-----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, LIKHfs3owfLb8jPKIHdbUBr+LdxM4Z7KB5k+mNysUYxos3/DG8ajFqr+VbLA5Ff/ VRWJ9qwkM5ru0RoDSDQIqQ== 0000950109-00-001980.txt : 20000509 0000950109-00-001980.hdr.sgml : 20000509 ACCESSION NUMBER: 0000950109-00-001980 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000401 FILED AS OF DATE: 20000508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUCOR CORP CENTRAL INDEX KEY: 0000073309 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 131860817 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-04119 FILM NUMBER: 622064 BUSINESS ADDRESS: STREET 1: 2100 REXFORD RD CITY: CHARLOTTE STATE: NC ZIP: 28211 BUSINESS PHONE: 7043667000 MAIL ADDRESS: STREET 1: 2100 REXFORD ROAD CITY: CHARLOTTE STATE: NC ZIP: 28211 FORMER COMPANY: FORMER CONFORMED NAME: NUCLEAR CORP OF AMERICA INC DATE OF NAME CHANGE: 19680911 FORMER COMPANY: FORMER CONFORMED NAME: AZTEC MECHANICAL CONTRACTORS INC DATE OF NAME CHANGE: 19660629 10-Q 1 NUCOR CORPORATION FORM 10-Q FIRST ----- QUARTER ------- 2000 ---- SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For quarter ended April 1, 2000 Commission file number 1-4119 --------------------- ------ NUCOR CORPORATION - -------------------------------------------------------------------------------- (Exact name as specified in charter) Delaware 13-1860817 - -------------------------------------------- ------------------------------ (State or other jurisdiction of (I.R.S. employer incorporation or organization) identification no.) 2100 Rexford Road, Charlotte, North Carolina 28211 - -------------------------------------------- ------------------------------ (Address of principal executive offices) (Zip code) Telephone number, including area code: (704) 366-7000 ------------------------------ Indication by check mark whether Nucor Corporation (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 twelve months, and (2) has been subject to such filing requirements for the past 90 days: Yes X No _____ ----- 85,044,207 shares of common stock were outstanding at April 1, 2000. -1- PART I - FINANCIAL INFORMATION ------------------------------ Nucor Corporation - Consolidated Condensed Statements of Earnings - ------------------------------------------------------------------
Three Months (13 Weeks) Ended --------------------------------- April 1, 2000 April 3, 1999 -------------- ------------- (Unaudited) (Unaudited) --------- --------- Net sales......................................................... $1,199,634,778 $893,822,996 -------------- ------------ Costs and expenses: Cost of products sold............................................ 1,031,750,001 818,906,709 Marketing, administrative and other expenses..................... 44,315,406 31,386,532 Interest expense (income)........................................ (2,720,474) (443,637) -------------- ------------ 1,073,344,933 849,849,604 -------------- ------------ Earnings before federal income taxes.............................. 126,289,845 43,973,392 Federal income taxes............................................. 44,800,000 15,800,000 -------------- ----------- Net earnings.................................................... $ 81,489,845 $ 28,173,392 ============== ============ Net earnings per share............................................ $ .94 $ .32 ============== ============ Dividends declared per share..................................... $ .15 $ .13 ============== ============ Average number of shares outstanding............................ 86,571,585 87,309,502
The information furnished in Part I reflects all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods. The information furnished has not been audited and is subject to year-end adjustments. -2- Nucor Corporation - Consolidated Condensed Balance Sheets - ---------------------------------------------------------
April 1, December 31, 2000 1999 -------------- -------------- Assets (Unaudited) (Audited) - ------ -------------- -------------- Current assets: Cash and short-term investments...................... $ 479,447,538 $ 572,185,451 Accounts receivable.................................. 412,889,344 393,763,651 Inventories.......................................... 488,868,477 464,983,651 Other current assets................................. 112,025,104 107,575,758 -------------- -------------- Total current assets............................... 1,493,230,463 1,538,508,511 Property, plant and equipment.......................... 2,239,304,944 2,191,339,477 -------------- -------------- Total assets....................................... $3,732,535,407 $3,729,847,988 ============== ============== Liabilities and stockholders' equity - ------------------------------------ Current liabilities: Accounts payable..................................... $ 252,361,795 $ 255,229,202 Federal income taxes................................. 44,280,865 2,455,851 Salaries, wages and related accruals................. 97,449,540 116,749,067 Accrued expenses and other current liabilities....... 185,891,556 156,596,778 -------------- -------------- Total current liabilities.......................... 579,983,756 531,030,898 -------------- -------------- Long-term debt due after one year...................... 390,450,000 390,450,000 -------------- -------------- Deferred credits and other liabilities................. 268,702,949 265,247,949 -------------- -------------- Minority interests..................................... 264,904,762 280,871,235 -------------- -------------- Stockholders' equity: Common stock......................................... 36,042,522 36,041,007 Additional paid-in capital........................... 70,912,883 70,906,567 Retained earnings.................................... 2,284,787,862 2,216,091,023 -------------- -------------- 2,391,743,267 2,323,038,597 Treasury stock........................................ (163,249,327) (60,790,691) -------------- -------------- 2,228,493,940 2,262,247,906 -------------- -------------- Total liabilities and stockholders' equity........... $3,732,535,407 $3,729,847,988 ============== ==============
Inventories consisted of approximately 50% raw materials and supplies, and 50% finished and semi-finished products, at April 1, 2000 and December 31, 1999. Inventories valued on the last-in, first-out (LIFO) method of accounting represent approximately 85% of total inventories as of April 1, 2000 and as of December 31, 1999. If the first-in, first-out method (FIFO) of accounting had been used, inventories would have been $38,040,595 higher at April 1, 2000 ($28,590,595 at December 31, 1999). The information furnished has not been audited and is subject to year-end adjustments. -3- Nucor Corporation - Consolidated Condensed Statements of Cash Flows - -------------------------------------------------------------------
Three Months (13 Weeks) Ended ------------------------------- April 1, 2000 April 3, 1999 ------------- ------------- (Unaudited) (Unaudited) ------------- ------------- Operating activities: Net earnings................................................ $ 81,489,845 $ 28,173,392 Adjustments: Depreciation of plant and equipment....................... 68,552,403 61,661,474 Minority interests........................................ 38,041,327 14,866,351 Changes in: Current assets.......................................... (47,459,865) 17,375,642 Current liabilities..................................... 48,952,858 (33,604,196) Other................................................... 5,398,143 (1,014,433) ------------- ------------- Cash provided by operating activities..................... 194,974,711 87,458,230 ------------- ------------- Investing activities: Capital expenditures (net).................................. (118,461,013) (45,622,084) ------------- ------------- Cash used in investing activities......................... (118,461,013) (45,622,084) ------------- ------------- Financing activities: Increase in long-term debt.................................. - 175,000,000 Distributions to minority interests......................... (54,007,800) (51,620,520) Issuance of common stock.................................... 306,697 150,895 Acquisition of treasury stock............................... (102,757,502) (4,208,045) Cash dividends.............................................. (12,793,006) (11,343,972) -------------- ------------- Cash provided by (used in) financing activities........... (169,251,611) 107,978,358 ------------- ------------- Increase (decrease) in cash and short-term investments........ $ (92,737,913) $ 149,814,504 ============== =============
The information furnished has not been audited and is subject to year-end adjustments. -4- Nucor Corporation - Analysis of Operations and Finances - ------------------------------------------------------- Operations - ---------- Net sales increased by 34% from the first quarter of 1999 to the first quarter of 2000, with more than half of the net sales increase resulting from an increase in sales volume and the remainder resulting from an increase in average sales prices. The major component of cost of products sold is raw material costs. The average price of raw materials increased about 12% from the first quarter of 1999. Major components of marketing, administrative and other expenses are freight and profit sharing costs. Unit freight costs increased approximately 5% from the first quarter of 1999, and profit sharing costs increased by more than 200% compared with the 1999 first quarter. Profit sharing costs are based upon and generally fluctuate with pre-tax earnings. Interest income, net of interest expense, increased for the first quarter of 2000 from the first quarter of 1999, primarily due to increased short-term investments and increased average interest rates. Federal income taxes were at a rate of about 35.5% for the first quarter of 2000 and 36% for the first quarter of 1999. Net earnings increased approximately 190% during the first quarter of 2000, compared with the first quarter of 1999, due to increased sales volume, increased margins and decreased pre-operating and start-up costs. Margins were approximately 14% for the first quarter of 2000 and approximately 8% for the first quarter of 1999. Liquidity and capital resources - ------------------------------- The current ratio was 2.6 at the end of the 2000 first quarter, and 2.9 at year-end 1999. The percentage of long-term debt to total capital was about 14% at the end of the first quarter of 2000, and about 13% at year-end 1999. Capital expenditures increased more than 150% during the first quarter of 2000 compared with the first quarter of 1999. Capital expenditures are projected to be more than $400 million for all of 2000. Funds provided from operations, existing credit facilities and new borrowings are expected to be more than adequate to meet future capital expenditure and working capital requirements. Nucor's directors have approved the purchase of up to 5,000,000 shares of Nucor common stock. During the first quarter of 2000, Nucor repurchased approximately 2,100,000 shares at a cost of approximately $102,000,000. Since the inception of the stock repurchase program, a total of approximately 3,200,000 shares have been repurchased. -5- PART II - OTHER INFORMATION --------------------------- Item 6 - Exhibits and Reports on Form 8-K - ----------------------------------------- Exhibit 11 - Computation of net earnings per share. ---------- Reports on Form 8-K - None filed for the quarter. ------------------- Exhibit 11 - Computation of net earnings per share - --------------------------------------------------
Three Months (13 Weeks) Ended ----------------------------- April 1, 2000 April 3, 1999 ------------- ------------- (Unaudited) (Unaudited) ------------- ------------- Basic: Basic net earnings............................ $81,489,845 $28,173,392 =========== =========== Average shares outstanding.................... 86,571,585 87,309,502 =========== =========== Basic net earnings per share.................. $ .94 $ .32 =========== =========== Diluted: Diluted net earnings.......................... $81,489,845 $28,173,392 =========== =========== Diluted average shares outstanding: Basic shares outstanding..................... 86,571,585 87,309,502 Dilutive effect of employee stock options.... 51,692 22,144 ----------- ----------- 86,623,277 87,331,646 =========== =========== Diluted net earnings per share................ $ .94 $ .32 =========== ===========
The information furnished has not been audited and is subject to year-end adjustments. SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, Nucor Corporation has duly caused this report to be signed on its behalf by the undersigned, who is (1) a duly authorized officer, and (2) the principal accounting officer. NUCOR CORPORATION By:___________________________________ Terry S. Lisenby Chief Financial Officer, Treasurer Dated: May 8, 2000 and Executive Vice President -6- EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-2000 APR-01-2000 479,447,538 0 412,889,344 21,112,414 488,868,477 1,493,230,463 2,239,304,944 1,548,009,215 3,732,535,407 579,983,756 390,450,000 0 0 36,042,522 2,192,451,418 3,732,535,407 1,199,634,778 1,199,634,778 1,031,750,001 1,031,750,001 44,315,406 0 (2,720,474) 126,289,845 44,800,000 81,489,845 0 0 0 81,489,845 .94 .94
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