|
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $)
|
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Sales | $ 76,750,000 | $ 69,197,000 | $ 211,951,000 | $ 202,483,000 |
| Cost of sales | 41,799,000 | 35,506,000 | 111,022,000 | 104,852,000 |
| Gross profit | 34,951,000 | 33,691,000 | 100,929,000 | 97,631,000 |
| Operating expenses: | ||||
| Marketing, general and administrative and engineering | 16,885,000 | 15,300,000 | 47,394,000 | 59,603,000 |
| Amortization of intangible assets | 2,813,000 | 2,809,000 | 8,405,000 | 8,572,000 |
| Income from operations | 15,253,000 | 15,582,000 | 45,130,000 | 29,456,000 |
| Other income/(expenses): | ||||
| Interest income | 36,000 | 72,000 | 93,000 | 239,000 |
| Interest expense | (3,116,000) | (4,203,000) | (12,176,000) | (16,023,000) |
| Loss on retirement of senior secured notes | 0 | (229,000) | 0 | (3,195,000) |
| Miscellaneous income (expense) | (274,000) | (215,000) | (137,000) | (1,402,000) |
| Income before provision for income taxes | 11,899,000 | 11,007,000 | 32,910,000 | 9,075,000 |
| Income tax expense | 4,161,000 | 4,074,000 | 11,585,000 | 3,294,000 |
| Net income (loss) | 7,738,000 | 6,933,000 | 21,325,000 | 5,781,000 |
| Comprehensive income (loss): | ||||
| Net income (loss) | 7,738,000 | 6,933,000 | 21,325,000 | 5,781,000 |
| Foreign currency translation adjustment | (180,000) | 113,000 | (216,000) | (11,017,000) |
| Comprehensive income (loss) | 7,558,000 | 7,046,000 | 21,109,000 | (5,236,000) |
| Income per common share: | ||||
| Basic (in dollars per share) | $ 0.25 | $ 0.23 | $ 0.70 | $ 0.20 |
| Diluted (in dollars per share) | $ 0.24 | $ 0.22 | $ 0.67 | $ 0.19 |
| Weighted-average shares used in computing net income per common share: | ||||
| Basic (in shares) | 30,947,064 | 29,586,956 | 30,672,803 | 28,937,292 |
| Diluted (in shares) | 31,871,097 | 31,216,493 | 31,725,724 | 30,480,160 |
|
Thermon Holding Corp. (Guarantor)
|
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| Sales | 0 | 0 | 0 | 0 |
| Cost of sales | 0 | 0 | 0 | 0 |
| Gross profit | 0 | 0 | 0 | 0 |
| Operating expenses: | ||||
| Marketing, general and administrative and engineering | 475,000 | 58,000 | 869,000 | 6,573,000 |
| Amortization of intangible assets | 64,000 | 64,000 | 191,000 | 192,000 |
| Income from operations | (539,000) | (122,000) | (1,060,000) | (6,765,000) |
| Other income/(expenses): | ||||
| Interest income | 0 | 0 | 0 | 0 |
| Interest expense | 0 | 0 | 0 | 0 |
| Loss on retirement of senior secured notes | 0 | 0 | ||
| Miscellaneous income (expense) | 0 | 0 | 0 | 0 |
| Income before provision for income taxes | 377,000 | 6,424,000 | 20,695,000 | 5,781,000 |
| Income tax expense | (189,000) | 0 | (371,000) | 0 |
| Net income (loss) | 566,000 | 6,424,000 | 21,066,000 | 5,781,000 |
| Comprehensive income (loss): | ||||
| Net income (loss) | 566,000 | 6,424,000 | 21,066,000 | 5,781,000 |
| Foreign currency translation adjustment | 0 | 0 | 0 | 0 |
| Comprehensive income (loss) | 566,000 | 6,424,000 | 21,066,000 | 5,781,000 |
|
Subsidiary Issuer [Member]
|
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| Sales | 0 | 0 | 0 | 0 |
| Cost of sales | 0 | 0 | 0 | 0 |
| Gross profit | 0 | 0 | 0 | 0 |
| Operating expenses: | ||||
| Marketing, general and administrative and engineering | 0 | 0 | 0 | 7,860,000 |
| Amortization of intangible assets | 0 | 0 | 0 | 0 |
| Income from operations | 0 | 0 | 0 | (7,860,000) |
| Other income/(expenses): | ||||
| Interest income | 0 | 0 | 0 | 0 |
| Interest expense | (3,030,000) | (4,048,000) | (11,732,000) | (15,637,000) |
| Loss on retirement of senior secured notes | (229,000) | (3,195,000) | ||
| Miscellaneous income (expense) | 0 | 0 | 0 | 0 |
| Income before provision for income taxes | (179,000) | 2,104,000 | 1,260,000 | (289,000) |
| Income tax expense | (1,051,000) | 0 | (4,096,000) | 0 |
| Net income (loss) | 872,000 | 2,104,000 | 5,356,000 | (289,000) |
| Comprehensive income (loss): | ||||
| Net income (loss) | 872,000 | 2,104,000 | 5,356,000 | (289,000) |
| Foreign currency translation adjustment | 0 | 0 | 0 | 0 |
| Comprehensive income (loss) | 872,000 | 2,104,000 | 5,356,000 | (289,000) |
|
Guarantor Subsidiaries [Member]
|
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| Sales | 21,843,000 | 42,088,000 | 61,196,000 | 116,731,000 |
| Cost of sales | 9,641,000 | 27,601,000 | 24,593,000 | 76,863,000 |
| Gross profit | 12,202,000 | 14,487,000 | 36,603,000 | 39,868,000 |
| Operating expenses: | ||||
| Marketing, general and administrative and engineering | 8,004,000 | 7,847,000 | 20,914,000 | 22,224,000 |
| Amortization of intangible assets | 1,460,000 | 1,460,000 | 4,380,000 | 4,381,000 |
| Income from operations | 2,738,000 | 5,180,000 | 11,309,000 | 13,263,000 |
| Other income/(expenses): | ||||
| Interest income | 14,000 | 12,000 | 15,000 | 33,000 |
| Interest expense | (45,000) | (55,000) | (156,000) | (90,000) |
| Loss on retirement of senior secured notes | 0 | 0 | ||
| Miscellaneous income (expense) | 1,769,000 | 2,087,000 | 5,603,000 | 5,735,000 |
| Income before provision for income taxes | 5,764,000 | 10,989,000 | 22,083,000 | 32,277,000 |
| Income tax expense | 2,698,000 | 1,697,000 | 8,874,000 | (3,167,000) |
| Net income (loss) | 3,066,000 | 9,292,000 | 13,209,000 | 35,444,000 |
| Comprehensive income (loss): | ||||
| Net income (loss) | 3,066,000 | 9,292,000 | 13,209,000 | 35,444,000 |
| Foreign currency translation adjustment | 0 | 0 | 0 | 0 |
| Comprehensive income (loss) | 3,066,000 | 9,292,000 | 13,209,000 | 35,444,000 |
|
Non-Guarantor Subsidiaries [Member]
|
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| Sales | 57,195,000 | 45,234,000 | 155,868,000 | 136,374,000 |
| Cost of sales | 34,462,000 | 26,385,000 | 91,303,000 | 78,377,000 |
| Gross profit | 22,733,000 | 18,849,000 | 64,565,000 | 57,997,000 |
| Operating expenses: | ||||
| Marketing, general and administrative and engineering | 8,406,000 | 7,395,000 | 25,611,000 | 22,946,000 |
| Amortization of intangible assets | 1,289,000 | 1,285,000 | 3,834,000 | 3,999,000 |
| Income from operations | 13,038,000 | 10,169,000 | 35,120,000 | 31,052,000 |
| Other income/(expenses): | ||||
| Interest income | 22,000 | 60,000 | 78,000 | 206,000 |
| Interest expense | (41,000) | (100,000) | (288,000) | (296,000) |
| Loss on retirement of senior secured notes | 0 | 0 | ||
| Miscellaneous income (expense) | (2,043,000) | (2,302,000) | (5,740,000) | (7,137,000) |
| Income before provision for income taxes | 10,976,000 | 7,827,000 | 29,170,000 | 23,825,000 |
| Income tax expense | 2,802,000 | 2,266,000 | 7,374,000 | 6,532,000 |
| Net income (loss) | 8,174,000 | 5,561,000 | 21,796,000 | 17,293,000 |
| Comprehensive income (loss): | ||||
| Net income (loss) | 8,174,000 | 5,561,000 | 21,796,000 | 17,293,000 |
| Foreign currency translation adjustment | (180,000) | 113,000 | (216,000) | (11,017,000) |
| Comprehensive income (loss) | 7,994,000 | 5,674,000 | 21,580,000 | 6,276,000 |
|
Consolidation, Eliminations [Member]
|
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| Sales | (2,288,000) | (18,125,000) | (5,113,000) | (50,622,000) |
| Cost of sales | (2,304,000) | (18,480,000) | (4,874,000) | (50,388,000) |
| Gross profit | 16,000 | 355,000 | (239,000) | (234,000) |
| Operating expenses: | ||||
| Marketing, general and administrative and engineering | 0 | 0 | 0 | 0 |
| Amortization of intangible assets | 0 | 0 | 0 | 0 |
| Income from operations | 16,000 | 355,000 | (239,000) | (234,000) |
| Other income/(expenses): | ||||
| Interest income | 0 | 0 | 0 | 0 |
| Interest expense | 0 | 0 | 0 | 0 |
| Loss on retirement of senior secured notes | 0 | 0 | ||
| Miscellaneous income (expense) | 0 | 0 | 0 | 0 |
| Income before provision for income taxes | (5,039,000) | (16,337,000) | (40,298,000) | (52,519,000) |
| Income tax expense | (99,000) | 111,000 | (196,000) | (71,000) |
| Net income (loss) | (4,940,000) | (16,448,000) | (40,102,000) | (52,448,000) |
| Comprehensive income (loss): | ||||
| Net income (loss) | (4,940,000) | (16,448,000) | (40,102,000) | (52,448,000) |
| Foreign currency translation adjustment | 0 | 0 | 0 | 0 |
| Comprehensive income (loss) | (4,940,000) | (16,448,000) | (40,102,000) | (52,448,000) |
|
Thermon Holding Corp.
|
||||
| Sales | 76,750,000 | 69,197,000 | 211,951,000 | 202,483,000 |
| Cost of sales | 41,799,000 | 35,506,000 | 111,022,000 | 104,852,000 |
| Gross profit | 34,951,000 | 33,691,000 | 100,929,000 | 97,631,000 |
| Operating expenses: | ||||
| Marketing, general and administrative and engineering | 16,885,000 | 15,300,000 | 47,394,000 | 59,603,000 |
| Amortization of intangible assets | 2,813,000 | 2,809,000 | 8,405,000 | 8,572,000 |
| Income from operations | 15,253,000 | 15,582,000 | 45,130,000 | 29,456,000 |
| Other income/(expenses): | ||||
| Interest income | 36,000 | 72,000 | 93,000 | 239,000 |
| Interest expense | (3,116,000) | (4,203,000) | (12,176,000) | (16,023,000) |
| Loss on retirement of senior secured notes | 0 | (229,000) | 0 | (3,195,000) |
| Miscellaneous income (expense) | (274,000) | (215,000) | (137,000) | (1,402,000) |
| Income before provision for income taxes | 11,899,000 | 11,007,000 | 32,910,000 | 9,075,000 |
| Income tax expense | 4,161,000 | 4,074,000 | 11,585,000 | 3,294,000 |
| Net income (loss) | 7,738,000 | 6,933,000 | 21,325,000 | 5,781,000 |
| Comprehensive income (loss): | ||||
| Net income (loss) | 7,738,000 | 6,933,000 | 21,325,000 | 5,781,000 |
| Foreign currency translation adjustment | (180,000) | 113,000 | (216,000) | (11,017,000) |
| Comprehensive income (loss) | $ 7,558,000 | $ 7,046,000 | $ 21,109,000 | $ (5,236,000) |