<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
<TABLE>
<S> <C>
For the Second Quarter Ended Commission File Number
June 26, 1999 0-3701
</TABLE>
------------------------
VALMONT INDUSTRIES, INC.
Omaha, Nebraska 68154-5215
Telephone Number 402-963-1000
DELAWARE 47-0351813
(State of Incorporation) (I.R.S. Employer Identification
No.)
Indicate by check mark whether the registrant (1) has filed all reports 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 ninety days. Yes / / No /X/
As of July 28, 1999 there were outstanding 24,206,396 common shares of the
registrant.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
INDEX TO FORM 10-Q
<TABLE>
<CAPTION>
PAGE NO.
-----------
<S> <C>
PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements:
Consolidated Statements of Operations for the thirteen and twenty-six weeks ended June 26, 1999 and
June 27, 1998....................................................................................... 3
Consolidated Balance Sheets as of June 26, 1999 and December 26, 1998................................. 4
Consolidated Statements of Cash Flows for the twenty-six weeks ended June 26, 1999 and June 27,
1998................................................................................................ 5
Notes to Consolidated Financial Statements............................................................ 6-8
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations........... 9-11
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K................................................................ 12
SIGNATURES.............................................................................................. 12
</TABLE>
2
<PAGE>
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<CAPTION>
THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED
---------------------- ----------------------
<S> <C> <C> <C> <C>
JUNE 26, JUNE 27, JUNE 26, JUNE 27,
1999 1998 1999 1998
---------- ---------- ---------- ----------
Net sales........................................................ $ 162,759 $ 154,340 $ 317,162 $ 314,927
Cost of sales.................................................... 119,165 116,101 233,170 233,619
---------- ---------- ---------- ----------
Gross profit................................................... 43,594 38,239 83,992 81,308
Selling, general and administrative expenses..................... 30,364 25,770 59,847 53,175
---------- ---------- ---------- ----------
Operating income............................................... 13,230 12,469 24,145 28,133
---------- ---------- ---------- ----------
Other income (deductions):
Interest expense............................................... (1,956) (1,003) (3,861) (2,041)
Interest income................................................ 189 207 419 451
Miscellaneous.................................................. (561) 77 (640) 452
---------- ---------- ---------- ----------
(2,328) (719) (4,082) (1,138)
---------- ---------- ---------- ----------
Earnings before income taxes................................... 10,902 11,750 20,063 26,995
---------- ---------- ---------- ----------
Income tax expense:
Current........................................................ 3,400 3,600 8,900 9,300
Deferred....................................................... 600 700 (1,500) 600
---------- ---------- ---------- ----------
4,000 4,300 7,400 9,900
---------- ---------- ---------- ----------
Net Earnings................................................... $ 6,902 $ 7,450 $ 12,663 $ 17,095
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Earnings per share:
Basic........................................................ $ 0.28 $ 0.27 $ 0.52 $ 0.62
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Diluted...................................................... $ 0.28 $ 0.26 $ 0.51 $ 0.60
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Cash dividends per share....................................... $ 0.065 $ 0.065 $ 0.13 $ 0.12125
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Weighted average number of shares of common stock outstanding
(000 omitted).................................................. 24,237 27,713 24,412 27,684
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Weighted average number of shares of common stock outstanding
plus dilutive potential common shares (000 omitted)............ 24,425 28,293 24,602 28,263
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
</TABLE>
See accompanying notes to consolidated financial statements.
3
<PAGE>
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
JUNE 26,
1999 DECEMBER 26,
(UNAUDITED) 1998
----------- ------------
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents........................................................... $ 7,779 $ 7,580
Receivables......................................................................... 106,487 115,843
Inventories......................................................................... 75,538 77,694
Prepaid expenses.................................................................... 5,409 5,297
Refundable and deferred income taxes................................................ 12,317 13,532
----------- ------------
Total current assets.............................................................. 207,530 219,946
----------- ------------
Property, plant and equipment, at cost................................................ 318,176 292,944
Less accumulated depreciation and amortization...................................... 144,487 135,497
----------- ------------
Net property, plant and equipment................................................. 173,689 157,447
----------- ------------
Goodwill and other assets............................................................. 24,973 29,564
----------- ------------
Total assets...................................................................... $ 406,192 $ 406,957
----------- ------------
----------- ------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt.............................................. $ 5,686 $ 5,737
Notes payable to banks.............................................................. 21,514 25,494
Accounts payable.................................................................... 47,966 45,996
Accrued expenses.................................................................... 46,933 41,646
Dividends payable................................................................... 1,573 1,607
----------- ------------
Total current liabilities......................................................... 123,672 120,480
----------- ------------
Deferred income taxes................................................................. 11,036 11,984
Long-term debt, excl. current installments............................................ 86,602 90,481
Minority interest in consolidated subsidiaries........................................ 6,960 3,862
Other noncurrent liabilities.......................................................... 3,485 4,237
Shareholders' equity:
Preferred stock..................................................................... -- --
Common stock of $1 par value........................................................ 27,900 27,900
Additional paid-in capital.......................................................... 1,173 1,280
Retained earnings................................................................... 209,894 200,393
Accumulated other comprehensive income.............................................. (5,474) (1,423)
Treasury stock...................................................................... (59,056) (52,235)
Unearned restricted stock........................................................... -- (2)
----------- ------------
Total shareholders' equity........................................................ 174,437 175,913
----------- ------------
Total liabilities and shareholders' equity........................................ $ 406,192 $ 406,957
----------- ------------
----------- ------------
</TABLE>
See accompanying notes to consolidated financial statements.
4
<PAGE>
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
TWENTY-SIX WEEKS
ENDED
--------------------
<S> <C> <C>
JUNE 26, JUNE 27,
1999 1998
--------- ---------
Net cash provided by operations............................................................. $ 39,542 $ 26,251
--------- ---------
Cash flows from investment activities:
Purchase of property, plant & equipment................................................... (24,601) (10,061)
Acquisitions.............................................................................. (2,854) (14,865)
Proceeds from sale of property and equipment.............................................. 114 222
Proceeds from investment by minority shareholder 1,374 --
Proceeds from sale of nonconsolidated affiliate........................................... 8,294 --
Changes in other assets................................................................... (501) (565)
Other, net................................................................................ (739) (344)
--------- ---------
Net cash used in investing activities................................................... (18,913) (25,613)
--------- ---------
Cash flows from financing activities:
Net repayments under short-term agreements................................................ (6,936) (3,056)
Proceeds from long-term borrowings........................................................ 187 5,757
Principal payments on long-term obligations............................................... (2,537) (2,245)
Dividends paid............................................................................ (3,196) (3,354)
Proceeds from exercises under stock plans................................................. 381 2,222
Purchase of common treasury shares:
Stock repurchase program................................................................ (7,236) (1,929)
Stock plan exercises.................................................................... (338) (1,917)
--------- ---------
Net cash used by financing activities................................................... (19,675) (4,522)
--------- ---------
Effect of exchange rate changes on cash and and cash equivalents............................ (755) --
--------- ---------
Net increase (decrease) in cash and cash equivalents.................................... 199 (3,884)
Cash and cash equivalents--beginning of period.............................................. 7,580 11,505
--------- ---------
Cash and cash equivalents--end of period.................................................... $ 7,779 $ 7,621
--------- ---------
--------- ---------
</TABLE>
See accompanying notes to consolidated financial statements.
5
<PAGE>
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS)
(UNAUDITED)
1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The Condensed Consolidated Balance Sheet as of June 26, 1999 and the
Condensed Consolidated Statements of Operations for the thirteen and twenty-six
week periods ended June 26, 1999 and June 27, 1998 and the Condensed
Consolidated Statements of Cash Flows for the twenty-six week periods then ended
have been prepared by the Company, without audit. In the opinion of management,
all necessary adjustments (which include normal recurring adjustments) have been
made to present fairly the financial statements as of June 26, 1999 and for all
periods presented.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted. These Condensed Consolidated Financial
Statements should be read in conjunction with the financial statements and notes
thereto included in the Company's December 26, 1998 Annual Report to
shareholders. The results of operations for the period ended June 26, 1999 are
not necessarily indicative of the operating results for the full year.
2. INVENTORIES
At June 26, 1999, approximately 59% of inventory is valued at the lower of
cost, determined on the last-in, first-out (FIFO) method or market. The excess
of replacement cost of inventories over the LIFO value is approximately $10,000
and $11,000 at June 26, 1999 and December 26, 1998, respectively.
3. CASH FLOWS
The Company considers all highly liquid temporary cash investments purchased
with a maturity of three months or less to be cash equivalents. Cash payments
for interest and income taxes (net of refunds) were as follows:
<TABLE>
<CAPTION>
JUNE 26, JUNE 27,
1999 1998
--------- -----------
<S> <C> <C>
Interest................................................................. $ 3,744 $ 2,056
Income taxes............................................................. 11,590 7,066
</TABLE>
6
<PAGE>
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(DOLLARS IN THOUSANDS)
(UNAUDITED)
4. EARNINGS PER SHARE
The following table provides a reconciliation between Basic and Diluted
earnings per share:
<TABLE>
<CAPTION>
BASIC DILUTIVE EFFECT DILUTED
EPS OF STOCK OPTIONS EPS
--------- ------------------------- -----------
<S> <C> <C> <C>
1998:
Thirteen weeks ended June 27, 1998:
Net earnings.................................................... $ 7,450 -- $ 7,450
Shares outstanding.............................................. 27,713 580 28,293
Per share amount................................................ $ 0.27 -- $ 0.26
Twenty-six weeks ended June 27, 1998:
Net earnings.................................................... $ 17,095 -- $ 17,095
Shares outstanding.............................................. 27,684 579 28,263
Per share amount................................................ 0.62 -- 0.60
1999:
Thirteen weeks ended June 26, 1999:
Net earnings.................................................... $ 6,902 -- $ 6,902
Shares outstanding.............................................. 24,237 188 24,425
Per share amount................................................ $ 0.28 -- $ 0.28
Twenty-six weeks ended June 26, 1999:
Net earnings.................................................... $ 12,663 -- $ 12,663
Shares outstanding.............................................. 24,412 190 24,602
Per share amount................................................ 0.52 -- 0.51
</TABLE>
5. COMPREHENSIVE INCOME
<TABLE>
<CAPTION>
THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS
ENDED
------------------------ --------------------
<S> <C> <C> <C> <C>
JUNE 26, JUNE 27, JUNE 26, JUNE 27,
1999 1998 1999 1998
----------- ----------- --------- ---------
Net earnings............................................................ $ 6,902 $ 7,450 $ 12,663 $ 17,095
Currency translation adjustments........................................ (785) 19 (4,051) (819)
----------- ----------- --------- ---------
Total comprehensive income.......................................... $ 6,117 $ 7,469 $ 8,612 $ 16,276
----------- ----------- --------- ---------
----------- ----------- --------- ---------
</TABLE>
6. TREASURY STOCK
During 1998, the Board of Directors authorized management to repurchase up
to 5.4 million shares of the Company's common stock. Repurchased shares are
recorded as "Treasury Stock" and result in a reduction of "Shareholders'
Equity." When treasury shares are reissued, the Company uses the last-in,
first-out method, and the difference between the repurchase cost and reissuance
price is charged or credited to "Additional Paid-In Capital." As of June 26,
1999, a total of 535,000 shares had been purchased for $7.2 million during 1999.
7
<PAGE>
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(DOLLARS IN THOUSANDS)
(UNAUDITED)
7. BUSINESS SEGMENTS
<TABLE>
<CAPTION>
THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED
---------------------- ----------------------
<S> <C> <C> <C> <C>
JUNE 26, JUNE 27, JUNE 26, JUNE 27,
1999 1998 1999 1998
---------- ---------- ---------- ----------
Sales:
Irrigation..................................................... $ 74,680 $ 68,699 $ 146,052 $ 150,815
Infrastructure................................................. 84,526 78,794 163,404 157,417
Other.......................................................... 7,392 9,744 15,323 18,105
---------- ---------- ---------- ----------
166,598 157,237 324,779 326,337
Intersegment Sales:
Irrigation..................................................... $ 972 $ -- $ 1,662 $ 1
Infrastructure................................................. 1,648 2,549 4,283 11,437
Other.......................................................... 1,219 348 1,672 (26)
---------- ---------- ---------- ----------
3,839 2,897 7,617 11,412
Net Sales:
Irrigation..................................................... $ 73,708 $ 68,699 $ 144,390 $ 150,816
Infrastructure................................................. 82,878 76,245 159,121 145,980
Other.......................................................... 6,173 9,396 13,651 18,131
---------- ---------- ---------- ----------
Consolidated net sales....................................... $ 162,759 $ 154,340 $ 317,162 $ 314,927
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Operating Income
Irrigation operations.......................................... $ 8,533 $ 9,040 $ 18,194 $ 23,305
Gain on sale of investment..................................... -- -- 2,823 --
---------- ---------- ---------- ----------
Total Irrigation............................................. 8,533 9,040 21,017 23,305
---------- ---------- ---------- ----------
Infrastructure operations...................................... 4,483 2,599 4,879 3,666
Impairment charge.............................................. -- -- (2,431) --
---------- ---------- ---------- ----------
Total Infrastructure......................................... 4,483 2,599 2,448 3,666
---------- ---------- ---------- ----------
Other.......................................................... 214 830 680 1,162
---------- ---------- ---------- ----------
Total........................................................ $ 13,230 $ 12,469 $ 24,145 $ 28,133
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
</TABLE>
8. USE OF ESTIMATES
Management of the Company has made a number of estimates and assumptions
relating to the reporting of assets and liabilities and the disclosure of
contingent assets and liabilities to prepare these condensed combined financial
statements in conformity with generally accepted accounting principles. Actual
results could differ from those estimates.
8
<PAGE>
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management's discussion and analysis contains forward looking statements
which reflect management's current view and estimates of future economic and
market circumstances, industry conditions, company performance and financial
results. The statements are based on many assumptions and factors including
operating efficiencies, availability and price of raw materials, availability
and market acceptance of new products, product pricing, domestic and
international competitive environments, actions and policy changes of domestic
and foreign governments and other risks described from time to time in the
Company's reports to the Securities and Exchange Commission. Any changes in such
assumptions or factors could produce significantly different results.
RESULTS OF OPERATIONS
CONSOLIDATED
Net sales for the second quarter of 1999 were $162.8 million, an increase of
5.5% from $154.3 million for the same period last year. For the twenty-six weeks
ended June 26, 1999, sales increased 0.7% to $317.2 million from $314.9 million
a year ago. The increase in the second quarter of 1999 was attributable to
increased sales in the irrigation and infrastructure segments while other sales
decreased. For the twenty-six weeks ended June 26, 1999, a sales increase in the
infrastructure segment was offset by decreased sales in the irrigation segment
and other sales.
Gross profit margin was 26.8% for the thirteen week period ended June 26,
1999 compared to 24.7% for the same period of 1998. For the twenty-six week
period ended June 26, 1999, gross profit margin was up from 25.8% for the
twenty-six weeks ended June 27, 1998, to 26.5%. The increases are primarily a
result of improved margins in the infrastructure segment while the irrigation
segment gross profit margins remained approximately the same. Selling, general
and administrative (SG&A) expenses increased from $53.2 million (16.9% of sales)
in the first half of 1998 to $59.8 million (18.9% of sales)for the first half of
1999. SG&A was up due to: acquisitions made in the last half of 1998 and thus
far in 1999; acceleration of investments in management information systems for
manufacturing and human resource applications to prepare for future growth and
expansion; and increased sales volume. Operating income for the second quarter
of 1999 was $13.2 million, up from $12.5 million for the same period in 1998.
For the twenty-six weeks ended June 26, 1999, operating income decreased to
$24.1 million from $28.1 million for the twenty-six weeks ended June 27, 1998.
Net interest expense was $3.4 million for the twenty-six weeks of 1999 up
from the $1.6 million incurred in 1998, reflecting the higher average borrowings
as a result of the stock repurchase plan. Decreased tax benefits from exports
resulted in the effective tax rate being increased for the twenty-six week
period in 1999 to 36.9% from 36.7% for the twenty-six week period in 1998.
For the second quarter, net earnings decreased 7.4% to $6.9 million and
diluted earnings per share increased 7.7% to $0.28. Year-to-date earnings
decreased 25.9% to $12.7 million and diluted earnings per share decreased 15.0%
to $0.51. The difference in the percentage increase/decrease in earnings per
share compared to net earnings is attributable to the Company's repurchase of
shares during 1998 and 1999.
IRRIGATION SEGMENT
The Irrigation segment net sales for the second quarter increased 8.7% in
1999 compared to 1998. However, year-to-date sales decreased 3.2%. For the
second quarter, operating income declined 5.6% from $9.0 million to $8.5
million. Domestically, sales increased as a result of the Company's additional
presence in the irrigation products distribution network. General weakness in
agricultural markets lowered the Company's tubing sales to agricultural
equipment manufacturers. International sales in the irrigation
9
<PAGE>
segment increased due to the geographic diversification and local manufacturing
and distribution presence around the world. For the 26 week period ended June
26, 1999, operating income declined 9.4% from $23.3 million to $21.1 million.
Included in this year's operating income is a gain from the sale of an
investment of $2.8 million. Year to date 1999 operating income from operations
decreased 22.0% from 1998 operating income. Operating income was lower due to
pricing pressures on irrigation equipment sales and costs incurred to improve
management information systems.
INFRASTRUCTURE SEGMENT
Net sales for the second quarter in the Infrastructure segment increased
8.7% to $82.9 million in 1999 from $76.2 million in 1998. For the first half of
1999, net sales rose 7.9% to $163.4 million from $151.5 million during the first
half of 1998. Sales improved for poles and structures for lighting, traffic, and
utility markets as well as for coating services. Domestically, lighting sales
rose due to a strong market demand and higher levels of government funding for
infrastructure spending. Increased sales of utility poles and structures were
the result of continued demand for greater transmission and distribution
capacity by the electric utilities. Due to the ongoing slowdown in the build-out
of wireless communication networks, sales of communication products remain below
last year's levels. Internationally, the Company's plant in China showed
increased sales in lighting and communication pole sales, In Europe, lighting
sales were approximately the same, however communication product sales were
below last year's levels. Acquisitions of protective coating during the last
half of 1998 and volume growth in existing locations increased sales of
protective coating during the first half of 1999.
For the second thirteen weeks of 1999, the Infrastructure segment reported
operating profit of $4.5 million in 1999 compared to operating profit of $2.6
million in 1998. For the twenty-six week period ended June 26, 1999, operating
profit decreased from $3.7 million a year earlier to $2.4 million. The 1999
operating income included an impairment charge of $2.4 million to adjust the
asset values and record severance costs related to a reduction in size of a
communication tower facility in France. Operating income before the charge
increased $1.2 million in 1999 from 1998 first half results. In addition to the
volume increase, a continuous effort to reduce costs and improved productivity
increased operating income for the infrastructure segment.
LIQUIDITY AND CAPITAL RESOURCES
Net working capital at June 26, 1999 was $83.9 million compared to $99.5
million at December 26, 1998. The ratio of current assets to current liabilities
was 1.7:1 at June 26, 1999, versus 1.8:1 at December 26, 1998.
Expenditures for property, plant and equipment for the twenty-six week
period ended June 26, 1999 were approximately $24.6 million. Included in these
expenditures are building and site work at the new irrigation facility in
McCook, NE. and the new coatings facility in Tulsa, OK. An additional $2.9
million was invested in two retail irrigation outlets. During the first half of
fiscal 1999, the Company repurchased 534,900 shares of its common stock for $7.2
million. The aggregate shares purchased under the program commenced in 1998 is
3.7 million, costing $60.5 million. Depreciation of property, plant and
equipment was $10.0 million for the first half of 1999 compared to $9.2 million
a year ago.
Available lines of credit total $43.7 million (of which approximately $31.5
million was unused) at June 26, 1999. Long-term debt was 29.8% of total
capitalization at June 26, 1999, versus 30.3% at December 26, 1998.
The Company believes cash flow from operations, available credit facilities,
and the present capital structure will be adequate for 1999 planned capital
expenditures, dividends, continuing the common share repurchase plan, pursuing
of opportunities to expand its markets and businesses and other financial
commitments.
10
<PAGE>
YEAR 2000
The following comments are to be read in conjunction with the Y2K disclosure
in the Company's 1998 annual report on Form 10-K filed with the Securities and
Exchange Commission. At June 26, 1999, the Company estimates it is 85% complete
in its overall compliance efforts. Approximately $7.0 million has been spent to
date, with the remaining estimated costs of $3.0 million expected to be spent by
the end of the year. The Company expects to become fully Year 2000 compliant
during the fourth quarter of 1999.
The Company has completed the process to identify, evaluate and resolve
machines and equipment with embedded chips by June 26, 1999. Supplier evaluation
was nearly complete by the second quarter's end as well. The Company continues
to expect that all domestic systems will be Y2K compliant by the end of the
third quarter and international compliance will be completed by the end of the
fourth quarter. The majority of the network and personal computer equipment
should be inventoried and tested by the end of the third quarter.
11
<PAGE>
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
<TABLE>
<C> <C> <S>
27 -- Financial Data Schedule
</TABLE>
(b) Reports on Form 8-K
The Company filed no reports on Form 8-K during the past fiscal quarter.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf and by the
undersigned hereunto duly authorized.
VALMONT INDUSTRIES, INC.
(Registrant)
/s/ TERRY J. MCCLAIN
----------------------------------------
Terry J. McClain
VICE PRESIDENT AND CHIEF FINANCIAL
OFFICER
(PRINCIPAL FINANCIAL OFFICER)
Dated this 29th day of July, 1999.
12
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM SEC FORM
10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-25-1999
<PERIOD-START> DEC-27-1998
<PERIOD-END> JUN-26-1999
<CASH> 7,779
<SECURITIES> 0
<RECEIVABLES> 106,487
<ALLOWANCES> 0
<INVENTORY> 75,538
<CURRENT-ASSETS> 207,530
<PP&E> 318,176
<DEPRECIATION> 144,487
<TOTAL-ASSETS> 406,192
<CURRENT-LIABILITIES> 123,672
<BONDS> 0
0
0
<COMMON> 27,900
<OTHER-SE> 146,537
<TOTAL-LIABILITY-AND-EQUITY> 406,192
<SALES> 317,162
<TOTAL-REVENUES> 317,162
<CGS> 233,170
<TOTAL-COSTS> 233,170
<OTHER-EXPENSES> 59,847
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,861
<INCOME-PRETAX> 20,063
<INCOME-TAX> 7,400
<INCOME-CONTINUING> 12,663
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 12,663
<EPS-BASIC> 0.52
<EPS-DILUTED> 0.51
</TABLE>
