Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Jun. 30, 2016

Jun. 30, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheet (1)

March 31, 2016



	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Reclassifications and Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	640	$	36,209	$	28,155	$	—		$	65,004
Accounts receivable, net	—		41,025		52,143		—			93,168
Intercompany receivable	30,210		132,523		170,224		(332,957		)	—
Inventories, net	—		113,289		55,590		—			168,879
Prepaid expenses and other	3,325		12,161		12,974		(2,964		)	25,496
Total current assets	34,175		335,207		319,086		(335,921		)	352,547
Property and equipment, net	255		93,936		147,648		—			241,839
Goodwill	—		40,294		—		—			40,294
Intangible assets, net	—		27,252		6,049		—			33,301
Investment in NEC TOKIN	—		20,334		—		—			20,334
Investments in subsidiaries	382,108		429,723		93,359		(905,190		)	—
Deferred income taxes	—		800		7,597		—			8,397
Other assets	—		2,452		616		—			3,068
Long-term intercompany receivable	67,500		41,428		1,088		(110,016		)	—
Total assets	$	484,038	$	991,426	$	575,443	$	(1,351,127	)	$	699,780
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	2,000	$	—	$	—	$	—		$	2,000
Accounts payable	20		34,618		36,343		—			70,981
Intercompany payable	280		275,498		57,179		(332,957		)	—
Accrued expenses	17,305		11,807		21,208		—			50,320
Income taxes payable	—		2,983		434		(2,964		)	453
Total current liabilities	19,605		324,906		115,164		(335,921		)	123,754
Long-term debt, less current portion	351,952		19,881		14,000		—			385,833
Other non-current obligations	—		25,797		49,095		—			74,892
Deferred income taxes	—		2,242		578		—			2,820
Long-term intercompany payable	—		67,500		42,516		(110,016		)	—
Stockholders’ equity	112,481		551,100		354,090		(905,190		)	112,481
Total liabilities and stockholders’ equity	$	484,038	$	991,426	$	575,443	$	(1,351,127	)	$	699,780

(1) Derived from audited financial statements.

Condensed Consolidating Balance Sheet

June 30, 2016

(Unaudited)



	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Reclassifications and Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	640	$	22,573	$	29,725	$	—		$	52,938
Accounts receivable, net	—		33,716		55,369		—			89,085
Intercompany receivable	30,994		169,569		160,801		(361,364		)	—
Inventories, net	—		110,132		57,784		—			167,916
Prepaid expenses and other	3,325		16,833		13,731		(2,964		)	30,925
Deferred income taxes	—		—		—		—			—
Total current assets	34,959		352,823		317,410		(364,328		)	340,864
Property and equipment, net	244		90,226		141,218		—			231,688
Goodwill	—		40,294		—		—			40,294
Intangible assets, net	—		26,861		5,752		—			32,613
Investment in NEC TOKIN	—		15,172		—		—			15,172
Investments in subsidiaries	369,627		427,702		93,359		(890,688		)	—
Deferred income taxes	—		768		6,837		—			7,605
Other assets	—		2,144		600		—			2,744
Long-term intercompany receivable	65,822		40,397		1,089		(107,308		)	—
Total assets	$	470,652	$	996,387	$	566,265	$	(1,362,324	)	$	670,980
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	—	$	—	$	—	$	—		$	—
Accounts payable	67		34,863		31,895		—			66,825
Intercompany payable	22,783		272,840		65,741		(361,364		)	—
Accrued expenses	7,320		13,042		21,536		—			41,898
Income taxes payable	—		2,988		192		(2,964		)	216
Total current liabilities	30,170		323,733		119,364		(364,328		)	108,939
Long-term debt, less current portion	352,087		19,881		14,000		—			385,968
Other non-current obligations	—		37,296		47,398		—			84,694
Deferred income taxes	—		2,242		742		—			2,984
Long-term intercompany payable	—		65,822		41,486		(107,308		)	—
Stockholders’ equity	88,395		547,413		343,275		(890,688		)	88,395
Total liabilities and stockholders’ equity	$	470,652	$	996,387	$	566,265	$	(1,362,324	)	$	670,980

Condensed Consolidating Statement of Operations

For the Quarter Ended June 30, 2015

(Unaudited)



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
Net sales	$	—		$	221,770		$	181,600		$	(215,780	)	$	187,590
Operating costs and expenses:
Cost of sales	178			181,514			166,230			(200,045		)	147,877
Selling, general and administrative expenses	9,816			23,479			12,870			(15,735		)	30,430
Research and development	(119		)	4,384			2,009			—			6,274
Restructuring charges	—			515			1,309			—			1,824
Net (gain) loss on sales and disposals of assets	—			(353		)	295			—			(58		)
Total operating costs and expenses	9,875			209,539			182,713			(215,780		)	186,347
Operating income (loss)	(9,875		)	12,231			(1,113		)	—			1,243
Non-operating (income) expense:
Interest income	—			—			(3		)	—			(3		)
Interest expense	9,469			332			212			—			10,013
Change in value of NEC TOKIN option	—			29,200			—			—			29,200
Other (income) expense, net	(9,087		)	7,802			2,201			—			916
Equity in earnings of subsidiaries	26,793			—			—			(26,793		)	—
Income (loss) from continuing operations before income taxes and equity income (loss) from NEC TOKIN	(37,050		)	(25,103		)	(3,523		)	26,793			(38,883		)
Income tax expense (benefit)	—			(487		)	239			—			(248		)
Income (loss) from continuing operations before equity income (loss) from NEC TOKIN	(37,050		)	(24,616		)	(3,762		)	26,793			(38,635		)
Equity income (loss) from NEC TOKIN	—			1,585			—			—			1,585
Net income (loss)	$	(37,050	)	$	(23,031	)	$	(3,762	)	$	26,793		$	(37,050	)

Condensed Consolidating Statement of Operations

For the Quarter Ended June 30, 2016

(Unaudited)



	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
Net sales	$	—		$	213,513	$	170,550		$	(199,128	)	$	184,935
Operating costs and expenses:
Cost of sales	277			167,103		161,230			(186,198		)	142,412
Selling, general and administrative expenses	10,145			17,489		11,210			(12,930		)	25,914
Research and development	65			4,375		2,492			—			6,932
Restructuring charges	—			139		549			—			688
Net (gain) loss on sales and disposals of assets	—			388		(297		)	—			91
Total operating costs and expenses	10,487			189,494		175,184			(199,128		)	176,037
Operating income (loss)	(10,487		)	24,019		(4,634		)	—			8,898
Non-operating (income) expense:
Interest income	—			3		(6		)	—			(3		)
Interest expense	9,423			399		101			—			9,923
Change in value of NEC TOKIN option	—			12,000		—			—			12,000
Other (income) expense, net	(9,350		)	9,416		(2,460		)	—			(2,394		)
Equity in earnings of subsidiaries	1,645			—		—			(1,645		)	—
Income (loss) from continuing operations before income taxes and equity income (loss) from NEC TOKIN	(12,205		)	2,201		(2,269		)	1,645			(10,628		)
Income tax expense (benefit)	—			38		1,762			—			1,800
Income (loss) from continuing operations before equity income (loss) from NEC TOKIN	(12,205		)	2,163		(4,031		)	1,645			(12,428		)
Equity income (loss) from NEC TOKIN	—			223		—			—			223
Net income (loss)	$	(12,205	)	$	2,386	$	(4,031	)	$	1,645		$	(12,205	)

Condensed Statement of Comprehensive Income

Condensed Consolidating Statements of Comprehensive Income (Loss)

Quarter Ended June 30, 2016

(Unaudited)



Comprehensive income (loss)	$	(13,883	)	$	(3,687	)	$	(8,794	)	$	1,645	$	(24,719	)

Condensed Consolidating Statements of Comprehensive Income (Loss)

For the Quarter Ended June 30, 2015

(Unaudited)



Comprehensive income (loss)	$	(34,501	)	$	(27,935	)	$	706	$	26,793	$	(34,937	)

Condensed Consolidating Statement of Cash Flows

Condensed

Consolidating Statement of Cash Flows

For the Quarter Ended June 30, 2016

(Unaudited)



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations		Consolidated
Sources (uses) of cash and cash equivalents
Net cash provided by (used in) operating activities	$	2,465		$	(13,651	)	$	8,150		$	—	$	(3,036	)
Investing activities:
Capital expenditures	—			15			(6,182		)	—		(6,167		)
Proceeds from sale of assets	—			—			—			—		—
Acquisitions, net of cash received	—			—			—			—		—
Net cash used in investing activities	—			15			(6,182		)	—		(6,167		)
Financing activities:
Proceeds from revolving line of credit	—			—			—			—		—
Payments of revolving line of credit	—			—			—			—		—
Payments of long-term debt	(1,870		)	—			—			—		(1,870		)
Purchase of treasury stock	(595		)	—			—			—		(595		)
Net cash provided by (used in) financing activities	(2,465		)	—			—			—		(2,465		)
Net increase (decrease) in cash and cash equivalents	—			(13,636		)	1,968			—		(11,668		)
Effect of foreign currency fluctuations on cash	—			—			(398		)	—		(398		)
Cash and cash equivalents at beginning of fiscal period	640			36,209			28,155			—		65,004
Cash and cash equivalents at end of fiscal period	$	640		$	22,573		$	29,725		$	—	$	52,938

Condensed Consolidating Statements of Cash Flows

For the Quarter Ended June 30, 2015

(Unaudited)



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations		Consolidated
Sources (uses) of cash and cash equivalents
Net cash provided by (used in) operating activities	$	544		$	(17,034	)	$	(5,034	)	$	—	$	(21,524	)
Investing activities:
Capital expenditures	—			(3,912		)	(1,861		)	—		(5,773		)
Acquisitions, net of cash received	—			(2,892		)	—			—		(2,892		)
Net cash used in investing activities	—			(6,804		)	(1,861		)	—		(8,665		)
Financing activities:
Proceeds from revolving line of credit	—			6,000			2,000			—		8,000
Payments of revolving line of credit	—			(2,500		)	—			—		(2,500		)
Payments of long-term debt	—			—			(481		)	—		(481		)
Purchase of treasury stock	(544		)	—			—			—		(544		)
Net cash provided by (used in) financing activities	(544		)	3,500			1,519			—		4,475
Net increase (decrease) in cash and cash equivalents	—			(20,338		)	(5,376		)	—		(25,714		)
Effect of foreign currency fluctuations on cash	—			—			411			—		411
Cash and cash equivalents at beginning of fiscal period	640			33,094			22,628			—		56,362
Cash and cash equivalents at end of fiscal period	$	640		$	12,756		$	17,663		$	—	$	31,059