-----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, UjPwW7vftpDnWOwH/+0bx7hClp0iMpBAj++wpNCC0LlIFr9vxxJcLke6L7PQawfl uvSvPJAbyxJkTdO+8exy7Q== 0000051103-95-000004.txt : 19951119 0000051103-95-000004.hdr.sgml : 19951119 ACCESSION NUMBER: 0000051103-95-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951114 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERNATIONAL ALUMINUM CORP CENTRAL INDEX KEY: 0000051103 STANDARD INDUSTRIAL CLASSIFICATION: METAL DOORS, SASH, FRAMES, MOLDING & TRIM [3442] IRS NUMBER: 952385235 STATE OF INCORPORATION: CA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07256 FILM NUMBER: 95591802 BUSINESS ADDRESS: STREET 1: 767 MONTEREY PASS RD CITY: MONTEREY PARK STATE: CA ZIP: 91754 BUSINESS PHONE: 2132641670 10-Q 1 FORM 10-Q FOR QUARTER ENDED SEPTEMBER 30, 1995 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF 1934 For quarter ended September 30, 1995 Commission File Number 1-7256 INTERNATIONAL ALUMINUM CORPORATION (Exact name of Registrant as specified in its charter) California 95-2385235 (State of incorporation) (I.R.S. Employer No.) 767 Monterey Pass Road Monterey Park, California 91754 (213) 264-1670 (Principal executive office) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes X No At November 1, 1995 there were 4,257,430 shares of Common Stock outstanding. Page 1 of 9 Pages INTERNATIONAL ALUMINUM CORPORATION AND SUBSIDIARIES INDEX Page Nos. PART I Financial Information Consolidated Balance Sheets - September 30, 1995 and June 30, 1995 3 Consolidated Statements of Income - three months ended September 30, 1995 and 1994 5 Consolidated Statements of Cash Flows - three months ended September 30, 1995 and 1994 6 Notes to Consolidated Financial Statements 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 8 Signatures 9 - 2 - PART I INTERNATIONAL ALUMINUM CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
Unaudited Audited Assets Sept. 30, 1995 June 30, 1995 Current assets: Cash and cash equivalents $ 6,210,000 $ 3,550,000 Investments 447,000 2,213,000 Accounts receivable, net 36,267,000 34,877,000 Unbilled receivables 1,276,000 1,222,000 Inventories: Raw materials 31,485,000 31,002,000 Work-in-process 2,653,000 3,463,000 Finished goods 6,781,000 7,308,000 Prepaid expenses 2,862,000 2,060,000 Future income tax benefits 1,596,000 1,596,000 Total current assets 89,577,000 87,291,000 ____________ ____________ Property, plant and equipment, at cost 98,843,000 97,412,000 Accumulated depreciation (53,308,000) (52,567,000) 45,535,000 44,845,000 ____________ ____________ Other assets: Costs in excess of net assets of purchased businesses 4,805,000 4,839,000 Other 1,116,000 1,129,000 5,921,000 5,968,000 ____________ ____________ $141,033,000 $138,104,000 ____________ ____________ ____________ ____________ See accompanying notes to consolidated financial statements.
- 3 - INTERNATIONAL ALUMINUM CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
Unaudited Audited Liabilities and Shareholders' Equity Sept. 30, 1995 June 30, 1995 Current liabilities: Accounts payable $ 10,331,000 $ 7,820,000 Accrued liabilities 8,326,000 9,555,000 Current portion of long-term debt 513,000 423,000 Income taxes payable 2,000,000 1,098,000 Total current liabilities 21,170,000 18,896,000 ____________ ____________ Long-term debt 312,000 542,000 ____________ ____________ Other liabilities: Deferred income taxes 4,496,000 4,496,000 Other 384,000 399,000 4,880,000 4,895,000 ____________ ____________ Shareholders' equity 114,671,000 113,771,000 ____________ ____________ $141,033,000 $138,104,000 ____________ ____________ ____________ ____________ See accompanying notes to consolidated financial statements.
- 4 - Unaudited INTERNATIONAL ALUMINUM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended September 30, 1995 1994 Net sales $56,038,000 $51,763,000 Costs and expenses: Cost of sales 40,640,000 34,934,000 Selling, general and administrative expenses 11,744,000 10,968,000 Interest (income) expense, net (12,000) (98,000) Income before income taxes 3,666,000 5,959,000 Provision for income taxes 1,590,000 2,350,000 Net income $ 2,076,000 $ 3,609,000 ___________ ___________ ___________ ___________ Weighted average number of common shares outstanding 4,254,520 4,233,683 Earnings per common share $.49 $.85 Cash dividends per common share $.25 $.25 See accompanying notes to consolidated financial statements.
- 5 - Unaudited INTERNATIONAL ALUMINUM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended September 30, 1995 1994 Cash flows from operating activities: Net income $ 2,076,000 $ 3,609,000 Adjustments for noncash transactions: Depreciation and amortization 1,181,000 1,162,000 Changes in assets and liabilities: Receivables (1,590,000) (2,037,000) Inventories 809,000 (3,137,000) Prepaid expenses and other (801,000) (467,000) Accounts payable 2,578,000 (244,000) Accrued liabilities and other (1,203,000) (1,409,000) Income taxes payable 899,000 953,000 Net cash provided (used) by operating activities 3,949,000 (1,570,000) Cash flows from investing activities: Capital expenditures (1,961,000) (671,000) Proceeds from sales of capital assets 34,000 21,000 Changes in investments 1,766,000 482,000 Net cash used in investing activities (161,000) (168,000) Cash flows from financing activities: Repayment of long-term debt (140,000) (138,000) Exercise of stock options 66,000 55,000 Dividends paid to shareholders (1,064,000) (1,059,000) Net cash used in financing activities (1,138,000) (1,142,000) Effect of exchange rate changes on cash 10,000 6,000 Net change in cash and cash equivalents 2,660,000 (2,874,000) Cash and cash equivalents at beginning of period 3,550,000 6,413,000 Cash and cash equivalents at end of period $ 6,210,000 $ 3,539,000 ___________ ___________ ___________ ___________ See accompanying notes to consolidated financial statements.
- 6 - Unaudited INTERNATIONAL ALUMINUM CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (which consist solely of normal recurring adjustments unless otherwise disclosed) necessary to present fairly its financial position as of September 30, 1995 and June 30, 1995, and the results of operations and cash flows for the three month periods ended September 30, 1995 and 1994. The results of operations for the three month periods ended September 30, 1995 and 1994 are not necessarily indicative of the results to be expected for the full year. The financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company's latest annual report on Form 10-K. - 7 - Unaudited INTERNATIONAL ALUMINUM CORPORATION AND SUBSIDIARIES Management's Discussion and Analysis of Financial Condition and Results of Operations Significant Changes in Results of Operations: The increase in net sales for the quarter ended September 30, 1995 of $4,275,000 or 8.3% from the comparable quarter of fiscal year 1995 is comprised solely of the net increase in domestic sales. The net sales include significant increases posted by the Commercial Products Group, up $4,781,000 or 23.7% and by the Glass Products Group, up $705,000 or 17.6%. These increases were partially offset by a $1,670,000 or 11.2% decrease posted by the Residential Products Group. The cost of sales as a percentage of net sales was 72.5% for the quarter ended September 30, 1995 as opposed to 67.5% for the comparable prior year period. This increase is primarily attributable to significantly decreased margins in the Aluminum Extrusion Group resulting from increased material costs coupled with declining selling prices. Additionally, nearly all of the Company's fabrication facilities incurred decreased margins associated with rising material costs. Selling, general and administrative expenses for the quarter were $776,000 or 7.1% higher than those of the comparable quarter of the prior year. The increase primarily relates to additional costs associated with the increased sales volume. The decline in net interest income for the quarter relates to the significantly decreased level of funds available for investment during the quarter. The effective tax rate for the quarter ended September 30, 1995 was 43.4% whereas the comparable quarter of fiscal year 1995 was 39.4%. This increase is primarily related to incurrence of foreign pretax losses for which the Company realized no tax benefit due to the lack of available loss carryback provisions. Liquidity and Capital Resources: Working capital increased to $68,407,000 during the three months ended September 30, 1995, which represents an increase of $12,000 from June 30, 1995. The ratio of current assets to current liabilities is currently 4.2 as compared to 4.6 as of the beginning of the year. The Company's projected capital expenditures for fiscal 1996 and related financing remain unchanged form those described in the June 30, 1995 Annual Report. The Company's line of credit remains unchanged from that noted in the June 30, 1995 Annual Report to Shareholders. - 8 - INTERNATIONAL ALUMINUM CORPORATION AND SUBSIDIARIES 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 thereunto duly authorized. International Aluminum Corporation (Registrant) Date November 13, 1995 DAVID C. TREINEN David C. Treinen Senior Vice President - Finance and Administration (Principal Financial Officer) Date November 13, 1995 MITCHELL K. FOGELMAN Mitchell K. Fogelman Vice President - Controller (Principal Accounting Officer) - 9 - EX-27 2 FDS FOR FIRST QUARTER ENDED SEPTEMBER 30, 1995
5 1,000 3-MOS JUN-30-1996 SEP-30-1995 6,210 447 37,543 0 40,919 89,577 98,843 53,308 141,033 21,170 312 8,404 0 0 106,267 141,033 56,038 56,038 40,640 52,384 (12) 219 44 3,666 1,590 2,076 0 0 0 2,076 .49 0
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