-----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, HkIwlj+WUIL/XBNzLEJ20FPgDntaMUiADovAhh1IJLPVPWdRwTGXwoX7AJye3cqH toa9C5MVC97tRGz7kpo29g== 0000950168-96-000742.txt : 19960510 0000950168-96-000742.hdr.sgml : 19960510 ACCESSION NUMBER: 0000950168-96-000742 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960330 FILED AS OF DATE: 19960509 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: 96558286 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 FIRST QUARTER 1996 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 March 30, 1996 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 87,679,252 shares of common stock were outstanding at March 30, 1996. - 1 - PART I - FINANCIAL INFORMATION Consolidated Condensed Statements of Earnings
Three Months (13 Weeks) Ended March 30, 1996 April 1, 1995 (Unaudited) (Unaudited) Net sales......................................... $876,113,043 $841,734,652 Costs and expenses: Cost of products sold........................... 766,609,546 701,986,925 Marketing, administrative and other expenses.... 28,980,919 33,706,358 Interest expense (income)....................... (961,229) 1,232,918 794,629,236 736,926,201 Earnings before federal income taxes.............. 81,483,807 104,808,451 Federal income taxes............................ 28,900,000 37,500,000 Net earnings.................................. $ 52,583,807 $ 67,308,451 Net earnings per share............................ $.60 $.77 Dividends declared per share.................... $.08 $.07 Average number of shares outstanding.......... 87,635,545 87,363,786
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
March 30, December 31, 1996 1995 Assets (Unaudited) (Audited) Current assets: Cash and short-term investments................. $ 198,988,373 $ 201,795,775 Accounts receivable............................. 295,241,410 283,206,832 Inventories..................................... 329,410,007 306,773,384 Other current assets............................ 40,044,486 38,965,327 Total current assets.......................... 863,684,276 830,741,318 Property, plant and equipment..................... 1,539,989,711 1,465,400,015 Total assets.................................. $2,403,673,987 $2,296,141,333 Liabilities and stockholders' equity Current liabilities: Long-term debt due within one year.............. $ 150,000 $ 150,000 Accounts payable................................ 231,240,137 214,562,570 Salaries, wages and related accruals............ 73,483,704 104,562,678 Federal income taxes............................ 40,198,873 11,298,873 Accrued expenses and other current liabilities.. 127,740,975 116,562,190 Total current liabilities..................... 472,813,689 447,136,311 Long-term debt due after one year................. 131,700,000 106,850,000 Deferred credits and other liabilities............ 140,134,197 139,384,197 Minority interests................................ 229,515,360 220,658,666 Stockholders' equity: Common stock.................................... 35,934,244 35,902,460 Additional paid-in capital...................... 50,452,188 48,669,443 Retained earnings............................... 1,361,417,282 1,315,844,041 1,447,803,714 1,400,415,944 Treasury stock.................................. (18,292,973) (18,303,785) 1,429,510,741 1,382,112,159 Total liabilities and stockholders' equity.... $2,403,673,987 $2,296,141,333
Inventories consisted of approximately 55% raw materials and supplies, and 45% finished and semi-finished products at March 30, 1996 (55% and 45% at December 31, 1995). 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 March 30, 1996 April 1, 1995 (Unaudited) (Unaudited) Operating activities: Net earnings............................................ $ 52,583,807 $ 67,308,451 Adjustments: Depreciation of plant and equipment................... 42,186,710 40,832,555 Minority interests.................................... 21,371,294 2,404,438 Changes in: Current assets...................................... (35,750,360) (48,476,657) Current liabilities................................. 25,677,378 60,956,739 Other............................................... (7,907,267) 550,000 Cash provided by operating activities................. 98,161,562 123,575,526 Investing activities: Capital expenditures.................................... (108,119,138) (22,123,997) Cash (used in) investing activities................... (108,119,138) (22,123,997) Financing activities: Increase (decrease) in long-term debt................... 24,850,000 (36,250,000) Contributions for (distributions to) minority interests. (12,514,600) 1,541,200 Issuance of common stock................................ 1,825,341 1,282,436 Cash dividends.......................................... (7,010,567) (6,118,518) Cash provided by (used in) financing activities....... 7,150,174 (39,544,882) Increase (decrease) in cash and short-term investments.... $ (2,807,402) $ 61,906,647
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 1996 increased about 4% from the first quarter of 1995. All of the net sales increase resulted from an increase in volume. Average sales prices decreased by less than 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 slightly from the first quarter of 1995. 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 1995, and profit sharing costs decreased about 30%, compared with the 1995 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 1996 over the comparable 1995 quarter, primarily due to an decrease in average borrowings in this year's first quarter. Federal income taxes were at a rate of about 35% for the first quarter of 1996, and at a rate of about 36% for the first quarter of 1995. Net earnings decreased about 20% during the first quarter of 1996, compared with the first quarter of 1995, due to decreased margins. Margins were about 12.5% for the first quarter of 1996, and about 16.6% for the first quarter of 1995. Liquidity and capital resources The current ratio was about 1.8 at the end of the 1996 first quarter, and about 1.9 at year-end 1995. The percentage of long-term debt to total capital was about 7% at the end of the first quarter of 1996, and about 6% at year-end 1995. Capital expenditures increased about 400% during the first quarter of 1996, compared with the first quarter of 1995. Capital expenditures are anticipated to be more than $500 million for all of 1996. 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 Item6 - 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 March 30, 1996 April 1, 1995 (Unaudited) (Unaudited) Primary: Primary net earnings........................... $52,583,807 $67,308,451 Average shares outstanding (excludes dilutive effect of employee stock options because less than 3%).......... 87,635,545 87,363,786 Primary net earnings per share................. $.6000 $.7704 Fully diluted: Fully diluted net earnings..................... $52,583,807 $67,308,451 Fully diluted average shares outstanding: Primary shares outstanding................... 87,635,545 87,363,786 Dilutive effect of employee stock options.... 146,499 222,934 ---------- ---------- 87,782,044 87,586,720 Fully diluted net earnings per share........... $.5990 $.7685 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 10, 1996 Chief Financial Officer - 6 -
EX-27 2 ART. 5 FDS FOR 1ST QUARTER 10-Q
5 3-MOS DEC-31-1996 MAR-30-1996 198,988,373 0 311,820,025 16,578,615 329,410,007 863,684,276 2,328,682,769 788,693,058 2,403,673,987 472,813,689 131,700,000 35,934,244 0 0 1,411,869,470 2,403,673,987 876,113,043 876,113,043 766,609,546 766,609,546 28,980,919 0 (961,229) 81,483,807 28,900,000 52,583,807 0 0 0 52,583,807 .60 .60
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