-----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, L7EEtHCKsBUxO2n66AsyT83wmIskDV0VtDBART5pwVjNAfPJzLMiHM8UntPFICt/ tBsSaW6ZNzB8aoztjg8KKQ== 0000950168-96-001385.txt : 19960808 0000950168-96-001385.hdr.sgml : 19960808 ACCESSION NUMBER: 0000950168-96-001385 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960629 FILED AS OF DATE: 19960807 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUCOR CORP CENTRAL INDEX KEY: 0000073309 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [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: 96604841 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 NUCOR CORP. 10-Q SECOND QUARTER 1996 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 June 29, 1996 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 87,683,861 shares of common stock were outstanding at June 29, 1996. - 1 - PART I - FINANCIAL INFORMATION Consolidated Condensed Statements of Earnings
Six Months (26 Weeks) Ended Three Months (13 Weeks) Ended June 29, 1996 July 1, 1995 June 29, 1996 July 1, 1995 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net sales................... $1,787,210,340 $1,721,886,767 $911,097,297 $880,152,115 -------------- -------------- ------------ ------------ Costs and expenses: Cost of products sold..... 1,559,944,742 1,437,075,166 793,335,197 735,088,241 Marketing, administrative and other expenses...... 60,892,879 69,525,134 31,911,959 35,818,776 Interest expense (income). (853,918) 1,644,340 107,311 411,422 -------------- -------------- ------------ ------------ 1,619,983,703 1,508,244,640 825,354,467 771,318,439 -------------- -------------- ------------ ------------ Earnings before federal income taxes...... 167,226,637 213,642,127 85,742,830 108,833,676 Federal income taxes...... 59,400,000 76,400,000 30,500,000 38,900,000 -------------- -------------- ------------ ------------ Net earnings............ $ 107,826,637 $ 137,242,127 $ 55,242,830 $ 69,933,676 ============== ============== ============ ============ Net earnings per share...... $1.23 $1.57 $.63 $.80 ===== ===== ==== ==== Dividends declared per share............... $.16 $.14 $.08 $.07 ==== ==== ==== ==== Average number of shares outstanding.... 87,658,873 87,393,162 87,681,944 87,422,538
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
June 29, December 31, 1996 1995 -------------- -------------- Assets (Unaudited) (Audited) Current assets: Cash and short-term investments................. $ 152,145,246 $ 201,795,775 Accounts receivable............................. 310,172,575 283,206,832 Inventories..................................... 311,450,112 306,773,384 Other current assets............................ 44,853,161 38,965,327 -------------- -------------- Total current assets.......................... 818,621,094 830,741,318 -------------- -------------- Property, plant and equipment..................... 1,607,334,699 1,465,400,015 -------------- -------------- Total assets.................................. $2,425,955,793 $2,296,141,333 ============== ============== Liabilities and stockholders' equity Current liabilities: Long-term debt due within one year.............. $ 150,000 $ 150,000 Accounts payable................................ 217,061,697 214,562,570 Salaries, wages and related accruals............ 95,090,854 104,562,678 Federal income taxes............................ 3,948,873 11,298,873 Accrued expenses and other current liabilities.. 135,106,039 116,562,190 -------------- -------------- Total current liabilities..................... 451,357,463 447,136,311 -------------- -------------- Long-term debt due after one year................. 131,700,000 106,850,000 -------------- -------------- Deferred credits and other liabilities............ 133,134,197 139,384,197 -------------- -------------- Minority interests................................ 231,845,087 220,658,666 -------------- -------------- Stockholders' equity: Common stock.................................... 35,935,405 35,902,460 Additional paid-in capital...................... 50,620,527 48,669,443 Retained earnings............................... 1,409,641,629 1,315,844,041 -------------- -------------- 1,496,197,561 1,400,415,944 Treasury stock.................................. (18,278,515) (18,303,785) -------------- -------------- 1,477,919,046 1,382,112,159 -------------- -------------- Total liabilities and stockholders' equity.... $2,425,955,793 $2,296,141,333 ============== ==============
Inventories consisted of approximately 55% raw materials and supplies, and 45% finished and semi-finished products, at June 29, 1996 (55% and 45% at December 31, 1995). The information furnished has not been audited and is subject to year-end adjustments. - 3 - Consolidated Condensed Statements of Cash Flows
Six Months (26 Weeks) Ended June 29, 1996 July 1, 1995 (Unaudited) (Unaudited) Operating activities: Net earnings............................................ $107,826,637 $137,242,127 Adjustments: Depreciation of plant and equipment................... 84,880,786 82,743,171 Minority interests.................................... 37,846,341 11,086,551 Changes in: Current assets...................................... (37,530,305) (56,687,203) Current liabilities................................. 4,221,152 42,859,582 Other............................................... 9,960,902 5,109,163 ------------ ------------ Cash provided by operating activities................. 207,205,513 222,353,391 ------------ ------------ Investing activities: Capital expenditures (net).............................. (243,026,372) (76,391,706) ------------ ------------ Cash used in investing activities..................... (243,026,372) (76,391,706) ------------ ------------ Financing activities: Increase (decrease) in long-term debt................... 24,850,000 (36,250,000) Contributions for (distributions to) minority interests. (26,659,920) 883,600 Issuance of common stock................................ 2,009,299 1,994,124 Cash dividends.......................................... (14,029,049) (12,239,123) ------------ ------------ Cash used in financing activities..................... (13,829,670) (45,611,399) ------------ ------------ Increase (decrease) in cash and short-term investments.... $(49,650,529) $100,350,286 ============ ============
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 4% from the both the second quarter of 1995 to the second quarter of 1996, and from the first half of 1995 to the first half of 1996. All of the net sales increase resulted from an increase in sales volume. Average sales prices were unchanged from the second quarter of 1995 to the second quarter of 1996, and decreased about 1% from the first half of 1995 to the first half of 1996. The major component of cost of products sold is raw material costs. The average price of raw materials increased about 1% in both the second quarter of 1996 compared with the second quarter of 1995, and the first half of 1996 compared with the first half of 1995. Major components of marketing, administrative and other expenses are freight and profit sharing costs. Unit freight costs increased less than 1% from the second quarter of 1995 to the second quarter of 1996, and increased about 2% from the first half of 1995 to the first half of 1996. Profit sharing costs decreased about 30% from both the second quarter of 1995 to the second quarter of 1996, and from the first half of 1995 to the first half of 1996. 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 second quarter and first half of 1996 from the second quarter and first half of 1995, due primarily to decreased average debt. Federal income taxes were at a rate of about 36% for the second quarter and first half of 1996, and the second quarter and first half of 1995. Net earnings decreased during the second quarter and first half of 1996, compared with the second quarter and first half of 1995, due to increased pre-operating and start-up costs of new facilities and decreased margins. Margins were about 13% for the second quarter and first half of 1996, compared with about 16% for the second quarter and first half of 1995. Liquidity and capital resources - ------------------------------- The current ratio was about 1.8 at the end of the first half of 1996, and about 1.9 at year-end 1995. The percentage of long-term debt to total capital was about 7% at the end of the first half of 1996, and about 6% at year-end 1995. Capital expenditures increased over 200% during the first half of 1996, compared with the first half of 1995. Capital expenditures are projected to be more than $500 million for all of 1996. Funds provided from operations, existing credit facilities, and new long-term debt are expected to be more than adequate to meet future capital expenditure and working capital requirements. - 5 - PART II - OTHER INFORMATION Item 4 - Submission of Matters to a Vote of Security Holders At the annual meeting of stockholders held on May 9, 1996, two directors were elected for terms of three years expiring in 1999; 58,911,356 shares were voted for F. Kenneth Iverson (986,894 abstained), and 58,912,710 shares were voted for James W. Cunningham (985,540 abstained). Item6 - 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
Six Months (26 Weeks) Ended Three months (13 Weeks) Ended June 29, 1996 July 1, 1995 June 29, 1996 July 1, 1995 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Primary: Primary net earnings..........$107,826,637 $137,242,127 $55,242,830 $69,933,676 ============ ============ =========== =========== Average shares outstanding (excludes dilutive effect of employee stock options because less than 3%)...... 87,658,873 87,393,162 87,681,944 87,422,538 ========== ========== ========== ========== Primary net earnings per share...... $1.2301 $1.5704 $.6300 $.8000 ======= ======= ====== ====== Fully diluted: Fully diluted net earnings....$107,826,637 $137,242,127 $55,242,830 $69,933,676 ============ ============ =========== =========== Fully diluted average shares outstanding: Primary shares outstanding.. 87,658,873 87,393,162 87,681,944 87,422,538 Dilutive effect of employee stock options.... 125,338 195,479 104,411 168,023 ---------- ---------- ---------- ---------- 87,784,211 87,588,641 87,786,355 87,590,561 ========== ========== ========== ========== Fully diluted net earnings per share...... $1.2283 $1.5669 $.6293 $.7984 ======= ======= ====== ======
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: August 9, 1996 Chief Financial Officer - 6 - EX-27 2 ART. 5 FDS FOR 2ND QUARTER 10-Q
5 6-MOS DEC-31-1996 JUN-29-1996 152,145,246 0 326,373,720 16,201,145 311,450,112 818,621,094 2,437,502,174 830,167,475 2,425,955,793 451,357,463 131,700,000 35,935,405 0 0 1,460,262,156 2,425,955,793 911,097,297 911,097,297 793,335,197 793,335,197 31,911,959 0 107,311 85,742,830 30,500,000 55,242,830 0 0 0 55,242,830 .63 .63
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