THERMADYNE HOLDINGS CORPORATION NEW (THMD, Financial) filed Quarterly Report for the period ended 2010-06-30.
Thermadyne Holdings Corporation New has a market cap of $179.1 million; its shares were traded at around $13.22 with a P/E ratio of 20.4 and P/S ratio of 0.5. THMD is in the portfolios of Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Chuck Royce of Royce& Associates.
For the six months ended June 30, 2010, SG&A expenses include $5.3 million for performance based compensation expense, consisting of sales commissions, incentive compensation, and stock compensation in excess of amounts in the comparable period of 2009. SG&A expenses for the six months ended June 30, 2010 are $0.5 million higher than the comparable period of 2009 due to losses arising from foreign currency transactions. The Company incurred $3.3 million of increases in salaries, selling, and administrative costs. SG&A expenses for the six months ended June 30, 2009 include $1.6 million of charges for severance amounts payable to employees who elected to participate in an early retirement program offered by the Company. These charges were $1.2 million in excess of severance charges incurred for the six months ended June 30, 2010. SG&A expenses for the six months ended June 30, 2009 include a $1.2 million expense reduction from reversal of previously accrued performance-based stock and incentive compensation.
In the second quarter of 2010, the Company repaid $25 million of Second Lien indebtedness and recorded a loss on debt extinguishment of $1.9 million, consisting of a $1.5 million write off of unamortized original issue discount, $0.3 million write off of unamortized deferred financing fees, and prepayment fees of $0.1 million.
Income from discontinued operations was $1.9 million during the second quarter of 2009 as a result of the collection of a note receivable associated with the sale of the South African business. The sale closed on May 25, 2007 with $13.8 million in net cash received at closing along with a note due in May 2010 in the amount of 30 million South African Rand and bearing 14% interest payable. In April 2009, the note was settled and the Company recorded a gain of $1.9 million in discontinued operations. The Company also recorded $0.5 million of interest income in continuing operations related to this transaction.
Cash provided by operating activities for the first six months of 2010 was $28.8 million compared to the $21.3 million of cash provided during the same period in 2009. The change in operating assets and liabilities provided $17.0 million of cash during the six months ended June 30, 2010 compared to the $19.5 million of cash provided in the six months ended June 30, 2009. The changes in operating assets and liabilities, excluding foreign currency translation effects, included:
We anticipate the Company to incur capital expenditure commitments of $15 to $18 million in 2010, including $10 million to $12 million to expand existing manufacturing facilities. For the six months ended June 30, 2010, we have incurred $4.5 million in capital expenditures.
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Thermadyne Holdings Corporation New has a market cap of $179.1 million; its shares were traded at around $13.22 with a P/E ratio of 20.4 and P/S ratio of 0.5. THMD is in the portfolios of Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
For the three months ended June 30, 2010, SG&A expenses include $3.3 million for performance based compensation expense, consisting of sales commissions, incentive compensation, and stock compensation in excess of amounts in the comparable period of 2009. SG&A expenses in the second quarter of 2010 are $0.2 million higher than the comparable period of 2009 due to losses arising from foreign currency transactions. The Company incurred $3.3 million of increases in salaries, selling, and administrative costs.For the six months ended June 30, 2010, SG&A expenses include $5.3 million for performance based compensation expense, consisting of sales commissions, incentive compensation, and stock compensation in excess of amounts in the comparable period of 2009. SG&A expenses for the six months ended June 30, 2010 are $0.5 million higher than the comparable period of 2009 due to losses arising from foreign currency transactions. The Company incurred $3.3 million of increases in salaries, selling, and administrative costs. SG&A expenses for the six months ended June 30, 2009 include $1.6 million of charges for severance amounts payable to employees who elected to participate in an early retirement program offered by the Company. These charges were $1.2 million in excess of severance charges incurred for the six months ended June 30, 2010. SG&A expenses for the six months ended June 30, 2009 include a $1.2 million expense reduction from reversal of previously accrued performance-based stock and incentive compensation.
In the second quarter of 2010, the Company repaid $25 million of Second Lien indebtedness and recorded a loss on debt extinguishment of $1.9 million, consisting of a $1.5 million write off of unamortized original issue discount, $0.3 million write off of unamortized deferred financing fees, and prepayment fees of $0.1 million.
Income from discontinued operations was $1.9 million during the second quarter of 2009 as a result of the collection of a note receivable associated with the sale of the South African business. The sale closed on May 25, 2007 with $13.8 million in net cash received at closing along with a note due in May 2010 in the amount of 30 million South African Rand and bearing 14% interest payable. In April 2009, the note was settled and the Company recorded a gain of $1.9 million in discontinued operations. The Company also recorded $0.5 million of interest income in continuing operations related to this transaction.
Cash provided by operating activities for the first six months of 2010 was $28.8 million compared to the $21.3 million of cash provided during the same period in 2009. The change in operating assets and liabilities provided $17.0 million of cash during the six months ended June 30, 2010 compared to the $19.5 million of cash provided in the six months ended June 30, 2009. The changes in operating assets and liabilities, excluding foreign currency translation effects, included:
We anticipate the Company to incur capital expenditure commitments of $15 to $18 million in 2010, including $10 million to $12 million to expand existing manufacturing facilities. For the six months ended June 30, 2010, we have incurred $4.5 million in capital expenditures.
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