-----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, RRJRf07SOn4j0S80eVrj2DsseVy5bXJeOhAl3aT8XZ0KBl/X+sVGrsEQE4EBve7G rHa/jePltJ0NQnNTUej5CQ== 0000950168-94-000267.txt : 19940819 0000950168-94-000267.hdr.sgml : 19940819 ACCESSION NUMBER: 0000950168-94-000267 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940702 FILED AS OF DATE: 19940809 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: 94542337 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 10-Q 89831.1 SECOND 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 July 2, 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 87,165,911 shares of common stock were outstanding at July 2, 1994. - 1 - PART I - FINANCIAL INFORMATION Consolidated Condensed Statements of Earnings
Six Months (26 Weeks) Ended Three Months (13 Weeks) Ended July 2, 1994 July 3, 1993 July 2, 1994 July 3, 1993 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net sales...................... $1,389,802,818 $1,054,711,722 $740,101,570 $564,932,555 Costs and expenses: Cost of products sold..... 1,196,337,792 925,426,922 629,028,479 491,719,210 Marketing, administrative and other expenses...... 55,358,118 44,139,997 30,514,935 23,056,612 Interest expense.......... 8,046,823 6,082,756 4,178,025 3,339,281 1,259,742,733 975,649,675 663,721,439 518,115,103 Earnings before federal income taxes...... 130,060,085 79,062,047 76,380,131 46,817,452 Federal income taxes...... 45,500,000 26,900,000 26,700,000 16,400,000 Net earnings............ $ 84,560,085 $ 52,162,047 $ 49,680,131 $ 30,417,452 Net earnings per share......... $.97 $.60 $.57 $.35 Dividends declared per share............... $.09 $.08 $.045 $.04 Average number of shares outstanding.... 87,129,998 86,842,942 87,153,715 86,893,230
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
July 2, December 31, 1994 1993 (Unaudited) (Audited) Assets Current assets: Cash and short-term investments................. $ 42,921,893 $ 27,254,817 Accounts receivable............................. 257,968,343 202,176,241 Inventories..................................... 233,954,535 215,014,570 Other current assets............................ 25,285,599 23,786,254 Total current assets.......................... 560,130,370 468,231,882 Property, plant and equipment......................... 1,415,847,028 1,361,036,440 Total assets.................................. $1,975,977,398 $1,829,268,322 Liabilities and stockholders' equity Current liabilities: Long-term debt due within one year.............. $ 200,000 $ 200,000 Accounts payable................................ 180,963,017 165,734,528 Salaries, wages and related accruals............ 78,899,082 60,892,849 Federal income taxes............................ 18,195,929 14,267,152 Accrued expenses and other current liabilities.. 144,272,765 109,396,252 Total current liabilities..................... 422,530,793 350,490,781 Long-term debt due after one year..................... 319,050,000 352,250,000 Deferred credits and other liabilities................ 88,773,098 81,273,098 Minority interests.................................... 165,027,638 143,087,504 Stockholders' equity: Common stock.................................... 35,737,050 35,701,222 Additional paid-in capital...................... 31,566,630 29,913,677 Retained earnings............................... 931,573,554 854,857,471 998,877,234 920,472,370 Treasury stock.................................. (18,281,365) (18,305,431) 980,595,869 902,166,939 Total liabilities and stockholders' equity.... $1,975,977,398 $1,829,268,322
Inventories consisted of approximately 50% raw materials and supplies, and 50% finished and semi-finished products at July 2, 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
Six Months (26 Weeks) Ended July 2, 1994 July 3, 1993 (Unaudited) (Unaudited) Operating activities: Net earnings..................................... $ 84,560,085 $ 52,162,047 Adjustments: Depreciation of plant and equipment............ 73,621,764 60,678,436 Minority interests............................. 7,776,574 8,922,702 Changes in: Current assets............................... (76,231,412) (79,060,455) Current liabilities.......................... 72,040,012 57,252,194 Other........................................ 7,203,105 8,017,408 Cash provided by operating activities.......... 168,970,128 107,972,332 Investing activities: Capital expenditures (net)....................... (128,135,457) (207,868,951) Cash (used in) investing activities............ (128,135,457) (207,868,951) Financing activities: Increase (decrease) in long-term debt............ (33,200,000) 112,300,000 Contributions for (distributions to) minority interests.................................... 14,163,560 (5,614,420) Issuance of common stock......................... 1,712,847 2,894,871 Cash dividends................................... (7,844,002) (6,951,476) Cash provided by (used in) financing activities.................................. (25,167,595) 102,628,975 Increase in cash and short-term investments............ $ 15,667,076 $ 2,732,356
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 30% from the second quarter of 1993 to the second quarter of 1994, and increased by more than 30% from the first half of 1993 to the first half of 1994. About one half of the net sales increase resulted from an increase in sales volume, and about one half resulted from an increase in average sales prices. Average sales prices increased by more than 10% from the second quarter of 1993 to the second quarter of 1994, and increased by about 15% from the first half of 1993 to the first half of 1994. The major component of cost of products sold is raw material costs. The average price of raw materials increased about 20% in the second quarter of 1994 compared with the second quarter of 1993, and increased about 25% in the first half of 1994 from the year-earlier half. Major components of marketing, administrative and other expenses are freight and profit sharing costs. Unit freight costs decreased about 15% in the second quarter of 1994 from the second quarter of 1993 and decreased about 15% from the first half of 1993 to the first half of 1994. Profit sharing costs increased about 70% from the second quarter of 1993 to the second quarter of 1994, and increased about 75% from the first half of 1993 to the first half 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, increased for the second quarter and first half of 1994 from the second quarter and first half of 1993, due to increased borrowings and increased average interest rates. Federal income taxes were at a rate of about 35% for the first half and second quarter of 1994, versus a rate of about 35% for the second quarter of 1993 and about 34% for the first half of 1993. Net earnings increased during the second quarter and first half of 1994, compared with the second quarter and first half of 1993, principally due to increased sales volume and improved margins. Margins were about 15% for the second quarter of 1994 and about 14% for the first half of 1994, versus about 13% for the second quarter of 1993 and about 12% for the first half of 1993. Liquidity and capital resources The current ratio was about 1.3 at the end of the first half of 1994, and about 1.3 at year-end 1993. The percentage of long-term debt to total capital was about 21% at the end of the first half of 1994, and about 25% at year-end 1993. Capital expenditures decreased about 40% during the first half of 1994, compared with the first half 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 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 12, 1994, two directors were elected for terms of three years expiring in 1997. 54,969,973 shares were voted for H. David Aycock (737,572 abstained); and 54,970,308 shares were voted for Samuel Siegel (737,237 abstained). 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
Six Months (26 Weeks) Ended Three months (13 Weeks) Ended July 2, 1994 July 3, 1993 July 2, 1994 July 3, 1993 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Primary: Primary net earnings.............. $84,560,085 $52,162,047 $49,680,131 $30,417,452 Average shares outstanding (excludes dilutive effect of employee stock options because less than 3%)........... 87,129,998 86,842,942 87,153,715 86,893,230 Primary net earnings per share.. $.9705 $.6006 $.5700 $.3501 Fully diluted: Fully diluted net earnings........ $84,560,085 $52,162,047 $49,680,131 $30,417,452 Fully diluted average shares outstanding: Primary shares outstanding...... 87,129,998 86,842,942 87,153,715 86,893,230 Dilutive effect of employee stock options........ 354,357 403,938 353,423 366,826 87,484,355 87,246,880 87,507,137 87,260,056 Fully diluted net earnings per share.......... $.9666 $.5979 $.5676 $.3486
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 11, 1994 Chief Financial Officer - 6 - -----END PRIVACY-ENHANCED MESSAGE-----