-----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, H8P4/OcMRPPYZyLtC++mLQzDmAC1sFUvpLSQCPEp/Hwgh0+UB8bjYqa1LGSKc2RK ychGahj6vWPSxaj0ehGHbA== 0000950168-97-003212.txt : 19971111 0000950168-97-003212.hdr.sgml : 19971111 ACCESSION NUMBER: 0000950168-97-003212 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971004 FILED AS OF DATE: 19971110 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: SEC FILE NUMBER: 001-04119 FILM NUMBER: 97711509 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 CORPORATION 10-Q THIRD QUARTER 1997 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 4, 1997 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 -- -- 87,908,284 shares of common stock were outstanding at October 4, 1997. - 1 - PART I - FINANCIAL INFORMATION ------------------------------ Consolidated Condensed Statements of Earnings - ---------------------------------------------
Nine Months (39 Weeks) Ended Three Months (13 Weeks) Ended ------------------------------ ----------------------------- Oct. 4, 1997 Sep. 28, 1996 Oct. 4, 1997 Sep. 28, 1996 ------------ -------------- -------------- -------------- (Unaudited) (Unaudited) (Unaudited) (Unaudited) ------------ -------------- -------------- -------------- Net sales................... $3,147,201,389 $2,724,658,269 $1,101,620,966 $937,447,929 -------------- -------------- -------------- ------------ Costs and expenses: Cost of products sold..... 2,692,579,797 2,374,931,522 936,249,493 814,986,780 Marketing, administrative and other expenses...... 112,776,041 93,432,917 40,541,814 32,540,038 Interest expense (income). 1,254,821 (619,830) (154,665) 234,088 -------------- -------------- -------------- ------------ 2,806,610,659 2,467,744,609 976,636,642 847,760,906 -------------- -------------- -------------- ------------ Earnings before federal income taxes...... 340,590,730 256,913,660 124,984,324 89,687,023 Federal income taxes...... 122,600,000 91,200,000 45,000,000 31,800,000 -------------- -------------- -------------- ------------ Net earnings............ $ 217,990,730 $ 165,713,660 $ 79,984,324 $ 57,887,023 ============== ============== ============== ============ Net earnings per share...... $2.48 $1.89 $.91 $.66 ===== ===== ==== ==== Dividends declared per share............... $.30 $.24 $.10 $.08 ==== ==== ==== ==== Average number of shares outstanding.... 87,860,682 87,673,653 87,894,245 87,703,051
The information furnished reflects all adjustments that 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 4, December 31, 1997 1996 -------------- ---------- Assets (Unaudited) (Audited) - ------ -------------- ---------- Current assets: Cash and short-term investments................. $ 284,153,129 $ 104,400,585 Accounts receivable............................. 376,175,329 292,637,918 Inventories..................................... 379,694,146 385,798,890 Other current assets............................ 48,189,749 45,543,192 -------------- -------------- Total current assets.......................... 1,088,212,353 828,380,585 -------------- -------------- Property, plant and equipment..................... 1,838,588,837 1,791,152,821 -------------- -------------- Total assets.................................. $2,926,801,190 $2,619,533,406 ============== ============== Liabilities and stockholders' equity - ------------------------------------ Current liabilities: Long-term debt due within one year.............. $ 250,000 $ 750,000 Accounts payable................................ 246,366,267 224,369,943 Salaries, wages and related accruals............ 136,141,095 101,712,186 Federal income taxes............................ 12,907,650 10,285,829 Accrued expenses and other current liabilities.. 175,667,819 128,534,797 -------------- -------------- Total current liabilities..................... 571,332,831 465,652,755 -------------- -------------- Long-term debt due after one year................. 167,950,000 152,600,000 -------------- -------------- Deferred credits and other liabilities............ 124,284,101 126,284,101 -------------- -------------- Minority interests................................ 259,075,398 265,706,357 -------------- -------------- Stockholders' equity: Common stock.................................... 35,994,457 35,950,914 Additional paid-in capital...................... 58,216,006 55,047,610 Retained earnings............................... 1,727,575,707 1,535,948,490 -------------- -------------- 1,821,786,170 1,626,947,014 Treasury stock.................................. (17,627,310) (17,656,821) -------------- -------------- 1,804,158,860 1,609,290,193 -------------- -------------- Total liabilities and stockholders' equity.... $2,926,801,190 $2,619,533,406 ============== ==============
Inventories consisted of approximately 60% raw materials and supplies, and 40% finished and semi-finished products, at October 4, 1997 (60% and 40% at December 31, 1996). 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. 4, 1997 Sep. 28, 1996 ------------- -------------- (Unaudited) (Unaudited) ------------- -------------- Operating activities: Net earnings............................................ $217,990,730 $165,713,660 Adjustments: Depreciation of plant and equipment................... 159,434,445 130,530,677 Minority interests.................................... 63,907,106 55,924,415 Changes in: Current assets...................................... (80,079,224) (62,645,793) Current liabilities................................. 106,180,076 48,034,195 Other............................................... 15,018,852 5,942,597 ------------ ------------ Cash provided by operating activities................. 482,451,985 343,499,751 ------------ ------------ Investing activities: Capital expenditures (net).............................. (223,889,313) (394,566,900) ------------ ------------ Cash used in investing activities..................... (223,889,313) (394,566,900) ------------ ------------ Financing activities: Increase in long-term debt.............................. 14,850,000 24,850,000 Contributions for (distributions to) minority interests. (70,538,065) (31,787,040) Issuance of common stock................................ 3,241,450 2,778,739 Cash dividends.......................................... (26,363,513) (21,046,435) ------------ ------------ Cash used in financing activities..................... (78,810,128) (25,204,736) ------------ ------------ Increase (decrease) in cash and short-term investments.... $179,752,544 $(76,271,885) ============ ============
The information furnished has not been audited and is subject to year-end adjustments. - 4 - Analysis of Operations and Finances - ----------------------------------- Operations - ---------- Net sales increased close to 20% from the third quarter of 1996 to the third quarter of 1997, with nearly all of the net sales increase resulting from an increase in sales volume. Net sales increased close to 15% from the first nine months of 1996 to the first nine months of 1997, primarily as a result of an increase in sales volume. Average sales prices were unchanged from the third quarter of 1996 to the third quarter of 1997, and were substantially the same from the first nine months of 1996 to the first nine months of 1997. The major component of cost of products sold is raw material costs. The average price of raw materials decreased less than 5%, both in the third quarter of 1997 compared with the third quarter of 1996, and in the first nine months of 1997 compared with the first nine months of 1996. Major components of marketing, administrative and other expenses are freight and profit sharing costs. Unit freight costs decreased close to 5% from the third quarter of 1996 to the third quarter of 1997, and decreased less than 5% from the first nine months of 1996 to the first nine months of 1997. Profit sharing costs increased close to 45% from the third quarter of 1996 to the third quarter of 1997, and increased about 40% from the first nine months of 1996 to the first nine months of 1997. Profit sharing costs are based upon and fluctuate in relation to pre-tax earnings. Interest income, net of interest expense, increased for the third quarter of 1997 from the third quarter of 1996, due primarily to increased earnings from short-term investments. Interest expense, net of interest income, increased from the first nine months of 1996 to the first nine months of 1997, as a result of increased average debt and decreased earnings from short-term investments. Federal income taxes were at a rate of about 36% for the third quarter and first nine months of 1997, and for the third quarter and first nine months of 1996. Net earnings increased during the third quarter and first nine months of 1997, compared with the third quarter and first nine months of 1996, due to increased volume, increased margins and decreased pre-operating and start-up costs of new facilities. Margins were about 15% for the third quarter of 1997 and about 14% for the first nine months of 1997, compared with about 13% for both the third quarter and first nine months of 1996. Liquidity and capital resources - ------------------------------- The current ratio was about 1.9 at the end of the first nine months of 1997, and about 1.8 at year-end 1996. The percentage of long-term debt to total capital was about 7.5%, both at the end of the first nine months of 1997 and at year-end 1996. Capital expenditures decreased close to 45% during the first nine months of 1997 compared with the first nine months of 1996. Capital expenditures are projected to be more than $250 million for all of 1997. Funds provided from operations, existing credit facilities and new borrowings are expected to be more than 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. 4, 1997 Sept. 28, 1996 Oct. 4, 1997 Sep. 28, 1996 ------------ --------------- ------------- ------------- (Unaudited) (Unaudited) (Unaudited) (Unaudited) ------------ --------------- ------------- ------------- Primary: Primary net earnings........ $217,990,730 $165,713,660 $79,984,324 $57,887,023 ============ ============ =========== =========== Average shares outstanding (excludes dilutive effect of employee stock options because less than 3%).... 87,860,682 87,673,653 87,894,245 87,703,051 ========== ========== ========== ========== Primary net earnings per share... $2.4811 $1.8901 $.9100 $.6600 ======= ======= ====== ====== Fully diluted: Fully diluted net earnings.. $217,990,730 $165,713,660 $79,984,324 $57,887,023 ============ ============ =========== =========== Fully diluted average shares outstanding: Primary shares outstanding 87,860,682 87,673,653 87,894,245 87,703,051 Dilutive effect of employee stock options. 62,536 107,337 76,931 71,533 ---------- ---------- ---------- ---------- 87,923,218 87,780,990 87,971,176 87,774,584 ========== ========== ========== ========== Fully diluted net earnings per share... $2.4793 $1.8878 $.9092 $.6596 ======= ======= ====== ======
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: /s/ SAMUEL SIEGEL Samuel Siegel Vice Chairman, Dated: November 10, 1997 Chief Financial Officer - 6 - EX-27 2 ART. 5 FDS FOR 3RD QUARTER 10-Q
5 9-MOS DEC-31-1997 OCT-04-1997 284,153,129 0 396,279,342 20,104,013 379,694,146 1,088,212,353 2,905,375,780 1,066,786,943 2,926,801,190 571,332,831 167,950,000 35,994,457 0 0 1,785,791,713 2,926,801,190 3,147,201,389 3,147,201,389 2,692,579,797 2,692,579,797 112,776,041 0 1,254,821 340,590,730 122,600,000 217,990,730 0 0 0 217,990,730 2.48 2.48
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