Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Unaudited)

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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Feb. 29, 2016
May. 31, 2015
ASSETS    
Cash $ 2,584 $ 2,932
Restricted cash 2,000 0
Trade and other receivables, net of allowance for doubtful accounts of $25,256 and $2,038, respectively 191,659 199,375
Inventories, net 171,573 174,546
Income taxes receivable 10,419 7,393
Deferred income taxes 0 15,465
Prepaid expenses and other current assets 7,528 4,985
Total current assets 385,763 404,696
Property, plant and equipment, net of accumulated depreciation of $25,769 and $19,337, respectively 67,855 47,051
Goodwill 46,950 102,755
Intangible assets, net 185,700 276,754
Deferred income taxes 0 8,150
Other non-current assets 11,662 5,511
TOTAL ASSETS 697,930 844,917
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Short-term debt 117,073 90,550
Accounts payable 57,729 41,518
Accrued liabilities 47,688 45,756
Current portion of retirement benefit obligations 300 320
Current portion of financing and capital lease obligations 184 179
Total current liabilities 222,974 178,323
Long-term debt 322,638 320,271
Retirement benefit obligations 4,434 5,057
Financing and capital lease obligations 25,628 14,406
Deferred income taxes 10,071 14,741
Other non-current liabilities 1,593 358
TOTAL LIABILITIES 587,338 533,156
STOCKHOLDERS’ EQUITY    
Common stock, no par value; unlimited shares authorized; 45,566,680, and 45,552,180 shares issued and outstanding at February 29, 2016 and May 31, 2015, respectively 273,382 273,332
Additional paid-in capital 4,075 5,385
Retained earnings (deficit) (140,889) 56,022
Accumulated other comprehensive loss (25,976) (22,978)
TOTAL STOCKHOLDERS’ EQUITY 110,592 311,761
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY $ 697,930 $ 844,917