SIMPSON MANUFACTURING CO INC /CA/ - 10-Q Quarterly Report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly period ended: June 30, 2002

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: 0-23804

Simpson Manufacturing Co., Inc.
(Exact name of registrant as specified in its charter)

Delaware		94-3196943
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

4120 Dublin Boulevard, Suite 400, Dublin, CA 94568
(Address of principal executive offices)

(Registrant’s telephone number, including area code): (925) 560-9000

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

The number of shares of the Registrant’s Common Stock outstanding as of June 30, 2002: 12,246,488

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

Simpson Manufacturing Co., Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

	June 30,						December 31, 2001
	2002			2001
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	85,599,578		$	47,002,814		$	95,871,950
Trade accounts receivable, net	79,749,530			69,795,769			42,614,410
Inventories	92,922,483			88,655,208			82,476,299
Deferred income taxes	5,980,120			5,341,113			6,476,503
Other current assets	3,469,294			2,765,329			2,529,599
Total current assets	267,721,005			213,560,233			229,968,761

Property, plant and equipment, net	87,155,900			79,206,288			81,410,301
Investments	—			332,796			—
Other noncurrent assets	19,285,433			20,431,493			18,232,988
Total assets	$	374,162,338		$	313,530,810		$	329,612,050


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Notes payable and current portion of long-term debt	$	2,955,105		$	1,874,288		$	986,448
Trade accounts payable	19,832,660			16,091,706			15,738,659
Accrued liabilities	10,865,245			9,333,317			10,182,616
Income taxes payable	3,250,426			3,340,608			859,536
Accrued profit sharing trust contributions	2,726,797			2,407,122			4,706,934
Accrued cash profit sharing and commissions	8,592,862			6,394,844			1,987,993
Accrued workers’ compensation	1,685,764			1,475,764			1,245,764
Total current liabilities	49,908,859			40,917,649			35,707,950

Long-term debt, net of current portion	5,442,806			4,596,592			5,686,995
Deferred income taxes and long-term liabilities	—			177,355			100,000
Total liabilities	55,351,665			45,691,596			41,494,945

Minority interest in consolidated subsidiaries	—			45,352			—

Commitments and contingencies (Notes 5 and 6)

Stockholders’ equity
Common stock	50,093,680			45,476,404			46,868,909
Retained earnings	270,041,206			226,500,346			245,419,665
Accumulated other comprehensive income	(1,324,213		)	(4,182,888		)	(4,171,469		)
Total stockholders’ equity	318,810,673			267,793,862			288,117,105
Total liabilities and stockholders’ equity	$	374,162,338		$	313,530,810		$	329,612,050

The accompanying notes are an integral part of these condensed consolidated financial statements.

Simpson Manufacturing Co., Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2002		2001		2002		2001

Net sales	$	124,150,330	$	115,842,506	$	226,521,565	$	210,666,459
Cost of sales	72,509,812		70,381,194		135,687,491		128,068,759
Gross profit	51,640,518		45,461,312		90,834,074		82,597,700

Operating expenses:
Selling	11,133,905		10,172,994		21,663,264		20,952,043
General and administrative	15,711,585		14,374,917		28,205,969		26,268,897