-----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, RImXZect/cW+HevNXGm8tcs2otkQ1d/LQA7VH7gtTKX2LjZcTycsQXItxj1b0K0k LUZYqSzPDOtHGVpLhBRmnw== 0000950168-95-000979.txt : 19951118 0000950168-95-000979.hdr.sgml : 19951118 ACCESSION NUMBER: 0000950168-95-000979 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951109 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: 95588925 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 10-Q NUCOR CORP. 40688 THIRD 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 September 30, 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 87,473,194 shares of common stock were outstanding at September 30, 1995. - 1 - PART I - FINANCIAL INFORMATION Consolidated Condensed Statements of Earnings
Nine Months (39 Weeks) Ended Three Months (13 Weeks) Ended Sep. 30, 1995 Oct. 1, 1994 Sep. 30, 1995 Oct. 1, 1994 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net sales................... $2,582,431,557 $2,176,227,606 $860,544,790 $786,424,788 -------------- -------------- ------------ ------------ Costs and expenses: Cost of products sold..... 2,167,023,090 1,844,132,395 729,947,924 647,794,603 Marketing, administrative and other expenses...... 103,051,370 90,967,237 33,526,236 35,609,119 Interest expense (income). 711,926 11,444,067 (932,414) 3,397,244 -------------- -------------- ------------ ------------ 2,270,786,386 1,946,543,699 762,541,746 686,800,966 -------------- -------------- ------------ ------------ Earnings before federal income taxes...... 311,645,171 229,683,907 98,003,044 99,623,822 Federal income taxes...... 111,400,000 80,600,000 35,000,000 35,100,000 -------------- -------------- ------------ ------------ Net earnings............ $ 200,245,171 $ $149,083,907 $ 63,003,044 $ 64,523,822 ============== ============== ============ ============ Net earnings per share...... $2.29 $1.71 $.72 $.74 ===== ===== ==== ==== Dividends declared per share............... $.21 $.135 $.07 $.045 ==== ===== ==== ===== Average number of shares outstanding.... 87,413,820 87,147,660 87,455,135 87,183,177
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
September 30, December 31, 1995 1994 Assets (Unaudited) (Audited) Current assets: Cash and short-term investments................. $ 259,465,228 $ 101,930,479 Accounts receivable............................. 294,367,960 258,131,947 Inventories..................................... 235,049,227 243,026,854 Other current assets............................ 39,785,495 35,612,117 -------------- -------------- Total current assets.......................... 828,667,910 638,701,397 Property, plant and equipment..................... 1,406,145,458 1,363,218,768 -------------- -------------- Total assets.................................. $2,234,813,368 $2,001,920,165 ============== ============== Liabilities and stockholders' equity Current liabilities: Long-term debt due within one year.............. $ 150,000 $ 250,000 Accounts payable................................ 200,004,735 182,846,410 Salaries, wages and related accruals............ 125,739,813 88,706,273 Federal income taxes............................ 5,907,659 15,507,659 Accrued expenses and other current liabilities.. 130,969,600 95,154,860 -------------- -------------- Total current liabilities..................... 462,771,807 382,465,202 -------------- -------------- Long-term debt due after one year................. 124,850,000 173,000,000 -------------- -------------- Deferred credits and other liabilities............ 139,509,517 147,859,517 -------------- -------------- Minority interests................................ 200,561,988 175,985,189 -------------- -------------- Stockholders' equity: Common stock.................................... 35,857,649 35,803,072 Additional paid-in capital...................... 41,815,833 39,272,431 Retained earnings............................... 1,247,679,345 1,065,796,421 -------------- -------------- 1,325,352,827 1,140,871,924 Treasury stock.................................. (18,232,771) (18,261,667) -------------- -------------- 1,307,120,056 1,122,610,257 -------------- -------------- Total liabilities and stockholders' equity.... $2,234,813,368 $2,001,920,165 ============== ==============
Inventories consisted of approximately 50% raw materials and supplies, and 50% finished and semi-finished products at September 30, 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
Nine Months (39 Weeks) Ended Sep. 30, 1995 Oct. 1, 1994 (Unaudited) (Unaudited) Operating activities: Net earnings............................................ $200,245,171 $149,083,907 Adjustments: Depreciation of plant and equipment................... 124,072,243 113,154,831 Minority interests.................................... 26,058,919 14,408,469 Changes in: Current assets...................................... (32,431,764) (83,073,119) Current liabilities................................. 80,406,605 97,560,236 Other............................................... (32,400,721) 16,060,189 ------------ ------------ Cash provided by operating activities................. 365,950,453 307,194,513 ------------ ------------ Investing activities: Capital expenditures.................................... (142,948,212) (154,531,802) ------------ ------------ Cash used in investing activities..................... (142,948,212) (154,531,802) ------------ ------------ Financing activities: Decrease in long-term debt.............................. (48,250,000) (135,200,000) Contributions for (distributions to) minority interests. (1,482,120) 12,100,170 Issuance of common stock................................ 2,626,875 2,645,989 Cash dividends.......................................... (18,362,247) (11,768,479) ------------ ------------ Cash used in financing activities..................... (65,467,492) (132,222,320) ------------ ------------ Increase in cash and short-term investments............... $157,534,749 $ 20,440,391 ============ ============
The information furnished has not been audited and is subject to year-end adjustments. - 4 - Analysis of Operations and Finances Operations Net sales increased by about 10% from the third quarter of 1994 to the third quarter of 1995, with about half of the net sales increase resulting from an increase in sales volume and about half resulting from an increase in average sales prices. Net sales increased by about 20% from the first nine months of 1994 to the first nine months of 1995, with about 70% of the net sales increase resulting from an increase in sales volume. Average sales prices increased by about 5% from both the third quarter of 1994 to the third quarter of 1995, and from the first nine months of 1994 to the first nine months of 1995. The major component of cost of products sold is raw material costs. The average price of raw materials increased about 10% in the third quarter of 1995 compared with the third quarter of 1994, and increased by more than 5% in the first nine months of 1995 from the comparable year-earlier period. Major components of marketing, administrative and other expenses are freight and profit sharing costs. Unit freight costs decreased slightly from both the third quarter of 1994 to the third quarter of 1995, and from the first nine months of 1994 to the first nine months of 1995. Profit sharing costs decreased about 15% from the third quarter of 1994 to the third quarter of 1995, and increased about 20% from the first nine months of 1994 to the first nine months of 1995. 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 both the third quarter and first nine months of 1995 from the third quarter and first nine months of 1994, due to decreased borrowings and increased earnings from short-term investments. Federal income taxes were at a rate of about 36% for the third quarter and first nine months of 1995, versus a rate of about 35% for the third quarter and first nine months of 1994. Net earnings decreased during the third quarter of 1995, compared with the third quarter of 1994, principally due to decreased margins. Net earnings increased for the first nine months of 1995, compared with the first nine months of 1994, principally due to increased sales volume. Margins were about 15% for the third quarter of 1995 and about 16% for the first nine months of 1995, versus about 18% for the third quarter of 1994 and 15% for the first nine months of 1994. Liquidity and capital resources The current ratio was about 1.8 at the end of the first nine months of 1995, and about 1.7 at year-end 1994. The percentage of long-term debt to total capital was about 8% at the end of the first nine months of 1995, and about 12% at year-end 1994. Capital expenditures decreased more than 5% during the first nine months of 1995, compared with the first nine months of 1994. Capital expenditures are projected to be more than $200 million for all of 1995. Funds provided from operations, existing credit facilities and new borrowings are expected to be 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
Nine Months (39 Weeks) Ended Three months (13 Weeks) Ended Sep. 30, 1995 Oct. 1, 1994 Sep. 30, 1995 Oct. 1, 1994 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Primary: Primary net earnings.......... $200,245,171 $149,083,907 $63,003,044 $64,523,822 ============ ============ =========== =========== Average shares outstanding (excludes dilutive effect of employee stock options because less than 3%)...... 87,413,820 87,147,660 87,455,135 87,183,177 ========== ========== ========== ========== Primary net earnings per share...... $2.2908 $1.7107 $.7204 $.7401 ======= ======= ====== ====== Fully diluted: Fully diluted net earnings.... $200,245,171 $149,083,907 $63,003,044 $64,523,822 ============ ============ =========== =========== Fully diluted average shares outstanding: Primary shares outstanding.. 87,413,820 87,147,660 87,455,135 87,183,177 Dilutive effect of employee stock options.... 192,034 350,043 158,110 341,371 ---------- ---------- ---------- ---------- 87,605,854 87,497,703 87,613,245 87,524,548 ========== ========== ========== ========== Fully diluted net earnings per share...... $2.2858 $1.7039 $.7191 $.7372 ======= ======= ====== ======
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 Vice Chairman, Dated: November 10, 1995 Chief Financial Officer - 6 - EX-27 2 EXHIBIT 27
5 9-MOS DEC-31-1995 SEP-30-1995 259,465,228 0 311,433,225 17,065,265 235,049,227 828,667,910 2,139,563,942 733,418,484 2,234,813,368 462,771,807 124,850,000 35,857,649 0 0 1,289,495,178 2,234,813,368 860,544,790 860,544,790 729,947,924 729,947,924 33,526,236 0 (932,414) 98,003,044 35,000,000 63,003,044 0 0 0 63,003,044 .72 .72
-----END PRIVACY-ENHANCED MESSAGE-----