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SEC Filings

10-Q
ACETO CORP filed this Form 10-Q on 11/03/2017
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Our cash position at September 30, 2017 increased $16,420 from the amount at June 30, 2017.

 

Operating activities for the three months ended September 30, 2017 provided cash of $43,965 for this period, as compared to cash provided of $10,650 for the comparable period. The $43,965 resulted from $454 in net income and $12,787 derived from adjustments for non-cash items and a net $30,724 increase from changes in operating assets and liabilities. The non-cash items included $8,301 in depreciation and amortization expense, $1,099 for deferred income taxes, a $902 environmental charge, $1,513 for amortization of debt issuance costs and debt discount and $3,146 in non-cash stock compensation expense. Trade accounts receivable decreased $21,137 during the three months ended September 30, 2017, due predominantly to a decrease in days sales outstanding, particularly at our Rising subsidiary. Inventories decreased by $2,225 and accounts payable increased by $7,699 due primarily to inventories held in stock at our Rising subsidiary, as well as timing of payments processed at the end of the quarter. Our cash position at September 30, 2016 increased $6,314 from the amount at June 30, 2016. Operating activities for the three months ended September 30, 2016 provided cash of $10,650 for this period. The $10,650 resulted from $4,385 in net income and $7,456 derived from net adjustments for non-cash items less a net $1,191 decrease from changes in operating assets and liabilities.

 

Investing activities for the three months ended September 30, 2017 used cash of $2,569 primarily from purchases of property and equipment and intangible assets of $1,560 and purchases of investments in time deposits of $2,655, offset by sales of investments in time deposits of $1,646. Investing activities for the three months ended September 30, 2016 used cash of $3,152 primarily from purchases of intangible assets and property and equipment of $2,135 and purchases of investments in time deposits of $1,017.

 

Financing activities for the three months ended September 30, 2017 used cash of $25,645, primarily from $23,783 of repayments of bank loans and $1,935 payment of cash dividends. Financing activities for the three months ended September 30, 2016 used cash of $1,381 primarily from $1,954 payment of cash dividends offset in part by $437 of excess income tax benefits on stock option exercises.

 

Credit Facilities

 

We have available credit facilities with certain foreign financial institutions. At September 30, 2017, the Company had available lines of credit with foreign financial institutions totaling $7,602, all of which is available for borrowing by the respective foreign territories. We are not subject to any financial covenants under these arrangements.

 

On December 21, 2016 the Company entered into a Second Amended and Restated Credit Agreement (the “A&R Credit Agreement”), with eleven banks, which amended and restated in its entirety the Amended and Restated Credit Agreement, dated as of October 28, 2015, as amended by Amendment No. 1 to Amended and Restated Credit Agreement, dated as of November 10, 2015, and Amendment No. 2 to Amended and Restated Credit Agreement, dated as of August 26, 2016 (collectively, the “First Amended Credit Agreement”). The A&R Credit Agreement increases the aggregate available revolving commitment under the First Amended Credit Agreement from $150,000 to an initial aggregate available revolving commitment of $225,000 (the “Initial Revolving Commitment”). Under the A&R Credit Agreement, the Company may borrow, repay and reborrow from and as of December 21, 2016, to but excluding December 21, 2021 (the “Maturity Date”) provided, that if any of the Notes remain outstanding on the date that is 91 days prior to the maturity date of the Notes (the “2015 Convertible Maturity Date”), then the Maturity Date shall mean the date that is 91 days prior to the 2015 Convertible Maturity Date. The A&R Credit Agreement provides for (i) Eurodollar Loans (as such terms are defined in the A&R Credit Agreement), (ii) ABR Loans (as such terms are defined in the A&R Credit Agreement) or (iii) a combination thereof. As of September 30, 2017, the Company borrowed Revolving Loans aggregating $70,000 which loans are Eurodollar Loans at interest rates ranging from 3.24% to 3.45 % at September 30, 2017. The applicable interest rate margin percentage is subject to adjustment quarterly based upon the Company’s senior secured net leverage ratio.

 

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