Delaware | 001-08174 | 95-0693330 | |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |
23301 Wilmington Avenue, Carson, California | 90745-6209 | ||
(Address of principal executive offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits |
Exhibit No. | Exhibit Title or Description |
99.1 | Ducommun Incorporated press release issued on April 28, 2014. |
DUCOMMUN INCORPORATED (Registrant) | |||
Date: April 28, 2014 | By: | /s/ James S. Heiser | |
James S. Heiser | |||
Vice President and General Counsel |
23301 Wilmington Avenue | ![]() | |
Carson, CA 90745-6209 | ||
310.513.7200 | ||
www.ducommun.com |
• | First quarter revenue grew to $179.8 million from $175.9 million in the prior-year period |
• | The company reported net income of $4.6 million, or $0.42 per diluted share |
• | EBITDA for the quarter was $21.4 million |
• | Ducommun made voluntary principal prepayments totaling $7.5 million on its term loan during the quarter |
• | The Company’s firm backlog as of March 29, 2014 was $605 million |
Joseph P. Bellino, Vice President and Chief Financial Officer, 310.513.7211 | ||||||
Chris Witty, Investor Relations, 646.438.9385, cwitty@darrowir.com |
March 29, 2014 | December 31, 2013 | |||||||
Assets | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 29,415 | $ | 48,814 | ||||
Accounts receivable, net | 100,570 | 91,909 | ||||||
Inventories | 148,895 | 140,507 | ||||||
Production cost of contracts | 10,479 | 11,599 | ||||||
Deferred income taxes | 13,836 | 10,850 | ||||||
Other current assets | 21,664 | 27,085 | ||||||
Total Current Assets | 324,859 | 330,764 | ||||||
Property and Equipment, Net | 94,168 | 96,090 | ||||||
Goodwill | 161,940 | 161,940 | ||||||
Intangibles, Net | 162,875 | 165,465 | ||||||
Other Assets | 9,320 | 9,940 | ||||||
Total Assets | $ | 753,162 | $ | 764,199 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Current Liabilities | ||||||||
Current portion of long-term debt | $ | 25 | $ | 25 | ||||
Accounts payable | 53,973 | 58,111 | ||||||
Accrued liabilities | 39,628 | 45,453 | ||||||
Total Current Liabilities | 93,626 | 103,589 | ||||||
Long-Term Debt, Less Current Portion | 325,171 | 332,677 | ||||||
Deferred Income Taxes | 70,556 | 68,489 | ||||||
Other Long-Term Liabilities | 18,922 | 19,750 | ||||||
Total Liabilities | 508,275 | 524,505 | ||||||
Commitments and Contingencies | ||||||||
Shareholders’ Equity | ||||||||
Common stock | 110 | 110 | ||||||
Treasury stock | (1,924 | ) | (1,924 | ) | ||||
Additional paid-in capital | 71,037 | 70,542 | ||||||
Retained earnings | 179,457 | 174,828 | ||||||
Accumulated other comprehensive loss | (3,793 | ) | (3,862 | ) | ||||
Total Shareholders’ Equity | 244,887 | 239,694 | ||||||
Total Liabilities and Shareholders’ Equity | $ | 753,162 | $ | 764,199 |
First Quarters | ||||||||
2014 | 2013 | |||||||
Net Sales | $ | 179,753 | $ | 175,915 | ||||
Cost of Sales | 144,683 | 143,062 | ||||||
Gross Profit | 35,070 | 32,853 | ||||||
Selling, General and Administrative Expenses | 21,087 | 22,551 | ||||||
Operating Income | 13,983 | 10,302 | ||||||
Interest Expense | 7,125 | 7,823 | ||||||
Income Before Taxes | 6,858 | 2,479 | ||||||
Income Tax Expense (Benefit) | 2,229 | (1,228 | ) | |||||
Net Income | $ | 4,629 | $ | 3,707 | ||||
Earnings Per Share | ||||||||
Basic earnings per share | $ | 0.43 | $ | 0.35 | ||||
Diluted earnings per share | $ | 0.42 | $ | 0.35 | ||||
Weighted-Average Number of Common Shares Outstanding | ||||||||
Basic | 10,844 | 10,600 | ||||||
Diluted | 11,107 | 10,670 | ||||||
Gross Profit % | 19.5 | % | 18.7 | % | ||||
SG&A % | 11.7 | % | 12.8 | % | ||||
Operating Income % | 7.8 | % | 5.9 | % | ||||
Net Income % | 2.6 | % | 2.1 | % | ||||
Effective Tax Rate (Benefit) | 32.5 | % | (49.5 | )% |
First Quarters | |||||||||||||||||
% Change | 2014 | 2013 | % of Net Sales 2014 | % of Net Sales 2013 | |||||||||||||
Net Sales | |||||||||||||||||
DAS | 12.3 | % | $ | 81,654 | $ | 72,705 | 45.4 | % | 41.3 | % | |||||||
DLT | (5.0 | )% | 98,099 | 103,210 | 54.6 | % | 58.7 | % | |||||||||
Total Net Sales | 2.2 | % | $ | 179,753 | $ | 175,915 | 100.0 | % | 100.0 | % | |||||||
Segment Operating Income | |||||||||||||||||
DAS | $ | 10,247 | $ | 6,631 | 12.5 | % | 9.1 | % | |||||||||
DLT | 7,044 | 7,934 | 7.2 | % | 7.7 | % | |||||||||||
17,291 | 14,565 | ||||||||||||||||
Corporate General and Administrative Expenses (1) | (3,308 | ) | (4,263 | ) | (1.8 | )% | (2.4 | )% | |||||||||
Total Operating Income | $ | 13,983 | $ | 10,302 | 7.8 | % | 5.9 | % | |||||||||
EBITDA | |||||||||||||||||
DAS | |||||||||||||||||
Operating Income | $ | 10,247 | $ | 6,631 | |||||||||||||
Depreciation and Amortization | 2,416 | 2,327 | |||||||||||||||
12,663 | 8,958 | 15.5 | % | 12.3 | % | ||||||||||||
DLT | |||||||||||||||||
Operating Income | 7,044 | 7,934 | |||||||||||||||
Depreciation and Amortization | 5,008 | 4,663 | |||||||||||||||
12,052 | 12,597 | 12.3 | % | 12.2 | % | ||||||||||||
Corporate General and Administrative Expenses | |||||||||||||||||
Operating loss | (3,308 | ) | (4,263 | ) | |||||||||||||
Depreciation and Amortization | 2 | 43 | |||||||||||||||
(3,306 | ) | (4,220 | ) | (1.8 | )% | (2.4 | )% | ||||||||||
EBITDA | $ | 21,409 | $ | 17,335 | 11.9 | % | 9.9 | % | |||||||||
Capital Expenditures | |||||||||||||||||
DAS | $ | 1,285 | $ | 1,319 | |||||||||||||
DLT | 897 | 1,052 | |||||||||||||||
Corporate Administration | 10 | 241 | |||||||||||||||
Total Capital Expenditures | $ | 2,192 | $ | 2,612 |
(1) | Includes costs not allocated to either the DLT or DAS operating segments. |
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