|
Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
|
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Delaware
|
|
61-1109077
|
(State or Other Jurisdiction of Incorporation or Organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
7140 Office Circle, Evansville, IN
|
|
47715
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Large Accelerated Filer
|
Accelerated Filer
|
Non-Accelerated Filer
|
Smaller Reporting Company
|
PART I – FINANCIAL INFORMATION
|
Page
|
|
|
||
|
||
|
||
|
||
|
||
|
||
PART II – OTHER INFORMATION
|
|
|
(In thousands, except for share and per share data)
|
September 30, 2016
|
December 31, 2015
|
||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
26,954
|
$
|
29,759
|
||||
Customer receivables, net of allowance for doubtful accounts of $1,350 and $1,266 in 2016 and 2015, respectively
|
49,008
|
53,065
|
||||||
Other receivables
|
7,375
|
7,010
|
||||||
Inventories
|
35,213
|
41,761
|
||||||
Prepaid expenses and other current assets
|
8,180
|
7,347
|
||||||
Current assets of discontinued operations
|
—
|
12,988
|
||||||
Total current assets
|
126,730
|
151,930
|
||||||
PROPERTY, PLANT AND EQUIPMENT, net
|
184,814
|
194,821
|
||||||
OTHER ASSETS:
|
||||||||
Goodwill
|
96,283
|
96,283
|
||||||
Other intangible assets, net
|
103,293
|
109,461
|
||||||
Deferred financing costs, net of accumulated amortization of $3,384 and $3,073 in 2016 and 2015, respectively
|
666
|
977
|
||||||
Deferred income taxes
|
778
|
741
|
||||||
Pension asset
|
15,433
|
12,060
|
||||||
Other
|
5,221
|
5,075
|
||||||
Non-current assets of discontinued operations
|
—
|
32,271
|
||||||
TOTAL
|
$
|
533,218
|
$
|
603,619
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
$
|
51,089
|
$
|
63,870
|
||||
Accrued payroll and compensation
|
6,090
|
6,178
|
||||||
Accrued interest payable
|
5,043
|
12,521
|
||||||
Accrued workers compensation
|
2,894
|
2,392
|
||||||
Short-term debt obligations
|
10,635
|
10,286
|
||||||
Accrued and other liabilities
|
12,145
|
13,599
|
||||||
Current liabilities of discontinued operations
|
—
|
13,052
|
||||||
Total current liabilities
|
87,896
|
121,898
|
||||||
LONG-TERM DEBT
|
307,435
|
304,254
|
||||||
DEFERRED INCOME TAXES
|
13,302
|
13,133
|
||||||
NON-CURRENT INCOME TAXES PAYABLE
|
6,745
|
6,676
|
||||||
OTHER POSTRETIREMENT BENEFIT PLAN LIABILITY
|
49,360
|
48,976
|
||||||
PENSION BENEFIT PLAN LIABILITY
|
23,761
|
26,545
|
||||||
OTHER LIABILITIES
|
7,841
|
10,350
|
||||||
NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS
|
—
|
933
|
||||||
COMMITMENTS AND CONTINGENCIES (Note 7)
|
—
|
—
|
||||||
STOCKHOLDERS' EQUITY:
|
||||||||
Preferred Stock, $0.01 par value; 10,000,000 shares authorized
|
—
|
—
|
||||||
Common Stock, $0.01 par value; 80,000,000 shares authorized, 48,323,007 and 47,953,555 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively, and additional paid-in-capital
|
445,787
|
444,253
|
||||||
Accumulated other comprehensive loss
|
(20,607
|
)
|
(17,425
|
)
|
||||
Accumulated deficiency
|
(400,718
|
)
|
(369,824
|
)
|
||||
Total stockholders' equity
|
24,462
|
57,004
|
||||||
Noncontrolling interest
|
12,416
|
13,850
|
||||||
Total equity
|
36,878
|
70,854
|
||||||
TOTAL
|
$
|
533,218
|
$
|
603,619
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
(In thousands except per share data)
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
|
||||||||||||||||
NET SALES
|
$
|
125,202
|
$
|
145,656
|
$
|
417,230
|
$
|
453,094
|
||||||||
COST OF GOODS SOLD
|
113,259
|
124,033
|
361,119
|
386,006
|
||||||||||||
GROSS PROFIT
|
11,943
|
21,623
|
56,111
|
67,088
|
||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||
Selling, general and administrative
|
10,460
|
10,505
|
34,565
|
33,244
|
||||||||||||
INCOME FROM OPERATIONS
|
1,483
|
11,118
|
21,546
|
33,844
|
||||||||||||
OTHER EXPENSE:
|
||||||||||||||||
Interest expense, net
|
(8,442
|
)
|
(8,249
|
)
|
(25,248
|
)
|
(24,953
|
)
|
||||||||
Other income (loss), net
|
(9
|
)
|
(1,142
|
)
|
582
|
(2,398
|
)
|
|||||||||
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS
|
(6,968
|
)
|
1,727
|
(3,120
|
)
|
6,493
|
||||||||||
INCOME TAX EXPENSE (BENEFIT)
|
410
|
(3,671
|
)
|
1,166
|
(3,663
|
)
|
||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
(7,378
|
)
|
5,398
|
(4,286
|
)
|
10,156
|
||||||||||
DISCONTINUED OPERATIONS, NET OF TAX
|
(21,861
|
)
|
(3,578
|
)
|
(28,042
|
)
|
(2,585
|
)
|
||||||||
NET INCOME (LOSS)
|
$
|
(29,239
|
)
|
$
|
1,820
|
$
|
(32,328
|
)
|
$
|
7,571
|
||||||
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
(627
|
)
|
—
|
(1,434
|
)
|
—
|
||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS
|
$
|
(28,612
|
)
|
$
|
1,820
|
$
|
(30,894
|
)
|
$
|
7,571
|
||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
|
||||||||||||||||
Amounts reclassified from accumulated other comprehensive income
|
(2,128
|
)
|
(3,259
|
)
|
(3,182
|
)
|
15,581
|
|||||||||
COMPREHENSIVE INCOME (LOSS)
|
$
|
(30,740
|
)
|
$
|
(1,439
|
)
|
$
|
(34,076
|
)
|
$
|
23,152
|
|||||
Amounts attributable to stockholders:
|
||||||||||||||||
Income (loss) from continuing operations, net of tax
|
(6,751
|
)
|
5,398
|
(2,852
|
)
|
10,156
|
||||||||||
Discontinued operations, net of tax
|
(21,861
|
)
|
(3,578
|
)
|
(28,042
|
)
|
(2,585
|
)
|
||||||||
Net income (loss) attributable to stockholders
|
$
|
(28,612
|
)
|
$
|
1,820
|
$
|
(30,894
|
)
|
$
|
7,571
|
||||||
Weighted average common shares outstanding—basic
|
48,332
|
48,015
|
48,247
|
47,943
|
||||||||||||
Basic income (loss) per share – continuing operations
|
$
|
(0.14
|
)
|
$
|
0.11
|
$
|
(0.06
|
)
|
$
|
0.21
|
||||||
Basic loss per share – discontinued operations
|
(0.45
|
)
|
(0.07
|
)
|
(0.58
|
)
|
(0.05
|
)
|
||||||||
Basic income (loss) per share
|
$
|
(0.59
|
)
|
$
|
0.04
|
$
|
(0.64
|
)
|
$
|
0.16
|
||||||
Weighted average common shares outstanding—diluted
|
48,332
|
49,422
|
48,247
|
48,844
|
||||||||||||
Diluted income (loss) per share – continuing operations
|
$
|
(0.14
|
)
|
$
|
0.11
|
$
|
(0.06
|
)
|
$
|
0.21
|
||||||
Diluted loss per share – discontinued operations
|
(0.45
|
)
|
(0.07
|
)
|
(0.58
|
)
|
(0.05
|
)
|
||||||||
Diluted income (loss) per share
|
$
|
(0.59
|
)
|
$
|
0.04
|
$
|
(0.64
|
)
|
$
|
0.16
|
(In thousands)
|
Common
Stock and
Additional
Paid-in-
Capital
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Accumulated
Deficiency
|
Noncontrolling
Interest
|
Total
Stockholders'
Equity
|
|||||||||||||||
BALANCE—July 1, 2015
|
$
|
443,669
|
$
|
(30,798
|
)
|
$
|
(356,439
|
)
|
$
|
—
|
$
|
56,432
|
||||||||
Net income
|
—
|
—
|
1,820
|
—
|
1,820
|
|||||||||||||||
Share-based compensation expense
|
698
|
—
|
—
|
—
|
698
|
|||||||||||||||
Tax impact of forfeited vested shares
|
(7
|
)
|
—
|
—
|
—
|
(7
|
)
|
|||||||||||||
Other comprehensive loss, net of tax
|
—
|
(3,259
|
)
|
—
|
—
|
(3,259
|
)
|
|||||||||||||
BALANCE—September 30, 2015
|
$
|
444,360
|
$
|
(34,057
|
)
|
$
|
(354,619
|
)
|
$
|
—
|
$
|
55,684
|
||||||||
|
||||||||||||||||||||
BALANCE—July 1, 2016
|
$
|
445,106
|
$
|
(18,479
|
)
|
$
|
(372,106
|
)
|
$
|
13,043
|
$
|
67,564
|
||||||||
Net loss
|
—
|
—
|
(28,612
|
)
|
(627
|
)
|
(29,239
|
)
|
||||||||||||
Share-based compensation expense
|
681
|
—
|
—
|
—
|
681
|
|||||||||||||||
Tax impact of forfeited vested shares
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Other comprehensive loss, net of tax
|
—
|
(2,128
|
)
|
—
|
—
|
(2,128
|
)
|
|||||||||||||
BALANCE—September 30, 2016
|
$
|
445,787
|
$
|
(20,607
|
)
|
$
|
(400,718
|
)
|
$
|
12,416
|
$
|
36,878
|
(In thousands)
|
Common
Stock and
Additional
Paid-in-
Capital
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Accumulated
Deficiency
|
Noncontrolling
Interest
|
Total
Stockholders'
Equity
|
|||||||||||||||
BALANCE— January 1, 2015
|
$
|
442,631
|
$
|
(49,638
|
)
|
$
|
(362,190
|
)
|
$
|
—
|
$
|
30,803
|
||||||||
Net income
|
—
|
—
|
7,571
|
—
|
7,571
|
|||||||||||||||
Share-based compensation expense
|
2,147
|
—
|
—
|
—
|
2,147
|
|||||||||||||||
Tax impact of forfeited vested shares
|
(418
|
)
|
—
|
—
|
—
|
(418
|
)
|
|||||||||||||
Other comprehensive income, net of tax
|
—
|
15,581
|
—
|
—
|
15,581
|
|||||||||||||||
BALANCE—September 30, 2015
|
$
|
444,360
|
$
|
(34,057
|
)
|
$
|
(354,619
|
)
|
$
|
—
|
$
|
55,684
|
||||||||
|
||||||||||||||||||||
BALANCE—January 1, 2016
|
$
|
444,253
|
$
|
(17,425
|
)
|
$
|
(369,824
|
)
|
$
|
13,850
|
$
|
70,854
|
||||||||
Net loss
|
—
|
—
|
(30,894
|
)
|
(1,434
|
)
|
(32,328
|
)
|
||||||||||||
Share-based compensation expense
|
1,750
|
—
|
—
|
—
|
1,750
|
|||||||||||||||
Tax impact of forfeited vested shares
|
(216
|
)
|
—
|
—
|
—
|
(216
|
)
|
|||||||||||||
Other comprehensive loss, net of tax
|
—
|
(3,182
|
)
|
—
|
—
|
(3,182
|
)
|
|||||||||||||
BALANCE—September 30, 2016
|
$
|
445,787
|
$
|
(20,607
|
)
|
$
|
(400,718
|
)
|
$
|
12,416
|
$
|
36,878
|
|
Nine Months Ended September 30,
|
|||||||
(In thousands)
|
2016
|
2015
|
||||||
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income (loss)
|
$
|
(32,328
|
)
|
$
|
7,571
|
|||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Depreciation of property, plant and equipment
|
26,614
|
25,326
|
||||||
Amortization – deferred financing costs and debt discount
|
1,859
|
1,859
|
||||||
Amortization – other intangible assets
|
6,279
|
6,174
|
||||||
Loss on disposal of discontinued operation
|
19,280
|
—
|
||||||
Loss on disposal of assets
|
398
|
240
|
||||||
Deferred income taxes
|
15
|
(4,864
|
)
|
|||||
Non-cash share-based compensation
|
1,750
|
2,147
|
||||||
Changes in certain assets and liabilities:
|
||||||||
Receivables
|
2,449
|
(165
|
)
|
|||||
Inventories
|
7,618
|
6,370
|
||||||
Prepaid expenses and other assets
|
(3,512
|
)
|
(1,839
|
)
|
||||
Accounts payable
|
(11,470
|
)
|
2,158
|
|||||
Accrued and other liabilities
|
(13,501
|
)
|
(13,882
|
)
|
||||
Net cash provided by operating activities
|
5,451
|
31,095
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of property, plant and equipment
|
(19,947
|
)
|
(15,879
|
)
|
||||
Purchase of intangible asset
|
—
|
(1,903
|
)
|
|||||
Proceeds from disposal of discontinued operation, net of transaction fees
|
11,682
|
—
|
||||||
Net cash used in investing activities
|
(8,265
|
)
|
(17,782
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from revolver and other borrowings
|
22,819
|
21,000
|
||||||
Payments on revolver
|
(20,837
|
)
|
(23,000
|
)
|
||||
Principal payments on capital leases
|
(1,973
|
)
|
(1,937
|
)
|
||||
Other
|
—
|
(24
|
)
|
|||||
Net cash provided by (used in) financing activities
|
9
|
(3,961
|
)
|
|||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(2,805
|
)
|
9,352
|
|||||
CASH AND CASH EQUIVALENTS—Beginning of period
|
29,759
|
29,773
|
||||||
CASH AND CASH EQUIVALENTS—End of period
|
$
|
26,954
|
$
|
39,125
|
||||
|
||||||||
Supplemental cash flow information:
|
||||||||
Cash paid for interest
|
$
|
30,424
|
$
|
30,428
|
||||
Cash paid for income taxes
|
$
|
1,450
|
$
|
678
|
||||
Non-cash transactions:
|
||||||||
Purchases of property, plant and equipment in accounts payable
|
$
|
2,645
|
$
|
3,675
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
(In thousands except per share data)
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Numerator:
|
||||||||||||||||
Net income (loss) from continuing operations
|
$
|
(6,751
|
)
|
$
|
5,398
|
$
|
(2,852
|
)
|
$
|
10,156
|
||||||
Net loss from discontinued operations
|
(21,861
|
)
|
(3,578
|
)
|
(28,042
|
)
|
(2,585
|
)
|
||||||||
Net income (loss) attributable to stockholders
|
$
|
(28,612
|
)
|
$
|
1,820
|
$
|
(30,894
|
)
|
$
|
7,571
|
||||||
Denominator:
|
||||||||||||||||
Weighted average shares outstanding – Basic
|
48,332
|
48,015
|
48,247
|
47,943
|
||||||||||||
Weighted average shares outstanding – Diluted
|
48,332
|
49,422
|
48,247
|
48,844
|
||||||||||||
|
||||||||||||||||
Basic income (loss) per common share
|
||||||||||||||||
From continuing operations
|
$
|
(0.14
|
)
|
$
|
0.11
|
$
|
(0.06
|
)
|
$
|
0.21
|
||||||
From discontinued operations
|
(0.45
|
)
|
(0.07
|
)
|
(0.58
|
)
|
(0.05
|
)
|
||||||||
Basic income (loss) per common share
|
$
|
(0.59
|
)
|
$
|
0.04
|
$
|
(0.64
|
)
|
$
|
0.16
|
||||||
|
||||||||||||||||
Diluted income (loss) per common share
|
||||||||||||||||
From continuing operations
|
$
|
(0.14
|
)
|
$
|
0.11
|
$
|
(0.06
|
)
|
$
|
0.21
|
||||||
From discontinued operations
|
(0.45
|
)
|
(0.07
|
)
|
(0.58
|
)
|
(0.05
|
)
|
||||||||
Diluted income (loss) per common share
|
$
|
(0.59
|
)
|
$
|
0.04
|
$
|
(0.64
|
)
|
$
|
0.16
|
Accounts receivable
|
$
|
11,063
|
||
Inventory
|
6,571
|
|||
Other current assets
|
41
|
|||
Property, plant and equipment
|
21,124
|
|||
Accounts payable
|
(9,911
|
)
|
||
Short-term debt
|
(8,406
|
)
|
||
Other current liabilities
|
(3,364
|
)
|
||
Severance indemnity
|
(2,772
|
)
|
||
Long-term debt
|
(66
|
)
|
||
Noncontrolling interest
|
(14,280
|
)
|
||
Total consideration
|
$
|
—
|
|
Three Months Ended September 30, 2015
|
Nine Months Ended September 30, 2015
|
||||||||||||||
(In thousands)
|
Revenue
|
Net Income
|
Revenue
|
Net Income
|
||||||||||||
|
||||||||||||||||
Supplemental pro forma financial information
|
$
|
155,623
|
$
|
990
|
$
|
482,445
|
$
|
3,515
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
(In thousands)
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
|
||||||||||||||||
Net sales
|
$
|
10,531
|
$
|
18,813
|
$
|
45,562
|
$
|
84,322
|
||||||||
Cost of goods sold
|
12,950
|
22,173
|
53,592
|
86,310
|
||||||||||||
Gross loss
|
(2,419
|
)
|
(3,360
|
)
|
(8,030
|
)
|
(1,988
|
)
|
||||||||
Selling, general and administrative expenses
|
(122
|
)
|
(270
|
)
|
(665
|
)
|
(877
|
)
|
||||||||
Other income (loss)
|
(40
|
)
|
52
|
(67
|
)
|
280
|
||||||||||
Loss on disposal of Brillion
|
(19,280
|
)
|
—
|
(19,280
|
)
|
—
|
||||||||||
Pretax loss from discontinued operations
|
(21,861
|
)
|
(3,578
|
)
|
(28,042
|
)
|
(2,585
|
)
|
||||||||
Income tax provision
|
—
|
—
|
—
|
—
|
||||||||||||
Net loss from discontinued operations
|
$
|
(21,861
|
)
|
$
|
(3,578
|
)
|
$
|
(28,042
|
)
|
$
|
(2,585
|
)
|
(In thousands)
|
December 31, 2015
|
|||
ASSETS
|
||||
Trade receivables
|
$
|
5,801
|
||
Inventories
|
6,031
|
|||
Property, plant, and equipment, net
|
29,941
|
|||
Other classes of assets that are not major
|
3,486
|
|||
TOTAL
|
$
|
45,259
|
||
LIABILITIES
|
||||
Accounts payable
|
$
|
7,912
|
||
Accrued payroll and compensation
|
3,054
|
|||
Other classes of liabilities that are not major
|
3,019
|
|||
TOTAL
|
$
|
13,985
|
(In thousands)
|
Nine Months Ended
September 30, 2016
|
Nine Months Ended
September 30, 2015
|
||||||
Cash used in operating activities
|
$
|
7,122
|
$
|
350
|
||||
Cash used in investing activities
|
$
|
4,094
|
$
|
4,626
|
(In thousands)
|
September 30, 2016
|
December 31, 2015
|
||||||
Raw materials
|
$
|
8,362
|
$
|
8,739
|
||||
Work in process
|
11,303
|
11,765
|
||||||
Finished manufactured goods
|
15,548
|
21,257
|
||||||
Total inventories
|
$
|
35,213
|
$
|
41,761
|
(In thousands)
|
Wheels
|
Gunite
|
Total
|
|||||||||
Balance as of December 31, 2015
|
$
|
107,475
|
$
|
1,986
|
$
|
109,461
|
||||||
Amortization
|
(5,993
|
)
|
(175
|
)
|
(6,168
|
)
|
||||||
Balance as of September 30, 2016
|
$
|
101,482
|
$
|
1,811
|
$
|
103,293
|
(In thousands)
|
Wheels
|
Gunite
|
Total
|
|||||||||
Balance as of December 31, 2014
|
$
|
115,465
|
$
|
—
|
$
|
115,465
|
||||||
Additions
|
—
|
1,903
|
1,903
|
|||||||||
Amortization
|
(5,992
|
)
|
(56
|
)
|
(6,048
|
)
|
||||||
Balance as of September 30, 2015
|
$
|
109,473
|
$
|
1,847
|
$
|
111,320
|
|
September 30, 2016
|
December 31, 2015
|
||||||||||||||||||||||||||
(In thousands)
|
Weighted
Average
Useful
Lives
|
Gross Amount
|
Accumulated
Amortization/
Impairment
|
Carrying
Amount
|
Gross Amount
|
Accumulated
Amortization/
Impairment
|
Carrying
Amount
|
|||||||||||||||||||||
Other intangible assets:
|
||||||||||||||||||||||||||||
Trade names
|
—
|
$
|
25,200
|
$
|
—
|
$
|
25,200
|
$
|
25,200
|
$
|
—
|
$
|
25,200
|
|||||||||||||||
Technology
|
10.6
|
41,273
|
28,748
|
12,525
|
41,273
|
26,299
|
14,974
|
|||||||||||||||||||||
Customer relationships
|
16.8
|
124,304
|
58,736
|
65,568
|
124,304
|
55,017
|
69,287
|
|||||||||||||||||||||
Other intangible assets
|
$
|
190,777
|
$
|
87,484
|
$
|
103,293
|
$
|
190,777
|
$
|
81,316
|
$
|
109,461
|
|
For the Three Months Ended September 30,
|
For the Nine Months Ended September 30,
|
||||||||||||||||||||||||||||||
|
Pension Benefits
|
Other Benefits
|
Pension Benefits
|
Other Benefits
|
||||||||||||||||||||||||||||
(In thousands)
|
2016
|
2015
|
2016
|
2015
|
2016
|
2015
|
2016
|
2015
|
||||||||||||||||||||||||
Service cost-benefits earned during the period
|
$
|
176
|
$
|
170
|
$
|
65
|
$
|
95
|
$
|
532
|
$
|
526
|
$
|
200
|
$
|
294
|
||||||||||||||||
Interest cost on projected benefit obligation
|
1,855
|
2,297
|
469
|
635
|
5,593
|
7,021
|
1,410
|
2,197
|
||||||||||||||||||||||||
Expected return on plan assets
|
(2,710
|
)
|
(2,697
|
)
|
—
|
—
|
(8,172
|
)
|
(8,254
|
)
|
—
|
—
|
||||||||||||||||||||
Amortization of prior service (credit) cost
|
11
|
11
|
(322
|
)
|
(227
|
)
|
33
|
33
|
(965
|
)
|
(312
|
)
|
||||||||||||||||||||
Amortization of loss
|
179
|
304
|
103
|
118
|
541
|
935
|
314
|
370
|
||||||||||||||||||||||||
Total benefit cost charged (credited) to income
|
$
|
(489
|
)
|
$
|
85
|
$
|
315
|
$
|
621
|
$
|
(1,473
|
)
|
$
|
261
|
$
|
959
|
$
|
2,549
|
Level 1 |
Quoted market prices in active markets for identical assets or liabilities;
|
Level 2 |
Inputs other than Level 1 inputs that are either directly or indirectly observable; and
|
Level 3 |
Unobservable inputs developed using estimates and assumptions developed by us, which reflect those that a market participant would use.
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
(In thousands)
|
2016
|
2015
|
2015
|
2015
|
||||||||||||
Net sales:
|
||||||||||||||||
Wheels
|
$
|
90,923
|
$
|
101,833
|
$
|
300,713
|
$
|
324,525
|
||||||||
Gunite
|
34,279
|
43,823
|
116,517
|
128,569
|
||||||||||||
Consolidated total
|
$
|
125,202
|
$
|
145,656
|
$
|
417,230
|
$
|
453,094
|
||||||||
|
||||||||||||||||
Operating income (loss):
|
||||||||||||||||
Wheels
|
$
|
4,658
|
$
|
13,715
|
$
|
30,773
|
$
|
44,372
|
||||||||
Gunite
|
3,435
|
5,061
|
13,321
|
15,140
|
||||||||||||
Corporate / Other
|
(6,610
|
)
|
(7,658
|
)
|
(22,548
|
)
|
(25,668
|
)
|
||||||||
Consolidated total
|
$
|
1,483
|
$
|
11,118
|
$
|
21,546
|
$
|
33,844
|
|
As of
|
|||||||
(In thousands)
|
September 30, 2016
|
December 31, 2015
|
||||||
Total assets:
|
||||||||
Wheels
|
$
|
442,785
|
$
|
469,405
|
||||
Gunite
|
54,102
|
62,045
|
||||||
Brillion
|
—
|
45,259
|
||||||
Corporate / Other
|
36,331
|
26,910
|
||||||
Consolidated total
|
$
|
533,218
|
$
|
603,619
|
|
September 30, 2016
|
|||||||||||||||||||
(In thousands)
|
Parent
|
Guarantor Subsidiaries
|
Non-guarantor Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
ASSETS
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
19,468
|
$
|
—
|
$
|
7,486
|
$
|
—
|
$
|
26,954
|
||||||||||
Customer and other receivables, net
|
36,634
|
6,041
|
13,705
|
3
|
56,383
|
|||||||||||||||
Intercompany receivables
|
84,756
|
214,180
|
86,964
|
(385,900
|
)
|
—
|
||||||||||||||
Inventories
|
13,681
|
13,077
|
8,458
|
(3
|
)
|
35,213
|
||||||||||||||
Other current assets
|
6,242
|
865
|
1,073
|
—
|
8,180
|
|||||||||||||||
Total current assets
|
160,781
|
234,163
|
117,686
|
(385,900
|
)
|
126,730
|
||||||||||||||
Property, plant and equipment, net
|
74,008
|
58,491
|
52,315
|
—
|
184,814
|
|||||||||||||||
Goodwill
|
96,283
|
—
|
—
|
—
|
96,283
|
|||||||||||||||
Other intangible assets, net
|
103,293
|
—
|
—
|
—
|
103,293
|
|||||||||||||||
Investments in and advances to subsidiaries and affiliates
|
198,960
|
—
|
—
|
(198,960
|
)
|
—
|
||||||||||||||
Deferred income taxes
|
—
|
5,805
|
1,442
|
(6,469
|
)
|
778
|
||||||||||||||
Other non-current assets
|
2,549
|
345
|
18,426
|
—
|
21,320
|
|||||||||||||||
TOTAL
|
$
|
635,874
|
$
|
298,804
|
$
|
189,869
|
$
|
(591,329
|
)
|
$
|
533,218
|
|||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||
Accounts payable
|
$
|
12,813
|
$
|
19,446
|
$
|
18,830
|
$
|
—
|
$
|
51,089
|
||||||||||
Intercompany payables
|
217,970
|
139,680
|
28,250
|
(385,900
|
)
|
—
|
||||||||||||||
Accrued payroll and compensation
|
1,348
|
1,885
|
2,857
|
—
|
6,090
|
|||||||||||||||
Accrued interest payable
|
5,043
|
—
|
—
|
—
|
5,043
|
|||||||||||||||
Accrued and other liabilities
|
4,600
|
6,970
|
14,104
|
—
|
25,674
|
|||||||||||||||
Total current liabilities
|
241,774
|
167,981
|
64,041
|
(385,900
|
)
|
87,896
|
||||||||||||||
Long term debt
|
305,736
|
—
|
1,699
|
—
|
307,435
|
|||||||||||||||
Deferred and non-current income taxes
|
26,516
|
—
|
—
|
(6,469
|
)
|
20,047
|
||||||||||||||
Other non-current liabilities
|
24,970
|
37,007
|
18,985
|
—
|
80,962
|
|||||||||||||||
Stockholders' equity
|
36,878
|
93,816
|
105,144
|
(198,960
|
)
|
36,878
|
||||||||||||||
TOTAL
|
$
|
635,874
|
$
|
298,804
|
$
|
189,869
|
$
|
(591,329
|
)
|
$
|
533,218
|
|
December 31, 2015
|
|||||||||||||||||||
(In thousands)
|
Parent
|
Guarantor Subsidiaries
|
Non-guarantor Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
ASSETS
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
12,127
|
$
|
—
|
$
|
17,632
|
$
|
—
|
$
|
29,759
|
||||||||||
Customer and other receivables, net
|
34,900
|
8,443
|
16,366
|
366
|
60,075
|
|||||||||||||||
Intercompany receivables
|
123,479
|
67,504
|
58,430
|
(249,413
|
)
|
—
|
||||||||||||||
Inventories
|
20,352
|
13,138
|
8,637
|
(366
|
)
|
41,761
|
||||||||||||||
Other current assets
|
3,689
|
1,905
|
1,753
|
—
|
7,347
|
|||||||||||||||
Current assets of discontinued operations
|
—
|
12,988
|
—
|
—
|
12,988
|
|||||||||||||||
Total current assets
|
194,547
|
103,978
|
102,818
|
(249,413
|
)
|
151,930
|
||||||||||||||
Property, plant and equipment, net
|
78,527
|
65,585
|
50,709
|
—
|
194,821
|
|||||||||||||||
Goodwill
|
96,283
|
—
|
—
|
—
|
96,283
|
|||||||||||||||
Other intangible assets, net
|
109,461
|
—
|
—
|
—
|
109,461
|
|||||||||||||||
Investments in and advances to subsidiaries and affiliates
|
221,676
|
—
|
—
|
(221,676
|
)
|
—
|
||||||||||||||
Other non-current assets
|
2,806
|
345
|
15,702
|
—
|
18,853
|
|||||||||||||||
Non-current assets of discontinued operations
|
—
|
32,271
|
—
|
—
|
32,271
|
|||||||||||||||
TOTAL
|
$
|
703,300
|
$
|
202,179
|
$
|
169,229
|
$
|
(471,089
|
)
|
$
|
603,619
|
|||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||
Accounts payable
|
$
|
18,239
|
$
|
27,978
|
$
|
17,653
|
$
|
—
|
$
|
63,870
|
||||||||||
Intercompany payables
|
239,042
|
—
|
10,371
|
(249,413
|
)
|
—
|
||||||||||||||
Accrued payroll and compensation
|
1,485
|
2,394
|
2,299
|
—
|
6,178
|
|||||||||||||||
Accrued interest payable
|
12,521
|
—
|
—
|
—
|
12,521
|
|||||||||||||||
Accrued and other liabilities
|
4,549
|
6,706
|
15,022
|
—
|
26,277
|
|||||||||||||||
Current liabilities of discontinued operations
|
—
|
13,052
|
—
|
—
|
13,052
|
|||||||||||||||
Total current liabilities
|
275,836
|
50,130
|
45,345
|
(249,413
|
)
|
121,898
|
||||||||||||||
Long term debt
|
304,188
|
—
|
66
|
—
|
304,254
|
|||||||||||||||
Deferred and non-current income taxes
|
17,969
|
(4,754
|
)
|
(82
|
)
|
—
|
13,133
|
|||||||||||||
Other non-current liabilities
|
34,453
|
39,642
|
18,452
|
—
|
92,547
|
|||||||||||||||
Non-current liabilities of discontinued operations
|
—
|
933
|
—
|
—
|
933
|
|||||||||||||||
Stockholders' equity
|
70,854
|
116,228
|
105,448
|
(221,676
|
)
|
70,854
|
||||||||||||||
TOTAL
|
$
|
703,300
|
$
|
202,179
|
$
|
169,229
|
$
|
(471,089
|
)
|
$
|
603,619
|
|
Three Months Ended September 30, 2016
|
|||||||||||||||||||
(In thousands)
|
Parent
|
Guarantor
Subsidiaries
|
Non-guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
Net sales
|
$
|
99,483
|
$
|
35,620
|
$
|
35,310
|
$
|
(45,211
|
)
|
$
|
125,202
|
|||||||||
Cost of goods sold
|
87,857
|
34,959
|
35,651
|
(45,208
|
)
|
113,259
|
||||||||||||||
Gross profit (loss)
|
11,626
|
661
|
(341
|
)
|
(3
|
)
|
11,943
|
|||||||||||||
Operating expenses
|
10,026
|
(259
|
)
|
693
|
—
|
10,460
|
||||||||||||||
Income (loss) from operations
|
1,600
|
920
|
(1,034
|
)
|
(3
|
)
|
1,483
|
|||||||||||||
Other income (expense):
|
||||||||||||||||||||
Interest income (expense), net
|
(8,859
|
)
|
(33
|
)
|
450
|
—
|
(8,442
|
)
|
||||||||||||
Equity in earnings of subsidiaries
|
(21,263
|
)
|
—
|
—
|
21,263
|
—
|
||||||||||||||
Other expense, net
|
(44
|
)
|
—
|
35
|
—
|
(9
|
)
|
|||||||||||||
Income (loss) before income taxes from continuing operations
|
(28,566
|
)
|
887
|
(549
|
)
|
21,260
|
(6,968
|
)
|
||||||||||||
Income tax provision (benefit)
|
46
|
—
|
364
|
—
|
410
|
|||||||||||||||
Income (loss) from continuing operations
|
(28,612
|
)
|
887
|
(913
|
)
|
21,260
|
(7,378
|
)
|
||||||||||||
Discontinued operations, net of tax
|
—
|
(21,810
|
)
|
(51
|
)
|
—
|
(21,861
|
)
|
||||||||||||
Net income (loss)
|
(28,612
|
)
|
(20,923
|
)
|
(964
|
)
|
21,260
|
(29,239
|
)
|
|||||||||||
Loss attributable to noncontrolling interest
|
—
|
—
|
(627
|
)
|
—
|
(627
|
)
|
|||||||||||||
Net income (loss) attributable to stockholders
|
$
|
(28,612
|
)
|
$
|
(20,923
|
)
|
$
|
(337
|
)
|
$
|
21,260
|
$
|
(28,612
|
)
|
||||||
|
||||||||||||||||||||
Comprehensive income (loss)
|
$
|
(30,740
|
)
|
$
|
(23,870
|
)
|
$
|
525
|
$
|
23,345
|
$
|
(30,740
|
)
|
|
Three Months Ended September 30, 2015
|
|||||||||||||||||||
(In thousands)
|
Parent
|
Guarantor
Subsidiaries
|
Non-guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
Net sales
|
$
|
123,912
|
$
|
48,490
|
$
|
30,576
|
$
|
(57,322
|
)
|
$
|
145,656
|
|||||||||
Cost of goods sold
|
117,925
|
37,068
|
26,014
|
(56,974
|
)
|
124,033
|
||||||||||||||
Gross profit
|
5,987
|
11,422
|
4,562
|
(348
|
)
|
21,623
|
||||||||||||||
Operating expenses
|
10,363
|
109
|
33
|
—
|
10,505
|
|||||||||||||||
Income (loss) from operations
|
(4,376
|
)
|
11,313
|
4,529
|
(348
|
)
|
11,118
|
|||||||||||||
Other income (expense):
|
||||||||||||||||||||
Interest income (expense), net
|
(8,749
|
)
|
(47
|
)
|
547
|
—
|
(8,249
|
)
|
||||||||||||
Equity in earnings of subsidiaries
|
10,038
|
—
|
—
|
(10,038
|
)
|
—
|
||||||||||||||
Other income (expense), net
|
(384
|
)
|
—
|
(758
|
)
|
—
|
(1,142
|
)
|
||||||||||||
Income (loss) before income taxes from continuing operations
|
(3,471
|
)
|
11,266
|
4,318
|
(10,386
|
)
|
1,727
|
|||||||||||||
Income tax provision (benefit)
|
(5,291
|
)
|
925
|
695
|
—
|
(3,671
|
)
|
|||||||||||||
Income (loss) from continuing operations
|
1,820
|
10,341
|
3,623
|
(10,386
|
)
|
5,398
|
||||||||||||||
Discontinued operations, net of tax
|
—
|
(3,620
|
)
|
42
|
—
|
(3,578
|
)
|
|||||||||||||
Net income (loss)
|
1,820
|
6,721
|
3,665
|
(10,386
|
)
|
1,820
|
||||||||||||||
Loss attributable to noncontrolling interest
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Net income (loss) attributable to stockholders
|
$
|
1,820
|
$
|
6,721
|
$
|
3,665
|
$
|
(10,386
|
)
|
$
|
1,820
|
|||||||||
|
||||||||||||||||||||
Comprehensive income (loss)
|
$
|
(1,439
|
)
|
$
|
2,866
|
$
|
4,735
|
$
|
(7,601
|
)
|
$
|
(1,439
|
)
|
|
Nine Months Ended September 30, 2016
|
|||||||||||||||||||
(In thousands)
|
Parent
|
Guarantor
Subsidiaries
|
Non-guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
Net sales
|
$
|
327,125
|
$
|
121,670
|
$
|
105,743
|
$
|
(137,308
|
)
|
$
|
417,230
|
|||||||||
Cost of goods sold
|
279,893
|
113,371
|
105,153
|
(137,298
|
)
|
361,119
|
||||||||||||||
Gross profit (loss)
|
47,232
|
8,299
|
590
|
(10
|
)
|
56,111
|
||||||||||||||
Operating expenses
|
33,542
|
(833
|
)
|
1,856
|
—
|
34,565
|
||||||||||||||
Income (loss) from operations
|
13,690
|
9,132
|
(1,266
|
)
|
(10
|
)
|
21,546
|
|||||||||||||
Other income (expense):
|
||||||||||||||||||||
Interest income (expense), net
|
(26,621
|
)
|
(41
|
)
|
1,414
|
—
|
(25,248
|
)
|
||||||||||||
Equity in earnings of subsidiaries
|
(17,780
|
)
|
—
|
—
|
17,780
|
—
|
||||||||||||||
Other expense, net
|
428
|
—
|
154
|
—
|
582
|
|||||||||||||||
Income (loss) before income taxes from continuing operations
|
(30,283
|
)
|
9,091
|
302
|
17,770
|
(3,120
|
)
|
|||||||||||||
Income tax provision (benefit)
|
611
|
(490
|
)
|
1,045
|
—
|
1,166
|
||||||||||||||
Income (loss) from continuing operations
|
(30,894
|
)
|
9,581
|
(743
|
)
|
17,770
|
(4,286
|
)
|
||||||||||||
Discontinued operations, net of tax
|
—
|
(27,943
|
)
|
(99
|
)
|
—
|
(28,042
|
)
|
||||||||||||
Net income (loss)
|
(30,894
|
)
|
(18,362
|
)
|
(842
|
)
|
17,770
|
(32,328
|
)
|
|||||||||||
Loss attributable to noncontrolling interest
|
—
|
—
|
(1,434
|
)
|
—
|
(1,434
|
)
|
|||||||||||||
Net income (loss) attributable to stockholders
|
$
|
(30,894
|
)
|
$
|
(18,362
|
)
|
$
|
592
|
$
|
17,770
|
$
|
(30,894
|
)
|
|||||||
|
||||||||||||||||||||
Comprehensive income (loss)
|
$
|
(34,076
|
)
|
$
|
(21,922
|
)
|
$
|
1,119
|
$
|
20,803
|
$
|
(34,076
|
)
|
|
Nine Months Ended September 30, 2015
|
|||||||||||||||||||
(In thousands)
|
Parent
|
Guarantor
Subsidiaries
|
Non-guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
Net sales
|
$
|
379,041
|
$
|
155,053
|
$
|
94,462
|
$
|
(175,462
|
)
|
$
|
453,094
|
|||||||||
Cost of goods sold
|
348,803
|
126,830
|
84,778
|
(174,405
|
)
|
386,006
|
||||||||||||||
Gross profit
|
30,238
|
28,223
|
9,684
|
(1,057
|
)
|
67,088
|
||||||||||||||
Operating expenses
|
33,100
|
27
|
117
|
—
|
33,244
|
|||||||||||||||
Income (loss) from operations
|
(2,862
|
)
|
28,196
|
9,567
|
(1,057
|
)
|
33,844
|
|||||||||||||
Other income (expense):
|
||||||||||||||||||||
Interest income (expense), net
|
(26,191
|
)
|
(152
|
)
|
1,390
|
—
|
(24,953
|
)
|
||||||||||||
Equity in earnings of subsidiaries
|
31,950
|
—
|
—
|
(31,950
|
)
|
—
|
||||||||||||||
Other income (expense), net
|
(663
|
)
|
—
|
(1,735
|
)
|
—
|
(2,398
|
)
|
||||||||||||
Income (loss) before income taxes from continuing operations
|
2,234
|
28,044
|
9,222
|
(33,007
|
)
|
6,493
|
||||||||||||||
Income tax provision (benefit)
|
(5,337
|
)
|
578
|
1,096
|
—
|
(3,663
|
)
|
|||||||||||||
Income (loss) from continuing operations
|
7,571
|
27,466
|
8,126
|
(33,007
|
)
|
10,156
|
||||||||||||||
Discontinued operations, net of tax
|
—
|
(2,834
|
)
|
249
|
—
|
(2,585
|
)
|
|||||||||||||
Net income (loss)
|
7,571
|
24,632
|
8,375
|
(33,007
|
)
|
7,571
|
||||||||||||||
Loss attributable to noncontrolling interest
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Net income (loss) attributable to stockholders
|
$
|
7,571
|
$
|
24,632
|
$
|
8,375
|
$
|
(33,007
|
)
|
$
|
7,571
|
|||||||||
|
||||||||||||||||||||
Comprehensive income (loss)
|
$
|
23,152
|
$
|
37,765
|
$
|
10,763
|
$
|
(48,528
|
)
|
$
|
23,152
|
|
Nine Months Ended September 30, 2016
|
|||||||||||||||||||
(In thousands)
|
Parent
Company
|
Guarantor
Subsidiaries
|
Non-guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||||||||||
Net income (loss)
|
$
|
(30,894
|
)
|
$
|
(18,362
|
)
|
$
|
(842
|
)
|
$
|
17,770
|
$
|
(32,328
|
)
|
||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
||||||||||||||||||||
Depreciation
|
9,476
|
13,685
|
3,453
|
—
|
26,614
|
|||||||||||||||
Amortization – deferred financing costs
|
1,859
|
—
|
—
|
—
|
1,859
|
|||||||||||||||
Amortization – other intangible assets
|
6,168
|
111
|
—
|
—
|
6,279
|
|||||||||||||||
Loss on disposal of discontinued operation
|
19,280
|
—
|
—
|
—
|
19,280
|
|||||||||||||||
Loss (gain) on disposal of assets
|
313
|
(171
|
)
|
256
|
—
|
398
|
||||||||||||||
Deferred income taxes
|
505
|
(490
|
)
|
—
|
—
|
15
|
||||||||||||||
Non-cash share-based compensation
|
1,750
|
—
|
—
|
—
|
1,750
|
|||||||||||||||
Equity in earnings of subsidiaries and affiliates
|
17,780
|
—
|
—
|
(17,780
|
)
|
—
|
||||||||||||||
Change in other operating items
|
(45,032
|
)
|
36,900
|
(10,294
|
)
|
10
|
(18,416
|
)
|
||||||||||||
Net cash provided by (used in) operating activities
|
(18,795
|
)
|
31,673
|
(7,427
|
)
|
—
|
5,451
|
|||||||||||||
|
||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||||||||||
Purchases of property, plant, and equipment
|
(7,350
|
)
|
(7,896
|
)
|
(4,701
|
)
|
—
|
(19,947
|
)
|
|||||||||||
Proceeds from notes receivable
|
(3,586
|
)
|
(22,508
|
)
|
—
|
26,094
|
—
|
|||||||||||||
Payments on notes receivable
|
24,468
|
13,483
|
—
|
(37,951
|
)
|
—
|
||||||||||||||
Proceeds from disposal of discontinued operation
|
—
|
11,682
|
—
|
—
|
11,682
|
|||||||||||||||
Net cash provided by (used in) investing activities
|
13,532
|
(5,239
|
)
|
(4,701
|
)
|
(11,857
|
)
|
(8,265
|
)
|
|||||||||||
|
||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||||||||||
Proceeds from notes payable
|
46,924
|
7
|
3,579
|
(27,691
|
)
|
22,819
|
||||||||||||||
Payments on notes payable
|
(34,320
|
)
|
(24,468
|
)
|
(1,597
|
)
|
39,548
|
(20,837
|
)
|
|||||||||||
Principal payments on capital leases
|
—
|
(1,973
|
)
|
—
|
—
|
(1,973
|
)
|
|||||||||||||
Net cash provided by (used in) financing activities
|
12,604
|
(26,434
|
)
|
1,982
|
11,857
|
9
|
||||||||||||||
Net increase (decrease) in cash and cash equivalents
|
7,341
|
—
|
(10,146
|
)
|
—
|
(2,805
|
)
|
|||||||||||||
Cash and cash equivalents, beginning of period
|
12,127
|
—
|
17,632
|
—
|
29,759
|
|||||||||||||||
Cash and cash equivalents, end of period
|
$
|
19,468
|
$
|
—
|
$
|
7,486
|
$
|
—
|
$
|
26,954
|
|
Nine Months Ended September 30, 2015
|
|||||||||||||||||||
(In thousands)
|
Parent
Company
|
Guarantor
Subsidiaries
|
Non-guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||||||||||
Net income (loss)
|
$
|
7,571
|
$
|
24,632
|
$
|
8,375
|
$
|
(33,007
|
)
|
$
|
7,571
|
|||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||||||||||||||
Depreciation
|
8,302
|
14,142
|
2,882
|
—
|
25,326
|
|||||||||||||||
Amortization – deferred financing costs
|
1,859
|
—
|
—
|
—
|
1,859
|
|||||||||||||||
Amortization – other intangible assets
|
6,048
|
126
|
—
|
—
|
6,174
|
|||||||||||||||
Loss (gain) on disposal of assets
|
256
|
39
|
(55
|
)
|
—
|
240
|
||||||||||||||
Deferred income taxes
|
(5,299
|
)
|
435
|
—
|
—
|
(4,864
|
)
|
|||||||||||||
Non-cash share-based compensation
|
2,147
|
—
|
—
|
—
|
2,147
|
|||||||||||||||
Equity in earnings of subsidiaries and affiliates
|
(31,950
|
)
|
—
|
—
|
31,950
|
—
|
||||||||||||||
Change in other operating items
|
44,418
|
(52,797
|
)
|
(36
|
)
|
1,057
|
(7,358
|
)
|
||||||||||||
Net cash provided by (used in) operating activities
|
33,352
|
(13,423
|
)
|
11,166
|
—
|
31,095
|
||||||||||||||
|
||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||||||||||
Purchases of property, plant, and equipment
|
(7,499
|
)
|
(7,449
|
)
|
(931
|
)
|
—
|
(15,879
|
)
|
|||||||||||
Proceeds from notes receivable
|
3,518
|
(28,217
|
)
|
(33,901
|
)
|
58,600
|
—
|
|||||||||||||
Payment on notes receivable
|
(26,268
|
)
|
75,191
|
32,680
|
(81,603
|
)
|
—
|
|||||||||||||
Other
|
—
|
(1,903
|
)
|
—
|
—
|
(1,903
|
)
|
|||||||||||||
Net cash provided by (used in) investing activities
|
(30,249
|
)
|
37,622
|
(2,152
|
)
|
(23,003
|
)
|
(17,782
|
)
|
|||||||||||
|
||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||||||||||
Proceeds from notes payable
|
15,312
|
64,288
|
—
|
(58,600
|
)
|
21,000
|
||||||||||||||
Payments on notes payable
|
(18,053
|
)
|
(86,550
|
)
|
—
|
81,603
|
(23,000
|
)
|
||||||||||||
Principal payments on capital leases
|
—
|
(1,937
|
)
|
—
|
—
|
(1,937
|
)
|
|||||||||||||
Other
|
3,140
|
—
|
(3,164
|
)
|
—
|
(24
|
)
|
|||||||||||||
Net cash provided by (used in) financings activities
|
399
|
(24,199
|
)
|
(3,164
|
)
|
23,003
|
(3,961
|
)
|
||||||||||||
Net increase (decrease) in cash and cash equivalents
|
3,502
|
—
|
5,850
|
—
|
9,352
|
|||||||||||||||
Cash and cash equivalents, beginning of period
|
22,710
|
—
|
7,063
|
—
|
29,773
|
|||||||||||||||
Cash and cash equivalents, end of period
|
$
|
26,212
|
$
|
—
|
$
|
12,913
|
$
|
—
|
$
|
39,125
|
(In thousands)
|
Pension Plan
|
Post Retirement
Plan
|
Foreign Exchange
|
Total
|
||||||||||||
Balance as of July 1, 2016
|
$
|
(35,466
|
)
|
$
|
17,262
|
$
|
(275
|
)
|
$
|
(18,479
|
)
|
|||||
Amounts reclassified from accumulated other comprehensive loss:
|
||||||||||||||||
Actuarial costs (reclassified to salaries, wages, and benefits)
|
179
|
88
|
—
|
267
|
||||||||||||
Prior service costs (reclassified to salaries, wages, and benefits)
|
11
|
(355
|
)
|
—
|
(344
|
)
|
||||||||||
Foreign currency translation
|
193
|
73
|
409
|
675
|
||||||||||||
Disposal of discontinued operation
|
—
|
(3,032
|
)
|
—
|
(3,032
|
)
|
||||||||||
Income tax (expense) or benefit
|
(42
|
)
|
348
|
—
|
306
|
|||||||||||
Other comprehensive income (loss), net of tax
|
341
|
(2,878
|
)
|
409
|
(2,128
|
)
|
||||||||||
Balance as of September 30, 2016
|
$
|
(35,125
|
)
|
$
|
14,384
|
$
|
134
|
$
|
(20,607
|
)
|
(In thousands)
|
Pension Plan
|
Post Retirement
Plan
|
Foreign Exchange
|
Total
|
||||||||||||
Balance as of January 1, 2016
|
$
|
(35,355
|
)
|
$
|
17,855
|
$
|
75
|
$
|
(17,425
|
)
|
||||||
Amounts reclassified from accumulated other comprehensive loss:
|
||||||||||||||||
Actuarial costs (reclassified to salaries, wages, and benefits)
|
541
|
253
|
—
|
794
|
||||||||||||
Prior service costs (reclassified to salaries, wages, and benefits)
|
33
|
(1,098
|
)
|
—
|
(1,065
|
)
|
||||||||||
Foreign currency translation
|
(455
|
)
|
8
|
59
|
(388
|
)
|
||||||||||
Disposal of discontinued operation
|
—
|
(3,032
|
)
|
—
|
(3,032
|
)
|
||||||||||
Income tax (expense) or benefit
|
111
|
398
|
—
|
509
|
||||||||||||
Other comprehensive income (loss), net of tax
|
230
|
(3,471
|
)
|
59
|
(3,182
|
)
|
||||||||||
Balance as of September 30, 2016
|
$
|
(35,125
|
)
|
$
|
14,384
|
$
|
134
|
$
|
(20,607
|
)
|
(In thousands)
|
Pension Plan
|
Post Retirement
Plan
|
Total
|
|||||||||
Balance as of July 1, 2015
|
$
|
(38,996
|
)
|
$
|
8,198
|
$
|
(30,798
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss:
|
||||||||||||
Actuarial costs (reclassified to salaries, wages, and benefits)
|
304
|
89
|
393
|
|||||||||
Prior service costs (reclassified to salaries, wages, and benefits)
|
11
|
(236
|
)
|
(225
|
)
|
|||||||
Foreign currency translation related to pension and postretirement plans
|
797
|
297
|
1,094
|
|||||||||
Remeasurements
|
—
|
(1,380
|
)
|
(1,380
|
)
|
|||||||
Income tax (expense) or benefit
|
(227
|
)
|
(2,914
|
)
|
(3,141
|
)
|
||||||
Other comprehensive income (loss), net of tax
|
885
|
(4,144
|
)
|
(3,259
|
)
|
|||||||
Balance as of September 30, 2015
|
$
|
(38,111
|
)
|
$
|
4,054
|
$
|
(34,057
|
)
|
(In thousands)
|
Pension Plan
|
Post Retirement
Plan
|
Total
|
|||||||||
Balance as of January 1, 2015
|
$
|
(40,160
|
)
|
$
|
(9,478
|
)
|
$
|
(49,638
|
)
|
|||
Amounts reclassified from accumulated other comprehensive loss:
|
||||||||||||
Actuarial costs (reclassified to salaries, wages, and benefits)
|
935
|
284
|
1,219
|
|||||||||
Prior service costs (reclassified to salaries, wages, and benefits)
|
33
|
(338
|
)
|
(305
|
)
|
|||||||
Foreign currency translation related to pension and postretirement plans
|
1,502
|
567
|
2,069
|
|||||||||
Remeasurements
|
—
|
16,491
|
16,491
|
|||||||||
Income tax (expense) or benefit
|
(421
|
)
|
(3,472
|
)
|
(3,893
|
)
|
||||||
Other comprehensive income (loss), net of tax
|
2,049
|
13,532
|
15,581
|
|||||||||
Balance as of September 30, 2015
|
$
|
(38,111
|
)
|
$
|
4,054
|
$
|
(34,057
|
)
|
Three Months Ended September 30,
|
||||||||
(In thousands)
|
2016
|
2015
|
||||||
Net sales
|
$
|
125,202
|
$
|
145,656
|
||||
Cost of goods sold
|
113,259
|
124,033
|
||||||
Gross profit
|
11,943
|
21,623
|
||||||
Operating expenses
|
10,460
|
10,505
|
||||||
Income from operations
|
1,483
|
11,118
|
||||||
Interest expense, net
|
(8,442
|
)
|
(8,249
|
)
|
||||
Other loss, net
|
(9
|
)
|
(1,142
|
)
|
||||
Income tax expense (benefit)
|
410
|
(3,671
|
)
|
|||||
Income (loss) from continuing operations
|
(7,378
|
)
|
5,398
|
|||||
Discontinued operations, net of tax
|
(21,861
|
)
|
(3,578
|
)
|
||||
Net income (loss)
|
(29,239
|
)
|
1,820
|
|||||
Net loss attributable to noncontrolling interest
|
(627
|
)
|
—
|
|||||
Net income (loss) attributable to stockholders
|
$
|
(28,612
|
)
|
$
|
1,820
|
|
Three Months Ended September 30,
|
|||||||
(In thousands)
|
2016
|
2015
|
||||||
Wheels
|
$
|
90,923
|
$
|
101,833
|
||||
Gunite
|
34,279
|
43,823
|
||||||
Total
|
$
|
125,202
|
$
|
145,656
|
|
For the Three Months Ended September 30,
|
||
|
2016
|
|
2015
|
Class 8
|
53,754
|
|
83,005
|
Classes 5-7
|
52,555
|
|
60,449
|
Trailer
|
71,967
|
|
81,538
|
|
For the Three Months Ended September 30,
|
||
|
2016
|
2015
|
|
European Heavy Trucks (>16t)
|
104,075
|
107,484
|
|
European Medium Trucks (3.5lt-16t)
|
25,107
|
22,179
|
|
Three Months Ended September 30,
|
|||||||
(In thousands)
|
2016
|
2015
|
||||||
Raw materials
|
$
|
58,904
|
$
|
67,285
|
||||
Depreciation
|
7,728
|
7,251
|
||||||
Labor and other overhead
|
46,627
|
49,497
|
||||||
Total
|
$
|
113,259
|
$
|
124,033
|
|
Three Months Ended September 30,
|
|||||||
(In thousands)
|
2016
|
2015
|
||||||
Selling, general, and administrative
|
$
|
6,743
|
$
|
6,665
|
||||
Research and development
|
1,659
|
1,787
|
||||||
Depreciation and amortization
|
2,058
|
2,053
|
||||||
Total
|
$
|
10,460
|
$
|
10,505
|
|
Three Months Ended September 30,
|
|||||||
(In thousands)
|
2016
|
2015
|
||||||
Wheels
|
$
|
4,658
|
$
|
13,715
|
||||
Gunite
|
3,435
|
5,061
|
||||||
Corporate/Other
|
(6,610
|
)
|
(7,658
|
)
|
||||
Total
|
$
|
1,483
|
$
|
11,118
|
Nine Months Ended September 30,
|
||||||||
(In thousands)
|
2016
|
2015
|
||||||
Net sales
|
$
|
417,230
|
$
|
453,094
|
||||
Cost of goods sold
|
361,119
|
386,006
|
||||||
Gross profit
|
56,111
|
67,088
|
||||||
Operating expenses
|
34,565
|
33,244
|
||||||
Income from operations
|
21,546
|
33,844
|
||||||
Interest expense, net
|
(25,248
|
)
|
(24,953
|
)
|
||||
Other income (loss), net
|
582
|
(2,398
|
)
|
|||||
Income tax expense
|
1,166
|
(3,663
|
)
|
|||||
Income (loss) from continuing operations
|
(4,286
|
)
|
10,156
|
|||||
Discontinued operations, net of tax
|
(28,042
|
)
|
(2,585
|
)
|
||||
Net income (loss)
|
(32,328
|
)
|
7,571
|
|||||
Net loss attributable to noncontrolling interest
|
(1,434
|
)
|
—
|
|||||
Net income (loss) attributable to stockholders
|
$
|
(30,894
|
)
|
$
|
7,571
|
|
Nine Months Ended September 30,
|
|||||||
(In thousands)
|
2016
|
2015
|
||||||
Wheels
|
$
|
300,713
|
$
|
324,525
|
||||
Gunite
|
116,517
|
128,569
|
||||||
Total
|
$
|
417,230
|
$
|
453,094
|
|
For the Nine Months Ended September 30,
|
||
|
2016
|
2015
|
|
Class 8
|
180,872
|
250,902
|
|
Classes 5-7
|
179,825
|
176,829
|
|
Trailer
|
222,104
|
235,166
|
|
For the Nine Months Ended September 30,
|
||
|
2016
|
2015
|
|
European Heavy Trucks (>16t)
|
317,447
|
312,518
|
|
European Medium Trucks (3.5lt-16t)
|
75,565
|
64,803
|
|
Nine Months Ended September 30,
|
|||||||
(In thousands)
|
2016
|
2015
|
||||||
Raw materials
|
$
|
180,639
|
$
|
206,525
|
||||
Depreciation
|
23,718
|
21,895
|
||||||
Labor and other overhead
|
156,762
|
157,586
|
||||||
Total
|
$
|
361,119
|
$
|
386,006
|
|
Nine Months Ended September 30,
|
|||||||
(In thousands)
|
2016
|
2015
|
||||||
Selling, general, and administrative
|
$
|
22,780
|
$
|
22,240
|
||||
Research and development
|
5,617
|
4,946
|
||||||
Depreciation and amortization
|
6,168
|
6,058
|
||||||
Total
|
$
|
34,565
|
$
|
33,244
|
|
Nine Months Ended September 30,
|
|||||||
(In thousands)
|
2016
|
2015
|
||||||
Wheels
|
$
|
30,773
|
$
|
44,372
|
||||
Gunite
|
13,321
|
15,140
|
||||||
Corporate/Other
|
(22,548
|
)
|
(25,668
|
)
|
||||
Total
|
$
|
21,546
|
$
|
33,844
|
(In thousands)
|
September 30, 2016
|
December 31, 2015
|
||||||
Receivables
|
$
|
56,383
|
$
|
60,075
|
||||
Inventories
|
35,213
|
41,761
|
||||||
Other current assets
|
8,180
|
7,347
|
||||||
Accounts payable
|
(51,089
|
)
|
(63,870
|
)
|
||||
Accrued payroll and compensation
|
(6,090
|
)
|
(6,178
|
)
|
||||
Accrued interest payable
|
(5,043
|
)
|
(12,521
|
)
|
||||
Accrued workers compensation
|
(2,894
|
)
|
(2,392
|
)
|
||||
Short-term debt obligations
|
(10,635
|
)
|
(10,286
|
)
|
||||
Other current liabilities
|
(12,145
|
)
|
(13,599
|
)
|
||||
Working capital
|
$
|
11,880
|
$
|
337
|
• |
a decrease in receivables of $3.7 million due to decreased sales during the current period;
|
• |
a decrease in inventory of $6.5 million due to planned inventory reductions for the quarter;
|
• |
a decrease in accounts payable of $12.8 million due primarily to lower production volume as well as timing of purchases leading into the end of the respective periods; namely capital spending in accounts payable at September 30, 2016 compared to December 31, 2015; and
|
• |
a decrease in accrued interest payable of $7.5 million due to the semi-annual interest payment in February and August 2016.
|
• |
the failure to consummate the proposed transaction with Crestview for any reason, including, but not limited to, the inability to obtain shareholder approval of the proposed transaction, the inability to obtain required regulatory approvals for the proposed transaction, the failure of any of the conditions to the closing of the proposed transaction to be satisfied, the outcome of any legal proceedings related to the proposed transaction, the failure for affiliates of Crestview to obtain the necessary debt and equity financing for the proposed transaction and the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement relating to the proposed transaction;
|
• |
changes in commercial vehicle industry build rates and demand in 2016 and 2017 could have a material adverse effect on our business;
|
• |
the loss of a major customer could have a material adverse effect on our business;
|
• |
competition from products sourced in low cost countries could have an adverse effect on our business;
|
• |
the demands of original equipment manufacturers for price reductions may adversely affect profitability;
|
• |
we use a substantial amount of raw steel, aluminum, cast scrap, and foundry steel and are vulnerable to industry shortages, significant price increases, and surcharges, some of which we may not be able to pass through to our customers;
|
• |
our credit documents contain significant financial and operating covenants that may limit the discretion of management with respect to certain business matters;
|
• |
failure to comply with the obligations, including applicable financial ratios and tests, contained in the debt agreements could result in an event of default, and possibly the acceleration of the related debt and the acceleration of debt under other instruments evidencing debt that may contain cross-acceleration or cross-default provisions;
|
• |
a labor strike may disrupt our supply of products to our customer base;
|
• |
we may encounter increased competition in the future from existing competitors or new competitors;
|
• |
our significant indebtedness may have important consequences, including, but not limited to, impairment of our ability to obtain additional financing, reduction of funds available for operations and business opportunities or limitations on our ability to dispose of assets;
|
• |
any inability to refinance our outstanding Senior Secured Notes that mature on August 1, 2018 on reasonable terms may have an adverse effect on us;
|
• |
significant volatility in the foreign currency markets could have an adverse effect on us;
|
• |
our ability to service our indebtedness is dependent upon operating cash flow;
|
• |
an interruption of performance of our machinery and equipment could have an adverse effect on us;
|
• |
an interruption in supply of metals could reduce our ability to obtain favorable sourcing of such raw materials;
|
• |
any product quality issue or an adverse judgment in legal proceedings could have an adverse effect on our business;
|
• |
we may be subject to liability under certain environmental laws and the cost of compliance with these regulations could have a material adverse effect on our financial condition and may adversely affect our ability to sell or rent such property or to borrow using such property as collateral; and
|
• |
our success depends largely upon the abilities and experience of certain key management personnel and the loss of the services of one or more of these key personnel could have a negative impact on our business.
|
(Dollars in thousands)
|
2016
|
2017
|
2018
|
2019
|
2020
|
Thereafter
|
Total
|
Fair
Value
|
||||||||||||||||||||||||
Long-term Debt:
|
||||||||||||||||||||||||||||||||
Fixed Rate Debt
|
—
|
—
|
$
|
310,000
|
—
|
—
|
—
|
$
|
310,000
|
$
|
309,073
|
|||||||||||||||||||||
Average Rate
|
—
|
—
|
9.5
|
%
|
—
|
—
|
—
|
9.5
|
%
|
|||||||||||||||||||||||
Short-term Debt:
|
||||||||||||||||||||||||||||||||
Variable Rate Debt
|
$
|
7,084
|
—
|
—
|
—
|
—
|
—
|
$
|
7,084
|
$
|
7,084
|
|||||||||||||||||||||
Average Rate
|
3.5
|
%
|
—
|
—
|
—
|
—
|
—
|
3.5
|
%
|
Exhibit No.
|
|
|
Description
|
|
|
|
|
2.1
|
|
—
|
Agreement and Plan of Merger, dated as of December 24, 2004, by and among Accuride Corporation, Amber Acquisition Corp., Transportation Technologies Industries, Inc., certain signing stockholders and the Company Stockholders Representatives. Previously filed as an exhibit to the Form 8-K filed on December 30, 2004 and incorporated herein by reference.
|
2.2
|
|
—
|
Amendment to Agreement and Plan of Merger, dated as of January 28, 2005, by and among Accuride Corporation, Amber Acquisition Corp., Transportation Technologies Industries, Inc. certain signing stockholders and the Company Stockholders Representatives. Previously filed as an exhibit to the Form 8-K filed on February 4, 2005 and incorporated herein by reference.
|
2.3
|
|
—
|
Third Amended Joint Plan of Reorganization for Accuride Corporation, et al. Previously filed as an exhibit to the Form 8-K filed on February 22, 2010, and incorporated herein by reference.
|
2.4
|
|
—
|
Confirmation Order for Third Amended Plan of Reorganization. Previously filed as an exhibit to the Form 8-K filed on February 22, 2010, and incorporated herein by reference.
|
2.5
|
|
—
|
Stock Purchase Agreement, dated as of September 26, 2011, by and among Accuride Corporation, Truck Components, Inc., Fabco Automotive Corporation and Fabco Holdings Inc. Previously filed as an exhibit to the Form 8-K filed on September 30, 2011 and incorporated herein by reference.
|
2.6
|
—
|
Agreement and Plan of Merger, dated as of September 2, 2016, by and among Accuride Corporation, Armor Parent Corp. and Armor Merger Sub Corp. Previously filed as an exhibit to the Form 8-K filed on September 2, 2016 and incorporated herein by reference.
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2.7
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—
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Stock Purchase Agreement, dated as of September 2, 2016, by and among Accuride Corporation, Truck Components, Inc. and Grede Holdings LLC. Previously filed as an exhibit to the Form 8-K filed on September 2, 2016 and incorporated herein by reference.
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3.1
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—
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Amended and Restated Certificate of Incorporation of Accuride Corporation. Previously filed as an exhibit to the Form 8-K (Acc. No. 0001104659-10-012168) filed on March 4, 2010 and incorporated herein by reference.
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3.2
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—
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Certificate of Amendment to the Amended and Restated Certificate of Incorporation. Previously filed as an exhibit to the Form 8-K (ACC No. 0001104659-10-059191) filed on November 18, 2010 and incorporated herein by reference.
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3.3
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—
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Amended and Restated Bylaws of Accuride Corporation. Previously filed as an exhibit to the Form 8-K (Acc. No. 0001104659-10-004054) filed on February 1, 2011 and incorporated herein by reference.
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4.1
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—
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Registration Rights Agreement, dated as of February 26, 2010, by and between Accuride Corporation and each of the Holders party thereto. Previously filed as an exhibit to the Form 8-K (Acc. No. 0001104659-10-012168) filed on March 4, 2010 and incorporated herein by reference.
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4.2
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—
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Indenture, dated as of July 29, 2010, by and among Accuride Corporation, the guarantors named therein, Wilmington Trust FSB, as trustee and Deutsche Bank Trust Company Americas, with respect to 9.5% First Priority Senior Secured Notes due 2018. Previously filed as an exhibit to the Form 8-K filed on August 2, 2010 (Acc. No. 0001104659-10-012168) and incorporated herein by reference.
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4.3
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—
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Form of 9.5% First Priority Senior Secured Notes due 2018. Previously filed as an exhibit to the Form 8-K filed on August 2, 2010 and incorporated herein by reference.
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4.4
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—
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Intercreditor Agreement, dated as of July 29, 2010, by and among Deutsche Bank Trust Company Americas, as initial ABL Agent, and Deutsche Bank Trust Company Americas, as Senior Secured Notes Collateral Agent. Previously filed as an exhibit to the Form 8-K filed on August 2, 2010 (Acc. No. 0001104659-10-012168) and incorporated herein by reference.
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4.5
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—
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Joinder and Amendment to Intercreditor Agreement, dated as of July 11, 2013, by and among Wells Fargo, National Association, a national banking association, as the New ABL Agent and Deutsche Bank Trust Company Americas, as Senior Secured Notes Collateral Agent. Previously filed as an exhibit to the Form 8-K filed on July 12, 2013 and incorporated herein by reference.
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4.6
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—
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Rights Agreement, dated as of October 10, 2016, by and between Accuride Corporation and American Stock Transfer & Trust Company, LLC, which includes the Certificate of Designations of Series A Junior Participating Preferred Stock as Exhibit A, the Form of Right Certificate as Exhibit B and the Summary of Rights to Purchase Preferred Shares as Exhibit C. Previously filed as an exhibit to the Form 8-K filed on October 11, 2016 and incorporated herein by reference.
|
31.1†
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—
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Section 302 Certification of Richard F. Dauch in connection with the Quarterly Report on Form 10-Q on Accuride Corporation for the period ended September 30, 2016.
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31.2†
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—
|
Section 302 Certification of Michael A. Hajost in connection with the Quarterly Report on Form 10-Q of Accuride Corporation for the period ended September 30, 2016.
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32.1††
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—
|
Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code.
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101.INS†
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—
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XBRL Instance Document
|
101.SCH†
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—
|
XBRL Taxonomy Extension Schema Document
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101.CAL†
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—
|
XBRL Taxonomy Extension Calculation Linkbase Document
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101.LAB†
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—
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE†
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—
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
101.DEF†
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—
|
XBRL Taxonomy Extension Definition Linkbase Document
|
†
|
Filed herewith
|
|
††
|
Furnished herewith
|
|
/s/ RICHARD F. DAUCH
|
|
Dated: November 1, 2016
|
Richard F. Dauch
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|
President and Chief Executive Officer
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|
|
(Principal Executive Officer)
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|
|
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|
|
/s/ MICHAEL A. HAJOST
|
|
Dated: November 1, 2016
|
Michael A. Hajost
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
(Principal Financial and Accounting Officer)
|
|
|
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 |
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 1, 2016
|
|
|
|
|
|
|
/s/ RICHARD F. DAUCH
|
|
|
Richard F. Dauch
|
|
|
President and Chief Executive Officer
|
|
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 |
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 1, 2016
|
|
|
|
|
|
|
/s/ MICHAEL A. HAJOST
|
|
|
Michael A. Hajost
|
|
|
Senior Vice President and Chief Financial Officer
|
|
/s/ RICHARD F. DAUCH
|
|
Dated: November 1, 2016
|
Richard F. Dauch
|
|
|
President and Chief Executive Officer
|
|
|
/s/ MICHAEL A. HAJOST
|
|
Dated: November 1, 2016
|
Michael A. Hajost
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
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