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Previous: INLAND RESOURCES INC, SC 13D, 1998-01-16 |
Next: FIDELITY NEW YORK MUNICIPAL TRUST, 497, 1998-01-16 |
<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT
Under Section 13 or 15(d) of the Securities Exchange Act of 1934
For Quarter Ended Commission file number
November 30, 1997 1-8798
- ----------------- ----------------------
Nu Horizons Electronics Corp.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 11-2621097
-------------------------- ---------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
70 Maxess Road, Melville, New York 11747
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(516) 396-5000
- -------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
- -------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report.)
Indicate by check mark whether the registrant (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 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. YES X NO
--- ---
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the close of the period covered by this report.
Common Stock - Par Value $.0066 8,753,076
--------------------------------- ------------------------
Class Outstanding Shares
1
<PAGE>
NU HORIZONS ELECTRONICS CORP. AND SUBSIDIARIES
----------------------------------------------
INDEX
-----
<TABLE>
<CAPTION>
Page(s)
<S> <C>
PART I. Financial Information:
ITEM 1. Financial Statements
Consolidated Condensed Balance Sheets -
November 30, 1997 (Unaudited) and February 28, 1997 3.
Consolidated Condensed Statements of Income (Unaudited) -
Nine Months and Three Months Ended November 30, 1997 and 1996 4.
Consolidated Condensed Statements of Cash Flows (Unaudited) -
Nine Months Ended November 30, 1997 and 1996 5.- 6.
Notes to Interim Consolidated Condensed Financial
Statements (Unaudited) 7.- 8.
ITEM 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 9.- 12.
PART II. Other Information
ITEM 6. Exhibits and Reports on Form 8-K 13.
SIGNATURES 14.
INDEX TO EXHIBITS
Exhibit 11 - Computation of Earnings per Common Share
(See Notes to Consolidated Financial Statements Note 5)
Exhibit 27 - Financial Data Schedule
</TABLE>
<PAGE>
PART 1. FINANCIAL INFORMATION
ITEM 1. Financial Statements
NU HORIZONS ELECTRONICS CORP. AND SUBSIDIARIES
----------------------------------------------
CONSOLIDATED CONDENSED BALANCE SHEETS
-------------------------------------
-ASSETS-
--------
<TABLE>
<CAPTION>
NOVEMBER 30, 1997 FEBRUARY 28, 1997
1997 1997
----------------- -----------------
(unaudited)
<S> <C> <C>
CURRENT ASSETS:
Cash $ 3,392,321 $ 946,084
Accounts receivable-net of allowance for doubtful accounts
of $2,157,304 and $2,192,079 for November 30, 1997 and
February 28, 1997, respectively. 34,400,332 30,636,645
Inventories 39,494,487 29,764,570
Prepaid expenses and other current assets 3,978,457 2,903,269
----------------- -----------------
TOTAL CURRENT ASSETS 81,265,597 64,250,568
PROPERTY, PLANT AND EQUIPMENT - NET (Note 2) 6,374,687 7,550,356
OTHER ASSETS
Costs in excess of net assets acquired - net 1,791,563 1,909,256
Other Assets 985,737 1,073,134
----------------- -----------------
$90,417,584 $74,783,314
================= =================
-LIABILITIES AND SHAREHOLDERS' EQUITY-
--------------------------------------
CURRENT LIABILITIES:
Accounts payable $10,677,576 $ 7,931,500
Accrued expenses 1,820,473 4,186,802
Current portion of long-term debt - 190,794
----------------- -----------------
TOTAL CURRENT LIABILITIES 12,498,049 12,309,096
================= =================
LONG-TERM LIABILITIES:
Deferred income taxes 222,262 222,148
Revolving credit line (Note 3) 19,600,000 8,000,000
Long-term debt - 242,335
----------------- -----------------
Subordinated convertible notes (Note 4) 7,059,000 7,059,000
----------------- -----------------
TOTAL LONG-TERM LIABILITIES 26,881,262 15,523,483
----------------- -----------------
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY :
Preferred stock, $1 par value, 1,000,000 shares - -
authorized; none issued or outstanding
Common stock, $.0066 par value, 20,000,000 shares authorized; 8,753,076 57,769 57,633
and 8,732,299 shares issued and outstanding for November 30, 1997
and February 28, 1997, respectively
Additional paid-in capital 19,042,236 18,938,984
Retained earnings 32,113,205 28,234,018
----------------- -----------------
51,213,210 47,230,635
Less: loan to ESOP 174,937 279,900
----------------- -----------------
51,038,273 46,950,735
----------------- -----------------
$90,417,584 $74,783,314
================= =================
</TABLE>
See notes to interim consolidated condensed financial statements.
<PAGE>
NU HORIZONS ELECTRONICS CORP. AND SUBSIDIARIES
----------------------------------------------
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
-------------------------------------------
(unaudited)
<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED
----------------------------- ----------------------------
NOVEMBER 30, NOVEMBER 30, NOVEMBER 30, NOVEMBER 30,
1997 1996 1997 1996
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
NET SALES $170,977,763 $162,414,223 $60,013,458 $53,958,639
------------ ------------ ------------ ------------
COSTS AND EXPENSES
Cost of Sales 133,859,337 126,053,270 47,065,156 41,894,971
Operating Expenses 29,368,837 25,715,806 10,318,275 8,606,684
Interest Expense 1,203,275 1,341,656 436,104 532,285
Interest Income (10,109) (8,132) - -
------------ ------------ ------------ ------------
164,421,340 153,102,600 57,819,535 51,033,940
------------ ------------ ------------ ------------
INCOME BEFORE PROVISION OF
INCOME TAXES 6,556,423 9,311,623 2,193,923 2,924,699
Provision for Income Taxes 2,677,236 3,763,565 888,540 1,182,805
------------ ------------ ------------ ------------
NET INCOME $3,879,187 $5,548,058 $1,305,383 $1,741,894
============ ============ ============ ============
NET INCOME
PER SHARE (Note 5)
Primary $.44 $.61 $.15 $.20
====== ====== ====== ======
Fully Diluted $.38 $.54 $.13 $.17
====== ====== ====== ======
</TABLE>
See notes to interim consolidated condensed financial statements.
<PAGE>
NU HORIZONS ELECTRONICS CORP. AND SUBSIDIARIES
----------------------------------------------
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
-----------------------------------------------
(unaudited)
<TABLE>
<CAPTION>
FOR THE NINE MONTHS ENDED
--------------------------------------------
NOVEMBER 30, 1997 NOVEMBER 30, 1996
-------------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS:
Cash flows from operating activities:
Cash received from customers $166,899,076 $162,717,083
Cash paid to suppliers and employees (171,849,296) (150,544,749)
Interest received 10,109 8,132
Interest paid (1,203,275) (1,341,656)
Income taxes paid (2,943,711) (5,568,042)
------------------ --------------
Net cash (used-in) provided by operating activities (9,087,097) 5,270,768
Cash flows from investing activities:
Capital expenditures (863,765) (447,981)
Proceeds from sale of building 1,126,840 -
------------------ --------------
Net cash provided by (used in) investing activities 263,075 (447,981)
Cash flows from financing activities:
Borrowings under revolving credit line 29,650,000 21,150,000
Repayments under revolving credit line (18,050,000) (25,450,000)
Principal payments of long-term debt (433,129) (245,235)
Proceeds from stock options 103,388 178,522
----------------- ---------------
Net cash provided by (used in) financing activities 11,270,259 (4,366,713)
----------------- ---------------
Net increase in cash and cash equivalents 2,446,237 456,074
Cash and cash equivalents, beginning of year 946,084 874,267
----------------- ---------------
Cash and cash equivalents, end of period $3,392,321 $1,330,341
================= ================
</TABLE>
See notes to interim consolidated condensed financial statements.
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------------
EXHIBIT INDEX
To
FORM 10-Q
FOR THE FISCAL QUARTER ENDED NOVEMBER 30, 1997
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
--------------------------------------
NU HORIZONS ELECTRONICS CORP.
(Exact Name of Registrant as Specified in Its Charter)
EXHIBIT
NUMBER DESCRIPTION
--------------------------------------------------------
11 Computation of Per Share Earnings
27 Financial Data Schedule
<PAGE>
NU HORIZONS ELECTRONICS CORP.
EXHIBIT 11
COMPUTATION OF EARNINGS PER COMMON SHARE
----------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
FOR THE NINE MONTHS ENDED FOR THE THREE MONTHS ENDED
--------------------------------------- ---------------------------------------
NOVEMBER 30, 1997 NOVEMBER 30, 1996 NOVEMBER 30, 1997 NOVEMBER 30, 1996
----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
PRIMARY EARNINGS:
- -----------------
NET INCOME $3,879,187 $5,548,058 $1,305,383 $1,741,894
============ ============ ============ ============
WEIGHTED AVERAGE SHARES:
Common shares outstanding 8,753,076 8,732,299 8,753,076 8,732,299
Common shares equivalents 61,294 409,232 46,682 155,311
------------ ------------ ------------ ------------
Weighted average number of common
shares and common share
equivalents outstanding 8,814,370 9,141,531 8,799,758 8,887,610
============ ============ ============ ============
PRIMARY EARNINGS PER COMMON SHARE $.44 $.61 $.15 $.20
==== ==== ==== ====
FULLY DILUTED EARNINGS:
- -----------------------
Net Income $3,879,187 $5,548,058 $1,305,383 $1,741,894
Net (after tax) interest expense
related to convertible debt 257,700 273,389 85,900 85,900
------------ ------------ ------------ ------------
NET INCOME AS ADJUSTED $4,136,887 $5,821,447 $1,391,283 $1,827,794
============ ============ ============ ============
SHARES:
Weighted average number of
common shares and common share
equivalents outstanding 8,814,370 9,141,531 8,799,758 8,887,610
Additional options not included
above 1,301,906 917,495 1,316,518 1,171,416
Assuming conversion of
convertible debt 784,333 784,333 784,333 784,333
------------ ------------ ------------ ------------
Weighted average number of common
shares outstanding as adjusted 10,900,609 10,843,359 10,900,609 10,843,359
============ ============ ============ ============
FULLY DILUTED EARNINGS PER
COMMON SHARE $.38 $.54 $.13 $.17
==== ==== ==== ====
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONDENSED CONSOLIDATED FINANCIAL STATMENTS FOR THE THIRD QUARTER ENDED NOVEMBER
30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERNECE TO SUCH STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> FEB-28-1998
<PERIOD-START> MAR-01-1997
<PERIOD-END> NOV-30-1997
<CASH> 3,392,321
<SECURITIES> 0
<RECEIVABLES> 36,557,636
<ALLOWANCES> 2,157,304
<INVENTORY> 39,494,487
<CURRENT-ASSETS> 81,265,597
<PP&E> 11,168,247
<DEPRECIATION> 4,793,560
<TOTAL-ASSETS> 90,417,584
<CURRENT-LIABILITIES> 12,498,049
<BONDS> 26,881,262
0
0
<COMMON> 57,769
<OTHER-SE> 50,980,504
<TOTAL-LIABILITY-AND-EQUITY> 90,417,584
<SALES> 170,977,763
<TOTAL-REVENUES> 170,977,763
<CGS> 133,859,337
<TOTAL-COSTS> 133,859,337
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 315,000
<INTEREST-EXPENSE> 1,203,275
<INCOME-PRETAX> 6,556,423
<INCOME-TAX> 2,677,236
<INCOME-CONTINUING> 3,879,187
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,879,187
<EPS-PRIMARY> .44
<EPS-DILUTED> .38
</TABLE>
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