-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, ZUHAO3WlIHoCnUqwumnlAtYsIc4T5iBUTaVd/3HlM7/F0KLgn+MYmFRVdtEn6Xwv PFSicw4usCtRVrne5DIrAg== 0000950168-94-000170.txt : 19940518 0000950168-94-000170.hdr.sgml : 19940518 ACCESSION NUMBER: 0000950168-94-000170 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940402 FILED AS OF DATE: 19940510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUCOR CORP CENTRAL INDEX KEY: 0000073309 STANDARD INDUSTRIAL CLASSIFICATION: 3312 IRS NUMBER: 131860817 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-04119 FILM NUMBER: 94526818 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 10-Q 5/6/94 #89645.1 FIRST QUARTER 1994 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 2, 1994 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 87,145,252 shares of common stock were outstanding at April 2, 1994. - 1 - PART I - FINANCIAL INFORMATION Consolidated Condensed Statements of Earnings Three Months (13 Weeks) Ended April 2, 1994 April 3, 1993 (Unaudited) (Unaudited) Net sales......................................... $649,701,248 $489,779,167 Costs and expenses: Cost of products sold........................... 567,309,313 433,707,712 Marketing, administrative and other expenses.... 24,843,183 21,083,385 Interest expense................................ 3,868,798 2,743,475 596,021,294 457,534,572 Earnings before federal income taxes.............. 53,679,954 32,244,595 Federal income taxes............................ 18,800,000 10,500,000 Net earnings.................................. $ 34,879,954 $ 21,744,595 Net earnings per share............................ $.40 $.25 Dividends declared per share.................... $.045 $.04 Average number of shares outstanding.......... 87,106,539 86,793,734
The information furnished reflects all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods. Net earnings per share, dividends declared per share, and average shares outstanding have been restated to reflect the 2-for-1 stock split in September, 1993. The information furnished has not been audited and is subject to year-end adjustments. - 2 - Consolidated Condensed Balance Sheets April 2, December 31, 1994 1993 Assets (Unaudited) (Audited) Current assets: Cash and short-term investments................. $ 43,430,109 $ 27,254,817 Accounts receivable............................. 227,582,770 202,176,241 Inventories..................................... 239,697,846 215,014,570 Other current assets............................ 25,433,582 23,786,254 Total current assets................................. 536,144,307 468,231,882 Property, plant and equipment..................... 1,384,723,372 1,361,036,440 Total assets......................................... $1,920,867,679 $1,829,268,322 Liabilities and stockholders' equity Current liabilities: Long-term debt due within one year.............. $ 200,000 $ 200,000 Accounts payable................................ 172,322,265 165,734,528 Salaries, wages and related accruals............ 57,731,536 60,892,849 Federal income taxes............................ 31,567,151 14,267,152 Accrued expenses and other current liabilities.. 122,835,819 109,396,252 Total current liabilities............................ 384,656,771 350,490,781 Long-term debt due after one year................. 361,050,000 352,250,000 Deferred credits and other liabilities............ 82,273,098 81,273,098 Minority interests................................ 158,584,448 143,087,504 Stockholders' equity: Common stock.................................... 35,729,392 35,701,222 Additional paid-in capital...................... 31,052,172 29,913,677 Retained earnings............................... 885,815,889 854,857,471 952,597,453 920,472,370 Treasury stock.................................. (18,294,091) (18,305,431) 934,303,362 902,166,939 Total liabilities and stockholders' equity........... $1,920,867,679 $1,829,268,322
Inventories consisted of approximately 50% raw materials and supplies, and 50% finished and semi-finished products at April 2, 1994 (50% and 50% at December 31, 1993). The information furnished has not been audited and is subject to year-end adjustments. - 3 - Consolidated Condensed Statements of Cash Flows Three Months (13 Weeks) Ended April 2, 1994 April 3, 1993 (Unaudited) (Unaudited) Operating activities: Net earnings............................................ $ 34,879,954 $ 21,744,595 Adjustments: Depreciation of plant and equipment................... 35,526,817 29,441,946 Minority interests.................................... 1,375,344 5,836,422 Changes in: Current assets...................................... (51,737,133) (44,853,329) Current liabilities................................. 34,165,990 40,940,439 Other............................................... 751,691 1,425,000 Cash provided by operating activities................. 54,962,663 54,535,073 Investing activities: Capital expenditures.................................... (58,965,441) (92,533,219) Cash (used in) investing activities................... (58,965,441) (92,533,219) Financing activities: Increase in long-term debt.............................. 8,800,000 41,800,000 Contributions for (distributions to) minority interests. 14,121,600 (845,985) Issuance of common stock................................ 1,178,006 1,819,377 Cash dividends.......................................... (3,921,536) (3,474,503) Cash provided by financing activities................. 20,178,070 39,298,889 Increase in cash and short-term investments........ $ 16,175,292 $ 1,300,743
The information furnished has not been audited and is subject to year-end adjustments. - 4 - Analysis of Operations and Finances Operations Net sales for the first quarter of 1994 increased about 33% from the first quarter of 1993. About one half of the net sales increase resulted from an increase in volume, and about half resulted from an increase in average sales prices. Average sales prices increased about 15% from the first quarter of 1993. The major component of cost of products sold is raw material costs. The average price of raw materials increased about 30% from the first quarter of 1993. Major components of marketing, administrative and other expenses are freight and profit sharing costs. Unit freight costs increased about 10% from the first quarter of 1993, and profit sharing costs increased about 80%, compared with the 1993 first quarter. Profit sharing costs are based upon and generally fluctuate with pre-tax earnings. Interest expense, which is reduced by interest income from short-term investments, increased for the first quarter of 1994 over the comparable 1993 quarter, primarily due to an increase in average borrowings in this year's first quarter. Federal income taxes were at a rate of about 35% for the first quarter of 1994, and at a rate of about 32.5% for the first quarter of 1993. Net earnings increased about 60% during the first quarter of 1994, compared with the first quarter of 1993, due to increased sales volume and improved margins. Margins were about 12.5% for the first quarter of 1994, and about 11.5% for the first quarter of 1993. Liquidity and capital resources The current ratio was about 1.4 at the end of the 1994 first quarter, and about 1.3 at year-end 1993. The percentage of long-term debt to total capital was about 25% at the end of the first quarter of 1994 and at year-end 1993. Capital expenditures decreased about 36% during the first quarter of 1994, compared with the first quarter of 1993. Capital expenditures are anticipated to be more than $200 million for all of 1994. Funds provided from operations, existing credit facilities and new long-term debt are expected to be more than adequate to meet future capital expenditure and working capital requirements. - 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. 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 financial officer. NUCOR CORPORATION By: SAMUEL SIEGEL Samuel Siegel Vice Chairman, Dated: May 12, 1994 Chief Financial Officer - 6 - EX-11 2 EXHIBIT 11 Exhibit 11 - Computation of net earnings per share Three months (13 Weeks) Ended April 2, 1994 April 3, 1993 (Unaudited) (Unaudited) Primary: Primary net earnings........................... $34,879,954 $21,744,595 Average shares outstanding (excludes dilutive effect of employee stock options because less than 3%).......... 87,106,539 86,793,734 Primary net earnings per share................. $.4004 $.2505 Fully diluted: Fully diluted net earnings..................... $34,879,954 $21,744,595 Fully diluted average shares outstanding: Primary shares outstanding................... 87,106,539 86,793,734 Dilutive effect of employee stock options.... 355,280 440,254 87,461,819 87,233,988 Fully diluted net earnings per share........... $.3988 $.2493 The information furnished has not been audited and is subject to year-end adjustments. -----END PRIVACY-ENHANCED MESSAGE-----