Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows - Thermon Holding Corp

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Consolidated Statements of Cash Flows - Thermon Holding Corp (Thermon Holding Corp, USD $)
In Thousands, unless otherwise specified
 11 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended
Mar. 31, 2011
Mar. 31, 2012
Apr. 30, 2010
Predecessor
Mar. 31, 2010
Predecessor
Operating activities        
Net income (loss) $ (14,940) $ 12,030 $ (267) $ 18,940
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Depreciation and amortization 27,538 13,971 392 4,424
Amortization of debt cost, net 3,948 4,127 2,586 657
Stock compensation expense 1,939 6,514 0 0
(Benefit)/provision for deferred income taxes (8,393) (2,766) (15,122) 4,040
Premiums paid on redemption, included as financing activities 0 3,825 0 0
Loss on disposition of property, plant and equipment 1,101   0 1
Changes in operating assets and liabilities, net of effects of acquisition:        
Accounts receivable 2,294 (11,435) 1,365 (2,971)
Inventories (5,403) (8,189) (1,719) 2,855
Costs and estimated earnings and billings on construction contracts (365) (478) 34 819
Other current and noncurrent assets (2,113) 1,591 (3,151) (1,125)
Accounts payable 7,253 (1,292) 825 (789)
Accrued liabilities and noncurrent liabilities 18,888 (2,828) 9,515 (189)
Change in liability to former shareholders 0 0 0 (2,363)
Income taxes payable 7,215 (9,777) (860) 382
Net cash provided by (used in) operating activities 38,962 5,293 (6,402) 24,681
Investing activities        
Proceeds from sales of property, plant and equipment 0 0 0 2
Purchases of property, plant and equipment (1,702) (8,883) (97) (1,587)
Cash paid for Thermon Holding Corp. (net of cash acquired of $2,852) (314,410) (685) 0 0
Other investing transactions (493)   (1,397) 0
Net cash used in investing activities (316,605) (9,568) (1,494) (1,585)
Financing activities        
Proceeds from senior secured notes 210,000 0 0 0
Redemptions on senior secured notes 0 (70,855) 0 0
Premiums paid on redemption of senior secured notes 0 (3,825) 0 0
Debt issuance costs (15,249) 0 0 0
Proceeds from revolving lines of credit 6,662 0 0 0
Payments on revolving lines of credit and long-term debt (4,599) (2,063) (19,385) 0
Capital contributions 129,252 52,141 0 0
Dividend paid 0 0 0 (8,600)
Net cash provided by (used in) financing activities 326,066 (24,602) (19,385) (8,600)
Effect of exchange rate changes on cash and cash equivalents 2,593 (671) (14) 2,249
Change in cash and cash equivalents 51,016 (29,548) (27,295) 16,745
Cash and cash equivalents at beginning of period   51,016 30,147 13,402
Cash and cash equivalents at end of period 51,016 21,468 2,852 30,147
Supplemental Noncash investing and financing activities        
Effect of exchange rate changes on long-term debt 0 0 1,022 10,218
Effect of exchange rate changes on fixed assets (380) (252) 38 (909)
Effect of exchange rate changes on intangibles (3,977) (2,876) 144 (6,619)
Effect of exchange rate changes on Goodwill (2,726) (2,743) 10 (5,005)
Cash paid for interest and income taxes        
Interest, net 10,370 19,022 3,923 6,920
Income taxes, net 5,605 17,723 860 10,432
Income tax refunds received $ (1,172) $ (512) $ 0 $ 0