Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Cash Flows

v2.4.0.6
Consolidated Statement of Cash Flows (USD $)
In Thousands, unless otherwise specified
 11 Months Ended 12 Months Ended 1 Months Ended
Mar. 31, 2011
Successor [Member]
Mar. 31, 2013
Successor [Member]
Mar. 31, 2012
Successor [Member]
Apr. 30, 2010
Predecessor [Member]
Operating activities        
Net income (loss) $ (14,940) $ 26,974 $ 12,030 $ (267)
Adjustment to reconcile net income to net cash (used in), provided by operating activities:        
Depreciation and amortization 27,538 13,831 13,971 392
Amortization of debt costs 3,948 3,321 4,127 2,586
Stock compensation expense 1,939 1,341 6,514 0
Benefit for deferred income taxes (8,393) (1,919) (4,947) (15,122)
Premiums paid on redemptions, included as financing activities 0 0 3,825 0
Loss on disposition of property, plant and equipment 1,101 0 0 0
Other non-cash operating activities (287) 551 721 33
Changes in operating assets and liabilities:        
Accounts receivable 2,294 (7,120) (11,435) 1,365
Inventories (5,403) 3,389 (8,189) (1,719)
Costs and estimated earnings in excess of billings on uncompleted contracts (365) (1,807) (478) 34
Other current and noncurrent assets (2,113) 611 1,591 (3,151)
Accounts payable 7,253 4,895 (1,292) 825
Accrued liabilities and noncurrent liabilities 19,175 (3,354) (3,549) 9,482
Income taxes payable 7,215 657 (9,777) (860)
Net cash (used in) provided by operating activities 38,962 41,370 3,112 (6,402)
Investing activities        
Purchases of property, plant and equipment (1,702) (6,264) (8,883) (97)
Cash paid for Thermon Holding Corp. (314,410) (289) (685) 0
Other investing activities (493) 0 0 (1,397)
Net cash used in investing activities (316,605) (6,553) (9,568) (1,494)
Financing activities        
Proceeds from senior secured notes 210,000 0 0 0
Payments on senior secured notes 0 (21,000) (70,855) 0
Payments on long term debt 0 0 0 (19,385)
Proceeds or payments on revolving lines of credit 2,063 0 (2,063)   
Proceeds from Initial Public Offering, net of transaction costs 0 0 48,459 0
Issuance costs associated with debt financing (15,249) (248) 0 0
Capital contributions 129,252 0 0 0
Issuance of common stock including exercise of stock options 250 5,558 3,432 0
Benefit from excess tax deduction from option exercises 0 4,131 2,181 0
Premium paid on redemption of senior secured notes 0 (630) (3,825) 0
Net cash (used in) provided by financing activities 326,316 (12,189) (22,671) (19,385)
Effect of exchange rate changes on cash and cash equivalents 2,593 (249) (671) (14)
Change in cash and cash equivalents 51,266 22,379 (29,798) (27,295)
Cash and cash equivalents at beginning of period 0 21,468 51,266 30,147
Cash and cash equivalents at end of period 51,266 43,847 21,468 2,852
Interest, net 10,370 12,734 19,022 3,923
Income taxes paid 5,605 10,639 17,723 860
Income tax refunds received $ (1,172) $ (207) $ (512) $ 0