Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statement of Cash Flows

v2.4.0.6
Condensed Consolidated Statement of Cash Flows (USD $)
 9 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Operating activities    
Net income (loss) $ 21,325,000 $ 5,781,000
Adjustment to reconcile net income to net cash (used in), provided by operating activities:    
Depreciation and amortization 10,306,000 10,623,000
Amortization of debt costs 3,124,000 4,100,000
Stock compensation expense 869,000 6,457,000
Benefit for deferred income taxes (2,975,000) (175,000)
Premiums paid on redemptions, included as financing activities 0 3,825,000
Changes in operating assets and liabilities:    
Accounts receivable (5,902,000) (8,209,000)
Inventories (2,811,000) (10,413,000)
Costs and estimated earnings in excess of billings on uncompleted contracts (356,000) (591,000)
Other current and noncurrent assets 371,000 1,013,000
Accounts payable 8,375,000 4,904,000
Accrued liabilities and noncurrent liabilities (6,928,000) (11,488,000)
Income taxes payable 746,000 (12,308,000)
Net cash (used in) provided by operating activities 26,144,000 (6,481,000)
Investing activities    
Purchases of property, plant and equipment (5,245,000) (6,179,000)
Cash paid for Thermon Holding Corp. (203,000) (663,000)
Net cash used in investing activities (5,448,000) (6,842,000)
Financing activities    
Payments on senior secured notes (21,000,000) (70,855,000)
Proceeds from revolving line of credit 0 9,000,000
Payments on revolving lines of credit and long term debt 0 (2,063,000)
Issuance costs associated with revolving line of credit (248,000) 0
Capital contributions 0 48,459,000
Proceeds from exercise of stock options 4,571,000 1,579,000
Benefit from excess tax deduction from option exercises 3,369,000 0
Premium paid on retirement of senior secured notes (630,000) (3,825,000)
Net cash (used in) financing activities (13,938,000) (17,705,000)
Effect of exchange rate changes on cash and cash equivalents 163,000 (462,000)
Change in cash and cash equivalents 6,921,000 (31,490,000)
Cash and cash equivalents at beginning of period 21,468,000 51,266,000
Cash and cash equivalents at end of period 28,389,000 19,776,000
Thermon Holding Corp.
    
Operating activities    
Net income (loss) 21,325,000 5,781,000
Adjustment to reconcile net income to net cash (used in), provided by operating activities:    
Depreciation and amortization 10,306,000 10,623,000
Amortization of debt costs 3,124,000 4,100,000
Stock compensation expense 869,000 6,457,000
Benefit for deferred income taxes (2,975,000) (175,000)
Premiums paid on redemptions, included as financing activities 0 3,825,000
Changes in operating assets and liabilities:    
Accounts receivable (5,902,000) (8,209,000)
Inventories (2,811,000) (10,413,000)
Costs and estimated earnings in excess of billings on uncompleted contracts (356,000) (591,000)
Other current and noncurrent assets 371,000 1,013,000
Accounts payable 8,375,000 4,904,000
Accrued liabilities and noncurrent liabilities (6,928,000) (11,488,000)
Income taxes payable 746,000 (12,308,000)
Net cash (used in) provided by operating activities 26,144,000 (6,481,000)
Investing activities    
Purchases of property, plant and equipment (5,245,000) (6,179,000)
Cash paid for Thermon Holding Corp. (203,000) (663,000)
Net cash used in investing activities (5,448,000) (6,842,000)
Financing activities    
Payments on senior secured notes (21,000,000) (70,855,000)
Proceeds from revolving line of credit 0 9,000,000
Payments on revolving lines of credit and long term debt 0 (2,063,000)
Issuance costs associated with revolving line of credit (248,000) 0
Capital contributions 0 50,288,000
Proceeds from exercise of stock options 4,571,000 0
Benefit from excess tax deduction from option exercises 3,369,000 0
Premium paid on retirement of senior secured notes (630,000) (3,825,000)
Net cash (used in) financing activities (13,938,000) (17,455,000)
Effect of exchange rate changes on cash and cash equivalents 163,000 (462,000)
Change in cash and cash equivalents 6,921,000 (31,240,000)
Cash and cash equivalents at beginning of period 21,468,000 51,016,000
Cash and cash equivalents at end of period $ 28,389,000 $ 19,776,000