10-K/A 1 l86688be10-ka.htm LAMSON & SESSIONS 10-K/A Lamson & Sessions amend #1 to Form 10-K/12-30-2000

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-K/A
(Amendment No. 1)

     
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
     
For the fiscal year ended December 30, 2000 Commission File Number 1-313
     
[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

THE LAMSON & SESSIONS CO.
(Exact name of Registrant as specified in its charter)

     
Ohio
(State or other jurisdiction of
incorporation or organization)
25701 Science Park Drive
34-0349210
(IRS Employer Identification No.)
Cleveland, Ohio
(Address of principal executive offices)
44122-7313
(Zip Code)

Registrant’s telephone number, including area code: 216/464-3400

Securities registered pursuant to Section 12(b) of the Act:

     
Name of each exchange
Title of each class on which registered


Common Shares, without par value New York Stock Exchange
Pacific Stock Exchange
     
Securities registered pursuant to Section 12(g) of the Act:     None

      Indicate by check mark whether the Registrant (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 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   X   No ___

      Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.  [   ]

      The aggregate market value of the voting stock held as of February 9, 2001 by non-affiliates of the Registrant: $143,808,987.

      As of February 9, 2001 the Registrant had outstanding 13,706,877 common shares.

DOCUMENTS INCORPORATED BY REFERENCE

      Portions of the Proxy Statement for the 2001 Annual Meeting of Shareholders are incorporated by reference into Part III.

 


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—Continued
THE LAMSON & SESSIONS CO. AND SUBSIDIARIES
NOTE B—ACQUISITIONS

On September 22, 2000 and December 15, 2000, the Company acquired Pyramid for $45.4 million and Ameriduct for $63.8 million plus assumed debt of $3.9 million plus transaction costs. In addition, pursuant to terms of non-competition agreements, Lamson will pay three former Pyramid shareholders $6.5 million over a five-year period, including $1.5 million, which was paid at closing. The acquisitions were funded through the Company’s secured credit agreement. Both Pyramid and Ameriduct are leading manufacturers of HDPE conduit used in building telecommunications and utility infrastructure.

The acquisitions have been accounted for by the purchase method and, accordingly, the operating results have been included in the Company’s consolidated financial statements and the Carlon business segment since the respective dates of acquisition. The assets acquired and liabilities assumed were recorded at estimated fair values. For financial statement purposes, goodwill relating to these acquisitions is being amortized by the straight-line method over 20 years. The following summary of the assets acquired and liabilities assumed is based upon a preliminary purchase price allocation.

           
(Dollars in thousands)
Estimated fair values
Assets acquired $ 48,271
Liabilities assumed (22,898 )
Goodwill 87,594

Purchase price paid 112,967
Less cash acquired (128 )

Net cash paid $ 112,839

Unaudited pro forma results of operations as if the acquisition occurred as of January 2, 2000 and January 1, 1999 follows. The pro forma results include estimates and assumptions, which the Company’s management believes are reasonable. However, the pro forma results do not include any cost savings, revenue enhancements or other effects of the planned integration of the Company, Pyramid and Ameriduct and are not necessarily indicative of the results which would have occurred if the business combination had been in effect at the beginning of each of the years presented, or which may result in the future.

                 
(Unaudited)
Pro Forma Year Ended
(Dollars in thousands) 2000 1999


Net Sales $ 437,206 $ 366,823
Net Income $ 22,104 $ 14,652
Basic Earnings Per Share $ 1.63 $ 1.09


Diluted Earnings Per Share $ 1.58 $ 1.09


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Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on this 26th day of February 2001.

     
THE LAMSON & SESSIONS CO.
 
 
By /s/ James J. Abel

James J. Abel
Executive Vice President, Secretary,
Treasurer and Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated as of February 21, 2001.

     
Signature Title


/s/ John B. Schulze

John B. Schulze
Chairman of the Board, President
and Chief Executive Officer
(Principal Executive Officer)
 
/s/ James J. Abel

James J. Abel
Executive Vice President, Secretary,
Treasurer and Chief Financial Officer
(Principal Financial Officer)
 
/s/ Lori L. Spencer

Lori L. Spencer
Vice President and Controller
(Principal Accounting Officer)
 
/s/ James T. Bartlett*

James T. Bartlett
Director
 
/s/ Francis H. Beam, Jr.*

Francis H. Beam, Jr.
Director
 
/s/ Martin J. Cleary*

Martin J. Cleary
Director
 
/s/ William H. Coquillette*

William H. Coquillette
Director

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Signature Title


 
/s/ John C. Dannemiller*

John C. Dannemiller
Director
 
/s/ George R. Hill*

George R. Hill
Director
 
/s/ A. Malachi Mixon, III*

A. Malachi Mixon, III
Director
 
/s/ John C. Morley*

John C. Morley
Director
 
/s/ D. Van Skilling*

D. Van Skilling
Director

  *   The undersigned, by signing his name hereto, does sign and execute this Annual Report on Form 10-K pursuant to a Power of Attorney executed on behalf of the above-named directors of The Lamson & Sessions Co. and filed herewith as Exhibit 24 on behalf of The Lamson & Sessions Co. and each such person.

        February 26, 2001

By  /s/ James J. Abel          
      James J. Abel, Attorney-in-fact

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