(Mark One)
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x
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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For the Quarterly Period Ended March 31, 2012
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Or
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o
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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For the Transition Period from
to
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Delaware
(State or other jurisdiction of
incorporation or organization)
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38-2687639
(IRS Employer
Identification No.)
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Large accelerated filer
o
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Accelerated filer
x
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a
smaller reporting company)
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March 31,
2012 |
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December 31,
2011 |
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Assets
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Current assets:
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Cash and cash equivalents
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$
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14,960
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$
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88,920
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Receivables, net of reserves of approximately $3.5 million and $3.8 million as of March 31, 2012 and December 31, 2011, respectively
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179,820
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135,610
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Inventories
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198,500
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178,030
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Deferred income taxes
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18,510
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18,510
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Prepaid expenses and other current assets
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13,390
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10,620
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Total current assets
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425,180
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431,690
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Property and equipment, net
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165,900
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159,210
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Goodwill
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251,330
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215,360
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Other intangibles, net
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201,540
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155,670
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Other assets
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23,310
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24,610
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Total assets
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$
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1,067,260
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$
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986,540
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Liabilities and Shareholders' Equity
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Current liabilities:
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Current maturities, long-term debt
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$
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12,980
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$
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7,290
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Accounts payable
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144,580
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146,930
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Accrued liabilities
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71,910
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70,140
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Total current liabilities
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229,470
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224,360
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Long-term debt
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486,160
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462,610
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Deferred income taxes
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65,370
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64,780
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Other long-term liabilities
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62,690
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61,000
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Total liabilities
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843,690
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812,750
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Redeemable noncontrolling interest
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25,390
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—
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Preferred stock $0.01 par: Authorized 100,000,000 shares;
Issued and outstanding: None |
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—
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—
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Common stock, $0.01 par: Authorized 400,000,000 shares;
Issued and outstanding: 35,223,792 shares at March 31, 2012 and 34,613,607 shares at December 31, 2011 |
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350
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350
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Paid-in capital
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546,290
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538,610
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Accumulated deficit
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(392,260
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(404,750
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)
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Accumulated other comprehensive income
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43,800
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39,580
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Total shareholders' equity
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198,180
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173,790
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Total liabilities and shareholders' equity
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$
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1,067,260
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$
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986,540
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Three months ended
March 31, |
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2012
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2011
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Net sales
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$
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297,570
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$
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258,560
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Cost of sales
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(218,660
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(186,740
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Gross profit
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78,910
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71,820
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Selling, general and administrative expenses
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(50,470
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(43,540
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)
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Net gain on dispositions of property and equipment
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300
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70
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Operating profit
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28,740
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28,350
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Other expense, net:
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Interest expense
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(10,670
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(12,020
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Other expense, net
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(1,640
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)
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(1,160
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Other expense, net
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(12,310
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(13,180
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)
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Income from continuing operations before income tax expense
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16,430
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15,170
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Income tax expense
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(4,180
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(4,480
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Income from continuing operations
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12,250
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10,690
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Income from discontinued operations, net of income tax expense
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—
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1,060
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Net income
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12,250
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11,750
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Less: Net loss attributable to noncontrolling interests
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(240
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—
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Net income attributable to TriMas Corporation
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$
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12,490
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$
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11,750
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Basic earnings per share attributable to TriMas Corporation:
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Continuing operations
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$
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0.36
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$
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0.32
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Discontinued operations
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—
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0.03
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Net income per share
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$
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0.36
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$
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0.35
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Weighted average common shares—basic
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34,592,267
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33,913,610
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Diluted earnings per share attributable to TriMas Corporation:
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Continuing operations
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$
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0.36
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$
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0.31
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Discontinued operations
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—
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0.03
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Net income per share
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$
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0.36
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$
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0.34
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Weighted average common shares—diluted
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35,027,899
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34,599,076
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Three months ended
March 31, |
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2012
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2011
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Net income
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$
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12,250
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$
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11,750
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Other comprehensive income
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Amortization of defined benefit plan deferred losses (net of tax of $60 thousand and $30 thousand, respectively) (Note 13)
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120
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50
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Foreign currency translation
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4,510
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4,840
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Net changes in unrealized loss on interest rate swaps (net of tax of $0.3 million and $0.1 million, respectively) (Note 8)
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(410
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150
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Total other comprehensive income
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4,220
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5,040
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Total comprehensive income
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16,470
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16,790
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Less: Net loss attributable to noncontrolling interests
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(240
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)
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—
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Total comprehensive income attributable to TriMas Corporation
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$
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16,710
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$
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16,790
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Three months ended
March 31, |
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2012
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2011
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Cash Flows from Operating Activities:
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Net income
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$
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12,250
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$
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11,750
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Adjustments to reconcile net income to net cash used for operating activities, net of acquisition impact:
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Gain on dispositions of property and equipment
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(300
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)
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(60
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)
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Depreciation
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6,450
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6,230
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Amortization of intangible assets
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4,200
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3,500
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Amortization of debt issue costs
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910
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760
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Deferred income taxes
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670
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9,530
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Non-cash compensation expense
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1,410
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|
860
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Excess tax benefits from stock based compensation
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(1,770
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)
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(1,510
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)
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Increase in receivables
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(33,260
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)
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(41,710
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)
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Increase in inventories
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(15,040
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)
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(2,760
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)
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Increase in prepaid expenses and other assets
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(1,000
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)
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(3,240
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)
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Decrease in accounts payable and accrued liabilities
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(15,550
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)
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(11,550
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)
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Other, net
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1,630
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1,200
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Net cash used for operating activities, net of acquisition impact
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(39,400
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)
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(27,000
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)
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Cash Flows from Investing Activities:
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Capital expenditures
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(11,370
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)
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(6,810
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)
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Acquisition of businesses, net of cash acquired
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(59,190
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)
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—
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Net proceeds from disposition of assets
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320
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|
|
500
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Net cash used for investing activities
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(70,240
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)
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(6,310
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)
|
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Cash Flows from Financing Activities:
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Proceeds from borrowings on term loan facilities
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36,420
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|
1,530
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Repayments of borrowings on term loan facilities
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(31,010
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)
|
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(650
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)
|
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Proceeds from borrowings on revolving credit facilities and accounts receivable facility
|
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180,000
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|
|
135,700
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|
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Repayments of borrowings on revolving credit facilities and accounts receivable facility
|
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(156,000
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)
|
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(135,700
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)
|
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Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations
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(990
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)
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(720
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)
|
||
Proceeds from exercise of stock options
|
|
5,490
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|
|
180
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|
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Excess tax benefits from stock based compensation
|
|
1,770
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|
|
1,510
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|
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Net cash provided by financing activities
|
|
35,680
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|
|
1,850
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Cash and Cash Equivalents:
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|
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Decrease for the period
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(73,960
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)
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(31,460
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)
|
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At beginning of period
|
|
88,920
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|
|
46,370
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At end of period
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$
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14,960
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$
|
14,910
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Supplemental disclosure of cash flow information:
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Cash paid for interest
|
|
$
|
3,080
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$
|
4,730
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Cash paid for taxes
|
|
$
|
8,050
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|
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$
|
2,600
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TriMas Corporation
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Common
Stock
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Paid-in
Capital
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Accumulated
Deficit
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Accumulated
Other
Comprehensive
Income
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Total
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||||||||||
Balances, December 31, 2011
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|
$
|
350
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|
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$
|
538,610
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$
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(404,750
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)
|
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$
|
39,580
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|
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$
|
173,790
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Net income attributable to TriMas Corporation
|
|
—
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|
—
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12,490
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—
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12,490
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Other comprehensive income
|
|
—
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|
|
—
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|
|
—
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|
4,220
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|
4,220
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|||||
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations
|
|
—
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|
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(990
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)
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—
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—
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(990
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)
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Stock option exercises and restricted stock vestings
|
|
—
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|
5,490
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|
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—
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—
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5,490
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|||||
Excess tax benefits from stock based compensation
|
|
—
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|
|
1,770
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—
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—
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1,770
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Non-cash compensation expense
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—
|
|
|
1,410
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|
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—
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—
|
|
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1,410
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Balances, March 31, 2012
|
|
$
|
350
|
|
|
$
|
546,290
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|
|
$
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(392,260
|
)
|
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$
|
43,800
|
|
|
$
|
198,180
|
|
|
|
Three months ended March 31,
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||||||
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2012
|
|
2011
|
||||
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(dollars in thousands)
|
||||||
Net sales
|
|
$
|
—
|
|
|
$
|
11,110
|
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Income from discontinued operations before income tax expense
|
|
$
|
—
|
|
|
$
|
1,680
|
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Income tax expense
|
|
—
|
|
|
(620
|
)
|
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Income from discontinued operations, net of income tax expense
|
|
$
|
—
|
|
|
$
|
1,060
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|
|
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Three months ended
March 31, 2012 |
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(dollars in thousands)
|
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Beginning balance, February 24, 2012
|
|
$
|
25,630
|
|
Net loss attributable to noncontrolling interest
|
|
(240
|
)
|
|
Ending balance, March 31, 2012
|
|
$
|
25,390
|
|
|
|
February 24, 2012
|
||
|
|
(dollars in thousands)
|
||
Consideration
|
|
|
||
Cash paid plus initial estimate of working capital adjustment
|
|
$
|
58,860
|
|
Contingent consideration
(a)
|
|
8,490
|
|
|
Total consideration
|
|
$
|
67,350
|
|
Recognized amounts of indentifiable assets acquired and liabilities assumed
(b)
|
|
|
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Receivables
|
|
$
|
8,990
|
|
Inventories
|
|
4,390
|
|
|
Intangible assets other than goodwill
(c)
|
|
48,400
|
|
|
Other assets
|
|
2,450
|
|
|
Accounts payable and accrued liabilities
|
|
(4,240
|
)
|
|
Long-term liabilities
|
|
(1,610
|
)
|
|
Total identifiable net assets
|
|
58,380
|
|
|
Redeemable noncontrolling interest
|
|
(25,630
|
)
|
|
Goodwill
(d)
|
|
34,600
|
|
|
|
|
$
|
67,350
|
|
|
|
Pro forma Combined
(a)
|
||||||
|
|
Three months ended
March 31, 2012 |
|
Three months ended
March 31, 2011 |
||||
|
|
(dollars in thousands, except per share amounts)
|
||||||
Net sales
|
|
$
|
305,600
|
|
|
$
|
269,740
|
|
Net income attributable to TriMas Corporation
|
|
$
|
14,460
|
|
|
$
|
8,750
|
|
|
Packaging
|
|
Energy
|
|
Aerospace & Defense
|
|
Engineered Components
|
|
Cequent Asia Pacific
|
|
Cequent North America
|
|
Total
|
||||||||||||||
|
(dollars in thousands)
|
||||||||||||||||||||||||||
Balance, December 31, 2011
|
$
|
122,330
|
|
|
$
|
48,720
|
|
|
$
|
41,130
|
|
|
$
|
3,180
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
215,360
|
|
Goodwill from acquisitions
|
34,600
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,600
|
|
|||||||
Foreign currency translation
|
1,210
|
|
|
160
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,370
|
|
|||||||
Balance, March 31, 2012
|
$
|
158,140
|
|
|
$
|
48,880
|
|
|
$
|
41,130
|
|
|
$
|
3,180
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
251,330
|
|
|
|
As of March 31, 2012
|
|
As of December 31, 2011
|
||||||||||||
Intangible Category by Useful Life
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Customer relationships:
|
|
|
|
|
|
|
|
|
||||||||
5 – 12 years
|
|
$
|
71,400
|
|
|
$
|
(24,510
|
)
|
|
$
|
37,400
|
|
|
$
|
(23,410
|
)
|
15 – 25 years
|
|
154,610
|
|
|
(79,790
|
)
|
|
154,610
|
|
|
(77,730
|
)
|
||||
Total customer relationships
|
|
226,010
|
|
|
(104,300
|
)
|
|
192,010
|
|
|
(101,140
|
)
|
||||
Technology and other:
|
|
|
|
|
|
|
|
|
||||||||
1 – 15 years
|
|
36,890
|
|
|
(24,230
|
)
|
|
29,360
|
|
|
(23,710
|
)
|
||||
17 – 30 years
|
|
43,680
|
|
|
(21,410
|
)
|
|
43,640
|
|
|
(20,860
|
)
|
||||
Total technology and other
|
|
80,570
|
|
|
(45,640
|
)
|
|
73,000
|
|
|
(44,570
|
)
|
||||
Trademark/Trade names (indefinite life)
|
|
44,900
|
|
|
—
|
|
|
36,370
|
|
|
—
|
|
||||
|
|
$
|
351,480
|
|
|
$
|
(149,940
|
)
|
|
$
|
301,380
|
|
|
$
|
(145,710
|
)
|
|
|
Three months ended
March 31, |
||||||
|
|
2012
|
|
2011
|
||||
|
|
(dollars in thousands)
|
||||||
Technology and other, included in cost of sales
|
|
$
|
1,070
|
|
|
$
|
820
|
|
Customer relationships, included in selling, general and administrative expenses
|
|
3,130
|
|
|
2,680
|
|
||
Total amortization expense
|
|
$
|
4,200
|
|
|
$
|
3,500
|
|
|
|
March 31,
2012 |
|
December 31,
2011 |
||||
|
|
(dollars in thousands)
|
||||||
Finished goods
|
|
$
|
132,610
|
|
|
$
|
119,020
|
|
Work in process
|
|
24,350
|
|
|
21,730
|
|
||
Raw materials
|
|
41,540
|
|
|
37,280
|
|
||
Total inventories
|
|
$
|
198,500
|
|
|
$
|
178,030
|
|
|
|
March 31,
2012 |
|
December 31,
2011 |
||||
|
|
(dollars in thousands)
|
||||||
Land and land improvements
|
|
$
|
5,780
|
|
|
$
|
5,740
|
|
Buildings
|
|
52,870
|
|
|
51,480
|
|
||
Machinery and equipment
|
|
305,240
|
|
|
291,960
|
|
||
|
|
363,890
|
|
|
349,180
|
|
||
Less: Accumulated depreciation
|
|
197,990
|
|
|
189,970
|
|
||
Property and equipment, net
|
|
$
|
165,900
|
|
|
$
|
159,210
|
|
|
|
Three months ended March 31,
|
||||||
|
|
2012
|
|
2011
|
||||
|
|
(dollars in thousands)
|
||||||
Depreciation expense included in cost of sales
|
|
$
|
5,640
|
|
|
$
|
4,950
|
|
Depreciation expense included in selling, general and administrative expense
|
|
810
|
|
|
730
|
|
||
Total depreciation expense
|
|
$
|
6,450
|
|
|
$
|
5,680
|
|
|
|
March 31,
2012 |
|
December 31,
2011 |
||||
|
|
(dollars in thousands)
|
||||||
U.S. bank debt and receivables facility
|
|
$
|
247,310
|
|
|
$
|
223,870
|
|
Non-U.S. bank debt and other
|
|
5,810
|
|
|
140
|
|
||
9
3
/
4
% senior secured notes, due December 2017
|
|
246,020
|
|
|
245,890
|
|
||
|
|
499,140
|
|
|
469,900
|
|
||
Less: Current maturities, long-term debt
|
|
12,980
|
|
|
7,290
|
|
||
Long-term debt
|
|
$
|
486,160
|
|
|
$
|
462,610
|
|
|
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||
|
|
Balance Sheet Caption
|
|
March 31,
2012 |
|
December 31,
2011 |
|
March 31,
2012 |
|
December 31,
2011 |
||||||||
|
|
|
|
(dollars in thousands)
|
||||||||||||||
Derivatives designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap
|
|
Accrued liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
550
|
|
|
$
|
—
|
|
Interest rate swap
|
|
Other long-term liabilities
|
|
—
|
|
|
—
|
|
|
110
|
|
|
—
|
|
||||
Total derivatives designated as hedging instruments
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
660
|
|
|
$
|
—
|
|
|
Amount of Loss Recognized in AOCI on Derivatives (Effective Portion, net of tax)
|
|
|
|
Amount of Loss Reclassified from
AOCI into Earnings
|
||||||||||||
|
|
|
|
Three months ended
March 31, |
|||||||||||||
|
As of
March 31, 2012
|
|
As of December 31, 2011
|
|
Location of Loss Reclassified from AOCI into Earnings
(Effective Portion)
|
|
2012
|
|
2011
|
||||||||
|
(dollars in thousands)
|
|
|
|
(dollars in thousands)
|
||||||||||||
Derivatives designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
(410
|
)
|
|
$
|
—
|
|
|
Interest expense
|
|
$
|
—
|
|
|
$
|
(240
|
)
|
|
|
Amount of Loss
Recognized in Earnings on
Derivatives
|
|
|
||||||
|
|
Three months ended March 31,
|
|
Location of Loss
Recognized in Earnings on
Derivatives
|
||||||
|
|
2012
|
|
2011
|
|
|||||
|
|
(dollars in thousands)
|
|
|
||||||
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
||||
Interest rate swaps
|
|
$
|
—
|
|
|
$
|
(10
|
)
|
|
Interest expense
|
|
|
|
|
March 31, 2012
|
||||||||||||||
Description
|
|
Frequency
|
|
Asset /
(Liability)
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
|
|
|
|
(dollars in thousands)
|
||||||||||||||
Interest rate swaps
|
|
Recurring
|
|
$
|
(660
|
)
|
|
$
|
—
|
|
|
$
|
(660
|
)
|
|
$
|
—
|
|
|
|
Claims
pending at
beginning of
period
|
|
Claims filed
during
period
|
|
Claims
dismissed
during
period
|
|
Claims
settled
during
period
|
|
Average
settlement
amount per
claim during
period
|
|
Total defense
costs during
period
|
||||||||
Fiscal Year Ended December 31, 2011
|
|
8,200
|
|
|
476
|
|
|
607
|
|
|
21
|
|
|
$
|
14,300
|
|
|
$
|
2,510,000
|
|
Three Months Ended March 31, 2012
|
|
8,048
|
|
|
105
|
|
|
198
|
|
|
8
|
|
|
21,350
|
|
|
630,000
|
|
|
|
Compensatory & Punitive
|
|
Compensatory Only
|
|
Punitive Only
|
||||||||||||
Range of damages sought (in millions)
|
|
$0.4 to $5.0
|
|
$5.0 to $10.0
|
|
$10.0+
|
|
$0.1 to $0.6
|
|
$0.6 to $5.0
|
|
$5.0+
|
|
$0.1 to $2.5
|
|
$2.5 to $5.0
|
|
$5.0+
|
Number of claims
|
|
43
|
|
20
|
|
6
|
|
41
|
|
24
|
|
4
|
|
43
|
|
20
|
|
6
|
|
|
Three months ended
March 31, |
||||||
|
|
2012
|
|
2011
|
||||
|
|
(dollars in thousands)
|
||||||
Net Sales
|
|
|
|
|
||||
Packaging
|
|
$
|
54,310
|
|
|
$
|
43,900
|
|
Energy
|
|
50,590
|
|
|
40,950
|
|
||
Aerospace & Defense
|
|
17,860
|
|
|
18,500
|
|
||
Engineered Components
|
|
49,680
|
|
|
37,000
|
|
||
Cequent Asia Pacific
|
|
28,200
|
|
|
19,810
|
|
||
Cequent North America
|
|
96,930
|
|
|
98,400
|
|
||
Total
|
|
$
|
297,570
|
|
|
$
|
258,560
|
|
Operating Profit (Loss)
|
|
|
|
|
||||
Packaging
|
|
$
|
9,890
|
|
|
$
|
11,830
|
|
Energy
|
|
6,390
|
|
|
5,340
|
|
||
Aerospace & Defense
|
|
4,860
|
|
|
3,720
|
|
||
Engineered Components
|
|
7,710
|
|
|
4,650
|
|
||
Cequent Asia Pacific
|
|
3,040
|
|
|
2,530
|
|
||
Cequent North America
|
|
4,160
|
|
|
6,680
|
|
||
Corporate expenses
|
|
(7,310
|
)
|
|
(6,400
|
)
|
||
Total
|
|
$
|
28,740
|
|
|
$
|
28,350
|
|
|
|
Number of Options
|
|
Weighted Average Option Price
|
|
Average Remaining Contractual Life (Years)
|
|
Aggregate Intrinsic Value
|
||||||
Outstanding at January 1, 2012
|
|
1,271,149
|
|
|
$
|
13.29
|
|
|
|
|
|
|||
Exercised
|
|
(427,570
|
)
|
|
12.54
|
|
|
|
|
|
||||
Cancelled
|
|
(2,500
|
)
|
|
23.00
|
|
|
|
|
|
||||
Expired
|
|
(15,308
|
)
|
|
20.00
|
|
|
|
|
|
||||
Outstanding at March 31, 2012
|
|
825,771
|
|
|
$
|
13.53
|
|
|
5.1
|
|
|
$
|
7,573,845
|
|
|
|
Number of Unvested Restricted Shares
|
|
Weighted Average Grant Date Fair Value
|
|
Average Remaining Contractual Life (Years)
|
|
Aggregate Intrinsic Value
|
||||||
Outstanding at January 1, 2012
|
|
332,043
|
|
|
$
|
16.25
|
|
|
|
|
|
|||
Granted
|
|
471,351
|
|
|
24.32
|
|
|
|
|
|
||||
Vested
|
|
(131,635
|
)
|
|
16.20
|
|
|
|
|
|
||||
Cancelled
|
|
(480
|
)
|
|
24.33
|
|
|
|
|
|
||||
Outstanding at March 31, 2012
|
|
671,279
|
|
|
$
|
21.83
|
|
|
2.24
|
|
|
$
|
15,029,937
|
|
|
|
Pension Plans
|
|
Other Postretirement Benefits
|
||||||||||||
|
|
Three months ended
March 31, |
|
Three months ended
March 31, |
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Service costs
|
|
$
|
150
|
|
|
$
|
160
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest costs
|
|
400
|
|
|
400
|
|
|
10
|
|
|
10
|
|
||||
Expected return on plan assets
|
|
(430
|
)
|
|
(400
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of prior service cost
|
|
—
|
|
|
—
|
|
|
(70
|
)
|
|
(70
|
)
|
||||
Amortization of net (gain)/loss
|
|
270
|
|
|
180
|
|
|
(20
|
)
|
|
(20
|
)
|
||||
Net periodic benefit cost
|
|
$
|
390
|
|
|
$
|
340
|
|
|
$
|
(80
|
)
|
|
$
|
(80
|
)
|
|
|
March 31, 2012
|
||||||||||||||||||
|
|
Parent
|
|
Guarantor
|
|
Non-
Guarantor
|
|
Eliminations
|
|
Consolidated Total
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
560
|
|
|
$
|
14,400
|
|
|
$
|
—
|
|
|
$
|
14,960
|
|
Trade receivables, net
|
|
—
|
|
|
146,940
|
|
|
32,880
|
|
|
—
|
|
|
179,820
|
|
|||||
Receivables, intercompany
|
|
—
|
|
|
350
|
|
|
—
|
|
|
(350
|
)
|
|
—
|
|
|||||
Inventories
|
|
—
|
|
|
166,890
|
|
|
31,610
|
|
|
—
|
|
|
198,500
|
|
|||||
Deferred income taxes
|
|
—
|
|
|
17,520
|
|
|
990
|
|
|
—
|
|
|
18,510
|
|
|||||
Prepaid expenses and other current assets
|
|
—
|
|
|
11,610
|
|
|
1,780
|
|
|
—
|
|
|
13,390
|
|
|||||
Total current assets
|
|
—
|
|
|
343,870
|
|
|
81,660
|
|
|
(350
|
)
|
|
425,180
|
|
|||||
Investments in subsidiaries
|
|
445,490
|
|
|
118,020
|
|
|
—
|
|
|
(563,510
|
)
|
|
—
|
|
|||||
Property and equipment, net
|
|
—
|
|
|
106,540
|
|
|
59,360
|
|
|
—
|
|
|
165,900
|
|
|||||
Goodwill
|
|
—
|
|
|
203,900
|
|
|
47,430
|
|
|
—
|
|
|
251,330
|
|
|||||
Intangibles and other assets
|
|
5,870
|
|
|
213,850
|
|
|
6,290
|
|
|
(1,160
|
)
|
|
224,850
|
|
|||||
Total assets
|
|
$
|
451,360
|
|
|
$
|
986,180
|
|
|
$
|
194,740
|
|
|
$
|
(565,020
|
)
|
|
$
|
1,067,260
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current maturities, long-term debt
|
|
$
|
—
|
|
|
$
|
7,290
|
|
|
$
|
5,690
|
|
|
$
|
—
|
|
|
$
|
12,980
|
|
Accounts payable, trade
|
|
—
|
|
|
116,750
|
|
|
27,830
|
|
|
—
|
|
|
144,580
|
|
|||||
Accounts payable, intercompany
|
|
—
|
|
|
—
|
|
|
350
|
|
|
(350
|
)
|
|
—
|
|
|||||
Accrued liabilities
|
|
7,160
|
|
|
54,810
|
|
|
9,940
|
|
|
—
|
|
|
71,910
|
|
|||||
Total current liabilities
|
|
7,160
|
|
|
178,850
|
|
|
43,810
|
|
|
(350
|
)
|
|
229,470
|
|
|||||
Long-term debt
|
|
246,020
|
|
|
216,140
|
|
|
24,000
|
|
|
—
|
|
|
486,160
|
|
|||||
Deferred income taxes
|
|
—
|
|
|
61,010
|
|
|
5,520
|
|
|
(1,160
|
)
|
|
65,370
|
|
|||||
Other long-term liabilities
|
|
—
|
|
|
59,300
|
|
|
3,390
|
|
|
—
|
|
|
62,690
|
|
|||||
Total liabilities
|
|
253,180
|
|
|
515,300
|
|
|
76,720
|
|
|
(1,510
|
)
|
|
843,690
|
|
|||||
Redeemable noncontrolling interest
|
|
—
|
|
|
25,390
|
|
|
—
|
|
|
—
|
|
|
25,390
|
|
|||||
Total shareholders' equity
|
|
198,180
|
|
|
445,490
|
|
|
118,020
|
|
|
(563,510
|
)
|
|
198,180
|
|
|||||
Total liabilities and shareholders' equity
|
|
$
|
451,360
|
|
|
$
|
986,180
|
|
|
$
|
194,740
|
|
|
$
|
(565,020
|
)
|
|
$
|
1,067,260
|
|
|
|
December 31, 2011
|
||||||||||||||||||
|
|
Parent
|
|
Guarantor
|
|
Non-
Guarantor
|
|
Eliminations
|
|
Consolidated Total
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
33,820
|
|
|
$
|
55,100
|
|
|
$
|
—
|
|
|
$
|
88,920
|
|
Trade receivables, net
|
|
—
|
|
|
105,030
|
|
|
30,580
|
|
|
—
|
|
|
135,610
|
|
|||||
Receivables, intercompany
|
|
—
|
|
|
2,290
|
|
|
—
|
|
|
(2,290
|
)
|
|
—
|
|
|||||
Inventories
|
|
—
|
|
|
147,010
|
|
|
31,020
|
|
|
—
|
|
|
178,030
|
|
|||||
Deferred income taxes
|
|
—
|
|
|
17,280
|
|
|
1,230
|
|
|
—
|
|
|
18,510
|
|
|||||
Prepaid expenses and other current assets
|
|
—
|
|
|
8,950
|
|
|
1,670
|
|
|
—
|
|
|
10,620
|
|
|||||
Total current assets
|
|
—
|
|
|
314,380
|
|
|
119,600
|
|
|
(2,290
|
)
|
|
431,690
|
|
|||||
Investments in subsidiaries
|
|
412,840
|
|
|
169,360
|
|
|
—
|
|
|
(582,200
|
)
|
|
—
|
|
|||||
Property and equipment, net
|
|
—
|
|
|
103,880
|
|
|
55,330
|
|
|
—
|
|
|
159,210
|
|
|||||
Goodwill
|
|
—
|
|
|
169,290
|
|
|
46,070
|
|
|
—
|
|
|
215,360
|
|
|||||
Intangibles and other assets
|
|
7,920
|
|
|
169,020
|
|
|
6,350
|
|
|
(3,010
|
)
|
|
180,280
|
|
|||||
Total assets
|
|
$
|
420,760
|
|
|
$
|
925,930
|
|
|
$
|
227,350
|
|
|
$
|
(587,500
|
)
|
|
$
|
986,540
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current maturities, long-term debt
|
|
$
|
—
|
|
|
$
|
7,290
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,290
|
|
Accounts payable, trade
|
|
—
|
|
|
115,150
|
|
|
31,780
|
|
|
—
|
|
|
146,930
|
|
|||||
Accounts payable, intercompany
|
|
—
|
|
|
—
|
|
|
2,290
|
|
|
(2,290
|
)
|
|
—
|
|
|||||
Accrued liabilities
|
|
1,080
|
|
|
58,660
|
|
|
10,400
|
|
|
—
|
|
|
70,140
|
|
|||||
Total current liabilities
|
|
1,080
|
|
|
181,100
|
|
|
44,470
|
|
|
(2,290
|
)
|
|
224,360
|
|
|||||
Long-term debt
|
|
245,890
|
|
|
216,720
|
|
|
—
|
|
|
—
|
|
|
462,610
|
|
|||||
Deferred income taxes
|
|
—
|
|
|
61,580
|
|
|
6,210
|
|
|
(3,010
|
)
|
|
64,780
|
|
|||||
Other long-term liabilities
|
|
—
|
|
|
53,690
|
|
|
7,310
|
|
|
—
|
|
|
61,000
|
|
|||||
Total liabilities
|
|
246,970
|
|
|
513,090
|
|
|
57,990
|
|
|
(5,300
|
)
|
|
812,750
|
|
|||||
Total shareholders' equity
|
|
173,790
|
|
|
412,840
|
|
|
169,360
|
|
|
(582,200
|
)
|
|
173,790
|
|
|||||
Total liabilities and shareholders' equity
|
|
$
|
420,760
|
|
|
$
|
925,930
|
|
|
$
|
227,350
|
|
|
$
|
(587,500
|
)
|
|
$
|
986,540
|
|
|
|
Three Months Ended March 31, 2012
|
||||||||||||||||||
|
|
Parent
|
|
Guarantor
|
|
Non-Guarantor
|
|
Eliminations
|
|
Consolidated Total
|
||||||||||
Net sales
|
|
$
|
—
|
|
|
$
|
249,360
|
|
|
$
|
61,200
|
|
|
$
|
(12,990
|
)
|
|
$
|
297,570
|
|
Cost of sales
|
|
—
|
|
|
(183,890
|
)
|
|
(47,760
|
)
|
|
12,990
|
|
|
(218,660
|
)
|
|||||
Gross profit
|
|
—
|
|
|
65,470
|
|
|
13,440
|
|
|
—
|
|
|
78,910
|
|
|||||
Selling, general and administrative expenses
|
|