| Guarantor Consolidation [Text Block] |
Guarantor Consolidation
The senior secured notes issued by Thermon Industries, Inc., our wholly-owned subsidiary, are guaranteed by THC and our other existing, wholly-owned domestic subsidiaries: Thermon Manufacturing Company, Thermon Heat Tracing Services, Inc., Thermon Heat Tracing Services-I, Inc. and Thermon Heat Tracing Services-II, Inc. (collectively, the “Guarantors”). Our foreign subsidiaries (collectively, the “Non-Guarantors”) are not guarantors of the senior secured notes.
The following tables set forth financial information of the Guarantors and Non-Guarantors for the condensed consolidated balance sheets as of December 31, 2012 and March 31, 2012 the condensed consolidated statements of comprehensive income (loss) for the three and nine months ended December 31, 2012 and December 31, 2011 and the condensed consolidated statements of cash flows for the nine months ended December 31, 2012 and December 31, 2011. The information is presented on the equity method of accounting together with elimination entries necessary to reconcile to the consolidated financial statements.
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Thermon Holding Corp. |
|
Condensed Balance Sheet (Unaudited) |
|
December 31, 2012 |
|
Thermon Holding
Corp. (Guarantor)
|
|
Thermon
Industries, Inc.
(Issuer)
|
|
Thermon
Manufacturing
Company and US
Subsidiaries
(Guarantor)
|
|
International
Subsidiaries
(Non-guarantors)
|
|
Eliminations |
|
Consolidated |
Assets |
|
|
|
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|
|
|
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Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
— |
|
|
$ |
— |
|
|
$ |
9,990 |
|
|
$ |
18,399 |
|
|
$ |
— |
|
|
$ |
28,389 |
|
Accounts receivable, net |
— |
|
|
— |
|
|
30,917 |
|
|
44,503 |
|
|
(19,521 |
) |
|
55,899 |
|
Inventories, net |
— |
|
|
— |
|
|
21,332 |
|
|
21,533 |
|
|
(1,942 |
) |
|
40,923 |
|
Costs and estimated earnings in excess of billings on uncompleted contracts |
— |
|
|
— |
|
|
2,373 |
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|
301 |
|
|
— |
|
|
2,674 |
|
Income taxes receivable |
— |
|
|
— |
|
|
5,093 |
|
|
(23 |
) |
|
— |
|
|
5,070 |
|
Prepaid expenses and other current assets |
— |
|
|
354 |
|
|
954 |
|
|
5,070 |
|
|
721 |
|
|
7,099 |
|
Deferred Income taxes |
— |
|
|
— |
|
|
2,752 |
|
|
644 |
|
|
— |
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|
3,396 |
|
Total current assets |
— |
|
|
354 |
|
|
73,411 |
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|
90,427 |
|
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(20,742 |
) |
|
143,450 |
|
Property, plant and equipment, net |
— |
|
|
— |
|
|
25,601 |
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|
5,496 |
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— |
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|
31,097 |
|
Goodwill |
— |
|
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— |
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|
47,391 |
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|
70,593 |
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— |
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|
117,984 |
|
Intangible assets, net |
887 |
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— |
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|
67,638 |
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|
67,795 |
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— |
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|
136,320 |
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Debt Issuance costs, net |
— |
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|
4,570 |
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— |
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— |
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|
— |
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|
4,570 |
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Investment in subsidiaries |
141,361 |
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264,389 |
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|
91,887 |
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— |
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(497,637 |
) |
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— |
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Total assets |
$ |
142,248 |
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$ |
269,313 |
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$ |
305,928 |
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$ |
234,311 |
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$ |
(518,379 |
) |
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$ |
433,421 |
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Liabilities and shareholders' equity |
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Current liabilities: |
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Accounts payable |
$ |
— |
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|
$ |
— |
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$ |
12,358 |
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$ |
11,798 |
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$ |
— |
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$ |
24,156 |
|
Accrued liabilities |
— |
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|
1,870 |
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|
5,179 |
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|
8,008 |
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— |
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|
15,057 |
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Obligations in settlement of the CHS Transactions |
— |
|
|
— |
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|
3,325 |
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— |
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— |
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|
3,325 |
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Borrowings under revolving lines of credit |
— |
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— |
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— |
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— |
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— |
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— |
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Income tax payable |
— |
|
|
— |
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|
1,748 |
|
|
637 |
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|
— |
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|
2,385 |
|
Billings in excess of costs and estimated |
— |
|
|
— |
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|
1,407 |
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|
771 |
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— |
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|
2,178 |
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Intercompany loans |
(18,591 |
) |
|
144,290 |
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(67,981 |
) |
|
18,517 |
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(76,235 |
) |
|
— |
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Total current liabilities |
(18,591 |
) |
|
146,160 |
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(43,964 |
) |
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39,731 |
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(76,235 |
) |
|
47,101 |
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Long-term debt, net of current maturities |
— |
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|
118,145 |
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— |
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— |
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— |
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|
118,145 |
|
Deferred Income taxes |
— |
|
|
— |
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|
27,423 |
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|
15,650 |
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|
— |
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|
43,073 |
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Other noncurrent liabilities |
— |
|
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— |
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|
1,891 |
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|
811 |
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— |
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|
2,702 |
|
Shareholders' equity |
160,839 |
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|
5,008 |
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|
320,578 |
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|
178,119 |
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(442,144 |
) |
|
222,400 |
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Total liabilities and shareholders' equity |
$ |
142,248 |
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$ |
269,313 |
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$ |
305,928 |
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$ |
234,311 |
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$ |
(518,379 |
) |
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$ |
433,421 |
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Thermon Holding Corp. |
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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 |
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Current assets: |
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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 |
) |
|
— |
|
Total assets |
$ |
128,700 |
|
|
$ |
259,655 |
|
|
$ |
324,742 |
|
|
$ |
228,986 |
|
|
$ |
(516,504 |
) |
|
$ |
425,579 |
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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 |
|
Shareholders' equity |
199,432 |
|
|
4,312 |
|
|
308,671 |
|
|
179,549 |
|
|
(499,484 |
) |
|
192,480 |
|
Total liabilities and shareholders' equity |
$ |
128,700 |
|
|
$ |
259,655 |
|
|
$ |
324,742 |
|
|
$ |
228,986 |
|
|
$ |
(516,504 |
) |
|
$ |
425,579 |
|
Thermon Holding Corp.
Condensed Statement of Comprehensive Income (Unaudited)
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Three Months Ended December 31, 2012 |
|
Thermon Holding,
Corp. (Guarantor)
|
|
Thermon
Industries,
Inc. (Issuer)
|
|
Thermon
Manufacturing
Company and U.S.
Subsidiaries
(Guarantors)
|
|
International
Subsidiaries
(Non-guarantors)
|
|
Eliminations |
|
Consolidated |
Revenues |
$ |
— |
|
|
$ |
— |
|
|
$ |
21,843 |
|
|
$ |
57,195 |
|
|
$ |
(2,288 |
) |
|
$ |
76,750 |
|
Cost of sales |
— |
|
|
— |
|
|
9,641 |
|
|
34,462 |
|
|
(2,304 |
) |
|
41,799 |
|
Gross profit |
— |
|
|
— |
|
|
12,202 |
|
|
22,733 |
|
|
16 |
|
|
34,951 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general and administrative and engineering |
475 |
|
|
— |
|
|
8,004 |
|
|
8,406 |
|
|
— |
|
|
16,885 |
|
Amortization of intangible assets |
64 |
|
|
— |
|
|
1,460 |
|
|
1,289 |
|
|
— |
|
|
2,813 |
|
Income (loss) from operations |
(539 |
) |
|
— |
|
|
2,738 |
|
|
13,038 |
|
|
16 |
|
|
15,253 |
|
Other income/(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of subsidiaries |
916 |
|
|
2,851 |
|
|
1,288 |
|
|
— |
|
|
(5,055 |
) |
|
— |
|
Interest income |
— |
|
|
— |
|
|
14 |
|
|
22 |
|
|
— |
|
|
36 |
|
Interest expense |
— |
|
|
(3,030 |
) |
|
(45 |
) |
|
(41 |
) |
|
— |
|
|
(3,116 |
) |
Miscellaneous income/(expense) |
— |
|
|
— |
|
|
1,769 |
|
|
(2,043 |
) |
|
— |
|
|
(274 |
) |
Income before provision for income taxes |
377 |
|
|
(179 |
) |
|
5,764 |
|
|
10,976 |
|
|
(5,039 |
) |
|
11,899 |
|
Income tax expense (benefit) |
(189 |
) |
|
(1,051 |
) |
|
2,698 |
|
|
2,802 |
|
|
(99 |
) |
|
4,161 |
|
Net income |
$ |
566 |
|
|
$ |
872 |
|
|
$ |
3,066 |
|
|
$ |
8,174 |
|
|
$ |
(4,940 |
) |
|
$ |
7,738 |
|
Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
566 |
|
|
$ |
872 |
|
|
$ |
3,066 |
|
|
$ |
8,174 |
|
|
$ |
(4,940 |
) |
|
$ |
7,738 |
|
Foreign currency translation adjustment |
— |
|
|
— |
|
|
— |
|
|
(180 |
) |
|
— |
|
|
(180 |
) |
Comprehensive income |
$ |
566 |
|
|
$ |
872 |
|
|
$ |
3,066 |
|
|
$ |
7,994 |
|
|
$ |
(4,940 |
) |
|
$ |
7,558 |
|
Thermon Holding Corp.
Condensed Statement of Comprehensive Income (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2011 |
|
Thermon
Holding, Corp.
(Guarantor)
|
|
Thermon
Industries,
Inc. (Issuer)
|
|
Thermon
Manufacturing
Company and
U.S.
Subsidiaries
(Guarantors)
|
|
International
Subsidiaries
(Non-guarantors)
|
|
Eliminations |
|
Consolidated |
Revenues |
$ |
— |
|
|
$ |
— |
|
|
$ |
42,088 |
|
|
$ |
45,234 |
|
|
$ |
(18,125 |
) |
|
$ |
69,197 |
|
Cost of sales |
— |
|
|
— |
|
|
27,601 |
|
|
26,385 |
|
|
(18,480 |
) |
|
35,506 |
|
Gross profit |
— |
|
|
— |
|
|
14,487 |
|
|
18,849 |
|
|
355 |
|
|
33,691 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general and administrative and engineering |
58 |
|
|
— |
|
|
7,847 |
|
|
7,395 |
|
|
— |
|
|
15,300 |
|
Amortization of intangible assets |
64 |
|
|
— |
|
|
1,460 |
|
|
1,285 |
|
|
— |
|
|
2,809 |
|
Income (loss) from operations |
(122 |
) |
|
— |
|
|
5,180 |
|
|
10,169 |
|
|
355 |
|
|
15,582 |
|
Other income/(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of subsidiaries |
6,546 |
|
|
6,381 |
|
|
3,765 |
|
|
— |
|
|
(16,692 |
) |
|
— |
|
Interest income |
— |
|
|
— |
|
|
12 |
|
|
60 |
|
|
— |
|
|
72 |
|
Interest expense |
— |
|
|
(4,048 |
) |
|
(55 |
) |
|
(100 |
) |
|
— |
|
|
(4,203 |
) |
Loss on retirement of debt |
— |
|
|
(229 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(229 |
) |
Miscellaneous income/(expense) |
— |
|
|
— |
|
|
2,087 |
|
|
(2,302 |
) |
|
— |
|
|
(215 |
) |
Income before provision for income taxes |
6,424 |
|
|
2,104 |
|
|
10,989 |
|
|
7,827 |
|
|
(16,337 |
) |
|
11,007 |
|
Income tax expense |
— |
|
|
— |
|
|
1,697 |
|
|
2,266 |
|
|
111 |
|
|
4,074 |
|
Net income |
$ |
6,424 |
|
|
$ |
2,104 |
|
|
$ |
9,292 |
|
|
$ |
5,561 |
|
|
$ |
(16,448 |
) |
|
$ |
6,933 |
|
Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
6,424 |
|
|
$ |
2,104 |
|
|
$ |
9,292 |
|
|
$ |
5,561 |
|
|
$ |
(16,448 |
) |
|
$ |
6,933 |
|
Foreign currency translation adjustment |
— |
|
|
— |
|
|
— |
|
|
113 |
|
|
— |
|
|
113 |
|
Comprehensive income |
$ |
6,424 |
|
|
$ |
2,104 |
|
|
$ |
9,292 |
|
|
$ |
5,674 |
|
|
$ |
(16,448 |
) |
|
$ |
7,046 |
|
Thermon Holding Corp.
Condensed Statement of Comprehensive Income (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended December 31, 2012 |
|
Thermon Holding,
Corp. (Guarantor)
|
|
Thermon
Industries,
Inc. (Issuer)
|
|
Thermon
Manufacturing
Company and U.S.
Subsidiaries
(Guarantors)
|
|
International
Subsidiaries
(Non-guarantors)
|
|
Eliminations |
|
Consolidated |
Revenues |
$ |
— |
|
|
$ |
— |
|
|
$ |
61,196 |
|
|
$ |
155,868 |
|
|
$ |
(5,113 |
) |
|
$ |
211,951 |
|
Cost of sales |
— |
|
|
— |
|
|
24,593 |
|
|
91,303 |
|
|
(4,874 |
) |
|
111,022 |
|
Gross profit |
— |
|
|
— |
|
|
36,603 |
|
|
64,565 |
|
|
(239 |
) |
|
100,929 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general and administrative and engineering |
869 |
|
|
— |
|
|
20,914 |
|
|
25,611 |
|
|
— |
|
|
47,394 |
|
Amortization of intangible assets |
191 |
|
|
— |
|
|
4,380 |
|
|
3,834 |
|
|
— |
|
|
8,405 |
|
Income (loss) from operations |
(1,060 |
) |
|
— |
|
|
11,309 |
|
|
35,120 |
|
|
(239 |
) |
|
45,130 |
|
Other income/(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of subsidiaries |
21,755 |
|
|
12,992 |
|
|
5,312 |
|
|
— |
|
|
(40,059 |
) |
|
— |
|
Interest income |
— |
|
|
— |
|
|
15 |
|
|
78 |
|
|
— |
|
|
93 |
|
Interest expense |
— |
|
|
(11,732 |
) |
|
(156 |
) |
|
(288 |
) |
|
— |
|
|
(12,176 |
) |
Miscellaneous income/(expense) |
— |
|
|
— |
|
|
5,603 |
|
|
(5,740 |
) |
|
— |
|
|
(137 |
) |
Income before provision for income taxes |
20,695 |
|
|
1,260 |
|
|
22,083 |
|
|
29,170 |
|
|
(40,298 |
) |
|
32,910 |
|
Income tax expense (benefit) |
(371 |
) |
|
(4,096 |
) |
|
8,874 |
|
|
7,374 |
|
|
(196 |
) |
|
11,585 |
|
Net income |
$ |
21,066 |
|
|
$ |
5,356 |
|
|
$ |
13,209 |
|
|
$ |
21,796 |
|
|
$ |
(40,102 |
) |
|
$ |
21,325 |
|
Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
21,066 |
|
|
$ |
5,356 |
|
|
$ |
13,209 |
|
|
$ |
21,796 |
|
|
$ |
(40,102 |
) |
|
$ |
21,325 |
|
Foreign currency translation adjustment |
— |
|
|
— |
|
|
— |
|
|
(216 |
) |
|
— |
|
|
(216 |
) |
Comprehensive income |
$ |
21,066 |
|
|
$ |
5,356 |
|
|
$ |
13,209 |
|
|
$ |
21,580 |
|
|
$ |
(40,102 |
) |
|
$ |
21,109 |
|
Thermon Holding Corp.
Condensed Statement of Comprehensive Income (Loss) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended December 31, 2011 |
|
Thermon
Holding, Corp.
(Guarantor)
|
|
Thermon
Industries,
Inc. (Issuer)
|
|
Thermon
Manufacturing
Company and
U.S.
Subsidiaries
(Guarantors)
|
|
International
Subsidiaries
(Non-guarantors)
|
|
Eliminations |
|
Consolidated |
Revenues |
$ |
— |
|
|
$ |
— |
|
|
$ |
116,731 |
|
|
$ |
136,374 |
|
|
$ |
(50,622 |
) |
|
$ |
202,483 |
|
Cost of sales |
— |
|
|
— |
|
|
76,863 |
|
|
78,377 |
|
|
(50,388 |
) |
|
104,852 |
|
Gross profit |
— |
|
|
— |
|
|
39,868 |
|
|
57,997 |
|
|
(234 |
) |
|
97,631 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general and administrative and engineering |
6,573 |
|
|
7,860 |
|
|
22,224 |
|
|
22,946 |
|
|
— |
|
|
59,603 |
|
Amortization of intangible assets |
192 |
|
|
— |
|
|
4,381 |
|
|
3,999 |
|
|
— |
|
|
8,572 |
|
Income (loss) from operations |
(6,765 |
) |
|
(7,860 |
) |
|
13,263 |
|
|
31,052 |
|
|
(234 |
) |
|
29,456 |
|
Other income/(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of subsidiaries |
12,546 |
|
|
26,403 |
|
|
13,336 |
|
|
— |
|
|
(52,285 |
) |
|
— |
|
Interest income |
— |
|
|
— |
|
|
33 |
|
|
206 |
|
|
— |
|
|
239 |
|
Interest expense |
— |
|
|
(15,637 |
) |
|
(90 |
) |
|
(296 |
) |
|
— |
|
|
(16,023 |
) |
Loss on retirement of debt |
— |
|
|
(3,195 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,195 |
) |
Miscellaneous income/(expense) |
— |
|
|
— |
|
|
5,735 |
|
|
(7,137 |
) |
|
— |
|
|
(1,402 |
) |
Income (loss) before provision for income taxes |
5,781 |
|
|
(289 |
) |
|
32,277 |
|
|
23,825 |
|
|
(52,519 |
) |
|
9,075 |
|
Income tax expense (benefit) |
— |
|
|
— |
|
|
(3,167 |
) |
|
6,532 |
|
|
(71 |
) |
|
3,294 |
|
Net income (loss) |
$ |
5,781 |
|
|
$ |
(289 |
) |
|
$ |
35,444 |
|
|
$ |
17,293 |
|
|
$ |
(52,448 |
) |
|
$ |
5,781 |
|
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
5,781 |
|
|
$ |
(289 |
) |
|
$ |
35,444 |
|
|
$ |
17,293 |
|
|
$ |
(52,448 |
) |
|
$ |
5,781 |
|
Foreign currency translation adjustment |
— |
|
|
— |
|
|
— |
|
|
(11,017 |
) |
|
— |
|
|
(11,017 |
) |
Comprehensive income (loss) |
$ |
5,781 |
|
|
$ |
(289 |
) |
|
$ |
35,444 |
|
|
$ |
6,276 |
|
|
$ |
(52,448 |
) |
|
$ |
(5,236 |
) |
Thermon Holding Corp.
Condensed Statement of Cash Flows (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended December 31, 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 (used in) provided by operations |
$ |
— |
|
|
$ |
(12,598 |
) |
|
$ |
16,676 |
|
|
$ |
21,982 |
|
|
$ |
84 |
|
|
$ |
26,144 |
|
Investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of P.P.&E. |
— |
|
|
— |
|
|
(4,987 |
) |
|
(258 |
) |
|
— |
|
|
(5,245 |
) |
Cash paid for Thermon |
— |
|
|
— |
|
|
(203 |
) |
|
— |
|
|
— |
|
|
(203 |
) |
Net cash (used in) investing activities |
— |
|
|
— |
|
|
(5,190 |
) |
|
(258 |
) |
|
— |
|
|
(5,448 |
) |
Financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on Senior Secured Notes |
— |
|
|
(21,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(21,000 |
) |
Proceeds from revolving lines of credit |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Issuance costs associated with revolving line of credit |
— |
|
|
(248 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(248 |
) |
Proceeds from stock option exercises |
4,571 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,571 |
|
Excess tax deduction on stock option exercises |
3,369 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,369 |
|
Intercompany dividends |
— |
|
|
— |
|
|
23,328 |
|
|
(23,328 |
) |
|
— |
|
|
— |
|
Premiums paid on redemption of Senior Secured Notes |
— |
|
|
(630 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(630 |
) |
Change in affiliate debt |
(7,940 |
) |
|
34,228 |
|
|
(30,391 |
) |
|
4,350 |
|
|
(247 |
) |
|
— |
|
Net cash (used in) provided by financing activities |
— |
|
|
12,350 |
|
|
(7,063 |
) |
|
(18,978 |
) |
|
(247 |
) |
|
(13,938 |
) |
Effect of exchange rates on cash and cash equivalents |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
163 |
|
|
163 |
|
Change in cash and cash equivalents |
— |
|
|
(248 |
) |
|
4,423 |
|
|
2,746 |
|
|
— |
|
|
6,921 |
|
Cash at beginning of period |
— |
|
|
— |
|
|
5,815 |
|
|
15,653 |
|
|
— |
|
|
21,468 |
|
Cash at End of period |
$ |
— |
|
|
$ |
(248 |
) |
|
$ |
10,238 |
|
|
$ |
18,399 |
|
|
$ |
— |
|
|
$ |
28,389 |
|
Thermon Holding Corp.
Condensed Statement of Cash Flows (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended December 31, 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 (used in) provided by operations |
$ |
1,139 |
|
|
$ |
(25,588 |
) |
|
$ |
6,908 |
|
|
$ |
11,345 |
|
|
$ |
(285 |
) |
|
$ |
(6,481 |
) |
Investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of P.P.&E. |
— |
|
|
— |
|
|
(5,948 |
) |
|
(231 |
) |
|
— |
|
|
(6,179 |
) |
Cash paid for Thermon |
— |
|
|
— |
|
|
(663 |
) |
|
— |
|
|
— |
|
|
(663 |
) |
Net cash (used in) investing activities |
— |
|
|
— |
|
|
(6,611 |
) |
|
(231 |
) |
|
— |
|
|
(6,842 |
) |
Financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on senior secured notes |
— |
|
|
(70,855 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(70,855 |
) |
Proceeds from revolving lines of credit |
— |
|
|
9,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
9,000 |
|
Payments on revolving lines of credit |
— |
|
|
— |
|
|
— |
|
|
(2,063 |
) |
|
— |
|
|
(2,063 |
) |
Capital contributions |
50,288 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
50,288 |
|
Premiums paid on redemption of senior secured notes |
— |
|
|
(3,825 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,825 |
) |
Change in affiliate debt |
(51,427 |
) |
|
91,268 |
|
|
(34,469 |
) |
|
(5,657 |
) |
|
285 |
|
|
— |
|
Net cash (used in) provided by financing activities |
(1,139 |
) |
|
25,588 |
|
|
(34,469 |
) |
|
(7,720 |
) |
|
285 |
|
|
(17,455 |
) |
Effect of exchange rates on cash and cash equivalents |
— |
|
|
— |
|
|
— |
|
|
(462 |
) |
|
— |
|
|
(462 |
) |
Change in cash and cash equivalents |
0 |
|
|
— |
|
|
(34,172 |
) |
|
2,932 |
|
|
— |
|
|
(31,240 |
) |
Cash at beginning of period |
— |
|
|
— |
|
|
41,829 |
|
|
9,187 |
|
|
— |
|
|
51,016 |
|
Cash at End of period |
$ |
— |
|
|
$ |
— |
|
|
$ |
7,657 |
|
|
$ |
12,119 |
|
|
$ |
— |
|
|
$ |
19,776 |
|
|