Attached files
| file | filename |
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| 8-K - COMPX FORM 8-K DATED 12/28/12 - COMPX INTERNATIONAL INC | compx8k010412.htm |
| EX-10.1 - SECURITIES PURCHASE AGREEMENT 12/28/2012 - COMPX INTERNATIONAL INC | exhibit101.htm |
| EX-99.2 - COMPX PRESS RELEASE DATED 12/28/2012 - COMPX INTERNATIONAL INC | exhibit992.htm |
| EX-10.1 - TERMINATION OF CREDIT AGREEMENT LETTER - COMPX INTERNATIONAL INC | exhibit102.htm |
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Exhibit 99.1
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CompX International Inc.
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Index to Pro Forma Condensed Consolidated Financial Statements
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Page
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Pro Forma Condensed Consoldiated Balance Sheet -
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September 30, 2012
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F-2
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Notes to Pro Forma Condensed Consolidated Balance Sheet
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F-3
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Pro Forma Condensed Consolidated Statement of Income -
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Nine months ended September 30, 2012
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F-4
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Pro Forma Condensed Consolidated Statement of Income -
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Year ended December 31, 2011
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F-5
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Notes to Pro Forma Condensed Consolidated Statements of Income
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F-6
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These pro forma condensed consolidated financial statements should be read in conjunction with the historical consoldiated financial statements of CompX International Inc. The pro forma condensed consolidated financial statements are not necessarily indicative of CompX's consolidated financial position or results of continuing operations as they maybe in the future.
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CompX International Inc.
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Pro Forma Condensed Consolidated Balance Sheet
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September 30, 2012
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(Unaudited)
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(In millions)
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Pro-forma
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Pro-forma
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CompX
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adjustments
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adjustments
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Historical
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I |
II
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Pro-forma
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Assets
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Current assets:
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Cash and cash equivalents
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$ | 7.0 | $ | 53.5 | $ | - | $ | 60.5 | ||||||||
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Accounts receivable, net
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17.2 | (7.6 | ) | - | 9.6 | |||||||||||
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Inventories, net
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19.3 | (7.8 | ) | - | 11.5 | |||||||||||
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Deferred income taxes and other
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5.0 | (1.7 | ) | - | 3.3 | |||||||||||
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Total current assets
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48.5 | 36.4 | - | 84.9 | ||||||||||||
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Other assets:
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Intangibles
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36.1 | (10.1 | ) | - | 26.0 | |||||||||||
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Net property and equipment
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51.4 | (14.4 | ) | (3.6 | ) | 33.4 | ||||||||||
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Assets held for sale
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6.2 | - | 3.6 | 9.8 | ||||||||||||
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Other assets
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0.2 | (0.1 | ) | - | 0.1 | |||||||||||
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Total other assets
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93.9 | (24.6 | ) | - | 69.3 | |||||||||||
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Total assets
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$ | 142.4 | $ | 11.8 | $ | - | $ | 154.2 | ||||||||
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Liabilities and Stockholders’ Equity
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Current liabilities:
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Current maturities of long-term debt
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$ | 1.0 | $ | - | $ | - | $ | 1.0 | ||||||||
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Accounts payable and accrued liabilities
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15.1 | (5.9 | ) | - | 9.2 | |||||||||||
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Income taxes
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1.0 | 11.3 | - | 12.3 | ||||||||||||
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Total current liabilities
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17.1 | 5.4 | - | 22.5 | ||||||||||||
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Noncurrent liabilities:
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Long-term debt
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21.5 | (2.0 | ) | - | 19.5 | |||||||||||
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Deferred income taxes
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16.5 | (10.0 | ) | - | 6.5 | |||||||||||
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Total noncurrent liabilities
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38.0 | (12.0 | ) | - | 26.0 | |||||||||||
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Stockholders’ equity
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Common stock and paid-in capital
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55.3 | - | - | 55.3 | ||||||||||||
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Retained earnings
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19.5 | 30.9 | - | 50.4 | ||||||||||||
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Accumulated other comprehensive
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income - currency translation
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12.5 | (12.5 | ) | - | - | |||||||||||
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Total stockholders' equity
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87.3 | 18.4 | - | 105.7 | ||||||||||||
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Total liabilities and stockholders’ equity
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$ | 142.4 | $ | 11.8 | $ | - | $ | 154.2 | ||||||||
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See acompanying notes to pro forma condensed consolidated balance sheet.
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CompX International Inc.
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Notes To Pro Forma Condensed Consolidated Balance Sheet
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(Unaudited)
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Note 1 - Basis of presentation:
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The Pro Forma Condensed Consolidated Balance Sheet assumes the following transaction, more fully described in Item 2.01 of this Current Report on Form 8-K dated December 28, 2012, occured on September 30, 2012:
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I - CompX sells substantially all of the assets of its Furniture Components operations.
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II - Land located in Taiwan with a net book value of $3.6 million, not included in the net assets sold, has been now classified as an asset held for sale.
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Note 2 - Pro forma adjustments:
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I - Reflect the sale of substantially all of its Furniture Components operations:
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Amount
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(In millions)
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Cash consideration, net of estimated fees and expenses
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$ | 58.0 | ||
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Carrying value of assets sold and liabilities assumed:
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Cash and cash equivalents
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4.5 | |||
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Accounts receivable, net
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7.6 | |||
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Inventories, net
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7.8 | |||
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Deferred income taxes and other current assets
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1.7 | |||
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Intangibles
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10.1 | |||
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Net property and equipment
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14.4 | |||
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Other noncurrent assets
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0.1 | |||
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Accounts payable and accrued liabilities
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(5.9 | ) | ||
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Long-term debt
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(2.0 | ) | ||
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Income taxes payable
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(0.3 | ) | ||
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Noncurrent deferred income taxes
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(0.6 | ) | ||
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Accumulated other comprehensive income
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(12.5 | ) | ||
| 24.9 | ||||
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Pre-tax gain
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33.1 | |||
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Income tax expense:
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Current income taxes
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11.6 | |||
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Deferred income taxes
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(9.4 | ) | ||
| 2.2 | ||||
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Net-of-tax gain
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$ | 30.9 | ||
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The effective income tax rate relating to the net pre-tax gain on disposal differs from the 35% federal statutory rate due principally to the impact of approximately $9.1 million of foreign tax credits estimated to be utilized, the benefit of which has previously not been recognized.
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The Company's actual net-of-tax gain on the sale of the Furniture Components operations net assets will differ from the amount shown because of, among other things, the differences in the net carrying value of the net assets sold as shown above as compared to the date of sale.
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II - Reflect the $3.6 million reclass of land not included in the net assets sold as asset held for sale.
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CompX International Inc.
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Pro Forma Condensed Consolidated Statement of Income
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Nine months ended September 30, 2012
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(Unaudited)
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(In millions, except per share data)
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CompX
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Pro-forma
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Historical
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adjustments
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Pro-forma
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Net sales
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$ | 110.2 | $ | (46.4 | ) | $ | 63.8 | |||||
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Cost of goods sold
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80.5 | (35.5 | ) | 45.0 | ||||||||
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Gross profit
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29.7 | (10.9 | ) | 18.8 | ||||||||
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Selling, general and administrative expense
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18.9 | (5.9 | ) | 13.0 | ||||||||
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Other operating income (expense):
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Reversal of accrued contingent consideration
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0.8 | (0.8 | ) | - | ||||||||
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Asset held for sale write-down
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(0.4 | ) | - | (0.4 | ) | |||||||
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Operating income
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11.2 | (5.8 | ) | 5.4 | ||||||||
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Other non-operating expenses, net
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(0.5 | ) | 0.1 | (0.4 | ) | |||||||
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Income before income taxes
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10.7 | (5.7 | ) | 5.0 | ||||||||
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Provision for income taxes
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4.5 | (2.5 | ) | 2.0 | ||||||||
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Income from continuing operations
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$ | 6.2 | $ | (3.2 | ) | $ | 3.0 | |||||
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Income from continuing operations per share
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$ | 0.50 | $ | 0.24 | ||||||||
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Weighted average common shares outstanding
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12.4 | 12.4 | ||||||||||
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See accompanying notes to pro forma condensed consolidated statement of income.
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CompX International Inc.
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Pro Forma Condensed Consolidated Statement of Income
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Year ended December 31, 2011
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(Unaudited)
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(In millions, except per share data)
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CompX
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Pro-forma
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Historical
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adjustments
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Pro-forma
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Net sales
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$ | 138.8 | $ | (59.0 | ) | $ | 79.8 | |||||
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Cost of goods sold
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103.6 | (47.9 | ) | 55.7 | ||||||||
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Gross profit
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35.2 | (11.1 | ) | 24.1 | ||||||||
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Selling, general and administrative expense
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23.9 | (7.3 | ) | 16.6 | ||||||||
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Other operating income (expense):
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Litigation settlement gain, net
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7.3 | (7.3 | ) | - | ||||||||
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Assets held for sale write-downs
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(1.1 | ) | - | (1.1 | ) | |||||||
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Facility consolidation costs
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(2.0 | ) | 2.0 | - | ||||||||
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Operating income
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15.5 | (9.1 | ) | 6.4 | ||||||||
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Other non-operating expenses, net
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(0.4 | ) | - | (0.4 | ) | |||||||
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Income before income taxes
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15.1 | (9.1 | ) | 6.0 | ||||||||
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Provision for income taxes
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7.4 | (5.0 | ) | 2.4 | ||||||||
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Income from continuing operations
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$ | 7.7 | $ | (4.1 | ) | $ | 3.6 | |||||
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Income from continuing operations per share
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$ | 0.62 | $ | 0.29 | ||||||||
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Weighted average common shares outstanding
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12.4 | 12.4 | ||||||||||
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See accompanying notes to pro forma condensed consolidated statement of income.
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CompX International Inc.
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Notes To Pro Forma Condensed Consolidated Statements of Income
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(Unaudited)
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Note 1 - Basis of presentation:
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The Pro Forma Condensed Consolidated Statements of Income assume the sale of substantially all of the net assets of the Furniture Components operations, more fully described in Item 2.01 of this Current Report on Form 8-K dated December 28, 2012, occured as of the beginning of 2011.
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Note 2 - Pro forma adjustments :
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Eliminate Furniture Components historical operations included in CompX's consolidated statement of income. In future filings, CompX will report such Furniture Components results of operations as discontinued operations.
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