-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ALu4XoM5BYPsPxj6BvdyOobmcQJsqJ0kogzCF3kj2AIa9wskKncDk+G1F9E6FWT0 M7PwNC7BLuXLc9R5wpTXWQ== 0000950123-02-002492.txt : 20020415 0000950123-02-002492.hdr.sgml : 20020415 ACCESSION NUMBER: 0000950123-02-002492 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020307 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: FILED AS OF DATE: 20020314 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STEEL DYNAMICS INC CENTRAL INDEX KEY: 0001022671 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 351929476 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21719 FILM NUMBER: 02574904 BUSINESS ADDRESS: STREET 1: 7030 POINTE INVERNESS WAY STREET 2: SUITE 310 CITY: FORT WAYNE STATE: IN ZIP: 46804 BUSINESS PHONE: 2194593553 MAIL ADDRESS: STREET 1: 7030 POINTE INVERNERSS WAY STREET 2: SUITE 310 CITY: FORT WAYNE STATE: IN ZIP: 46804 8-K 1 y58534e8-k.txt STEEL DYNAMICS, INC SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (date of earliest event reported): March 7, 2002 STEEL DYNAMICS, INC. (Exact name of registrant as specified in its charter) Indiana 0-21719 35-1929476 (State or other jurisdiction of (Commission File Number) (IRS Employer incorporation or organization) Identification No.) 6714 Pointe Inverness Way, Suite 200, Fort Wayne, Indiana 46804 (Address of principal executive officers) (Zip Code) Registrant's telephone number, including area code: 260-459-3553 (Former name or former address, if changed since last report) Not Applicable ITEM 5. OTHER EVENTS. On February 5, 2002, the Registrant announced its preliminary unaudited financial results for the three- and twelve-month periods ended December 31, 2001. However, on March 7, 2002, the Registrant reached an understanding to settle one of the two remaining lawsuits related to its terminated Thailand advisory transaction, which was outstanding on December 31, 2001, as described in Item 1 ("Legal Proceedings") of Part II of Registrant's Report on Form 10-Q, filed November 7, 2001. The Registrant expects to enter into a settlement agreement shortly. Accordingly, Registrant is reflecting the settlement cost of $2.3 million in excess of available insurance proceeds in its financial results for 2001. For the year ended December 31, 2001, the Registrant had earnings of $3.1 million. Annual sales revenue for 2001 was $607 million, on consolidated shipments of 2.0 million tons, as compared with sales revenue of $692.6 million, on shipments of 1.9 million tons during 2000. During the year, capital expenditures were $90.7 million and start-up costs were $19.5 million, all primarily related to the Registrant's structural and rail mini-mill and the Iron Dynamics scrap substitute facility. In the fourth quarter 2001, the Registrant experienced its first quarterly operating loss since achieving profitability in 1996, recording a net loss of $5.3 million. Sales for the fourth quarter 2001 were $138.5 million, on consolidated shipments of 465,000 tons as compared with sales revenue of $152.4 million on consolidated shipments of 464,000 tons during the same period in 2000. Registrant incurred a charge of $3.4 million related to the anticipated uncollectible accounts receivable associated with the Metals USA bankruptcy during the fourth quarter of 2001, accounting for approximately $0.05 of Registrant's fourth quarter loss per diluted share of $0.12. The litigation settlement accounted for $0.03 of that loss. Capital expenditures of $38.6 million and start-up costs of $3.1 million in the fourth quarter were primarily related to Registrant's structural steel and rail mini-mill. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) EXHIBITS. 99.3 Steel Dynamics, Inc. Unaudited Consolidated Statements of Operations for the three- and twelve-month periods ended December 31, 2001 ITEM 9. REGULATION FD DISCLOSURE. Exhibit 99.3 annexed hereto is not filed but is furnished pursuant to Regulation FD. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized. STEEL DYNAMICS, INC. Date: March 14, 2002 By: /s/ Tracy L. Shellabarger Tracy L. Shellabarger Title: Secretary 2 INDEX TO EXHIBITS Exhibit Description 99.3 Steel Dynamics, Inc. Unaudited Consolidated Statements of Operations for the three- and twelve-month periods ended December 31, 2001 3 EX-99.3 3 y58534ex99-3.txt UNAUDITED CONSOLIDATED STATEMENTS Exhibit 99.3 STEEL DYNAMICS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA)
QUARTER ENDED YEAR ENDED December 31 December 31 2001 2000 2001 2000 (UNAUDITED) (UNAUDITED) NET SALES $ 138,452 $ 152,449 $ 606,984 $ 692,623 COST AND EXPENSES: Cost of goods sold 127,376 125,455 522,927 533,914 Selling, general, & administrative expenses 13,333 12,341 58,132 53,306 --------- --------- --------- --------- OPERATING INCOME (LOSS) (2,257) 14,653 25,925 105,403 Interest expense 4,271 4,877 18,480 20,199 Other (income) expense, net 2,113 (188) 2,333 719 --------- --------- --------- --------- INCOME (LOSS) BEFORE INCOME TAXES (8,641) 9,964 5,112 84,485 Income taxes (3,327) 2,860 1,968 30,690 --------- --------- --------- --------- NET INCOME (LOSS) $ (5,314) $ 7,104 $ 3,144 $ 53,795 ========= ========= ========= ========= BASIC: NET INCOME (LOSS) PER SHARE $ (0.12) $ 0.16 $ 0.07 $ 1.15 ========= ========= ========= ========= WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 45,742 45,506 45,655 46,822 ========= ========= ========= ========= DILUTED: NET INCOME (LOSS) PER SHARE $ (0.12) $ 0.16 $ 0.07 $ 1.15 ========= ========= ========= ========= WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 45,886 45,627 45,853 46,974 ========= ========= ========= =========
STEEL DYNAMICS, INC. CONSOLIDATED BALANCE SHEETS (in thousands)
DECEMBER 31 ------------------------------ 2001 2000 ----------- ----------- (UNAUDITED) ASSETS CURRENT ASSETS: Cash and short-term investments $ 78,241 $ 10,184 Accounts receivable 81,879 102,986 Inventories 118,368 106,745 Deferred taxes 24,600 12,854 Other current assets 9,116 9,844 ----------- ----------- TOTAL CURRENT ASSETS 312,204 242,613 PROPERTY, PLANT, AND EQUIPMENT, NET 852,061 807,322 RESTRICTED CASH 3,030 3,465 OTHER ASSETS 12,803 13,674 ----------- ----------- TOTAL ASSETS $ 1,180,098 $ 1,067,074 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 41,329 $ 27,988 Accrued interest 4,052 5,364 Accrued expenses 26,697 26,302 Current portion of long-term debt 68,020 17,044 Debt expected to be refinanced long-term 490,000 -- ----------- ----------- TOTAL CURRENT LIABILITIES 630,098 76,698 LONG-TERM DEBT 63,891 515,476 DEFERRED TAXES 62,765 52,027 MINORITY INTEREST 4,769 4,089 STOCKHOLDERS' EQUITY: Common stock 495 493 Treasury stock, at cost (46,526) (46,526) Additional paid-in capital 337,733 335,732 Retained earnings 132,229 129,085 Other accumulated comprehensive loss (5,356) -- ----------- ----------- TOTAL STOCKHOLDERS' EQUITY 418,575 418,784 ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,180,098 $ 1,067,074 =========== ===========
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