FIRST
QUARTER
1994
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 2, 1994 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
87,145,252 shares of common stock were outstanding at April 2, 1994.
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PART I - FINANCIAL INFORMATION
Consolidated Condensed Statements of Earnings
<TABLE>
Three Months (13 Weeks) Ended
April 2, 1994 April 3, 1993
(Unaudited) (Unaudited)
<S> <C> <C>
Net sales......................................... $649,701,248 $489,779,167
Costs and expenses:
Cost of products sold........................... 567,309,313 433,707,712
Marketing, administrative and other expenses.... 24,843,183 21,083,385
Interest expense................................ 3,868,798 2,743,475
596,021,294 457,534,572
Earnings before federal income taxes.............. 53,679,954 32,244,595
Federal income taxes............................ 18,800,000 10,500,000
Net earnings.................................. $ 34,879,954 $ 21,744,595
Net earnings per share............................ $.40 $.25
Dividends declared per share.................... $.045 $.04
Average number of shares outstanding.......... 87,106,539 86,793,734
</TABLE>
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.
Net earnings per share, dividends declared per share, and average shares
outstanding have been restated to reflect the 2-for-1 stock split in September,
1993.
The information furnished has not been audited and is subject to year-end
adjustments.
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<PAGE>
Consolidated Condensed Balance Sheets
<TABLE>
April 2, December 31,
1994 1993
Assets (Unaudited) (Audited)
<S> <C> <C>
Current assets:
Cash and short-term investments................. $ 43,430,109 $ 27,254,817
Accounts receivable............................. 227,582,770 202,176,241
Inventories..................................... 239,697,846 215,014,570
Other current assets............................ 25,433,582 23,786,254
Total current assets................................. 536,144,307 468,231,882
Property, plant and equipment..................... 1,384,723,372 1,361,036,440
Total assets......................................... $1,920,867,679 $1,829,268,322
Liabilities and stockholders' equity
Current liabilities:
Long-term debt due within one year.............. $ 200,000 $ 200,000
Accounts payable................................ 172,322,265 165,734,528
Salaries, wages and related accruals............ 57,731,536 60,892,849
Federal income taxes............................ 31,567,151 14,267,152
Accrued expenses and other current liabilities.. 122,835,819 109,396,252
Total current liabilities............................ 384,656,771 350,490,781
Long-term debt due after one year................. 361,050,000 352,250,000
Deferred credits and other liabilities............ 82,273,098 81,273,098
Minority interests................................ 158,584,448 143,087,504
Stockholders' equity:
Common stock.................................... 35,729,392 35,701,222
Additional paid-in capital...................... 31,052,172 29,913,677
Retained earnings............................... 885,815,889 854,857,471
952,597,453 920,472,370
Treasury stock.................................. (18,294,091) (18,305,431)
934,303,362 902,166,939
Total liabilities and stockholders' equity........... $1,920,867,679 $1,829,268,322
</TABLE>
Inventories consisted of approximately 50% raw materials and supplies, and
50% finished and semi-finished products at April 2, 1994 (50% and 50% at
December 31, 1993).
The information furnished has not been audited and is subject to year-end
adjustments.
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Consolidated Condensed Statements of Cash Flows
<TABLE>
Three Months (13 Weeks) Ended
April 2, 1994 April 3, 1993
(Unaudited) (Unaudited)
<S> <C> <C>
Operating activities:
Net earnings............................................ $ 34,879,954 $ 21,744,595
Adjustments:
Depreciation of plant and equipment................... 35,526,817 29,441,946
Minority interests.................................... 1,375,344 5,836,422
Changes in:
Current assets...................................... (51,737,133) (44,853,329)
Current liabilities................................. 34,165,990 40,940,439
Other............................................... 751,691 1,425,000
Cash provided by operating activities................. 54,962,663 54,535,073
Investing activities:
Capital expenditures.................................... (58,965,441) (92,533,219)
Cash (used in) investing activities................... (58,965,441) (92,533,219)
Financing activities:
Increase in long-term debt.............................. 8,800,000 41,800,000
Contributions for (distributions to) minority interests. 14,121,600 (845,985)
Issuance of common stock................................ 1,178,006 1,819,377
Cash dividends.......................................... (3,921,536) (3,474,503)
Cash provided by financing activities................. 20,178,070 39,298,889
Increase in cash and short-term investments........ $ 16,175,292 $ 1,300,743
</TABLE>
The information furnished has not been audited and is subject to year-end
adjustments.
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<PAGE>
Analysis of Operations and Finances
Operations
Net sales for the first quarter of 1994 increased about 33% from the first
quarter of 1993. About one half of the net sales increase resulted from an
increase in volume, and about half resulted from an increase in average sales
prices. Average sales prices increased about 15% from the first quarter of
1993.
The major component of cost of products sold is raw material costs. The
average price of raw materials increased about 30% from the first quarter of
1993.
Major components of marketing, administrative and other expenses are
freight and profit sharing costs. Unit freight costs increased about 10% from
the first quarter of 1993, and profit sharing costs increased about 80%,
compared with the 1993 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 1994 over the comparable 1993
quarter, primarily due to an increase in average borrowings in this year's
first quarter.
Federal income taxes were at a rate of about 35% for the first quarter of
1994, and at a rate of about 32.5% for the first quarter of 1993.
Net earnings increased about 60% during the first quarter of 1994,
compared with the first quarter of 1993, due to increased sales volume and
improved margins.
Margins were about 12.5% for the first quarter of 1994, and about 11.5%
for the first quarter of 1993.
Liquidity and capital resources
The current ratio was about 1.4 at the end of the 1994 first quarter, and
about 1.3 at year-end 1993. The percentage of long-term debt to total capital
was about 25% at the end of the first quarter of 1994 and at year-end 1993.
Capital expenditures decreased about 36% during the first quarter of 1994,
compared with the first quarter of 1993. Capital expenditures are anticipated
to be more than $200 million for all of 1994. 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.
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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: SAMUEL SIEGEL
Samuel Siegel
Vice Chairman,
Dated: May 12, 1994 Chief Financial Officer
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Exhibit 11 - Computation of net earnings per share
Three months (13 Weeks) Ended
April 2, 1994 April 3, 1993
(Unaudited) (Unaudited)
Primary:
Primary net earnings........................... $34,879,954 $21,744,595
Average shares outstanding
(excludes dilutive effect of employee
stock options because less than 3%).......... 87,106,539 86,793,734
Primary net earnings per share................. $.4004 $.2505
Fully diluted:
Fully diluted net earnings..................... $34,879,954 $21,744,595
Fully diluted average shares outstanding:
Primary shares outstanding................... 87,106,539 86,793,734
Dilutive effect of employee stock options.... 355,280 440,254
87,461,819 87,233,988
Fully diluted net earnings per share........... $.3988 $.2493
The information furnished has not been audited and is subject to year-end
adjustments.
