BakerCorp ends Q3 with $16 million, increased debt by $35 million in November

By Lisa Kerner

Charlotte, N.C., Dec. 19 - BakerCorp International, Inc. ended its third quarter with cash on the balance sheet of about $16 million, compared to about $28 million at Jan. 31, 2013.

The $12 million use of cash was attributed in part to increased accounts receivable, according to chief financial officer Raymond Aronoff.

Aronoff made his comments during BakerCorp's earnings conference call on Thursday.

During the nine-month period, the company did not draw on its $45 million revolver line.

"On Nov 13, 2013, we did borrow $35 million in incremental term loans that will be used for general corporate purposes, including financing permitted acquisitions," Aronoff said.

The company completed its acquisition of substantially all of the assets of privately held Kaselco LLC on Dec. 9. Financial terms of the transaction will not be disclosed.

Consolidated total revenue for the quarter was down $1.9 million, or 2.2%, year-over-year at $82.39 million.

Capital expenditures were $16.1 million for the period, compared to $20.8 million a year ago.

BakerCorp is a Seal Beach, Calif.-based provider of equipment rental solutions for liquid and solid containment applications.

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