UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
Quarterly report pursuant to section 13 or 15 (d)
of the Securities Exchange Act of 1934
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For the quarter ended March 31, 2003 |
Commission file number 0-13875 |
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LANCER CORPORATION |
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(Exact name of registrant as specified in its charter) |
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Texas |
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74-1591073 |
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(State or other
jurisdiction of |
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(IRS employer |
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6655 Lancer Blvd., San Antonio, Texas |
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78219 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (210) 310-7000
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 14(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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YES ý |
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NO o |
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12B-2 of the Act).
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YES o |
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NO ý |
Indicate the number of shares outstanding of each of the issuers of classes of common stock, as of the latest practicable date.
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Title |
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Shares outstanding as of April 30, 2003 |
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Common stock, par value $.01 per share |
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9,345,095 |
Part I - Financial Information
Item 1 - Financial Statements
LANCER CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
ASSETS
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March 31, |
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December
31, |
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(Unaudited) |
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Current assets: |
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Cash |
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$ |
1,387 |
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$ |
3,241 |
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Receivables: |
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|
|
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Trade accounts and notes |
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15,487 |
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17,265 |
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Other |
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1,282 |
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1,039 |
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||
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|
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16,769 |
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18,304 |
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||
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Less allowance for doubtful accounts |
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(954 |
) |
(979 |
) |
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|
|
|
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|
|
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Net receivables |
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15,815 |
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17,325 |
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|
|
|
|
|
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Inventories |
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29,392 |
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29,094 |
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Prepaid expenses |
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1,023 |
|
264 |
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Tax refund receivable |
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1,444 |
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— |
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Deferred tax asset |
|
209 |
|
285 |
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|
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Total current assets |
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49,270 |
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50,209 |
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|
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Property, plant and equipment, at cost: |
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|
|
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|
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Land |
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1,432 |
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1,432 |
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Buildings |
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21,837 |
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21,837 |
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Machinery and equipment |
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22,228 |
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22,073 |
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Tools and dies |
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12,142 |
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12,137 |
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Leaseholds, office equipment and vehicles |
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10,367 |
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10,165 |
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Assets in progress |
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2,443 |
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1,455 |
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||
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|
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70,449 |
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69,099 |
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Less accumulated depreciation and amortization |
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(35,499 |
) |
(34,224 |
) |
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Net property, plant and equipment |
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34,950 |
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34,875 |
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Long-term receivables ($41 and $106 due from officers, respectively) |
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59 |
|
127 |
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Long-term investments |
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2,138 |
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2,303 |
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Intangibles and other assets, at cost, less accumulated amortization |
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5,511 |
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5,241 |
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|
|
|
|
|
|
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|
|
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$ |
91,928 |
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$ |
92,755 |
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See accompanying notes to consolidated financial statements.
2
LANCER CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (continued)
(Amounts in thousands, except share data)
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
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March 31, |
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December
31, |
|
||
|
|
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(Unaudited) |
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|
|
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|
|
|
|
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Current liabilities: |
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Accounts payable |
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$ |
8,606 |
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$ |
10,141 |
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Current installments of long-term debt |
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2,729 |
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2,726 |
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Line of credit with bank |
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7,000 |
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5,000 |
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Deferred licensing and maintenance fees |
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1,463 |
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1,449 |
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Accrued expenses and other liabilities |
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6,944 |
|
7,977 |
|
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Taxes payable |
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— |
|
182 |
|
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Total current liabilities |
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26,742 |
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27,475 |
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|
|
|
|
|
|
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Deferred tax liability |
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2,289 |
|
2,342 |
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Long-term debt, excluding current installments |
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9,424 |
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9,808 |
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Deferred licensing and maintenance fees |
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2,642 |
|
2,686 |
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Other long-term liabilities |
|
257 |
|
293 |
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|
|
|
|
|
|
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Total liabilities |
|
41,354 |
|
42,604 |
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|
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Commitments and contingencies |
|
— |
|
— |
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Minority interest |
|
— |
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— |
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Shareholders’ equity: |
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Preferred stock, without par value 5,000,000 shares authorized; none issued |
|
— |
|
— |
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|
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Common stock, $.01 par value: |
|
93 |
|
93 |
|
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|
|
|
|
|
|
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Additional paid-in capital |
|
12,781 |
|
12,710 |
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|
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|
|
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Accumulated other comprehensive loss |
|
(1,716 |
) |
(2,389 |
) |
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|
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Deferred compensation |
|
(141 |
) |
(169 |
) |
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|
|
|
|
|
|
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Retained earnings |
|
39,917 |
|
40,234 |
|
||
|
|
|
|
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Less common stock in treasury, at cost; 62,610 shares in 2003 and 57,574 shares in 2002 |
|
(360 |
) |
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