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UNITED STATES |
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SECURITIES AND EXCHANGE COMMISSION |
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WASHINGTON, D.C. 20549 |
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FORM 10-Q |
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[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE |
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ACT OF 1934 |
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FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2003 |
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OR |
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[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE |
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ACT OF 1934 |
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FOR THE TRANSITION PERIOED ____ TO ____ |
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COMMISSION FILE NUMBER 0-21220 |
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ALAMO GROUP INC. |
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) |
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DELAWARE |
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74-1621248 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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Incorporation or organization) |
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Identification Number) |
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1502 East Walnut, Seguin, Texas 78155 |
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(Address of principal executive offices) |
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830-379-1480 |
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(Registrant's telephone number, including area code) |
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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 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 requirement for the past 90 days. |
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Yes X No ___ |
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At NOVEMBER 1, 2003, 9,727,059 shares of common stock, $.10 par value, of the Registrant were outstanding. |
Alamo Group Inc. and Subsidiaries
INDEX
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PAGE |
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PART I. |
FINANCIAL INFORMATION |
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Item 1. |
Interim Condensed Consolidated Financial Statements (Unaudited) |
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September 30, 2003 and December 31, 2002 |
3 |
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Three months and
Nine months ended September 30, 2003 |
4 |
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Nine months ended September 30, 2003 and September 30, 2002 |
5 |
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Notes to Interim Condensed Consolidated Financial Statements |
6 |
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Item 2. |
Management's
Discussion and Analysis of Financial Condition |
12 |
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Item 3. |
18 |
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Item 4. |
19 |
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PART II. |
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Item 1. |
None |
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Item 2. |
None |
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Item 3. |
None |
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Item 4. |
None |
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Item 5. |
Other Information |
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Item 6. |
Exhibits and Reports on Form 8-K |
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20 |
2
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Alamo Group Inc. and Subsidiaries |
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| (in thousands, except share amounts) |
September 30, |
December 31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ |
5,820 |
$ |
5,583 |
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Accounts receivable, net |
58,442 |
59,720 |
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Inventories |
66,436 |
63,512 |
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Deferred income taxes |
4,419 |
4,282 |
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Prepaid expenses |
1,725 |
1,593 |
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Total current assets |
136,842 |
134,690 |
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Property, plant and equipment |
79,431 |
75,160 |
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Less: Accumulated depreciation |
(47,860) |
(43,431) |
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31,571 |
31,729 |
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Goodwill |
20,944 |
19,873 |
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Assets held for sale |
1,266 |
1,430 |
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Other assets |
3,448 |
3,500 |
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Total assets |
$ |
194,071 |
$ |
191,222 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Trade accounts payable |
19,900 |
15,216 |
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Income taxes payable |
1,338 |
79 |
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Accrued liabilities |
13,945 |
12,680 |
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Current maturities of long-term debt |
1,566 |
2,583 |
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Total current liabilities |
36,749 |
30,558 |
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Long-term debt, net of current maturities |
15,418 |
27,833 |
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Deferred income taxes |
2,522 |
2,353 |
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Stockholders' equity: |
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Common stock, $.10 par value, 20,000,000 shares
authorized; |
977 |
976 |
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Additional paid-in capital |
51,439 |
51,345 |
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Treasury stock, at cost; 42,600 shares at September 30, 2003 and December 31, 2002 |
(426) |
(426) |
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Retained earnings |
83,420 |
78,544 |
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Accumulated other comprehensive income |
3,972 |
39 |
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Total stockholders' equity |
139,382 |
130,478 |
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Total liabilities and stockholders' equity |
$ |
194,071 |
$ |
191,222 |
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See accompanying notes.
3
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Alamo Group Inc. and Subsidiaries |
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(Unaudited) |
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Three Months Ended |
Nine Months Ended |
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(in thousands, except per share amounts) |
2003 |
2002 |
2003 |
2002 |
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Net sales: |
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North American |
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Agricultural |
$ |
27,257 |
$ |
27,883 |
$ |
80,445 |
$ |
86,362 |
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Industrial |
26,516 |
25,272 |
81,757 |
79,107 |
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European |
16,950 |
12,058 |
49,428 |
34,041 |
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Total net sales |
70,723 |
65,213 |
211,630 |
199,510 |
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Cost of sales |
54,233 |
51,083 |
165,908 |
155,604 |
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Gross profit |
16,490 |
14,130 |
45,722 |
43,906 |
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Selling, general and administrative expense |
11,911 |
11,116 |
34,552 |
31,883 |
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Income from operations |
4,579 |
3,014 |
11,170 |
12,023 |
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Interest expense |
(503) |
(557) |
(1,605) |
(1,990) |
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Interest income |
84 |
134 |
341 |
387 |
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Other income (expense), net |
166 |
(6) |
657 |
58 |
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Income before income taxes |
4,326 |
2,585 |
10,563 |
10,478 |
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Provision for income taxes |
1,694 |
915 |
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