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SEC Filings

8-K
NN INC filed this Form 8-K on 08/23/2017
Entire Document
 


Unaudited Pro Forma Condensed Consolidated Statement of Operations

For the Six Months Ended June 30, 2017

 

(in thousands, except per share data)

   Consolidated
Historical
NN, Inc.
    PBC
Business
    Pro Forma
Adjustments
    Notes    Pro Forma  

Net sales

   $ 452,189     $ (136,687        $ 315,502  

Cost of products sold (exclusive of depreciation and amortization shown separately below)

     332,994       (104,484          228,510  

Selling, general and administrative expense

     44,530       (8,910     (293   (c)      35,327  

Acquisition related costs excluded from selling, general and administrative

     —         —              —    

Depreciation and amortization

     31,468       (6,112          25,356  

(Gain) loss on disposal of assets

     —         —              —    

Restructuring and integration expense

     446       (429          17  
  

 

 

   

 

 

   

 

 

      

 

 

 

Income from operations

     42,751       (16,752     293          26,292  

Interest expense

     27,365       (188     (12,880   (e)      14,297  

Loss on extinguishment of debt and write-off of unamortized debt issuance costs

     39,639       —         (39,639   (g)      —    

Derivative payments on interest rate swap

     —         —              —    

Derivative loss on change in interest rate swap fair value

     13       —              13  

Other (income) expense, net

     (79     (18          (97
  

 

 

   

 

 

   

 

 

      

 

 

 

Income (loss) before provision (benefit) for income taxes and share of net income from joint venture

     (24,187     (16,546     52,812          12,079  

Provision (benefit) for income taxes

     (7,128     (5,626     17,956     (f)      5,202  

Share of net income from joint venture

     2,937       —              2,937  
  

 

 

   

 

 

   

 

 

      

 

 

 

Net income (loss)

   $ (14,122   $ (10,920   $ 34,856        $ 9,814  
  

 

 

   

 

 

   

 

 

      

 

 

 

Basic net income (loss) per share:

           

Net income (loss) per share

   $ (0.52          $ 0.36  
  

 

 

          

 

 

 

Weighted average shares outstanding

     27,358              27,358  
  

 

 

          

 

 

 

Diluted net income (loss) per share:

           

Net income (loss) per share

   $ (0.52          $ 0.35  
  

 

 

          

 

 

 

Weighted average shares outstanding

     27,358         334     (h)      27,692  
  

 

 

          

 

 

 

See accompanying Notes to Unaudited Pro Forma Condensed Consolidated Financial Information.