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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 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 March 31, 2003
   
 

OR
   
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________

Commission File Number: 1-5129

MOOG INC.
(Exact name of registrant as specified in its charter)

 
      New York State

16-0757636

(State or other jurisdiction of
incorporation or organization)

(I.R.S. employer identification no.)

 

      East Aurora, New York

14052-0018

(Address of principal executive offices)

(Zip code)


Telephone number including area code: (716) 652-2000

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 __

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).
Yes __ No X

The number of shares outstanding of each class of common stock as of May 5, 2003 were:

Class A Common Stock, $1.00 par value                                     13,070,639 shares
Class B Common Stock, $1.00 par value                                         2,141,307 shares

                                                                                                                                                                         &nb sp;                                                                                     

MOOG INC.
QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

 
      Page
PART I.   FINANCIAL INFORMATION  
       
  Item 1. Consolidated Condensed Balance Sheets
March 31, 2003 and September 28, 2002 		3
       
    Consolidated Condensed Statements of Earnings
Three and Six Months Ended March 31, 2003 and 2002 		4
       
    Consolidated Condensed Statements of Cash Flows
Six Months Ended March 31, 2003 and 2002  		5
       
    Notes to Consolidated Condensed Financial
Statements 		6-12
       
  Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 		13-18
       
  Item 3. Quantitative and Qualitative Disclosures about
Market Risk 		18
       
  Item 4. Controls and Procedures 18
       
PART II.   OTHER INFORMATION  
       
  Item 4. Submission of Matters to a Vote of Security Holders 19
       
  Item 6. Exhibits and Reports on Form 8-K 19
       
SIGNATURES     20
       
CERTIFICATIONS     21-22

 

2

 

Part I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

 

 

MOOG INC.

CONSOLIDATED CONDENSED BALANCE SHEETS 

(Unaudited)

(dollars in thousands)

March 31,   September 28,
2003   2002
ASSETS          
CURRENT ASSETS          
Cash and cash equivalents $ 20,999   $ 15,952
Receivables   247,251     239,636
Inventories    166,146     162,391
Other current assets   40,550     39,520
TOTAL CURRENT ASSETS   474,946     457,499
         
PROPERTY, PLANT AND EQUIPMENT, net of accumulated           
depreciation of $263,057 and $248,085, respectively 207,395     202,654
GOODWILL    193,783     192,855
INTANGIBLE ASSETS   10,039     10,426
OTHER ASSETS   25,325     22,113
         
TOTAL ASSETS $ 911,488   $ 885,547
         
LIABILITIES AND SHAREHOLDERS' EQUITY          
CURRENT LIABILITIES          
Notes payable $ 13,755   $ 14,067
Current installments of long-term debt    15,969     17,110
Accounts payable   41,125     38,688
Accrued liabilities   96,951     94,007
Contract loss reserves   15,943     13,939
Customer advances   13,029     7,790
TOTAL CURRENT LIABILITIES   196,772     185,601
         
LONG-TERM DEBT, excluding current installments          
Senior debt   153,400     165,286
Senior subordinated notes   120,000     120,000
         
LONG-TERM PENSION AND RETIREMENT OBLIGATIONS 92,390     95,171
         
DEFERRED INCOME TAXES AND OTHER LIABILITIES   22,666     19,483
TOTAL LIABILITIES   585,228     585,541
         
         
SHAREHOLDERS' EQUITY           
Preferred stock   100     100
Common stock   18,313     18,313
Other shareholders' equity   307,847     281,593
TOTAL SHAREHOLDERS' EQUITY   326,260     300,006
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 911,488   $ 885,547

 

See accompanying Notes to Consolidated Condensed Financial Statements.

 

3

 

MOOG INC.
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(dollars in thousands except per share data)

Three Months Ended   Six Months Ended
  March 31,   March 31,
  2003     2002     2003     2002
                     
Net sales $ 190,048   $ 182,152   $ 369,731   $ 355,783
Cost of sales   132,675     123,743     256,179     242,693
Gross profit   57,373