-----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, P7fZPuvI90pf609lgrUQnZbV+LSugpAvWPFK+MioXwBdu07DI1IPqrwYbyXAJeMo PZ8Sy6nHHngBCem/bYdaTw== 0000950123-02-004916.txt : 20020510 0000950123-02-004916.hdr.sgml : 20020510 ACCESSION NUMBER: 0000950123-02-004916 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020506 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: FILED AS OF DATE: 20020510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STEEL DYNAMICS INC CENTRAL INDEX KEY: 0001022671 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 351929476 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21719 FILM NUMBER: 02641488 BUSINESS ADDRESS: STREET 1: 7030 POINTE INVERNESS WAY STREET 2: SUITE 310 CITY: FORT WAYNE STATE: IN ZIP: 46804 BUSINESS PHONE: 2194593553 MAIL ADDRESS: STREET 1: 7030 POINTE INVERNERSS WAY STREET 2: SUITE 310 CITY: FORT WAYNE STATE: IN ZIP: 46804 8-K 1 y60530e8-k.txt STEEL DYNAMICS, INC. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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) May 6, 2002 STEEL DYNAMICS, INC. (Exact name of registrant as specified in its charter) Indiana 0-21719 35-1929476 (State or other jurisdiction of (Commission (IRS Employer incorporation or organization) File Number) Identification No.) 6714 Pointe Inverness Way, Suite 200, Fort Wayne, Indiana 46804 (Address of principal executive officers) (Zip Code) Registrant's telephone number, including area code: 260-459-3553 (Former name or former address, if changed since last report) Not Applicable ITEM 5. OTHER EVENTS On April 16, 2002, the Registrant announced its preliminary unaudited financial results for the three months ended March 31, 2002. However, on May 6, 2002, the Registrant reached an understanding to settle the remaining lawsuit related to its terminated Thailand advisory transaction, which was outstanding on March 31, 2002, as described in Item III ("Legal Proceedings") of Registrant's Report on Form 10-K, filed March 28, 2002. The Registrant expects to enter into a settlement agreement shortly. Accordingly, Registrant is reflecting the settlement cost of $4.5 million, net of insurance proceeds, in its financial results for the first quarter 2002. For the three months ended March 31, 2002, the Registrant had earnings of $1.6 million or $0.04 per diluted share. Annual sales revenue for the three months ended March 31, 2002 was $167 million, with consolidated shipments of 562,000 tons, as compared to sales revenue of $154 million with shipments of 482,000 tons during the same period in 2001. During the first quarter 2002, capital expenditures were $34 million and start-up costs were $5 million, all primarily related to the Registrant's structural and rail mini-mill. As previously announced, Registrant refinanced its senior credit facilities during the first quarter of 2002. Extinguishing this debt resulted in a write-off of approximately $3.2 million of previously capitalized financing costs and other related expenses. The effect of this write-off on earnings for the first quarter was a reduction of approximately $0.04 per diluted share. The litigation settlement further reduced net income by approximately $0.06 per diluted share. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) EXHIBITS 99.3 Steel Dynamics, Inc. Unaudited Consolidated Statements of Operations for the three months ended March 31, 2002. ITEM 9. REGULATION FD DISCLOSURE Exhibit 99.3 annexed hereto is not filed but is furnished pursuant to Regulation FD. 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 hereto duly authorized. STEEL DYNAMICS, INC. Date: May 10, 2002 By: /s/ Tracy L. Shellabarger --------------------------- Tracy L. Shellabarger Title: Secretary 2 INDEX TO EXHIBITS Exhibit Description 99.3 Steel Dynamics, Inc. Unaudited Consolidated Statements of Operations for the three months ended March 31, 2002. 3 EX-99.3 3 y60530ex99-3.txt UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS Exhibit 99.3 STEEL DYNAMICS, INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended March 31, ----------------------- 2002 2001 --------- --------- Net Sales: Unrelated parties ................................................ $ 139,149 $ 129,266 Related parties .................................................. 27,754 24,820 --------- --------- Total net sales .............................................. 166,903 154,086 Cost of goods sold .................................................... 139,529 128,523 --------- --------- Gross profit .......................................................... 27,374 25,563 Selling, general and administrative expenses .......................... 13,088 13,802 --------- --------- Operating Income ................................................. 14,286 11,761 Interest expense ...................................................... 4,265 4,839 Other (income) expense ................................................ 4,153 (204) --------- --------- Income before income taxes and extraordinary items ............... 5,868 7,126 Income taxes .......................................................... 2,200 2,743 --------- --------- Income before extraordinary items ................................ 3,668 4,383 Extraordinary loss on debt extinguishment, net of tax benefit of $1,216 2,028 -- --------- --------- Net income ............................................................ $ 1,640 $ 4,383 ========= ========= Basic earnings per share: Income before extraordinary items ..................................... $ 0.08 $ 0.10 Extraordinary items .............................................. (0.04) -- --------- --------- Net income ............................................................ $ 0.04 $ 0.10 ========= ========= Weighted average number of shares outstanding ......................... 46,045 45,511 ========= ========= Diluted earnings per share: Income before extraordinary items ..................................... $ 0.08 $ 0.10 Extraordinary items .............................................. (0.04) -- --------- --------- Net income ............................................................ $ 0.04 $ 0.10 ========= ========= Weighted average number of shares outstanding ......................... 46,348 45,710 ========= =========
STEEL DYNAMICS, INC. CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA)
March 31, December 31, 2002 2001 ----------- ----------- (unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents ..................................................... $ 32,319 $ 78,241 Accounts receivable, net ...................................................... 68,508 65,589 Accounts receivable-related parties ........................................... 17,820 16,290 Inventories ................................................................... 112,356 118,368 Deferred taxes ................................................................ 21,966 24,600 Other current assets .......................................................... 3,996 9,116 ----------- ----------- Total current assets ................................................. 256,965 312,204 PROPERTY, PLANT, AND EQUIPMENT, NET ................................................ 872,538 852,061 RESTRICTED CASH .................................................................... 3,311 3,030 OTHER ASSETS ....................................................................... 22,760 12,803 ----------- ----------- TOTAL ASSETS ......................................................... $ 1,155,574 $ 1,180,098 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable .............................................................. $ 33,153 $ 30,228 Accounts payable-related parties .............................................. 17,383 11,101 Accrued interest .............................................................. 2,204 4,052 Other accrued expenses ........................................................ 27,799 26,697 Current maturities of long-term debt .......................................... 8,870 46,033 ----------- ----------- Total current liabilities ............................................ 89,409 118,111 LONG-TERM DEBT, less current maturities ............................................ 536,801 553,891 DEFERRED TAXES ..................................................................... 58,427 62,765 MINORITY INTEREST .................................................................. 5,025 4,769 OTHER LONG-TERM CONTINGENT LIABILITIES ............................................. 21,987 21,987 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Common stock voting, $.01 par value; 100,000,000 shares authorized; 49,706,131 and 49,586,473 shares issued; and 47,320,217 and 45,743,473 shares outstanding, as of March 31, 2002 and December 31, 2001, respectively 497 495 Treasury stock, at cost; 2,385,914 and 3,843,000 shares, at March 31, 2002 and December 31, 2001, respectively ........................................ (28,889) (46,526) Additional paid-in capital .................................................... 343,197 337,733 Retained earnings ............................................................. 133,869 132,229 Other accumulated comprehensive loss .......................................... (4,749) (5,356) ----------- ----------- Total stockholders' equity ........................................... 443,925 418,575 ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ................................ $ 1,155,574 $ 1,180,098 =========== ===========
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