☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 11-3262067 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) |
Large accelerated filer | Accelerated filer | |
Non-accelerated filer | Smaller reporting company |
3 | ||
Part I | Financial Information | |
Item 1. | 4 | |
Item 2. | 13 | |
Item 3. | ||
Item 4. | 22 | |
Part II | Other Information | |
Item 1. | 23 | |
Item 6. | 24 | |
25 |
· | Corporate Ethics Policy for officers, directors and employees |
· | Charter for the Audit Committee of the Board of Directors |
· | Charter for the Compensation Committee of the Board of Directors |
· | Charter for the Nominating/Corporate Governance Committee of the Board of Directors |
· | Corporate Governance Guidelines and Principles |
September 30, 2014 | December 31, 2013 | March 31, 2015 | December 31, 2014 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
ASSETS: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 133.6 | $ | 181.4 | $ | 132.9 | $ | 165.0 | ||||||||
Accounts receivable, net | 340.1 | 333.3 | 322.1 | 355.5 | ||||||||||||
Inventories | 295.8 | 321.8 | 272.7 | 289.9 | ||||||||||||
Prepaid expenses and other current assets | 24.2 | 17.6 | 15.5 | 15.9 | ||||||||||||
Deferred income taxes | 2.2 | 2.3 | 1.7 | 1.7 | ||||||||||||
Total current assets | 795.9 | 856.4 | 744.9 | 828.0 | ||||||||||||
Property, plant and equipment, net | 54.0 | 59.4 | 40.5 | 41.2 | ||||||||||||
Deferred income taxes | 14.6 | 15.3 | 10.5 | 13.5 | ||||||||||||
Goodwill and intangibles | 7.7 | 6.1 | 20.0 | 7.4 | ||||||||||||
Other assets | 5.9 | 5.2 | 4.2 | 4.8 | ||||||||||||
Total assets | $ | 878.1 | $ | 942.4 | $ | 820.1 | $ | 894.9 | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY: | ||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 370.7 | $ | 418.9 | $ | 392.7 | $ | 420.2 | ||||||||
Accrued expenses and other current liabilities | 94.3 | 89.2 | 82.2 | 93.0 | ||||||||||||
Current portion of long-term debt | 2.3 | 2.5 | 2.3 | 2.7 | ||||||||||||
Total current liabilities | 467.3 | 510.6 | 477.2 | 515.9 | ||||||||||||
Long-term debt | 1.2 | 2.9 | 0.8 | 0.9 | ||||||||||||
Other liabilities | 17.6 | 22.7 | 15.7 | 18.5 | ||||||||||||
Total liabilities | 486.1 | 536.2 | 493.7 | 535.3 | ||||||||||||
Commitments and contingencies | ||||||||||||||||
Shareholders' equity: | ||||||||||||||||
Shareholders’ equity: | ||||||||||||||||
Preferred stock | - | - | ||||||||||||||
Common stock | 0.4 | 0.4 | 0.4 | 0.4 | ||||||||||||
Additional paid-in capital | 184.1 | 183.3 | 184.6 | 184.3 | ||||||||||||
Treasury stock | (25.6 | ) | (26.4 | ) | (25.3 | ) | (25.4 | ) | ||||||||
Retained earnings | 234.7 | 246.7 | 180.6 | 209.2 | ||||||||||||
Accumulated other comprehensive income (loss) | (1.6 | ) | 2.2 | |||||||||||||
Total shareholders' equity | 392.0 | 406.2 | ||||||||||||||
Accumulated other comprehensive loss | (13.9 | ) | (8.9 | ) | ||||||||||||
Total shareholders’ equity | 326.4 | 359.6 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 878.1 | $ | 942.4 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 820.1 | $ | 894.9 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2015 | 2014 | |||||||||||||||||||
Net sales | $ | 825.4 | $ | 791.8 | $ | 2,529.9 | $ | 2,478.1 | $ | 785.8 | $ | 873.4 | ||||||||||||
Cost of sales | 707.9 | 675.0 | 2,161.2 | 2,123.4 | 678.0 | 745.5 | ||||||||||||||||||
Gross profit | 117.5 | 116.8 | 368.7 | 354.7 | 107.8 | 127.9 | ||||||||||||||||||
Selling, general & administrative expenses | 118.5 | 114.8 | 368.0 | 357.5 | 122.0 | 126.8 | ||||||||||||||||||
Special charges, net | 1.7 | 5.8 | 10.1 | 16.5 | ||||||||||||||||||||
Special charges | 5.3 | 2.4 | ||||||||||||||||||||||
Operating income (loss) | (2.7 | ) | (3.8 | ) | (9.4 | ) | (19.3 | ) | (19.5 | ) | (1.3 | ) | ||||||||||||
Foreign currency exchange loss (gain) | 3.5 | (0.9 | ) | 4.9 | (0.5 | ) | ||||||||||||||||||
Foreign currency exchange loss | 7.2 | 0.5 | ||||||||||||||||||||||
Interest and other income, net | (0.1 | ) | - | (0.1 | ) | (0.3 | ) | (0.1 | ) | - | ||||||||||||||
Interest expense | 0.3 | 0.3 | 1.0 | 1.0 | 0.3 | 0.3 | ||||||||||||||||||
Income (loss) before income taxes | (6.4 | ) | (3.2 | ) | (15.2 | ) | (19.5 | ) | (26.9 | ) | (2.1 | ) | ||||||||||||
Provision for (benefit from) income taxes | (3.6 | ) | 8.4 | (3.2 | ) | 4.5 | ||||||||||||||||||
Provision for income taxes | 1.7 | 0.9 | ||||||||||||||||||||||
Net income (loss) | $ | (2.8 | ) | $ | (11.6 | ) | $ | (12.0 | ) | $ | (24.0 | ) | $ | (28.6 | ) | $ | ($3.0 | ) | ||||||
Net income (loss) per common share: | ||||||||||||||||||||||||
Basic | $ | (0.08 | ) | $ | (0.31 | ) | $ | (0.32 | ) | $ | (0.65 | ) | $ | (0.77 | ) | $ | (0.08 | ) | ||||||
Diluted | $ | (0.08 | ) | $ | (0.31 | ) | $ | (0.32 | ) | $ | (0.65 | ) | $ | (0.77 | ) | $ | (0.08 | ) | ||||||
Weighted average common and common equivalent shares: | ||||||||||||||||||||||||
Basic | 37.1 | 37.0 | 37.1 | 37.0 | 37.1 | 37.0 | ||||||||||||||||||
Diluted | 37.1 | 37.0 | 37.1 | 37.0 | 37.1 | 37.0 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2015 | 2014 | |||||||||||||||||||
Net income (loss) | $ | (2.8 | ) | $ | (11.6 | ) | $ | (12.0 | ) | $ | (24.0 | ) | $ | (28.6 | ) | $ | (3.0 | ) | ||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Foreign currency translation | (6.4 | ) | 7.0 | (3.8 | ) | (1.0 | ) | (5.0 | ) | 0.4 | ||||||||||||||
Total comprehensive income (loss) | $ | (9.2 | ) | $ | (4.6 | ) | $ | (15.8 | ) | $ | (25.0 | ) | ||||||||||||
Total comprehensive loss | $ | (33.6 | ) | $ | (2.6 | ) |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||
2014 | 2013 | 2015 | 2014 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (12.0 | ) | (24.0 | ) | $ | (28.6 | ) | $ | (3.0 | ) | |||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||||||||
Depreciation and amortization | 11.6 | 14.5 | 3.8 | 4.2 | ||||||||||||
Asset impairment | 0.1 | 0.8 | ||||||||||||||
(Benefit) provision for deferred income taxes | (0.5 | ) | 1.2 | |||||||||||||
Provision for doubtful accounts | 5.6 | 2.5 | ||||||||||||||
Asset impairment charges | 0.6 | - | ||||||||||||||
Provision (benefit) for deferred income taxes | 0.5 | (0.4 | ) | |||||||||||||
Provision for returns and doubtful accounts | 0.9 | 2.6 | ||||||||||||||
Compensation expense related to equity compensation plans | 1.3 | 2.4 | 0.4 | 0.5 | ||||||||||||
Excess tax benefit from exercises of stock options | 0.0 | (0.1 | ) | |||||||||||||
Loss on dispositions and abandonment | 0.0 | 0.1 | ||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Accounts receivable | (18.1 | ) | 9.0 | 23.0 | (42.1 | ) | ||||||||||
Inventories | 26.1 | 82.7 | 22.1 | (4.5 | ) | |||||||||||
Prepaid expenses and other current assets | (4.4 | ) | (6.0 | ) | 3.0 | 0.2 | ||||||||||
Income taxes payable (receivable) | 0.1 | 7.7 | ||||||||||||||
Accounts payable | (49.6 | ) | (57.0 | ) | (17.9 | ) | 22.5 | |||||||||
Accrued expenses and other current liabilities | 2.4 | 9.9 | ||||||||||||||
Net cash (used in) provided by operating activities | (37.5 | ) | 36.0 | |||||||||||||
Accrued expenses and other liabilities | (13.6 | ) | (7.6 | ) | ||||||||||||
Net cash used in operating activities | (5.7 | ) | (19.9 | ) | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Purchases of property, plant and equipment | (5.5 | ) | (10.2 | ) | (3.8 | ) | (1.7 | ) | ||||||||
Proceeds from disposals of property, plant and equipment | 1.1 | 0.3 | ||||||||||||||
Purchase of SCC Services BV, net of cash acquired | (6.4 | ) | 0.0 | |||||||||||||
Purchase of P.E.G., net of cash acquired | (24.9 | ) | - | |||||||||||||
Net cash used in investing activities | (10.8 | ) | (9.9 | ) | (28.7 | ) | (1.7 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||||||
Repayments of capital lease obligations | (1.9 | ) | (2.1 | ) | (0.5 | ) | (0.6 | ) | ||||||||
Proceeds from issuance of common stock | 0.3 | 0.1 | ||||||||||||||
Excess tax benefit from exercises of stock options | 0.0 | 0.1 | ||||||||||||||
Net cash used in financing activities | (1.6 | ) | (1.9 | ) | (0.5 | ) | (0.6 | ) | ||||||||
Effects of exchange rates on cash | 2.1 | (1.6 | ) | 2.8 | 0.5 | |||||||||||
Net (decrease) increase in cash | (47.8 | ) | 22.6 | |||||||||||||
Net decrease in cash | (32.1 | ) | (21.7 | ) | ||||||||||||
Cash – beginning of period | 181.4 | 150.7 | 165.0 | 181.4 | ||||||||||||
Cash – end of period | $ | 133.6 | $ | 173.3 | $ | 132.9 | $ | 159.7 | ||||||||
Common Stock | ||||||||||||||||||||||||||||
Number of Shares Outstanding | Amount | Additional Paid-in Capital | Treasury Stock, At Cost | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Equity | ||||||||||||||||||||||
Balances, January 1, 2014 | 36,729 | $ | 0.4 | $ | 183.3 | $ | (26.4 | ) | $ | 246.7 | $ | 2.2 | $ | 406.2 | ||||||||||||||
Stock-based compensation expense | 1.3 | 1.3 | ||||||||||||||||||||||||||
Issuance of restricted stock | 35 | (0.4 | ) | 0.4 | - | |||||||||||||||||||||||
Exercise of stock options | 30 | (0.1 | ) | 0.4 | 0.3 | |||||||||||||||||||||||
Change in cumulative translation adjustment | (3.8 | ) | (3.8 | ) | ||||||||||||||||||||||||
Net loss | (12.0 | ) | (12.0 | ) | ||||||||||||||||||||||||
Balances, September 30, 2014 | 36,794 | $ | 0.4 | $ | 184.1 | $ | (25.6 | ) | $ | 234.7 | $ | (1.6 | ) | $ | 392.0 |
Common Stock | Accumulated | |||||||||||||||||||||||||||
Number of Shares | Amount | Additional Paid-in | Treasury Stock, | Retained Earnings | Other Comprehensive | Total Equity | ||||||||||||||||||||||
Balances, January 1, 2015 | 36,808 | $ | 0.4 | $ | 184.3 | $ | (25.4 | ) | $ | 209.2 | $ | (8.9 | ) | $ | 359.6 | |||||||||||||
Stock-based compensation expense | 0.4 | 0.4 | ||||||||||||||||||||||||||
Issuance of restricted stock | 10 | (0.1 | ) | 0.1 | - | |||||||||||||||||||||||
Change in cumulative translation adjustment | (5.0 | ) | (5.0 | ) | ||||||||||||||||||||||||
Net income (loss) | (28.6 | ) | (28.6 | ) | ||||||||||||||||||||||||
Balances, March 31, 2015 | 36,818 | $ | 0.4 | $ | 184.6 | $ | (25.3 | ) | $ | 180.6 | $ | (13.9 | ) | $ | 326.4 |
1. | Basis of Presentation |
2. | Acquisition |
3. | Net Income (Loss) per Common Share |
4. | Credit Facilities and Long Term Debt |
5. | Special Charges |
Workforce reductions and Personnel Costs | Other Exit Costs | Total | ||||||||||
Balance January 1, 2014 | $ | 7.0 | $ | 5.1 | $ | 12.1 | ||||||
Charged to expense | 8.3 | 0.1 | 8.4 | |||||||||
Paid or otherwise settled | (10.7 | ) | (1.4 | ) | (12.1 | ) | ||||||
Balance September 30, 2014 | $ | 4.6 | $ | 3.8 | $ | 8.4 |
EMEA - Workforce reductions and Personnel Costs | NATG - Workforce reductions | Total | ||||||||||
Balance January 1, 2015 | $ | 4.7 | $ | - | $ | 4.7 | ||||||
Charged to expense | - | 2.0 | 2.0 | |||||||||
Paid or otherwise settled | (2.3 | ) | - | (2.3 | ) | |||||||
Balance March 31, 2015 | $ | 2.4 | $ | 2.0 | $ | 4.4 |
6. | Segment Information |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales: | ||||||||||||||||
Technology Products | $ | 681.2 | $ | 665.0 | $ | 2,111.6 | $ | 2,124.3 | ||||||||
Industrial Products | 142.7 | 125.7 | 413.9 | 349.9 | ||||||||||||
Corporate and Other | 1.5 | 1.1 | 4.4 | 3.9 | ||||||||||||
Consolidated | $ | 825.4 | $ | 791.8 | $ | 2,529.9 | $ | 2,478.1 | ||||||||
Operating income (loss): | ||||||||||||||||
Technology Products | $ | (9.7 | ) | $ | (9.9 | ) | $ | (29.5 | ) | $ | (33.2 | ) | ||||
Industrial Products | 10.6 | 10.8 | 32.7 | 30.4 | ||||||||||||
Corporate and Other | (3.6 | ) | (4.7 | ) | (12.6 | ) | (16.5 | ) | ||||||||
Consolidated | $ | (2.7 | ) | $ | (3.8 | ) | $ | (9.4 | ) | $ | (19.3 | ) |
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Net sales: | ||||||||
Industrial | $ | 158.9 | $ | 129.1 | ||||
EMEA | 272.6 | 323.0 | ||||||
NATG | 352.8 | 419.8 | ||||||
Corporate and other | 1.5 | 1.5 | ||||||
Consolidated | $ | 785.8 | $ | 873.4 | ||||
Operating income (loss): | ||||||||
Industrial | $ | 9.7 | $ | 9.7 | ||||
EMEA | (4.8 | ) | 1.6 | |||||
NATG | (19.7 | ) | (8.2 | ) | ||||
Corporate and other expenses | (4.7 | ) | (4.4 | ) | ||||
Consolidated | $ | (19.5 | ) | $ | (1.3 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2015 | 2014 | |||||||||||||||||||
Net sales: | ||||||||||||||||||||||||
United States | $ | 500.3 | $ | 491.0 | $ | 1,510.0 | $ | 1,528.1 | $ | 472.9 | $ | 500.8 | ||||||||||||
United Kingdom | 114.1 | 114.3 | 371.8 | 352.0 | 99.4 | 148.8 | ||||||||||||||||||
France | 82.9 | 73.3 | 274.4 | 235.3 | 91.4 | 96.4 | ||||||||||||||||||
Other Europe | 82.2 | 65.1 | 233.1 | 213.6 | 81.8 | 77.8 | ||||||||||||||||||
Other North America | 45.9 | 48.1 | 140.6 | 149.1 | 40.3 | 49.6 | ||||||||||||||||||
Consolidated | $ | 825.4 | $ | 791.8 | $ | 2,529.9 | $ | 2,478.1 | $ | 785.8 | $ | 873.4 |
7. | Fair Value Measurements |
8. | Legal Proceedings |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
% | % | |||||||||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||||||||||||
Net sales by segment: | ||||||||||||||||||||||||
Technology Products | $ | 681.2 | $ | 665.0 | 2.4 | % | $ | 2,111.6 | $ | 2,124.3 | (0.6 | )% | ||||||||||||
Industrial Products | 142.7 | 125.7 | 13.5 | % | 413.9 | 349.9 | 18.3 | % | ||||||||||||||||
Corporate and other | 1.5 | 1.1 | 36.4 | % | 4.4 | 3.9 | 12.8 | % | ||||||||||||||||
Consolidated net sales | $ | 825.4 | $ | 791.8 | 4.2 | % | $ | 2,529.9 | $ | 2,478.1 | 2.1 | % | ||||||||||||
Net sales by channel: | ||||||||||||||||||||||||
Technology Products – EMEA | $ | 279.2 | $ | 252.7 | 10.5 | % | $ | 879.3 | $ | 800.9 | 9.8 | % | ||||||||||||
Technology Products – NA (B2B) | 200.8 | 192.1 | 4.5 | % | 601.7 | 579.3 | 3.9 | % | ||||||||||||||||
Industrial Products | 142.7 | 125.7 | 13.5 | % | 413.9 | 349.9 | 18.3 | % | ||||||||||||||||
Corporate and other | 1.5 | 1.1 | 36.4 | % | 4.4 | 3.9 | 12.8 | % | ||||||||||||||||
Total B2B | $ | 624.2 | $ | 571.6 | 9.2 | % | $ | 1,899.3 | $ | 1,734.0 | 9.5 | % | ||||||||||||
Technology Products – NA (Consumer) | 201.2 | 220.2 | (8.6 | )% | 630.6 | 744.1 | (15.3 | )% | ||||||||||||||||
Consolidated net sales | $ | 825.4 | $ | 791.8 | 4.2 | % | $ | 2,529.9 | $ | 2,478.1 | 2.1 | % | ||||||||||||
Consolidated gross margin | 14.2 | % | 14.8 | % | (0.6 | )% | 14.6 | % | 14.3 | % | 0.3 | % | ||||||||||||
Consolidated SG&A expenses* | $ | 120.2 | $ | 120.6 | (0.3 | )% | $ | 378.1 | $ | 374.0 | 1.1 | % | ||||||||||||
Consolidated SG&A expenses as a % of net sales* | 14.6 | % | 15.2 | % | (0.6 | )% | 14.9 | % | 15.1 | % | (0.2 | )% | ||||||||||||
Operating income (loss) by segment:* | ||||||||||||||||||||||||
Technology Products | $ | (9.7 | ) | $ | (9.9 | ) | (2.0 | )% | $ | (29.5 | ) | $ | (33.2 | ) | (11.1 | )% | ||||||||
Industrial Products | 10.6 | 10.8 | (1.9 | )% | 32.7 | 30.4 | 7.6 | % | ||||||||||||||||
Corporate and other | (3.6 | ) | (4.7 | ) | (23.4 | )% | (12.6 | ) | (16.5 | ) | (23.6 | )% | ||||||||||||
Consolidated operating income (loss) | $ | (2.7 | ) | $ | (3.8 | ) | (28.9 | )% | $ | (9.4 | ) | $ | (19.3 | ) | (51.3 | )% | ||||||||
Operating margin by segment as a % of net sales* | ||||||||||||||||||||||||
Technology Products | (1.4 | )% | (1.5 | )% | 0.1 | % | (1.4 | )% | (1.6 | )% | 0.2 | % | ||||||||||||
Industrial Products | 7.4 | % | 8.6 | % | (1.2 | )% | 7.9 | % | 8.7 | % | (0.8 | )% | ||||||||||||
Consolidated operating margin | (0.3 | )% | (0.5 | )% | 0.2 | % | (0.4 | )% | (0.8 | )% | 0.4 | % |
Three Months Ended March 31, | ||||||||||||
2015 | 2014 | % Change | ||||||||||
Net sales by segment: | ||||||||||||
Industrial | $ | 158.9 | $ | 129.1 | 23.1 | % | ||||||
EMEA | $ | 272.6 | $ | 323.0 | (15.6 | )% | ||||||
NATG | $ | 352.8 | $ | 419.8 | (16.0 | )% | ||||||
Corporate and other | $ | 1.5 | $ | 1.5 | - | % | ||||||
Consolidated net sales | $ | 785.8 | $ | 873.4 | (10.0 | )% | ||||||
Consolidated gross margin | 13.7 | % | 14.6 | % | (0.9 | )% | ||||||
Consolidated SG&A costs* | $ | 127.3 | $ | 129.2 | (1.5 | )% | ||||||
Consolidated SG&A costs* as a % of sales | 16.2 | % | 14.8 | % | 1.4 | % | ||||||
Operating income (loss) by segment:* | ||||||||||||
Industrial | $ | 9.7 | $ | 9.7 | - | % | ||||||
EMEA | $ | (4.8 | ) | $ | 1.6 | (400.0 | )% | |||||
NATG | $ | (19.7 | ) | $ | (8.2 | ) | 140.2 | % | ||||
Corporate and other | $ | (4.7 | ) | $ | (4.4 | ) | 6.8 | % | ||||
Consolidated operating loss | $ | (19.5 | ) | $ | (1.3 | ) | 1,400.0 | % | ||||
Operating margin by segment* | ||||||||||||
Industrial | 6.1 | % | 7.5 | % | (1.4 | )% | ||||||
EMEA | (1.8 | )% | 0.5 | % | (2.3 | )% | ||||||
NATG | (5.6 | )% | (2.0 | )% | (3.6 | )% | ||||||
Consolidated operating margin | (2.5 | )% | (0.1 | )% | (2.4 | )% | ||||||
Effective income tax rate | 6.3 | % | 42.9 | % | (36.6 | )% | ||||||
Net income (loss) | $ | (28.6 | ) | $ | (3.0 | ) | 853.3 | % | ||||
Net margin | (3.6 | )% | (0.3 | )% | (3.3 | )% |
September 30, 2014 | December 31, 2013 | $ Change | ||||||||||
Cash | $ | 133.6 | $ | 181.4 | $ | (47.8 | ) | |||||
Accounts receivable, net | $ | 340.1 | $ | 333.3 | $ | 6.8 | ||||||
Inventories | $ | 295.8 | $ | 321.8 | $ | (26.0 | ) | |||||
Prepaid expenses and other current assets | $ | 24.2 | $ | 17.6 | $ | 6.6 | ||||||
Accounts payable | $ | 370.7 | $ | 418.9 | $ | (48.2 | ) | |||||
Accrued expenses and other current liabilities | $ | 94.3 | $ | 89.2 | $ | 5.1 | ||||||
Current portion of long term debt | $ | 2.3 | $ | 2.5 | $ | (0.2 | ) | |||||
Working capital | $ | 328.6 | $ | 345.8 | $ | (17.2 | ) |
March 31, 2015 | December 31, 2014 | $ Change | ||||||||||
Cash | $ | 132.9 | $ | 165.0 | $ | (32.1 | ) | |||||
Accounts receivable, net | $ | 322.1 | $ | 355.5 | $ | (33.4 | ) | |||||
Inventories | $ | 272.7 | $ | 289.9 | $ | (17.2 | ) | |||||
Prepaid expenses and other current assets | $ | 15.5 | $ | 15.9 | $ | (0.4 | ) | |||||
Accounts payable | $ | 392.7 | $ | 420.2 | $ | (27.5 | ) | |||||
Accrued expenses and other current liabilities | $ | 82.2 | $ | 93.0 | $ | (10.8 | ) | |||||
Current portion of long term debt | $ | 2.3 | $ | 2.7 | $ | (0.4 | ) | |||||
Working capital | $ | 267.7 | $ | 312.1 | $ | (44.4 | ) |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 6. | Exhibits |
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
SYSTEMAX INC. | ||
Date: | By: | /s/ Richard Leeds |
Richard Leeds | ||
Chairman and Chief Executive Officer | ||
By: | /s/ Lawrence Reinhold | |
Lawrence Reinhold | ||
Executive Vice President and Chief Financial Officer | ||