UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 31, 2002
OR
o 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 1-5725
QUANEX CORPORATION
(Exact name of registrant as specified in its charter)
|
DELAWARE |
|
38-1872178 |
|
(State or other jurisdiction of |
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(I.R.S. Employer |
|
incorporation or organization) |
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Identification No.) |
1900 West Loop South, Suite 1500, Houston, Texas 77027
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (713) 961-4600
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
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
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Class |
|
Outstanding at July 31, 2002 |
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Common Stock, par value $0.50 per share |
|
16,354,614 |
QUANEX CORPORATION
INDEX
QUANEX CORPORATION
(In thousands)
(Unaudited)
|
|
|
July 31, |
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October
31, |
|
||
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ASSETS |
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|
|
|
|
||
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|
|
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Current assets: |
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|
|
|
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||
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Cash and equivalents |
|
$ |
1,340 |
|
$ |
29,573 |
|
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Accounts and notes receivable, net |
|
110,684 |
|
109,706 |
|
||
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Other receivables |
|
26,041 |
|
— |
|
||
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Inventories |
|
93,229 |
|
83,109 |
|
||
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Deferred income taxes |
|
11,783 |
|
10,907 |
|
||
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Other current assets |
|
3,461 |
|
3,583 |
|
||
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Total current assets |
|
246,538 |
|
236,878 |
|
||
|
|
|
|
|
|
|
||
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Property, plant and equipment |
|
769,764 |
|
736,952 |
|
||
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Less accumulated depreciation and amortization |
|
(413,010 |
) |
(379,317 |
) |
||
|
Property, plant and equipment, net |
|
356,754 |
|
357,635 |
|
||
|
|
|
|
|
|
|
||
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Goodwill, net |
|
66,436 |
|
59,226 |
|
||
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Intangible assets |
|
2,899 |
|
— |
|
||
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Other assets |
|
27,970 |
|
43,892 |
|
||
|
|
|
|
|
|
|
||
|
|
|
$ |
700,597 |
|
$ |
697,631 |
|
|
|
|
|
|
|
|
||
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
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Current liabilities: |
|
|
|
|
|
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Accounts payable |
|
$ |
81,123 |
|
$ |
76,831 |
|
|
Accrued expenses |
|
51,931 |
|
50,659 |
|
||
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Income taxes payable |
|
3,544 |
|
1,087 |
|
||
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Other current liabilities |
|
4,945 |
|
5,593 |
|
||
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Current maturities of long-term debt |
|
81,434 |
|
420 |
|
||
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Total current liabilities |
|
222,977 |
|
134,590 |
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||
|
|
|
|
|
|
|
||
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Long-term debt |
|
10,203 |
|
219,608 |
|
||
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Deferred pension credits |
|
6,281 |
|
7,962 |
|
||
|
Deferred postretirement welfare benefits |
|
7,848 |
|
7,777 |
|
||
|
Deferred income taxes |
|
32,595 |
|
29,282 |
|
||
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Other liabilities |
|
15,820 |
|
18,435 |
|
||
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Total liabilities |
|
295,724 |
|
417,654 |
|
||
|
|
|
|
|
|
|
||
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Stockholders’ equity: |
|
|
|
|
|
||
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Preferred stock, no par value |
|
— |
|
— |
|
||
|
Common stock, $.50 par value |
|
8,198 |
|
7,043 |
|
||
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Additional paid-in capital |
|
182,742 |
|
108,314 |
|
||
|
Retained earnings |
|
219,646 |
|
186,274 |
|
||
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Unearned compensation |
|
(533 |
) |
(897 |
) |
||
|
Accumulated other comprehensive income |
|
(4,226 |
) |
(7,212 |
) |
||
|
|
|
405,827 |
|
293,522 |
|
||
|
Less: Common stock held by rabbi trust |
|
(954 |
) |
(873 |
) |
||
|
Less: Cost of shares of common stock in treasury |
|
— |
|
(12,672 |
) |
||
|
Total stockholders’ equity |
|
404,873 |
|
279,977 |
|
||
|
|
|
|
|
|
|
||
|
|
|
$ |
700,597 |
|
$ |
697,631 |
|
1
QUANEX CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
|
|
|
Three
Months Ended |
|
Nine
Months Ended |
|
||||||||
|
|
|
2002 |
|
2001 |
|
2002 |
|
2001 |
|
||||
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Net sales |
|
$ |
266,891 |
|
$ |
248,121 |
|
$ |
720,634 |
|
$ |
668,320 |
|
|
Cost and expenses: |
|
|
|
|
|
|
|
|
|
||||
|
Cost of sales |
|
216,469 |
|
205,581 |
|
591,882 |
|
560,625 |
|
||||
|
Selling, general and administrative expense |
|
14,099 |
|
13,492 |
|
39,960 |
|
38,188 |
|
||||
|
Depreciation and amortization |
|
11,292 |
|
10,695 |
|
33,884 |
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