<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
AMENDMENT NO. 1
Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For The Quarterly Period ended September 30, 1995
Commission File Number 0-6955
WALBRO CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State of incorporation)
38-1358966
(I.R.S. Employer ID No.)
6242 Garfield Street, Cass City, MI 48726
(Address of principal executive offices) (Zip Code)
(517) 872-2131
Registrant's telephone number, including area code
Indicate by check mark whether the registrant has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (of for such shorter period that the registrant
was required to file such reports) and has been subject to such filing
requirements for the past 90 days.
Yes X No
----- -----
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of November 10, 1995
Common Stock (one class): 8,579,976
<PAGE> 2
PART I
FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
INTRODUCTION TO THE CONSOLIDATED FINANCIAL STATEMENTS
The condensed consolidated financial statements of Walbro Corporation and
subsidiaries (the "Company") have been prepared by the Company without audit,
pursuant to the rules and regulations of the Securities and Exchange
Commission. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to such rules and
regulations. The Company believes that the disclosures are adequate to make
the information presented not misleading when read in conjunction with the
financial statements and the notes thereto included in the Company's Form 10-K
as filed with the Securities and Exchange Commission for the year ended
December 31, 1994.
The financial information presented reflects all adjustments (consisting
only of normal recurring adjustments) which are, in the opinion of management,
necessary for a fair statement of the results for interim periods presented.
The results for the interim periods are not necessarily indicative of the
results to be expected for the year.
1
<PAGE> 3
WALBRO CORPORATION & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
<TABLE>
<CAPTION>
9/30/95 12/31/94
----------- ------------
ASSETS (Unaudited)
CURRENT ASSETS:
<S> <C> <C>
CASH $ 20,322 $ 4,540
ACCOUNTS RECEIVABLE (NET) 130,885 66,333
INVENTORIES 48,732 31,439
OTHER CURRENT ASSETS 11,295 7,664
------------ ------------
TOTAL CURRENT ASSETS 211,234 109,976
PROPERTY, PLANT & EQUIPMENT:
LAND, BUILDINGS & IMPROVEMENTS 48,821 45,902
MACHINERY & EQUIPMENT 225,431 93,127
------------ ------------
SUBTOTAL 274,252 139,029
LESS: ACCUMULATED DEPRECIATION (72,906) (50,737)
------------ ------------
NET PROPERTY, PLANT & EQUIPMENT 201,346 88,292
OTHER ASSETS:
GOODWILL (NET) 34,591 16,905
JOINT VENTURES, INVESTMENTS &
OTHER 53,456 42,193
------------ ------------
TOTAL OTHER ASSETS 88,047 59,098
------ ------
TOTAL ASSETS $ 500,627 $ 257,366
============ ============
</TABLE>
The accompanying notes are an integral part of these consolidated balance
sheets.
2
<PAGE> 4
WALBRO CORPORATION & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
<TABLE>
<CAPTION>
9/30/95 12/31/94
-------------- ------------
LIABILITIES (Unaudited)
CURRENT LIABILITIES:
<S> <C> <C>
CURRENT PORTION LONG-TERM DEBT $ 10,109 $ 8,442
NOTES PAYABLE-BANKS 6,593 6,970
ACCOUNTS PAYABLE 45,927 23,252
ACCRUED LIABILITIES 40,326 12,934
------------ ------------
TOTAL CURRENT LIABILITIES 102,955 51,598
LONG-TERM DEBT, NET OF CURRENT 246,918 66,136
OTHER LONG-TERM LIABILITIES 15,696 11,717
------------ ------------
TOTAL LONG-TERM LIABILITIES 262,614 77,853
STOCKHOLDERS' EQUITY
COMMON STOCK, $.50 PAR VALUE; 4,289 4,282
AUTHORIZED 25,000,000;
OUTSTANDING 8,579,976 IN 1995 AND 8,564,576
IN 1994
PAID-IN CAPITAL 64,371 64,221
RETAINED EARNINGS 64,497 55,855
OTHER STOCKHOLDERS' EQUITY 1,901 3,557
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 135,058 127,915
------- -------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 500,627 $ 257,366
============ ============
</TABLE>
The accompanying notes are an integral part of these consolidated balance
sheets.
3
<PAGE> 5
WALBRO CORPORATION & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share data)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
9/30/95 9/30/94 09/30/95 09/30/94
--------- ---------- ----------- ----------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
NET SALES $ 124,495 $ 75,251 $ 312,786 $ 241,433
COST OF SALES & EXPENSES:
COST OF SALES 105,444 62,130 256,030 193,437
SELLING AND ADMINISTRATIVE EXPENSES 12,577 9,601 36,728 28,955
INTEREST EXPENSE, NET 4,100 921 6,638 2,457
OTHER EXPENSE (272) 484 144 1,147
------------- ------------- ------------ -------------
TOTAL 121,849 73,136 299,540 225,996
INCOME BEFORE INCOME TAXES AND
JOINT VENTURES 2,646 2,115 13,246 15,437
PROVISION FOR INCOME TAXES 895 542 4,646 5,496
EQUITY IN (INCOME) OF JOINT VENTURES (538) (1,401) (2,612) (1,993)
------------- ------------- ------------ -------------
NET INCOME $ 2,289 $ 2,974 $ 11,212 $ 11,934
============= ============= ============ =============
NET INCOME PER SHARE $0.27 $0.35 $1.30 $1.39
AVERAGE SHARES OUTSTANDING 8,610,864 8,599,219 8,599,392 8,603,979
</TABLE>
The accompanying notes are an integral part of these consolidated statements.
4
<PAGE> 6
WALBRO CORPORATION & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
<TABLE>
<CAPTION>
NINE MONTHS ENDED
9/30/95 9/30/94
------- --------
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
<S> <C> <C>
NET INCOME $ 11,212 $ 11,934
ADJUSTMENTS TO RECONCILE NET INCOME TO NET
CASH PROVIDED BY OPERATING ACTIVITIES:
DEPRECIATION & AMORTIZATION 13,568 10,552
(GAIN) LOSS ON DISPOSITION OF ASSETS 144 170
(INCOME) OF JOINT VENTURES (2,612) (1,993)
(GAIN) ON BUSINESS INTERRUPT INSURANCE (700) 0
CHANGES IN ASSETS AND LIABILITIES, NET OF ACQUISITION:
DEFERRED INCOME TAXES (393) 0
DEFERRED PENSION & OTHER 1,929 (756)
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 13,996 (5,240)
ACCOUNTS RECEIVABLE, NET (16,645) (15,524)
INVENTORIES (279) (1,068)
PREPAID EXPENSES AND OTHER (2,497) 2,604
------------ -------------
TOTAL ADJUSTMENTS (6,511) (11,255)
------------ -------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 17,723 679
CASH FLOWS FROM INVESTING ACTIVITIES:
PURCHASE OF FIXED ASSETS (33,319) (13,943)
ACQUISITIONS, NET OF CASH ACQUIRED (124,176) 0
INCREASE OF OTHER ASSETS (6,665) (1,242)
INVESTMENT IN JOINT VENTURES & OTHER (5,634) (1,707)
PROCEEDS FROM DISPOSAL OF ASSETS 115 115
------------ -------------
NET CASH USED IN INVESTING ACTIVITIES (169,679) (16,777)
CASH FLOWS FROM FINANCING ACTIVITIES:
NET BORROWINGS UNDER LINE-OF-CREDIT
AGREEMENTS 62,321 15,982
DEBT REPAYMENTS (1,793) (408)
PROCEEDS FROM ISSUANCE OF DEBT 110,526 153
PROCEEDS FROM ISSUANCE OF COMMON STOCK 157 219
CASH DIVIDENDS PAID (2,569) (2,568)
------------ -------------
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES 168,642 13,378
EFFECT OF EXCHANGE RATE CHANGES ON CASH (904) (1,217)
------------ -------------
NET DECREASE IN CASH 15,782 (3,937)
CASH BEGINNING BALANCE 4,540 4,605
------------ -------------
CASH ENDING BALANCE $ 20,322 $ 668
============ =============
</TABLE>
The accompanying notes are an integral part of these consolidated statements.
5
<PAGE> 7
WALBRO CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(1) ACQUISITION
On July 27, 1995, the Company, through certain of its wholly-owned
subsidiaries, acquired the plastic fuel tank business of Dyno Industrier
A.S,(Dyno) Oslo, Norway. The plastic fuel tank division of Dyno supplies
plastic fuel tank systems to most European vehicle manufacturers through its
operations in France, Spain, Norway, Great Britain, Germany, and Belgium. Dyno
Fuel Systems Business sales approximated $147 million in 1994. The net
purchase price for the acquisition of Dyno's Fuel Systems Business was
approximately $124 million (approximately $138 million less approximately $14
million in cash acquired by the Company), exclusive of expenses of the
transaction. The purchase price is subject to certain post-closing
adjustments. The Company financed the acquisition through a combination of a
private placement of $110 million of 9 7/8% Senior Notes due 2005 (the Notes)
and a new $135 million credit facility (the New Credit Facility) with a group
of Commercial Banks.
The Notes are general unsecured obligations of the Company with
interest payable semi-annually. The Notes are guaranteed by each of the
significant domestic wholly-owned subsidiaries.
Except as noted below, the Notes are not redeemable at the Company's
option prior to July 15, 2000. Thereafter, the Notes will be redeemable, in
whole or part, at the option of the Company at various redemption prices as set
forth in the Note Indenture, plus accrued and unpaid interest thereon to the
redemption date. In addition, prior to July 15, 1998, the Company may, at its
option, redeem up to an aggregate of 30% of the principal amount of the Notes
originally issued with the net proceeds from one or more public equity
offerings at the redemption price specified in the Note Indenture plus accrued
interest to the date of redemption.
Also, in the event of a change in control, the Company will be
obligated to make an offer to purchase all of the outstanding Notes at a
redemption price of 101% of the principal amount thereof plus accrued interest
to the date of repurchase. Also, in certain circumstances, the Company will be
required to make an offer to repurchase the Notes at a price equal to 100% of
the principal amount thereof, plus accrued interest to the date of repurchase,
with the net cash proceeds of certain asset sales.
The New Credit Facility consists of a $135,000,000 multi-currency
revolving loan facility for the Company and certain of its wholly-owned
domestic and foreign subsidiaries, including a $5,000,000 swing line facility
and a $17,000,000 letter of credit facility. The New Credit Facility has an
initial term of five years, with annual one year extensions of the revolving
credit portion of the facility available in the lender's discretion.
At any time within three years after closing of the New Credit
Facility, the Company may convert up to $70,000,000 of revolving credit loans
under the New Credit Facility to term loans in minimum amounts of $15,000,000
with maturities not exceeding seven years from the closing of the New Credit
Facility.
Borrowings under the New Credit Facility bear interest at a per annum
rate equal to the agent's base rate or the prevailing interbank offered rate in
the applicable offshore currency market, plus an additional margin ranging from
0.5% to 1.75% based on certain financial ratios of the Company. The annual
letter of credit fee will range from 0.5% to 1.5% based on the same financial
ratios. The Company will also be required to pay a quarterly unused facility
fee.
Borrowings under the New Credit Facility are secured by first liens on
the inventory, accounts receivable and certain intangibles of the Company and
its wholly-owned domestic subsidiaries and by a pledge of 100% of the stock of
wholly-owned domestic subsidiaries, and 65% of the stock of wholly-owned
foreign subsidiaries. Collateral for the New Credit Facility secures the 2004
Notes on an equal and ratable basis. The Company and its wholly-owned domestic
subsidiaries guarantee payment of domestic and foreign borrowings under the New
Credit Facility. The Company's wholly-owned foreign subsidiaries guarantee
payment of foreign borrowings under the New Credit Facility.
The Note Indenture and the New Credit Facility contain numerous
restrictive covenants including, but not limited to, the following matters:
(i) maintenance of certain financial ratios and compliance with certain
financial tests and limitations; (ii) limitations on payment of dividends,
incurrence of additional indebtedness and granting of certain liens; (iii)
restrictions on mergers, acquisitions, asset sales, sales of subsidiary stock,
capital expenditures and investments; (iv) issuance of preferred stock by
subsidiaries and (v) sale and leaseback transactions.
6
<PAGE> 8
WALBRO CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The acquisition has been accounted for by the purchase method of
accounting and the net assets are included in the Company's Consolidated
Balance Sheets as of July 27, 1995 based upon their estimated fair values at
the transaction date. The Company's Consolidated Statements of Income include
the revenues and expenses of the acquired business subsequent to the
transaction date. The excess of the purchase price over the estimated fair
value of the net assets acquired (goodwill) is estimated to be $17 million
since the purchase price is subject to post closing adjustments and the
purchase price allocation is based on preliminary estimates of the fair value
of the net assets acquired and is subject to adjustment as additional
information becomes available during 1995.
SUPPLEMENTAL PRO FORMA RESULTS OF OPERATIONS
The following unaudited pro forma summary presents supplemental
earnings statement information as if the acquisition had occurred at the
beginning of the periods presented (in thousands except net income per share):
Nine Months
Ended September 30
1995 1994
---- ----
Net Sales $434,461 $342,778
Net Income 9,725 4,759
Net Income per Share 1.13 .55
Adjustments reflect estimated adjustments to depreciation and
amortization expense resulting from the revaluation of Dyno net assets
acquired, interest expense on acquisition debt, a 1994 litigation claim
retained by Dyno Industrier A.S and related tax adjustments. The above
supplemental pro forma results of operations includes Dyno Industrier
information for seven months ended July 27, 1995 and for nine months ended
September 30, 1994.
7
<PAGE> 9
WALBRO CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(2) SUPPLEMENTAL GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
September 30, 1995
----------------------------------------------------------------------------------
Walbro
Corporation Consolidation
Guarantor Nonguarantor (Parent and Elimination Consolidated
Subsidiaries Subsidiaries Corporation) Entries Total
(In thousands, except share data)
<S> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash $ 75 $ 27,116 $ (6,869) $ $ 20,322
Accounts receivable, net 19,835 55,261 57,475 (1,686) 130,885
Inventories 25,599 21,965 1,168 48,732
Prepaid expenses and other 4,522 2,167 516 (17) 7,188
Deferred and refundable income taxes 6,376 (1,162) (1,104) (3) 4,107
------------------------------------------------------------------------------------
Total current assets 56,407 105,347 51,186 (1,706) 211,234
------------------------------------------------------------------------------------
PLANT AND EQUIPMENT, NET 86,232 104,884 10,121 109 201,346
------------------------------------------------------------------------------------
OTHER ASSETS:
Funds held for construction 1,061 1,061
Joint ventures 9,978 12,970 22,948
Investments 150,334 231 99,994 (240,836) 9,723
Goodwill, net 15,368 2,787 16,436 34,591
Plant and equipment held for resale 80 80
Notes receivable 196,301 (195,679) 622
Other 5,944 4,484 9,413 (819) 19,022
------------------------------------------------------------------------------------
Total other assets 182,685 20,472 305,788 (420,898) 88,047
------------------------------------------------------------------------------------
Total assets $325,324 $ 230,703 $ 367,095 $(422,495) $500,627
====================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt $ 515 $ 9,186 $ 408 $ $ 10,109
Bank and other borrowings 6,593 6,593
Accounts payable 26,773 35,600 184 (16,630) 45,927
Accrued liabilities 9,902 14,718 4,540 10,309 39,469
Dividends payable 857 857
------------------------------------------------------------------------------------
Total current liabilities 37,190 66,097 5,989 (6,321) 102,955
------------------------------------------------------------------------------------
LONG-TERM LIABILITIES
Long-term debt, less current portion 209,873 78,605 218,306 (259,866) 246,918
Pension obligations 832 3,160 7,645 1 11,638
Deferred income taxes 1,944 412 98 2,454
Minority interest 1,604 1,604
------------------------------------------------------------------------------------
Total long-term liabilities 212,649 83,781 226,049 (259,865) 262,614
------------------------------------------------------------------------------------
STOCKHOLDERS' EQUITY
Common stock, $.50 par value;
authorized 25,000,000; outstanding
8,564,576 in 1994, 8,579,976 in 1995 12,485 4,289 (12,485) 4,289
Paid-in capital 49,876 64,371 (49,876) 64,371
Retained earnings 73,567 12,199 64,497 (85,766) 64,497
Deferred compensation (845) (845)
Unrealized gain on securities
available for sale 1,225 1,225
Cumulative translation adjustments 1,918 1,214 1,520 (3,131) 1,521
------------------------------------------------------------------------------------
Total stockholders' equity 75,485 75,774 135,057 (151,258) 135,058
------------------------------------------------------------------------------------
Total liabilities and
stockholders' equity $325,324 $225,652 $ 367,095 $(417,444) $500,627
====================================================================================
</TABLE>
8
<PAGE> 10
WALBRO CORPORATION & SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
SUPPLEMENTAL GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
DECEMBER 31, 1994
---------------------------------------------------------------------------
WALBRO
CORPORATION CONSOLIDATION
GUARANTOR NONGUARANTOR (PARENT AND ELIMINATION CONSOLIDATED
SUBSIDIARIES SUBSIDIARIES CORPORATION) ENTRIES TOTAL
------------ ------------ ------------ --------------- ------------
(IN THOUSANDS, EXCEPT SHARE DATA)
<S> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS:
Cash..................................... $ 75 $ 2,525 $ 1,940 $ -- $ 4,540
Accounts receivable, net................. 40,316 20,311 18,495 (12,789) 66,333
Inventories.............................. 24,732 6,120 587 -- 31,439
Prepaid expenses and other............... 3,728 733 701 (1,161) 4,001
Deferred and refundable income taxes..... 5,656 (1,169) (824) -- 3,663
-------- -------- -------- --------- --------
Total current assets................... 74,507 28,520 20,899 (13,950) 109,976
-------- -------- -------- --------- --------
PLANT AND EQUIPMENT, NET................... 64,044 14,292 9,848 108 88,292
-------- -------- -------- --------- --------
OTHER ASSETS:
Funds held for construction.............. 1,061 -- -- -- 1,061
Joint ventures........................... 6,598 9,920 -- -- 16,518
Investments.............................. 4,395 239 89,092 (82,929) 10,797
Goodwill, net............................ 15,710 1,195 -- -- 16,905
Plant and equipment held for resale...... -- -- 80 -- 80
Notes receivable......................... -- -- 55,916 (51,550) 4,366
Other.................................... 2,399 1,592 5,380 -- 9,371
-------- -------- -------- --------- --------
Total other assets..................... 30,163 12,946 150,468 (134,479) 59,098
-------- -------- -------- --------- --------
Total assets............................. $168,714 $ 55,758 $181,215 $(148,321) $257,366
======== ======== ======== ========= ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt........ $ 515 $ 7,519 $ 408 $ -- $ 8,442
Bank and other borrowings................ -- 6,970 -- -- 6,970
Accounts payable......................... 28,322 6,868 472 (12,410) 23,252
Accrued liabilities...................... 10,218 4,152 (775) (1,518) 12,077
Dividends payable........................ -- -- 857 -- 857
-------- -------- -------- --------- --------
Total current liabilities.............. 39,055 25,509 962 (13,928) 51,598
-------- -------- -------- --------- --------
LONG-TERM LIABILITIES:
Long-term debt, less current portion..... 71,112 348 46,226 (51,550) 66,136
Pension obligations and other............ 648 949 6,556 -- 8,153
Deferred income taxes.................... 2,120 763 (444) -- 2,439
Minority interest........................ -- 1,125 -- -- 1,125
-------- -------- -------- --------- --------
Total long-term liabilities............ 73,880 3,185 52,338 (51,550) 77,853
-------- -------- -------- --------- --------
STOCKHOLDERS' EQUITY:
Common stock, $.50 par value;
authorized 15,000,000; outstanding
8,564,576 in 1994...................... -- 1,999 4,282 (1,999) 4,282
Paid-in capital.......................... -- 3,632 64,221 (3,632) 64,221
Retained earnings........................ 55,416 18,934 55,855 (74,350) 55,855
Deferred compensation.................... -- -- (1,225) -- (1,225)
Unrealized gain on securities available
for sale............................... -- -- 1,428 -- 1,428
Cumulative translation adjustments....... 363 2,499 3,354 (2,862) 3,354
-------- -------- -------- --------- --------
Total stockholders' equity............. 55,779 27,064 127,915 (82,843) 127,915
-------- -------- -------- --------- --------
Total liabilities and stockholders'
equity............................... $168,714 $ 55,758 $181,215 $(148,321) $257,366
======== ======== ======== ========= ========
</TABLE>
9
<PAGE> 11
WALBRO CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
September 30, 1995
----------------------------------------------------------------------------------
Walbro
Corporation Consolidation
Guarantor Nonguarantor (Parent and Elimination Consolidated
Subsidiaries Subsidiaries Corporation) Entries Total
----------- ------------ ------------ ---------------- ------------
(In thousands, except share data)
<S> <C> <C> <C> <C> <C>
NET SALES $248,449 $92,623 $ 1,474 $(29,760) $312,786
COSTS AND EXPENSES:
Cost of sales 203,974 81,102 714 (29,760) 256,030
Selling, administration & other expenses 22,747 4,577 8,656 35,980
--------------------------------------------------------------------------------
OPERATING INCOME (LOSS) 21,728 6,994 (7,896) - 20,776
OTHER EXPENSE (INCOME):
Interest expense 6,354 1,552 5,888 (6,667) 7,127
Interest income (1,775) 636 (6,017) 6,667 (489)
Foreign currency exchange loss(gain) (123) 52 491 420
--------------------------------------------------------------------------------
Income before provision for income
taxes, minority interest, equity in
(income) loss of joint ventures
and subsidiaries 17,272 4,704 (8,258) - 13,718
Provision (credit) for income taxes 5,988 1,059 (2,859) 458 4,646
Minority Interest 472
Equity in (income) loss of joint 472
ventures (414) (2,198) (2,612)
Equity in (income) of subsidiaries (5,841) (17,070) 22,911 -
--------------------------------------------------------------------------------
Net Income $ 17,539 $ 5,371 $ 11,671 $(23,369) $ 11,212
================================================================================
</TABLE>
10
<PAGE> 12
WALBRO CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
September 30, 1994
-------------------------------------------------------------------------
Walbro
Corporation Consolidation
Guarantor Nonguarantor (Parent and Elimination Consolidated
Subsidiaries Subsidiaries Corporation) Entries Total
------------ ------------ ----------- ------- -----
(In thousands, except share data)
<S> <C> <C> <C> <C> <C>
NET SALES $221,955 $42,495 $ 901 $(23,918) $241,433
COSTS AND EXPENSES:
Cost of sales 180,427 36,075 850 (23,915) 193,437
Selling, administration & other expenses 20,756 2,724 5,454 (3) 28,931
-----------------------------------------------------------------------
OPERATING INCOME (LOSS) 20,772 3,696 (5,403) - 19,065
OTHER EXPENSE (INCOME):
Interest expense 4,126 367 1,646 (3,673) 2,466
Interest income (3) (3,679) 3,673 (9)
Foreign currency exchange loss(gain) (8) 17 1,117 1,126
-----------------------------------------------------------------------
Income before provision for income taxes,
minority interest, equity in (income) loss
of joint ventures and subsidiaries 16,654 3,315 (4,487) - 15,482
Provision (credit) for income taxes 5,821 1,205 (1,530) 5,496
Minority Interest 45 45
Equity in (income) loss of joint ventures (1,127) (866) (1,993)
Equity in (income) of subsidiaries (2,931) (14,892) 17,823 -
-----------------------------------------------------------------------
Net Income $ 14,891 $ 2,931 $ 11,935 $(17,823) $ 11,934
=======================================================================
</TABLE>
11
<PAGE> 13
WALBRO CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
September 30, 1995
--------------------------------------------------------------------------
Walbro
Corporation Consolidation
Guarantor Nonguarantor (Parent and Elimination Consolidated
Subsidiaries Subsidiaries Corporation) Entries Total
------------ ----------- ----------- --------------- ----------
(In thousands, except share data)
<S> <C> <C> <C> <C> <C>
Net cash provided by (used in) operating activities $ 75,694 $ 13,549 $(50,359) $(21,161) $ 17,723
--------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of plant and equipment (29,810) (2,873) (636) (33,319)
Acquisitions, net of cash acquired (138,378) 14,262 (60) (124,176)
Purchase of other assets (3,857) 2,190 (4,998) (6,665)
Investment in joint ventures and other (11,038) 194 (15,961) 21,171 (5,634)
Proceeds/(payments) of intercompany note receivable --
Proceeds from disposal of assets 107 7 1 115
--------------------------------------------------------------------------
Net cash provided by(used in) investing activities (182,976) 13,780 (21,654) 21,171 (169,679)
--------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings (repayments) under revolving
line-of-credit agreements (545) 62,866 62,321
Debt Repayments (383) (1,410) (1,793)
Proceeds from issuance of long-term debt 107,665 111 2,750 110,526
Proceeds from issuance of common stock
and options 157 157
Cash dividends paid (2,569) (2,569)
--------------------------------------------------------------------------
Net cash provided by(used in) financing activities 107,282 (1,844) 63,204 -- 168,642
--------------------------------------------------------------------------
EFFECT OF EXCHANGE RATE CHANGES ON
CASH (894) (10) (904)
--------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH -- 24,591 (8,809) -- 15,782
CASH AT BEGINNING OF YEAR 75 2,525 1,940 4,540
--------------------------------------------------------------------------
CASH AT END OF PERIOD $ 75 $ 27,116 $ (6,869) $ -- $ 20,322
==========================================================================
</TABLE>
12
<PAGE> 14
WALBRO CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
September 30, 1994
---------------------------------------------------------------------------
Walbro
Corporation Consolidation
Guarantor Nonguarantor (Parent and Elimination Consolidated
Subsidiaries Subsidiaries Corporation) Entries Total
------------ ----------- ------------- -------------- ------------
(In thousands, except share data)
<S> <C> <C> <C> <C> <C>
Net cash provided by (used in) operating
activites $ 18,405 $ 1,027 $ (3,412) $(15,340) $ 680
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of plant and equipment (9,462) (1,139) (3,376) 34 (13,943)
Acquisitions, net of cash acquired --
Purchase of other assets (272) (49) (921) (1,242)
Investment in joint ventures and other (3,761) 1,102 (14,892) 15,844 (1,707)
Proceeds/(payments) of intercompany note
receivable (5,500) 5,500 --
Proceeds from disposal of assets 109 6 115
--------------------------------------------------------------------
Net cash provided by (used in) investing
activities (18,886) (86) (13,683) 15,878 (16,777)
--------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings (repayments) under revolving
line-of-credit agreements 582 15,400 15,982
Debt Repayments (408) (408)
Proceeds from issuance of long-term debt 153 153
Proceeds from issuance of common stock
and options 219 219
Cash dividends paid (2,568) (2,568)
--------------------------------------------------------------------
Net cash provided by (used in) financing
activities 153 582 12,643 -- 13,378
--------------------------------------------------------------------
EFFECT OF EXCHANGE RATE CHANGES ON
CASH (680) (538) (1,218)
--------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH (328) 843 (4,452) -- (3,937)
CASH AT BEGINNING OF YEAR 431 1,732 2,442 4,605
--------------------------------------------------------------------
CASH AT END OF PERIOD $ 103 $ 2,575 $ (2,010) $ -- $ 668
====================================================================
</TABLE>
13
<PAGE> 15
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this amendment to this report to be signed on
its behalf by the undersigned thereunto duly authorized.
WALBRO CORPORATION
(Registrant)
Dated: November 16, 1995 /s/ L. E. Althaver
----------------------------------
L. E. Althaver, Chairman, President
and Chief Executive Officer
Dated: November 16, 1995 /s/Michael A. Shope
----------------------------------
Michael A. Shope
Chief Financial Officer and Treasurer
22
