1-31429
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47-0351813
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(Commission File Number)
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(IRS Employer Identification No.)
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One Valmont Plaza
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Omaha, NE
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68154
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(Address of Principal Executive Offices)
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(Zip Code)
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o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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(d)
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Exhibits.
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99.1
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Press Release dated July 14, 2011.
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Valmont Industries, Inc.
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By:
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/s/ Terry J. McClain
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Name: Terry J. McClain
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Title: Senior Vice President and
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Chief Financial Officer
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Exhibit
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Description
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||
99.1
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Press release dated July 14, 2011
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||
·
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Diluted earnings per share for the second quarter was $1.72 as reported and diluted earnings per share adjusted for non-recurring items was $1.58.
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·
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Second quarter revenue increased 39%, which included a full quarter contribution from Delta. Last year’s second quarter results included Delta beginning on May 12, 2010.
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·
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Record second quarter Irrigation Segment sales and operating income.
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·
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In late June, Valmont increased its investment in the Australian grinding media business from 60% to 100%.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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|||||||
(Dollars in thousands, except per share amounts)
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|||||||
(unaudited)
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|||||||
Second Quarter
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Year-to-Date
|
||||||
13 Weeks Ended
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26 Weeks Ended
|
||||||
25-Jun-11
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26-Jun-10
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25-Jun-11
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26-Jun-10
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||||
Net sales
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$ 668,609
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$ 481,559
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$ 1,236,558
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$ 848,961
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|||
Cost of sales
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500,627
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352,913
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932,083
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619,585
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|||
Gross profit
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167,982
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128,646
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304,475
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229,376
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|||
Selling, general and administrative expenses
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99,363
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91,345
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190,555
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160,425
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|||
Operating income
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68,619
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37,301
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113,920
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68,951
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|||
Other income (expense)
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|||||||
Interest expense
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(10,773)
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(8,429)
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(19,044)
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(14,391)
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|||
Interest income
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1,991
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1,092
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3,778
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1,448
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|||
Other
|
504
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47
|
894
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(30)
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|||
(8,278)
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(7,290)
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(14,372)
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(12,973)
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||||
Earnings before income taxes, noncontrolling
|
|||||||
interest, and equity in earnings of
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|||||||
nonconsolidated subsidiaries
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60,341
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30,011
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99,548
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55,978
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|||
Income tax expense
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13,551
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11,682
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26,839
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21,128
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|||
Earnings before noncontrolling interest, equity in
|
|||||||
earnings of nonconsolidated
|
|||||||
subsidiaries
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46,790
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18,329
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72,709
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34,850
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|||
Earnings (losses) in nonconsolidated subsidiaries
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1,201
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805
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2,155
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919
|
|||
Net earnings
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47,991
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19,134
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74,864
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35,769
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|||
Less: Earnings attributable to noncontrolling interests
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(2,164)
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(2,019)
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(3,428)
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(2,191)
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Net earnings attributable to Valmont Industries, Inc.
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$ 45,827
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$ 17,115
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$ 71,436
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$ 33,578
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|||
Average shares outstanding (000's) - Basic
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26,333
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26,087
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26,302
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26,059
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|||
Earnings per share - Basic
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$ 1.74
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$ 0.66
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$ 2.72
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$ 1.29
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|||
Average shares outstanding (000's) - Diluted
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26,585
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26,448
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26,561
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26,434
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Earnings per share - Diluted
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$ 1.72
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$ 0.65
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$ 2.69
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$ 1.27
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Cash dividends per share
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$ 0.180
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$ 0.165
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$ 0.345
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$ 0.315
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|||
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
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|||||||
SUMMARY OPERATING RESULTS
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|||||||
(Dollars in thousands)
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|||||||
(unaudited)
|
|||||||
Second Quarter
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Year-to-Date
|
||||||
13 Weeks Ended
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26 Weeks Ended
|
||||||
25-Jun-11
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26-Jun-10
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25-Jun-11
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26-Jun-10
|
||||
Net sales
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|||||||
Engineered Infrastructure Products
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$ 206,417
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$ 163,352
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$ 375,347
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$ 270,358
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|||
Utility Support Structures
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136,560
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114,838
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262,207
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228,066
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|||
Coatings
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84,161
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54,441
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157,611
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82,371
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|||
Infrastructure products
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427,138
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332,631
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795,165
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580,795
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|||
Irrigation
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183,701
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112,159
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334,749
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220,798
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|||
Other
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84,121
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47,996
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158,107
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70,285
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|||
Less: Intersegment sales
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(26,351)
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(11,227)
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(51,463)
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(22,917)
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|||
Total
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$ 668,609
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$ 481,559
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$ 1,236,558
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$ 848,961
|
|||
Operating Income
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|||||||
Engineered Infrastructure Products
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$ 11,515
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$ 12,082
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$ 13,718
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$ 14,693
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|||
Utility Support Structures
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12,984
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12,542
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26,483
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27,248
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|||
Coatings
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15,070
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9,884
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25,362
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14,416
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|||
Infrastructure products
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39,569
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34,508
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65,563
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56,357
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|||
Irrigation
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32,964
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16,596
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56,858
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31,994
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|||
Other
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11,380
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8,708
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20,294
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12,972
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|||
Corporate
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(15,294)
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(22,511)
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(28,795)
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(32,372)
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|||
Total
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$ 68,619
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$ 37,301
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$ 113,920
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$ 68,951
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|||
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
|
|||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|||
(Dollars in thousands)
|
|||
(unaudited)
|
|||
25-Jun-11
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26-Jun-10
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||
ASSETS
|
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Current assets:
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Cash and cash equivalents
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$ 326,790
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$ 314,373
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Accounts receivable, net
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453,066
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376,005
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Inventories
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366,185
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296,634
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Prepaid expenses
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30,862
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39,943
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Refundable and deferred income taxes
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34,850
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35,930
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Total current assets
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1,211,753
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1,062,885
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Property, plant and equipment, net
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448,017
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425,134
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Goodwill and other assets
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563,510
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541,538
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$ 2,223,280
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$ 2,029,557
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||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|||
Current liabilities:
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Current installments of long-term debt
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$ 272
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$ 270
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Notes payable to banks
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11,415
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9,752
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Accounts payable
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237,687
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202,587
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Accrued expenses
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144,068
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143,634
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Dividend payable
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4,757
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4,346
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Total current liabilities
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398,199
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360,589
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Long-term debt, excluding current installments
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489,130
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517,913
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Other long-term liabilities
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262,923
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271,801
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|
Shareholders' equity
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1,073,028
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879,254
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|
$ 2,223,280
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$ 2,029,557
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||
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
|
|||
SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS
|
|||
REGULATION G RECONCILIATION
|
|||
(Dollars in thousands)
|
|||
(unaudited)
|
|||
Non-recurring items listed below relate to: a one-time expense related to a bond refinancing, a one-time tax benefit associated with the Donhad acquisition, and a decrease in an uncertain tax position.
|
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Net earnings attributable to
Valmont Industries, Inc.
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Diluted earnings per share
|
||
As Reported
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$ 45,827
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1.72
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After-tax effect of refinancing
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1,722
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0.06
|
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Donhad tax benefit
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(4,058)
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-0.15
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Net tax contingency adjustment
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(1,380)
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-0.05
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Adjusted
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$ 42,111
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$ 1.58
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