PKOH » Topics » Interest Expense:

This excerpt taken from the PKOH 10-Q filed May 11, 2009.
Interest Expense:
 
                             
    Three Months
           
    Ended
           
    March 31,           Percent
    2009     2008     Change     Change
 
Interest expense
  $ 6.0     $ 7.3     $ (1.3 )   (18)%
Average outstanding borrowings
  $ 381.1     $ 378.8     $ (2.3 )   (1)%
Average borrowing rate
    6.30 %     7.71 %     (141 )   basis points
 
Interest expense decreased $1.3 million in the first three months of 2009 compared to the same period of 2008, primarily due to a lower average borrowing rate during the first three months of 2009. Average borrowings in the first three months of 2009 were essentially unchanged when compared to the same period in 2008. The lower average borrowing rate in the first three months of 2009 was due primarily to decreased interest rates under our revolving credit facility compared to the same period in 2008.


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Table of Contents

These excerpts taken from the PKOH 10-K filed Mar 16, 2009.
Interest Expense:
 
                             
    Year-Ended
           
    December 31,           Percent
    2008     2007     Change     Change
    (Dollars in millions)
 
Interest expense
  $ 27.9     $ 31.6     $ (3.7 )   (12)%
Average outstanding borrowings
  $ 385.8     $ 383.6     $ 2.2     1%
Average borrowing rate
    7.23 %     8.23 %     101     basis points
 
Interest expense decreased $3.7 million in 2008 compared to 2007, primarily due to a lower average borrowing rate during 2008 offset by slightly higher average borrowings. The increase in average borrowings in 2008 resulted primarily from decreased cash flow and increased working capital. The lower average borrowing rate in 2008 was due primarily to decreased interest rates under our revolving credit facility compared to 2007.


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Table of Contents

Interest Expense:
 
                                 
    Year-Ended
             
    December 31,           Percent
 
    2007     2006     Change     Change  
    (Dollars in millions)  
 
Interest expense
  $ 31.6     $ 31.3     $ 0.3       1 %
Average outstanding borrowings
  $ 383.6     $ 376.5     $ 7.1       2 %
Average borrowing rate
    8.23 %     8.31 %     8       basis points  
 
Interest expense increased $.3 million in 2007 compared to 2006, due to higher average outstanding borrowings, partially offset by lower average interest rates during 2007. The increase in average borrowings in 2007 resulted primarily from higher working capital and the purchase of NABS in October 2006. The lower average borrowing rate in 2007 was due primarily to decreased interest rates under our revolving credit facility compared to 2006, which increased as a result of actions by the Federal Reserve.
 
Interest
Expense:



 





















































































































                             

 

 

Year-Ended



 

 

 

 

 

 

 

 

December 31,

 

 

 

 

 

Percent



 

 

2008

 

 

2007

 

 

Change

 

 

Change

 

 

(Dollars in millions)
 


Interest expense


 

$

27.9

 

 

$

31.6

 

 

$

(3.7

)

 

(12)%


Average outstanding borrowings


 

$

385.8

 

 

$

383.6

 

 

$

2.2

 

 

1%


Average borrowing rate


 

 

7.23

%

 

 

8.23

%

 

 

101

 

 

basis points






 



Interest expense decreased $3.7 million in 2008 compared to
2007, primarily due to a lower average borrowing rate during
2008 offset by slightly higher average borrowings. The increase
in average borrowings in 2008 resulted primarily from decreased
cash flow and increased working capital. The lower average
borrowing rate in 2008 was due primarily to decreased interest
rates under our revolving credit facility compared to 2007.





23





Table of Contents







Interest
Expense:



 

































































































































                                 

 

 

Year-Ended



 

 

 

 

 

 

 

 

 

December 31,

 

 

 

 

 

Percent



 

 

 

2007

 

 

2006

 

 

Change

 

 

Change

 

 

 

(Dollars in millions)

 
 


Interest expense


 

$

31.6

 

 

$

31.3

 

 

$

0.3

 

 

 

1

%


Average outstanding borrowings


 

$

383.6

 

 

$

376.5

 

 

$

7.1

 

 

 

2

%


Average borrowing rate


 

 

8.23

%

 

 

8.31

%

 

 

8

 

 

 

basis points

 






 



Interest expense increased $.3 million in 2007 compared to
2006, due to higher average outstanding borrowings, partially
offset by lower average interest rates during 2007. The increase
in average borrowings in 2007 resulted primarily from higher
working capital and the purchase of NABS in October 2006. The
lower average borrowing rate in 2007 was due primarily to
decreased interest rates under our revolving credit facility
compared to 2006, which increased as a result of actions by the
Federal Reserve.


 




This excerpt taken from the PKOH 10-Q filed Nov 10, 2008.
Interest Expense:
 
                             
    Three Months
           
    Ended
           
    September 30,           Percent
    2008     2007     Change     Change
 
Interest expense
  $ 6.8     $ 8.0     $ (1.2 )   (15)%
Average outstanding borrowings
  $ 388.6     $ 384.4     $ 4.2     1%
Average borrowing rate
    7.00 %     8.32 %     (132 )   basis points
 
Interest expense decreased $1.2 million in the third quarter of 2008 compared to the same period of 2007, due to a lower average borrowing rate during the third quarter of 2008 partially offset by higher average outstanding borrowings. The increase in average borrowings in the third quarter of 2008 resulted from increased working capital. The lower average borrowing rate in the third quarter of 2008 was due primarily to decreased interest rates under our revolving credit facility compared to the same period in 2007.


18


Table of Contents

This excerpt taken from the PKOH 10-Q filed Aug 11, 2008.
Interest Expense:
 
                             
    Three Months
           
    Ended
           
    June 30,           Percent
    2008     2007     Change     Change
 
Interest expense
  $ 6.6     $ 8.3     $ (1.7 )   (20)%
Average outstanding borrowings
  $ 390.2     $ 392.3     $ (2.1 )   (1)%
Average borrowing rate
    6.80 %     8.46 %     166     basis points
 
Interest expense decreased $1.7 million in the second quarter of 2008 compared to the same period of 2007, primarily due to lower average outstanding borrowings and a lower average borrowing rate during the second quarter of 2008. The decrease in average borrowings in the second quarter of 2008 resulted primarily from earnings, partially offset by increased working capital. The lower average borrowing rate in the second quarter of 2008 was due primarily to decreased interest rates under our revolving credit facility compared to the same period in 2007.
 
This excerpt taken from the PKOH 10-Q filed May 12, 2008.
Interest Expense:
 
                             
    Three Months
           
    Ended
           
    March 31,           Percent
    2008     2007     Change     Change
 
Interest expense
  $ 7.3     $ 8.0     $ (0.7 )   (9)%
Average outstanding borrowings
  $ 378.8     $ 387.4     $ (8.6 )   (2)%
Average borrowing rate
    7.71 %     8.26 %     (55 )   basis points
 
Interest expense decreased $.7 million in the first three months of 2008 compared to the same period of 2007, primarily due to lower average outstanding borrowings and a lower average borrowing rate during the first three months of 2008. The decrease in average borrowings in the first three months of 2008 compared to the same period in 2007 resulted primarily from cash from operations generated in the past twelve months used to repay borrowings. The lower average borrowing rate in the first three months of 2008 was due primarily to decreased interest rates under our revolving credit facility compared to the same period in 2007, which rates decreased primarily as a result of actions by the Federal Reserve.
 
These excerpts taken from the PKOH 10-K filed Mar 17, 2008.
Interest Expense:
 
                                 
    Year Ended
             
    December 31,           Percent
 
    2006     2005     Change     Change  
 
Interest expense
  $ 31.3     $ 27.1     $ 4.2       15 %
Average outstanding borrowings
  $ 376.5     $ 357.1     $ 19.4       5 %
Average borrowing rate
    8.31 %     7.59 %     72       basis points  
 
Interest expense increased in 2006 compared to 2005, due to both higher average outstanding borrowings and higher average interest rates during 2006. The increase in average borrowings in 2006 resulted primarily from growth-driven higher working capital requirements and the purchase of NABS, Foundry Service, Lectrotherm and PPG in October and January 2006, and December and July 2005, respectively. The higher average borrowing rate in 2006 was due primarily to increased interest rates under our revolving credit facility compared to 2005, which increased as a result of actions by the Federal Reserve.


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Table of Contents

Interest
Expense:



 



























































































































                                 

 

 

Year Ended



 

 

 

 

 

 

 

 

 

December 31,

 

 

 

 

 

Percent



 

 

 

2006

 

 

2005

 

 

Change

 

 

Change

 
 


Interest expense


 

$

31.3

 

 

$

27.1

 

 

$

4.2

 

 

 

15

%


Average outstanding borrowings


 

$

376.5

 

 

$

357.1

 

 

$

19.4

 

 

 

5

%


Average borrowing rate


 

 

8.31

%

 

 

7.59

%

 

 

72

 

 

 

basis points

 






 



Interest expense increased in 2006 compared to 2005, due to both
higher average outstanding borrowings and higher average
interest rates during 2006. The increase in average borrowings
in 2006 resulted primarily from growth-driven higher working
capital requirements and the purchase of NABS, Foundry Service,
Lectrotherm and PPG in October and January 2006, and December
and July 2005, respectively. The higher average borrowing rate
in 2006 was due primarily to increased interest rates under our
revolving credit facility compared to 2005, which increased as a
result of actions by the Federal Reserve.





24





Table of Contents







This excerpt taken from the PKOH 10-Q filed Nov 8, 2007.
Interest Expense:
 
                             
    Three Months
           
    Ended
           
    September 30,           Percent
    2007     2006     Change     Change
 
Interest expense
  $ 8.0     $ 8.1     $ (0.1 )   (1)%
Average outstanding borrowings
  $ 384.4     $ 379.6     $ 4.8     1%
Average borrowing rate
    8.32 %     8.50 %     (18 )   basis points
 
Interest expense decreased $0.1 million in the third quarter of 2007 compared to the same period of 2006, primarily due to a lower average borrowing rate during the third quarter of 2007, partially offset by higher average outstanding borrowings. The increase in average borrowings in the third quarter of 2007 resulted primarily from higher working capital requirements and the purchase of NABS in October 2006. The lower average borrowing rate in the third quarter of 2007 was due primarily to decreased interest rates under our revolving credit facility compared to the same period in 2006, which rates increased primarily as a result of actions by the Federal Reserve.


19


Table of Contents

This excerpt taken from the PKOH 10-Q filed Aug 9, 2007.
Interest Expense:
 
                                 
    Three Months
             
    Ended
             
    June 30,           Percent
 
    2007     2006     Change     Change  
 
Interest expense
  $ 8.3     $ 7.7     $ 0.6       8 %
Average outstanding borrowings
  $ 392.3     $ 379.3     $ 13.0       3 %
Average borrowing rate
    8.46 %     8.12 %     34       basis points  
 
Interest expense increased $0.6 million in the second quarter of 2007 compared to the same period of 2006, primarily due to higher average outstanding borrowings and a higher average borrowing rate during the second quarter of 2007. The increase in average borrowings in the first quarter of 2007 resulted primarily from higher working capital requirements and the purchase of NABS in October 2006. The higher average borrowing rate in the second quarter of 2007 was due primarily to increased interest rates under our revolving credit facility compared to the same period in 2006, which rates increased primarily as a result of actions by the Federal Reserve.
 
This excerpt taken from the PKOH 10-Q filed May 9, 2007.
Interest Expense:
                                 
    Three Months
             
    Ended
             
    March 31,           Percent
 
    2007     2006     Change     Change  
 
Interest expense
  $ 8.0     $ 7.4     $ 0.6                 8 %
Average outstanding borrowings
  $ 387.4     $ 358.1     $ 29.3                 8 %
Average borrowing rate
    8.26 %     8.27 %     (1 ) basis points        
 
Interest expense increased $0.6 million in the first quarter of 2007 compared to the same period of 2006, primarily due to higher average outstanding borrowings during the first quarter of 2007. The increase in average borrowings in the first quarter of 2007 resulted primarily from higher working capital requirements and the purchase of NABS in October 2006.
 
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