-----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, Snp5CuVvGZ2EmWHXpy3HwfHGqiXjZYEHoivDJABLELPDAVzZLChjS7x4Qtj6Ck6j SRXlhdjy3awNcGpu9DzS0Q== 0000950168-96-002052.txt : 19961111 0000950168-96-002052.hdr.sgml : 19961111 ACCESSION NUMBER: 0000950168-96-002052 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960928 FILED AS OF DATE: 19961108 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: 96657549 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 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 September 28, 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 ___ 87,718,082 shares of common stock were outstanding at September 28, 1996. - 1 - PART I - FINANCIAL INFORMATION Consolidated Condensed Statements of Earnings
Nine Months (39 Weeks) Ended Three Months (13 Weeks) Ended Sep. 28, 1996 Sep. 30, 1995 Sep. 28, 1996 Sep. 30, 1995 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net sales................... $2,724,658,269 $2,582,431,557 $937,447,929 $860,544,790 -------------- -------------- ------------ ------------ Costs and expenses: Cost of products sold..... 2,374,931,522 2,167,023,090 814,986,780 729,947,924 Marketing, administrative and other expenses...... 93,432,917 103,051,370 32,540,038 33,526,236 Interest expense (income). (619,830) 711,926 234,088 (932,414) -------------- -------------- ------------ ------------ 2,467,744,609 2,270,786,386 847,760,906 762,541,746 -------------- -------------- ------------ ------------ Earnings before federal income taxes...... 256,913,660 311,645,171 89,687,023 98,003,044 Federal income taxes...... 91,200,000 111,400,000 31,800,000 35,000,000 -------------- -------------- ------------ ------------ Net earnings............ $ 165,713,660 $ 200,245,171 $ 57,887,023 $ 63,003,044 ============== ============== ============ ============ Net earnings per share...... $1.89 $2.29 $.66 $.72 ===== ===== ==== ==== Dividends declared per share............... $.24 $.21 $.08 $.07 ==== ==== ==== ==== Average number of shares outstanding.... 87,673,653 87,413,820 87,703,051 87,455,135
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
September 28, December 31, 1996 1995 Assets (Unaudited) (Audited) Current assets: Cash and short-term investments................. $ 125,523,890 $ 201,795,775 Accounts receivable............................. 327,073,081 283,206,832 Inventories..................................... 317,677,099 306,773,384 Other current assets............................ 46,841,156 38,965,327 -------------- -------------- Total current assets.......................... 817,115,226 830,741,318 Property, plant and equipment..................... 1,713,242,991 1,465,400,015 -------------- -------------- Total assets.................................. $2,530,358,217 $2,296,141,333 ============== ============== Liabilities and stockholders' equity Current liabilities: Long-term debt due within one year.............. $ 150,000 $ 150,000 Accounts payable................................ 224,746,371 214,562,570 Salaries, wages and related accruals............ 123,479,637 104,562,678 Federal income taxes............................ 3,547,360 11,298,873 Accrued expenses and other current liabilities.. 143,247,138 116,562,190 -------------- -------------- Total current liabilities..................... 495,170,506 447,136,311 -------------- -------------- Long-term debt due after one year................. 131,700,000 106,850,000 -------------- -------------- Deferred credits and other liabilities............ 129,133,547 139,384,197 -------------- -------------- Minority interests................................ 244,796,041 220,658,666 -------------- -------------- Stockholders' equity: Common stock.................................... 35,948,468 35,902,460 Additional paid-in capital...................... 51,363,633 48,669,443 Retained earnings............................... 1,460,511,266 1,315,844,041 -------------- -------------- 1,547,823,367 1,400,415,944 Treasury stock.................................. (18,265,244) (18,303,785) -------------- -------------- 1,529,558,123 1,382,112,159 Total liabilities and stockholders' equity.... $2,530,358,217 $2,296,141,333 ============== ==============
Inventories consisted of approximately 55% raw materials and supplies, and 45% finished and semi-finished products at September 28, 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
Nine Months (39 Weeks) Ended Sep. 28, 1996 Sep. 30, 1995 (Unaudited) (Unaudited) Operating activities: Net earnings............................................ $165,713,660 $200,245,171 Adjustments: Depreciation of plant and equipment................... 130,530,677 124,072,243 Minority interests.................................... 55,924,415 26,058,919 Changes in: Current assets...................................... (62,645,793) (32,431,764) Current liabilities................................. 48,034,195 80,406,605 Other............................................... 5,942,597 (32,400,721) ------------ ------------ Cash provided by operating activities................. 343,499,751 365,950,453 ------------ ------------ Investing activities: Capital expenditures (net).............................. (394,566,900) (142,948,212) ------------ ------------ Cash used in investing activities..................... (394,566,900) (142,948,212) ------------ ------------ Financing activities: Increase (decrease) in long-term debt................... 24,850,000 (48,250,000) Contributions for (distributions to) minority interests. (31,787,040) (1,482,120) Issuance of common stock................................ 2,778,739 2,626,875 Cash dividends.......................................... (21,046,435) (18,362,247) ------------ ------------ Cash used in financing activities..................... (25,204,736) (65,467,492) ------------ ------------ Increase (decrease) in cash and short-term investments.... $(76,271,885) $157,534,749 ============ ============
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 close to 10% from the third quarter of 1995 to the third quarter of 1996, with nearly all of the net sales increase resulting from an increase in sales volume. Net sales increased by about 5% from the first nine months of 1995 to the first nine months of 1996, with all of the net sales increase resulting from an increase in sales volume. Average sales prices were substantially the same in the third quarter of 1995 and the third quarter of 1996, and were substantially the same in the first nine months of 1995 and in the first nine months of 1996. The major component of cost of products sold is raw material costs. The average price of raw materials increased about 2% in the third quarter of 1996 compared with the third quarter of 1995, and increased by about 1% in the first nine months of 1996 from the comparable year-earlier period. Major components of marketing, administrative and other expenses are freight and profit sharing costs. Unit freight costs increased about 10% from the third quarter of 1995 to the third quarter of 1996, and increased about 5% from the first nine months of 1995 to the first nine months of 1996. Profit sharing costs decreased about 15% from the third quarter of 1995 to the third quarter of 1996, and decreased about 25% from the first nine months of 1995 to the first nine months 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 first nine months of 1996 from the first nine months of 1995, due primarily to decreased average borrowings, and increased from the third quarter of 1995 to the third quarter of 1996 due primarily to 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 1996, and the third quarter and first nine months of 1995. Net earnings decreased during the third quarter and first nine months of 1996, compared with the third quarter and first nine months of 1995, principally due to increased pre-operating and start-up costs of new facilities and decreased margins. Margins were about 13% for the third quarter of 1996 and first nine months of 1996, versus about 15% for the third quarter of 1995 and 16% for the first nine months of 1995. Liquidity and capital resources The current ratio was about 1.6 at the end of the first nine months 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 nine months of 1996, and about 6% at year-end 1995. Capital expenditures increased over 175% during the first nine months of 1996, compared with the first nine months 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 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. 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: SAM SIEGEL Samuel Siegel Vice Chairman, Dated: November 11, 1996 Chief Financial Officer - 6 - EX-11 2 EXHIBIT 11 Exhibit 11 - Computation of net earnings per share
Nine Months (39 Weeks) Ended Three months (13 Weeks) Ended Sep. 28, 1996 Sep. 30, 1995 Sep. 28, 1996 Sep. 30, 1995 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Primary: Primary net earnings.......... $165,713,660 $200,245,171 $57,887,023 $63,003,044 ============ ============ =========== =========== Average shares outstanding (excludes dilutive effect of employee stock options because less than 3%)...... 87,673,653 87,413,820 87,703,051 87,455,135 ========== ========== ========== ========== Primary net earnings per share...... $1.8901 $2.2908 $.6600 $.7204 ======= ======= ====== ====== Fully diluted: Fully diluted net earnings.... $165,713,660 $200,245,171 $57,887,023 $63,003,044 ============ ============ =========== =========== Fully diluted average shares outstanding: Primary shares outstanding.. 87,673,653 87,413,820 87,703,051 87,455,135 Dilutive effect of employee stock options.... 107,337 192,034 71,533 158,110 ---------- ---------- ---------- ---------- 87,780,990 87,605,854 87,774,584 87,613,245 ========== ========== ========== ========== Fully diluted net earnings per share...... $1.8878 $2.2858 $.6596 $.7191 ======= ======= ====== ======
The information furnished has not been audited and is subject to year-end adjustments. EX-27 3 ART. 5 FDS FOR 3RD QUARTER 10-Q
5 9-MOS DEC-31-1996 SEP-28-1996 125,523,890 0 343,991,662 16,918,581 317,677,099 817,115,226 2,588,815,882 875,572,891 2,530,358,217 495,170,506 131,700,000 35,948,468 0 0 1,493,609,655 2,530,358,217 2,724,658,269 2,724,658,269 2,374,931,522 2,374,931,522 93,432,917 0 (619,830) 256,913,660 91,200,000 165,713,660 0 0 0 165,713,660 1.89 1.89
-----END PRIVACY-ENHANCED MESSAGE-----