-----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, RFI6CPcN0Ist8brSyOuBZxEh2RGi4/Mk5KAobeuT40jcOl87Jn/go5wkCfSPycFJ nig9OZC+JiXIKbptiE4U1w== 0000950152-03-008245.txt : 20030912 0000950152-03-008245.hdr.sgml : 20030912 20030912172930 ACCESSION NUMBER: 0000950152-03-008245 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030912 ITEM INFORMATION: FILED AS OF DATE: 20030912 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TIMKEN CO CENTRAL INDEX KEY: 0000098362 STANDARD INDUSTRIAL CLASSIFICATION: BALL & ROLLER BEARINGS [3562] IRS NUMBER: 340577130 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01169 FILM NUMBER: 03894578 BUSINESS ADDRESS: STREET 1: 1835 DUEBER AVE SW CITY: CANTON STATE: OH ZIP: 44706-2798 BUSINESS PHONE: 3304713078 FORMER COMPANY: FORMER CONFORMED NAME: TIMKEN ROLLER BEARING CO DATE OF NAME CHANGE: 19710304 8-K 1 l03033ae8vk.txt THE TIMKEN COMPANY 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): SEPTEMBER 12, 2003 ------------------ THE TIMKEN COMPANY - ------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) OHIO - ------------------------------------------------------------------------------- (State or Other Jurisdiction of Incorporation) 1-1169 34-0577130 ------------------------ ------------------------------------ (Commission File Number) (I.R.S. Employer Identification No.) 1835 DUEBER AVENUE, S.W., CANTON, OHIO 44706-2798 - ------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (330) 438-3000 - ------------------------------------------------------------------------------- (Registrant's Telephone Number, Including Area Code) ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. The Timken Company ("Timken") is filing this Current Report on Form 8-K (this "Form 8-K") to disclose certain information required under Regulation G ("Regulation G") of the Securities Exchange Act of 1934 (the "Exchange Act"). Under Regulation G, among other things, because Timken has filed today a registration statement under the Securities Act of 1933 (the "Securities Act") that incorporates by reference certain periodic filings that contain a "non-GAAP financial measure" (as defined in Regulation G), Timken must also disclose the differences between the disclosed non-GAAP financial measure and the most comparable financial measure or measures calculated and presented in accordance with GAAP. The purpose of this Form 8-K is to satisfy the disclosure requirements of Regulation G. In Timken's annual report on Form 10-K for the fiscal year ended December 31, 2002 (the "2002 10-K"), Timken disclosed its net-debt-to-net-capital ratio at December 31, 2002. In Timken's 2002 10-K and its quarterly reports on Form 10-Q for the periods ended March 31, 2003, and June 30, 2003, Timken disclosed its total-debt-to-total-capital ratio. The ratios at March 31, 2003, and June 30, 2003, reflect the acquisition of the Engineered Solutions business of Ingersoll-Rand Company Limited, which was consummated as of February 16, 2003. Timken defines "total debt" as long-term debt plus current portion of long-term debt, commercial paper and short-term debt; "net debt" as total debt less cash and cash equivalents; "total capital" as total debt plus total shareholders' equity, and "net capital" as net debt plus total shareholders' equity. Timken's definitions of total debt, net debt, total capital and net capital may not be comparable with those terms as defined by other companies. Management uses the total-debt-to-total-capital ratio as a measure of its financial leverage. Management believes the net-debt-to-net-capital ratio is also useful as a measure of Timken's financial leverage which eliminates the impact of cash items, such as payments received from the U.S. Treasury Department under the U.S. Continued Dumping Subsidy Offset Act. Following is a reconciliation of the net-debt-to-net-capital ratio at December 31, 2002, and the total-debt-to-total-capital ratio at December 31, 2002, March 31, 2003, and June 30, 2003, and the comparable prior year periods:
AT DECEMBER 31, AT MARCH 31, AT JUNE 30, ------------------------- ------------------------- ------------------------- 2001 2002 2002 2003 2002 2003 --------- --------- --------- --------- --------- --------- (IN THOUSANDS) Long-term debt .................. $ 368,151 $ 350,085 $ 367,279 $ 778,066 $ 367,996 $ 744,523 Plus Current portion of long-term debt........................... 42,434 23,781 41,480 25,792 41,518 11,104 Plus Commercial paper ........... 1,962 8,999 -- -- -- 31,998 Plus Short-term debt ............ 84,468 78,354 112,344 192,840 107,282 229,782 ---------- ---------- ---------- ---------- ---------- ---------- Total debt ............. $ 497,015 $ 461,219 $ 521,103 $ 996,698 $ 516,796 $1,017,407 ========== ========== ========== ========== ========== ========== Total debt ...................... $ 497,015 $ 461,219 Less Cash and cash equivalents .. 33,392 82,050 ---------- ---------- Net debt ............... $ 463,623 $ 379,169 ========== ========== Total debt ...................... $ 497,015 $ 461,219 $ 521,103 $ 996,698 $ 516,796 $1,017,407 Plus Total shareholders' equity . 781,735 609,086 783,303 941,342 789,224 970,926 ---------- ---------- ---------- ---------- ---------- ---------- Total capital .......... $1,278,750 $1,070,305 $1,304,406 $1,938,040 $1,306,020 $1,988,333 ========== ========== ========== ========== ========== ========== Net debt ........................ $ 463,623 $ 379,169 Plus Total shareholders' equity . $ 781,735 609,086 ---------- ---------- Net capital ............ $1,245,358 $ 988,255 ========== ========== Total-debt-to-total-capital ratio ......................... 38.9% 43.1% 39.9% 51.4% 39.6% 51.2% Net-debt-to-net-capital ratio ... 37.2% 38.4%
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. THE TIMKEN COMPANY By: /s/ William R. Burkhart ---------------------------------------- William R. Burkhart Senior Vice President and General Counsel Date: September 12, 2003 -----END PRIVACY-ENHANCED MESSAGE-----