Atkore International reports long-term debt of $410 million for Q4

By Lisa Kerner

Charlotte, N.C., Dec. 14 - Atkore International Holdings Inc. had a "significant amount of indebtedness" at the end of its fourth quarter on Sept. 28, according to a form 10-K filed with the Securities and Exchange Commission.

The company released its fourth-quarter earnings release on Friday.

At Sept. 28, Atkore's total long-term debt was $410 million, represented by senior secured notes, its short-term debt at a foreign facility was about $7 million, and the company had about $17 million of undrawn outstanding letters of credit.

Atkore had nothing drawn under its $250 million asset-based credit facility at quarter-end.

The company reported a total leverage ratio of 3.2.

For the fiscal year ended Sept. 28, Atkore used $41 million for financing activities and used cash from operations to reduce debt under its credit facility by $46 million.

Atkore reported net sales of $461 million at Sept. 28, a $12 million increase from the prior-year period.

Operating income for the period rose by $17 million to $6 million, compared to an operating loss of $11 million for the three months ended Sept. 30, 2011.

Atkore is a Harvey, Ill.-based manufacturer of galvanized steel tubes, pipes and other products.

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