2. El paper de la reprogramació metabòlica de les
3.1 Paper de l’enzim PFK-2/FBPasa-2 en el metabolisme de les
The Company has $625.0 million in outstanding Notes. See Note 5. The Notes are guaranteed by all of the Company's 100% owned domestic subsidiaries (the "Subsidiary Guarantors") and are collateralized by the assets of all of the Company's 100% owned subsidiaries. The Notes are fully and unconditionally guaranteed on a joint and several basis by each guarantor subsidiary and the Company. There are no contractual restrictions limiting cash transfers from guarantor subsidiaries by dividends, loans or advances to the Company. The Notes are not guaranteed by the Company's foreign subsidiaries (the “Non-Guarantor Subsidiaries”).
The following tables present condensed consolidating financial statements for the parent company, the Subsidiary Guarantors and the Non-Guarantor Subsidiaries, respectively, for 2011, 2012, and 2013. The consolidating financial information below follows the same accounting policies as described in the Consolidated Financial Statements, except for the use of the equity method of accounting to reflect ownership interests in wholly-owned subsidiaries, which are eliminated upon consolidation.
Subsequent to the issuance of the Company’s consolidated financial statements for the years ended December 25, 2011 and December 30, 2012, the Company reclassified Investment in affiliated companies to a separate line item in its Condensed Consolidating Statement of Cash Flows. These amounts were previously combined with financings from affiliated companies.
F- 46
Quarter First Quarter Second Quarter Third Quarter Fourth
Fiscal year 2013
Revenues $ 253.3 $ 235.2 $ 226.4 $ 235.7
Gross profit $ 65.8 $ 60.4 $ 52.3 $ 61.5 Operating income (loss) from continuing operations $ 11.4 $ 8.9 $ 6.1 $ 5.4 Provision (benefit) for income taxes $ 2.8 $ (0.1 ) $ 0.2 $ (2.9 )
Net loss $ (10.3 ) $ (9.6 ) $ (9.9 ) $ (7.4 )
Net loss per common share:
F- 47
Condensed Consolidating Balance Sheet December 30, 2012 (in millions) Parent Company Guarantors on a Combined Basis Non- Guarantors on a Combined
Basis Eliminations Consolidated
Assets
Current Assets:
Cash and cash equivalents $ 37.8 $ (4.0 ) $ 15.2 $ — $ 49.0 Accounts receivable, net — 253.5 18.4 — 271.9 Amounts due from affiliated companies 480.2 — — (480.2 ) — Inventoried costs — 75.4 18.9 — 94.3 Other current assets 9.1 28.0 3.1 — 40.2 Total current assets 527.1 352.9 55.6 (480.2 ) 455.4 Property, plant and equipment, net 1.3 74.7 9.6 — 85.6 Goodwill — 574.7 21.7 — 596.4 Intangible assets, net — 103.4 2.7 — 106.1 Investment in subsidiaries 439.8 28.8 — (468.6 ) — Amounts due from affiliated companies — 24.0 — (24.0 ) — Other assets 17.6 22.4 0.4 — 40.4 Total assets $ 985.8 $ 1,180.9 $ 90.0 $ (972.8 ) $ 1,283.9
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 2.8 $ 75.2 $ 5.6 $ — $ 83.6 Accrued expenses 7.0 42.3 3.4 — 52.7 Accrued compensation 2.9 41.8 3.1 — 47.8 Billings in excess of costs and earnings on
uncompleted contracts — 40.5 3.2 — 43.7 Deferred tax liability — 28.9 — — 28.9 Amounts due to affiliated companies — 455.1 25.1 (480.2 ) — Other current liabilities 1.1 19.1 1.9 — 22.1 Total current liabilities 13.8 702.9 42.3 (480.2 ) 278.8 Long-term debt, net of current portion 643.6 — 4.8 — 648.4 Deferred tax liability — — — — — Amounts due to affiliated companies — — 24.0 (24.0 ) — Other long-term liabilities 4.3 26.2 2.1 — 32.6 Total liabilities 661.7 729.1 73.2 (504.2 ) 959.8 Total stockholders' equity 324.1 451.8 16.8 (468.6 ) 324.1 Total liabilities and stockholders' equity $ 985.8 $ 1,180.9 $ 90.0 $ (972.8 ) $ 1,283.9
F- 48
Condensed Consolidating Balance Sheet December 29, 2013 (in millions) Parent Company Guarantors on a Combined Basis Non- Guarantors on a Combined
Basis Eliminations Consolidated
Assets
Current Assets:
Cash and cash equivalents $ 42.7 $ (3.0 ) $ 16.0 $ — $ 55.7 Accounts receivable, net — 238.6 27.2 — 265.8 Amounts due from affiliated companies 410.2 — — (410.2 ) — Inventoried costs — 59.1 15.5 — 74.6 Other current assets 10.7 19.4 4.1 — 34.2 Total current assets 463.6 314.1 62.8 (410.2 ) 430.3 Amounts due from affiliated companies, long-term — 24.0 — (24.0 ) — Property, plant and equipment, net 2.1 71.9 10.8 — 84.8 Goodwill — 574.8 21.6 — 596.4 Intangible assets, net — 68.5 1.4 — 69.9 Investment in subsidiaries 474.2 36.7 — (510.9 ) — Other assets 12.9 23.0 (0.7 ) — 35.2 Total assets $ 952.8 $ 1,113.0 $ 95.9 $ (945.1 ) $ 1,216.6
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 2.8 $ 54.1 $ 5.0 $ — $ 61.9 Accrued expenses 6.6 40.9 3.9 — 51.4 Accrued compensation 4.0 36.9 4.0 — 44.9 Billings in excess of costs and earnings on
uncompleted contracts — 45.4 7.1 — 52.5 Deferred income tax liability — 28.4 — — 28.4 Amounts due to affiliated companies — 390.2 20.0 (410.2 ) — Other current liabilities 1.3 9.5 1.1 — 11.9 Total current liabilities 14.7 605.4 41.1 (410.2 ) 251.0 Long-term debt, net of current portion 639.5 — 3.8 — 643.3 Amounts due to affiliated companies — — 24.0 (24.0 ) — Other long-term liabilities 2.8 21.4 2.3 — 26.5 Total liabilities 657.0 626.8 71.2 (434.2 ) 920.8 Total stockholders' equity 295.8 486.2 24.7 (510.9 ) 295.8 Total liabilities and stockholders' equity $ 952.8 $ 1,113.0 $ 95.9 $ (945.1 ) $ 1,216.6
F- 49
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended December 25, 2011
(in millions) Parent Company Guarantors on a Combined Basis Non- Guarantors on a Combined
Basis Eliminations Consolidated
Service revenues $ — $ 349.3 $ 1.7 $ — $ 351.0
Product sales — 327.4 46.9 (11.4 ) 362.9
Total revenues — 676.7 48.6 (11.4 ) 713.9 Cost of service revenues — 259.2 1.5 — 260.7 Cost of product sales — 242.5 30.9 (11.4 ) 262.0
Total costs — 501.7 32.4 (11.4 ) 522.7 Gross profit — 175.0 16.2 — 191.2 Selling, general and administrative expenses 15.9 122.3 14.9 — 153.1 Research and development expenses — 7.9 0.7 — 8.6
Operating income (loss) from continuing operations (15.9 ) 44.8 0.6 — 29.5 Other income (expense):
Interest expense, net (50.8 ) 0.1 (0.4 ) — (51.1 )
Other income, net 0.3 0.4 (0.7 ) — —
Total other income and expense, net (50.5 ) 0.5 (1.1 ) — (51.1 ) Income (loss) from continuing operations before
income taxes (66.4 ) 45.3 (0.5 ) — (21.6 ) Provision (benefit) for income taxes from continuing
operations — 3.0 (1.1 ) — 1.9
Income (loss) from continuing operations (66.4 ) 42.3 0.6 — (23.5 ) Income (loss) from discontinued operations — (0.8 ) 0.1 — (0.7 )
Equity in net income (loss) of subsidiaries 42.2 0.5 — (42.7 ) —
Net income (loss) $ (24.2 ) $ 42.0 $ 0.7 $ (42.7 ) $ (24.2 )
F- 50
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended December 30, 2012
(in millions) Parent Company Guarantors on a Combined Basis Non- Guarantors on a Combined
Basis Eliminations Consolidated
Service revenues $ — $ 448.5 $ 1.5 $ — $ 450.0
Product sales — 470.0 64.5 (15.3 ) 519.2
Total revenues — 918.5 66.0 (15.3 ) 969.2 Cost of service revenues — 350.0 0.8 — 350.8 Cost of product sales — 333.8 42.7 (15.3 ) 361.2
Total costs — 683.8 43.5 (15.3 ) 712.0 Gross profit — 234.7 22.5 — 257.2 Selling, general and administrative expenses 7.4 171.2 13.9 — 192.5 Impairment of goodwill and intangibles — 96.6 — — 96.6 Research and development expenses — 16.9 0.9 — 17.8
Operating income (loss) from continuing
operations (7.4 ) (50.0 ) 7.7 — (49.7 ) Other income (expense):
Interest expense, net (65.9 ) 0.3 (0.5 ) — (66.1 )
Other income, net 0.3 0.1 0.9 — 1.3
Total other income and expense, net (65.6 ) 0.4 0.4 — (64.8 ) Income (loss) from continuing operations before
income taxes (73.0 ) (49.6 ) 8.1 — (114.5 ) Provision (benefit) for income taxes from
continuing operations 20.8 (22.8 ) 0.4 — (1.6 )
Income (loss) from continuing operations (93.8 ) (26.8 ) 7.7 — (112.9 ) Income (loss) from discontinued operations (0.1 ) (2.2 ) 0.8 — (1.5 )
Equity in net income (loss) of subsidiaries (20.5 ) 8.3 — 12.2 —
Net income (loss) $ (114.4 ) $ (20.7 ) $ 8.5 $ 12.2 $ (114.4 )
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Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended December 29, 2013
(in millions) Parent Company Guarantors on a Combined Basis Non-Guarantors on
a Combined Basis Eliminations Consolidated
Service revenues — 438.2 5.4 — 443.6
Product sales — 448.6 75.3 (16.9 ) 507.0
Total revenues — 886.8 80.7 (16.9 ) 950.6 Cost of service revenues — 331.3 3.9 — 335.2 Cost of product sales — 338.9 53.4 (16.9 ) 375.4
Total costs — 670.2 57.3 (16.9 ) 710.6 Gross profit — 216.6 23.4 — 240.0 Selling, general and
administrative expenses 5.5 167.2 14.1 — 186.8 Impairment of goodwill and
intangibles — — — — —
Research and development
expenses — 20.2 1.2 — 21.4
Operating income (loss) from
continuing operations (5.5 ) 29.2 8.1 — 31.8 Other income (expense):
Interest expense, net (65.6 ) 2.3 (0.4 ) — (63.7 )
Other income, net — (0.3 ) 0.3 — —
Total other income and
expense, net (65.6 ) 2.0 (0.1 ) — (63.7 ) Income (loss) from continuing
operations before income taxes (71.1 ) 31.2 8.0 — (31.9 ) Provision (benefit) for income
taxes from continuing
operations 0.6 (0.7 ) 0.1 — —
Income (loss) from continuing
operations (71.7 ) 31.9 7.9 — (31.9 ) Income (loss) from
discontinued operations 0.1 (5.4 ) — — (5.3 )
Equity in net income (loss) of
subsidiaries 34.4 7.9 — (42.3 ) —
Net income (loss) $ (37.2 ) $ 34.4 $ 7.9 $ (42.3 ) $ (37.2 )
F- 52
Condensed Consolidating Statement of Cash Flows Year Ended December 25, 2011
(in millions) Parent Company Guarantors on a Combined Basis Non- Guarantors on a Combined
Basis Eliminations Consolidated
Net cash provided by (used in) operating activities $ (55.1 ) $ 60.5 $ (0.2 ) $ — $ 5.2 Investing activities:
Cash paid for acquisitions, net of cash acquired (421.0 ) 18.0 11.9 — (391.1 ) Decrease in restricted cash 1.4 1.6 — — 3.0 Investment in affiliated companies — (68.6 ) — 68.6 —
Capital expenditures (0.2 ) (6.3 ) (1.0 ) — (7.5 ) Net cash provided by (used in) investing activities from
continuing operations (419.8 ) (55.3 ) 10.9 68.6 (395.6 ) Financing activities:
Proceeds from the issuance of common stock 61.1 — — — 61.1 Proceeds from the issuance of long-term debt 425.7 — — — 425.7 Debt issuance costs paid (22.1 ) — — — (22.1 ) Purchase of treasury stock (10.9 ) — — — (10.9 ) Repayment of debt — (2.6 ) (0.8 ) — (3.4 ) Financing from affiliated companies 63.6 — 5.0 (68.6 ) — Other, net 2.0 — — — 2.0 Net cash provided by (used in) financing activities from
continuing operations 519.4 (2.6 ) 4.2 (68.6 ) 452.4 Net cash flows of continuing operations 44.5 2.6 14.9 — 62.0 Net operating cash flows from discontinued operations — (2.2 ) (0.5 ) — (2.7 ) Effect of exchange rate changes on cash and cash
equivalents — (0.3 ) (0.2 ) (0.5 ) Net increase in cash and cash equivalents $ 44.5 $ 0.1 $ 14.2 $ — $ 58.8
Condensed Consolidating Statement of Cash Flows Year Ended December 30, 2012
(in millions) Parent Company Guarantors on a Combined Basis Non-Guarantors on
a Combined Basis Eliminations Consolidated
Net cash provided by (used in)
operating activities $ (98.2 ) $ 144.5 $ 6.0 $ — $ 52.3 Investing activities: — —
Cash paid for acquisitions, net of
cash acquired 2.3 (151.7 ) — — (149.4 ) Decrease in restricted cash — 0.6 — — 0.6 Investment in affiliated
companies (10.8 ) — (2.0 ) 12.8 —
Capital expenditures (0.5 ) (14.2 ) (1.9 ) — (16.6 )
Other, net — 0.3 — — 0.3
Net cash provided by (used in) investing activities from
continuing operations (9.0 ) (165.0 ) (3.9 ) 12.8 (165.1 ) Financing activities:
Proceeds from the issuance of
common stock 97.0 — — — 97.0
Debt issuance costs paid (1.2 ) — — — (1.2 ) Repayment of debt — (0.5 ) (1.0 ) — (1.5 ) Financings from affiliated
companies — 12.8 — (12.8 ) —
Other, net (3.4 ) — — — (3.4 )
Net cash provided by (used in) financing activities from
continuing operations 92.4 12.3 (1.0 ) (12.8 ) 90.9 Net cash flows of continuing
operations (14.8 ) (8.2 ) 1.1 — (21.9 ) Net operating cash flows from
discontinued operations — 1.3 — — 1.3
Effect of exchange rate changes on
cash and cash equivalents — — — —
Net increase (decrease) in cash and
F- 54
Condensed Consolidating Statement of Cash Flows Year Ended December 29, 2013
(in millions) Parent Company Guarantors on a Combined Basis Non-Guarantors on
a Combined Basis Eliminations Consolidated
Net cash provided by (used in)
operating activities $ (65.9 ) $ 87.5 $ 1.0 $ — $ 22.6 Investing activities: — —
Cash paid for acquisitions, net of
cash acquired — 2.2 — — 2.2
Decrease in restricted cash — 0.4 — — 0.4 Proceeds from the sale of
discontinued operations — 1.3 — — 1.3
Investment in affiliated
companies — (74.8 ) — 74.8 —
Capital Expenditures (1.4 ) (12.3 ) (2.9 ) — (16.6 ) Net cash provided by (used in)
investing activities from
continuing operations (1.4 ) (83.2 ) (2.9 ) 74.8 (12.7 ) Financing activities:
Cash paid for contingent
acquisition consideration — (2.1 ) — — (2.1 ) Repayment of debt — — (1.0 ) — (1.0 ) Purchase of ESPP shares 1.1 — — — 1.1 Financings from affiliated
companies 71.1 — 3.7 (74.8 ) —
Other, net — — — — —
Net cash provided by (used in) financing activities from
continuing operations 72.2 (2.1 ) 2.7 (74.8 ) (2.0 ) Net cash flows of continuing
operations 4.9 2.2 0.8 — 7.9
Net operating cash flows from
discontinued operations — (1.3 ) — — (1.3 )
Effect of exchange rate changes on
cash and cash equivalents — — 0.1 — 0.1
Net increase (decrease) in cash and
Exhibit 21.1 List of Subsidiaries