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Previous: NOISE CANCELLATION TECHNOLOGIES INC, 10-K, 1998-04-01 |
Next: SCOTT CABLE COMMUNICATIONS INC, NT 10-K, 1998-04-01 |
<PAGE>
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1997 Commission file number: 1-8520
TERRA INDUSTRIES INC.
(Exact name of registrant as specified in its charter)
Maryland
(State or other jurisdiction of
incorporation or organization)
52-1145429
(I.R.S. Employer
Identification No.)
Terra Centre
600 Fourth Street
P. O. Box 6000
Sioux City, Iowa
(Address of principal executive offices)
51102-6000
(Zip Code)
Registrant's telephone number, including area code: (712) 277-1340
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
------------------- -------------------
Common Shares, without par value New York Stock Exchange
Toronto Stock Exchange
10 3/4% Senior Notes Due 2003 N/A
10 1/2% Senior Notes Due 2005 N/A
Securities registered pursuant to Section 12(g) of the Act: None
--------------
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 by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained to the
best of Registrant's knowledge in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]
The aggregate market value of the Registrant's voting stock held by non-
affiliates of the Registrant, at January 31, 1998, was approximately $386
million.
On January 31, 1998, the Registrant's outstanding voting stock consisted of
74,982,411 Common Shares, without par value.
================================================================================
<PAGE>
Part II. Other Information
Item 6. Exhibits
(a) Exhibits
27 - Amended Financial Data Schedule to restate prior period EPS
due to new accounting rule [Edgar filing only].
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
TERRA INDUSTRIES INC.
Date: March 31, 1998 By: /s/ FRANCIS G. MEYER
--------------------
Francis G. Meyer
Senior Vice President and
Chief Financial Officer
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND> This schedule contains summary financial information extracted from
the consolidated statement of financial position of Terra Industries Inc. as of
December 31, 1997 and the related consolidated statement of income for the year
then ended.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<CASH> 118,869
<SECURITIES> 61,193
<RECEIVABLES> 124,844
<ALLOWANCES> (13,154)
<INVENTORY> 395,940
<CURRENT-ASSETS> 738,979
<PP&E> 1,441,858
<DEPRECIATION> (260,474)
<TOTAL-ASSETS> 2,359,954
<CURRENT-LIABILITIES> 436,255
<BONDS> 497,030
0
0
<COMMON> 127,581
<OTHER-SE> 662,748
<TOTAL-LIABILITY-AND-EQUITY> 2,359,954
<SALES> 2,462,081
<TOTAL-REVENUES> 2,542,369
<CGS> 1,967,344
<TOTAL-COSTS> 1,967,344
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 7,090
<INTEREST-EXPENSE> 63,153
<INCOME-PRETAX> 332,482
<INCOME-TAX> 122,600
<INCOME-CONTINUING> 209,882
<DISCONTINUED> 0
<EXTRAORDINARY> (2,995)
<CHANGES> 0
<NET-INCOME> 206,887
<EPS-PRIMARY> 2.80
<EPS-DILUTED> 2.76
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND> This schedule contains summary financial information extracted from
the consolidated statement of financial position of Terra Industries Inc. as of
December 31, 1997 the related consolidated statement of income for the year
then ended.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 9-MOS 6-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997 DEC-31-1997
<PERIOD-START> JAN-01-1997 JAN-01-1997 JAN-01-1997
<PERIOD-END> SEP-30-1997 JUN-30-1997 MAR-31-1997
<CASH> 35,481 87,843 36,863
<SECURITIES> 12,142 7,160 7,722
<RECEIVABLES> 386,408 568,194 219,209
<ALLOWANCES> (15,889) (15,875) (11,845)
<INVENTORY> 344,167 380,596 576,779
<CURRENT-ASSETS> 830,691 1,059,169 890,380
<PP&E> 1,132,220 1,118,973 1,076,559
<DEPRECIATION> (252,941) (244,919) (228,155)
<TOTAL-ASSETS> 2,112,644 2,333,903 2,140,452
<CURRENT-LIABILITIES> 556,420 817,900 720,055
<BONDS> 410,553 410,035 403,501
0 0 0
0 0 0
<COMMON> 127,559 127,478 126,545
<OTHER-SE> 626,186 562,131 464,206
<TOTAL-LIABILITY-AND-EQUITY> 2,112,644 2,333,903 2,140,452
<SALES> 2,092,524 1,611,924 423,683
<TOTAL-REVENUES> 2,151,440 1,655,604 433,710
<CGS> 1,670,479 1,289,168 338,052
<TOTAL-COSTS> 1,670,479 1,289,168 338,052
<OTHER-EXPENSES> 0 0 0
<LOSS-PROVISION> 6,697 5,619 794
<INTEREST-EXPENSE> 44,447 28,753 13,484
<INCOME-PRETAX> 271,591 158,823 6,642
<INCOME-TAX> 110,370 65,117 2,740
<INCOME-CONTINUING> 161,221 93,706 3,902
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 161,221 93,706 3,902
<EPS-PRIMARY> 2.18 1.27 0.05
<EPS-DILUTED> 2.15 1.25 0.05
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C> <C>
<PERIOD-TYPE> YEAR 9-MOS 6-MOS 3-MOS YEAR
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996 DEC-31-1996 DEC-31-1996 DEC-31-1995
<PERIOD-START> JAN-01-1996 JAN-01-1996 JAN-01-1996 JAN-01-1996 JAN-01-1995
<PERIOD-END> DEC-31-1996 SEP-30-1996 JUN-30-1996 MAR-31-1996 DEC-31-1995
<CASH> 94,570 25,451 37,678 20,751 126,356
<SECURITIES> 6,172 9,959 10,219 13,358 12,351
<RECEIVABLES> 92,997 391,237 584,576 229,612 189,364
<ALLOWANCES> (11,391) (12,130) (18,464) (11,795) (10,626)
<INVENTORY> 422,938 366,390 364,615 553,434 367,272
<CURRENT-ASSETS> 712,294 877,560 1,081,071 922,043 763,996
<PP&E> 1,048,993 986,316 943,740 910,832 838,604
<DEPRECIATION> (202,640) (193,326) (177,277) (163,831) (144,246)
<TOTAL-ASSETS> 1,969,365 2,075,917 2,250,896 2,074,921 1,867,858
<CURRENT-LIABILITIES> 525,137 610,904 812,702 636,524 456,123
<BONDS> 404,707 405,338 405,405 405,837 407,162
0 0 0 0 0
0 0 0 0 0
<COMMON> 127,614 127,534 128,573 134,219 133,970
<OTHER-SE> 478,478 461,381 452,771 456,234 437,613
<TOTAL-LIABILITY-AND-EQUITY> 1,969,365 2,075,917 2,250,896 2,074,921 1,867,858
<SALES> 2,264,509 1,911,851 1,455,173 388,312 2,215,874
<TOTAL-REVENUES> 2,316,486 1,951,957 1,480,419 394,741 2,292,173
<CGS> 1,722,450 1,470,402 1,127,297 277,517 1,657,070
<TOTAL-COSTS> 1,946,995 1,653,896 1,255,528 328,795 1,881,524
<OTHER-EXPENSES> 118,795 70,730 50,588 24,497 80,181
<LOSS-PROVISION> 15,428 9,943 8,740 555 7,798
<INTEREST-EXPENSE> 59,947 42,891 26,768 11,565 64,897
<INCOME-PRETAX> 197,851 190,221 151,262 31,660 279,382
<INCOME-TAX> 63,900 76,469 61,412 13,260 115,500
<INCOME-CONTINUING> 133,951 113,752 89,850 18,400 163,882
<DISCONTINUED> 0 0 0 0 0
<EXTRAORDINARY> 0 0 0 0 (4,338)
<CHANGES> 0 0 0 0 0
<NET-INCOME> 133,951 113,752 89,850 18,400 159,544
<EPS-PRIMARY> 1.74 1.47 1.15 0.23 1.98
<EPS-DILUTED> 1.72 1.45 1.13 0.23 1.96
</TABLE>
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