UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2005
Commission File Number 1-134
CURTISS-WRIGHT CORPORATION
(Exact name of Registrant as specified in its charter)
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Delaware |
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13-0612970 |
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(State
or other jurisdiction of |
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(I.R.S.
Employer |
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4
Becker Farm Road |
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07068 |
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(Address of principal executive offices) |
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(Zip Code) |
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(973) 597-4700 |
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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 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 Exchange Act).
Yes x No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, par value $1.00 per share: 12,850,028 shares (as of April 30, 2005).
Class B Common Stock, par value $1.00 per share: 8,764,246 shares (as of April 30, 2005).
Page 1 of 29
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
TABLE of CONTENTS
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PART I – FINANCIAL INFORMATION |
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Item 1. |
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Financial Statements: |
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3 | |
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4 | |
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5 | |
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6 | |
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7 – 17 | |
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Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
18 – 26 |
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Item 3. |
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27 | |
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Item 4. |
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27 | |
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PART II – OTHER INFORMATION |
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Item 1. |
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27 | |
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Item 6. |
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28 | |
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29 | |||
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Page 2 of 29
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
(In thousands except per share data)
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Three Months Ended |
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2005 |
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2004 |
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Net sales |
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$ |
258,487 |
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$ |
214,933 |
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Cost of sales |
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172,718 |
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143,338 |
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Gross profit |
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85,769 |
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71,595 |
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Research and development expenses |
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10,228 |
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8,212 |
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Selling expenses |
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16,924 |
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12,604 |
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General and administrative expenses |
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33,468 |
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25,249 |
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Environmental remediation and |
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83 |
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240 |
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Pension expense, net |
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500 |
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40 |
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(Gain) loss on sale of real estate and |
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(2,913 |
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87 |
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Operating income |
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27,479 |
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25,163 |
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Other income (expense), net |
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(124 |
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(402 |
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Interest expense |
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(4,303 |
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(2,265 |
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Earnings before income taxes |
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23,052 |
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22,496 |
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Provision for income taxes |
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8,529 |
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6,887 |
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Net earnings |
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$ |
14,523 |
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$ |
15,609 |
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Basic earnings per share |
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$ |
0.68 |
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$ |
0.75 |
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Diluted earnings per share |
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$ |
0.67 |
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$ |
0.74 |
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Dividends per share |
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$ |
0.09 |
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$ |
0.09 |
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Weighted average shares outstanding: |
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Basic |
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21,511 |
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20,881 |
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Diluted |
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21,814 |
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21,206 |
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See notes to consolidated financial statements
Page 3 of 29
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands)
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March 31, |
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December 31, |
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Assets |
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Current Assets: |
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Cash and cash equivalents |
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$ |
41,783 |
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$ |
41,038 |
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Receivables, net |
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251,917 |
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214,084 |
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Inventories, net |
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128,144 |
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115,979 |
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Deferred tax assets, net |
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23,699 |
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25,693 |
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Other current assets |
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11,923 |
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12,460 |
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Total current assets |
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457,466 |
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409,254 |
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Property, plant and equipment, net |
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269,235 |
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265,243 |
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Prepaid pension costs |
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77,313 |
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77,802 |
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Goodwill |
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392,240 |
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364,313 |
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Other intangible assets, net |
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155,872 |
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140,369 |
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Other assets |
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14,565 |
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21,459 |
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Total Assets |
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$ |
1,366,691 |
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$ |
1,278,440 |
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Liabilities |
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Current Liabilities: |
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Short-term debt |
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$ |
981 |
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$ |
1,630 |
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Dividends payable |
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1,944 |
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– |
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Accounts payable |
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62,214 |
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65,364 |
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Accrued expenses |
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47,245 |
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63,413 |
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Income taxes payable |
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