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 February 12, 2013.
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Valmont Industries, Inc.
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By: /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 No.
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Description
|
|
99.1
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Press release dated February 12, 2013.
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News Release
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For Immediate Release
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Contact: Jeff Laudin
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February 12, 2013
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Phone: 402-963-1158
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Fax: 402-963-1198
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·
|
Fourth quarter sales increased 8%, operating income rose 44%.
|
·
|
Fourth quarter Utility Support Structures Segment sales rose 25%, operating income increased 60%.
|
·
|
Fourth quarter Irrigation Segment sales improved 13%, operating income increased 49%.
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·
|
Fourth quarter diluted earnings per share were $2.43, compared with $1.83 diluted per-share adjusted earnings reported in the fourth quarter of 2011 (see table on last page).
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VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
|
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
|
|||||||
(Dollars in thousands, except per share amounts)
|
|||||||
(unaudited)
|
|||||||
Fourth Quarter
13 Weeks Ended
|
Year-to-Date
52 Weeks Ended
|
||||||
29-Dec-12
|
31-Dec-11
|
29-Dec-12
|
31-Dec-11
|
||||
Net sales
|
$ 815,037
|
$ 752,730
|
$ 3,029,541
|
$ 2,661,480
|
|||
Cost of sales
|
590,692
|
557,785
|
2,227,085
|
1,994,670
|
|||
Gross profit
|
224,345
|
194,945
|
802,456
|
666,810
|
|||
Selling, general and administrative expenses
|
112,601
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117,588
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420,160
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403,500
|
|||
Operating income
|
111,744
|
77,357
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382,296
|
263,310
|
|||
Other income (expense):
|
|||||||
Interest expense
|
(7,968)
|
(9,460)
|
(31,625)
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(36,175)
|
|||
Interest income
|
2,191
|
2,346
|
8,272
|
9,265
|
|||
Other
|
(560)
|
(1,867)
|
347
|
(2,643)
|
|||
(6,337)
|
(8,981)
|
(23,006)
|
(29,553)
|
||||
Earnings before income taxes and equity in
|
|||||||
earnings of nonconsolidated subsidiaries
|
105,407
|
68,376
|
359,290
|
233,757
|
|||
Income tax expense
|
39,497
|
(46,022)
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126,502
|
4,590
|
|||
Earnings before equity in earnings of
|
|||||||
nonconsolidated subsidiaries
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65,910
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114,398
|
232,788
|
229,167
|
|||
Equity in earnings of nonconsolidated subsidiaries
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817
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3,550
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6,128
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8,059
|
|||
Net earnings
|
66,727
|
117,948
|
238,916
|
237,226
|
|||
Less: Earnings attributable to non-controlling interests
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(1,691)
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(3,217)
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(4,844)
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(8,918)
|
|||
Net earnings attributable to Valmont Industries, Inc.
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$ 65,036
|
$ 114,731
|
$ 234,072
|
$ 228,308
|
|||
Average shares outstanding (000's) - Basic
|
26,517
|
26,361
|
26,471
|
26,329
|
|||
Earnings per share - Basic
|
$ 2.45
|
$ 4.35
|
$ 8.84
|
$ 8.67
|
|||
Average shares outstanding (000's) - Diluted
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26,812
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26,499
|
26,764
|
26,550
|
|||
Earnings per share - Diluted
|
$ 2.43
|
$ 4.33
|
$ 8.75
|
$ 8.60
|
|||
Cash dividends per share
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$ 0.225
|
$ 0.180
|
$ 0.855
|
$ 0.705
|
|||
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
|
|||||||
SUMMARY OPERATING RESULTS
|
|||||||
(Dollars in thousands)
|
|||||||
(unaudited)
|
|||||||
Fourth Quarter
13 Weeks Ended
|
Year-to-Date
52 Weeks Ended
|
||||||
29-Dec-12
|
31-Dec-11
|
29-Dec-12
|
31-Dec-11
|
||||
Sales
|
|||||||
Engineered Infrastructure Products
|
$ 229,115
|
$ 220,003
|
$ 882,106
|
$ 817,593
|
|||
Utility Support Structures
|
252,556
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202,848
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873,520
|
624,870
|
|||
Coatings
|
83,155
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88,905
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334,552
|
327,322
|
|||
Irrigation
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203,427
|
180,640
|
750,641
|
666,007
|
|||
Other
|
82,980
|
85,009
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328,737
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331,986
|
|||
Total
|
851,233
|
777,405
|
3,169,556
|
2,767,778
|
|||
Intersegment sales
|
|||||||
Engineered Infrastructure Products
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(11,731)
|
(6,961)
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(48,793)
|
(24,996)
|
|||
Utility Support Structures
|
(785)
|
2,634
|
(3,857)
|
(4,105)
|
|||
Coatings
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(14,216)
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(12,251)
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(52,478)
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(46,534)
|
|||
Irrigation
|
449
|
(103)
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(49)
|
(111)
|
|||
Other
|
(9,913)
|
(7,994)
|
(34,838)
|
(30,552)
|
|||
Total
|
(36,196)
|
(24,675)
|
(140,015)
|
(106,298)
|
|||
Net sales
|
|||||||
Engineered Infrastructure Products
|
217,384
|
213,042
|
833,313
|
792,597
|
|||
Utility Support Structures
|
251,771
|
205,482
|
869,663
|
620,765
|
|||
Coatings
|
68,939
|
76,654
|
282,074
|
280,788
|
|||
Irrigation
|
203,876
|
180,537
|
750,592
|
665,896
|
|||
Other
|
73,067
|
77,015
|
293,899
|
301,434
|
|||
Total
|
$ 815,037
|
$ 752,730
|
$ 3,029,541
|
$ 2,661,480
|
|||
Operating Income
|
|||||||
Engineered Infrastructure Products
|
$ 13,106
|
$ 9,846
|
$ 54,013
|
$ 40,753
|
|||
Utility Support Structures
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47,124
|
29,429
|
129,025
|
70,643
|
|||
Coatings
|
17,070
|
19,056
|
71,641
|
58,656
|
|||
Irrigation
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40,450
|
27,136
|
143,605
|
107,759
|
|||
Other
|
13,162
|
12,769
|
46,575
|
45,670
|
|||
Corporate
|
(19,168)
|
(20,879)
|
(62,563)
|
(60,171)
|
|||
Total
|
$ 111,744
|
$ 77,357
|
$ 382,296
|
$ 263,310
|
|||
|
29-Dec-12
|
31-Dec-11
|
|||
Engineered Infrastructure Products
|
$ 212
|
$ 208
|
||
Utility Support Structures
|
434
|
383
|
||
Irrigation
|
231
|
97
|
||
Other
|
26
|
15
|
||
$ 903
|
$ 703
|
|||
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
|
|||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|||
(Dollars in thousands)
|
|||
(unaudited)
|
|||
29-Dec-12
|
31-Dec-11
|
||
ASSETS
|
|||
Current assets:
|
|||
Cash and cash equivalents
|
$ 414,129
|
$ 362,894
|
|
Accounts receivable, net
|
515,902
|
426,683
|
|
Inventories
|
412,384
|
393,782
|
|
Prepaid expenses
|
25,144
|
25,765
|
|
Refundable and deferred income taxes
|
58,381
|
43,819
|
|
Total current assets
|
1,425,940
|
1,252,943
|
|
Property, plant and equipment, net
|
512,612
|
454,877
|
|
Goodwill and other assets
|
629,999
|
598,256
|
|
$ 2,568,551
|
$ 2,306,076
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|||
Current liabilities:
|
|||
Current installments of long-term debt
|
$ 224
|
$ 235
|
|
Notes payable to banks
|
13,375
|
11,403
|
|
Accounts payable
|
212,424
|
216,729
|
|
Accrued expenses
|
180,408
|
157,128
|
|
Income taxes payable
|
-
|
17,808
|
|
Dividend payable
|
6,002
|
4,767
|
|
Total current liabilities
|
412,433
|
408,070
|
|
Long-term debt, excluding current installments
|
472,593
|
474,415
|
|
Other long-term liabilities
|
276,515
|
225,680
|
|
Shareholders' equity
|
1,407,010
|
1,197,911
|
|
$ 2,568,551
|
$ 2,306,076
|
||
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
|
||
SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS
|
||
REGULATION G RECONCILIATION
|
||
(Dollars in thousands, except per share amounts)
|
||
(unaudited)
|
||
Non-recurring items listed below relate to: a one-time tax benefit from a legal reorganization and the net effect of other significant 2011 non-recurring items.
|
||
Quarter ended December 31, 2011
|
Diluted earnings per share
|
|
Net earnings attributable to Valmont Industries, Inc. - as reported
|
$ 114,731
|
$ 4.33
|
Tax benefit from legal reorganization
|
(66,026)
|
-2.49
|
Other non-recurring items - net of tax
|
(215)
|
-0.01
|
Net earnings attributable to Valmont Industries, Inc. - Adjusted
|
$ 48,490
|
$ 1.83
|