UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: September 30, 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: 0-27140
NORTHWEST PIPE COMPANY
(Exact name of registrant as specified in its charter)
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OREGON |
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93-0557988 |
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(State or other jurisdiction |
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(I.R.S. Employer |
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200 S.
W. Market Street, Suite 1800 |
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(Address of principal executive offices and zip code) |
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503-946-1200 |
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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 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
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Common Stock, par value $.01 per share |
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6,550,878 |
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(Class) |
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(Shares outstanding at November 11, 2002) |
NORTHWEST PIPE COMPANY
FORM 10-Q
INDEX
NORTHWEST PIPE COMPANY
(In thousands except share and per share amounts)
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September
30, |
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December
31, |
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(Unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
48 |
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$ |
71 |
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Trade receivables, less allowance for doubtful accounts of $1,030 and $573 |
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55,886 |
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53,135 |
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Costs and estimated earnings in excess of billings on |
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uncompleted contracts |
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51,376 |
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56,235 |
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Inventories |
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65,572 |
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54,499 |
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Deferred income taxes |
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2,375 |
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1,980 |
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Prepaid expenses and other |
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1,662 |
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2,841 |
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Total current assets |
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176,919 |
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168,761 |
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Property and equipment less accumulated depreciation and amortization of $28,938 and $25,514 |
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74,328 |
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71,223 |
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Goodwill less accumulated amortization of $2,266 |
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21,451 |
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21,451 |
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Restricted assets |
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2,300 |
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2,300 |
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Other assets |
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5,294 |
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2,847 |
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Total assets |
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$ |
280,292 |
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$ |
266,582 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Note payable to financial institution, short term |
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$ |
— |
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$ |
2,041 |
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Current portion of long-term debt |
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250 |
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10,964 |
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Current portion of capital lease obligations |
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816 |
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868 |
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Accounts payable |
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27,992 |
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28,121 |
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Accrued liabilities |
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12,243 |
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8,494 |
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Total current liabilities |
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41,301 |
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50,488 |
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Long-term debt, less current portion |
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74,521 |
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57,000 |
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Capital lease obligations, less current portion |
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1,795 |
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2,009 |
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Deferred income taxes |
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13,344 |
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13,204 |
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Deferred gain on sale of fixed assets |
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22,260 |
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24,103 |
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Pension and other benefits |
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1,731 |
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1,533 |
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Total liabilities |
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154,952 |
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148,337 |
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Stockholders’ equity: |
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Preferred stock,
$.01 par value, 10,000,000 shares authorized, |
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— |
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— |
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Common stock,
$.01 par value, 15,000,000 shares authorized, |
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65 |
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65 |
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Additional paid-in-capital |
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39,537 |
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39,373 |
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Retained earnings |
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86,876 |
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79,945 |
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Accumulated other comprehensive loss: |
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Minimum pension liability |
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(1,138 |
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(1,138 |
) |
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Total stockholders’ equity |
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125,340 |
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118,245 |
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Total liabilities and stockholders’ equity |
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$ |
280,292 |
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$ |
266,582 |
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The accompanying notes are an integral part of these consolidated financial statements.
1
NORTHWEST PIPE COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2002 |
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2001 |
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2002 |
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2001 |
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Net sales |
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$ |
69,665 |
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$ |
70,865 |
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$ |
198,313 |
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$ |
209,546 |
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Cost of sales |
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57,480 |
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57,001 |
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165,421 |
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169,618 |
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Gross profit |
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12,185 |
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13,864 |
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32,892 |
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39,928 |
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