On a GAAP basis, the Company reported a net loss of $55.6 million or $3.39 per diluted share, compared to reported net income of $2.6 million or $0.16 per diluted share for the same period of fiscal 2012. The results for the nine months ended December 31, 2012 were impacted by the previously described goodwill impairment charge of $78.6 million ($56.8 million after income tax benefit) and $1.1 million of professional fees ($0.7 million after income tax benefit) related to our renegotiated credit agreement. The results for the same period of fiscal 2012 benefitted from the aforementioned bonus accrual reduction of $1.8 million, net of applicable taxes, and an extraordinary gain of $0.4 million, net of applicable taxes, resulting from an insurance settlement associated with damaged inventories.
On a non-GAAP basis, the Company generated non-GAAP net income (before a goodwill impairment charge and certain professional fees) of $2.0 million (1)or $0.12 (1) per diluted share for the nine months ended December 31, 2012 compared to non-GAAP net income (before bonus accrual reversal and extraordinary gain) of $0.4 million (1) or $0.03 (1) per diluted share for the first nine months of fiscal 2012. EBITDA, as adjusted, for the nine months ended December 31, 2012 was $14.1 million (2) compared to $12.2 million (2) for the first nine months of fiscal 2012.
Liquidity and Capital Resources
The balance of cash and cash equivalents was $0.2 million at December 31, 2012, down $5.2 million from March 31, 2012. For the nine months ended December 31, 2012, the Company reported cash generated by operating activities of $17.5 million compared to cash generated by operating activities of $3.6 million for the first nine months of fiscal 2012. The Company manages cash and cash equivalent balances to minimize the amounts outstanding under its revolving credit facility in an effort to reduce borrowing costs. As of December 31, 2012, the Company had $10.7 million available for additional borrowing under its revolving credit facility.
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