FIRST
QUARTER
1995
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 1, 1995 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
87,407,394 shares of common stock were outstanding at April 1, 1995.
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<PAGE>
PART I - FINANCIAL INFORMATION
Consolidated Condensed Statements of Earnings
<TABLE>
<CAPTION>
Three Months (13 Weeks) Ended
April 1, 1995 April 2, 1994
(Unaudited) (Unaudited)
<S> <C> <C>
Net sales......................................... $841,734,652 $649,701,248
Costs and expenses:
Cost of products sold........................... 701,986,925 567,309,313
Marketing, administrative and other expenses.... 33,706,358 24,843,183
Interest expense................................ 1,232,918 3,868,798
736,926,201 596,021,294
Earnings before federal income taxes.............. 104,808,451 53,679,954
Federal income taxes............................ 37,500,000 18,800,000
Net earnings.................................. $ 67,308,451 $ 34,879,954
Net earnings per share............................ $.77 $.40
Dividends declared per share.................... $.07 $.045
Average number of shares outstanding.......... 87,363,786 87,106,539
</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.
The information furnished has not been audited and is subject to year-end
adjustments.
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<PAGE>
Consolidated Condensed Balance Sheets
<TABLE>
<CAPTION>
April 1, December 31,
1995 1994
Assets (Unaudited) (Audited)
<S> <C> <C>
Current assets:
Cash and short-term investments................. $ 163,837,126 $ 101,930,479
Accounts receivable............................. 293,225,232 258,131,947
Inventories..................................... 253,839,784 243,026,854
Other current assets............................ 38,182,559 35,612,117
Total current assets.......................... 749,084,701 638,701,397
Property, plant and equipment..................... 1,344,510,210 1,363,218,768
Total assets.................................. $2,093,594,911 $2,001,920,165
Liabilities and stockholders' equity
Current liabilities:
Long-term debt due within one year.............. $ 150,000 $ 250,000
Accounts payable................................ 215,528,736 182,846,410
Salaries, wages and related accruals............ 71,403,829 88,706,273
Federal income taxes............................ 47,007,659 15,507,659
Accrued expenses and other current liabilities.. 109,231,717 95,154,860
Total current liabilities..................... 443,321,941 382,465,202
Long-term debt due after one year................. 136,850,000 173,000,000
Deferred credits and other liabilities............ 148,409,517 147,859,517
Minority interests................................ 179,930,827 175,985,189
Stockholders' equity:
Common stock.................................... 35,832,303 35,803,072
Additional paid-in capital...................... 40,517,194 39,272,431
Retained earnings............................... 1,126,986,354 1,065,796,421
1,203,335,851 1,140,871,924
Treasury stock.................................. (18,253,225) (18,261,667)
1,185,082,626 1,122,610,257
Total liabilities and stockholders' equity.... $2,093,594,911 $2,001,920,165
</TABLE>
Inventories consisted of approximately 50% raw materials and supplies, and 50%
finished and semi-finished products at April 1, 1995 (55% and 45% at December
31, 1994).
The information furnished has not been audited and is subject to year-end
adjustments.
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<PAGE>
Consolidated Condensed Statements of Cash Flows
<TABLE>
<CAPTION>
Three Months (13 Weeks) Ended
April 1, 1995 April 2, 1994
(Unaudited) (Unaudited)
<S> <C> <C>
Operating activities:
Net earnings............................................ $ 67,308,451 $ 34,879,954
Adjustments:
Depreciation of plant and equipment................... 40,432,555 35,526,817
Minority interests.................................... 2,404,438 1,375,344
Changes in:
Current assets...................................... (48,476,657) (51,737,133)
Current liabilities................................. 60,956,739 34,165,990
Other............................................... 550,000 751,691
Cash provided by operating activities................. 123,575,526 54,962,663
Investing activities:
Capital expenditures.................................... (22,123,997) (58,965,441)
Cash (used in) investing activities................... (22,123,997) (58,965,441)
Financing activities:
Increase (decrease) in long-term debt................... (36,250,000) 8,800,000
Contributions for (distributions to) minority interests. 1,541,200 14,121,600
Issuance of common stock................................ 1,282,436 1,178,006
Cash dividends.......................................... (6,118,518) (3,921,536)
Cash provided by (used in) financing activities....... (39,544,882) 20,178,070
Increase in cash and short-term investments............... $ 61,906,647 $ 16,175,292
</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 1995 increased about 30% from the first
quarter of 1994. About three fourths of the net sales increase resulted from
an increase in volume, and about one fourth resulted from an increase in
average sales prices. Average sales prices increased about 5% from the first
quarter of 1994.
The major component of cost of products sold is raw material costs. The
average price of raw materials increased about 5% from the first quarter of
1994.
Major components of marketing, administrative and other expenses are
freight and profit sharing costs. Unit freight costs decreased about 5% from
the first quarter of 1994, and profit sharing costs increased about 80%,
compared with the 1994 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, decreased for the first quarter of 1995 over the comparable 1994
quarter, primarily due to an decrease in average borrowings in this year's
first quarter.
Federal income taxes were at a rate of about 36% for the first quarter of
1995, and at a rate of about 35% for the first quarter of 1994.
Net earnings increased about 90% during the first quarter of 1995,
compared with the first quarter of 1994, due to increased sales volume and
improved margins.
Margins were about 16.6% for the first quarter of 1995, and about 12.5%
for the first quarter of 1994.
Liquidity and capital resources
The current ratio was about 1.7 at the end of the 1995 first quarter, and
about 1.7 at year-end 1994. The percentage of long-term debt to total capital
was about 9% at the end of the first quarter of 1995, and about 12% at year-
end 1994.
Capital expenditures decreased about 60% during the first quarter of 1995,
compared with the first quarter of 1994. Capital expenditures are anticipated
to be more than $250 million for all of 1995. 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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<PAGE>
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 1, 1995 April 2, 1994
(Unaudited) (Unaudited)
Primary:
Primary net earnings........................... $67,308,451 $34,879,954
Average shares outstanding
(excludes dilutive effect of employee
stock options because less than 3%).......... 87,363,786 87,106,539
Primary net earnings per share................. $.7704 $.4004
Fully diluted:
Fully diluted net earnings..................... $67,308,451 $34,879,954
Fully diluted average shares outstanding:
Primary shares outstanding................... 87,363,786 87,106,539
Dilutive effect of employee stock options.... 222,934 355,280
87,586,720 87,461,819
Fully diluted net earnings per share........... $.7685 $.3988
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
Samuel Siegel
Vice Chairman,
Dated: May 12, 1995 Chief Financial Officer
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<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> APR-01-1995
<CASH> 163,837,126
<SECURITIES> 0
<RECEIVABLES> 308,630,305
<ALLOWANCES> 15,405,073
<INVENTORY> 253,839,784
<CURRENT-ASSETS> 749,084,701
<PP&E> 1,995,686,660
<DEPRECIATION> 651,176,450
<TOTAL-ASSETS> 2,093,594,911
<CURRENT-LIABILITIES> 443,321,941
<BONDS> 136,850,000
<COMMON> 35,832,303
0
0
<OTHER-SE> 1,167,503,548
<TOTAL-LIABILITY-AND-EQUITY> 2,093,594,911
<SALES> 841,734,652
<TOTAL-REVENUES> 841,734,652
<CGS> 701,986,925
<TOTAL-COSTS> 701,986,925
<OTHER-EXPENSES> 33,706,358
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,232,918
<INCOME-PRETAX> 104,808,451
<INCOME-TAX> 37,500,000
<INCOME-CONTINUING> 67,308,451
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 67,308,451
<EPS-PRIMARY> .77
<EPS-DILUTED> .77
</TABLE>
