UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES |
| EXCHANGE ACT OF 1934 |
For the quarterly period ended December 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)
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New York State |
16-0757636 |
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(State or other jurisdiction of incorporation or organization) |
(I.R.S. employer identification no.) |
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East Aurora, New York |
14052-0018 |
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(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 X No __
The number of shares outstanding of each class of common stock as of February 6, 2004 were:
| Class A Common Stock, $1.00 par value | 15,237,995 shares | ||
| Class B Common Stock, $1.00 par value | 2,092,541 shares |
MOOG INC.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
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PART I. |
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FINANCIAL INFORMATION |
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Item 1. |
Consolidated Condensed Balance Sheets December 31, 2003 and September 27, 2003 |
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Consolidated Condensed Statements of Earnings Three Months Ended December 31, 2003 and 2002 |
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Consolidated Condensed Statements of Cash Flows Three Months Ended December 31, 2003 and 2002 |
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Notes to Consolidated Condensed Financial Statements |
6-13 |
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Item 2. |
Management's Discussion and Analysis of Financial Condition and Results of Operations |
14-20 |
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Item 3. |
Quantitative and Qualitative Disclosures about Market Risk |
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Item 4. |
Controls and Procedures |
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PART II. |
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OTHER INFORMATION |
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Item 6. |
Exhibits and Reports on Form 8-K |
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SIGNATURES |
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23 |
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2
Part I. FINANCIAL INFORMATION Item 1. Financial Statements MOOG INC. CONSOLIDATED CONDENSED
BALANCE SHEETS (Unaudited) (dollars in thousands) See accompanying Notes to Consolidated Condensed Financial Statements.
December 31,
September 27,
2003
2003
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
19,171
$
77,491
Receivables
280,556
262,094
Inventories
197,996
170,578
Other current assets
43,655
42,036
TOTAL CURRENT ASSETS
541,378
552,199
PROPERTY, PLANT AND EQUIPMENT, net of accumulated
251,423
208,169
depreciation of $290,393 and $277,624, respectively
GOODWILL, net
290,025
194,937
INTANGIBLE ASSETS, net
17,252
10,949
OTHER ASSETS
26,443
25,326
TOTAL ASSETS
$
1,126,521
$
991,580
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable
$
1,970
$
10,140
Current installments of long-term debt
17,465
15,607
Accounts payable
52,067
47,159
Accrued liabilities
103,539
98,952
Contract loss reserves
18,620
16,147
Customer advances
21,404
23,418
TOTAL CURRENT LIABILITIES
215,065
211,423
LONG-TERM SENIOR
DEBT, excluding current installments
334,210
230,913
LONG-TERM PENSION AND RETIREMENT OBLIGATIONS
94,426
91,324
DEFERRED INCOME TAXES
33,922
31,953
OTHER LONG-TERM LIABILITIES
1,953
1,819
TOTAL LIABILITIES
679,576
567,432
SHAREHOLDERS' EQUITY
Preferred stock
100
100
Common stock
20,326
20,326
Other shareholders' equity
426,519
403,722
TOTAL SHAREHOLDERS' EQUITY
446,945
424,148
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
1,126,521
$
991,580
3
MOOG INC.
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(dollars in thousands except per share data)
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Three Months Ended December 31, |
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| 2003 | 2002 | ||||
| Net sales | $ | 225,985 | $ | 179,683 | |
| Cost of sales | 159,488 | 123,504 | |||
| Gross profit | 66,497 | 56,179 | |||
| Research and development | 6,768 | 7,426 | |||
| Selling, general and administrative | 37,731 | 29,557 | |||
| Interest | 3,185 | 5,374 | |||
| Other | 475 | 43 | |||
| Earnings before income taxes | 18,338 | 13,779 | |||
| Income taxes | 5,682 | 4,001 | |||
| Net earnings | $ | 12,656 | $ | 9,778 | |