-----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, jP2VHNOoE951bA2UwmxH3e2mlCZVnQS8ubC00HwLZH4IufJ7bCw/+lntdvHxbIkX vE83ePbrTxp/JDZd9jooJA== 0000950168-95-000366.txt : 19950511 0000950168-95-000366.hdr.sgml : 19950511 ACCESSION NUMBER: 0000950168-95-000366 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950401 FILED AS OF DATE: 19950509 SROS: NONE 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: 1934 Act SEC FILE NUMBER: 001-04119 FILM NUMBER: 95535655 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 10-Q #80885 FIRST QUARTER 1995 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, 1995 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 87,407,394 shares of common stock were outstanding at April 1, 1995. - 1 - PART I - FINANCIAL INFORMATION Consolidated Condensed Statements of Earnings
Three Months (13 Weeks) Ended April 1, 1995 April 2, 1994 (Unaudited) (Unaudited) Net sales......................................... $841,734,652 $649,701,248 Costs and expenses: Cost of products sold........................... 701,986,925 567,309,313 Marketing, administrative and other expenses.... 33,706,358 24,843,183 Interest expense................................ 1,232,918 3,868,798 736,926,201 596,021,294 Earnings before federal income taxes.............. 104,808,451 53,679,954 Federal income taxes............................ 37,500,000 18,800,000 Net earnings.................................. $ 67,308,451 $ 34,879,954 Net earnings per share............................ $.77 $.40 Dividends declared per share.................... $.07 $.045 Average number of shares outstanding.......... 87,363,786 87,106,539
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. The information furnished has not been audited and is subject to year-end adjustments. - 2 - Consolidated Condensed Balance Sheets
April 1, December 31, 1995 1994 Assets (Unaudited) (Audited) Current assets: Cash and short-term investments................. $ 163,837,126 $ 101,930,479 Accounts receivable............................. 293,225,232 258,131,947 Inventories..................................... 253,839,784 243,026,854 Other current assets............................ 38,182,559 35,612,117 Total current assets.......................... 749,084,701 638,701,397 Property, plant and equipment..................... 1,344,510,210 1,363,218,768 Total assets.................................. $2,093,594,911 $2,001,920,165 Liabilities and stockholders' equity Current liabilities: Long-term debt due within one year.............. $ 150,000 $ 250,000 Accounts payable................................ 215,528,736 182,846,410 Salaries, wages and related accruals............ 71,403,829 88,706,273 Federal income taxes............................ 47,007,659 15,507,659 Accrued expenses and other current liabilities.. 109,231,717 95,154,860 Total current liabilities..................... 443,321,941 382,465,202 Long-term debt due after one year................. 136,850,000 173,000,000 Deferred credits and other liabilities............ 148,409,517 147,859,517 Minority interests................................ 179,930,827 175,985,189 Stockholders' equity: Common stock.................................... 35,832,303 35,803,072 Additional paid-in capital...................... 40,517,194 39,272,431 Retained earnings............................... 1,126,986,354 1,065,796,421 1,203,335,851 1,140,871,924 Treasury stock.................................. (18,253,225) (18,261,667) 1,185,082,626 1,122,610,257 Total liabilities and stockholders' equity.... $2,093,594,911 $2,001,920,165
Inventories consisted of approximately 50% raw materials and supplies, and 50% finished and semi-finished products at April 1, 1995 (55% and 45% at December 31, 1994). 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 1, 1995 April 2, 1994 (Unaudited) (Unaudited) Operating activities: Net earnings............................................ $ 67,308,451 $ 34,879,954 Adjustments: Depreciation of plant and equipment................... 40,432,555 35,526,817 Minority interests.................................... 2,404,438 1,375,344 Changes in: Current assets...................................... (48,476,657) (51,737,133) Current liabilities................................. 60,956,739 34,165,990 Other............................................... 550,000 751,691 Cash provided by operating activities................. 123,575,526 54,962,663 Investing activities: Capital expenditures.................................... (22,123,997) (58,965,441) Cash (used in) investing activities................... (22,123,997) (58,965,441) Financing activities: Increase (decrease) in long-term debt................... (36,250,000) 8,800,000 Contributions for (distributions to) minority interests. 1,541,200 14,121,600 Issuance of common stock................................ 1,282,436 1,178,006 Cash dividends.......................................... (6,118,518) (3,921,536) Cash provided by (used in) financing activities....... (39,544,882) 20,178,070 Increase in cash and short-term investments............... $ 61,906,647 $ 16,175,292
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 1995 increased about 30% from the first quarter of 1994. About three fourths of the net sales increase resulted from an increase in volume, and about one fourth resulted from an increase in average sales prices. Average sales prices increased about 5% from the first quarter of 1994. The major component of cost of products sold is raw material costs. The average price of raw materials increased about 5% from the first quarter of 1994. Major components of marketing, administrative and other expenses are freight and profit sharing costs. Unit freight costs decreased about 5% from the first quarter of 1994, and profit sharing costs increased about 80%, compared with the 1994 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, decreased for the first quarter of 1995 over the comparable 1994 quarter, primarily due to an decrease in average borrowings in this year's first quarter. Federal income taxes were at a rate of about 36% for the first quarter of 1995, and at a rate of about 35% for the first quarter of 1994. Net earnings increased about 90% during the first quarter of 1995, compared with the first quarter of 1994, due to increased sales volume and improved margins. Margins were about 16.6% for the first quarter of 1995, and about 12.5% for the first quarter of 1994. Liquidity and capital resources The current ratio was about 1.7 at the end of the 1995 first quarter, and about 1.7 at year-end 1994. The percentage of long-term debt to total capital was about 9% at the end of the first quarter of 1995, and about 12% at year- end 1994. Capital expenditures decreased about 60% during the first quarter of 1995, compared with the first quarter of 1994. Capital expenditures are anticipated to be more than $250 million for all of 1995. 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. Exhibit 11 - Computation of net earnings per share Three months (13 Weeks) Ended April 1, 1995 April 2, 1994 (Unaudited) (Unaudited) Primary: Primary net earnings........................... $67,308,451 $34,879,954 Average shares outstanding (excludes dilutive effect of employee stock options because less than 3%).......... 87,363,786 87,106,539 Primary net earnings per share................. $.7704 $.4004 Fully diluted: Fully diluted net earnings..................... $67,308,451 $34,879,954 Fully diluted average shares outstanding: Primary shares outstanding................... 87,363,786 87,106,539 Dilutive effect of employee stock options.... 222,934 355,280 87,586,720 87,461,819 Fully diluted net earnings per share........... $.7685 $.3988 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 financial officer. NUCOR CORPORATION By: SAMUEL SIEGEL Samuel Siegel Vice Chairman, Dated: May 12, 1995 Chief Financial Officer - 6 - EX-27 2 EXHIBIT 27
5 3-MOS DEC-31-1995 APR-01-1995 163,837,126 0 308,630,305 15,405,073 253,839,784 749,084,701 1,995,686,660 651,176,450 2,093,594,911 443,321,941 136,850,000 35,832,303 0 0 1,167,503,548 2,093,594,911 841,734,652 841,734,652 701,986,925 701,986,925 33,706,358 0 1,232,918 104,808,451 37,500,000 67,308,451 0 0 0 67,308,451 .77 .77
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