-----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, QXs9B8tDoFF0XxSWpBjHZrTvsxdNujpL2EmoBd7IObuEm5kBZ7vxsVrjAtP8iIyS IdeQbW5DbvZhrFPI6GEFwg== 0001157523-05-003859.txt : 20050427 0001157523-05-003859.hdr.sgml : 20050427 20050427073520 ACCESSION NUMBER: 0001157523-05-003859 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050427 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050427 DATE AS OF CHANGE: 20050427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DURATEK INC CENTRAL INDEX KEY: 0000785186 STANDARD INDUSTRIAL CLASSIFICATION: HAZARDOUS WASTE MANAGEMENT [4955] IRS NUMBER: 222427618 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: 05774584 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: GTS DURATEK INC DATE OF NAME CHANGE: 19930805 FORMER COMPANY: FORMER CONFORMED NAME: DURATEK CORP DATE OF NAME CHANGE: 19920703 8-K 1 a4874015.txt DURATEK 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT 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 27, 2005 DURATEK, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 0-14292 22-2427618 - ------------------------------- ---------------- ------------------- (State or other jurisdiction of (Commission File (I.R.S. Employer incorporation or organization) Number) Identification No.) 10100 Old Columbia Road, Columbia, Maryland 21046 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 312-5100 - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) INFORMATION TO BE INCLUDED IN THE REPORT Item 2.02. Results of Operations and Financial Condition. On April 27, 2005, Duratek, Inc. ("Duratek") issued a press release announcing its financial results for the first quarter 2005. A copy of Duratek's press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Item 9.01 Financial Statements and Exhibits. (c) Exhibits Exhibit No. Description - ----------- -------------------------------------------------------------------- 99.1 Duratek, Inc. press release announcing its financial results for the first quarter 2005. 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 27, 2005 By: /s/ Robert F. Shawver ----------------------------- Robert F. Shawver, Executive Vice President and Chief Financial Officer Exhibit Index ------------- Exhibit No. Description - ----------- -------------------------------------------------------------------- 99.1 Duratek, Inc. press release announcing its financial results for the first quarter 2005. EX-99.1 2 a4874015ex991.txt EXHIBIT 99.1 Exhibit 99.1 Duratek Reports First Quarter 2005 Results COLUMBIA, Md.--(BUSINESS WIRE)--April 27, 2005--Duratek, Inc. (NASDAQ:DRTK) today announced net income of $4.9 million, or $0.32 per diluted share, for the first quarter ended April 1, 2005, as compared to net income of $3.1 million, or $0.21 per diluted share, for the same period in 2004. The 58% increase in net income was due primarily to the higher revenues and lower interest expense achieved during the quarter. Revenues of $70.6 million for the first quarter ended April 1, 2005 increased by $6.4 million, or 10%, over the $64.2 million achieved in the comparable period in 2004. The additional revenues were primarily attributable to increases in work scope on existing Federal and Commercial Services' contracts, as well as additional incentive fees recognized as result of progress made during the quarter on a Federal Services site closure project. Interest expense for the quarter decreased by $0.9 million, or 37%, from the same period in the prior year. The lower interest expense was attributable to lower debt balances outstanding in 2005 due to accelerated loan payments made during 2004. Robert E. Prince, President and CEO, said, "I am pleased that through expanding our current base of business we continue to improve our financial performance. In addition, I believe we are well positioned on additional new opportunities that can provide near-term revenue growth." Robert F. Shawver, Executive Vice President and CFO, added, "The Company had a very solid quarter. Revenues were up by 10%, gross margins improved slightly from 24.8% to 25.1%, and SG&A and interest costs decreased 2.7% and 37%, respectively. The increased revenues, as well as continued progress on a key site closure contract certainly contributed strongly to the improved results." An unaudited comparative summary of the first quarter results of operations for 2005 and 2004 is as follows (in thousands, except per share data): Three Months Ended ----------------------- April 1, March 28, 2005 2004 ----------- ----------- Revenues $ 70,612 $ 64,182 Income from operations 9,319 7,285 Net income 4,860 3,085 Income per share (Diluted): Basic $ 0.33 $ 0.22 =========== =========== Diluted $ 0.32 $ 0.21 =========== =========== The unaudited consolidated balance sheets, statements of operations, and statements of cash flows are attached. A conference call will be held today at 10:00 a.m. Eastern Time. Investors can listen to the conference call by logging into www.duratekinc.com or by calling 1-888-709-9420, passcode "Duratek". In addition to the webcast and teleconference, the Company will be placing a presentation of the data on its Web site under the 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 13, 2005 at 5:00 p.m. by dialing 1-866-388-5361. The webcast will be archived on the Duratek Web site 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 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 for the fiscal year ended December 31, 2004. DURATEK, INC. AND SUBSIDIARIES Consolidated Balance Sheets (in thousands of dollars, except per share amounts) April 1, December 31, 2005 2004 ------------ ------------ Assets (unaudited) (1) Current assets: Cash $ 7,077 $ 23,296 Accounts receivable, net of allowance for doubtful accounts of $137 in 2005 and $158 in 2004 34,040 30,997 Cost and estimated earnings in excess of billings on uncompleted contracts 19,700 16,715 Prepaid expenses and other current assets 11,872 13,708 ------------ ------------ Total current assets 72,689 84,716 Retainage 552 1,257 Property, plant and equipment, net 65,831 66,151 Goodwill 72,129 72,129 Other intangible assets 3,503 3,747 Decontamination and decommissioning trust fund 18,727 19,050 Other assets 24,223 21,487 ------------ ------------ Total assets $ 257,654 $ 268,537 ============ ============ Liabilities and Stockholders' Equity Current liabilities: Current portion of long-term debt $ 858 $ 858 Accounts payable 7,414 15,643 Due to State of South Carolina 7,919 6,073 Accrued expenses and other current liabilities 18,789 24,646 Unearned revenues 11,545 14,694 Waste processing and disposal liabilities 5,583 6,980 ------------ ------------ Total current liabilities 52,108 68,894 Long-term debt, less current portion 83,927 84,142 Facility and equipment decontamination and decommissioning liabilities 40,345 40,419 Other noncurrent liabilities 7,394 6,756 ------------ ------------ Total liabilities 183,774 200,211 ------------ ------------ Stockholders' equity: Preferred stock - $0.01 par value; authorized 4,740,000 shares; none issued - - Series B junior participating preferred stock, $0.01 par value; 100,000 shares authorized; none issued - - Common stock - $0.01 par value; authorized 35,000,000 shares; issued 16,328,321 shares at April 1, 2005 and 16,236,781 shares at December 31, 2004 163 162 Capital in excess of par value 87,477 86,784 Deferred compensation employee stock trust 1,323 1,323 Accumulated deficit (4,183) (9,043) Treasury stock at cost, 1,770,306 shares at April 1, 2005 and December 31, 2004 (10,900) (10,900) ------------ ------------ Total stockholders' equity 73,880 68,326 ------------ ------------ Total liabilities and stockholders' equity $ 257,654 $ 268,537 ============ ============ (1) The Consolidated Balance Sheet as of December 31, 2004 has been derived from our audited Consolidated Balance Sheet included in our Annual Report on Form 10-K for the year ended December 31, 2004. Consolidated Statements of Operations (in thousands, except per share amounts) Three months ended ------------------------- April 1, March 28, 2005 2004 ------------- ----------- (unaudited) Revenues $ 70,612 $ 64,182 Cost of revenues 52,880 48,250 ------------- ----------- Gross profit 17,732 15,932 Selling, general and administrative expenses 8,413 8,647 ------------- ----------- Income from operations 9,319 7,285 Interest expense (1,489) (2,356) Other income, net 73 72 ------------- ----------- Income before income taxes and equity in income of joint ventures 7,903 5,001 Income taxes 3,046 2,000 ------------- ----------- Income before equity in income of joint ventures 4,857 3,001 Equity in income of joint ventures 3 84 ------------- ----------- Net income 4,860 3,085 Preferred stock dividends -- (12) ------------- ----------- Net income attributable to common stockholders $ 4,860 $ 3,073 ============= =========== Weighted average common stock outstanding: Basic 14,664 13,878 ============= =========== Diluted 15,268 14,572 ============= =========== Income per share: Basic $ 0.33 $ 0.22 ============= =========== Diluted $ 0.32 $ 0.21 ============= =========== DURATEK, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows (in thousands of dollars) Three months ended ------------------- April 1, March 28, 2005 2004 --------- --------- (Unaudited) Cash flows from operating activities: Net income $ 4,860 $ 3,085 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 2,613 2,707 Stock compensation expense - 74 Equity in income of joint ventures, net of distributions (8) (126) Changes in operating assets and liabilities: Accounts receivable (3,043) 1,748 Costs and estimated earnings in excess of billings on uncompleted contracts (5,915) (2,389) Prepaid expenses and other current assets 2,511 (1,099) Accounts payable and accrued expenses and other current liabilities (12,454) (6,448) Unearned revenues (3,149) (1,695) Waste processing and disposal liabilities (1,397) (2,414) Facility and equipment decontamination and decommissioning liabilities 250 235 Retainage 63 260 Other 585 475 --------- --------- Net cash used in operating activities (15,084) (5,587) --------- --------- Cash flows from investing activities: Additions to property, plant and equipment (1,345) (1,719) Other (34) (22) --------- --------- Net cash used in investing activities (1,379) (1,741) --------- --------- Cash flows from financing activities: Proceeds from issuance of common stock 676 2,036 Repayments of long-term debt (215) - Deferred financing costs paid (127) - Repayments of capital lease obligations (90) (70) Preferred stock dividends paid - (60) --------- --------- Net cash provided by financing activities 244 1,906 --------- --------- Net decrease in cash (16,219) (5,422) Cash, beginning of period 23,296 35,174 --------- --------- Cash, end of period $ 7,077 $ 29,752 ========= ========= Supplemental disclosure of non-cash financing activities: During the three months ended April 1, 2005, we entered into $666 in capital lease agreements to finance the purchase of computer equipment. CONTACT: Duratek, Inc. Diane R. Brown, 410-312-5100 or Robert F. Shawver, 410-312-5100 www.duratekinc.com -----END PRIVACY-ENHANCED MESSAGE-----