%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized gain on</font></td> <td width="2%" align="left">&nbsp;</td> <td width="7%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="7%" align="left">&nbsp;</td> <td width="3%" align="left">&nbsp;</td> <td width="6%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="3%" align="right">&nbsp;</td> <td width="8%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 2px;" width="26%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">derivative instruments</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">362</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">362</font></td> <td style="border-bottom: #000000 1px solid;" width="1%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="6%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr> <tr valign="bottom"><td width="26%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total assets</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,610</font></td> <td style="border-bottom: #000000 3px double; text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,248</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">362</font></td> <td style="border-bottom: #000000 3px double;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="6%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,564</font></td> <td style="border-bottom: #000000 3px double; text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,564</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 3px double;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr> <tr><td width="103%" colspan="17">&nbsp;</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="26%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Liabilities</font></td> <td width="2%" align="left">&nbsp;</td> <td width="7%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="7%" align="left">&nbsp;</td> <td width="3%" align="left">&nbsp;</td> <td width="6%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="3%" align="right">&nbsp;</td> <td width="8%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td width="26%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Contingent consideration</font></td> <td width="2%" align="left">&nbsp;</td> <td width="7%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="7%" align="left">&nbsp;</td> <td width="3%" align="left">&nbsp;</td> <td width="6%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="3%" align="right">&nbsp;</td> <td width="8%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 2px;" width="26%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">related to acquisitions</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,636</font></td> <td style="text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,636</font></td> <td width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="6%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,561</font></td> <td style="text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,561</font></td></tr> <tr valign="bottom"><td width="26%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Deferred compensation</font></td> <td width="2%" align="left">&nbsp;</td> <td width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,607</font></td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,607</font></td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="1%" align="left">&nbsp;</td> <td width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="3%" align="left">&nbsp;</td> <td width="6%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,468</font></td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,468</font></td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td width="3%" align="right">&nbsp;</td> <td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr> <tr valign="bottom"><td width="26%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized loss on</font></td> <td width="2%" align="left">&nbsp;</td> <td width="7%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="7%" align="left">&nbsp;</td> <td width="3%" align="left">&nbsp;</td> <td width="6%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="2%" align="left">&nbsp;</td> <td width="8%" align="left">&nbsp;</td> <td width="3%" align="right">&nbsp;</td> <td width="8%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 2px;" width="26%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">derivative instruments</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="1%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="6%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">436</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">436</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr> <tr valign="bottom"><td width="26%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total liabilities</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">19,243</font></td> <td style="border-bottom: #000000 3px double; text-indent: 2px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,607</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 3px double;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="7%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,636</font></td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="6%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">19,465</font></td> <td style="border-bottom: #000000 3px double; text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,468</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">436</font></td> <td style="border-bottom: #000000 3px double;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,561</font></td></tr></table> </div> <div> <div> <div> <table border="0" cellspacing="0"> <tr><td width="29%"> </td> <td width="3%" align="center"> </td> <td width="15%" align="center"> </td> <td width="5%" align="center"> </td> <td width="12%" align="center"> </td> <td width="3%" align="center"> </td> <td width="13%" align="center"> </td> <td width="20%" align="center"> </td></tr> <tr valign="bottom"><td width="29%" align="left">&nbsp;</td> <td width="3%" align="center">&nbsp;</td> <td width="15%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></td> <td width="5%" align="center">&nbsp;</td> <td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Accumulated</font></td> <td width="3%" align="center">&nbsp;</td> <td width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net</font></td> <td width="20%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated Useful</font></td></tr> <tr valign="bottom"><td width="29%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid; text-indent: 4px;" width="15%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cost</font></td> <td style="border-bottom: #000000 1px solid;" width="5%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Amortization</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Balance</font></td> <td style="border-bottom: #000000 1px solid;" width="20%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Life in Years</font></td></tr> <tr><td width="100%" colspan="8">&nbsp;</td></tr> <tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Customer relationships</font></td> <td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">50,105</font></td> <td style="text-indent: 1px;" width="5%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">16,782</font></td> <td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">33,323</font></td> <td width="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">to 16</font></td></tr> <tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Patents</font></td> <td width="3%" align="right">&nbsp;</td> <td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">45,934</font></td> <td width="5%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,994</font></td> <td width="3%" align="right">&nbsp;</td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">31,940</font></td> <td width="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">to 19</font></td></tr> <tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Tradenames</font></td> <td width="3%" align="right">&nbsp;</td> <td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,959</font></td> <td width="5%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,243</font></td> <td width="3%" align="right">&nbsp;</td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,716</font></td> <td width="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">to 15</font></td></tr> <tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Non-compete agreements</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,988</font></td> <td style="border-bottom: #000000 1px solid;" width="5%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,212</font></td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,776</font></td> <td width="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">to 7</font></td></tr> <tr valign="bottom"><td style="text-indent: 5px;" width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other intangible assets</font></td> <td style="border-bottom: #000000 3px double;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">108,986</font></td> <td style="border-bottom: #000000 3px double; text-indent: 1px;" width="5%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">37,231</font></td> <td style="border-bottom: #000000 3px double;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">71,755</font></td> <td width="20%" align="left"> </td></tr></table></div> <p style="margin: 0px;">&nbsp;</p> <p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other intangible assets consisted of the following at December 31, 2011 </font><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(in thousands):</font></i></p> <div> <table border="0" cellspacing="0"> <tr><td width="31%"> </td> <td width="4%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="14%"> </td> <td width="22%"> </td></tr> <tr valign="bottom"><td width="31%" align="left">&nbsp;</td> <td width="4%" align="center">&nbsp;</td> <td width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></td> <td width="2%" align="center">&nbsp;</td> <td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Accumulated</font></td> <td width="2%" align="center">&nbsp;</td> <td width="14%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net</font></td> <td width="22%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated Useful</font></td></tr> <tr valign="bottom"><td width="31%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid; text-indent: 4px;" width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cost</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Amortization</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="14%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Balance</font></td> <td style="border-bottom: #000000 1px solid;" width="22%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Life in Years</font></td></tr> <tr><td width="100%" colspan="8">&nbsp;</td></tr> <tr valign="bottom"><td width="31%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Customer relationships</font></td> <td width="4%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">50,645</font></td> <td style="text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,483</font></td> <td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">36,162</font></td> <td width="22%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">to 16</font></td></tr> <tr valign="bottom"><td width="31%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Patents</font></td> <td width="4%" align="right">&nbsp;</td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">46,139</font></td> <td width="2%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,651</font></td> <td width="2%" align="right">&nbsp;</td> <td width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">35,488</font></td> <td width="22%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">to 19</font></td></tr> <tr valign="bottom"><td width="31%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Tradenames</font></td> <td width="4%" align="right">&nbsp;</td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,069</font></td> <td width="2%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,408</font></td> <td width="2%" align="right">&nbsp;</td> <td width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,661</font></td> <td width="22%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">to 15</font></td></tr> <tr valign="bottom"><td width="31%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Non-compete agreements</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,136</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,388</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,748</font></td> <td width="22%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">to 7</font></td></tr> <tr valign="bottom"><td style="text-indent: 5px;" width="31%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other intangible assets</font></td> <td style="border-bottom: #000000 3px double;" width="4%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">108,989</font></td> <td style="border-bottom: #000000 3px double; text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">29,930</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">79,059</font></td> <td width="22%" align="left"> </td></tr></table></div></div> </div> <div> <table border="0" cellspacing="0"> <tr><td width="44%"> </td> <td width="4%"> </td> <td width="10%"> </td> <td width="3%"> </td> <td width="3%"> </td> <td width="14%"> </td> <td width="3%"> </td> <td width="3%"> </td> <td width="10%"> </td> <td width="3%"> </td></tr> <tr valign="bottom"><td align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">MH Segment</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">RV Segment</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td></tr> <tr><td colspan="10">&nbsp;</td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Accumulated cost &#8211; December 31, 2011</font></td> <td style="text-indent: 1px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,025</font></td> <td align="left">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">61,001</font></td> <td align="left">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">71,026</font></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Accumulated impairment &#8211; December 31, 2011</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(9,251</font></td> <td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(41,276</font></td> <td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(50,527</font></td> <td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr> <tr valign="bottom"><td style="text-indent: 10px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net balance &#8211; December 31, 2011</font></td> <td align="left">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">774</font></td> <td align="left">&nbsp;</td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">19,725</font></td> <td align="left">&nbsp;</td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">20,499</font></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Acquisitions &#8211; 2012</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">678</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">678</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 10px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net balance &#8211; September 30, 2012</font></td> <td style="border-bottom: #000000 3px double; text-indent: 1px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">774</font></td> <td style="border-bottom: #000000 3px double;" align="left">&nbsp;</td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">20,403</font></td> <td style="border-bottom: #000000 3px double;" align="left">&nbsp;</td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,177</font></td> <td style="border-bottom: #000000 3px double;" align="left">&nbsp;</td></tr></table> </div> <div> <table border="0" cellspacing="0"> <tr><td width="48%"> </td> <td width="2%" align="center"> </td> <td width="14%" align="center"> </td> <td width="4%" align="center"> </td> <td width="13%" align="center"> </td> <td width="2%" align="center"> </td> <td width="12%" align="center"> </td></tr> <tr valign="bottom"><td width="48%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="31%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30,</font></td> <td width="2%" align="center">&nbsp;</td> <td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31,</font></td></tr> <tr valign="bottom"><td width="48%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="14%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td></tr> <tr><td width="95%" colspan="7">&nbsp;</td></tr> <tr valign="bottom"><td width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Raw materials</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">79,117</font></td> <td width="4%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">84,294</font></td> <td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">77,066</font></td></tr> <tr valign="bottom"><td width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Work in process</font></td> <td width="2%" align="left">&nbsp;</td> <td width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,802</font></td> <td width="4%" align="right">&nbsp;</td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,335</font></td> <td width="2%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,224</font></td></tr> <tr valign="bottom"><td width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Finished goods</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,474</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,136</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,762</font></td></tr> <tr valign="bottom"><td style="text-indent: 10px;" width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Inventories</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">98,393</font></td> <td style="border-bottom: #000000 3px double;" width="4%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">97,765</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">92,052</font></td></tr></table> </div> <div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">12. New Accounting Pronouncements</font></b></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">In May 2011, the Financial Accounting Standards Board ("FASB") issued updated standards related to additional requirements and guidance regarding disclosures of fair value measurements. The guidance expanded required disclosures, including the reasons for and amounts of all transfers in and out of Levels 1 and 2 fair value measurements, and for Level 3 fair value measurements added (1) a quantitative disclosure of the unobservable inputs and assumptions used in the measurement, (2) a description of the valuation processes used, and (3) a narrative description of the sensitivity of the fair value to changes in unobservable inputs and the interrelationships between those inputs. This guidance was effective for interim or annual periods beginning after December 15, 2011. The adoption of this guidance had no impact on the Company's financial statements other than additional disclosures.</font></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">In August 2011, the FASB issued updated standards intended to simplify how an entity tests goodwill for impairment. Under the new guidance, an entity is no longer required to perform the two-step quantitative goodwill impairment test unless the entity determines, based on the qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The adoption of this guidance is not expected to have a significant impact on the Company's financial statements.</font></p> </div> <div> <table border="0" cellspacing="0"> <tr><td width="55%"> </td> <td width="6%" align="center"> </td> <td width="12%" align="center"> </td> <td width="4%" align="center"> </td> <td width="4%" align="center"> </td> <td width="12%" align="center"> </td> <td width="4%" align="center"> </td></tr> <tr valign="bottom"><td width="55%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="6%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="32%" colspan="4" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30,</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">&nbsp;</td></tr> <tr valign="bottom"><td width="55%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="6%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">&nbsp;</td></tr> <tr><td width="97%" colspan="7">&nbsp;</td></tr> <tr valign="bottom"><td width="55%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Balance at beginning of period</font></td> <td width="6%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,640</font></td> <td width="4%" align="left">&nbsp;</td> <td width="4%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,892</font></td> <td width="4%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td width="55%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Provision for warranty expense</font></td> <td width="6%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,548</font></td> <td width="4%" align="left">&nbsp;</td> <td width="4%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,291</font></td> <td width="4%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td width="55%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Warranty liability from acquired businesses</font></td> <td width="6%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12</font></td> <td width="4%" align="left">&nbsp;</td> <td width="4%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">527</font></td> <td width="4%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td width="55%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Warranty costs paid</font></td> <td style="border-bottom: #000000 1px solid;" width="6%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(5,813</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3,467</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr> <tr valign="bottom"><td style="text-indent: 10px;" width="55%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total accrued warranty</font></td> <td width="6%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,387</font></td> <td width="4%" align="left">&nbsp;</td> <td width="4%" align="left">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,243</font></td> <td width="4%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td width="55%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Less long-term portion</font></td> <td style="border-bottom: #000000 1px solid;" width="6%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,374</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,578</font></td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 10px;" width="55%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Current accrued warranty</font></td> <td style="border-bottom: #000000 3px double;" width="6%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,013</font></td> <td style="border-bottom: #000000 3px double;" width="4%" align="left">&nbsp;</td> <td style="border-bottom: #000000 3px double;" width="4%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,665</font></td> <td style="border-bottom: #000000 3px double;" width="4%" align="left">&nbsp;</td></tr></table> </div> <div> <table border="0" cellspacing="0"> <tr><td width="36%"> </td> <td width="2%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="36%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td style="text-indent: 2px;" width="29%" colspan="4" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Nine Months Ended</font></td> <td width="2%" align="center">&nbsp;</td> <td width="2%" align="center"> </td> <td style="text-indent: 1px;" width="26%" colspan="4" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Three Months Ended</font></td> <td width="2%" align="center"> </td></tr> <tr valign="bottom"><td width="36%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="29%" colspan="4" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30,</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 5px;" width="26%" colspan="4" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30,</font></td> <td width="2%" align="center"> </td></tr> <tr valign="bottom"><td width="36%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 4px;" width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="1%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td> <td width="2%" align="center"> </td></tr> <tr><td width="97%" colspan="12">&nbsp;</td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net sales:</font></td> <td width="2%" align="right">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="1%" align="right"> </td> <td width="10%" align="left">&nbsp;</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 2px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">RV Segment:</font></td> <td width="2%" align="right">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="1%" align="right"> </td> <td width="10%" align="left">&nbsp;</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">RV OEMs:</font></td> <td width="2%" align="right">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="1%" align="right"> </td> <td width="10%" align="left">&nbsp;</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 9px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Travel Trailers and Fifth-Wheels</font></td> <td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">514,653</font></td> <td width="2%" align="right"> </td> <td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></font></td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">387,746</font></td> <td width="2%" align="right"> </td> <td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></font></td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">162,719</font></td> <td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="1%" align="right"> </td> <td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">117,946</font></td> <td width="2%" align="right"> </td></tr> <tr valign="bottom"><td style="text-indent: 9px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Motorhomes</font></td> <td width="2%" align="right">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,568</font></td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,244</font></td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,376</font></td> <td width="2%" align="right">&nbsp;</td> <td width="1%" align="right"> </td> <td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,304</font></td> <td width="2%" align="right"> </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">RV Aftermarket</font></td> <td width="2%" align="right">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,714</font></td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,169</font></td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,355</font></td> <td width="2%" align="right">&nbsp;</td> <td width="1%" align="right"> </td> <td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,108</font></td> <td width="2%" align="right"> </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Adjacent Industries</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">57,008</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">27,497</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">18,507</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="1%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,870</font></td> <td width="2%" align="right"> </td></tr> <tr valign="bottom"><td style="text-indent: 10px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total RV Segment net sales</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">608,943</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">439,656</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">194,957</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="1%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">136,228</font></td> <td width="2%" align="right"> </td></tr> <tr><td width="97%" colspan="12">&nbsp;</td> <td width="2%"> </td></tr> <tr valign="bottom"><td style="text-indent: 2px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">MH Segment:</font></td> <td width="2%" align="right">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="1%" align="right"> </td> <td width="10%" align="left">&nbsp;</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Manufactured Housing OEMs</font></td> <td width="2%" align="right">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">61,678</font></td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">56,112</font></td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,188</font></td> <td width="2%" align="right">&nbsp;</td> <td width="1%" align="right"> </td> <td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,487</font></td> <td width="2%" align="right"> </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Manufactured Housing Aftermarket</font></td> <td width="2%" align="right">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,730</font></td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,693</font></td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,990</font></td> <td width="2%" align="right">&nbsp;</td> <td width="1%" align="right"> </td> <td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,254</font></td> <td width="2%" align="right"> </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Adjacent Industries</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">17,538</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,109</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,188</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="1%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,720</font></td> <td width="2%" align="right"> </td></tr> <tr valign="bottom"><td style="text-indent: 10px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total MH Segment net sales</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">91,946</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">81,914</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">31,366</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="1%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">30,461</font></td> <td width="2%" align="right"> </td></tr> <tr><td width="97%" colspan="12">&nbsp;</td> <td width="2%"> </td></tr> <tr valign="bottom"><td style="text-indent: 10px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total net sales</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">700,889</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="right"> </td> <td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></font></td> <td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">521,570</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="right"> </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></font></td> <td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">226,323</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="right"> </td> <td style="border-bottom: #000000 3px double;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></font></td> <td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">166,689</font></td> <td width="2%" align="right"> </td></tr> <tr><td width="40%"> </td> <td width="2%" align="right"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="2%" align="right"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="4%" align="right"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="2%" align="right"> </td> <td width="7%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Operating profit:</font></td> <td align="right">&nbsp;</td> <td align="left">&nbsp;</td> <td align="left">&nbsp;</td> <td align="right">&nbsp;</td> <td align="left">&nbsp;</td> <td align="left">&nbsp;</td> <td align="right">&nbsp;</td> <td align="left">&nbsp;</td> <td align="left">&nbsp;</td> <td align="right">&nbsp;</td> <td align="left">&nbsp;</td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 2px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">RV Segment</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">47,209</font></td> <td align="left">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">40,370</font></td> <td align="left">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,945</font></td> <td align="left">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,745</font></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 2px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">MH Segment</font></td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,942</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,963</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,781</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,786</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 10px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total segment operating profit</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">58,151</font></td> <td align="left">&nbsp;</td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">49,333</font></td> <td align="left">&nbsp;</td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">16,726</font></td> <td align="left">&nbsp;</td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,531</font></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 2px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Corporate</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(6,513</font></td> <td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(5,846</font></td> <td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(1,989</font></td> <td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(1,803</font></td> <td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr> <tr valign="bottom"><td style="text-indent: 2px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Accretion related to contingent consideration</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(1,350</font></td> <td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(1,394</font></td> <td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(430</font></td> <td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(445</font></td> <td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr> <tr valign="bottom"><td style="text-indent: 2px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other non-segment items</font></td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,001</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">563</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">641</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(80</font></td> <td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr> <tr valign="bottom"><td style="text-indent: 12px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total operating profit</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">51,289</font></td> <td style="border-bottom: #000000 3px double;" align="left">&nbsp;</td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">42,656</font></td> <td style="border-bottom: #000000 3px double;" align="left">&nbsp;</td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,948</font></td> <td style="border-bottom: #000000 3px double;" align="left">&nbsp;</td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,203</font></td> <td style="border-bottom: #000000 3px double;" align="left">&nbsp;</td></tr></table> </div> <div> <table border="0" cellspacing="0"> <tr><td width="64%"> </td> <td width="12%" align="center"> </td> <td width="12%" align="center"> </td> <td width="12%" align="center"> </td></tr> <tr valign="bottom"><td width="64%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="24%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30,</font></td> <td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31,</font></td></tr> <tr valign="bottom"><td width="64%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td></tr> <tr><td width="100%" colspan="4">&nbsp;</td></tr> <tr valign="bottom"><td width="64%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stock authorized</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">30,000</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">30,000</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">30,000</font></td></tr> <tr valign="bottom"><td width="64%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stock issued</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">25,070</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">24,738</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">24,826</font></td></tr> <tr valign="bottom"><td width="64%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Treasury stock</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,684</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,684</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,684</font></td></tr></table> </div> <div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2. Segment Reporting</font></b></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The Company has&nbsp;<font class="_mt">two</font> reportable segments; the recreational vehicle products segment (the "RV Segment") and the manufactured housing products segment (the "MH Segment"). Intersegment sales are insignificant.</font></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The RV Segment, which accounted for&nbsp;<font class="_mt">87</font> percent and&nbsp;<font class="_mt">84</font> percent of consolidated net sales for the nine month periods ended September 30, 2012 and 2011, respectively, manufactures a variety of products used primarily in the production of RVs, including:</font></p> <div align="center"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="90%" bgcolor="white"> <tr><td width="50%"><font style="font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt"> </font> <font style="display: inline; font-size: 10pt;" class="_mt">Steel chassis for towable RVs</font> </font></td> <td width="50%"><font style="font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt"> </font> <font style="display: inline; font-size: 10pt;" class="_mt">Aluminum windows and screens</font></font></td></tr> <tr><td width="50%"><font style="font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt"> </font> <font style="display: inline; font-size: 10pt;" class="_mt">Axles and suspension solutions for towable RVs</font> </font></td> <td width="50%"><font style="font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt"> </font> <font style="display: inline; font-size: 10pt;" class="_mt">Chassis components </font></font></td></tr> <tr><td width="50%"><font style="font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt"> </font> <font style="display: inline; font-size: 10pt;" class="_mt">Slide-out mechanisms and solutions</font> </font></td> <td width="50%"><font style="font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt"> </font> <font style="display: inline; font-size: 10pt;" class="_mt">Furniture and mattresses</font></font></td></tr> <tr><td width="50%"><font style="font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt"> </font> <font style="display: inline; font-size: 10pt;" class="_mt">Thermoformed bath, kitchen and other products</font> </font></td> <td width="50%"><font style="font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt"> </font> <font style="display: inline; font-size: 10pt;" class="_mt">Entry, baggage, patio and ramp doors</font></font></td></tr> <tr><td width="50%"><font style="font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt"> </font> Entry steps </font></td> <td width="50%"><font style="font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt"> </font> Awnings</font></td></tr> <tr><td width="50%"><font style="font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt"> </font> <font style="display: inline; font-size: 10pt;" class="_mt">Manual, electric and hydraulic stabilizer</font> and leveling systems</font></font></td> <td width="50%"><font style="font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt"> </font><font style="letter-spacing: 3pt; color: black;" class="_mt"> </font><font style="display: inline; font-size: 10pt;" class="_mt">Other accessories</font></font></td></tr> <tr><td width="50%">&nbsp;</td> <td width="50%">&nbsp;</td></tr></table></div> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The Company also supplies certain of these products as replacement parts to the RV aftermarket. In addition, the Company manufactures components for truck caps, buses, and trailers used to haul boats, livestock, equipment and other cargo. Approximately&nbsp;<font class="_mt">85</font> percent of the Company's RV Segment net sales are components to manufacturers of travel trailer and fifth-wheel RVs.</font><br /></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The MH Segment, which accounted for&nbsp;<font class="_mt">13</font> percent and&nbsp;<font class="_mt">16</font> percent of consolidated net sales for the nine month periods ended September 30, 2012 and 2011, respectively, manufactures a variety of products used in the production of manufactured homes and to a lesser extent, modular housing and mobile office units, including:</font></p> <div align="center"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="90%" bgcolor="white"> <tr><td width="50%"><font style="font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt"> </font> <font style="display: inline; font-size: 10pt;" class="_mt">Vinyl and aluminum windows and screens</font> </font></td> <td width="50%"><font style="font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt"> </font> <font style="display: inline; font-size: 10pt;" class="_mt">Steel chassis</font></font></td></tr> <tr><td width="50%"><font style="font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt"> </font> <font style="display: inline; font-size: 10pt;" class="_mt">Thermoformed bath and kitchen products</font> </font></td> <td width="50%"><font style="font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt"> </font> <font style="display: inline; font-size: 10pt;" class="_mt">Steel chassis parts </font></font></td></tr> <tr><td width="50%"><font style="font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt"> </font> <font style="display: inline; font-size: 10pt;" class="_mt">Steel and fiberglass entry doors</font> </font></td> <td width="50%"><font style="font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt"> </font> <font style="display: inline; font-size: 10pt;" class="_mt">Axles</font></font></td></tr> <tr><td width="50%"><font style="font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt"> </font> <font style="display: inline; font-size: 10pt;" class="_mt">Aluminum and vinyl patio doors</font> </font></td> <td width="50%"><font style="font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt"> </font><font style="display: inline; font-size: 10pt;" class="_mt"> </font></font></td></tr> <tr><td width="50%">&nbsp;</td> <td width="50%">&nbsp;</td></tr></table></div> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The Company also supplies windows, doors and thermoformed bath products as replacement parts to the manufactured housing aftermarket. Certain of the Company's MH Segment customers manufacture both manufactured homes and modular homes, and certain of the products manufactured by the Company are suitable for both types of homes. As a result, the Company is not always able to determine in which type of home its products are installed.</font></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Decisions concerning the allocation of the Company's resources are made by the Company's key executives, with oversight by the Board of Directors. This group evaluates the performance of each segment based upon segment operating profit or loss, defined as income or loss before interest, corporate expenses, goodwill impairment, accretion, other non-segment items and income taxes. Decisions concerning the allocation of resources are also based on each segment's utilization of assets. Management of debt is a corporate function. The accounting policies of the RV and MH Segments are the same as those described in Note 1 of Notes to Consolidated Financial Statements of the Company's December 31, 2011 Annual Report on Form 10-K.</font></p> <p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Information relating to segments follows </font><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(in thousands)</font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">:</font></p> <div> <table border="0" cellspacing="0"> <tr><td width="36%"> </td> <td width="2%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="36%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td style="text-indent: 2px;" width="29%" colspan="4" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Nine Months Ended</font></td> <td width="2%" align="center">&nbsp;</td> <td width="2%" align="center"> </td> <td style="text-indent: 1px;" width="26%" colspan="4" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Three Months Ended</font></td> <td width="2%" align="center"> </td></tr> <tr valign="bottom"><td width="36%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="29%" colspan="4" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30,</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 5px;" width="26%" colspan="4" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30,</font></td> <td width="2%" align="center"> </td></tr> <tr valign="bottom"><td width="36%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 4px;" width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="1%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td> <td width="2%" align="center"> </td></tr> <tr><td width="97%" colspan="12">&nbsp;</td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net sales:</font></td> <td width="2%" align="right">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="1%" align="right"> </td> <td width="10%" align="left">&nbsp;</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 2px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">RV Segment:</font></td> <td width="2%" align="right">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="1%" align="right"> </td> <td width="10%" align="left">&nbsp;</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">RV OEMs:</font></td> <td width="2%" align="right">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="1%" align="right"> </td> <td width="10%" align="left">&nbsp;</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 9px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Travel Trailers and Fifth-Wheels</font></td> <td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">514,653</font></td> <td width="2%" align="right"> </td> <td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></font></td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">387,746</font></td> <td width="2%" align="right"> </td> <td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></font></td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">162,719</font></td> <td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td width="1%" align="right"> </td> <td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">117,946</font></td> <td width="2%" align="right"> </td></tr> <tr valign="bottom"><td style="text-indent: 9px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Motorhomes</font></td> <td width="2%" align="right">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,568</font></td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,244</font></td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,376</font></td> <td width="2%" align="right">&nbsp;</td> <td width="1%" align="right"> </td> <td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,304</font></td> <td width="2%" align="right"> </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">RV Aftermarket</font></td> <td width="2%" align="right">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,714</font></td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,169</font></td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,355</font></td> <td width="2%" align="right">&nbsp;</td> <td width="1%" align="right"> </td> <td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,108</font></td> <td width="2%" align="right"> </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Adjacent Industries</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">57,008</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">27,497</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">18,507</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="1%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,870</font></td> <td width="2%" align="right"> </td></tr> <tr valign="bottom"><td style="text-indent: 10px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total RV Segment net sales</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">608,943</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">439,656</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">194,957</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="1%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">136,228</font></td> <td width="2%" align="right"> </td></tr> <tr><td width="97%" colspan="12">&nbsp;</td> <td width="2%"> </td></tr> <tr valign="bottom"><td style="text-indent: 2px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">MH Segment:</font></td> <td width="2%" align="right">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="left">&nbsp;</td> <td width="2%" align="right">&nbsp;</td> <td width="1%" align="right"> </td> <td width="10%" align="left">&nbsp;</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Manufactured Housing OEMs</font></td> <td width="2%" align="right">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">61,678</font></td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">56,112</font></td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,188</font></td> <td width="2%" align="right">&nbsp;</td> <td width="1%" align="right"> </td> <td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,487</font></td> <td width="2%" align="right"> </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Manufactured Housing Aftermarket</font></td> <td width="2%" align="right">&nbsp;</td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,730</font></td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,693</font></td> <td width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,990</font></td> <td width="2%" align="right">&nbsp;</td> <td width="1%" align="right"> </td> <td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,254</font></td> <td width="2%" align="right"> </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Adjacent Industries</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">17,538</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,109</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,188</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="1%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,720</font></td> <td width="2%" align="right"> </td></tr> <tr valign="bottom"><td style="text-indent: 10px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total MH Segment net sales</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">91,946</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">81,914</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">31,366</font></td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="1%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">30,461</font></td> <td width="2%" align="right"> </td></tr> <tr><td width="97%" colspan="12">&nbsp;</td> <td width="2%"> </td></tr> <tr valign="bottom"><td style="text-indent: 10px;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total net sales</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">700,889</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="right"> </td> <td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></font></td> <td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">521,570</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="right"> </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></font></td> <td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">226,323</font></td> <td style="border-bottom: #000000 3px double;" width="2%" align="right"> </td> <td style="border-bottom: #000000 3px double;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></font></td> <td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">166,689</font></td> <td width="2%" align="right"> </td></tr> <tr><td width="40%"> </td> <td width="2%" align="right"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="2%" align="right"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="4%" align="right"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="2%" align="right"> </td> <td width="7%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Operating profit:</font></td> <td align="right">&nbsp;</td> <td align="left">&nbsp;</td> <td align="left">&nbsp;</td> <td align="right">&nbsp;</td> <td align="left">&nbsp;</td> <td align="left">&nbsp;</td> <td align="right">&nbsp;</td> <td align="left">&nbsp;</td> <td align="left">&nbsp;</td> <td align="right">&nbsp;</td> <td align="left">&nbsp;</td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 2px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">RV Segment</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">47,209</font></td> <td align="left">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">40,370</font></td> <td align="left">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,945</font></td> <td align="left">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,745</font></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 2px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">MH Segment</font></td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,942</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,963</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,781</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,786</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 10px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total segment operating profit</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">58,151</font></td> <td align="left">&nbsp;</td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">49,333</font></td> <td align="left">&nbsp;</td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">16,726</font></td> <td align="left">&nbsp;</td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,531</font></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 2px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Corporate</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(6,513</font></td> <td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(5,846</font></td> <td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(1,989</font></td> <td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(1,803</font></td> <td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr> <tr valign="bottom"><td style="text-indent: 2px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Accretion related to contingent consideration</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(1,350</font></td> <td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(1,394</font></td> <td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(430</font></td> <td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td> <td align="right">&nbsp;</td> <td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(445</font></td> <td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr> <tr valign="bottom"><td style="text-indent: 2px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other non-segment items</font></td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,001</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">563</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">641</font></td> <td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(80</font></td> <td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr> <tr valign="bottom"><td style="text-indent: 12px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total operating profit</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">51,289</font></td> <td style="border-bottom: #000000 3px double;" align="left">&nbsp;</td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">42,656</font></td> <td style="border-bottom: #000000 3px double;" align="left">&nbsp;</td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,948</font></td> <td style="border-bottom: #000000 3px double;" align="left">&nbsp;</td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td> <td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,203</font></td> <td style="border-bottom: #000000 3px double;" align="left">&nbsp;</td></tr></table></div> <p style="margin: 0px;">&nbsp;</p> <div>&nbsp;</div><br /> </div> 81914000 439656000 30461000 136228000 91946000 608943000 31366000 194957000 69283000 22798000 81499000 26594000 3352000 4703000 273760000 277296000 84389000 248000 222126000 -29467000 317634000 92130000 250000 254721000 -29467000 303227000 306763000 347101000 <div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">9. Stockholders' Equity</font></b></p> <p style="text-align: center;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The following table summarizes information about the Common Stock at </font><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(in thousands):</font></i></p> <div> <table border="0" cellspacing="0"> <tr><td width="64%"> </td> <td width="12%" align="center"> </td> <td width="12%" align="center"> </td> <td width="12%" align="center"> </td></tr> <tr valign="bottom"><td width="64%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="24%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30,</font></td> <td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31,</font></td></tr> <tr valign="bottom"><td width="64%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td></tr> <tr><td width="100%" colspan="4">&nbsp;</td></tr> <tr valign="bottom"><td width="64%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stock authorized</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">30,000</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">30,000</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">30,000</font></td></tr> <tr valign="bottom"><td width="64%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stock issued</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">25,070</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">24,738</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">24,826</font></td></tr> <tr valign="bottom"><td width="64%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Treasury stock</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,684</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,684</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,684</font></td></tr></table></div> <p style="margin: 0px;">&nbsp;</p> <div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The following reconciliation details the denominator used in the computation of basic and diluted earnings per share </font><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(in thousands)</font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">:</font></div> <div> <table border="0" cellspacing="0"> <tr><td width="52%"> </td> <td width="12%"> </td> <td width="12%"> </td> <td width="12%"> </td> <td width="12%"> </td></tr> <tr valign="bottom"><td width="52%" align="left">&nbsp;</td> <td width="24%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Nine Months Ended</font></td> <td width="24%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Three Months Ended</font></td></tr> <tr valign="bottom"><td width="52%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="24%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30,</font></td> <td style="border-bottom: #000000 1px solid;" width="24%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">September 30,</font></td></tr> <tr valign="bottom"><td width="52%" align="left">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td></tr> <tr valign="bottom"><td width="52%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Weighted average shares outstanding</font></td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 5px;" width="52%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">for basic earnings per share</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,507</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,254</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,563</font></td> <td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,273</font></td></tr> <tr valign="bottom"><td width="52%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stock equivalents pertaining</font></td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 5px;" width="52%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">to stock options and contingently</font></td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 5px;" width="52%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">issuable deferred stock units</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">217</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">173</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">237</font></td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">174</font></td></tr> <tr valign="bottom"><td width="52%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Weighted average shares outstanding</font></td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td> <td width="12%" align="left">&nbsp;</td></tr> <tr valign="bottom"><td style="text-indent: 5px;" width="52%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">for diluted earnings per share</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,724</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,427</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,800</font></td> <td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,447</font></td></tr></table></div> <p style="margin: 0px;">&nbsp;</p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The weighted average diluted shares outstanding for the nine months ended September 30, 2012 and 2011 excludes the effect of&nbsp;<font class="_mt">797,038</font> and&nbsp;<font class="_mt">1,467,393</font> shares of common stock, respectively, subject to stock options and deferred stock units. The weighted average diluted shares outstanding for the three months ended September 30, 2012 and 2011 excludes the effect of&nbsp;<font class="_mt">592,038</font> and&nbsp;<font class="_mt">1,519,726</font> shares of common stock, respectively, subject to stock options and deferred stock units. Such shares were excluded from total diluted shares because they were anti-dilutive or the specified performance conditions those shares were subject to were not yet achieved.</font></p> <p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">In 2007, the Board of Directors authorized the Company to repurchase up to&nbsp;<font class="_mt">1</font> million shares of the Company's Common Stock from time to time in the open market, in privately negotiated transactions, or in block trades. Of this authorization,&nbsp;<font class="_mt">535,135</font> shares were repurchased prior to 2012 at an average price of $<font class="_mt">18.64</font> per share, or $<font class="_mt">10.0</font> million. No shares have been purchased in 2012. The number of shares ultimately repurchased, and the timing of the purchases, will depend upon market conditions, share price, and other factors.</font></p> </div> 243848 2734000 2732000 2000 1000000 18.64 2684000 2684000 2684000 535135 29467000 29467000 29467000 173000 174000 217000 237000 22427000 22447000 22724000 22800000 22254000 22273000 22507000 22563000 Other than expiration of the contingent consideration period in February 2016, these products have no maximum contingent consideration. Contingent consideration expires at various dates through October 2025. Certain of these products have a combined remaining maximum of $3.4 million, while the remaining products have no maximum contingent consideration. Contingent consideration for three of the four products expires in March 2014. Contingent consideration for the remaining product will cease five years after the product is first sold to customers. Two of the four products acquired have a combined remaining maximum contingent consideration of $9.7 million, of which the Company estimates $8.5 million will be paid. Other than expiration of the contingent consideration period, the remaining products have no maximum contingent consideration. 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Accrued Expenses And Other Current Liabilities (Schedule Of Reconciliation Of The Activity Related To Accrued Warranty) (Details) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Dec. 31, 2011
Accrued Expenses And Other Current Liabilities [Abstract]      
Balance at beginning of period $ 8,640 $ 5,892  
Provision for warranty expense 8,548 5,291  
Warranty liability from acquired businesses 12 527  
Warranty costs paid (5,813) (3,467)  
Total accrued warranty 11,387 8,243  
Less long-term portion 3,374 2,578  
Current accrued warranty $ 8,013 $ 5,665 $ 5,882
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Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (Recurring [Member], USD $)
In Thousands, unless otherwise specified
Sep. 30, 2012
Dec. 31, 2011
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets $ 4,610 $ 2,564
Liabilities 19,243 19,465
Level 1 [Member]
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets 4,248 2,564
Liabilities 6,607 4,468
Level 2 [Member]
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets 362  
Liabilities   436
Level 3 [Member]
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Liabilities 12,636 14,561
Contingent Consideration Related To Acquisitions [Member]
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Liabilities 12,636 14,561
Contingent Consideration Related To Acquisitions [Member] | Level 3 [Member]
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Liabilities 12,636 14,561
Deferred Compensation [Member]
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets 4,248 2,564
Liabilities 6,607 4,468
Deferred Compensation [Member] | Level 1 [Member]
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets 4,248 2,564
Liabilities 6,607 4,468
Unrealized Loss On Derivative Instruments [Member]
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets 362  
Unrealized Loss On Derivative Instruments [Member] | Level 2 [Member]
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets 362  
Unrealized Loss On Derivative Instruments [Member]
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Liabilities   436
Unrealized Loss On Derivative Instruments [Member] | Level 2 [Member]
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Liabilities   $ 436
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Commitments And Contingencies (Reconciliation Of Contingent Consideration Liability) (Details) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Commitments And Contingencies [Abstract]    
Balance at December 31, 2011 $ 14,561  
Acquisitions 67  
Payments (3,253) (226)
Accretion 1,324  
Fair value adjustments (63)  
Balance at September 30, 2012 12,636  
Less current portion in accrued expenses and other current liabilities 5,667  
Total long-term portion in other long-term liabilities $ 6,969  
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Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Goodwill By Reportable Segment) (Details) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2012
Dec. 31, 2011
Sep. 30, 2011
Segment Reporting Information [Line Items]      
Accumulated cost - December 31, 2011   $ 71,026  
Accumulated impairment - December 31, 2011   (50,527)  
Acquisitions - 2012 678    
Net balance 21,177 20,499 20,137
RV Segment [Member]
     
Segment Reporting Information [Line Items]      
Accumulated cost - December 31, 2011   61,001  
Accumulated impairment - December 31, 2011   (41,276)  
Acquisitions - 2012 678    
Net balance 20,403 19,725  
MH Segment [Member]
     
Segment Reporting Information [Line Items]      
Accumulated cost - December 31, 2011   10,025  
Accumulated impairment - December 31, 2011   (9,251)  
Acquisitions - 2012       
Net balance $ 774 $ 774  
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Accrued Expenses And Other Current Liabilities (Tables)
9 Months Ended
Sep. 30, 2012
Accrued Expenses And Other Current Liabilities [Abstract]  
Schedule Of Accrued Expenses And Other Current Liabilities
    September 30,   December 31,
    2012   2011   2011
 
Employee compensation and benefits $ 16,613 $ 16,180 $ 14,258
Warranty   8,013   5,665   5,882
Sales rebates   4,866   3,369   3,337
Contingent consideration related to acquisitions   5,667   3,188   3,292
Other   11,915   11,011   9,400
Accrued expenses and other current liabilities $  47,074 $ 39,413 $ 36,169
Schedule Of Reconciliation Of The Activity Related To Accrued Warranty
    September 30,  
    2012     2011  
 
Balance at beginning of period $ 8,640   $ 5,892  
Provision for warranty expense   8,548     5,291  
Warranty liability from acquired businesses   12     527  
Warranty costs paid   (5,813 )   (3,467 )
Total accrued warranty   11,387     8,243  
Less long-term portion   3,374     2,578  
Current accrued warranty $ 8,013   $ 5,665  

XML 19 R42.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stockholders' Equity (Summary Of Information About The Common Stock) (Details)
Sep. 30, 2012
Dec. 31, 2011
Sep. 30, 2011
Stockholders' Equity [Abstract]      
Common stock authorized 30,000,000 30,000,000 30,000,000
Common stock issued 25,070,000 24,826,000 24,738,000
Treasury stock 2,684,000 2,684,000 2,684,000
XML 20 R37.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fixed Assets (Schedule Of Fixed Assets) (Details) (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2012
Dec. 31, 2011
Sep. 30, 2011
Fixed Assets [Abstract]      
Fixed assets, at cost $ 201,665 $ 189,084 $ 183,906
Less accumulated depreciation and amortization 99,734 94,034 93,022
Fixed assets, net $ 101,931 $ 95,050 $ 90,884
XML 21 R47.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Measurements (Narrative) (Details) (USD $)
9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Number of years long-term sales growth forecasted over 5 years  
Average long-term sales growth forecast, over next 5 years, percent per year 40.00%  
Derivative instrument 7,100,000  
Percentage of anticipated aluminum purchases in 2012 20.00%  
Number of pounds settled at loss 2,500,000  
Amount settled at loss $ 300,000  
Number of vacant owned facilities classified in fixed assets 5  
Number of vacant owned facilities sold at carrying value 2  
Average mid-west aluminum price per pound 1.02  
Vacant Owned Facilities [Member]
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Number of vacant facilities owned 8  
Number of vacant facilities owned that did not exceed their carrying value 3  
Impairment charge 500,000  
Estimated combined fair value 5,800,000  
Number of owned facilities leased to third parties 2  
Leased facilities combined carrying value 3,800,000  
Lease term period, maximum 5 years  
Annual rental income 400,000  
Other Indentifiable Intangible Assets [Member]
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Non-cash impairment charge 1,200,000  
Vacant Leased Facilities [Member]
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Charge due to early termination of leases of vacant facilities 100,000 200,000
Cost of Sales [Member] | Other Indentifiable Intangible Assets [Member]
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Non-cash impairment charge $ 1,000,000  
XML 22 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Reporting
9 Months Ended
Sep. 30, 2012
Segment Reporting [Abstract]  
Segment Reporting

2. Segment Reporting

     The Company has two reportable segments; the recreational vehicle products segment (the "RV Segment") and the manufactured housing products segment (the "MH Segment"). Intersegment sales are insignificant.

     The RV Segment, which accounted for 87 percent and 84 percent of consolidated net sales for the nine month periods ended September 30, 2012 and 2011, respectively, manufactures a variety of products used primarily in the production of RVs, including:

Steel chassis for towable RVs Aluminum windows and screens
Axles and suspension solutions for towable RVs Chassis components
Slide-out mechanisms and solutions Furniture and mattresses
Thermoformed bath, kitchen and other products Entry, baggage, patio and ramp doors
Entry steps Awnings
Manual, electric and hydraulic stabilizer and leveling systems Other accessories
   

     The Company also supplies certain of these products as replacement parts to the RV aftermarket. In addition, the Company manufactures components for truck caps, buses, and trailers used to haul boats, livestock, equipment and other cargo. Approximately 85 percent of the Company's RV Segment net sales are components to manufacturers of travel trailer and fifth-wheel RVs.

     The MH Segment, which accounted for 13 percent and 16 percent of consolidated net sales for the nine month periods ended September 30, 2012 and 2011, respectively, manufactures a variety of products used in the production of manufactured homes and to a lesser extent, modular housing and mobile office units, including:

Vinyl and aluminum windows and screens Steel chassis
Thermoformed bath and kitchen products Steel chassis parts
Steel and fiberglass entry doors Axles
Aluminum and vinyl patio doors
   

     The Company also supplies windows, doors and thermoformed bath products as replacement parts to the manufactured housing aftermarket. Certain of the Company's MH Segment customers manufacture both manufactured homes and modular homes, and certain of the products manufactured by the Company are suitable for both types of homes. As a result, the Company is not always able to determine in which type of home its products are installed.

     Decisions concerning the allocation of the Company's resources are made by the Company's key executives, with oversight by the Board of Directors. This group evaluates the performance of each segment based upon segment operating profit or loss, defined as income or loss before interest, corporate expenses, goodwill impairment, accretion, other non-segment items and income taxes. Decisions concerning the allocation of resources are also based on each segment's utilization of assets. Management of debt is a corporate function. The accounting policies of the RV and MH Segments are the same as those described in Note 1 of Notes to Consolidated Financial Statements of the Company's December 31, 2011 Annual Report on Form 10-K.

Information relating to segments follows (in thousands):

    Nine Months Ended   Three Months Ended
    September 30,   September 30,
    2012   2011   2012   2011
 
Net sales:                
RV Segment:                
RV OEMs:                
Travel Trailers and Fifth-Wheels $ 514,653 $ 387,746 $ 162,719 $ 117,946
Motorhomes   22,568   12,244   8,376   3,304
RV Aftermarket   14,714   12,169   5,355   4,108
Adjacent Industries   57,008   27,497   18,507   10,870
Total RV Segment net sales   608,943   439,656   194,957   136,228
 
MH Segment:                
Manufactured Housing OEMs   61,678   56,112   21,188   21,487
Manufactured Housing Aftermarket   12,730   12,693   3,990   4,254
Adjacent Industries   17,538   13,109   6,188   4,720
Total MH Segment net sales   91,946   81,914   31,366   30,461
 
Total net sales $ 700,889 $ 521,570 $ 226,323 $ 166,689
Operating profit:                        
RV Segment $ 47,209   $ 40,370   $ 12,945   $ 7,745  
MH Segment   10,942     8,963     3,781     3,786  
Total segment operating profit   58,151     49,333     16,726     11,531  
Corporate   (6,513 )   (5,846 )   (1,989 )   (1,803 )
Accretion related to contingent consideration   (1,350 )   (1,394 )   (430 )   (445 )
Other non-segment items   1,001     563     641     (80 )
Total operating profit $ 51,289   $ 42,656   $ 14,948   $ 9,203  

 

 

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Stockholders' Equity (Schedule Of Computation Of Basic And Diluted Earnings Per Share) (Details)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Stockholders' Equity [Abstract]        
Weighted average shares outstanding for basic earnings per share 22,563 22,273 22,507 22,254
Common stock equivalents pertaining to stock options and contingently issuable deferred stock units 237 174 217 173
Weighted average shares outstanding for diluted earnings per share 22,800 22,447 22,724 22,427

XML 25 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Reporting (Narrative) (Details)
9 Months Ended
Sep. 30, 2012
segment
Sep. 30, 2012
RV Segment [Member]
Sep. 30, 2011
RV Segment [Member]
Sep. 30, 2012
MH Segment [Member]
Sep. 30, 2011
MH Segment [Member]
Sep. 30, 2012
Travel Trailer And Fifth-Wheels [Member]
RV Segment [Member]
Segment Reporting Information [Line Items]            
Number of reportable segments 2          
Consolidated net sales, percentage   87.00% 84.00% 13.00% 16.00%  
Net sales components, percentage           85.00%
XML 26 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2012
Fair Value Measurements [Abstract]  
Assets And Liabilities Measured At Fair Value On A Recurring Basis
  September 30, 2012 December 31, 2011
    Total   Level 1 Level 2   Level 3   Total   Level 1   Level 2    Level 3 
Assets                                
Deferred compensation $ 4,248 $ 4,248 $ - $ - $ 2,564 $ 2,564 $ - $ -
Unrealized gain on                                
derivative instruments   362   -   362   -   -   -   -   -
Total assets $ 4,610 $ 4,248 $ 362 $ - $ 2,564 $ 2,564 $ - $ -
 
Liabilities                                
Contingent consideration                                
related to acquisitions $ 12,636 $ - $ - $ 12,636 $ 14,561 $ - $ - $ 14,561
Deferred compensation   6,607   6,607   -   -   4,468   4,468   -   -
Unrealized loss on                                
derivative instruments   -   -   -   -   436   -   436   -
Total liabilities $ 19,243 $ 6,607 $ - $ 12,636 $ 19,465 $ 4,468 $ 436 $ 14,561
Schedule Of Non-Recurring Losses Recognized Using Fair Value Measurements And The Carrying Value Of Any Assets And Liabilities Measured Using Fair Value Estimates
    September 30, 2012   September 30, 2011
    Carrying  Non-Recurring   Carrying Non-Recurring
    Value   Losses   Value Losses
Assets                
Vacant owned facilities $ 5,794 $ 486 $ 10,123 $ -
Other intangible assets   -   1,228   -   -
Net assets of acquired                
businesses   1,345   -   37,340   -
Total assets $ 7,139 $ 1,714 $ 47,463 $ -
 
Liabilities                
Vacant leased facilities $ - $ 10 $ 583 $ 203
Total liabilities $ - $ 10 $ 583 $ 203
XML 27 R44.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments And Contingencies (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Commitments And Contingencies [Line Items]    
Percentage of weighted average cost of capital 14.90%  
Selling, General, And Administrative Expenses [Member]
   
Commitments And Contingencies [Line Items]    
Net impact of quarterly re-evaluation and accretion of liability expenses $ 1.3 $ 1.0
XML 28 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Reporting (Schedule Of Information Relating To Segments) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Segment Reporting Information [Line Items]        
Net sales $ 226,323 $ 166,689 $ 700,889 $ 521,570
Operating profit 14,948 9,203 51,289 42,656
Accretion related to contingent consideration (430) (445) (1,350) (1,394)
Travel Trailer And Fifth-Wheels [Member]
       
Segment Reporting Information [Line Items]        
Net sales 162,719 117,946 514,653 387,746
Motorhomes [Member]
       
Segment Reporting Information [Line Items]        
Net sales 8,376 3,304 22,568 12,244
RV Aftermarket [Member]
       
Segment Reporting Information [Line Items]        
Net sales 5,355 4,108 14,714 12,169
RV Adjacent Industries [Member]
       
Segment Reporting Information [Line Items]        
Net sales 18,507 10,870 57,008 27,497
RV Segment [Member]
       
Segment Reporting Information [Line Items]        
Net sales 194,957 136,228 608,943 439,656
Operating profit 12,945 7,745 47,209 40,370
Manufactured Housing OEMs [Member]
       
Segment Reporting Information [Line Items]        
Net sales 21,188 21,487 61,678 56,112
Manufactured Housing Aftermarket [Member]
       
Segment Reporting Information [Line Items]        
Net sales 3,990 4,254 12,730 12,693
Manufactured Housing Adjacent Industries [Member]
       
Segment Reporting Information [Line Items]        
Net sales 6,188 4,720 17,538 13,109
MH Segment [Member]
       
Segment Reporting Information [Line Items]        
Net sales 31,366 30,461 91,946 81,914
Operating profit 3,781 3,786 10,942 8,963
Total Segment Operating Profit [Member]
       
Segment Reporting Information [Line Items]        
Operating profit 16,726 11,531 58,151 49,333
Corporate [Member]
       
Segment Reporting Information [Line Items]        
Operating profit (1,989) (1,803) (6,513) (5,846)
Other Non-Segment Items [Member]
       
Segment Reporting Information [Line Items]        
Operating profit $ 641 $ (80) $ 1,001 $ 563
XML 29 R31.htm IDEA: XBRL DOCUMENT v2.4.0.6
Acquisitions, Goodwill And Other Intangible Assets (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Dec. 31, 2011
Sep. 30, 2012
Marine And Leisure Operation [Member]
Sep. 30, 2012
Euramax Internation, Inc - RV Entry Door Operation [Member]
Dec. 31, 2011
Euramax Internation, Inc - RV Entry Door Operation [Member]
Feb. 21, 2012
Euramax Internation, Inc - RV Entry Door Operation [Member]
Acquisition, Goodwill and Other Intangible Assets [Line Items]                  
Net sales $ 226,323 $ 166,689 $ 700,889 $ 521,570       $ 6,000  
Purchase price                 1,646
Purchase price cash paid at closing                 1,164
Balance of purchase price to be paid, period             3 years    
Other intangible assets $ 71,755 $ 80,746 $ 71,755 $ 80,746 $ 79,059 $ 2,000      
Estimated useful life in years             7 years    
XML 30 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Basis Of Presentation
9 Months Ended
Sep. 30, 2012
Basis Of Presentation [Abstract]  
Basis Of Presentation

1. Basis of Presentation

     The Condensed Consolidated Financial Statements include the accounts of Drew Industries Incorporated and its wholly-owned subsidiaries (collectively, "Drew" or the "Company"). Drew has no unconsolidated subsidiaries. Drew's wholly-owned active subsidiaries are Lippert Components, Inc. and its subsidiaries (collectively, "Lippert"), and Kinro, Inc. and its subsidiaries (collectively, "Kinro"). Drew, through Lippert and Kinro, manufactures a broad array of components for recreational vehicles ("RVs") and manufactured homes, and to a lesser extent manufactures components for modular housing, truck caps and buses, as well as for trailers used to haul boats, livestock, equipment and other cargo.

     Because of fluctuations in dealer inventories, and volatile economic conditions, current and future seasonal industry trends may be different than in prior years.

     The Condensed Consolidated Financial Statements presented herein have been prepared by the Company in accordance with the accounting policies described in its December 31, 2011 Annual Report on Form 10-K and should be read in conjunction with the Notes to Consolidated Financial Statements which appear in that report. All significant intercompany balances and transactions have been eliminated. Certain prior year balances have been reclassified to conform to current year presentation.

     In the opinion of management, the information furnished in this Form 10-Q reflects all adjustments necessary for a fair statement of the financial position and results of operations as of and for the nine and three month periods ended September 30, 2012 and 2011. All such adjustments are of a normal recurring nature. The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q, and therefore do not include some information necessary to conform to annual reporting requirements.

XML 31 R32.htm IDEA: XBRL DOCUMENT v2.4.0.6
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Business Acquisitions) (Details) (Euramax Internation, Inc - RV Entry Door Operation [Member], USD $)
In Thousands, unless otherwise specified
Feb. 21, 2012
Business Acquisition [Line Items]  
Cash consideration $ 1,164
Present value of future payments 482
Total fair value of consideration given 1,646
Net tangible assets 785
Total fair value of net assets acquired 1,095
Goodwill (tax deductible) 551
Customer Relationships [Member]
 
Business Acquisition [Line Items]  
Intangible assets 270
Other Indentifiable Intangible Assets [Member]
 
Business Acquisition [Line Items]  
Intangible assets $ 40
XML 32 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6
Long-Term Indebtedness (Details) (USD $)
9 Months Ended 9 Months Ended 9 Months Ended
Sep. 30, 2012
Dec. 31, 2011
Sep. 30, 2011
Dec. 31, 2010
Sep. 30, 2012
JPMorgan Chase Bank, N.A. And Wells Fargo Bank, N.A. [Member]
Feb. 24, 2011
JPMorgan Chase Bank, N.A. And Wells Fargo Bank, N.A. [Member]
Sep. 30, 2012
Prudential Investment Management, Inc. [Member]
Feb. 24, 2011
Prudential Investment Management, Inc. [Member]
Sep. 30, 2012
Senior Promissory Notes [Member]
Maximum [Member]
Prudential Investment Management, Inc. [Member]
Sep. 30, 2012
Prime Rate [Member]
JPMorgan Chase Bank, N.A. And Wells Fargo Bank, N.A. [Member]
Sep. 30, 2012
Prime Rate [Member]
Maximum [Member]
JPMorgan Chase Bank, N.A. And Wells Fargo Bank, N.A. [Member]
Sep. 30, 2012
LIBOR Plus [Member]
JPMorgan Chase Bank, N.A. And Wells Fargo Bank, N.A. [Member]
Sep. 30, 2012
LIBOR Plus [Member]
Minimum [Member]
JPMorgan Chase Bank, N.A. And Wells Fargo Bank, N.A. [Member]
Sep. 30, 2012
LIBOR Plus [Member]
Maximum [Member]
JPMorgan Chase Bank, N.A. And Wells Fargo Bank, N.A. [Member]
Debt Instrument [Line Items]                            
Long-term indebtedness     $ 8,075,000                      
Weighted average interest rate     2.50%                      
Amount outstanding under line of credit         3,000,000                  
Senior notes maximum borrowing               150,000,000            
Line of credit expiration date         Jan. 01, 2016                  
Credit expiration date             Feb. 24, 2014              
Maximum borrowings under line of credit           50,000,000                
Potential Increase In Line Of Credit Borrowing Capacity           20,000,000                
Minimum prime interest rate                   2.50%        
Prime interest rate                   0.00% 0.80% 2.00% 2.00% 2.80%
Maturity period of Promissory Notes, in years                 12 years          
Maximum leverage ratio 2.5                          
Remaining availability under the facility 196,600,000       47,000,000                  
Cash and cash equivalents $ 32,584,000 $ 6,584,000 $ 1,472,000 $ 38,880,000                    
XML 33 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements Of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Condensed Consolidated Statements Of Income [Abstract]        
Net sales $ 226,323 $ 166,689 $ 700,889 $ 521,570
Cost of sales 184,781 134,688 568,101 409,631
Gross profit 41,542 32,001 132,788 111,939
Selling, general and administrative expenses 26,594 22,798 81,499 69,283
Operating profit 14,948 9,203 51,289 42,656
Interest expense, net 116 78 246 197
Income before income taxes 14,832 9,125 51,043 42,459
Provision for income taxes 5,061 3,506 18,448 16,488
Net income $ 9,771 $ 5,619 $ 32,595 $ 25,971
Net income per common share:        
Basic $ 0.43 $ 0.25 $ 1.45 $ 1.17
Diluted $ 0.43 $ 0.25 $ 1.43 $ 1.16
Weighted average common shares outstanding:        
Basic 22,563 22,273 22,507 22,254
Diluted 22,800 22,447 22,724 22,427
XML 34 R45.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments And Contingencies (Summary Of Expected Earn-Outs) (Details) (USD $)
9 Months Ended
Sep. 30, 2012
Dec. 31, 2011
Business Acquisition, Contingent Consideration [Line Items]    
Estimated Remaining Payments $ 15,557,000  
Fair Value of Estimated Remaining Payments 12,636,000 14,561,000
Schwintek Products [Member]
   
Business Acquisition, Contingent Consideration [Line Items]    
Estimated Remaining Payments 11,616,000 [1]  
Fair Value of Estimated Remaining Payments 9,605,000  
Contingent consideration period after product first sold to customers 5 years  
Level-UpTM Six-Point Leveling System [Member]
   
Business Acquisition, Contingent Consideration [Line Items]    
Estimated Remaining Payments 3,135,000 [2]  
Fair Value of Estimated Remaining Payments 2,359,000  
Other Acquired Products [Member]
   
Business Acquisition, Contingent Consideration [Line Items]    
Estimated Remaining Payments 806,000 [3]  
Fair Value of Estimated Remaining Payments 672,000  
Remaining maximum earn-out payments 3,400,000  
Two Of Four Products [Member] | Schwintek Products [Member]
   
Business Acquisition, Contingent Consideration [Line Items]    
Estimated Remaining Payments 8,500,000  
Remaining maximum earn-out payments $ 9,700,000  
[1] Contingent consideration for three of the four products expires in March 2014. Contingent consideration for the remaining product will cease five years after the product is first sold to customers. Two of the four products acquired have a combined remaining maximum contingent consideration of $9.7 million, of which the Company estimates $8.5 million will be paid. Other than expiration of the contingent consideration period, the remaining products have no maximum contingent consideration.
[2] Other than expiration of the contingent consideration period in February 2016, these products have no maximum contingent consideration.
[3] Contingent consideration expires at various dates through October 2025. Certain of these products have a combined remaining maximum of $3.4 million, while the remaining products have no maximum contingent consideration.
XML 35 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statement Of Stockholders' Equity (USD $)
In Thousands
Common Stock [Member]
Paid-In Capital [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Total
Balance - at Dec. 31, 2011 $ 248 $ 84,389 $ 222,126 $ (29,467) $ 277,296
Net income     32,595   32,595
Issuance of 243,848 shares of common stock pursuant to stock options and deferred stock units 2 2,732     2,734
Income tax benefit relating to issuance of common stock pursuant to stock options and deferred stock units   106     106
Stock-based compensation expense   4,703     4,703
Issuance of 7,548 deferred stock units relating to prior year compensation    200       200
Balance - at Sep. 30, 2012 $ 250 $ 92,130 $ 254,721 $ (29,467) $ 317,634
XML 36 R35.htm IDEA: XBRL DOCUMENT v2.4.0.6
Cash And Investments (Schedule Of Cash And Investments) (Details) (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2012
Dec. 31, 2011
Sep. 30, 2011
Dec. 31, 2010
Cash And Investments [Line Items]        
Cash and cash equivalents $ 32,584 $ 6,584 $ 1,472 $ 38,880
Cash and investments 32,584 6,584 1,472  
Cash In Banks [Member]
       
Cash And Investments [Line Items]        
Cash and cash equivalents $ 32,584 $ 6,584 $ 1,472  
XML 37 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Cash And Investments (Tables)
9 Months Ended
Sep. 30, 2012
Cash And Investments [Abstract]  
Schedule Of Cash And Investments
    September 30,   December 31,
    2012   2011   2011
 
Cash in banks $ 32,584 $ 1,472 $ 6,584
Cash and investments $ 32,584 $ 1,472 $ 6,584
XML 38 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories (Schedule Of Inventories) (Details) (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2012
Dec. 31, 2011
Sep. 30, 2011
Inventories [Abstract]      
Raw materials $ 79,117 $ 77,066 $ 84,294
Work in process 4,802 3,224 2,335
Finished goods 14,474 11,762 11,136
Inventories $ 98,393 $ 92,052 $ 97,765
XML 39 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fixed Assets (Tables)
9 Months Ended
Sep. 30, 2012
Fixed Assets [Abstract]  
Schedule Of Fixed Assets
    September 30,   December 31,
    2012   2011   2011
 
Fixed assets, at cost $ 201,665 $ 183,906 $ 189,084
Less accumulated depreciation and amortization   99,734   93,022   94,034
Fixed assets, net $ 101,931 $ 90,884 $ 95,050
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XML 41 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statement Of Stockholders' Equity (Parenthetical)
9 Months Ended
Sep. 30, 2012
Condensed Consolidated Statement Of Stockholders' Equity [Abstract]  
Issuance of common stock, shares 243,848
Issuance of deferred stock units, shares 7,548
XML 42 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2012
Dec. 31, 2011
Sep. 30, 2011
ASSETS      
Cash and cash equivalents $ 32,584 $ 6,584 $ 1,472
Accounts receivable, net 50,421 22,620 41,965
Inventories 98,393 92,052 97,765
Deferred taxes 10,125 10,125 12,142
Prepaid expenses and other current assets 11,165 6,187 6,960
Total current assets 202,688 137,568 160,304
Fixed assets, net 101,931 95,050 90,884
Goodwill 21,177 20,499 20,137
Other intangible assets,net 71,755 79,059 80,746
Deferred taxes 14,496 14,496 15,744
Other assets 6,422 4,411 3,544
Total assets 418,469 351,083 371,359
LIABILITIES AND STOCKHOLDERS' EQUITY      
Accounts payable, trade 33,392 15,742 30,106
Accrued expenses and other current liabilities 47,074 36,169 39,413
Total current liabilities 80,466 51,911 69,519
Long-term indebtedness     8,075
Other long-term liabilities 20,369 21,876 20,005
Total liabilities 100,835 73,787 97,599
Stockholders' equity      
Common stock, par value $.01 per share 250 248 247
Paid-in capital 92,130 84,389 84,942
Retained earnings 254,721 222,126 218,038
Stockholders' equity before treasury stock 347,101 306,763 303,227
Treasury stock, at cost (29,467) (29,467) (29,467)
Total stockholders' equity 317,634 277,296 273,760
Total liabilities and stockholders' equity $ 418,469 $ 351,083 $ 371,359
XML 43 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments And Contingencies
9 Months Ended
Sep. 30, 2012
Commitments And Contingencies [Abstract]  
Commitments And Contingencies

10. Commitments and Contingencies

Litigation

     See Item 3. "Legal Proceedings" in the Annual Report on Form 10-K for the year ended December 31, 2011. On June 7, 2012, the United States Court of Appeals for the Ninth Circuit unanimously affirmed the decision of the United States District Court, Central District of California, which had granted Kinro's motion for summary judgment dismissing all claims against Kinro asserted by Plaintiffs. Consequently, the litigation was terminated.

     In addition, in the normal course of business, the Company is subject to proceedings, lawsuits and other claims. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. While these matters could materially affect operating results when resolved in future periods, it is management's opinion that after final disposition, including anticipated insurance recoveries in certain cases, any monetary liability or financial impact to the Company beyond that provided in the Condensed Consolidated Balance Sheet as of September 30, 2012, would not be material to the Company's financial position or annual results of operations.

Contingent Consideration Related to Acquisitions

     In connection with several acquisitions, if certain sales targets for the acquired products are achieved, the Company would pay additional cash consideration. The Company has recorded a liability for the fair value of this contingent consideration at September 30, 2012, based on the present value of the expected future cash flows using a market participant's weighted average cost of capital of 14.9 percent.

     The following table summarizes the contingent consideration liability as of September 30, 2012 (in thousands):

          Fair Value
    Estimated     of Estimated
    Remaining     Remaining
Acquisition   Payments     Payments
Schwintek products $ 11,616 (a) $ 9,605
Level-UpTM six-point leveling system   3,135 (b)   2,359
Other acquired products   806 (c)   672
Total $ 15,557   $ 12,636

 

(a) Contingent consideration for three of the four products expires in March 2014. Contingent consideration for the remaining product will cease five years after the product is first sold to customers. Two of the four products acquired have a combined remaining maximum contingent consideration of $9.7 million, of which the Company estimates $8.5 million will be paid. Other than expiration of the contingent consideration period, the remaining products have no maximum contingent consideration.

(b) Other than expiration of the contingent consideration period in February 2016, these products have no maximum contingent consideration.

(c) Contingent consideration expires at various dates through October 2025. Certain of these products have a combined remaining maximum of $3.4 million, while the remaining products have no maximum contingent consideration.

     As required, the liability for this contingent consideration is measured quarterly, considering actual sales of the acquired products, updated sales projections, and the updated market participant weighted average cost of capital. Depending upon the weighted average costs of capital and future sales of the products which are subject to contingent consideration, the Company could record adjustments in future periods.

     In the first nine months of 2012 and 2011, the net impact of the quarterly fair value adjustments and accretion of the liability was an expense recorded in selling, general, and administrative expenses in the Condensed Consolidated Statements of Income of $1.3 million and $1.0 million, respectively.

     The following table provides a reconciliation of the Company's contingent consideration liability for the nine months ended September 30, 2012 (in thousands):
Balance at December 31, 2011 $ 14,561  
Acquisitions   67  
Payments   (3,253 )
Accretion   1,324  
Fair value adjustments   (63 )
Balance at September 30, 2012   12,636  
Less current portion in accrued expenses and other current liabilities   5,667  
Total long-term portion in other long-term liabilities $ 6,969  

 

Use of Estimates

     The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, accounts receivable, inventories, notes receivable, goodwill and other intangible assets, income taxes, warranty obligations, self-insurance obligations, lease terminations, asset retirement obligations, long-lived assets, post-retirement benefits, stock-based compensation, segment allocations, contingent consideration, environmental liabilities, contingencies and litigation. The Company bases its estimates on historical experience, other available information and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources. Actual results and events could differ significantly from management estimates.

XML 44 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document And Entity Information
9 Months Ended
Sep. 30, 2012
Oct. 31, 2012
Document And Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2012  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q3  
Entity Registrant Name DREW INDUSTRIES INC  
Entity Central Index Key 0000763744  
Trading Symbol dw  
Entity Filer Category Accelerated Filer  
Current Fiscal Year End Date --12-31  
Entity Common Stock, Shares Outstanding   22,388,319
XML 45 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Measurements
9 Months Ended
Sep. 30, 2012
Fair Value Measurements [Abstract]  
Fair Value Measurements

11. Fair Value Measurements

     The carrying values of cash and cash equivalents, short-term investments, accounts receivable and accounts payable approximated their fair value due to the short-term nature of these instruments.

Recurring

     The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis at (in thousands):

  September 30, 2012 December 31, 2011
    Total   Level 1 Level 2   Level 3   Total   Level 1   Level 2    Level 3 
Assets                                
Deferred compensation $ 4,248 $ 4,248 $ - $ - $ 2,564 $ 2,564 $ - $ -
Unrealized gain on                                
derivative instruments   362   -   362   -   -   -   -   -
Total assets $ 4,610 $ 4,248 $ 362 $ - $ 2,564 $ 2,564 $ - $ -
 
Liabilities                                
Contingent consideration                                
related to acquisitions $ 12,636 $ - $ - $ 12,636 $ 14,561 $ - $ - $ 14,561
Deferred compensation   6,607   6,607   -   -   4,468   4,468   -   -
Unrealized loss on                                
derivative instruments   -   -   -   -   436   -   436   -
Total liabilities $ 19,243 $ 6,607 $ - $ 12,636 $ 19,465 $ 4,468 $ 436 $ 14,561

 

Deferred Compensation

     The Company has an Executive Non-Qualified Deferred Compensation Plan (the "Plan"). The amounts deferred under this Plan are credited with earnings or losses based upon changes in values of the notional investments elected by the Plan participants. Deferred compensation assets and liabilities were valued using a market approach based on the quoted market prices of identical instruments.

Contingent Consideration Related to Acquisitions

     Liabilities for contingent consideration related to acquisitions were valued using management's projections for long-term sales forecasts, including assumptions regarding market share gains and future industry-specific economic and market conditions, and a market participant's weighted average cost of capital. Over the next five years, the Company's long-term sales growth forecasts for products subject to contingent consideration arrangements average approximately 40 percent per year. For further information on the inputs used in determining the fair value, and a roll-forward of the contingent consideration liability, see Note 10 of the Notes to Condensed Consolidated Financial Statements.

     Changes in either of the inputs in isolation would result in a change in the fair value measurement. A change in the assumptions used for sales forecasts would result in a directionally similar change in the fair value liability, while a change in the weighted average cost of capital would result in a directionally opposite change in the fair value liability. If there is an increase in the fair value liability, the Company would record a charge to selling, general and administrative expenses, and if there is a decrease in the fair value liability, the Company would record a benefit in selling, general and administrative expenses.

Derivative Instruments

     At September 30, 2012, the Company had derivative instruments for 7.1 million pounds of aluminum, approximately 20 percent of the Company's anticipated annual aluminum purchases, in order to manage a portion of the exposure to movements associated with aluminum costs. These derivative instruments expire between October 2012 and September 2013, at an average mid-west aluminum price of $1.02 per pound. While these derivative instruments are considered to be economic hedges of the underlying movement in the price of aluminum, they are not designated or accounted for as a hedge. These derivative instruments were valued at fair value using a market approach based on the quoted market prices of similar instruments at the end of each reporting period, and the resulting net gain or loss was recorded in cost of sales in the Condensed Consolidated Statements of Income. At September 30, 2012 the corresponding asset was recorded in prepaid expenses and other current assets, and at December 31, 2011 the corresponding liability was recorded in accrued expenses and other current liabilities, both as reflected in the Condensed Consolidated Balance Sheet. During the first nine months of 2012, derivative instruments for 2.5 million pounds were settled at a loss of $0.3 million.

Non-recurring

     The following table presents the carrying value on the measurement date of any assets and liabilities which were measured at fair value and recorded at the lower of cost or fair value, on a non-recurring basis, using significant unobservable inputs (Level 3), and the corresponding non-recurring losses recognized during the nine months ended (in thousands):

    September 30, 2012   September 30, 2011
    Carrying  Non-Recurring   Carrying Non-Recurring
    Value   Losses   Value Losses
Assets                
Vacant owned facilities $ 5,794 $ 486 $ 10,123 $ -
Other intangible assets   -   1,228   -   -
Net assets of acquired                
businesses   1,345   -   37,340   -
Total assets $ 7,139 $ 1,714 $ 47,463 $ -
 
Liabilities                
Vacant leased facilities $ - $ 10 $ 583 $ 203
Total liabilities $ - $ 10 $ 583 $ 203

 

Vacant Owned Facilities

     During the first nine months of 2012, the Company reviewed the recoverability of the carrying value of eight vacant owned facilities. The determination of fair value was based on the best information available, including internal cash flow estimates, market prices for similar assets, broker quotes and independent appraisals, as appropriate. During the first nine months of 2012, the carrying value of three of these vacant owned facilities exceeded their fair value, therefore an impairment charge of $0.5 million was recorded in selling, general, and administrative expenses in the Condensed Consolidated Statements of Income. During the first nine months of 2012, the Company sold at carrying value two of the facilities previously recorded as a vacant facility and reopened another. At September 30, 2012, the Company had five vacant owned facilities, with an estimated combined fair value of $5.8 million, classified in fixed assets in the Condensed Consolidated Balance Sheets. The Company has leased to third parties two of these owned facilities with a combined carrying value of $3.8 million, both for five year terms, for a combined rental income of $0.4 million annually. Both of these leases also contain an option for the lessee to purchase the facility at an amount in excess of carrying value.

     During the first nine months of 2011, the fair value of vacant owned facilities exceeded their carrying value, therefore no impairment charges were recorded.

Other Intangible Assets

     During the first nine months of 2012, the Company reviewed the recoverability of amortizable intangible assets associated with an acquired patent. Based on the analyses, the $1.2 million carrying value of these intangible assets exceeded the undiscounted cash flows expected to be generated. As a result, the Company was required to determine the fair value of these intangible assets. Fair value was determined based on the present value of internal cash flow estimates. The resulting fair value of these intangible assets was nominal, therefore the Company recorded a non-cash impairment charge of $1.2 million, of which $1.0 million was recorded in cost of sales in the Condensed Consolidated Statements of Income.

Net Assets of Acquired Businesses

     The Company valued the assets and liabilities associated with the acquisitions of businesses on the respective acquisition dates. Depending upon the type of asset or liability acquired, the Company used different valuation techniques in determining the fair value. Those techniques included comparable market prices, long-term sales, profitability and cash flow forecasts, assumptions regarding future industry-specific economic and market conditions, a market participant's weighted average cost of capital, as well as other techniques as circumstances required. For further information on acquired assets and liabilities, see Note 3 of the Notes to Condensed Consolidated Financial Statements.

Vacant Leased Facilities

     The Company recorded a charge of less than $0.1 million in selling, general and administrative expenses in the Condensed Consolidated Statements of Income in the first nine months of 2012 due to the early termination of leases of vacant facilities by the lessor. In the first nine months of 2011, the Company recorded a charge of $0.2 million in selling, general and administrative expenses in the Condensed Consolidated Statements of Income related to the exit from leased facilities.

XML 46 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Sep. 30, 2011
Condensed Consolidated Balance Sheets [Abstract]      
Common stock, par value $ 0.01 $ 0.01 $ 0.01
XML 47 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories
9 Months Ended
Sep. 30, 2012
Inventories [Abstract]  
Inventories

5. Inventories

Inventories consisted of the following at (in thousands):

    September 30,   December 31,
    2012   2011   2011
 
Raw materials $ 79,117 $ 84,294 $ 77,066
Work in process   4,802   2,335   3,224
Finished goods   14,474   11,136   11,762
Inventories $ 98,393 $ 97,765 $ 92,052

 

XML 48 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Cash And Investments
9 Months Ended
Sep. 30, 2012
Cash And Investments [Abstract]  
Cash And Investments

4. Cash and Investments

Cash and investments consisted of the following at (in thousands):

    September 30,   December 31,
    2012   2011   2011
 
Cash in banks $ 32,584 $ 1,472 $ 6,584
Cash and investments $ 32,584 $ 1,472 $ 6,584

 

XML 49 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories (Tables)
9 Months Ended
Sep. 30, 2012
Inventories [Abstract]  
Schedule Of Inventories
    September 30,   December 31,
    2012   2011   2011
 
Raw materials $ 79,117 $ 84,294 $ 77,066
Work in process   4,802   2,335   3,224
Finished goods   14,474   11,136   11,762
Inventories $ 98,393 $ 97,765 $ 92,052
XML 50 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
New Accounting Pronouncements
9 Months Ended
Sep. 30, 2012
New Accounting Pronouncements [Abstract]  
New Accounting Pronouncements

12. New Accounting Pronouncements

     In May 2011, the Financial Accounting Standards Board ("FASB") issued updated standards related to additional requirements and guidance regarding disclosures of fair value measurements. The guidance expanded required disclosures, including the reasons for and amounts of all transfers in and out of Levels 1 and 2 fair value measurements, and for Level 3 fair value measurements added (1) a quantitative disclosure of the unobservable inputs and assumptions used in the measurement, (2) a description of the valuation processes used, and (3) a narrative description of the sensitivity of the fair value to changes in unobservable inputs and the interrelationships between those inputs. This guidance was effective for interim or annual periods beginning after December 15, 2011. The adoption of this guidance had no impact on the Company's financial statements other than additional disclosures.

     In August 2011, the FASB issued updated standards intended to simplify how an entity tests goodwill for impairment. Under the new guidance, an entity is no longer required to perform the two-step quantitative goodwill impairment test unless the entity determines, based on the qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The adoption of this guidance is not expected to have a significant impact on the Company's financial statements.

XML 51 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Long-Term Indebtedness
9 Months Ended
Sep. 30, 2012
Long-Term Indebtedness [Abstract]  
Long-Term Indebtedness

8. Long-Term Indebtedness

     The Company had no debt outstanding at September 30, 2012 or December 31, 2011. The Company had $8.1 million outstanding at September 30, 2011 under its line of credit at a weighted average interest rate of 2.5 percent.

     On February 24, 2011, the Company entered into an agreement (the "Credit Agreement") for a $50.0 million line of credit with JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. (collectively, the "Lenders"). The maximum borrowings under the Company's line of credit can be increased by $20.0 million upon approval of the Lenders. Interest on borrowings under the line of credit is designated from time to time by the Company as either (i) the Prime Rate, but not less than 2.5 percent, plus additional interest up to 0.8 percent (0 percent at September 30, 2012), or (ii) LIBOR plus additional interest ranging from 2.0 percent to 2.8 percent (2.0 percent at September 30, 2012) depending on the Company's performance and financial condition. The Credit Agreement expires on January 1, 2016. At September 30, 2012, the Company had $3.0 million in outstanding letters of credit under the line of credit. Availability under the Company's line of credit was $47.0 million at September 30, 2012.

     Simultaneously, the Company entered into a $150.0 million "shelf-loan" facility with Prudential Investment Management, Inc. and its affiliates ("Prudential"). The facility provides for Prudential to consider purchasing, at the Company's request, in one or a series of transactions, Senior Promissory Notes of the Company in the aggregate principal amount of up to $150.0 million, to mature no more than twelve years after the date of original issue of each Senior Promissory Note. Prudential has no obligation to purchase the Senior Promissory Notes. Interest payable on the Senior Promissory Notes will be at rates determined by Prudential within five business days after the Company issues a request to Prudential. At September 30, 2012, there were no Senior Promissory Notes outstanding. This facility expires on February 24, 2014.

     Both the line of credit pursuant to the Credit Agreement and the "shelf-loan" facility are subject to a maximum leverage ratio covenant which limits the amount of consolidated outstanding indebtedness to 2.5 times the trailing twelve-month EBITDA, as defined. This limitation did not impact the Company's borrowing availability at September 30, 2012. The remaining availability under these facilities was $196.6 million at September 30, 2012. The Company believes this availability, together with the $32.6 million in cash at September 30, 2012, is more than adequate to finance the Company's anticipated cash requirements for the next twelve months.

     Pursuant to the Credit Agreement and "shelf-loan" facility at September 30, 2012, the Company was required to maintain minimum interest and fixed charge coverages, and to meet certain other financial requirements. At September 30, 2012, the Company was in compliance with all such requirements, and expects to remain in compliance for the next twelve months.

     Borrowings under both the line of credit and the "shelf-loan" facility are secured on a pari passu basis by first priority liens on the capital stock or other equity interests of each of the Company's direct and indirect subsidiaries.

XML 52 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fixed Assets
9 Months Ended
Sep. 30, 2012
Fixed Assets [Abstract]  
Fixed Assets

6. Fixed Assets

Fixed assets consisted of the following at (in thousands):

    September 30,   December 31,
    2012   2011   2011
 
Fixed assets, at cost $ 201,665 $ 183,906 $ 189,084
Less accumulated depreciation and amortization   99,734   93,022   94,034
Fixed assets, net $ 101,931 $ 90,884 $ 95,050

 

 

XML 53 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Accrued Expenses And Other Current Liabilities
9 Months Ended
Sep. 30, 2012
Accrued Expenses And Other Current Liabilities [Abstract]  
Accrued Expenses And Other Current Liabilities

7. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following at (in thousands):

    September 30,   December 31,
    2012   2011   2011
 
Employee compensation and benefits $ 16,613 $ 16,180 $ 14,258
Warranty   8,013   5,665   5,882
Sales rebates   4,866   3,369   3,337
Contingent consideration related to acquisitions   5,667   3,188   3,292
Other   11,915   11,011   9,400
Accrued expenses and other current liabilities $  47,074 $ 39,413 $ 36,169

 

     Estimated costs related to product warranties are accrued at the time products are sold. In estimating its future warranty obligations, the Company considers various factors, including the Company's (i) historical warranty costs, (ii) product mix, and (iii) sales. The following table provides a reconciliation of the activity related to the Company's accrued warranty, including both the current and long-term portions, for the nine months ended (in thousands):

    September 30,  
    2012     2011  
 
Balance at beginning of period $ 8,640   $ 5,892  
Provision for warranty expense   8,548     5,291  
Warranty liability from acquired businesses   12     527  
Warranty costs paid   (5,813 )   (3,467 )
Total accrued warranty   11,387     8,243  
Less long-term portion   3,374     2,578  
Current accrued warranty $ 8,013   $ 5,665  

 

XML 54 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stockholders' Equity
9 Months Ended
Sep. 30, 2012
Stockholders' Equity [Abstract]  
Stockholders' Equity

9. Stockholders' Equity

The following table summarizes information about the Common Stock at (in thousands):

  September 30, December 31,
  2012 2011 2011
 
Common stock authorized 30,000 30,000 30,000
Common stock issued 25,070 24,738 24,826
Treasury stock 2,684 2,684 2,684

 

     The following reconciliation details the denominator used in the computation of basic and diluted earnings per share (in thousands):
  Nine Months Ended Three Months Ended
  September 30, September 30,
  2012 2011 2012 2011
Weighted average shares outstanding        
for basic earnings per share 22,507 22,254 22,563 22,273
Common stock equivalents pertaining        
to stock options and contingently        
issuable deferred stock units 217 173 237 174
Weighted average shares outstanding        
for diluted earnings per share 22,724 22,427 22,800 22,447

 

     The weighted average diluted shares outstanding for the nine months ended September 30, 2012 and 2011 excludes the effect of 797,038 and 1,467,393 shares of common stock, respectively, subject to stock options and deferred stock units. The weighted average diluted shares outstanding for the three months ended September 30, 2012 and 2011 excludes the effect of 592,038 and 1,519,726 shares of common stock, respectively, subject to stock options and deferred stock units. Such shares were excluded from total diluted shares because they were anti-dilutive or the specified performance conditions those shares were subject to were not yet achieved.

     In 2007, the Board of Directors authorized the Company to repurchase up to 1 million shares of the Company's Common Stock from time to time in the open market, in privately negotiated transactions, or in block trades. Of this authorization, 535,135 shares were repurchased prior to 2012 at an average price of $18.64 per share, or $10.0 million. No shares have been purchased in 2012. The number of shares ultimately repurchased, and the timing of the purchases, will depend upon market conditions, share price, and other factors.

XML 55 R34.htm IDEA: XBRL DOCUMENT v2.4.0.6
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) (USD $)
In Thousands, unless otherwise specified
9 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2012
Dec. 31, 2011
Sep. 30, 2011
Sep. 30, 2012
Customer Relationships [Member]
Dec. 31, 2011
Customer Relationships [Member]
Sep. 30, 2012
Patents [Member]
Dec. 31, 2011
Patents [Member]
Sep. 30, 2012
Tradenames [Member]
Dec. 31, 2011
Tradenames [Member]
Sep. 30, 2012
Non-Compete Agreements [Member]
Dec. 31, 2011
Non-Compete Agreements [Member]
Sep. 30, 2012
Other Indentifiable Intangible Assets [Member]
Sep. 30, 2012
Minimum [Member]
Customer Relationships [Member]
Dec. 31, 2011
Minimum [Member]
Customer Relationships [Member]
Sep. 30, 2012
Minimum [Member]
Patents [Member]
Dec. 31, 2011
Minimum [Member]
Patents [Member]
Sep. 30, 2012
Minimum [Member]
Tradenames [Member]
Dec. 31, 2011
Minimum [Member]
Tradenames [Member]
Sep. 30, 2012
Minimum [Member]
Non-Compete Agreements [Member]
Dec. 31, 2011
Minimum [Member]
Non-Compete Agreements [Member]
Sep. 30, 2012
Maximum [Member]
Customer Relationships [Member]
Dec. 31, 2011
Maximum [Member]
Customer Relationships [Member]
Sep. 30, 2012
Maximum [Member]
Patents [Member]
Dec. 31, 2011
Maximum [Member]
Patents [Member]
Sep. 30, 2012
Maximum [Member]
Tradenames [Member]
Dec. 31, 2011
Maximum [Member]
Tradenames [Member]
Sep. 30, 2012
Maximum [Member]
Non-Compete Agreements [Member]
Dec. 31, 2011
Maximum [Member]
Non-Compete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]                                                        
Gross Cost   $ 108,989   $ 50,105 $ 50,645 $ 45,934 $ 46,139 $ 7,959 $ 8,069 $ 4,988 $ 4,136 $ 108,986                                
Accumulated Amortization   29,930   16,782 14,483 13,994 10,651 4,243 3,408 2,212 1,388 37,231                                
Net Balance $ 71,755 $ 79,059 $ 80,746 $ 33,323 $ 36,162 $ 31,940 $ 35,488 $ 3,716 $ 4,661 $ 2,776 $ 2,748 $ 71,755                                
Estimated Useful Life in Years                         3 years 3 years 2 years 2 years 5 years 5 years 1 year 3 years 16 years 16 years 19 years 19 years 15 years 15 years 7 years 7 years
XML 56 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Acquisitions, Goodwill And Other Intangible Assets (Tables)
9 Months Ended
Sep. 30, 2012
Business Acquisition [Line Items]  
Schedule Of Goodwill By Reportable Segment
    MH Segment     RV Segment     Total  
 
Accumulated cost – December 31, 2011 $ 10,025   $ 61,001   $ 71,026  
Accumulated impairment – December 31, 2011   (9,251 )   (41,276 )   (50,527 )
Net balance – December 31, 2011   774     19,725     20,499  
Acquisitions – 2012   -     678     678  
Net balance – September 30, 2012 $ 774   $ 20,403   $ 21,177  
Schedule Of Other Intangible Assets
    Gross   Accumulated   Net Estimated Useful
    Cost   Amortization   Balance Life in Years
 
Customer relationships $ 50,105 $ 16,782 $ 33,323 3 to 16
Patents   45,934   13,994   31,940 2 to 19
Tradenames   7,959   4,243   3,716 5 to 15
Non-compete agreements   4,988   2,212   2,776 1 to 7
Other intangible assets $ 108,986 $ 37,231 $ 71,755

 

Other intangible assets consisted of the following at December 31, 2011 (in thousands):

    Gross   Accumulated   Net Estimated Useful
    Cost   Amortization   Balance Life in Years
 
Customer relationships $ 50,645 $ 14,483 $ 36,162 3 to 16
Patents   46,139   10,651   35,488 2 to 19
Tradenames   8,069   3,408   4,661 5 to 15
Non-compete agreements   4,136   1,388   2,748 3 to 7
Other intangible assets $ 108,989 $ 29,930 $ 79,059
Euramax Internation, Inc - RV Entry Door Operation [Member]
 
Business Acquisition [Line Items]  
Schedule Of Business Acquisitions
Cash consideration $ 1,164
Present value of future payments   482
Total fair value of consideration given $ 1,646
 
Customer relationships $ 270
Other identifiable intangible assets   40
Net tangible assets   785
Total fair value of net assets acquired $ 1,095
 
Goodwill (tax deductible) $ 551
XML 57 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2012
Stockholders' Equity [Abstract]  
Summary Of Information About The Common Stock
  September 30, December 31,
  2012 2011 2011
 
Common stock authorized 30,000 30,000 30,000
Common stock issued 25,070 24,738 24,826
Treasury stock 2,684 2,684 2,684
Schedule Of Computation Of Basic And Diluted Earnings Per Share
  Nine Months Ended Three Months Ended
  September 30, September 30,
  2012 2011 2012 2011
Weighted average shares outstanding        
for basic earnings per share 22,507 22,254 22,563 22,273
Common stock equivalents pertaining        
to stock options and contingently        
issuable deferred stock units 217 173 237 174
Weighted average shares outstanding        
for diluted earnings per share 22,724 22,427 22,800 22,447
XML 58 R49.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Measurements (Schedule Of Non-Recurring Losses Recognized Using Fair Value Measurements And The Carrying Value Of Any Assets And Liabilities Measured Using Fair Value Estimates) (Details) (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2012
Sep. 30, 2011
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets, Carrying Value $ 7,139 $ 47,463
Assets, Non-Recurring Losses 1,714  
Liabilities, Carrying Value   583
Liabilities, Non-Recurring Losses 10 203
Vacant Leased Facilities [Member]
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Liabilities, Carrying Value   583
Liabilities, Non-Recurring Losses 10 203
Vacant Owned Facilities [Member]
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets, Carrying Value 5,794 10,123
Assets, Non-Recurring Losses 486  
Net Assets Of Acquired Businesses [Member]
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets, Carrying Value 1,345 37,340
Other Indentifiable Intangible Assets [Member]
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets, Non-Recurring Losses $ 1,228  
XML 59 R41.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stockholders' Equity (Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended 60 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Dec. 31, 2011
Dec. 31, 2007
Stockholders' Equity [Abstract]            
Weighted average diluted shares outstanding excludes shares of common stock subject to stock options 592,038 1,519,726 797,038 1,467,393    
Shares authorized to repurchase of Common Stock           1,000,000
Shares repurchased, shares         535,135  
Average price per share         $ 18.64  
Shares repurchased, value         $ 10.0  
XML 60 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities:    
Net income $ 32,595 $ 25,971
Adjustments to reconcile net income to cash flows provided by operating activities:    
Depreciation and amortization 19,211 15,069
Stock-based compensation expense 4,703 3,352
Deferred taxes   26
Other non-cash items 889 751
Changes in assets and liabilities, net of acquisitions of businesses:    
Accounts receivable, net (27,801) (24,440)
Inventories (5,753) (20,581)
Prepaid expenses and other assets (6,993) (1,996)
Accounts payable 17,650 18,755
Accrued expenses and other liabilities 10,086 (628)
Net cash flows provided by operating activities 44,587 16,279
Cash flows from investing activities:    
Capital expenditures (22,010) (17,721)
Acquisitions of businesses (1,473) (49,340)
Proceeds from maturity of short-term investments   5,000
Proceeds from sales of fixed assets 5,397 1,248
Other investing activities (88) (438)
Net cash flows used for investing activities (18,174) (61,251)
Cash flows from financing activities:    
Exercise of stock options and deferred stock units 2,840 504
Proceeds from line of credit borrowings 37,702 48,675
Repayments under line of credit (37,702) (40,600)
Payment of contingent consideration related to acquisitions (3,253) (226)
Purchase of treasury stock   (626)
Other financing activities   (163)
Net cash flows (used for) provided by financing activities (413) 7,564
Net increase (decrease) in cash 26,000 (37,408)
Cash and cash equivalents at beginning of period 6,584 38,880
Cash and cash equivalents at end of period 32,584 1,472
Supplemental disclosure of cash flow information:    
Interest 289 263
Income taxes, net of refunds $ 16,121 $ 17,101
XML 61 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Acquisitions, Goodwill And Other Intangible Assets
9 Months Ended
Sep. 30, 2012
Acquisitions, Goodwill And Other Intangible Assets [Abstract]  
Acquisitions, Goodwill And Other Intangible Assets

3. Acquisitions, Goodwill and Other Intangible Assets Acquisitions

Acquisitions

RV Entry Door Operation

     On February 21, 2012, the Company acquired the business and certain assets of the United States RV entry door operation of Euramax International, Inc. The acquired business had annualized sales of approximately $6 million. The purchase price was $1.7 million, of which $1.2 million was paid at closing, with the balance to be paid over the next three years. The results of the acquired business have been included in the Company's RV Segment and in the Condensed Consolidated Statement of Income since the acquisition date.

The acquisition of this business was recorded on the acquisition date as follows (in thousands):

Cash consideration $ 1,164
Present value of future payments   482
Total fair value of consideration given $ 1,646
 
Customer relationships $ 270
Other identifiable intangible assets   40
Net tangible assets   785
Total fair value of net assets acquired $ 1,095
 
Goodwill (tax deductible) $ 551

 

     The customer relationships are being amortized over their estimated useful life of 7 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates leveraging its existing manufacturing capacity and purchasing power to reduce costs in this product line.

Goodwill

Goodwill by reportable segment was as follows (in thousands):

    MH Segment     RV Segment     Total  
 
Accumulated cost – December 31, 2011 $ 10,025   $ 61,001   $ 71,026  
Accumulated impairment – December 31, 2011   (9,251 )   (41,276 )   (50,527 )
Net balance – December 31, 2011   774     19,725     20,499  
Acquisitions – 2012   -     678     678  
Net balance – September 30, 2012 $ 774   $ 20,403   $ 21,177  

 

     Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist. The impairment tests are based on fair value, determined using discounted cash flows, appraised values or management's estimates. No impairment tests were required or performed during the nine months ended September 30, 2012.

Other Intangible Assets

Other intangible assets consisted of the following at September 30, 2012 (in thousands):

    Gross   Accumulated   Net Estimated Useful
    Cost   Amortization   Balance Life in Years
 
Customer relationships $ 50,105 $ 16,782 $ 33,323 3 to 16
Patents   45,934   13,994   31,940 2 to 19
Tradenames   7,959   4,243   3,716 5 to 15
Non-compete agreements   4,988   2,212   2,776 1 to 7
Other intangible assets $ 108,986 $ 37,231 $ 71,755

 

Other intangible assets consisted of the following at December 31, 2011 (in thousands):

    Gross   Accumulated   Net Estimated Useful
    Cost   Amortization   Balance Life in Years
 
Customer relationships $ 50,645 $ 14,483 $ 36,162 3 to 16
Patents   46,139   10,651   35,488 2 to 19
Tradenames   8,069   3,408   4,661 5 to 15
Non-compete agreements   4,136   1,388   2,748 3 to 7
Other intangible assets $ 108,989 $ 29,930 $ 79,059

 

     At September 30, 2012, other intangible assets included $2.0 million related to the Company's marine and leisure operation, which sells trailers and related axles primarily for hauling small and medium-sized boats. Compared to historical averages, industry shipments of small and medium-sized boats have declined significantly over the past few years. From time to time, throughout this period, the Company conducted impairment analyses on these operations, and the estimated fair value of these operations continued to exceed the corresponding carrying values, thus no impairment has been recorded. A further downturn in industry shipments of small and medium-sized boats, or in the profitability of the Company's operations, could result in a future non-cash impairment charge for the related other intangible assets.

XML 62 R27.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments And Contingencies (Tables)
9 Months Ended
Sep. 30, 2012
Commitments And Contingencies [Abstract]  
Summary Of Expected Earn-Outs
          Fair Value
    Estimated     of Estimated
    Remaining     Remaining
Acquisition   Payments     Payments
Schwintek products $ 11,616 (a) $ 9,605
Level-UpTM six-point leveling system   3,135 (b)   2,359
Other acquired products   806 (c)   672
Total $ 15,557   $ 12,636

 

(a) Contingent consideration for three of the four products expires in March 2014. Contingent consideration for the remaining product will cease five years after the product is first sold to customers. Two of the four products acquired have a combined remaining maximum contingent consideration of $9.7 million, of which the Company estimates $8.5 million will be paid. Other than expiration of the contingent consideration period, the remaining products have no maximum contingent consideration.

(b) Other than expiration of the contingent consideration period in February 2016, these products have no maximum contingent consideration.

(c) Contingent consideration expires at various dates through October 2025. Certain of these products have a combined remaining maximum of $3.4 million, while the remaining products have no maximum contingent consideration.

Reconciliation Of Contingent Consideration Liability
Balance at December 31, 2011 $ 14,561  
Acquisitions   67  
Payments   (3,253 )
Accretion   1,324  
Fair value adjustments   (63 )
Balance at September 30, 2012   12,636  
Less current portion in accrued expenses and other current liabilities   5,667  
Total long-term portion in other long-term liabilities $ 6,969  
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Accrued Expenses And Other Current Liabilities (Schedule Of Accrued Expenses And Other Current Liabilities) (Details) (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2012
Dec. 31, 2011
Sep. 30, 2011
Accrued Expenses And Other Current Liabilities [Abstract]      
Employee compensation and benefits $ 16,613 $ 14,258 $ 16,180
Warranty 8,013 5,882 5,665
Sales rebates 4,866 3,337 3,369
Contingent consideration related to acquisitions 5,667 3,292 3,188
Other 11,915 9,400 11,011
Accrued expenses and other current liabilities $ 47,074 $ 36,169 $ 39,413
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Segment Reporting (Tables)
9 Months Ended
Sep. 30, 2012
Segment Reporting [Abstract]  
Schedule Of Information Relating To Segments
    Nine Months Ended   Three Months Ended
    September 30,   September 30,
    2012   2011   2012   2011
 
Net sales:                
RV Segment:                
RV OEMs:                
Travel Trailers and Fifth-Wheels $ 514,653 $ 387,746 $ 162,719 $ 117,946
Motorhomes   22,568   12,244   8,376   3,304
RV Aftermarket   14,714   12,169   5,355   4,108
Adjacent Industries   57,008   27,497   18,507   10,870
Total RV Segment net sales   608,943   439,656   194,957   136,228
 
MH Segment:                
Manufactured Housing OEMs   61,678   56,112   21,188   21,487
Manufactured Housing Aftermarket   12,730   12,693   3,990   4,254
Adjacent Industries   17,538   13,109   6,188   4,720
Total MH Segment net sales   91,946   81,914   31,366   30,461
 
Total net sales $ 700,889 $ 521,570 $ 226,323 $ 166,689
Operating profit:                        
RV Segment $ 47,209   $ 40,370   $ 12,945   $ 7,745  
MH Segment   10,942     8,963     3,781     3,786  
Total segment operating profit   58,151     49,333     16,726     11,531  
Corporate   (6,513 )   (5,846 )   (1,989 )   (1,803 )
Accretion related to contingent consideration   (1,350 )   (1,394 )   (430 )   (445 )
Other non-segment items   1,001     563     641     (80 )
Total operating profit $ 51,289   $ 42,656   $ 14,948   $ 9,203