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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 June 30, 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 August 6, 2003 were:
Class A Common Stock, $1.00 par value     13,064,843 shares
Class B Common Stock, $1.00 par value     2,155,183 shares

MOOG INC.

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

 

PART I.

 

FINANCIAL INFORMATION

Page

 

 

 

 

 

Item 1.

Consolidated Condensed Balance Sheets

June 30, 2003 and September 28, 2002

3

 

 

 

 

 

 

Consolidated Condensed Statements of Earnings

Three and Nine Months Ended June 30, 2003 and 2002

4

 

 

 

 

 

 

Consolidated Condensed Statements of Cash Flows

Nine Months Ended June 30, 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

13-19

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about

Market Risk

19

 

 

 

 

 

Item 4.

Controls and Procedures

20

 

 

 

 

PART II.

 

OTHER INFORMATION

 

 

 

 

 

 

Item 6.

Exhibits and Reports on Form 8-K

21

 

 

 

 

SIGNATURES

 

22

2

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

MOOG INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

(Unaudited)

(dollars in thousands)

    June 30,     September 28,
2003 2002
ASSETS          
CURRENT ASSETS          
       Cash and cash equivalents $ 21,709   $ 15,952
       Receivables   244,362     239,636
       Inventories   169,662     162,391
       Other current assets   43,699     39,520
              TOTAL CURRENT ASSETS   479,432     457,499
PROPERTY, PLANT AND EQUIPMENT, net of accumulated           207,795     202,654
                depreciation of $272,101and $248,085, respectively
GOODWILL    194,679     192,855
INTANGIBLE ASSETS   9,911     10,426
OTHER ASSETS   24,410     22,113
TOTAL ASSETS $ 916,227   $ 885,547
LIABILITIES AND SHAREHOLDERS' EQUITY          
CURRENT LIABILITIES          
       Notes payable $ 10,897   $ 14,067
       Current installments of long-term debt    15,794     17,110
       Accounts payable   40,593     38,688
       Accrued liabilities   100,763     94,007
       Contract loss reserves   15,822     13,939
       Customer advances   16,674     7,790
              TOTAL CURRENT LIABILITIES   200,543     185,601
LONG-TERM DEBT, excluding current installments          
       Senior debt   267,655     165,286
       Senior subordinated notes   -     120,000
LONG-TERM PENSION AND RETIREMENT OBLIGATIONS   75,747     95,171
DEFERRED INCOME TAXES AND OTHER LIABILITIES   30,171     19,483
              TOTAL LIABILITIES   574,116     585,541
SHAREHOLDERS' EQUITY           
       Preferred stock   100     100
       Common stock   18,313     18,313
       Other shareholders' equity   323,698     281,593
              TOTAL SHAREHOLDERS' EQUITY   342,111     300,006
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 916,227   $ 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     Nine Months Ended
June 30, June 30,
  2003     2002     2003     2002
                     
Net sales $ 192,924   $ 177,335   $ 562,655   $ 533,118
Cost of sales   131,247     118,956     387,426     361,649
Gross profit   61,677     58,379     175,229     171,469
                     
Research and development   7,763     8,716     23,060     24,730
Selling, general and administrative   34,831     29,976     94,711     88,406
Interest   3,519     6,306     14,302     19,980
Other    810     582     612     169