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 September 30, 2003 |
|
|
|
|
|
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 1-5828
CARPENTER TECHNOLOGY CORPORATION
(Exact name of Registrant as specified in its Charter)
|
|
|
23-0458500 |
|
Delaware |
|
(I.R.S. Employer |
|
(State or other jurisdiction of incorporation or organization) |
||
|
|
|
|
|
2 Meridian Blvd., Wyomissing, Pennsylvania |
|
19610 |
|
(Address of principal executive offices) |
|
(Zip Code) |
|
|
|
|
|
610-208-2000 |
||
|
(Registrant’s telephone number, including area code) |
||
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
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of October 31, 2003.
|
Common stock, $5 par value |
|
22,344,942 |
|
Class |
|
Number of shares outstanding |
CARPENTER
TECHNOLOGY CORPORATION
FORM 10-Q
INDEX
2
CARPENTER
TECHNOLOGY CORPORATION
CONSOLIDATED BALANCE SHEET
(Unaudited)
September 30, 2003 and June 30, 2003
(in millions)
|
|
|
September
30 |
|
June 30 |
|
||
|
ASSETS |
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
72.4 |
|
$ |
53.5 |
|
|
Accounts receivable, net |
|
115.4 |
|
113.8 |
|
||
|
Inventories |
|
187.4 |
|
180.9 |
|
||
|
Other current assets |
|
25.3 |
|
21.1 |
|
||
|
Total current assets |
|
400.5 |
|
369.3 |
|
||
|
Property, plant and equipment, net |
|
640.1 |
|
651.7 |
|
||
|
Prepaid pension cost |
|
252.0 |
|
253.7 |
|
||
|
Goodwill |
|
46.3 |
|
46.3 |
|
||
|
Trademarks and trade names, net |
|
25.1 |
|
25.4 |
|
||
|
Other assets |
|
47.2 |
|
53.5 |
|
||
|
Total assets |
|
$ |
1,411.2 |
|
$ |
1,399.9 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES |
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
||
|
Short-term debt |
|
$ |
17.0 |
|
$ |
17.1 |
|
|
Current portion of long-term debt |
|
0.1 |
|
0.1 |
|
||
|
Accounts payable |
|
75.4 |
|
68.2 |
|
||
|
Accrued liabilities |
|
66.7 |
|
60.2 |
|
||
|
Deferred income taxes |
|
5.0 |
|
4.3 |
|
||
|
Total current liabilities |
|
164.2 |
|
149.9 |
|
||
|
Long-term debt, net of current portion |
|
378.6 |
|
378.9 |
|
||
|
Accrued postretirement benefits |
|
183.6 |
|
182.4 |
|
||
|
Deferred income taxes |
|
166.3 |
|
166.7 |
|
||
|
Other liabilities |
|
44.3 |
|
47.4 |
|
||
|
Total liabilities |
|
937.0 |
|
925.3 |
|
||
|
|
|
|
|
|
|
||
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
|
Convertible preferred stock |
|
14.1 |
|
10.2 |
|
||
|
Common stock |
|
117.3 |
|
117.3 |
|
||
|
Capital in excess of par value |
|
199.8 |
|
199.8 |
|
||
|
Reinvested earnings |
|
201.8 |
|
203.7 |
|
||
|
Common stock in treasury, at cost |
|
(38.2 |
) |
(38.3 |
) |
||
|
Deferred compensation |
|
(5.1 |
) |
(3.8 |
) |
||
|
Accumulated other comprehensive loss |
|
(15.5 |
) |
(14.3 |
) |
||
|
Total stockholders’ equity |
|
474.2 |
|
474.6 |
|
||
|
Total liabilities and stockholders’ equity |
|
$ |
1,411.2 |
|
$ |
1,399.9 |
|
See accompanying notes to consolidated financial statements.
3
CARPENTER
TECHNOLOGY CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
for the three months ended September 30, 2003 and 2002
(in millions, except per share data)
|
|
|
Three Months |
|
||||
|
|
|
2003 |
|
2002 |
|
||
|
|
|
|
|
|
|
||
|
NET SALES |
|
$ |
213.3 |
|
$ |
213.8 |
|
|
|
|
|
|
|
|
||
|
Cost of sales |
|
179.3 |
|
180.2 |
|
||
|
Gross profit |
|
34.0 |
|
33.6 |
|
||
|
|
|
|
|
|
|
||
|
Selling and administrative expenses |
|
28.7 |
|
31.7 |
|
||
|
Special charge |
|
— |
|
14.2 |
|
||
|
Interest expense |
|
6.3 |
|
8.0 |
|
||
|
Other income, net |
|
(1.6 |
) |
(0.3 |
) |
||
|
|
|
|
|
|
|
||
|
Income (loss) before income taxes |
|
0.6 |
|
(20.0 |
) |
||
|
Income taxes (benefit) |
|
0.1 |
|
(9.1 |
) |
||
|
NET INCOME (LOSS) |
|
$ |
0.5 |
|
$ |
(10.9 |
) |
|
|
|
|
|
|
|
||
|
EARNINGS (LOSS) PER COMMON SHARE: |
|
|
|
|
|
||
|
Basic |
|
$ |
0.00 |
||||