-----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, RBdZk9wnE5ncf2rji5SUbtttwKKweODjAa7B51Ec6qpOl9jmMnOEwkqrx3rfWRQa a2EI2lE7tiApdvoBN7jP0g== 0000950168-98-001548.txt : 19980513 0000950168-98-001548.hdr.sgml : 19980513 ACCESSION NUMBER: 0000950168-98-001548 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980404 FILED AS OF DATE: 19980512 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: SEC FILE NUMBER: 001-04119 FILM NUMBER: 98616159 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 1998 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 4, 1998 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 [ ] 88,054,216 shares of common stock were outstanding at April 4, 1998. - 1 - PART I - FINANCIAL INFORMATION Nucor Corporation - Consolidated Condensed Statements of Earnings
Three Months (13 Weeks) Ended April 4, 1998 April 5, 1997 (Unaudited) (Unaudited) Net sales........................................ $1,138,862,155 $1,010,489,815 -------------- -------------- Costs and expenses: Cost of products sold.......................... 999,505,973 874,089,671 Marketing, administrative and other expenses... 38,867,752 34,142,567 Interest expense (income)...................... (1,349,083) 646,063 -------------- -------------- 1,037,024,642 908,878,301 -------------- -------------- Earnings before federal income taxes............. 101,837,513 101,611,514 Federal income taxes........................... 36,700,000 36,600,000 -------------- -------------- Net earnings................................. $ 65,137,513 $ 65,011,514 ============== ============== Net earnings per share........................... $.74 $.74 ==== ==== Dividends declared per share................... $.12 $.10 ==== ==== Average number of shares outstanding......... 88,020,407 87,828,041
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 - Nucor Corporation - Consolidated Condensed Balance Sheets
April 4, December 31, 1998 1997 Assets (Unaudited) (Audited) - ------ ----------- --------- Current assets: Cash and short-term investments................. $ 269,336,676 $ 283,381,137 Accounts receivable............................. 388,018,674 386,352,612 Inventories..................................... 409,160,382 397,048,379 Other current assets............................ 61,721,908 58,726,336 -------------- -------------- Total current assets.......................... 1,128,237,640 1,125,508,464 -------------- -------------- Property, plant and equipment..................... 1,891,268,474 1,858,874,894 -------------- -------------- Total assets.................................. $3,019,506,114 $2,984,383,358 ============== ============== Liabilities and stockholders' equity Current liabilities: Long-term debt due within one year.............. $ -- $ 250,000 Accounts payable................................ 252,184,465 260,268,115 Salaries, wages and related accruals............ 82,874,773 110,730,654 Federal income taxes............................ 46,529,769 9,988,843 Accrued expenses and other current liabilities.. 145,465,522 143,215,998 -------------- -------------- Total current liabilities..................... 527,054,529 524,453,610 -------------- -------------- Long-term debt due after one year................. 167,950,000 167,950,000 -------------- -------------- Deferred credits and other liabilities............ 141,361,449 139,361,449 -------------- -------------- Minority interests................................ 249,592,588 276,192,433 -------------- -------------- Stockholders' equity: Common stock.................................... 36,016,362 35,994,843 Additional paid-in capital...................... 64,537,922 62,041,288 Retained earnings............................... 1,849,847,461 1,795,276,453 -------------- -------------- 1,950,401,745 1,893,312,584 Treasury stock.................................. (16,854,197) (16,886,718) -------------- -------------- 1,933,547,548 1,876,425,866 -------------- -------------- Total liabilities and stockholders' equity.... $3,019,506,114 $2,984,383,358 ============== ==============
Inventories consisted of approximately 60% raw materials and supplies, and 40% finished and semi-finished products, at April 4, 1998 (60% and 40% at December 31, 1997). The information furnished has not been audited and is subject to year-end adjustments. - 3 - Nucor Corporation - Consolidated Condensed Statements of Cash Flows
Three Months (13 Weeks) Ended ----------------------------- April 4, 1998 April 5, 1997 ------------- ------------- (Unaudited) (Unaudited) ----------- ----------- Operating activities: Net earnings............................................ $ 65,137,513 $ 65,011,514 Adjustments: Depreciation of plant and equipment................... 58,943,255 53,039,870 Minority interests.................................... 23,301,515 22,516,138 Changes in: Current assets...................................... (16,773,637) (68,744,490) Current liabilities................................. 2,850,919 25,751,655 Other............................................... 2,007,769 1,737,922 ------------- ------------- Cash provided by operating activities................. 135,467,334 99,312,609 ------------- ------------- Investing activities: Capital expenditures (net).............................. (91,344,604) (63,514,082) ------------- ------------- Cash used in investing activities..................... (91,344,604) (63,514,082) ------------- ------------- Financing activities: Increase (decrease) in long-term debt................... (250,000) 34,850,000 Contributions for (distributions to) minority interests. (49,901,360) 706,000 Issuance of common stock................................ 2,550,674 1,431,952 Cash dividends.......................................... (10,566,505) (8,785,202) ------------- ------------- Cash provided by (used in) financing activities....... (58,167,191) 28,202,750 ------------- ------------- Increase (decrease) in cash and short-term investments.... $ (14,044,461) $ 64,001,277 ============= =============
The information furnished has not been audited and is subject to year-end adjustments. - 4 - Nucor Corporation - Analysis of Operations and Finances Operations Net sales increased by more than 10% from the first quarter of 1997 to the first quarter of 1998, with substantially all of the net sales increase resulting from an increase in sales volume. Average sales prices decreased slightly from the first quarter of 1997 to the first quarter of 1998. The major component of cost of products sold is raw material costs. The average price of raw materials increased more than 5% from the first quarter of 1997. Major components of marketing, administrative and other expenses are freight and profit sharing costs. Unit freight costs decreased about 1% from the first quarter of 1997, and profit sharing costs increased about 2% compared with the 1997 first quarter. Profit sharing costs are based upon and generally fluctuate with pre-tax earnings. Interest income, net of interest expense, increased for the first quarter of 1998 from the first quarter of 1997, due to increased earnings from short-term investments. Federal income taxes were at a rate of about 36% for the first quarter of 1998 and for the first quarter of 1997. Net earnings were substantially the same from the first quarter of 1997 to the first quarter of 1998. Margins were about 12% for the first quarter of 1998 and about 13% for the first quarter of 1997. Liquidity and capital resources The current ratio was about 2.1 at the end of the 1998 first quarter, and also at year-end 1997. The percentage of long-term debt to total capital was about 7% at the end of the first quarter of 1998, and also at year-end 1997. Capital expenditures increased close to 45% during the first quarter of 1998 compared with the first quarter of 1997. Capital expenditures are projected to be in the range of $400 million for all of 1998. Funds provided from operations, existing credit facilities and new borrowings 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 4, 1998 April 5, 1997 ------------- ------------- (Unaudited) (Unaudited) ----------- ----------- Basic: Basic net earnings................................. $65,137,513 $65,011,514 =========== =========== Average shares outstanding......................... 88,020,407 87,828,041 ========== ========== Basic net earnings per share....................... $.7400 $.7402 ====== ====== Diluted: Diluted net earnings............................... $65,137,513 $65,011,514 =========== =========== Diluted average shares outstanding: Basic shares outstanding......................... 88,020,407 87,828,041 Dilutive effect of employee stock options........ 16,146 50,811 ---------- ---------- 88,036,553 87,878,852 ========== ========== Diluted net earnings per share..................... $.7399 $.7398 ====== ======
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: May 12, 1998 Chief Financial Officer - 6 - EX-27 2 FDS -- NUCOR CORPORATION FOR 1ST QUARTER 10-Q
5 3-MOS DEC-31-1998 JAN-01-1998 APR-04-1998 269,336,676 0 388,018,674 20,589,623 409,160,382 1,128,237,640 3,047,915,042 1,156,646,568 3,019,506,114 527,054,529 167,950,000 0 0 36,016,362 1,897,531,186 3,019,506,114 1,138,862,155 1,138,862,155 999,505,973 999,505,973 38,867,752 0 (1,349,083) 101,837,513 36,700,000 65,137,513 0 0 0 65,137,513 0.74 0.74
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