|
Guarantor Consolidation - (Tables) - Thermon Holding Corp (Thermon Holding Corp.)
|
3 Months Ended |
|
Jun. 30, 2012
|
|
Thermon Holding Corp.
|
|
| Guarantor Consolidation |
|
| Schedule of condensed balance sheet |
|
Thermon Holding Corp.
Condensed Balance Sheet (Unaudited)
|
|
|
June 30, 2012
|
|
|
|
|
Thermon Holding
Corp. (Guarantor)
|
|
Thermon
Industries, Inc.
(Issuer)
|
|
Thermon
Manufacturing
Company and US
Subsidiaries
(Guarantor)
|
|
International
Subsidiaries
(Non-guarantors)
|
|
Eliminations
|
|
Consolidated
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
—
|
|
$
|
—
|
|
$
|
3,461
|
|
$
|
10,169
|
|
$
|
—
|
|
$
|
13,630
|
|
|
Accounts receivable, net
|
|
—
|
|
—
|
|
11,569
|
|
42,172
|
|
29
|
|
53,770
|
|
|
Inventories, net
|
|
—
|
|
—
|
|
21,159
|
|
16,824
|
|
(1,683
|
)
|
36,300
|
|
|
Costs and estimated earnings in excess of billings on uncompleted contracts
|
|
—
|
|
—
|
|
1,437
|
|
—
|
|
—
|
|
1,437
|
|
|
Income taxes receivable
|
|
—
|
|
—
|
|
6,436
|
|
(20
|
)
|
—
|
|
6,416
|
|
|
Prepaid expenses and other current assets
|
|
—
|
|
—
|
|
1,022
|
|
5,525
|
|
441
|
|
6,988
|
|
|
Deferred Income taxes
|
|
—
|
|
—
|
|
2,752
|
|
707
|
|
—
|
|
3,459
|
|
|
Total current assets
|
|
—
|
|
—
|
|
47,836
|
|
75,377
|
|
(1,213
|
)
|
122,000
|
|
|
Property, plant and equipment, net
|
|
—
|
|
—
|
|
22,580
|
|
5,450
|
|
—
|
|
28,030
|
|
|
Goodwill
|
|
—
|
|
—
|
|
47,392
|
|
68,200
|
|
—
|
|
115,592
|
|
|
Intangible assets, net
|
|
1,014
|
|
—
|
|
70,559
|
|
68,000
|
|
—
|
|
139,573
|
|
|
Debt Issuance costs, net
|
|
—
|
|
6,265
|
|
|
|
—
|
|
—
|
|
6,265
|
|
|
Investment in subsidiaries
|
|
255,600
|
|
257,155
|
|
89,338
|
|
—
|
|
(602,093
|
)
|
—
|
|
|
|
|
$
|
256,614
|
|
$
|
263,420
|
|
$
|
277,705
|
|
$
|
217,027
|
|
$
|
(603,306
|
)
|
$
|
411,460
|
|
|
Liabilities and shareholder’s equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
—
|
|
$
|
—
|
|
$
|
8,625
|
|
$
|
6,409
|
|
$
|
—
|
|
$
|
15,034
|
|
|
Accrued liabilities
|
|
—
|
|
1,871
|
|
5,229
|
|
8,251
|
|
(73
|
)
|
15,278
|
|
|
Obligations in settlement of the CHS Transactions
|
|
—
|
|
—
|
|
3,397
|
|
—
|
|
—
|
|
3,397
|
|
|
Borrowings under revolving lines of credit
|
|
—
|
|
|
|
—
|
|
12,769
|
|
—
|
|
12,769
|
|
|
Income tax payable
|
|
—
|
|
—
|
|
3,173
|
|
20
|
|
—
|
|
3,193
|
|
|
Billings in excess of costs and estimated
|
|
—
|
|
—
|
|
600
|
|
1,352
|
|
—
|
|
1,952
|
|
|
Intercompany loans
|
|
(72,645
|
)
|
138,302
|
|
(80,135
|
)
|
14,376
|
|
102
|
|
—
|
|
|
Total current liabilities
|
|
(72,645
|
)
|
140,173
|
|
(59,111
|
)
|
43,177
|
|
29
|
|
51,623
|
|
|
Long-term debt, net of current maturities
|
|
—
|
|
118,145
|
|
—
|
|
—
|
|
—
|
|
118,145
|
|
|
Deferred Income taxes
|
|
—
|
|
—
|
|
26,842
|
|
15,579
|
|
—
|
|
42,421
|
|
|
Other noncurrent liabilities
|
|
—
|
|
—
|
|
1,725
|
|
700
|
|
—
|
|
2,425
|
|
|
Shareholder’s equity
|
|
329,259
|
|
5,102
|
|
308,249
|
|
157,571
|
|
(603,335
|
)
|
196,846
|
|
|
|
|
$
|
256,614
|
|
$
|
263,420
|
|
$
|
277,705
|
|
$
|
217,027
|
|
$
|
(603,306
|
)
|
$
|
411,460
|
|
Thermon Holding Corp.
Condensed Balance Sheet
|
|
|
March 31, 2012
|
|
|
|
|
Thermon
Holding,
Corp.
(Guarantor)
|
|
Thermon
Industries, Inc.
(Issuer)
|
|
Thermon
Manufacturing
Company
and US
Subsidiaries
(Guarantor)
|
|
International
Subsidiaries
(Non-
guarantors)
|
|
Eliminations
|
|
Consolidated
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
—
|
|
$
|
—
|
|
$
|
5,815
|
|
$
|
15,653
|
|
$
|
—
|
|
$
|
21,468
|
|
|
Accounts receivable, net
|
|
—
|
|
—
|
|
28,466
|
|
38,431
|
|
(16,860
|
)
|
50,037
|
|
|
Inventories, net
|
|
—
|
|
—
|
|
20,225
|
|
19,949
|
|
(1,721
|
)
|
38,453
|
|
|
Costs and estimated earnings in excess of billings on uncompleted contracts
|
|
—
|
|
—
|
|
1,458
|
|
538
|
|
—
|
|
1,996
|
|
|
Income taxes receivable
|
|
—
|
|
—
|
|
5,193
|
|
—
|
|
—
|
|
5,193
|
|
|
Prepaid expenses and other current assets
|
|
—
|
|
—
|
|
932
|
|
5,398
|
|
523
|
|
6,853
|
|
|
Deferred Income taxes
|
|
—
|
|
—
|
|
2,758
|
|
906
|
|
—
|
|
3,664
|
|
|
Total current assets
|
|
—
|
|
—
|
|
64,847
|
|
80,875
|
|
(18,058
|
)
|
127,664
|
|
|
Property, plant and equipment, net
|
|
—
|
|
—
|
|
21,870
|
|
5,791
|
|
—
|
|
27,661
|
|
|
Goodwill
|
|
—
|
|
—
|
|
47,391
|
|
70,616
|
|
—
|
|
118,007
|
|
|
Intangible assets, net
|
|
1,078
|
|
—
|
|
72,019
|
|
71,704
|
|
—
|
|
144,801
|
|
|
Debt Issuance costs, net
|
|
—
|
|
7,446
|
|
—
|
|
—
|
|
—
|
|
7,446
|
|
|
Intercompany loans
|
|
—
|
|
—
|
|
160
|
|
—
|
|
(160
|
)
|
—
|
|
|
Investment in subsidiaries
|
|
127,622
|
|
252,209
|
|
118,455
|
|
—
|
|
(498,286
|
)
|
—
|
|
|
|
|
$
|
128,700
|
|
$
|
259,655
|
|
$
|
324,742
|
|
$
|
228,986
|
|
$
|
(516,504
|
)
|
$
|
425,579
|
|
|
Liabilities and shareholder’s equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
—
|
|
$
|
—
|
|
$
|
8,615
|
|
$
|
18,768
|
|
$
|
(11,655
|
)
|
$
|
15,728
|
|
|
Accrued liabilities
|
|
—
|
|
6,136
|
|
8,577
|
|
11,779
|
|
(4,050
|
)
|
22,442
|
|
|
Current portion of long term debt
|
|
—
|
|
21,000
|
|
—
|
|
—
|
|
—
|
|
21,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Billings in excess of costs and estimated earnings on uncompleted contracts
|
|
—
|
|
—
|
|
2,098
|
|
348
|
|
—
|
|
2,446
|
|
|
Income taxes payable
|
|
—
|
|
—
|
|
114
|
|
1,260
|
|
—
|
|
1,374
|
|
|
Obligations in settlement of the CHS Transactions
|
|
—
|
|
—
|
|
3,528
|
|
—
|
|
—
|
|
3,528
|
|
|
Intercompany payables
|
|
(70,732
|
)
|
110,062
|
|
(38,288
|
)
|
273
|
|
(1,315
|
)
|
—
|
|
|
Total current liabilities
|
|
(70,732
|
)
|
137,198
|
|
(15,356
|
)
|
32,428
|
|
(17,020
|
)
|
66,518
|
|
|
Long-term debt, net of current maturities
|
|
—
|
|
118,145
|
|
—
|
|
—
|
|
—
|
|
118,145
|
|
|
Deferred Income taxes
|
|
—
|
|
—
|
|
29,725
|
|
16,274
|
|
—
|
|
45,999
|
|
|
Other noncurrent liabilities
|
|
—
|
|
—
|
|
1,702
|
|
735
|
|
—
|
|
2,437
|
|
|
Shareholder’s equity
|
|
199,432
|
|
4,312
|
|
308,671
|
|
179,549
|
|
(499,484
|
)
|
192,480
|
|
|
|
|
$
|
128,700
|
|
$
|
259,655
|
|
$
|
324,742
|
|
$
|
228,986
|
|
$
|
(516,504
|
)
|
$
|
425,579
|
|
|
|
| Schedule of condensed statement of operations |
|
Thermon Holding Corp.
Condensed Statement of Comprehensive Income (Loss) (Unaudited)
|
|
|
Three Months Ended June 30, 2012
|
|
|
|
|
Thermon
Holding,
Corp.
(Guarantor)
|
|
Thermon
Industries,
Inc. (Issuer)
|
|
Thermon
Manufacturing
Company and
U.S.
Subsidiaries
(Guarantors)
|
|
International
Subsidiaries
(Non-
guarantors)
|
|
Eliminations
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
—
|
|
$
|
—
|
|
$
|
32,945
|
|
$
|
48,127
|
|
$
|
(13,859
|
)
|
$
|
67,213
|
|
|
Cost of sales
|
|
—
|
|
—
|
|
20,012
|
|
27,741
|
|
(13,879
|
)
|
33,874
|
|
|
Gross profit
|
|
—
|
|
—
|
|
12,933
|
|
20,386
|
|
20
|
|
33,339
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general and administrative and engineering
|
|
58
|
|
—
|
|
6,759
|
|
9,198
|
|
—
|
|
16,015
|
|
|
Amortization of other intangible assets
|
|
64
|
|
—
|
|
1,460
|
|
1,270
|
|
—
|
|
2,794
|
|
|
Income (loss) from operations
|
|
(122
|
)
|
—
|
|
4,714
|
|
9,918
|
|
20
|
|
14,530
|
|
|
Other income/(expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of subsidiaries
|
|
6,741
|
|
5,758
|
|
1,949
|
|
—
|
|
(14,448
|
)
|
—
|
|
|
Interest income
|
|
—
|
|
—
|
|
|
|
27
|
|
—
|
|
27
|
|
|
Interest expense
|
|
—
|
|
(4,155
|
)
|
(62
|
)
|
(150
|
)
|
—
|
|
(4,367
|
)
|
|
Miscellaneous income/(expense)
|
|
—
|
|
—
|
|
2,189
|
|
(2,145
|
)
|
—
|
|
44
|
|
|
Income (loss) before provision for income taxes
|
|
6,619
|
|
1,603
|
|
8,790
|
|
7,650
|
|
(14,428
|
)
|
10,234
|
|
|
Income tax expense (benefit)
|
|
(43
|
)
|
(1,454
|
)
|
3,032
|
|
2,017
|
|
82
|
|
3,634
|
|
|
Net income (loss)
|
|
$
|
6,662
|
|
$
|
3,057
|
|
$
|
5,758
|
|
$
|
5,633
|
|
$
|
(14,510
|
)
|
$
|
6,600
|
|
|
Comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
6,662
|
|
$
|
3,057
|
|
$
|
5,758
|
|
$
|
5,633
|
|
$
|
(14,510
|
)
|
$
|
6,600
|
|
|
Foreign currency translation adjustment
|
|
—
|
|
—
|
|
—
|
|
(5,448
|
)
|
—
|
|
(5,448
|
)
|
|
Comprehensive income (loss)
|
|
$
|
6,662
|
|
$
|
3,057
|
|
$
|
5,758
|
|
$
|
185
|
|
$
|
(14,510
|
)
|
$
|
1,152
|
|
Thermon Holding Corp.
Condensed Statement of Comprehensive Income (Loss) (Unaudited)
|
|
|
Three Months Ended June 30, 2011
|
|
|
|
|
Thermon
Holding,
Corp.
(Guarantor)
|
|
Thermon
Industries,
Inc. (Issuer)
|
|
Thermon
Manufacturing
Company and
U.S.
Subsidiaries
(Guarantors)
|
|
International
Subsidiaries
(Non-
guarantors)
|
|
Eliminations
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
—
|
|
$
|
—
|
|
$
|
37,874
|
|
$
|
44,825
|
|
$
|
(18,081
|
)
|
$
|
64,618
|
|
|
Cost of sales
|
|
—
|
|
—
|
|
24,685
|
|
25,351
|
|
(17,407
|
)
|
32,629
|
|
|
Gross profit
|
|
—
|
|
—
|
|
13,189
|
|
19,474
|
|
(674
|
)
|
31,989
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general and administrative and engineering
|
|
6,457
|
|
7,861
|
|
7,897
|
|
7,401
|
|
—
|
|
29,616
|
|
|
Amortization of other intangible assets
|
|
64
|
|
—
|
|
1,460
|
|
1,361
|
|
—
|
|
2,885
|
|
|
Income (loss) from operations
|
|
(6,521
|
)
|
(7,861
|
)
|
3,832
|
|
10,712
|
|
(674
|
)
|
(512
|
)
|
|
Other income/(expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of subsidiaries
|
|
1,555
|
|
13,312
|
|
6,054
|
|
—
|
|
(20,921
|
)
|
—
|
|
|
Interest income
|
|
—
|
|
—
|
|
20
|
|
71
|
|
—
|
|
91
|
|
|
Interest expense
|
|
—
|
|
(6,703
|
)
|
(3
|
)
|
(84
|
)
|
—
|
|
(6,790
|
)
|
|
Loss on retirement of debt
|
|
—
|
|
(630
|
)
|
—
|
|
—
|
|
—
|
|
(630
|
)
|
|
Miscellaneous income/(expense)
|
|
—
|
|
—
|
|
1,905
|
|
(1,919
|
)
|
—
|
|
(14
|
)
|
|
Income (loss) before provision for income taxes
|
|
(4,966
|
)
|
(1,882
|
)
|
11,808
|
|
8,780
|
|
(21,595
|
)
|
(7,855
|
)
|
|
Income tax expense (benefit)
|
|
—
|
|
—
|
|
(4,935
|
)
|
2,270
|
|
(224
|
)
|
(2,889
|
)
|
|
Net income (loss)
|
|
$
|
(4,966
|
)
|
$
|
(1,882
|
)
|
$
|
16,743
|
|
$
|
6,510
|
|
$
|
(21,371
|
)
|
$
|
(4,966
|
)
|
|
Comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(4,966
|
)
|
$
|
(1,882
|
)
|
$
|
16,743
|
|
$
|
6,510
|
|
$
|
(21,371
|
)
|
$
|
(4,966
|
)
|
|
Foreign currency translation adjustment
|
|
—
|
|
—
|
|
—
|
|
1,395
|
|
—
|
|
1,395
|
|
|
Comprehensive income (loss)
|
|
$
|
(4,966
|
)
|
$
|
(1,882
|
)
|
$
|
16,743
|
|
$
|
7,905
|
|
$
|
(21,371
|
)
|
$
|
(3,571
|
)
|
|
|
|
| Schedule of condensed statement of cash flows |
|
Thermon Holding Corp.
Condensed Statement of Cash Flows (Unaudited)
|
|
|
Three Months Ended June 30, 2012
|
|
|
|
|
Thermon
Holding, Corp.
(Guarantor)
|
|
Thermon
Industries, Inc.
(Issuer)
|
|
Thermon
Manufacturing
Company and
U.S.
Subsidiaries
(Guarantor)
|
|
International
Subsidiaries
(Non-
guarantors)
|
|
Eliminations
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operations
|
|
$
|
—
|
|
$
|
(6,611
|
)
|
$
|
3,569
|
|
$
|
3,685
|
|
$
|
957
|
|
$
|
1,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of P.P.&E.
|
|
—
|
|
—
|
|
(1,152
|
)
|
(116
|
)
|
—
|
|
(1,268
|
)
|
|
Cash paid for Thermon
|
|
—
|
|
—
|
|
(131
|
)
|
—
|
|
—
|
|
(131
|
)
|
|
Net cash provided by (used in) investing activities
|
|
—
|
|
—
|
|
(1,283
|
)
|
(116
|
)
|
—
|
|
(1,399
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on Senior Secured Notes
|
|
—
|
|
(21,000
|
)
|
—
|
|
—
|
|
—
|
|
(21,000
|
)
|
|
Proceeds from revolving lines of credit
|
|
—
|
|
|
|
—
|
|
12,769
|
|
—
|
|
12,769
|
|
|
Capital contributions
|
|
1,912
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,912
|
|
|
Premiums paid on redemption of Senior Secured Notes
|
|
—
|
|
(630
|
)
|
—
|
|
—
|
|
—
|
|
(630
|
)
|
|
Change in affiliate debt
|
|
(1,912
|
)
|
28,241
|
|
(4,640
|
)
|
(20,732
|
)
|
(957
|
)
|
—
|
|
|
Net cash provided by (used in) financing activities
|
|
—
|
|
6,611
|
|
(4,640
|
)
|
(7,963
|
)
|
(957
|
)
|
(6,949
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rates on cash and cash equivalents
|
|
—
|
|
—
|
|
—
|
|
(1,090
|
)
|
—
|
|
(1,090
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in cash and cash equivalents
|
|
—
|
|
—
|
|
(2,354
|
)
|
(5,484
|
)
|
—
|
|
(7,838
|
)
|
|
Cash at beginning of period
|
|
—
|
|
—
|
|
5,815
|
|
15,653
|
|
—
|
|
21,468
|
|
|
Cash at End of period
|
|
$
|
—
|
|
$
|
—
|
|
$
|
3,461
|
|
$
|
10,169
|
|
$
|
—
|
|
$
|
13,630
|
|
Thermon Holding Corp.
Condensed Statement of Cash Flows (Unaudited)
|
|
|
For the Three Months Ended June 30, 2011
|
|
|
|
|
Thermon
Holding, Corp.
(Guarantor)
|
|
Thermon
Industries, Inc.
(Issuer)
|
|
Thermon
Manufacturing
Company and
U.S.
Subsidiaries
(Guarantor)
|
|
International
Subsidiaries
(Non-
guarantors)
|
|
Eliminations
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operations
|
|
$
|
253
|
|
$
|
(18,076
|
)
|
$
|
(6,530
|
)
|
$
|
3,559
|
|
$
|
416
|
|
$
|
(20,378
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of P.P.&E.
|
|
—
|
|
—
|
|
(2,268
|
)
|
(111
|
)
|
—
|
|
(2,379
|
)
|
|
Cash paid for Thermon
|
|
—
|
|
—
|
|
(372
|
)
|
—
|
|
—
|
|
(372
|
)
|
|
Net cash provided by (used in) investing activities
|
|
—
|
|
—
|
|
(2,640
|
)
|
(111
|
)
|
—
|
|
(2,751
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on Senior Secured Notes
|
|
—
|
|
(42,000
|
)
|
—
|
|
—
|
|
—
|
|
(42,000
|
)
|
|
Payments on revolving lines of credit
|
|
—
|
|
—
|
|
—
|
|
(2,063
|
)
|
—
|
|
(2,063
|
)
|
|
Capital contributions
|
|
48,919
|
|
—
|
|
—
|
|
—
|
|
—
|
|
48,919
|
|
|
Premiums paid on redemption of Senior Secured Notes
|
|
—
|
|
(1,260
|
)
|
—
|
|
—
|
|
—
|
|
(1,260
|
)
|
|
Change in affiliate debt
|
|
(49,172
|
)
|
61,336
|
|
(11,748
|
)
|
—
|
|
(416
|
)
|
—
|
|
|
Net cash provided by (used in) financing activities
|
|
(253
|
)
|
18,076
|
|
(11,748
|
)
|
(2,063
|
)
|
(416
|
)
|
3,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rates on cash and cash equivalents
|
|
—
|
|
—
|
|
—
|
|
121
|
|
—
|
|
121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in cash and cash equivalents
|
|
|
|
—
|
|
(20,918
|
)
|
1,506
|
|
—
|
|
(19,412
|
)
|
|
Cash at beginning of period
|
|
—
|
|
—
|
|
41,829
|
|
9,187
|
|
—
|
|
51,016
|
|
|
Cash at End of period
|
|
$
|
—
|
|
$
|
—
|
|
$
|
20,911
|
|
$
|
10,693
|
|
$
|
—
|
|
$
|
31,604
|
|
|
|
|