Cash and Working Capital
Cash and cash equivalents at June 30, 2012 were $85.1 million, compared with $71.3 million at December 31, 2011. Cash provided by operating activities during the six months ended June 30, 2012 was $32.2 million, of which $21.9 million was provided during the second quarter. After adjusting for the effects of working capital acquired in the acquisition of DDi, the company’s cash cycle metric of 33.8 days at June 30, 2012 was slightly above the average for that metric during the year ended December 31, 2011, primarily related to a reduction of accounts payable days.
During the six months ended June 30, 2012, the company paid a net $253.5 million in cash to acquire all the outstanding shares of DDi Corp., and paid $10.1 million to acquire the remaining noncontrolling interest in the company’s previous joint venture in Huizhou, China.
Capital expenditures during the six months ended June 30, 2012 were $52.5 million, of which $30.1 million was spent during the second quarter, including approximately $1.3 million of capital expenditures made at the facilities acquired from DDi. During the quarter ended June 30, 2012, approximately $17.1 million of capital expenditures were incurred in connection with capacity expansion, relocation of facilities and other special projects.On April 30, 2012, a wholly-owned subsidiary of the company completed the private sale of $550.0 million principal amount of 7.875% senior secured notes due 2019 (“2019 Notes”). Proceeds of the 2019 Notes were applied i) to redeem, on May 30, 2012, all of the company’s then-outstanding $220.0 million principal amount of 12.0% senior secured notes due 2015 (“2015 Notes”), together with early termination premiums and accrued interest thereon, ii) to fund, on May 31, 2012, the acquisition of DDi Corp., together with related fees and expenses, and iii) to fund fees and expenses of the offering of the 2019 Notes. Interest on the 2019 Notes will be payable semi-annually in May and November, beginning November 2012.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV