| Schedule of condensed balance sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thermon Holding Corp. |
|
Condensed Balance Sheet (Unaudited) |
|
September 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 |
$ |
— |
|
|
$ |
— |
|
|
$ |
1,436 |
|
|
$ |
14,974 |
|
|
$ |
— |
|
|
$ |
16,410 |
|
Accounts receivable, net |
— |
|
|
— |
|
|
33,456 |
|
|
42,109 |
|
|
(21,892 |
) |
|
53,673 |
|
Inventories, net |
— |
|
|
— |
|
|
22,056 |
|
|
21,475 |
|
|
(1,957 |
) |
|
41,574 |
|
Costs and estimated earnings in excess of billings on uncompleted contracts |
— |
|
|
— |
|
|
1,871 |
|
|
293 |
|
|
— |
|
|
2,164 |
|
Income taxes receivable |
— |
|
|
— |
|
|
5,092 |
|
|
(22 |
) |
|
— |
|
|
5,070 |
|
Prepaid expenses and other current assets |
— |
|
|
— |
|
|
1,250 |
|
|
6,095 |
|
|
622 |
|
|
7,967 |
|
Deferred Income taxes |
— |
|
|
— |
|
|
2,752 |
|
|
514 |
|
|
— |
|
|
3,266 |
|
Total current assets |
— |
|
|
— |
|
|
67,913 |
|
|
85,438 |
|
|
(23,227 |
) |
|
130,124 |
|
Property, plant and equipment, net |
— |
|
|
— |
|
|
23,646 |
|
|
5,544 |
|
|
— |
|
|
29,190 |
|
Goodwill |
— |
|
|
— |
|
|
47,391 |
|
|
70,544 |
|
|
— |
|
|
117,935 |
|
Intangible assets, net |
950 |
|
|
— |
|
|
69,098 |
|
|
69,038 |
|
|
— |
|
|
139,086 |
|
Debt Issuance costs, net |
— |
|
|
4,542 |
|
|
0 |
|
|
— |
|
|
— |
|
|
4,542 |
|
Investment in subsidiaries |
133,673 |
|
|
261,536 |
|
|
91,413 |
|
|
— |
|
|
(486,622 |
) |
|
— |
|
|
$ |
134,623 |
|
|
$ |
266,078 |
|
|
$ |
299,461 |
|
|
$ |
230,564 |
|
|
$ |
(509,849 |
) |
|
$ |
420,877 |
|
Liabilities and shareholder’s equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
— |
|
|
$ |
— |
|
|
$ |
11,211 |
|
|
$ |
11,155 |
|
|
$ |
— |
|
|
$ |
22,366 |
|
Accrued liabilities |
— |
|
|
4,675 |
|
|
4,342 |
|
|
6,737 |
|
|
— |
|
|
15,754 |
|
Obligations in settlement of the CHS Transactions |
— |
|
|
— |
|
|
3,391 |
|
|
— |
|
|
— |
|
|
3,391 |
|
Borrowings under revolving lines of credit |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Income tax payable |
— |
|
|
— |
|
|
1,657 |
|
|
294 |
|
|
— |
|
|
1,951 |
|
Billings in excess of costs and estimated |
— |
|
|
— |
|
|
741 |
|
|
853 |
|
|
— |
|
|
1,594 |
|
Intercompany loans |
(18,592 |
) |
|
138,321 |
|
|
(66,356 |
) |
|
23,911 |
|
|
(77,284 |
) |
|
— |
|
Total current liabilities |
(18,592 |
) |
|
142,996 |
|
|
(45,014 |
) |
|
42,950 |
|
|
(77,284 |
) |
|
45,056 |
|
Long-term debt, net of current maturities |
— |
|
|
118,145 |
|
|
— |
|
|
— |
|
|
— |
|
|
118,145 |
|
Deferred Income taxes |
— |
|
|
— |
|
|
27,057 |
|
|
15,880 |
|
|
— |
|
|
42,937 |
|
Other noncurrent liabilities |
— |
|
|
— |
|
|
1,714 |
|
|
763 |
|
|
— |
|
|
2,477 |
|
Shareholder’s equity |
153,215 |
|
|
4,937 |
|
|
315,704 |
|
|
170,971 |
|
|
(432,565 |
) |
|
212,262 |
|
|
$ |
134,623 |
|
|
$ |
266,078 |
|
|
$ |
299,461 |
|
|
$ |
230,564 |
|
|
$ |
(509,849 |
) |
|
$ |
420,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Comprehensive Income (Loss) [Table Text Block] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 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 |
$ |
— |
|
|
$ |
— |
|
|
$ |
31,081 |
|
|
$ |
50,100 |
|
|
$ |
(13,823 |
) |
|
$ |
67,358 |
|
Cost of sales |
— |
|
|
— |
|
|
19,888 |
|
|
28,654 |
|
|
(13,823 |
) |
|
34,719 |
|
Gross profit |
— |
|
|
— |
|
|
11,193 |
|
|
21,446 |
|
|
— |
|
|
32,639 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general and administrative and engineering |
336 |
|
|
— |
|
|
5,713 |
|
|
8,445 |
|
|
— |
|
|
14,494 |
|
Amortization of other intangible assets |
64 |
|
|
— |
|
|
1,460 |
|
|
1,274 |
|
|
— |
|
|
2,798 |
|
Income (loss) from operations |
(400 |
) |
|
— |
|
|
4,020 |
|
|
11,727 |
|
|
— |
|
|
15,347 |
|
Other income/(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of subsidiaries |
1,167 |
|
|
4,107 |
|
|
1,637 |
|
|
— |
|
|
(6,911 |
) |
|
— |
|
Interest income |
— |
|
|
— |
|
|
0 |
|
|
30 |
|
|
— |
|
|
30 |
|
Interest expense |
— |
|
|
(4,547 |
) |
|
(50 |
) |
|
(96 |
) |
|
— |
|
|
(4,693 |
) |
Miscellaneous income/(expense) |
— |
|
|
— |
|
|
1,645 |
|
|
(1,552 |
) |
|
— |
|
|
93 |
|
Income (loss) before provision for income taxes |
767 |
|
|
(440 |
) |
|
7,252 |
|
|
10,109 |
|
|
(6,911 |
) |
|
10,777 |
|
Income tax expense (benefit) |
(140 |
) |
|
(1,591 |
) |
|
3,145 |
|
|
2,556 |
|
|
(180 |
) |
|
3,790 |
|
Net income (loss) |
$ |
907 |
|
|
$ |
1,151 |
|
|
$ |
4,107 |
|
|
$ |
7,553 |
|
|
$ |
(6,731 |
) |
|
$ |
6,987 |
|
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
907 |
|
|
$ |
1,151 |
|
|
$ |
4,107 |
|
|
$ |
7,553 |
|
|
$ |
(6,731 |
) |
|
$ |
6,987 |
|
Foreign currency translation adjustment |
— |
|
|
— |
|
|
— |
|
|
5,412 |
|
|
— |
|
|
5,412 |
|
Comprehensive income (loss) |
$ |
907 |
|
|
$ |
1,151 |
|
|
$ |
4,107 |
|
|
$ |
12,965 |
|
|
$ |
(6,731 |
) |
|
$ |
12,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 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 |
$ |
— |
|
|
$ |
— |
|
|
$ |
36,626 |
|
|
$ |
45,813 |
|
|
$ |
(14,416 |
) |
|
$ |
68,023 |
|
Cost of sales |
— |
|
|
— |
|
|
24,434 |
|
|
26,139 |
|
|
(14,501 |
) |
|
36,072 |
|
Gross profit |
— |
|
|
— |
|
|
12,192 |
|
|
19,674 |
|
|
85 |
|
|
31,951 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general and administrative and engineering |
58 |
|
|
(1 |
) |
|
6,480 |
|
|
8,150 |
|
|
— |
|
|
14,687 |
|
Amortization of other intangible assets |
64 |
|
|
— |
|
|
1,461 |
|
|
1,353 |
|
|
— |
|
|
2,878 |
|
Income (loss) from operations |
(122 |
) |
|
1 |
|
|
4,251 |
|
|
10,171 |
|
|
85 |
|
|
14,386 |
|
Other income/(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of subsidiaries |
4,445 |
|
|
6,710 |
|
|
3,517 |
|
|
— |
|
|
(14,672 |
) |
|
— |
|
Interest income |
— |
|
|
— |
|
|
1 |
|
|
75 |
|
|
— |
|
|
76 |
|
Interest expense |
— |
|
|
(4,886 |
) |
|
(32 |
) |
|
(112 |
) |
|
— |
|
|
(5,030 |
) |
Loss on retirement of debt |
— |
|
|
(2,336 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,336 |
) |
Miscellaneous income/(expense) |
— |
|
|
— |
|
|
1,743 |
|
|
(2,916 |
) |
|
— |
|
|
(1,173 |
) |
Income (loss) before provision for income taxes |
4,323 |
|
|
(511 |
) |
|
9,480 |
|
|
7,218 |
|
|
(14,587 |
) |
|
5,923 |
|
Income tax expense (benefit) |
— |
|
|
— |
|
|
71 |
|
|
1,996 |
|
|
42 |
|
|
2,109 |
|
Net income (loss) |
$ |
4,323 |
|
|
$ |
(511 |
) |
|
$ |
9,409 |
|
|
$ |
5,222 |
|
|
$ |
(14,629 |
) |
|
$ |
3,814 |
|
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
4,323 |
|
|
$ |
(511 |
) |
|
$ |
9,409 |
|
|
$ |
5,222 |
|
|
$ |
(14,629 |
) |
|
$ |
3,814 |
|
Foreign currency translation adjustment |
— |
|
|
— |
|
|
— |
|
|
(12,525 |
) |
|
— |
|
|
(12,525 |
) |
Comprehensive income (loss) |
$ |
4,323 |
|
|
$ |
(511 |
) |
|
$ |
9,409 |
|
|
$ |
(7,303 |
) |
|
$ |
(14,629 |
) |
|
$ |
(8,711 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended September 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 |
$ |
— |
|
|
$ |
— |
|
|
$ |
67,161 |
|
|
$ |
98,228 |
|
|
$ |
(30,818 |
) |
|
$ |
134,571 |
|
Cost of sales |
— |
|
|
— |
|
|
42,760 |
|
|
56,396 |
|
|
(30,563 |
) |
|
68,593 |
|
Gross profit |
— |
|
|
— |
|
|
24,401 |
|
|
41,832 |
|
|
(255 |
) |
|
65,978 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general and administrative and engineering |
394 |
|
|
— |
|
|
12,910 |
|
|
17,205 |
|
|
— |
|
|
30,509 |
|
Amortization of other intangible assets |
127 |
|
|
— |
|
|
2,921 |
|
|
2,544 |
|
|
— |
|
|
5,592 |
|
Income (loss) from operations |
(521 |
) |
|
— |
|
|
8,570 |
|
|
22,083 |
|
|
(255 |
) |
|
29,877 |
|
Other income/(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of subsidiaries |
14,067 |
|
|
10,140 |
|
|
4,024 |
|
|
— |
|
|
(28,231 |
) |
|
— |
|
Interest income |
— |
|
|
— |
|
|
0 |
|
|
57 |
|
|
— |
|
|
57 |
|
Interest expense |
— |
|
|
(8,702 |
) |
|
(111 |
) |
|
(247 |
) |
|
— |
|
|
(9,060 |
) |
Miscellaneous income/(expense) |
— |
|
|
— |
|
|
3,834 |
|
|
(3,697 |
) |
|
— |
|
|
137 |
|
Income (loss) before provision for income taxes |
13,546 |
|
|
1,438 |
|
|
16,317 |
|
|
18,196 |
|
|
(28,486 |
) |
|
21,011 |
|
Income tax expense (benefit) |
(183 |
) |
|
(3,046 |
) |
|
6,177 |
|
|
4,574 |
|
|
(98 |
) |
|
7,424 |
|
Net income (loss) |
$ |
13,729 |
|
|
$ |
4,484 |
|
|
$ |
10,140 |
|
|
$ |
13,622 |
|
|
$ |
(28,388 |
) |
|
$ |
13,587 |
|
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
13,729 |
|
|
$ |
4,484 |
|
|
$ |
10,140 |
|
|
$ |
13,622 |
|
|
$ |
(28,388 |
) |
|
$ |
13,587 |
|
Foreign currency translation adjustment |
— |
|
|
— |
|
|
— |
|
|
(36 |
) |
|
— |
|
|
(36 |
) |
Comprehensive income (loss) |
$ |
13,729 |
|
|
$ |
4,484 |
|
|
$ |
10,140 |
|
|
$ |
13,586 |
|
|
$ |
(28,388 |
) |
|
$ |
13,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended September 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 |
$ |
— |
|
|
$ |
— |
|
|
$ |
74,500 |
|
|
$ |
90,638 |
|
|
$ |
(32,497 |
) |
|
$ |
132,641 |
|
Cost of sales |
— |
|
|
— |
|
|
49,119 |
|
|
51,490 |
|
|
(31,908 |
) |
|
68,701 |
|
Gross profit |
— |
|
|
— |
|
|
25,381 |
|
|
39,148 |
|
|
(589 |
) |
|
63,940 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general and administrative and engineering |
6,515 |
|
|
7,860 |
|
|
14,377 |
|
|
15,551 |
|
|
— |
|
|
44,303 |
|
Amortization of other intangible assets |
128 |
|
|
— |
|
|
2,921 |
|
|
2,714 |
|
|
— |
|
|
5,763 |
|
Income (loss) from operations |
(6,643 |
) |
|
(7,860 |
) |
|
8,083 |
|
|
20,883 |
|
|
(589 |
) |
|
13,874 |
|
Other income/(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of subsidiaries |
6,000 |
|
|
20,022 |
|
|
9,571 |
|
|
— |
|
|
(35,593 |
) |
|
— |
|
Interest income |
— |
|
|
— |
|
|
21 |
|
|
146 |
|
|
— |
|
|
167 |
|
Interest expense |
— |
|
|
(11,589 |
) |
|
(35 |
) |
|
(196 |
) |
|
— |
|
|
(11,820 |
) |
Loss on retirement of debt |
— |
|
|
(2,966 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,966 |
) |
Miscellaneous income/(expense) |
— |
|
|
— |
|
|
3,648 |
|
|
(4,835 |
) |
|
— |
|
|
(1,187 |
) |
Income (loss) before provision for income taxes |
(643 |
) |
|
(2,393 |
) |
|
21,288 |
|
|
15,998 |
|
|
(36,182 |
) |
|
(1,932 |
) |
Income tax expense (benefit) |
— |
|
|
— |
|
|
(4,864 |
) |
|
4,266 |
|
|
(182 |
) |
|
(780 |
) |
Net income (loss) |
$ |
(643 |
) |
|
$ |
(2,393 |
) |
|
$ |
26,152 |
|
|
$ |
11,732 |
|
|
$ |
(36,000 |
) |
|
$ |
(1,152 |
) |
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(643 |
) |
|
$ |
(2,393 |
) |
|
$ |
26,152 |
|
|
$ |
11,732 |
|
|
$ |
(36,000 |
) |
|
$ |
(1,152 |
) |
Foreign currency translation adjustment |
— |
|
|
— |
|
|
— |
|
|
(11,130 |
) |
|
— |
|
|
(11,130 |
) |
Comprehensive income (loss) |
$ |
(643 |
) |
|
$ |
(2,393 |
) |
|
$ |
26,152 |
|
|
$ |
602 |
|
|
$ |
(36,000 |
) |
|
$ |
(12,282 |
) |
|
| Schedule of condensed statement of cash flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended September 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 operations |
$ |
— |
|
|
$ |
(6,629 |
) |
|
$ |
8,063 |
|
|
$ |
12,391 |
|
|
$ |
— |
|
|
$ |
13,825 |
|
Investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of P.P.&E. |
— |
|
|
— |
|
|
(2,689 |
) |
|
(191 |
) |
|
— |
|
|
(2,880 |
) |
Cash paid for Thermon |
— |
|
|
— |
|
|
(137 |
) |
|
— |
|
|
— |
|
|
(137 |
) |
Net cash (used in) investing activities |
— |
|
|
— |
|
|
(2,826 |
) |
|
(191 |
) |
|
— |
|
|
(3,017 |
) |
Financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on Senior Secured Notes |
— |
|
|
(21,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(21,000 |
) |
Proceeds from revolving lines of credit |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Proceeds from stock option exercises |
3,251 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,251 |
|
Excess tax deduction on stock option exercises |
2,585 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,585 |
|
Premiums paid on redemption of Senior Secured Notes |
— |
|
|
(630 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(630 |
) |
Change in affiliate debt |
(5,836 |
) |
|
28,259 |
|
|
(9,616 |
) |
|
(12,879 |
) |
|
72 |
|
|
— |
|
Net cash (used in) financing activities |
— |
|
|
6,629 |
|
|
(9,616 |
) |
|
(12,879 |
) |
|
72 |
|
|
(15,794 |
) |
Effect of exchange rates on cash and cash equivalents |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(72 |
) |
|
(72 |
) |
Change in cash and cash equivalents |
— |
|
|
— |
|
|
(4,379 |
) |
|
(679 |
) |
|
— |
|
|
(5,058 |
) |
Cash at beginning of period |
— |
|
|
— |
|
|
5,815 |
|
|
15,653 |
|
|
— |
|
|
21,468 |
|
Cash at End of period |
$ |
— |
|
|
$ |
— |
|
|
$ |
1,436 |
|
|
$ |
14,974 |
|
|
$ |
— |
|
|
$ |
16,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thermon Holding Corp. |
|
Condensed Balance Sheet (Unaudited) |
|
September 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 |
$ |
— |
|
|
$ |
— |
|
|
$ |
1,436 |
|
|
$ |
14,974 |
|
|
$ |
— |
|
|
$ |
16,410 |
|
Accounts receivable, net |
— |
|
|
— |
|
|
33,456 |
|
|
42,109 |
|
|
(21,892 |
) |
|
53,673 |
|
Inventories, net |
— |
|
|
— |
|
|
22,056 |
|
|
21,475 |
|
|
(1,957 |
) |
|
41,574 |
|
Costs and estimated earnings in excess of billings on uncompleted contracts |
— |
|
|
— |
|
|
1,871 |
|
|
293 |
|
|
— |
|
|
2,164 |
|
Income taxes receivable |
— |
|
|
— |
|
|
5,092 |
|
|
(22 |
) |
|
— |
|
|
5,070 |
|
Prepaid expenses and other current assets |
— |
|
|
— |
|
|
1,250 |
|
|
6,095 |
|
|
622 |
|
|
7,967 |
|
Deferred Income taxes |
— |
|
|
— |
|
|
2,752 |
|
|
514 |
|
|
— |
|
|
3,266 |
|
Total current assets |
— |
|
|
— |
|
|
67,913 |
|
|
85,438 |
|
|
(23,227 |
) |
|
130,124 |
|
Property, plant and equipment, net |
— |
|
|
— |
|
|
23,646 |
|
|
5,544 |
|
|
— |
|
|
29,190 |
|
Goodwill |
— |
|
|
— |
|
|
47,391 |
|
|
70,544 |
|
|
— |
|
|
117,935 |
|
Intangible assets, net |
950 |
|
|
— |
|
|
69,098 |
|
|
69,038 |
|
|
— |
|
|
139,086 |
|
Debt Issuance costs, net |
— |
|
|
4,542 |
|
|
0 |
|
|
— |
|
|
— |
|
|
4,542 |
|
Investment in subsidiaries |
133,673 |
|
|
261,536 |
|
|
91,413 |
|
|
— |
|
|
(486,622 |
) |
|
— |
|
|
$ |
134,623 |
|
|
$ |
266,078 |
|
|
$ |
299,461 |
|
|
$ |
230,564 |
|
|
$ |
(509,849 |
) |
|
$ |
420,877 |
|
Liabilities and shareholder’s equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
— |
|
|
$ |
— |
|
|
$ |
11,211 |
|
|
$ |
11,155 |
|
|
$ |
— |
|
|
$ |
22,366 |
|
Accrued liabilities |
— |
|
|
4,675 |
|
|
4,342 |
|
|
6,737 |
|
|
— |
|
|
15,754 |
|
Obligations in settlement of the CHS Transactions |
— |
|
|
— |
|
|
3,391 |
|
|
— |
|
|
— |
|
|
3,391 |
|
Borrowings under revolving lines of credit |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Income tax payable |
— |
|
|
— |
|
|
1,657 |
|
|
294 |
|
|
— |
|
|
1,951 |
|
Billings in excess of costs and estimated |
— |
|
|
— |
|
|
741 |
|
|
853 |
|
|
— |
|
|
1,594 |
|
Intercompany loans |
(18,592 |
) |
|
138,321 |
|
|
(66,356 |
) |
|
23,911 |
|
|
(77,284 |
) |
|
— |
|
Total current liabilities |
(18,592 |
) |
|
142,996 |
|
|
(45,014 |
) |
|
42,950 |
|
|
(77,284 |
) |
|
45,056 |
|
Long-term debt, net of current maturities |
— |
|
|
118,145 |
|
|
— |
|
|
— |
|
|
— |
|
|
118,145 |
|
Deferred Income taxes |
— |
|
|
— |
|
|
27,057 |
|
|
15,880 |
|
|
— |
|
|
42,937 |
|
Other noncurrent liabilities |
— |
|
|
— |
|
|
1,714 |
|
|
763 |
|
|
— |
|
|
2,477 |
|
Shareholder’s equity |
153,215 |
|
|
4,937 |
|
|
315,704 |
|
|
170,971 |
|
|
(432,565 |
) |
|
212,262 |
|
|
$ |
134,623 |
|
|
$ |
266,078 |
|
|
$ |
299,461 |
|
|
$ |
230,564 |
|
|
$ |
(509,849 |
) |
|
$ |
420,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Thermon Holding Corp.
Condensed Statement of Comprehensive Income (Loss) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 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 |
$ |
— |
|
|
$ |
— |
|
|
$ |
31,081 |
|
|
$ |
50,100 |
|
|
$ |
(13,823 |
) |
|
$ |
67,358 |
|
Cost of sales |
— |
|
|
— |
|
|
19,888 |
|
|
28,654 |
|
|
(13,823 |
) |
|
34,719 |
|
Gross profit |
— |
|
|
— |
|
|
11,193 |
|
|
21,446 |
|
|
— |
|
|
32,639 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general and administrative and engineering |
336 |
|
|
— |
|
|
5,713 |
|
|
8,445 |
|
|
— |
|
|
14,494 |
|
Amortization of other intangible assets |
64 |
|
|
— |
|
|
1,460 |
|
|
1,274 |
|
|
— |
|
|
2,798 |
|
Income (loss) from operations |
(400 |
) |
|
— |
|
|
4,020 |
|
|
11,727 |
|
|
— |
|
|
15,347 |
|
Other income/(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of subsidiaries |
1,167 |
|
|
4,107 |
|
|
1,637 |
|
|
— |
|
|
(6,911 |
) |
|
— |
|
Interest income |
— |
|
|
— |
|
|
0 |
|
|
30 |
|
|
— |
|
|
30 |
|
Interest expense |
— |
|
|
(4,547 |
) |
|
(50 |
) |
|
(96 |
) |
|
— |
|
|
(4,693 |
) |
Miscellaneous income/(expense) |
— |
|
|
— |
|
|
1,645 |
|
|
(1,552 |
) |
|
— |
|
|
93 |
|
Income (loss) before provision for income taxes |
767 |
|
|
(440 |
) |
|
7,252 |
|
|
10,109 |
|
|
(6,911 |
) |
|
10,777 |
|
Income tax expense (benefit) |
(140 |
) |
|
(1,591 |
) |
|
3,145 |
|
|
2,556 |
|
|
(180 |
) |
|
3,790 |
|
Net income (loss) |
$ |
907 |
|
|
$ |
1,151 |
|
|
$ |
4,107 |
|
|
$ |
7,553 |
|
|
$ |
(6,731 |
) |
|
$ |
6,987 |
|
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
907 |
|
|
$ |
1,151 |
|
|
$ |
4,107 |
|
|
$ |
7,553 |
|
|
$ |
(6,731 |
) |
|
$ |
6,987 |
|
Foreign currency translation adjustment |
— |
|
|
— |
|
|
— |
|
|
5,412 |
|
|
— |
|
|
5,412 |
|
Comprehensive income (loss) |
$ |
907 |
|
|
$ |
1,151 |
|
|
$ |
4,107 |
|
|
$ |
12,965 |
|
|
$ |
(6,731 |
) |
|
$ |
12,399 |
|
Thermon Holding Corp.
Condensed Statement of Comprehensive Income (Loss) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 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 |
$ |
— |
|
|
$ |
— |
|
|
$ |
36,626 |
|
|
$ |
45,813 |
|
|
$ |
(14,416 |
) |
|
$ |
68,023 |
|
Cost of sales |
— |
|
|
— |
|
|
24,434 |
|
|
26,139 |
|
|
(14,501 |
) |
|
36,072 |
|
Gross profit |
— |
|
|
— |
|
|
12,192 |
|
|
19,674 |
|
|
85 |
|
|
31,951 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general and administrative and engineering |
58 |
|
|
(1 |
) |
|
6,480 |
|
|
8,150 |
|
|
— |
|
|
14,687 |
|
Amortization of other intangible assets |
64 |
|
|
— |
|
|
1,461 |
|
|
1,353 |
|
|
— |
|
|
2,878 |
|
Income (loss) from operations |
(122 |
) |
|
1 |
|
|
4,251 |
|
|
10,171 |
|
|
85 |
|
|
14,386 |
|
Other income/(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of subsidiaries |
4,445 |
|
|
6,710 |
|
|
3,517 |
|
|
— |
|
|
(14,672 |
) |
|
— |
|
Interest income |
— |
|
|
— |
|
|
1 |
|
|
75 |
|
|
— |
|
|
76 |
|
Interest expense |
— |
|
|
(4,886 |
) |
|
(32 |
) |
|
(112 |
) |
|
— |
|
|
(5,030 |
) |
Loss on retirement of debt |
— |
|
|
(2,336 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,336 |
) |
Miscellaneous income/(expense) |
— |
|
|
— |
|
|
1,743 |
|
|
(2,916 |
) |
|
— |
|
|
(1,173 |
) |
Income (loss) before provision for income taxes |
4,323 |
|
|
(511 |
) |
|
9,480 |
|
|
7,218 |
|
|
(14,587 |
) |
|
5,923 |
|
Income tax expense (benefit) |
— |
|
|
— |
|
|
71 |
|
|
1,996 |
|
|
42 |
|
|
2,109 |
|
Net income (loss) |
$ |
4,323 |
|
|
$ |
(511 |
) |
|
$ |
9,409 |
|
|
$ |
5,222 |
|
|
$ |
(14,629 |
) |
|
$ |
3,814 |
|
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
4,323 |
|
|
$ |
(511 |
) |
|
$ |
9,409 |
|
|
$ |
5,222 |
|
|
$ |
(14,629 |
) |
|
$ |
3,814 |
|
Foreign currency translation adjustment |
— |
|
|
— |
|
|
— |
|
|
(12,525 |
) |
|
— |
|
|
(12,525 |
) |
Comprehensive income (loss) |
$ |
4,323 |
|
|
$ |
(511 |
) |
|
$ |
9,409 |
|
|
$ |
(7,303 |
) |
|
$ |
(14,629 |
) |
|
$ |
(8,711 |
) |
Thermon Holding Corp.
Condensed Statement of Comprehensive Income (Loss) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended September 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 |
$ |
— |
|
|
$ |
— |
|
|
$ |
67,161 |
|
|
$ |
98,228 |
|
|
$ |
(30,818 |
) |
|
$ |
134,571 |
|
Cost of sales |
— |
|
|
— |
|
|
42,760 |
|
|
56,396 |
|
|
(30,563 |
) |
|
68,593 |
|
Gross profit |
— |
|
|
— |
|
|
24,401 |
|
|
41,832 |
|
|
(255 |
) |
|
65,978 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general and administrative and engineering |
394 |
|
|
— |
|
|
12,910 |
|
|
17,205 |
|
|
— |
|
|
30,509 |
|
Amortization of other intangible assets |
127 |
|
|
— |
|
|
2,921 |
|
|
2,544 |
|
|
— |
|
|
5,592 |
|
Income (loss) from operations |
(521 |
) |
|
— |
|
|
8,570 |
|
|
22,083 |
|
|
(255 |
) |
|
29,877 |
|
Other income/(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of subsidiaries |
14,067 |
|
|
10,140 |
|
|
4,024 |
|
|
— |
|
|
(28,231 |
) |
|
— |
|
Interest income |
— |
|
|
— |
|
|
0 |
|
|
57 |
|
|
— |
|
|
57 |
|
Interest expense |
— |
|
|
(8,702 |
) |
|
(111 |
) |
|
(247 |
) |
|
— |
|
|
(9,060 |
) |
Miscellaneous income/(expense) |
— |
|
|
— |
|
|
3,834 |
|
|
(3,697 |
) |
|
— |
|
|
137 |
|
Income (loss) before provision for income taxes |
13,546 |
|
|
1,438 |
|
|
16,317 |
|
|
18,196 |
|
|
(28,486 |
) |
|
21,011 |
|
Income tax expense (benefit) |
(183 |
) |
|
(3,046 |
) |
|
6,177 |
|
|
4,574 |
|
|
(98 |
) |
|
7,424 |
|
Net income (loss) |
$ |
13,729 |
|
|
$ |
4,484 |
|
|
$ |
10,140 |
|
|
$ |
13,622 |
|
|
$ |
(28,388 |
) |
|
$ |
13,587 |
|
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
13,729 |
|
|
$ |
4,484 |
|
|
$ |
10,140 |
|
|
$ |
13,622 |
|
|
$ |
(28,388 |
) |
|
$ |
13,587 |
|
Foreign currency translation adjustment |
— |
|
|
— |
|
|
— |
|
|
(36 |
) |
|
— |
|
|
(36 |
) |
Comprehensive income (loss) |
$ |
13,729 |
|
|
$ |
4,484 |
|
|
$ |
10,140 |
|
|
$ |
13,586 |
|
|
$ |
(28,388 |
) |
|
$ |
13,551 |
|
Thermon Holding Corp.
Condensed Statement of Comprehensive Income (Loss) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended September 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 |
$ |
— |
|
|
$ |
— |
|
|
$ |
74,500 |
|
|
$ |
90,638 |
|
|
$ |
(32,497 |
) |
|
$ |
132,641 |
|
Cost of sales |
— |
|
|
— |
|
|
49,119 |
|
|
51,490 |
|
|
(31,908 |
) |
|
68,701 |
|
Gross profit |
— |
|
|
— |
|
|
25,381 |
|
|
39,148 |
|
|
(589 |
) |
|
63,940 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general and administrative and engineering |
6,515 |
|
|
7,860 |
|
|
14,377 |
|
|
15,551 |
|
|
— |
|
|
44,303 |
|
Amortization of other intangible assets |
128 |
|
|
— |
|
|
2,921 |
|
|
2,714 |
|
|
— |
|
|
5,763 |
|
Income (loss) from operations |
(6,643 |
) |
|
(7,860 |
) |
|
8,083 |
|
|
20,883 |
|
|
(589 |
) |
|
13,874 |
|
Other income/(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of subsidiaries |
6,000 |
|
|
20,022 |
|
|
9,571 |
|
|
— |
|
|
(35,593 |
) |
|
— |
|
Interest income |
— |
|
|
— |
|
|
21 |
|
|
146 |
|
|
— |
|
|
167 |
|
Interest expense |
— |
|
|
(11,589 |
) |
|
(35 |
) |
|
(196 |
) |
|
— |
|
|
(11,820 |
) |
Loss on retirement of debt |
— |
|
|
(2,966 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,966 |
) |
Miscellaneous income/(expense) |
— |
|
|
— |
|
|
3,648 |
|
|
(4,835 |
) |
|
— |
|
|
(1,187 |
) |
Income (loss) before provision for income taxes |
(643 |
) |
|
(2,393 |
) |
|
21,288 |
|
|
15,998 |
|
|
(36,182 |
) |
|
(1,932 |
) |
Income tax expense (benefit) |
— |
|
|
— |
|
|
(4,864 |
) |
|
4,266 |
|
|
(182 |
) |
|
(780 |
) |
Net income (loss) |
$ |
(643 |
) |
|
$ |
(2,393 |
) |
|
$ |
26,152 |
|
|
$ |
11,732 |
|
|
$ |
(36,000 |
) |
|
$ |
(1,152 |
) |
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(643 |
) |
|
$ |
(2,393 |
) |
|
$ |
26,152 |
|
|
$ |
11,732 |
|
|
$ |
(36,000 |
) |
|
$ |
(1,152 |
) |
Foreign currency translation adjustment |
— |
|
|
— |
|
|
— |
|
|
(11,130 |
) |
|
— |
|
|
(11,130 |
) |
Comprehensive income (loss) |
$ |
(643 |
) |
|
$ |
(2,393 |
) |
|
$ |
26,152 |
|
|
$ |
602 |
|
|
$ |
(36,000 |
) |
|
$ |
(12,282 |
) |
Thermon Holding Corp.
Condensed Statement of Cash Flows (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended September 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 operations |
$ |
— |
|
|
$ |
(6,629 |
) |
|
$ |
8,063 |
|
|
$ |
12,391 |
|
|
$ |
— |
|
|
$ |
13,825 |
|
Investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of P.P.&E. |
— |
|
|
— |
|
|
(2,689 |
) |
|
(191 |
) |
|
— |
|
|
(2,880 |
) |
Cash paid for Thermon |
— |
|
|
— |
|
|
(137 |
) |
|
— |
|
|
— |
|
|
(137 |
) |
Net cash (used in) investing activities |
— |
|
|
— |
|
|
(2,826 |
) |
|
(191 |
) |
|
— |
|
|
(3,017 |
) |
Financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on Senior Secured Notes |
— |
|
|
(21,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(21,000 |
) |
Proceeds from revolving lines of credit |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Proceeds from stock option exercises |
3,251 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,251 |
|
Excess tax deduction on stock option exercises |
2,585 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,585 |
|
Premiums paid on redemption of Senior Secured Notes |
— |
|
|
(630 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(630 |
) |
Change in affiliate debt |
(5,836 |
) |
|
28,259 |
|
|
(9,616 |
) |
|
(12,879 |
) |
|
72 |
|
|
— |
|
Net cash (used in) financing activities |
— |
|
|
6,629 |
|
|
(9,616 |
) |
|
(12,879 |
) |
|
72 |
|
|
(15,794 |
) |
Effect of exchange rates on cash and cash equivalents |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(72 |
) |
|
(72 |
) |
Change in cash and cash equivalents |
— |
|
|
— |
|
|
(4,379 |
) |
|
(679 |
) |
|
— |
|
|
(5,058 |
) |
Cash at beginning of period |
— |
|
|
— |
|
|
5,815 |
|
|
15,653 |
|
|
— |
|
|
21,468 |
|
Cash at End of period |
$ |
— |
|
|
$ |
— |
|
|
$ |
1,436 |
|
|
$ |
14,974 |
|
|
$ |
— |
|
|
$ |
16,410 |
|
Thermon Holding Corp.
Condensed Statement of Cash Flows (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended September 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 (used in) operations |
$ |
504 |
|
|
$ |
(18,715 |
) |
|
$ |
1,833 |
|
|
$ |
1,584 |
|
|
$ |
12 |
|
|
$ |
(14,782 |
) |
Investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of P.P.&E. |
— |
|
|
— |
|
|
(4,140 |
) |
|
(127 |
) |
|
— |
|
|
(4,267 |
) |
Cash paid for Thermon |
— |
|
|
— |
|
|
(372 |
) |
|
— |
|
|
— |
|
|
(372 |
) |
Net cash (used in) investing activities |
— |
|
|
— |
|
|
(4,512 |
) |
|
(127 |
) |
|
— |
|
|
(4,639 |
) |
Financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on Senior Secured Notes |
— |
|
|
(66,590 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(66,590 |
) |
Proceeds from revolving lines of credit |
— |
|
|
6,500 |
|
|
— |
|
|
— |
|
|
— |
|
|
6,500 |
|
Payments on revolving lines of credit |
— |
|
|
— |
|
|
— |
|
|
(2,063 |
) |
|
— |
|
|
(2,063 |
) |
Capital contributions |
48,709 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
48,709 |
|
Premiums paid on redemption of Senior Secured Notes |
— |
|
|
(3,596 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,596 |
) |
Change in affiliate debt |
(49,213 |
) |
|
82,401 |
|
|
(33,176 |
) |
|
— |
|
|
(12 |
) |
|
— |
|
Net cash (used in) financing activities |
(504 |
) |
|
18,715 |
|
|
(33,176 |
) |
|
(2,063 |
) |
|
(12 |
) |
|
(17,040 |
) |
Effect of exchange rates on cash and cash equivalents |
— |
|
|
— |
|
|
— |
|
|
(1,363 |
) |
|
— |
|
|
(1,363 |
) |
Change in cash and cash equivalents |
0 |
|
|
— |
|
|
(35,855 |
) |
|
(1,969 |
) |
|
— |
|
|
(37,824 |
) |
Cash at beginning of period |
— |
|
|
— |
|
|
41,829 |
|
|
9,187 |
|
|
— |
|
|
51,016 |
|
Cash at End of period |
$ |
— |
|
|
$ |
— |
|
|
$ |
5,974 |
|
|
$ |
7,218 |
|
|
$ |
— |
|
|
$ |
13,192 |
|
|