-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, a2v3YCyGfDq9pbLzHA422eCFFamXmahbsoyetmPL+KhJvVr+oJofCDkR2KacOAjd vN5u02DoO1fqFSIJ/B8yyg== 0000950168-94-000361.txt : 19941202 0000950168-94-000361.hdr.sgml : 19941202 ACCESSION NUMBER: 0000950168-94-000361 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941001 FILED AS OF DATE: 19941110 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUCOR CORP CENTRAL INDEX KEY: 0000073309 STANDARD INDUSTRIAL CLASSIFICATION: 3312 IRS NUMBER: 131860817 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-04119 FILM NUMBER: 94558463 BUSINESS ADDRESS: STREET 1: 2100 REXFORD RD CITY: CHARLOTTE STATE: NC ZIP: 28211 BUSINESS PHONE: 7043667000 MAIL ADDRESS: STREET 1: 2100 REXFORD ROAD CITY: CHARLOTTE STATE: NC ZIP: 28211 FORMER COMPANY: FORMER CONFORMED NAME: NUCLEAR CORP OF AMERICA INC DATE OF NAME CHANGE: 19680911 FORMER COMPANY: FORMER CONFORMED NAME: AZTEC MECHANICAL CONTRACTORS INC DATE OF NAME CHANGE: 19660629 10-Q 1 3RD QUARTER 10-Q THIRD QUARTER 1994 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For quarter ended October 1, 1994 Commission file number 1-4119 NUCOR CORPORATION (Exact name as specified in charter) Delaware 13-1860817 (State or other jurisdiction of (I.R.S. employer incorporation or organization) identification no.) 2100 Rexford Road, Charlotte, North Carolina 28211 (Address of principal executive offices) (Zip code) Telephone number, including area code: (704) 366-7000 Indication by check mark whether Nucor Corporation (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months, and (2) has been subject to such filing requirements for the past 90 days: Yes X No 87,210,589 shares of common stock were outstanding at October 1, 1994. - 1 - PART I - FINANCIAL INFORMATION Consolidated Condensed Statements of Earnings
Nine Months (39 Weeks) Ended Three Months (13 Weeks) Ended Oct. 1, 1994 Oct. 2, 1993 Oct. 1, 1994 Oct. 2, 1993 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net sales.................. $2,176,227,606 $1,641,992,294 $786,424,788 $587,280,572 Costs and expenses: Cost of products sold.... 1,844,132,395 1,431,624,215 647,794,603 506,197,293 Marketing, administrative and other expenses..... 90,967,237 68,871,679 35,609,119 24,731,682 Interest expense......... 11,444,067 9,727,225 3,397,244 3,644,469 1,946,543,699 1,510,223,119 686,800,966 534,573,444 Earnings before federal income taxes..... 229,683,907 131,769,175 99,623,822 52,707,128 Federal income taxes..... 80,600,000 44,800,000 35,100,000 17,900,000 Net earnings........... $149,083,907 $86,969,175 $64,523,822 $34,807,128 Net earnings per share..... $1.71 $1.00 $.74 $.40 Dividends declared per share................ $.135 $.12 $.045 $.04 Average number of shares outstanding... 87,147,660 86,878,785 87,183,177 86,952,262
The information furnished reflects all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods. The information furnished has not been audited and is subject to year-end adjustments. - 2 - Consolidated Condensed Balance Sheets
October 1, December 31, 1994 1993 Assets (Unaudited) (Audited) Current assets: Cash and short-term investments................. $ 47,695,208 $ 27,254,817 Accounts receivable............................. 276,133,427 202,176,241 Inventories..................................... 223,467,776 215,014,570 Other current assets............................ 24,448,981 23,786,254 Total current assets.......................... 571,745,392 468,231,882 Property, plant and equipment..................... 1,402,853,222 1,361,036,440 Total assets.................................. $1,974,598,614 $1,829,268,322 Liabilities and stockholders' equity Current liabilities: Long-term debt due within one year.............. $ 250,000 $ 200,000 Accounts payable................................ 184,471,534 165,734,528 Salaries, wages and related accruals............ 105,996,469 60,892,849 Federal income taxes............................ 12,995,929 14,267,152 Accrued expenses and other current liabilities.. 144,387,085 109,396,252 Total current liabilities..................... 448,101,017 350,490,781 Long-term debt due after one year................. 217,000,000 352,250,000 Deferred credits and other liabilities............ 97,773,098 81,273,098 Minority interests................................ 169,596,143 143,087,504 Stockholders' equity: Common stock.................................... 35,754,317 35,701,222 Additional paid-in capital...................... 32,469,821 29,913,677 Retained earnings............................... 992,172,899 854,857,471 1,060,397,037 920,472,370 Treasury stock.................................. (18,268,681) (18,305,431) 1,042,128,356 902,166,939 Total liabilities and stockholders' equity.... $1,974,598,614 $1,829,268,322
Inventories consisted of approximately 50% raw materials and supplies, and 50% finished and semi- finished products at October 1, 1994 (50% and 50% at December 31, 1993). The information furnished has not been audited and is subject to year-end adjustments. - 3 - Consolidated Condensed Statements of Cash Flows
Nine Months (39 Weeks) Ended Oct. 1, 1994 Oct. 2, 1993 (Unaudited) (Unaudited) Operating activities: Net earnings............................................ $149,083,907 $ 86,969,175 Adjustments: Depreciation of plant and equipment................... 113,154,831 90,892,691 Minority interests.................................... 14,408,469 10,747,527 Changes in: Current assets...................................... (83,073,119) (58,677,729) Current liabilities................................. 97,560,236 73,846,537 Other............................................... 16,060,189 (1,918,216) Cash provided by operating activities................. 307,194,513 201,859,985 Investing activities: Capital expenditures.................................... (154,531,802) (284,325,561) Cash (used in) investing activities................... (154,531,802) (284,325,561) Financing activities: Increase (decrease) in long-term debt................... (135,200,000) 95,500,000 Contributions for (distributions to) minority interests. 12,100,170 (6,421,940) Issuance of common stock................................ 2,645,989 3,774,011 Cash dividends.......................................... (11,768,479) (10,430,769) Cash provided by (used in) financing activities....... (132,222,320) 82,421,302 Increase (decrease) in cash and short-term investments.............................. $ 20,440,391 $ (44,274)
The information furnished has not been audited and is subject to year-end adjustments. - 4 - Analysis of Operations and Finances Operations Net sales increased by about 35% from the third quarter of 1993 to the third quarter of 1994, and increased by more than 30% from the first nine months of 1993 to the first nine months of 1994. About 60% of the net sales increase resulted from an increase in sales volume. Average sales prices increased by less than 10% from the third quarter of 1993 to the third quarter of 1994, and increased about 10% from the first nine months of 1993 to the first nine months of 1994. The major component of cost of products sold is raw material costs. The average price of raw materials increased about 10% in the third quarter of 1994 compared with the third quarter of 1993, and increased about 20% in the first nine months of 1994 from the comparable year-earlier period. Major components of marketing, administrative and other expenses are freight and profit sharing costs. Unit freight costs decreased about 10% from the third quarter of 1993 to the third quarter of 1994, and decreased more than 10% from the first nine months of 1993 to the first nine months of 1994. Profit sharing costs increased about 100% from the third quarter of 1993 to the third quarter of 1994, and increased about 85% from the first nine months of 1993 to the first nine months of 1994. Profit sharing costs are based upon and generally fluctuate with pre-tax earnings. Interest expense, which is reduced by interest income from short-term investments, decreased for the third quarter of 1994 from the third quarter of 1993, due primarily to decreased borrowings; and increased for the first nine months of 1994 from the first nine months of 1993 due to increased borrowings and increased average interest rates. Federal income taxes were at a rate of about 35% for the third quarter and first nine months of 1994, and about 34% for the third quarter and first nine months of 1993. Net earnings increased during the third quarter and first nine months of 1994, compared with the third quarter and first nine months of 1993, principally due to increased sales volume and improved margins. Margins were about 18% for the third quarter of 1994 and about 15% for the first nine months of 1994, versus about 14% for the third quarter of 1993 and 13% for the first nine months of 1993. Liquidity and capital resources The current ratio was about 1.3 at the end of the first nine months of 1994, and about 1.3 at year-end 1993. The percentage of long-term debt to total capital was about 15% at the end of the first nine months of 1994, and about 25% at year-end 1993. Capital expenditures decreased about 45% during the first nine months of 1994, compared with the first nine months of 1993. Capital expenditures are projected to be more than $200 million for all of 1994. Funds provided from operations, existing credit facilities and new borrowings are expected to be adequate to meet future capital expenditure and working capital requirements. - 5 - PART II - OTHER INFORMATION Item 6 - Exhibits and Reports on Form 8-k Exhibit 11 - Computation of net earnings per share. Reports on Form 8-K - None filed for the quarter. Exhibit 11 - Computation of net earnings per share
Nine Months (39 Weeks) Ended Three months (13 Weeks) Ended Oct. 1, 1994 Oct. 2, 1993 Oct. 1, 1994 Oct. 2, 1993 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Primary: Primary net earnings.......... $149,083,907 $86,969,175 $64,523,822 $34,807,128 Average shares outstanding (excludes dilutive effect of employee stock options because less than 3%)...... 87,147,660 86,878,785 87,183,177 86,952,262 Primary net earnings per share...... $1.7107 $1.0010 $.7401 $.4003 Fully diluted: Fully diluted net earnings.... $149,083,907 $86,969,175 $64,523,822 $34,807,128 Fully diluted average shares outstanding: Primary shares outstanding.. 87,147,660 86,878,785 87,183,177 86,952,262 Dilutive effect of employee stock options.... 350,043 396,852 341,371 382,523 87,497,703 87,275,637 87,524,548 87,334,785 Fully diluted net earnings per share...... $1.7039 $.9965 $.7372 $.3985
The information furnished has not been audited and is subject to year-end adjustments. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, Nucor Corporation has duly caused this report to be signed on its behalf by the undersigned, who is (1) a duly authorized officer, and (2) the principal financial officer. NUCOR CORPORATION By: SAMUEL SIEGEL Samuel Siegel Vice Chairman, Dated: November 11, 1994 Chief Financial Officer - 6 - EX-27 2 ART. 5 FDS FOR 3RD QUARTER 10-Q
5 9-MOS DEC-31-1994 OCT-01-1994 47,695,208 0 290,064,107 13,930,680 223,467,776 571,745,392 1,975,170,122 572,316,900 1,974,598,614 448,101,017 217,000,000 35,754,317 0 0 1,024,642,720 1,974,598,614 2,176,227,606 2,176,227,606 1,844,132,395 1,844,132,395 90,967,237 0 11,444,067 229,683,907 80,600,000 149,083,907 0 0 0 149,083,907 1.71 1.70
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