Table of Contents
Based on our investments
in core technologies, specifically nanoDSP and our new wireless nanoLink and
PhysioLink technologies, IntriCon is building a new generation of affordable,
high-quality hearing aids and similar amplifier devices under contracts for
OEMs. DSP devices have better clarity, attractive pricing points and an improved
ability to filter out background noise. During 2009, we introduced our Scenic
DSP amplifier with acoustic scene analysis, our new high-performance adaptive
DSP hearing instrument amplifier. In our view, Scenic advanced capabilities are
ideally suited for the hearing health market. Additionally, in 2010 we
introduced the Overtus DSP amplifier. The Overtus DSP amplifier is designed to
optimize open in the canal (ITC) type fittings. The amplifier algorithm
contains two patented features, an advanced adaptive feedback canceller,
Reliant CLEAR, optimized for open ITC fittings and an acoustic switch,
AcousTAP, eliminating the need for a mechanical switch and allowing for further
miniaturization. Further, with the Overtus technology, we have developed our
own complete hearing device, the all-new, patent-pending APT Open ITC. The
APT, introduced at European Hearing Aid Acousticians Conference early in the
2010 fourth quarter and launched during the 2011 first quarter, is powered by
the Overtus which includes our Reliant CLEAR adaptive feedback canceller and
the AcousTAP acoustic push button. In addition the APT utilizes the patent
pending Concha Lock System technology that allows for the suspension of an open
in-the-ear device in the ear canal. These features create stable and effective
amplification, occlusion-free comfort and easy integration into existing
fitting systems. Our OEM customers now have the option of using Overtus in
their own devices, or purchasing our complete APT device. We believe the
introductions of the Scenic, Overtus and APT will solidify our position as a
leader of high-performance adaptive DSP hearing instrument amplifiers.
Furthermore, we believe our strategic alliance with Dynamic Hearing will allow
us to develop new body-worn applications and further expand both our hearing
health and professional audio product portfolio.
Overall, we believe the
hearing health market holds significant opportunities for the Company. In the
United States, Europe and Japan, the 65-year-old-plus age demographic is one of
the fastest growing segment of the population, and many of those individuals
could, at some point, benefit from a hearing device that uses IntriCons
proprietary technology.
While it harbors great
potential, the hearing health market is experiencing slowness due to
macroeconomic conditions. In general, the U.S. market does not provide
insurance reimbursement for hearing aid purchases. People can defer their
hearing aid purchase. We believe the hearing health market will continue to
experience slow, steady growth into 2011. We expect that more significant
growth will be driven by the introduction and acceptance of recently released
products, such as the Overtus, APT and Scenic.
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Professional
Audio Communications
|
IntriCon entered the
high-quality audio communication device market in 2001, and now has a line of
miniature, professional audio headset products used by customers focusing on
homeland security and emergency response needs. The line includes several
communication devices that are extremely portable and perform well in noisy
or hazardous environments. These products are well suited for applications in
the fire, law enforcement, safety, aviation and military markets. In
addition, the Company has a line of miniature ear- and head-worn devices used
by performers and support staff in the music and stage performance markets.
Our May 2007 acquisition of Tibbetts Industries provided the Company access
to homeland security agencies in this market. We believe performance in
difficult listening environments and wireless operations will continue to
improve as these products increasingly include our proprietary nanoDSP,
wireless nanoLink and PhysioLink technologies.
|
During the second half of
2011, we will be conducting market trials on our line of situational listening
devices (SLDs) intended to help people hear in noisy environments like
restaurants and automobiles, and listen to television, music, and direct
broadcast by wireless connection. Such devices are intended to be supplements
to conventional hearing aids, which do not handle those situations well. The
SLDs will be based on our ULP wireless nanoLink technology and our PhysioLink
technology, which were recently demonstrated at the annual convention of the
American Academy of Audiology. The product line consists of an earpiece, TV
transmitter, companion microphone, iPod/iPhone transmitter, and USB
transmitter.
Forward-Looking and
Cautionary Statements
Certain statements
included in this Quarterly Report on Form 10-Q or documents the Company files
with the Securities and Exchange Commission, which are not historical facts, or
that include forward-looking terminology such as may, will, believe,
anticipate, expect, should, optimistic or continue or the negative
thereof or other variations thereof, are forward-looking statements (as such
term is defined in Section 21E of the Securities Exchange Act of 1934 and
Section 27A of the Securities Act of 1933, and the regulations thereunder),
which are intended to be covered by the safe harbors created thereby. These
statements may include, but are not limited to statements in Managements
Discussion and Analysis of Financial Condition and Results of Operations and
Notes to the Companys Condensed Consolidated Financial Statements such as
net operating loss carryforwards, the ability to meet cash requirements for
operating needs, the ability to meet liquidity needs, assumptions used to
calculate future level of funding of employee benefit plans, the adequacy of
insurance coverage, the impact of new accounting pronouncements and litigation.
17
Table of Contents
Forward-looking
statements also include, without limitation, statements as to the Companys
expected future results of operations and growth, the Companys ability to meet
working capital requirements, the Companys business strategy, the expected
increases in operating efficiencies, anticipated trends in the Companys
markets, estimates of goodwill impairments and amortization expense of other
intangible assets, the effects of changes in accounting pronouncements, the effects
of litigation and the amount of insurance coverage, and statements as to trends
or the Companys or managements beliefs, expectations and opinions.
Forward-looking
statements are subject to risks and uncertainties and may be affected by
various factors that may cause actual results to differ materially from those
in the forward-looking statements. In addition to the factors discussed in this
Quarterly Report on Form 10-Q, certain risks, uncertainties and other factors
can cause actual results and developments to be materially different from those
expressed or implied by such forward-looking statements, including, without
limitation, the following:
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▪
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the ability to
successfully implement the Companys business and growth strategy;
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▪
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risks arising in
connection with the insolvency of our former subsidiary, Selas SAS, and
potential liabilities and actions arising in connection therewith;
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▪
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potential obligations
to indemnify the purchaser of our former electronics business for certain
material claims that may arise;
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▪
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the volume and timing
of orders received by the Company;
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▪
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changes in estimated
future cash flows;
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▪
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ability to collect on
our accounts receivable;
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▪
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foreign currency
movements in markets the Company services;
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▪
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changes in the global
economy and financial markets;
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▪
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weakening demand for
the Companys products due to general economic conditions;
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▪
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changes in the mix of
products sold;
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▪
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ability to meet demand;
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▪
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changes in customer
requirements;
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▪
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timing and extent of
research and development expenses;
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▪
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FDA approval, timely
release and acceptance of the Companys products;
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▪
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competitive pricing
pressures;
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▪
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pending and potential
future litigation;
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▪
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cost and availability
of electronic components and commodities for the Companys products;
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▪
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ability to create and
market products in a timely manner and develop products that are inexpensive
to manufacture;
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▪
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ability to comply with
covenants in our debt agreements;
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▪
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ability to repay debt
when it comes due;
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▪
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the loss of one or more
of our major customers;
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▪
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ability to identify,
complete and integrate acquisitions;
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▪
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effects of legislation;
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▪
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effects of foreign
operations;
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▪
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foreign currency risks;
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▪
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ability to develop new
products such as Centauri, Overtus, Scenic and APT;
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▪
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ability to recruit and
retain engineering and technical personnel;
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▪
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the costs and risks
associated with research and development investments;
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▪
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our ability and the
ability of our customers to protect intellectual property; and
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▪
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loss of members of our
senior management team.
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For a description of
these and other risks, see Part I, Item 1A. Risk Factors in the Companys
Annual Report on Form 10-K for the year ended December 31, 2010, and other
risks described elsewhere in this Quarterly Report on Form 10-Q, or in other
filings the Company makes from time to time with the Securities and Exchange
Commission. The Company does not undertake to update any forward-looking
statement that may be made from time to time by or on behalf of the Company.
18
Table of Contents
Results of Operations
Sales, net
Our net sales are comprised of three main markets: hearing health,
medical and professional audio device. Below is a summary of our sales by main
markets for the three months ended March 31, 2011 and 2010:
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|
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Change
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Three
months ended March 31
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2011
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2010
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Dollars
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|
Percent
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|
Medical
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$
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5,413
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|
$
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6,508
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$
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(1,095
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)
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(16.8
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%)
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Hearing
Health
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5,428
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5,370
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58
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1.0
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%
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Professional
Audio Communications
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2,927
|
|
|
2,675
|
|
|
252
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9.4
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%
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Consolidated
net sales
|
|
$
|
13,768
|
|
$
|
14,553
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|
$
|
(785
|
)
|
|
5.4
|
%
|
For the three months ended March 31, 2011, we experienced a decrease of
17 percent, in net sales in the medical equipment market as a direct result of
anticipated temporary fluctuations in demand. While we are seeing customers
continue to reengage in all markets on new programs, persisting economic
softness has caused many patients to delay discretionary medical procedures,
and hospitals and doctors to cut back on purchases of legacy med-tech products.
During the course of the 2010 fiscal year, a few large medical customers
experienced temporary fluctuations in demand. As some customers had inventory
levels above their immediate needs, the Company experienced a lull in certain medical
orders during the fourth quarter of 2010 and the first quarter of 2011;
however, the Company believes this lull is temporary.
Management believes there is an industry-wide trend toward further
miniaturization and ambulatory operation enabled by wireless connectivity,
referred to as bio-telemetry, which in the past resulted in further growth in
our medical business. Additionally, we are actively involved with a large
medical OEM customer for future development of next-generation wireless glucose
monitors. We are also working with our strategic partner, AME, on proprietary
biotelemetry technologies that will enable us to develop new devices that
connect patients and care givers, providing critical information and feedback.
Net sales in our hearing health business for the three months ended
March 31, 2011 increased 1 percent, driven by significant growth in our digital
signal processing (DSP) circuits, partially offset by temporary declines in
legacy products. We believe long term prospects in our hearing health business
remain strong as we continue to develop and launch advanced technologies, such
as our nanoDSP, Overtus, APT and Scenic products, which will enhance the
performance of hearing devices. In addition, we believe the market indicators
in the hearing health industry, including the aging world population, suggest
long-term industry growth.
Net sales to the professional audio device sector increased 9 percent,
for the three months ended March 31, 2011 compared to the same period in 2010,
primarily through organic growth in sales of the companys high-performance
microphone and hearing-protection products used in fire, law enforcement,
safety, aviation, military and professional audio markets. We believe our
extensive portfolio of communication devices that are portable, smaller and
perform well in noisy or hazardous environments will provide for future
long-term growth in this market.
Gross profit
Gross profit, both in dollars and as a percent of sales, for the three
months ended March 31, 2011 and 2010, was as follows:
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|
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|
|
|
|
|
|
2011
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|
2010
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|
Change
|
|
Three
months ended March 31
|
|
|
Dollars
|
|
Percent
of Sales
|
|
Dollars
|
|
Percent
of Sales
|
|
Dollars
|
|
Percent
|
|
Gross profit
|
|
$
|
3,080
|
|
|
22.4
|
%
|
$
|
3,676
|
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25.3
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%
|
$
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(596
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)
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|
(16.2
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%)
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19
Table of Contents
In the first quarter of 2011, gross profit decreased primarily due to
lower sales volumes and an unfavorable sales mix. The decrease is partially
offset by the impact of various profit enhancement programs. We have various
activities underway to increase our gross profit, such as transferring our
microphone and receiver production from our Maine facility to our lower cost
Singapore facility, increasing the percentage of IntriCon proprietary content
in the devices we manufacture and working to introduce Six Sigma lean
manufacturing methods into key medical device product lines.
Sales and Marketing,
General and Administrative and Research and Development Expenses
Sales and marketing, general and administrative and research and
development expenses for the three months ended March 31, 2011 and 2010 were:
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|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
2010
|
|
Change
|
|
Three
months ended March 31
|
|
|
Dollars
|
|
Percent
of Sales
|
|
Dollars
|
|
Percent
of Sales
|
|
Dollars
|
|
Percent
|
|
Sales and
marketing
|
|
$
|
803
|
|
|
5.8
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%
|
$
|
787
|
|
|
5.4
|
%
|
$
|
15
|
|
|
2.0
|
%
|
General and
administrative
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|
|
1,404
|
|
|
10.2
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%
|
|
1,444
|
|
|
9.9
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%
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|
(40
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)
|
|
(2.8
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%)
|
Research and
development
|
|
|
1,249
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|
|
9.1
|
%
|
|
1,119
|
|
|
7.7
|
%
|
|
130
|
|
|
11.6
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%
|
Both sales and marketing and general and administrative expenses were
relatively flat as compared to the prior year period. The increased research
and development expenses as compared to the prior year were due to our
continued emphasis on investing in research and development projects to develop
new products and proprietary technology to further enhance our product
portfolio.
Interest expense
Net interest expense for the three months ended March 31, 2011 was
$142, compared to $169 for the same period in 2010. The decrease in interest
expense was primarily due to lower debt balances and interest rates as compared
to the prior year.
Equity in income (loss) of partnerships
The equity in income (loss) of partnerships for the three months ended
March 31, 2011 was $209, compared to ($12) for the same period in 2010, due to
changes in carrying amounts described below.
The Company recorded a $43 increase in the carrying amount of the HIMPP
investment, reflecting amortization of the patents, other intangibles and the
Companys portion of the partnerships operating results for the three months
ended March 31, 2011, compared to a decrease of $37 in the same respective
period in 2010.
The Company recorded a $166 increase in the carrying amount of
IntriCons investment in a joint venture, reflecting the Companys portion of
the joint ventures operating results for the three months ended March 31,
2011. For the three months ended March 31, 2010, the Company recorded an
increase of $25.
Other income (expense)
Other income (expense) for the three months ended March 31, 2011 was
expense of $8, compared to other income of $44 for the same period in 2010. The
change in other income primarily related to changes in foreign currency
exchange rates.
Income taxes
Income tax benefit for the three months ended March 31, 2011 was $27,
compared to expense of $11 for the same period in 2010. The benefit for the
three months ended March 31, 2011 was primarily due to Federal Alternative
Minimum Tax refunds, partially offset by foreign operating income (loss). The
expense for the three months ended March 31, 2010 was primarily due to foreign
operating income (loss) and state tax estimated payments.
Liquidity and Capital Resources
As of March 31, 2011, we had $399 of cash on hand. Sources of our cash
for the three months ended March 31, 2011 have been from our operations, as
described below.
20
Table of Contents
The Companys cash flows from operating, investing and financing
activities, as reflected in the statement of cash flows, are summarized as
follows:
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|
|
|
|
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|
Three months Ended
|
|
|
|
March 31,
2011
|
|
March 31,
2010
|
|
Cash
provided by (used in):
|
|
|
|
|
|
|
|
Operating activities
|
|
$
|
1,161
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|
$
|
965
|
|
Investing activities
|
|
|
(188
|
)
|
|
(462
|
)
|
Financing activities
|
|
|
(847
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)
|
|
(390
|
)
|
Effect of exchange rate changes on cash
|
|
|
(8
|
)
|
|
(7
|
)
|
Increase in
cash and cash equivalents
|
|
$
|
118
|
|
$
|
106
|
|
The most significant items that contributed to the $1,161 of cash
provided by operating activities was the change in net income adjusted for
non-cash depreciation, decreases in accounts receivable and increases in
accounts payable related to timing.
Net cash used in investing activities consisted of purchases of
property, plant and equipment of $188.
Net cash used in financing activities of
$847 was comprised primarily of net payments of debt of $533.
The Company had
the following bank arrangements:
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|
March 31,
2011
|
|
December 31,
2010
|
|
|
|
|
|
|
|
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|
Total
borrowing capacity under existing facilities
|
|
$
|
10,606
|
|
$
|
10,532
|
|
|
|
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|
|
|
Facility
Borrowings:
|
|
|
|
|
|
|
|
Domestic revolving credit facility
|
|
|
3,555
|
|
|
3,920
|
|
Domestic term loan
|
|
|
2,394
|
|
|
2,563
|
|
Foreign overdraft and letter of credit
facility
|
|
|
1,377
|
|
|
1,377
|
|
Total
borrowings and commitments
|
|
|
7,326
|
|
|
7,860
|
|
Remaining
availability under existing facilities
|
|
$
|
3,280
|
|
$
|
2,672
|
|
Domestic
Credit Facilities
To finance a portion of the Companys acquisition of Jon Barron, Inc.
doing business as Datrix (Datrix) and replace the Companys existing credit
facilities with Bank of America, including capital leases, the Company and its
domestic subsidiaries entered into a three year credit facility with The
PrivateBank and Trust Company on August 13, 2009. The credit facility provides
for:
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|
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|
▪
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an $8,000 revolving credit facility, with a $200 subfacility for
letters of credit. Under the revolving credit facility, the availability of
funds depends on a borrowing base composed of stated percentages of the
Companys eligible trade receivables and eligible inventory, and eligible equipment
less a reserve; and
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|
▪
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a $3,500 term loan.
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Loans under the credit facility are secured by a security interest in
substantially all of the assets of the Company and its domestic subsidiaries
including a pledge of the stock of its domestic subsidiaries. Loans under the
credit facility bear interest at varying rates based on the Companys leverage
ratio of funded debt / EBITDA, at the option of the Company, at:
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|
|
|
▪
|
the London InterBank Offered Rate (LIBOR) plus 3.00% - 4.00%, or
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21
Table of Contents
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|
|
|
▪
|
the base rate, which is the
higher of (a) the rate publicly announced from time to time by the lender as
its prime rate and (b) the Federal Funds Rate plus 0.5%, plus 0.25% - 1.25%
depending on the Companys leverage ratio.
|
Weighted average interest on the domestic asset-based revolving credit
facility was 3.74% for the three months ended March 31, 2011 and 4.41% for the
year ended December 31, 2010. The outstanding balance of the revolving credit
facility was $3,555 and $3,920 at March 31, 2011 and December 31, 2010,
respectively. The total remaining availability on the revolving credit facility
was approximately $2,680 and $2,072 at March 31, 2011 and December 31, 2010,
respectively. The credit facility expires on August 13, 2012 and all
outstanding borrowings will become due and payable. The company anticipates
amending the credit facility prior to August 2011 to, among other things,
extend the expiration date.
The outstanding principal balance of the term loan is payable in
quarterly installments of varying amounts ranging from $169 to $188. Any
remaining principal and accrued interest is payable on August 13, 2012.
IntriCon is also required to use 100% of the net cash proceeds of certain asset
sales (excluding inventory and certain other dispositions), sale of capital
securities or issuance of debt to pay down the term loan.
In March 2010, the Company entered into an amendment with The
PrivateBank to waive certain covenant violations at December 31, 2009 and
January 31, 2010 and reset certain covenant thresholds defined in the original
agreement. The Company was in compliance with all applicable covenants under
the credit facility, as amended, as of March 31, 2011.
Foreign Credit Facility
In addition to its domestic credit facilities, the Companys
wholly-owned subsidiary, IntriCon, PTE LTD., entered into an international
senior secured credit agreement with Oversea-Chinese Banking Corporation Ltd.
that provides for a $1,977 line of credit. Borrowings bear interest at a rate
of .75% to 2.5% over the lenders prevailing prime lending rate. Weighted
average interest on the international credit facilities was 4.28% for the three
months ended March 31, 2011 and 4.14% for the year ended December 31, 2010. The
outstanding balance was $1,377 at each of March 31, 2011 and December 31, 2010.
The total remaining availability on the international senior secured credit
agreement was approximately $600 at each of March 31, 2011 and December 31,
2010.
The Company relocated its Singapore facility during the 2010 fiscal
year, as required by the Singapore government, which is redeveloping the land
where the former Singapore facility was located. In connection with the
relocation, the Company entered into a lease agreement for the new facility in
Singapore. The new lease agreement includes a five year term which commenced
October 2010 with monthly rental payments ranging from approximately $25 to $35
over the term of the lease. Further, the international credit agreement was
modified in August 2010 to allow an additional $370 in borrowing under the existing
borrowing base to fund the Singapore facility relocation. The borrowings are
required to be repaid over a three year period.
Datrix Promissory Note
A portion of the purchase price of the Datrix acquisition was paid by
the issuance of a promissory note to the seller in the amount of $1,050 bearing
annual interest at 6%. The remaining principal amount of the promissory note is
payable in two installments of $350 on August 13, 2011 and August 13, 2012. The
note bears annual interest at 6% and accrued interest is payable with each
installment of principal at the times set forth above. The Company made the
first installment payment of $413 on August 13, 2010, which included principal
of $350 and interest of $63.
We believe that funds expected to be generated from operations, the
available borrowing capacity through our revolving credit loan facilities and
the control of capital spending will be sufficient to meet our anticipated cash
requirements for operating needs for at least the next 12 months. If, however,
we do not generate sufficient cash from operations, or if we incur additional
unanticipated liabilities, we may be required to seek additional financing or
sell equity or debt on terms which may not be as favorable as we could have
otherwise obtained. No assurance can be given that any refinancing, additional
borrowing or sale of equity or debt will be possible when needed or that we
will be able to negotiate acceptable terms. In addition, our access to capital
is affected by prevailing conditions in the financial and equity capital
markets, as well as our own financial condition. While management believes that
we will be able to meet our liquidity needs for at least the next 12 months, no
assurance can be given that we will be able to do so.
22
Table of Contents
Critical Accounting Policies
|
|
|
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make certain
assumptions that affect the reported amounts of assets and liabilities and
disclosures of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expense during the
reporting period.
|
|
|
|
Certain accounting estimates and assumptions are particularly
sensitive because their significance to the consolidated condensed financial
statements and the possibility that future events affecting them may differ
markedly. The accounting policies of the Company with significant estimates
and assumptions include the Companys revenue recognition, accounts
receivable reserves, inventory valuation, goodwill, long-lived assets,
deferred taxes policies and employee benefit obligations. These and other
significant accounting policies are described in and incorporated by
reference from Managements Discussion and Analysis of Financial Condition
and Results of Operations, and Note 1 to the financial statements contained
in the Companys Annual Report on Form 10-K for the year ended December 31,
2010.
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23
Table of Contents
I
TEM 3.
Quantitative
and Qualitative Disclosures About Market Risk
For
information regarding the Companys exposure to certain market risks, see Item
7A, Quantitative and Qualitative Disclosures About Market Risk, in the
Companys Annual Report on Form 10-K for the year ended December 31, 2010.
There have been no material changes in the Companys market risk exposures
which have occurred since December 31, 2010.
I
TEM 4.
Controls and
Procedures
The Companys
management, with the participation of its chief executive officer and chief
financial officer, conducted an evaluation of the effectiveness of the
Companys disclosure controls and procedures, as defined in Exchange Act Rule
13a-15(e), as of March 31, 2011 (the Disclosure Controls Evaluation). Based on
the Disclosure Controls Evaluation, the Companys chief executive officer and
chief financial officer concluded that the Companys disclosure controls and
procedures were effective to provide a reasonable level of assurance that: (i)
information required to be disclosed by the Company in the reports the Company
files or submits under the Securities Exchange Act of 1934, as amended
(Exchange Act) is recorded, processed, summarized and reported within the
time periods specified in the Securities and Exchange Commissions rules and
forms and (ii) information required to be disclosed in the reports the Company
files or submits under Exchange Act is accumulated and communicated to
management, including the principal executive officer and principal financial officer,
to allow timely decisions regarding required disclosure, all in accordance with
Exchange Act Rule 13a-15(e).
There were no
changes in the Companys internal control over financial reporting, as defined
in Exchange Act Rule 13a-15(f), during the quarter ended March 31, 2011, that
have materially affected, or are reasonably likely to materially affect, the
Companys internal control over financial reporting.
A control
system, no matter how well conceived and operated, can provide only reasonable,
not absolute, assurance that the objectives of the control system are met.
Further, the design of a control system must reflect the fact that there are
resource constraints, and the benefits of controls must be considered relative
to their costs. Because of the inherent limitations in all control systems, no
evaluation of controls can provide absolute assurance that all control issues
and instances of fraud, if any, within the Company have been detected. Because
of the inherent limitations in a cost-effective control system, misstatements
due to error or fraud may occur and not be detected.
24
Table of Contents
P
ART II - OTHER INFORMATION
I
TEM 1.
Legal Proceedings
The
information contained in note 11 to the Consolidated Condensed Financial
Statements in Part I of this quarterly report is incorporated by reference
herein.
I
TEM 1A.
Risk Factors
In addition to the other information set forth in this report, you
should carefully consider the factors discussed in Part I, Item 1A. Risk
Factors in our Annual Report on Form 10-K for the year ended December 31,
2010, which could materially affect the Companys business, financial condition
or future results. The risk factors in the Companys Annual Report on Form 10-K
have not materially changed. The risks described in our Annual Report on Form
10-K are not the only risks facing the Company. Additional risks and
uncertainties not currently known to us or that we currently deem to be
immaterial also may materially adversely affect our business, financial
condition and/or operating results.
I
TEM 2.
Unregistered Sales of Equity Securities and
Use of Proceeds
None.
I
TEM 3.
Defaults upon Senior Securities
None.
I
TEM 4.
(Removed and Reserved)
I
TEM 5.
Other Information
None.
25
Table of Contents
I
TEM 6.
Exhibits
(a)
Exhibits
|
|
|
|
31.1
|
Certification
of principal executive officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
|
|
|
|
31.2
|
Certification
of principal financial officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
|
|
|
|
32.1
|
Certification
of principal executive officer pursuant to U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
32.2
|
Certification
of principal financial officer to U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
26
Table of Contents
S
IGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
|
|
|
|
|
INTRICON CORPORATION
|
|
|
(Registrant)
|
|
|
|
Date: May 6,
2011
|
By:
|
/s/ Mark S.
Gorder
|
|
|
Mark S.
Gorder
|
|
|
President
and Chief Executive Officer
|
|
|
(principal
executive officer)
|
|
|
|
Date: May 6,
2011
|
By:
|
/s/ Scott
Longval
|
|
|
Scott
Longval
|
|
|
Chief
Financial Officer and Treasurer
|
|
|
(principal
financial officer)
|
27
Table of Contents
E
XHIBIT INDEX
|
|
31.1
|
Certification
of principal executive officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
|
|
31.2
|
Certification
of principal financial officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
|
|
32.1
|
Certification
of principal executive officer pursuant to U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
32.2
|
Certification
of principal financial officer to U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
|
28
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