-----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, B8WNTs0DHTIlijszwx3hVUiRtt0XQWlypJ138aJD8BKNk1xMprZrUiYvXPIfBXyq 9CdzI0p4xf8/n+tMgvZcuQ== 0000950168-98-002514.txt : 19980810 0000950168-98-002514.hdr.sgml : 19980810 ACCESSION NUMBER: 0000950168-98-002514 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980704 FILED AS OF DATE: 19980807 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: 98679140 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 1998 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 4, 1998 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 --- --- 88,069,675 SHARES OF COMMON STOCK WERE OUTSTANDING AT JULY 4, 1998. - 1 - PART I - FINANCIAL INFORMATION ------------------------------ NUCOR CORPORATION - CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS - ----------------------------------------------------------------- SIX MONTHS (26 WEEKS) ENDED THREE MONTHS (13 WEEKS)ENDED JULY 4, 1998 JULY 5, 1997 JULY 4, 1998 July 5, 1997 (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) ----------- ------------- ------------- ----------- NET SALES .................. $ 2,267,212,238 $ 2,045,580,423 $1,128,350,083 $1,035,090,608 --------------- --------------- -------------- -------------- COSTS AND EXPENSES: COST OF PRODUCTS SOLD .... 1,975,810,481 1,756,330,304 976,304,508 882,240,633 MARKETING, ADMINISTRATIVE AND OTHER EXPENSES ..... 78,949,401 72,234,227 40,081,649 38,091,660 INTEREST EXPENSE (INCOME) (2,111,167) 1,409,486 (762,084) 763,423 --------------- -------------- -------------- -------------- 2,052,648,715 1,829,974,017 1,015,624,073 921,095,716 --------------- -------------- -------------- -------------- EARNINGS BEFORE FEDERAL INCOME TAXES ..... 214,563,523 215,606,406 112,726,010 113,994,892 FEDERAL INCOME TAXES ..... 77,200,000 77,600,000 40,500,000 41,000,000 --------------- --------------- --------------- --------------- NET EARNINGS ........... $ 137,363,523 $ 138,006,406 $ 72,226,010 $ 72,994,892 =============== =============== =============== =============== NET EARNINGS PER SHARE ..... $ 1.56 $ 1.57 $ .82 $ .83 =============== =============== =============== =============== DIVIDENDS DECLARED PER SHARE .............. $ .24 $ .20 $ .12 $ .10 =============== =============== =============== =============== AVERAGE NUMBER OF SHARES OUTSTANDING . 88,042,141 87,844,262 88,064,592 87,861,195
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 - NUCOR CORPORATION - CONSOLIDATED CONDENSED BALANCE SHEETS JULY 4, DECEMBER 31, 1998 1997 ------------- --------------- ASSETS (UNAUDITED) (AUDITED) CURRENT ASSETS: CASH AND SHORT-TERM INVESTMENTS................. $ 291,295,000 $283,381,137 ACCOUNTS RECEIVABLE............................. 390,396,184 386,352,612 INVENTORIES..................................... 406,150,619 397,048,379 OTHER CURRENT ASSETS............................ 60,875,034 58,726,336 -------------- -------------- TOTAL CURRENT ASSETS.......................... 1,148,716,837 1,125,508,464 -------------- -------------- PROPERTY, PLANT AND EQUIPMENT..................... 1,963,997,110 1,858,874,894 -------------- -------------- TOTAL ASSETS.................................. $3,112,713,947 $2,984,383,358 ============== ============== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: LONG-TERM DEBT DUE WITHIN ONE YEAR.............. $ -- $250,000 ACCOUNTS PAYABLE................................ 233,113,480 260,268,115 SALARIES, WAGES AND RELATED ACCRUALS............ 108,803,422 110,730,654 FEDERAL INCOME TAXES............................ 19,684,504 9,988,843 ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES.. 149,272,022 143,215,998 -------------- -------------- TOTAL CURRENT LIABILITIES..................... 510,873,428 524,453,610 -------------- -------------- LONG-TERM DEBT DUE AFTER ONE YEAR................. 215,450,000 167,950,000 -------------- -------------- DEFERRED CREDITS AND OTHER LIABILITIES............ 141,361,449 139,361,449 -------------- -------------- MINORITY INTERESTS................................ 249,050,938 276,192,433 -------------- -------------- STOCKHOLDERS' EQUITY: COMMON STOCK.................................... 36,020,714 35,994,843 ADDITIONAL PAID-IN CAPITAL...................... 65,267,667 62,041,288 RETAINED EARNINGS............................... 1,911,505,110 1,795,276,453 -------------- -------------- 2,012,793,491 1,893,312,584 TREASURY STOCK.................................. (16,815,359) (16,886,718) -------------- -------------- 1,995,978,132 1,876,425,866 -------------- -------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY.... $3,112,713,947 $2,984,383,358 ============== ==============
Inventories consisted of approximately 60% raw materials and supplies, and 40% finished and semi-finished products, at July 4, 1998 (60% and 40% at Dec- ember 31, 1997). The information furnished has not been audited and is subject to year-end adjustments. - 3 - NUCOR CORPORATION - CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS SIX MONTHS (26 WEEKS) ENDED ---------------------------- JULY 4, 1998 JULY 5, 1997 ------------- ------------ (UNAUDITED) (UNAUDITED) ----------- ----------- OPERATING ACTIVITIES: NET EARNINGS............................................ $137,363,523 $138,006,406 ADJUSTMENTS: DEPRECIATION OF PLANT AND EQUIPMENT................... 118,748,941 105,273,959 MINORITY INTERESTS.................................... 48,188,268 41,406,373 CHANGES IN: CURRENT ASSETS...................................... (15,294,510) (80,510,987) CURRENT LIABILITIES................................. (13,330,182) 51,521,973 OTHER............................................... (8,918,147) 3,013,727 ------------ ------------ CASH PROVIDED BY OPERATING ACTIVITIES................. 266,757,893 258,711,451 ------------ ------------ INVESTING ACTIVITIES: CAPITAL EXPENDITURES (NET).............................. (212,953,010) (151,958,579) ------------ ------------ CASH USED IN INVESTING ACTIVITIES..................... (212,953,010) (151,958,579) ------------ ------------ FINANCING ACTIVITIES: INCREASE IN LONG-TERM DEBT.............................. 47,250,000 14,850,000 DISTRIBUTIONS TO MINORITY INTERESTS..................... (75,329,763) (65,474,465) ISSUANCE OF COMMON STOCK................................ 3,323,609 2,298,685 CASH DIVIDENDS.......................................... (21,134,866) (17,572,684) ------------ ------------ CASH USED IN FINANCING ACTIVITIES..................... (45,891,020) (65,898,464) ------------ ------------ INCREASE IN CASH AND SHORT-TERM INVESTMENTS............... $ 7,913,863 $ 40,854,408 ============ ============
The information furnished has not been audited and is subject to year-end adjustments. - 4 - NUCOR CORPORATION - ANALYSIS OF OPERATIONS AND FINANCES OPERATIONS Net sales increased by about 9% from the second quarter of 1997 to the second quarter of 1998, with substantially all of the net sales increase resulting from an increase in sales volume. Net sales increased close to 11% from the first half of 1997 to the first half of 1998, primarily as a result of an increase in sales volume. Average sales prices increased about 1% from the second quarter of 1997 to the second quarter of 1998, and were unchanged from the first half of 1997 to the first half of 1998. The major component of cost of products sold is raw material costs. The average price of raw materials increased less than 5% in both the second quarter of 1998 compared with the second quarter of 1997, and the first half of 1998 compared with the first half of 1997. Major components of marketing, administrative and other expenses are freight and profit sharing costs. Unit freight costs decreased about 1% from both the second quarter of 1997 to the second quarter of 1998, and from the first half of 1997 to the first half of 1998. Profit sharing costs decreased about 8% from the second quarter of 1997 to the second quarter of 1998, and decreased about 3% from the first half of 1997 to the first half of 1998. Profit sharing costs are based upon and generally fluctuate with pre-tax earnings. Interest income, net of interest expense, increased for the second quarter and first half of 1998 from the second quarter and first half of 1997, due primarily to increased earnings from short-term investments. Federal income taxes were at a rate of about 36% for the second quarter and first half of 1998, and the second quarter and first half of 1997. Net earnings were substantially the same from the second quarter of 1998 to the second quarter of 1997, and from the first half of 1998 to the first half of 1997. Margins were about 13% for the second quarter and first half of 1998, compared with about 15% for the second quarter of 1997 and about 14% for the first half of 1997. LIQUIDITY AND CAPITAL RESOURCES The current ratio was about 2.2 at the end of the first half of 1998, and about 2.1 at year-end 1997. The percentage of long-term debt to total capital was about 9% at the end of the first half of 1998, and about 7% at year-end 1997. Capital expenditures increased close to 40% during the first half of 1998, compared with the first half of 1997. Capital expenditures are projected to be more than $400 million for all of 1998. 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 14, 1998, two directors were elected for terms of three years expiring in 2001; 75,708,546 shares were voted for John D. Correnti (1,531,085 abstained), and 75,718,543 shares were voted for James D. Hlavacek (1,521,088 abstained). An amendment to Nucor's Certificate of Incorporation, increasing the number of authorized shares of common stock to 200,000,000, was approved; 74,008,996 shares were voted for the amendment (3,015,202 shares against and 215,433 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 4, 1998 JULY 5, 1997 JULY 4, 1998 JULY 5, 1997 ------------ ------------ ------------ -------------- (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) ---------- ---------- ----------- --------- BASIC: BASIC NET EARNINGS............. $137,363,523 $138,006,406 $72,226,010 $72,994,892 ============ ============ =========== =========== AVERAGE SHARES OUTSTANDING..... 88,042,141 87,844,262 88,064,592 87,861,195 ============ ============ =========== =========== BASIC NET EARNINGS PER SHARE... $1.5602 $1.5710 $.8201 $.8308 ============ ============ =========== =========== DILUTED: DILUTED NET EARNINGS........... $137,363,523 $138,006,406 $72,226,010 $72,994,892 ============ ============ =========== =========== DILUTED AVERAGE SHARES OUTSTANDING: BASIC SHARES OUTSTANDING..... 88,042,141 87,844,262 88,064,592 87,861,195 DILUTIVE EFFECT OF EMPLOYEE STOCK OPTIONS..... 21,564 53,382 27,160 56,067 ---------- ---------- ---------- ----------- 88,063,705 87,897,644 88,091,752 87,917,262 ========== ========== ========== =========== DILUTED NET EARNINGS PER SHARE. $1.5598 $1.5701 $.8199 $.8303 ========== ========== ========== ===========
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 Vice Chairman, DATED: AUGUST 11, 1998 Chief Financial Officer - 6 - EX-27 2 ART.5 FDS -- FOR 2ND QUARTER 10-Q
5 6-MOS DEC-31-1998 JUL-04-1998 291,295,000 0 390,396,184 20,792,135 406,150,619 1,148,716,837 3,180,449,365 1,216,452,255 3,112,713,947 510,873,428 215,450,000 36,020,714 0 0 1,959,957,418 3,112,713,947 2,267,212,238 2,267,212,238 1,975,810,481 1,975,810,481 78,949,401 0 (2,111,167) 214,563,523 77,200,000 137,363,523 0 0 0 137,363,523 1.56 1.56
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