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 |
For the quarterly period ended June 30, 2002
OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from
Commission File Number 333-64687
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GREAT LAKES DREDGE & DOCK CORPORATION |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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13-3634726 |
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(State or other
jurisdiction |
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(IRS Employer Identification No.) |
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2122 York Road, Oak Brook, Illinois |
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60523 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (630) 574-3000
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 ý No o
As of August 8, 2002, there were outstanding 1,556,982 shares of Class A Common Stock, 3,363,900 shares of Class B Common Stock and 44,857 shares of Preferred Stock.
Great Lakes Dredge & Dock Corporation and Subsidiaries
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the Quarterly Period ended June 30, 2002
INDEX
1
Part I - Financial Information
Great Lakes Dredge & Dock Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share amounts)
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June 30, |
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December 31, |
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Assets |
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Current assets: |
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Cash and equivalents |
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$ |
2,161 |
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$ |
2,590 |
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Accounts receivable, net |
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44,771 |
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30,407 |
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Contract revenues in excess of billings |
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14,963 |
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23,215 |
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Inventories |
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13,898 |
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14,291 |
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Prepaid expenses and other current assets |
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20,111 |
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18,486 |
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Total current assets |
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95,904 |
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88,989 |
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Property and equipment, net |
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145,007 |
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141,313 |
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Goodwill, net of amortization of $1,455 |
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29,405 |
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29,405 |
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Inventories |
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9,434 |
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9,229 |
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Investments in joint ventures |
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6,413 |
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6,331 |
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Other assets |
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6,197 |
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6,956 |
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Total assets |
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$ |
292,360 |
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$ |
282,223 |
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Liabilities and Stockholders' Deficit |
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Current liabilities: |
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Accounts payable |
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$ |
36,169 |
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$ |
30,913 |
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Accrued expenses |
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20,130 |
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28,497 |
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Billings in excess of contract revenues |
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2,897 |
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4,873 |
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Current maturities of long-term debt |
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12,000 |
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11,000 |
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Total current liabilities |
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71,196 |
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75,283 |
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Long-term debt |
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180,749 |
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173,728 |
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Deferred income taxes |
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45,939 |
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45,593 |
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Other |
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7,946 |
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7,917 |
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Total liabilities |
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305,830 |
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302,521 |
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Minority interests |
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4,375 |
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5,696 |
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Commitments and contingencies (Note 11) |
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— |
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— |
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Stockholders' deficit: |
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Preferred stock, $.01 par value; 250,000 shares authorized: |
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45,000 issued; 44,857 outstanding in 2002 and 2001 |
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1 |
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1 |
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Common stock, $.01 par value; 50,000,000 shares authorized: |
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5,000,000 issued; 4,920,882 outstanding in 2002 and 2001 |
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50 |
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50 |
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Additional paid-in capital |
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50,457 |
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50,457 |
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Accumulated deficit |
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(68,307 |
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(75,787 |
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Accumulated other comprehensive income (loss) |
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244 |
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(407 |
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Treasury stock, at cost; 143 preferred shares and 79,118 common shares in 2002 and 2001 |
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(222 |
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(222 |
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Note receivable from stockholder |
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(68 |
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(86 |
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Total stockholders' deficit |
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(17,845 |
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(25,994 |
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Total liabilities and stockholders' deficit |
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$ |
292,360 |
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$ |
282,223 |
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See notes to unaudited condensed consolidated financial statements.
2
Great Lakes Dredge & Dock Corporation and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
(in thousands)
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Three Months Ended |
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Six Months Ended |
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2002 |
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2001 |
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2002 |
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2001 |
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Contract revenues |
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$ |
84,415 |
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$ |
78,301 |
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$ |
163,388 |
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$ |
150,861 |
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Costs of contract revenues |
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69,619 |
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63,925 |
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134,376 |
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122,408 |
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Gross profit |
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14,796 |
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14,376 |
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29,012 |
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28,453 |
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General and administrative expenses |
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6,606 |
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6,564 |
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13,326 |
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12,025 |
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Operating income |
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8,190 |
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7,812 |
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15,686 |
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16,428 |
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Interest expense, net |
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(5,299 |
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(5,286 |
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(10,594 |
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