UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended June 28, 2002 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission file number 333-05978 |
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(Exact name of registrant as specified in its charter)
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Delaware |
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58-2502320 |
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(State or other
jurisdiction of |
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(I.R.S. Employer Identification No.) |
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5445 Triangle Parkway, Suite 350, |
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30092 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code 770-449-7066
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.
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As of August 6, 2002, Registrant had outstanding 445,822.44 shares of Class A common stock and 44,346.80 shares of Class B common stock.
Page 1 of 33
Exhibit Index located on page 30
Part I - Financial Information
Item 1. Financial Statements
Euramax International, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Thousands of U.S. Dollars)
(Unaudited)
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Quarters ended |
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Six months ended |
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June 28, |
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June 29, |
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June 28, |
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June 29, |
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Net sales |
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$ |
171,668 |
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$ |
157,621 |
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$ |
304,628 |
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$ |
288,834 |
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Costs and expenses: |
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Cost of goods sold |
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132,859 |
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125,980 |
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239,117 |
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234,173 |
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Selling and general |
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16,400 |
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15,358 |
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30,949 |
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29,221 |
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Depreciation and amortization |
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3,025 |
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4,465 |
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6,449 |
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8,877 |
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Earnings from operations |
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19,384 |
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11,818 |
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28,113 |
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16,563 |
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Interest expense, net |
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(5,872 |
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(6,492 |
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(11,233 |
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(13,052 |
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Other income (expense), net |
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624 |
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(598 |
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542 |
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(2,818 |
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Earnings before income taxes |
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14,136 |
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4,728 |
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17,422 |
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693 |
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Provision for income taxes |
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5,576 |
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2,278 |
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6,782 |
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321 |
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Net earnings |
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$ |
8,560 |
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$ |
2,450 |
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$ |
10,640 |
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$ |
372 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
2
Euramax International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Thousands of U.S. Dollars)
(Unaudited)
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June 28, |
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December
28, |
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ASSETS |
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Current assets: |
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Cash and equivalents |
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$ |
9,362 |
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$ |
5,897 |
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Accounts receivable, net |
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106,495 |
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77,257 |
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Inventories |
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86,748 |
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64,114 |
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Other current assets |
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6,534 |
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5,320 |
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Total current assets |
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209,139 |
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152,588 |
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Property, plant and equipment, net |
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111,829 |
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110,845 |
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Goodwill, net |
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109,561 |
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107,258 |
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Deferred income taxes |
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4,457 |
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6,886 |
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Other assets |
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6,118 |
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6,674 |
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$ |
441,104 |
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$ |
384,251 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Cash overdrafts |
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$ |
2,647 |
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$ |
1,419 |
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Accounts payable |
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79,105 |
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53,439 |
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Accrued expenses and other current liabilities |
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36,774 |
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27,681 |
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Total current liabilities |
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118,526 |
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82,539 |
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Long-term debt, less current maturities |
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211,859 |
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207,724 |
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Deferred income taxes |
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17,883 |
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16,563 |
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Other liabilities |
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16,297 |
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15,931 |
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Total liabilities |
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364,565 |
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322,757 |
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Shareholders'equity: |
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Common stock |
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500 |
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500 |
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Additional paid-in capital |
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53,220 |
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53,220 |
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Treasury stock |
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(1,581 |
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(1,581 |
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Retained earnings |
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35,222 |
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24,582 |
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Accumulated other comprehensive loss |
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(10,822 |
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(15,227 |
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Total shareholders' equity |
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76,539 |
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61,494 |
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$ |
441,104 |
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$ |
384,251 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
3
Euramax International, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Thousands of U.S. Dollars)
(Unaudited)
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Six months ended |
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June 28, |
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June 29, |
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Net cash provided by operating activities |
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$ |
549 |
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$ |
5,893 |
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Cash flows from investing activities: |
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Proceeds from sales of assets |
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24 |
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1,259 |
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Capital expenditures |
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(2,566 |
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(3,003 |
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Net cash used in investing activities |
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(2,542 |
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(1,744 |
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Cash flows from financing activities: |
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Net borrowings on revolving credit facility |
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40,004 |
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8,713 |
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Repayment of long-term debt |
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(38,951 |
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(12,805 |
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Changes in cash overdrafts |
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1,229 |
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924 |
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