Attached files
| file | filename |
|---|---|
| EX-99.2 - EXHIBIT 99.2 - Horizon Global Corp | hzn_102015xexhibit992.htm |
| 8-K - 8-K - Horizon Global Corp | hzn_102015x8kx2014xquarter.htm |
Exhibit 99.1
Horizon Global Corporation
Condensed Combined Balance Sheets
(Dollars in thousands)
September 30, 2014 | December 31, 2014 | |||||||
Assets | (unaudited) | |||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 10,640 | $ | 5,720 | ||||
Receivables, net | 81,690 | 63,840 | ||||||
Inventories | 114,790 | 123,530 | ||||||
Deferred income taxes | 4,220 | 4,840 | ||||||
Prepaid expenses and other current assets | 6,680 | 5,690 | ||||||
Total current assets | 218,020 | 203,620 | ||||||
Property and equipment, net | 58,980 | 55,180 | ||||||
Goodwill | 7,140 | 6,580 | ||||||
Other intangibles, net | 69,800 | 66,510 | ||||||
Other assets | 13,360 | 11,940 | ||||||
Total assets | $ | 367,300 | $ | 343,830 | ||||
Liabilities and Shareholders' Equity | ||||||||
Current liabilities: | ||||||||
Current maturities, long-term debt | $ | 2,570 | $ | 460 | ||||
Accounts payable | 67,980 | 81,980 | ||||||
Accrued liabilities | 33,590 | 37,940 | ||||||
Total current liabilities | 104,140 | 120,380 | ||||||
Long-term debt | 280 | 300 | ||||||
Deferred income taxes | 11,850 | 8,970 | ||||||
Other long-term liabilities | 31,960 | 25,990 | ||||||
Total liabilities | 148,230 | 155,640 | ||||||
Total shareholders' equity | 219,070 | 188,190 | ||||||
Total liabilities and shareholders' equity | $ | 367,300 | $ | 343,830 | ||||
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Exhibit 99.1
Horizon Global Corporation
Condensed Combined Statements of Income
(Dollars in thousands, except per share amounts)
September 30, 2014 | December 31, 2014 | |||||||||||||||
Three months ended | Nine months ended | Three months ended | Year ended | |||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||||||
Net sales | $ | 157,860 | $ | 484,210 | $ | 127,570 | $ | 611,780 | ||||||||
Cost of sales | (119,690 | ) | (363,720 | ) | (99,970 | ) | (463,690 | ) | ||||||||
Gross profit | 38,170 | 120,490 | 27,600 | 148,090 | ||||||||||||
Selling, general and administrative expenses | (30,310 | ) | (93,330 | ) | (29,560 | ) | (122,890 | ) | ||||||||
Net gain/(loss) on dispositions of property and equipment | 10 | (60 | ) | (680 | ) | (740 | ) | |||||||||
Operating profit/(loss) | 7,870 | 27,100 | (2,640 | ) | 24,460 | |||||||||||
Other expense, net: | ||||||||||||||||
Interest expense | (150 | ) | (510 | ) | (210 | ) | (720 | ) | ||||||||
Other expense, net | (810 | ) | (2,290 | ) | (860 | ) | (3,150 | ) | ||||||||
Other expense, net | (960 | ) | (2,800 | ) | (1,070 | ) | (3,870 | ) | ||||||||
Income/(loss) before income tax (expense)/benefit | 6,910 | 24,300 | (3,710 | ) | 20,590 | |||||||||||
Income tax (expense)/benefit | (1,700 | ) | (5,890 | ) | 650 | (5,240 | ) | |||||||||
Net income/(loss) | $ | 5,210 | $ | 18,410 | $ | (3,060 | ) | $ | 15,350 | |||||||
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