-----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, HVVSLzJ+nrIBN1R3T2T2M6bWdKk8hb5PkCDjrgoT1wpACl1efFiqN07gcTOHwRRD wRJ4Ha8zl78bwIshRwbMbg== 0001157523-03-001435.txt : 20030429 0001157523-03-001435.hdr.sgml : 20030429 20030429081549 ACCESSION NUMBER: 0001157523-03-001435 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030429 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DURATEK INC CENTRAL INDEX KEY: 0000785186 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HELP SUPPLY SERVICES [7363] IRS NUMBER: 222476180 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14292 FILM NUMBER: 03667784 BUSINESS ADDRESS: STREET 1: 10100 OLD COLUMBIA ROAD CITY: COLUMBIA STATE: MD ZIP: 21046 BUSINESS PHONE: 4103125100 MAIL ADDRESS: STREET 1: 10100 OLD COLUMBIA ROAD CITY: COLUMBIA STATE: MD ZIP: 21046 FORMER COMPANY: FORMER CONFORMED NAME: DURATEK CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: GTS DURATEK INC DATE OF NAME CHANGE: 19930805 8-K 1 a4384979.txt DURATEK 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 29, 2003 Duratek, Inc. -------------------------------- (Exact Name of Registrant as Specified in its Charter) Delaware 0-14292 22-2427618 - ----------------------------- ---------------- --------------------- (State or Other Jurisdiction (Commission File (I.R.S. Employer of Incorporation) Number) Identification Number) 10100 Old Columbia Road, Columbia, Maryland 21046 -------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 312-5100 N/A (Former Name or Former Address, if Changed Since Last Report) DURATEK, INC. Item 7. Financial Statements, Pro forma Financial Information and Exhibits. (c) Exhibits. 99.1 Duratek, Inc. press release dated April 29, 2003 with respect to the Company's financial results for the fiscal quarter ended March 30, 2003. Item 9. Information Provided Under Item 12 (Results of Operations and Financial Condition). The following information is furnished pursuant to Item 12, "Results of Operations and Financial Condition." On April 29, 2003, Duratek, Inc. ("Duratek") issued a press release announcing its financial results for the fiscal quarter ended March 30, 2003. A copy of Duratek's press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. DURATEK, INC. Date: April 29, 2003 By: /s/ Robert F. Shawver ----------------------- Robert F. Shawver Executive Vice President and Chief Financial Officer Exhibit Index 99.1 Press Release dated April 29, 2003 issued by Duratek, Inc. EX-99 3 a4384979_ex991.txt DURATEK EXHIBIT 99.1 Exhibit 99.1 Duratek Reports First Quarter 2003 Results COLUMBIA, Md.--(BUSINESS WIRE)--April 29, 2003--Duratek, Inc. (NASDAQ:DRTK) today announced net income before cumulative effect of a change in accounting principle of $2.6 million, or $0.13 per diluted share, for the three-month period ended March 30, 2003, as compared to net income of $2.5 million, or $0.13 per diluted share, for the comparable period in 2002. Revenues were $63.8 million for the three months ended March 30, 2003 as compared to $69.4 million for the same period in 2002. The decrease in revenues of $5.6 million was primarily due to the completion, in the first quarter of 2002, of the construction phase on the contract for a disposal facility at the Department of Energy's Oak Ridge site. The Company is currently in the operations phase of this project. As previously disclosed, effective January 1, 2003, Duratek has adopted Statement of Financial Accounting Standard No. 143, Accounting for Asset Retirement Obligations, as required under Generally Accepted Accounting Principles. As a result of this accounting change, the Company recorded a one time $2.4 million after tax non-cash charge to reflect the impact of adopting this new accounting principle. Net income for three months ended March 30, 2003 was $0.2 million, or $0.01 per diluted share. Robert E. Prince, President and CEO said, "We believe we are off to a solid start in 2003. All operating segments posted profitable results and the Company remains focused on growing earnings by continuing to strengthen our position in markets we currently serve. In addition, we are laying the groundwork today that will position the Company to capture additional emerging opportunities that can further grow the business." Robert F. Shawver, Executive Vice President and CFO added, "In 2002, the Company achieved its best financial performance ever. We are pleased to see that in the first quarter of 2003 we are continuing to achieve this level of financial results. For the near term, we will remain focused on improving earnings by increasing operating margins and reducing interest costs." An unaudited comparative summary of the first quarter results of operations for 2003 and 2002 is as follows (in thousands, except per share data): Three Months Ended ----------------- March March 30, 31, 2003(1) 2002 -------- -------- Revenues $63,830 $69,424 Income from operations 5,236 5,864 Net income before cumulative effect of a change in accounting principle 2,592 2,460 Net income 178 2,460 Net income per share (Diluted): Before cumulative effect of a change in accounting principle $0.13 $0.13 Cumulative effect of a change in accounting principle (0.12) - -------- -------- $0.01 $0.13 ======== ======== (1) The Company's fiscal year ends on December 31 of each year and the Company makes all appropriate accruals. The Company's quarters consist of 13-week periods and end on the Sunday nearest the last day of each quarter. Income statement and balance sheet attached A conference call will be held today at 11:00 a.m. Eastern Time. Investors can listen to the conference call by logging into www.duratekinc.com or by calling 1-800-388-8975. In addition to the webcast and teleconference, the Company will be placing a presentation of the data on its website under investor relations financial reports section. We encourage investors to listen to the call in addition to viewing the presentation. A replay of the call will be available at approximately 1:00 p.m. today through May 5, 2003 at 11:59 p.m. by dialing 1-800-428-6051, pass code 290375. The webcast will be archived on the Duratek website for at least 30 days. Duratek provides safe, secure radioactive materials disposition. Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of Section 21E(i)(1) of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Duratek's actual results to be materially different from any future results expressed or implied by these statements. Such factors include the following: the Company's ability to manage its commercial waste processing operations, including obtaining commercial waste processing contracts and processing waste under such contracts in a timely and cost-effective manner; the timing and award of contracts by the U.S. Department of Energy for the cleanup of waste sites administered by it; the Company's ability to integrate acquired companies; the acceptance and implementation of the Company's waste treatment technologies in the government and commercial sectors; and other large technical support services projects. All forward-looking statements are also expressly qualified in their entirety by the cautionary statements included in the Company's SEC filings, including its quarterly reports on Form 10-Q and its annual report on Form 10-K. DURATEK, INC. AND SUBSIDARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except for per share amounts) Three Months Ended ----------------- March March 30, 31, 2003 2002 -------- -------- Revenues $63,830 $69,424 Cost of revenues 50,561 56,240 -------- -------- Gross profit 13,269 13,184 Selling, general and administrative expenses 8,033 7,320 -------- -------- Income from operations 5,236 5,864 Interest expense, net (1,065) (1,667) Other expense, net (111) - -------- -------- Income before income taxes, proportionate share of income (loss) of joint ventures and cumulative effect of a change in accounting principle 4,060 4,197 Income taxes 1,624 1,700 -------- -------- Income before proportionate share of income (loss) of joint ventures and cumulative effect of a change in accounting principle 2,436 2,497 Proportionate share of income (loss) of joint ventures 156 (37) -------- -------- Net income before cumulative effect of a change in accounting principle 2,592 2,460 Cumulative effect of a change in accounting principle, net of tax (2,414) - -------- -------- Net income 178 2,460 Preferred stock dividends and charge for accretion (315) (334) -------- -------- Net income (loss) attributable to common stockholders $(137) $2,126 ======== ======== Weighed average common stock outstanding: Basic 13,532 13,496 ======== ======== Diluted 19,269 18,826 ======== ======== Net income (loss) per share: Basic Before cumulative effect of a change in accounting principle $0.17 $0.16 Cumulative effect of a change in accounting principle (0.18) - -------- -------- $(0.01) $0.16 ======== ======== Diluted Before cumulative effect of a change in accounting principle $0.13 $0.13 Cumulative effect of a change in accounting principle (0.12) - -------- -------- $0.01 $0.13 ======== ======== DURATEK, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands of dollars, except per share amounts) March 30, Dec. 31, 2003 2002 ----------- -------- Assets (unaudited) (1) Current assets: Cash $ 836 $ 2,323 Accounts receivable, net 47,414 48,420 Income taxes recoverable 1,140 1,140 Cost and estimated earnings in excess of billings on uncompleted contracts 11,394 12,828 Prepaid expenses and other current assets 6,651 7,915 Deferred income taxes 2,168 2,168 ----------- -------- Total current assets 69,603 74,794 Property, plant and equipment, net 73,524 69,287 Goodwill 70,797 70,797 Other intangible assets 5,440 5,675 Decontamination and decommissioning trust fund 19,698 19,693 Retainage 5,895 4,969 Other assets 8,850 8,917 ----------- -------- Total assets $ 253,807 $ 254,132 =========== ======== Liabilities and Stockholders' Equity Current liabilities: Current portion of long-term debt $ 10,400 $ 10,400 Accounts payable 8,231 13,911 Accrued expenses and other current liabilities 38,587 41,872 Unearned revenues 15,175 15,751 Waste processing and disposal liabilities 9,820 9,936 ----------- -------- Total current liabilities 82,213 91,870 Long-term debt, less current portion 51,510 50,749 Facility and equipment decontamination and decommissioning liabilities 38,506 28,778 Other noncurrent liabilities 4,924 4,472 Deferred income taxes 1,040 2,649 ----------- -------- Total liabilities 178,193 178,518 ----------- -------- Redeemable Preferred Stock (liquidation value $18,588) 15,752 15,752 ----------- -------- Stockholders' equity: Preferred stock - $0.01 par value; authorized 4,840,000 shares; none issued -- -- Common stock - $0.01 par value; authorized 35,000,000 shares; issued 15,154,666 shares in 2003 and 15,142,419 shares in 2002 151 151 Capital in excess of par value 77,772 77,715 Accumulated deficit (8,245) (8,108) Treasury stock at cost, 1,612,376 shares in 2003 and 2002 (9,577) (9,577) Deferred compensation (239) (319) ----------- -------- Total stockholders' equity 59,862 59,862 ----------- -------- ----------- -------- Total liabilities and stockholders' equity $ 253,807 $ 254,132 =========== ======== (1) The Condensed Consolidated Balance Sheet as of December 31, 2002 has been derived from the Company's audited Consolidated Balance Sheet reported in the Company's Annual Report on Form 10-K for the year ended December 31, 2002. CONTACT: Duratek, Inc. Diane R. Brown or Robert F. Shawver, 410/312-5100 www.duratekinc.com -----END PRIVACY-ENHANCED MESSAGE-----