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MSX International reports long-term debt of $255 million, in discussions about refinancing
By Jennifer Lanning Drey
Portland, Ore., Nov. 13 - MSX International Inc. recorded long-term debt of $255 million and current liabilities of $117 million at Oct. 1, company chief financial officer Frederick K. Minturn said Monday during the company's third-quarter earnings conference call.
MSX had cash of $38 million and about $15 million available under its revolving credit facility on Oct. 1, he also reported.
Minturn said during Monday's call that it is still too early to say how the company might address a refinancing in relation to its second-lien secured debt due in October 2007, when questioned about the refinancing by a listener on the call.
However, he did say the company's senior management and board of directors are methodically working through the situation.
"We're still in discussion about it. We haven't hired any bankers at this point to aid in that discussion," he said.
MSX executives said Monday that the company is still suffering from a reduction in sales due to the loss of substantially all staffing programs delivered to a major automotive supplier that entered bankruptcy in 2005.
In the third quarter, MSX's U.S. operations obtained orders from new Asian and European customers; however, the orders were not significant enough to offset the decline in traditional business, Robert Netolicka, MSX's chief executive officer, said during Monday's call.
MSX reported EBITDA of $10.2 million, before restructuring and severance, for the third quarter. The number compares to EBITDA of $9.1 million in the third quarter of 2005.
The company is continuing to work to reduce its operating costs by more efficiently using its facilities, Minturn said.
MSX is a Warren, Mich., provider of technical business services.
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