<PAGE>
FIRST
QUARTER
1997
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 5, 1997 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
87,852,012 shares of common stock were outstanding at April 5, 1997.
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<PAGE>
PART I - FINANCIAL INFORMATION
Consolidated Condensed Statements of Earnings
<TABLE>
<CAPTION>
Three Months (13 Weeks) Ended
April 5, 1997 March 30, 1996
(Unaudited) (Unaudited)
<S> <C> <C>
Net sales........................................ $1,010,489,815 $876,113,043
-------------- ------------
Costs and expenses:
Cost of products sold.......................... 874,089,671 766,609,546
Marketing, administrative and other expenses... 34,142,567 28,980,919
Interest expense (income)...................... 646,063 (961,229)
-------------- ------------
908,878,301 794,629,236
Earnings before federal income taxes............. 101,611,514 81,483,807
Federal income taxes........................... 36,600,000 28,900,000
-------------- ------------
Net earnings................................. $ 65,011,514 $ 52,583,807
============== ============
Net earnings per share........................... $.74 $.60
==== ====
Dividends declared per share................... $.10 $.08
==== =====
Average number of shares outstanding......... 87,828,041 87,635,545
</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.
- 2 -
<PAGE>
Consolidated Condensed Balance Sheets
<TABLE>
<CAPTION>
April 5, December 31,
1997 1996
-------------- ---------
Assets (Unaudited) (Audited)
<S> <C> <C>
Current assets:
Cash and short-term investments................. $ 168,401,862 $ 104,400,585
Accounts receivable............................. 348,367,493 292,637,918
Inventories..................................... 397,643,868 385,798,890
Other current assets............................ 46,713,129 45,543,192
-------------- --------------
Total current assets.......................... 961,126,352 828,380,585
-------------- --------------
Property, plant and equipment..................... 1,801,889,111 1,791,152,821
-------------- --------------
Total assets.................................. $2,763,015,463 $2,619,533,406
============== ==============
Liabilities and stockholders' equity
Current liabilities:
Long-term debt due within one year.............. $ 850,000 $ 750,000
Accounts payable................................ 225,189,616 224,369,943
Salaries, wages and related accruals............ 79,817,159 101,712,186
Federal income taxes............................ 44,885,629 10,285,829
Accrued expenses and other current liabilities.. 140,762,006 128,534,797
-------------- --------------
Total current liabilities..................... 491,504,410 465,652,755
-------------- --------------
Long-term debt due after one year................. 187,350,000 152,600,000
-------------- --------------
Deferred credits and other liabilities............ 128,284,101 126,284,101
-------------- --------------
Minority interests................................ 288,928,495 265,706,357
-------------- --------------
Stockholders' equity:
Common stock.................................... 35,972,934 35,950,914
Additional paid-in capital...................... 56,454,913 55,047,610
Retained earnings............................... 1,592,174,802 1,535,948,490
-------------- --------------
1,684,602,649 1,626,947,014
Treasury stock.................................. (17,654,192) (17,656,821)
-------------- --------------
1,666,948,457 1,609,290,193
Total liabilities and stockholders' equity.... $2,763,015,463 $2,619,533,406
============== ==============
</TABLE>
Inventories consisted of approximately 55% raw materials and supplies, and 45%
finished and semi-finished products at April 5, 1997 (60% and 40% at December
31, 1996).
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 5, 1997 March 30, 1996
(Unaudited) (Unaudited)
<S> <C> <C>
Operating activities:
Net earnings............................................ $ 65,011,514 $ 52,583,807
Adjustments:
Depreciation of plant and equipment................... 53,039,870 42,186,710
Minority interests.................................... 22,516,138 21,371,294
Changes in:
Current assets...................................... (68,744,490) (35,750,360)
Current liabilities................................. 25,751,655 25,677,378
Other............................................... 1,737,922 (7,907,267)
------------ -------------
Cash provided by operating activities................. 99,312,609 98,161,562
------------ ------------
Investing activities:
Capital expenditures.................................... (63,514,082) (108,119,138)
------------ ------------
Cash (used in) investing activities................... (63,514,082) (108,119,138)
------------ ------------
Financing activities:
Increase in long-term debt.............................. 34,850,000 24,850,000
Contributions for (distributions to) minority interests. 706,000 (12,514,600)
Issuance of common stock................................ 1,431,952 1,825,341
Cash dividends.......................................... (8,785,202) (7,010,567)
------------ ------------
Cash provided by financing activities................. 28,202,750 7,150,174
------------ ------------
Increase (decrease) in cash and short-term investments.... $ 64,001,277 $ (2,807,402)
============ ============
</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 1997 increased about 15% from the first
quarter of 1996. Most of the net sales increase resulted from an increase in
volume. Average sales prices increased by about 2% from the first quarter of
1996.
The major component of cost of products sold is raw material costs. The
average price of raw materials decreased by less than 5% from the first quarter
of 1996.
Major components of marketing, administrative and other expenses are freight
and profit sharing costs. Unit freight costs decreased by less than 1% from the
first quarter of 1996, and profit sharing costs increased about 25%, compared
with the 1996 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 1997 over the comparable 1996
quarter, due to an increase in average borrowings in this year's first quarter,
and decreased interest income.
Federal income taxes were at a rate of about 36% for the first quarter of
1997, and at a rate of about 35% for the first quarter of 1996.
Net earnings increased about 24% during the first quarter of 1997, compared
with the first quarter of 1996, due to increased volume and increased margins.
Margins were about 13.5% for the first quarter of 1997, and about 12.5% for
the first quarter of 1996.
Liquidity and capital resources
The current ratio was about 1.9 at the end of the 1997 first quarter, and
about 1.8 at year-end 1996. The percentage of long-term debt to total capital
was about 9% at the end of the first quarter of 1997, and about 8% at year-end
1996.
Capital expenditures decreased about 40% during the first quarter of 1997,
compared with the first quarter of 1996. Capital expenditures are anticipated to
be more than $200 million for all of 1997. 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.
- 5 -
<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.
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: /s/ Samuel Siegel
Samuel Siegel
Vice Chairman,
Dated: May 12, 1997 Chief Financial Officer
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<PAGE>
Exhibit 11 - Computation of net earnings per share
<TABLE>
<CAPTION>
Three months (13 Weeks) Ended
April 5, 1997 March 30, 1996
(Unaudited) (Unaudited)
<S> <C> <C>
Primary:
Primary net earnings........................... $65,011,514 $52,583,807
=========== ===========
Average shares outstanding
(excludes dilutive effect of employee
stock options because less than 3%).......... 87,828,041 87,635,545
========== ==========
Primary net earnings per share................. $.7402 $.6000
====== ======
Fully diluted:
Fully diluted net earnings..................... $65,011,514 $52,583,807
=========== ===========
Fully diluted average shares outstanding:
Primary shares outstanding................... 87,828,041 87,635,545
Dilutive effect of employee stock options.... 48,887 146,499
---------- ----------
87,876,928 87,782,044
========== ==========
Fully diluted net earnings per share........... $.7398 $.5990
====== ======
</TABLE>
The information furnished has not been audited and is subject to year-end
adjustments.
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> APR-05-1997
<CASH> 168,401,862
<SECURITIES> 0
<RECEIVABLES> 366,844,653
<ALLOWANCES> 18,477,160
<INVENTORY> 397,643,868
<CURRENT-ASSETS> 961,126,352
<PP&E> 2,762,376,185
<DEPRECIATION> 960,487,074
<TOTAL-ASSETS> 2,763,015,463
<CURRENT-LIABILITIES> 491,504,410
<BONDS> 187,350,000
<COMMON> 35,972,934
0
0
<OTHER-SE> 1,648,629,715
<TOTAL-LIABILITY-AND-EQUITY> 2,763,015,463
<SALES> 1,010,489,815
<TOTAL-REVENUES> 1,010,489,815
<CGS> 874,089,671
<TOTAL-COSTS> 874,089,671
<OTHER-EXPENSES> 34,142,567
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 646,063
<INCOME-PRETAX> 101,611,514
<INCOME-TAX> 36,600,000
<INCOME-CONTINUING> 65,011,514
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 65,011,514
<EPS-PRIMARY> .74
<EPS-DILUTED> .74
</TABLE>
