-----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, IS4+Kf3pqmuIPJa4JThOBc9MVdfFfFSSW7JIldzRh/uTn/NSmDmW6G10rbVwvGvU kbXYJfqihoE9ZAFbIv2Vaw== 0000950168-97-001214.txt : 19970513 0000950168-97-001214.hdr.sgml : 19970513 ACCESSION NUMBER: 0000950168-97-001214 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970405 FILED AS OF DATE: 19970512 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: 97600815 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 1997 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 5, 1997 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 87,852,012 shares of common stock were outstanding at April 5, 1997. - 1 - PART I - FINANCIAL INFORMATION Consolidated Condensed Statements of Earnings
Three Months (13 Weeks) Ended April 5, 1997 March 30, 1996 (Unaudited) (Unaudited) Net sales........................................ $1,010,489,815 $876,113,043 -------------- ------------ Costs and expenses: Cost of products sold.......................... 874,089,671 766,609,546 Marketing, administrative and other expenses... 34,142,567 28,980,919 Interest expense (income)...................... 646,063 (961,229) -------------- ------------ 908,878,301 794,629,236 Earnings before federal income taxes............. 101,611,514 81,483,807 Federal income taxes........................... 36,600,000 28,900,000 -------------- ------------ Net earnings................................. $ 65,011,514 $ 52,583,807 ============== ============ Net earnings per share........................... $.74 $.60 ==== ==== Dividends declared per share................... $.10 $.08 ==== ===== Average number of shares outstanding......... 87,828,041 87,635,545
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 5, December 31, 1997 1996 -------------- --------- Assets (Unaudited) (Audited) Current assets: Cash and short-term investments................. $ 168,401,862 $ 104,400,585 Accounts receivable............................. 348,367,493 292,637,918 Inventories..................................... 397,643,868 385,798,890 Other current assets............................ 46,713,129 45,543,192 -------------- -------------- Total current assets.......................... 961,126,352 828,380,585 -------------- -------------- Property, plant and equipment..................... 1,801,889,111 1,791,152,821 -------------- -------------- Total assets.................................. $2,763,015,463 $2,619,533,406 ============== ============== Liabilities and stockholders' equity Current liabilities: Long-term debt due within one year.............. $ 850,000 $ 750,000 Accounts payable................................ 225,189,616 224,369,943 Salaries, wages and related accruals............ 79,817,159 101,712,186 Federal income taxes............................ 44,885,629 10,285,829 Accrued expenses and other current liabilities.. 140,762,006 128,534,797 -------------- -------------- Total current liabilities..................... 491,504,410 465,652,755 -------------- -------------- Long-term debt due after one year................. 187,350,000 152,600,000 -------------- -------------- Deferred credits and other liabilities............ 128,284,101 126,284,101 -------------- -------------- Minority interests................................ 288,928,495 265,706,357 -------------- -------------- Stockholders' equity: Common stock.................................... 35,972,934 35,950,914 Additional paid-in capital...................... 56,454,913 55,047,610 Retained earnings............................... 1,592,174,802 1,535,948,490 -------------- -------------- 1,684,602,649 1,626,947,014 Treasury stock.................................. (17,654,192) (17,656,821) -------------- -------------- 1,666,948,457 1,609,290,193 Total liabilities and stockholders' equity.... $2,763,015,463 $2,619,533,406 ============== ==============
Inventories consisted of approximately 55% raw materials and supplies, and 45% finished and semi-finished products at April 5, 1997 (60% and 40% at December 31, 1996). 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 5, 1997 March 30, 1996 (Unaudited) (Unaudited) Operating activities: Net earnings............................................ $ 65,011,514 $ 52,583,807 Adjustments: Depreciation of plant and equipment................... 53,039,870 42,186,710 Minority interests.................................... 22,516,138 21,371,294 Changes in: Current assets...................................... (68,744,490) (35,750,360) Current liabilities................................. 25,751,655 25,677,378 Other............................................... 1,737,922 (7,907,267) ------------ ------------- Cash provided by operating activities................. 99,312,609 98,161,562 ------------ ------------ Investing activities: Capital expenditures.................................... (63,514,082) (108,119,138) ------------ ------------ Cash (used in) investing activities................... (63,514,082) (108,119,138) ------------ ------------ Financing activities: Increase in long-term debt.............................. 34,850,000 24,850,000 Contributions for (distributions to) minority interests. 706,000 (12,514,600) Issuance of common stock................................ 1,431,952 1,825,341 Cash dividends.......................................... (8,785,202) (7,010,567) ------------ ------------ Cash provided by financing activities................. 28,202,750 7,150,174 ------------ ------------ Increase (decrease) in cash and short-term investments.... $ 64,001,277 $ (2,807,402) ============ ============
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 1997 increased about 15% from the first quarter of 1996. Most of the net sales increase resulted from an increase in volume. Average sales prices increased by about 2% from the first quarter of 1996. The major component of cost of products sold is raw material costs. The average price of raw materials decreased by less than 5% from the first quarter of 1996. Major components of marketing, administrative and other expenses are freight and profit sharing costs. Unit freight costs decreased by less than 1% from the first quarter of 1996, and profit sharing costs increased about 25%, compared with the 1996 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 1997 over the comparable 1996 quarter, due to an increase in average borrowings in this year's first quarter, and decreased interest income. Federal income taxes were at a rate of about 36% for the first quarter of 1997, and at a rate of about 35% for the first quarter of 1996. Net earnings increased about 24% during the first quarter of 1997, compared with the first quarter of 1996, due to increased volume and increased margins. Margins were about 13.5% for the first quarter of 1997, and about 12.5% for the first quarter of 1996. Liquidity and capital resources The current ratio was about 1.9 at the end of the 1997 first quarter, and about 1.8 at year-end 1996. The percentage of long-term debt to total capital was about 9% at the end of the first quarter of 1997, and about 8% at year-end 1996. Capital expenditures decreased about 40% during the first quarter of 1997, compared with the first quarter of 1996. Capital expenditures are anticipated to be more than $200 million for all of 1997. 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: /s/ Samuel Siegel Samuel Siegel Vice Chairman, Dated: May 12, 1997 Chief Financial Officer - 6 - EX-11 2 EXHIBIT 11 Exhibit 11 - Computation of net earnings per share
Three months (13 Weeks) Ended April 5, 1997 March 30, 1996 (Unaudited) (Unaudited) Primary: Primary net earnings........................... $65,011,514 $52,583,807 =========== =========== Average shares outstanding (excludes dilutive effect of employee stock options because less than 3%).......... 87,828,041 87,635,545 ========== ========== Primary net earnings per share................. $.7402 $.6000 ====== ====== Fully diluted: Fully diluted net earnings..................... $65,011,514 $52,583,807 =========== =========== Fully diluted average shares outstanding: Primary shares outstanding................... 87,828,041 87,635,545 Dilutive effect of employee stock options.... 48,887 146,499 ---------- ---------- 87,876,928 87,782,044 ========== ========== Fully diluted net earnings per share........... $.7398 $.5990 ====== ======
The information furnished has not been audited and is subject to year-end adjustments. EX-27 3 ART. 5 FDS FOR 1ST QUARTER 10-Q
5 3-MOS DEC-31-1997 APR-05-1997 168,401,862 0 366,844,653 18,477,160 397,643,868 961,126,352 2,762,376,185 960,487,074 2,763,015,463 491,504,410 187,350,000 35,972,934 0 0 1,648,629,715 2,763,015,463 1,010,489,815 1,010,489,815 874,089,671 874,089,671 34,142,567 0 646,063 101,611,514 36,600,000 65,011,514 0 0 0 65,011,514 .74 .74
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