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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 10-Q
 
(Mark One)
 
x    QUARTERLY
 
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the Quarterly Period Ended September 30, 2002
 
OR
 
¨    TRANSITION
 
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Commission File Number             1-13884            
 
Cooper Cameron Corporation
(Exact Name of Registrant in its Charter)
 
Delaware
(State or Other Jurisdiction of
Incorporation or Organization)
  
76-0451843
(I.R.S. Employer
Identification No.)
 
1333 West Loop South, Suite 1700, Houston, Texas
(Address of Principal Executive Offices)
  
77027
(Zip Code)
 
713/513-3300
(Registrant’s Telephone Number, Including Area Code)
 
N/A
(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       
 
Number of shares outstanding of issuer’s common stock as of October 31, 2002 was 54,356,471.
 
 

PART I – FINANCIAL INFORMATION
 
Item 1. Financial Statements
 
COOPER CAMERON CORPORATION
CONSOLIDATED RESULTS OF OPERATIONS
(dollars and shares in millions, except per share data)
 
    
Three Months
Ended
September 30,
     
Nine Months
Ended
September 30,
  
    
2002
     
2001
     
2002
     
2001
  
    
(unaudited)
     
(unaudited)
  
REVENUES
   
$
383.8
 
   
$
417.2
 
   
$
1,153.3
 
   
$
1,156.7
 
    
  
  
  
COSTS AND EXPENSES:
                                    
Cost of sales (exclusive of depreciation and amortization)
   
 
271.8
 
   
 
288.4
 
   
 
818.4
 
   
 
803.6
 
Depreciation and amortization
   
 
19.3
 
   
 
21.1
 
   
 
57.5
 
   
 
58.7
 
Selling and administrative expenses
   
 
64.0
 
   
 
58.2
 
   
 
188.8
 
   
 
169.1
 
Interest, net
   
 
(0.4
)
   
 
(0.4
)
   
 
0.1
 
   
 
5.9
 
Nonrecurring/unusual charges
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
20.2
 
    
  
  
  
Total costs and expenses
   
 
354.7
 
   
 
367.3
 
   
 
1,064.8
 
   
 
1,057.5
 
    
  
  
  
Income before income taxes
   
 
29.1
 
   
 
49.9
 
   
 
88.5
 
   
 
99.2
 
Income tax provision
   
 
(8.4
)
   
 
(15.5
)
   
 
(25.7
)
   
 
(30.7
)
    
  
  
  
Net income
   
$
20.7
 
   
$
34.4
 
   
$
62.8
 
   
$
68.5
 
    
  
  
  
Earnings per common share:
                                    
Basic
   
$
0.38
 
   
$
0.63
 
   
$
1.16
 
   
$
1.26
 
    
  
  
  
Diluted
   
$
0.37
 
   
$
0.60
 
   
$
1.11
 
   
$
1.22
 
    
  
  
  
Shares used in computing earnings per common share:
                                    
Basic
   
 
54.3
 
   
 
54.4
 
   
 
54.2
 
   
 
54.2
 
    
  
  
  
Diluted
   
 
59.7
 
   
 
59.6
 
   
 
59.8
 
   
 
57.7
 
    
  
  
  
 
 
The accompanying notes are an integral part of these statements.
 

2

COOPER CAMERON CORPORATION
 
CONSOLIDATED BALANCE SHEETS
(dollars in millions, except shares and per share data)
 
    
September 30, 2002
     
December 31, 2001
  
    
(unaudited)
         
ASSETS
                  
Cash and cash equivalents
   
$
265.6
 
   
$
111.6
 
Short-term investments
   
 
46.8
 
   
 
102.1
 
Receivables, net
   
 
292.9
 
   
 
306.2
 
Inventories, net
   
 
391.4
 
   
 
423.8
 
Other
   
 
24.2
 
   
 
21.3
 
    
  
Total current assets
   
 
1,020.9
 
   
 
965.0
 
Plant and equipment, net
   
 
456.6
 
   
 
460.1
 
Goodwill, net
   
 
274.0
 
   
 
259.8
 
Other assets
   
 
214.7
 
   
 
190.2
 
    
  
TOTAL ASSETS
   
$
1,966.2
 
   
$
1,875.1
 
    
  
LIABILITIES AND STOCKHOLDERS’ EQUITY
                  
Short-term debt
   
$
6.2
 
   
$
10.5
 
Accounts payable and accrued liabilities
   
 
349.4
 
   
 
349.2
 
Accrued income taxes
   
 
18.5
 
   
 
18.1
 
    
  
Total current liabilities
   
 
374.1
 
   
 
377.8
 
Long-term debt
   
 
460.0
 
   
 
459.1
 
Postretirement benefits other than pensions
   
 
45.7
 
   
 
47.8
 
Deferred income taxes
   
 
42.7
 
   
 
41.7
 
Other long-term liabilities
   
 
22.4
 
   
 
25.4
 
    
  
Total liabilities
   
 
944.9
 
   
 
951.8
 
    
  
Stockholders’ Equity:
                  
Common stock, par value $.01 per share, 150,000,000 shares authorized, 54,566,054 shares issued at September 30, 2002 and December 31, 2001
   
 
0.5
 
   
 
0.5
 
Capital in excess of par value
   
 
949.4
 
   
 
951.4
 
Retained earnings
   
 
110.5
 
   
 
47.7
 
Accumulated other elements of comprehensive income
   
 
(30.9
)
   
 
(53.0
)
Less: Treasury stock at cost, 223,298 shares at September 30, 2002 (571,320 shares at December 31, 2001)
   
 
(8.2
)
   
 
(23.3
)
    
  
Total stockholders’ equity
   
 
1,021.3
 
   
 
923.3
 
    
  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
   
$
1,966.2
 
   
$
1,875.1
 
    
  
 
The accompanying notes are an integral part of these statements.
 

3

COOPER CAMERON CORPORATION
 
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
 
    
Three Months Ended September 30,
     
Nine Months Ended September 30,
  
    
2002
     
2001
     
2002
     
2001
  
    
(unaudited)
     
(unaudited)
  
Cash flows from operating activities:
                                    
Net income
   
$
20.7
 
   
$
34.4
 
   
$
62.8
 
   
$
68.5
 
Adjustments to reconcile net income to net cash provided by operating activities:
                                    
Depreciation
   
 
16.6
 
   
 
15.6
 
   
 
50.0
 
   
 
44.7
 
Amortization
   
 
2.7
 
   
 
5.5
 
   
 
7.5
 
   
 
14.0
 
Deferred income taxes and other
   
 
0.5
 
   
 
9.6
 
   
 
2.4
 
   
 
17.9
 
Changes in assets and liabilities, net of translation, acquisitions, and non-cash items:
                                    
Receivables
   
 
0.2
 
   
 
(24.7
)
   
 
18.1
 
   
 
(79.9
)
Inventories
   
 
16.9
 
   
 
(0.3
)
   
 
44.9
 
   
 
(52.7
)
Accounts payable and accrued liabilities
   
 
26.2
 
   
 
8.9
 
   
 
(1.5
)
   
 
21.1
 
Other assets and liabilities, net
   
 
(4.3
)
   
 
(7.5
)
   
 
(11.7
)
   
 
(29.7
)
    
  
  
  
Net cash provided by operating activities
   
 
79.5
 
   
 
41.5
 
   
 
172.5
 
   
 
3.9
 
    
  
  
  
Cash flows from investing activities:
                                    
Capital expenditures
   
 
(23.6
)
   
 
(37.7
)
   
 
(64.3
)
   
 
(73.2
)
Acquisitions
   
 
(14.7
)
   
 
(6.8
)
   
 
(20.2
)
   
 
(36.9
)
Sales (purchases) of short-term investments, net
   
 
(0.4
)
   
 
(92.8
)
   
 
55.2
 
   
 
(91.6
)
Other
   
 
0.3
 
   
 
0.7
 
   
 
3.7
 
   
 
2.7
 
    
  
  
  
Net cash used for investing activities
   
 
(38.4
)
   
 
(136.6
)
   
 
(25.6
)
   
 
(199.0
)
    
  
  
  
Cash flows from financing activities: