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 |
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For the Quarterly period ended: September 30, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission file number: 0-23804 |
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Simpson Manufacturing Co., Inc. |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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94-3196943 |
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(State or other
jurisdiction of incorporation |
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(I.R.S. Employer |
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4120 Dublin Boulevard, Suite 400, Dublin, CA 94568 |
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(Address of principal executive offices) |
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(Registrant’s telephone number, including area code): (925) 560-9000 |
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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
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes ý No o
The number of shares of the Registrant’s Common Stock outstanding as of September 30, 2003: 24,702,587
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements.
Simpson Manufacturing Co., Inc. and
Subsidiaries
Condensed Consolidated Balance Sheets
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September 30, |
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December 31, |
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(Unaudited) |
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2003 |
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2002 |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
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$ |
116,665,851 |
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$ |
115,069,989 |
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$ |
103,318,056 |
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Short-term investments |
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24,449,420 |
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— |
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17,683,611 |
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Trade accounts receivable, net |
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87,150,342 |
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71,797,232 |
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55,313,885 |
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Inventories |
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95,059,967 |
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88,959,586 |
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93,079,620 |
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Deferred income taxes |
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8,061,609 |
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6,625,743 |
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7,276,642 |
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Other current assets |
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3,355,797 |
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2,616,335 |
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3,342,423 |
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Total current assets |
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334,742,986 |
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285,068,885 |
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280,014,237 |
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Property, plant and equipment, net |
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104,808,790 |
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89,914,143 |
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97,396,608 |
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Other noncurrent assets |
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28,583,484 |
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19,342,440 |
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18,990,220 |
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Total assets |
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$ |
468,135,260 |
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$ |
394,325,468 |
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$ |
396,401,065 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities |
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Notes payable and current portion of long-term debt |
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$ |
1,922,860 |
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$ |
1,469,176 |
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$ |
1,257,782 |
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Trade accounts payable |
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20,974,311 |
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19,973,306 |
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14,217,487 |
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Accrued liabilities |
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15,928,743 |
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12,767,352 |
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13,267,373 |
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Income taxes payable |
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1,098,324 |
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3,191,231 |
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— |
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Accrued profit sharing trust contributions |
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4,406,011 |
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4,033,943 |
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5,138,579 |
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Accrued cash profit sharing and commissions |
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11,205,893 |
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10,156,014 |
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6,170,500 |
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Accrued workers’ compensation |
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2,123,764 |
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1,685,764 |
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1,685,764 |
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Total current liabilities |
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57,659,906 |
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53,276,786 |
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41,737,485 |
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Long-term debt, net of current portion |
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5,320,972 |
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5,360,514 |
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5,479,834 |
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Total liabilities |
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62,980,878 |
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58,637,300 |
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47,217,319 |
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Commitments and contingencies (Notes 6 and 7) |
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Stockholders’ equity |
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Common stock |
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56,069,754 |
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50,543,672 |
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51,521,634 |
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Retained earnings |
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344,617,811 |
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286,756,348 |
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297,353,812 |
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Accumulated other comprehensive income |
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4,466,817 |
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(1,611,852 |
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308,300 |
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Total stockholders’ equity |
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405,154,382 |
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335,688,168 |
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349,183,746 |
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Total liabilities and stockholders’ equity |
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$ |
468,135,260 |
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$ |
394,325,468 |
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$ |
396,401,065 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
2
Simpson Manufacturing Co., Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
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Three
Months Ended |
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Nine
Months Ended |
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2003 |
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2002 |
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2003 |
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2002 |
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Net sales |
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$ |
151,892,152 |
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$ |
130,292,752 |
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$ |
414,809,124 |
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$ |
356,814,317 |
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Cost of sales |
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91,569,063 |
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74,596,873 |
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247,984,184 |
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210,284,364 |
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Gross profit |
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60,323,089 |
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55,695,879 |
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166,824,940 |
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146,529,953 |
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Operating expenses: |
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Selling |
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12,375,801 |
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10,510,011 |
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36,286,443 |
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32,173,275 |
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General and administrative |
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18,719,477 |
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17,718,054 |
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53,919,254 |
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45,924,023 |
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31,095,278 |
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28,228,065 |
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90,205,697 |
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78,097,298 |
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Income from operations |
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29,227,811 |
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27,467,814 |
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76,619,243 |
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68,432,655 |
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Interest income, net |
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440,887 |
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218,579 |
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