-----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, UVLb/aH5d0fu2J0djkCZuZmXlyJf7H7Lr/H1RQOKEkS0XsnOSDtwKM99IZFAuo2j SH3uH/ZfmTycsH77CS8RlQ== 0000950168-97-002141.txt : 19970812 0000950168-97-002141.hdr.sgml : 19970812 ACCESSION NUMBER: 0000950168-97-002141 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970705 FILED AS OF DATE: 19970811 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: 97654997 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 SECOND 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 July 5, 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 87,861,195 shares of common stock were outstanding at July 5, 1997. - 1 - PART I - FINANCIAL INFORMATION Consolidated Condensed Statements of Earnings
Six Months (26 Weeks) Ended Three Months (13 Weeks) Ended July 5, 1997 June 29, 1996 July 5, 1997 June 29, 1996 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net sales................... $2,045,580,423 $1,787,210,340 $1,035,090,608 $911,097,297 Costs and expenses: Cost of products sold..... 1,756,330,304 1,559,944,742 882,240,633 793,335,197 Marketing, administrative and other expenses...... 72,234,227 60,892,879 38,091,660 31,911,959 Interest expense (income). 1,409,486 (853,918) 763,423 107,311 -------------- -------------- ------------- ------------ 1,829,974,017 1,619,983,703 921,095,716 825,354,467 -------------- -------------- ------------- ------------ Earnings before federal income taxes...... 215,606,406 167,226,637 113,994,892 85,742,830 Federal income taxes...... 77,600,000 59,400,000 41,000,000 30,500,000 -------------- -------------- ------------- ------------ Net earnings............ $ 138,006,406 $ 107,826,637 $ 72,994,892 $ 55,242,830 ============== ============== ============= ============ Net earnings per share...... $1.57 $1.23 $.83 $.63 ===== ===== ==== ==== Dividends declared per share............... $.20 $.16 $.10 $.08 ==== ==== ==== ==== Average number of Shares outstanding.... 87,844,262 87,658,873 87,861,195 87,681,944
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 5, December 31, 1997 1996 -------------- ---------- Assets (Unaudited) (Audited) Current assets: Cash and short-term investments................. $ 145,254,993 $ 104,400,585 Accounts receivable.................................... 360,230,510 292,637,918 Inventories..................................... 396,752,382 385,798,890 Other current assets............................ 47,508,095 45,543,192 -------------- -------------- Total current assets.......................... 949,745,980 828,380,585 -------------- -------------- Property, plant and equipment..................... 1,832,823,714 1,791,152,821 -------------- -------------- Total assets.................................. $2,782,569,694 $2,619,533,406 ============== ============== Liabilities and stockholders' equity Current liabilities: Long-term debt due within one year.............. $ 850,000 $ 750,000 Accounts payable................................ 249,099,545 224,369,943 Salaries, wages and related accruals............ 106,538,992 101,712,186 Federal income taxes............................ 7,702,629 10,285,829 Accrued expenses and other current liabilities.. 153,083,562 128,534,797 -------------- -------------- Total current liabilities..................... 517,274,728 465,652,755 -------------- -------------- Long-term debt due after one year................. 167,350,000 152,600,000 -------------- -------------- Deferred credits and other liabilities............ 124,284,101 126,284,101 -------------- -------------- Minority interests................................ 241,638,265 265,706,357 -------------- -------------- Stockholders' equity: Common stock.................................... 35,981,479 35,950,914 Additional paid-in capital...................... 57,300,805 55,047,610 Retained earnings............................... 1,656,382,212 1,535,948,490 -------------- -------------- 1,749,664,496 1,626,947,014 Treasury stock.................................. (17,641,896) (17,656,821) -------------- -------------- 1,732,022,600 1,609,290,193 Total liabilities and stockholders' equity.... $2,782,569,694 $2,619,533,406 ============== ==============
Inventories consisted of approximately 55% raw materials and supplies, and 45% finished and semi-finished products, at July 5, 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
Six Months (26 Weeks) Ended July 5, 1997 June 29, 1996 (Unaudited) (Unaudited) Operating activities: Net earnings............................................ $138,006,406 $ 107,826,637 Adjustments: Depreciation of plant and equipment................... 105,273,959 84,880,786 Minority interests.................................... 41,406,373 37,846,341 Changes in: Current assets...................................... (80,510,987) (37,530,305) Current liabilities................................. 51,521,973 4,221,152 Other............................................... 3,013,727 9,960,902 ----------- ------------ Cash provided by operating activities................. 258,711,451 207,205,513 ----------- ------------ Investing activities: Capital expenditures (net).............................. (151,958,579) (243,026,372) ----------- ------------ Cash used in investing activities..................... (151,958,579) (243,026,372) ----------- ------------ Financing activities: Increase in long-term debt.............................. 14,850,000 24,850,000 Contributions for (distributions to) minority interests. (65,474,465) (26,659,920) Issuance of common stock................................ 2,298,685 2,009,299 Cash dividends.......................................... (17,572,684) (14,029,049) ----------- ------------ Cash used in financing activities..................... (65,898,464) (13,829,670) ----------- ------------ Increase (decrease) in cash and short-term investments.... $40,854,408 $(49,650,529) =========== ============
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 14% from both the second quarter of 1996 to the second quarter of 1997, and from the first half of 1996 to the first half of 1997. Substantially all of the net sales increase resulted from an increase in sales volume. Average sales prices were unchanged from the second quarter of 1996 to the second quarter of 1997, and increased about 1% from the first half of 1996 to the first half of 1997. The major component of cost of products sold is raw material costs. The average price of raw materials decreased about 5% in both the second quarter of 1997 compared with the second quarter of 1996, and the first half of 1997 compared with the first half of 1996. Major components of marketing, administrative and other expenses are freight and profit sharing costs. Unit freight costs increased about 1% from the second quarter of 1996 to the second quarter of 1997, and increased less than 1% from the first half of 1996 to the first half of 1997. Profit sharing costs increased about 45% from the second quarter of 1996 to the second quarter of 1997, and increased about 35% from the first half of 1996 to the first half of 1997. 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 1997 from the second quarter and first half of 1996, due primarily to increased average debt. Federal income taxes were at a rate of about 36% for the second quarter and first half of 1997, and the second quarter and first half of 1996. Net earnings increased during the second quarter and first half of 1997, compared with the second quarter and first half of 1996, due to increased volume and increased margins. Margins were about 14.8% for the second quarter of 1997 and about 14% for the first half of 1997, compared with about 13% for the second quarter of 1996 and about 12.7% for the first half of 1996. Liquidity and capital resources The current ratio was about 1.8 at the end of both the first half of 1997, and at year-end 1996. The percentage of long-term debt to total capital was about 8% at the end of the first half of 1997, and about 7.5% at year-end 1996. Capital expenditures decreased about 35% during the first half of 1997, compared with the first half 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 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 8, 1997, two directors were elected for terms of three years expiring in 2000; 71,652,465 shares were voted for H. David Aycock (873,092 abstained), and 71,656,708 shares were voted for Samuel Siegel (868,849 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 July 5, 1997 June 29, 1996 July 5, 1997 June 29 1996 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Primary: Primary net earnings........ $138,006,406 $ 107,826,637 $72,994,892 $55,242,830 ============ ============= =========== =========== Average shares outstanding (excludes dilutive effect of employee stock options because less than 3%).... 87,844,262 87,658,873 87,861,195 87,681,944 ========== ========== ========== ========== Primary Net earnings per share... $1.5710 $1.2301 $.8308 $.6300 ======= ======= ====== ====== Fully diluted: Fully diluted net earnings.. $138,006,406 $107,826,637 $72,994,892 $55,242,830 ============ ============ =========== =========== Fully diluted average shares outstanding: Primary shares outstanding 87,844,262 87,658,873 87,861,195 87,681,944 Dilutive effect of employee stock options. 55,492 125,338 62,389 104,411 ------------ ------------ ------------ ------------ 87,899,754 87,784,211 87,923,584 87,786,355 ============ ============ ============ ============ Fully diluted Net earnings per share... $1.5700 $1.2283 $.8302 $.6293 ======= ======= ====== ====== 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: August 11, 1997 Chief Financial Officer - 6 -
EX-27 2 ART. 5 FDS FOR 2ND QUARTER 10-Q
5 6-MOS DEC-31-1997 JUL-05-1997 145,254,993 0 381,291,721 21,061,211 396,752,382 949,745,980 2,845,544,874 1,012,721,160 2,782,569,694 517,274,728 167,350,000 35,981,479 0 0 1,713,683,017 2,782,569,694 2,045,580,423 2,045,580,423 1,756,330,304 1,756,330,304 72,234,227 0 1,409,486 215,606,406 77,600,000 138,006,406 0 0 0 138,006,406 1.57 1.57
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