UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
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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 March 28, 2004 |
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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 |
Commission File Number 333-48299
SAUER-DANFOSS INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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36-3482074 |
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(State or other jurisdiction
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(IRS Employer |
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250 Parkway Drive, Suite 270, Lincolnshire, Illinois |
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60069 |
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(Address of principal executive office) |
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(Zip Code) |
Registrant’s telephone number, including area code (515) 239-6000
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
As of April 30, 2004, 47,432,268 shares of Sauer-Danfoss Inc. common stock, $.01 par value, were outstanding.
Table of Contents
2
Sauer-Danfoss Inc. and Subsidiaries
Consolidated Statements of Income
(in thousands, except per share data)
(Unaudited)
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Three Months Ended |
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March 28, |
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March 30, |
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Net Sales |
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$ |
361,054 |
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$ |
300,425 |
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Costs and Expenses: |
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Cost of sales |
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273,377 |
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228,751 |
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Selling, general and administrative |
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47,223 |
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37,464 |
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Research and development |
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13,213 |
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10,380 |
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Total costs and expenses |
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333,813 |
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276,595 |
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Operating income |
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27,241 |
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23,830 |
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Nonoperating Income (Expenses): |
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Interest expense, net |
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(4,534 |
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(4,117 |
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Other, net |
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498 |
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(392 |
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Nonoperating expenses, net |
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(4,036 |
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(4,509 |
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Income Before Income Taxes and Minority Interest |
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23,205 |
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19,321 |
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Minority Interest and Equity Income, net |
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(5,823 |
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(4,487 |
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Income Before Income Taxes |
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17,382 |
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14,834 |
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Provision for Income Taxes |
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(6,359 |
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(4,669 |
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Net income |
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$ |
11,023 |
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$ |
10,165 |
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Basic and diluted net income per common share |
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$ |
0.23 |
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$ |
0.21 |
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Dividends declared per common share |
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$ |
0.07 |
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$ |
0.07 |
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See accompanying notes to consolidated financial statements.
3
Sauer-Danfoss Inc. and Subsidiaries
(in thousands, except per share data)
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Assets |
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(Unaudited) |
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December 31, |
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Current Assets: |
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Cash and cash equivalents |
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$ |
19,249 |
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$ |
15,086 |
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Accounts receivable, less allowances |
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240,930 |
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186,293 |
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Inventories |
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188,183 |
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198,870 |
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Other current assets |
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35,186 |
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32,965 |
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Total current assets |
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483,548 |
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433,214 |
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Property, Plant and Equipment, net |
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432,777 |
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452,913 |
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Other Assets: |
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Goodwill, net |
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119,132 |
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119,654 |
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Other intangible assets, net |
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30,898 |
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35,265 |
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Deferred income taxes |
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41,040 |
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39,258 |
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Other |
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20,142 |
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21,450 |
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Total other assets |
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211,212 |
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215,627 |
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$ |
1,127,537 |
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$ |
1,101,754 |
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Liabilities and Stockholders’ Equity |
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Current Liabilities: |
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Notes payable and bank overdrafts |
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$ |
56,750 |
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$ |
65,453 |
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Long-term debt due within one year |
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172,332 |
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159,590 |
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Accounts payable |
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100,858 |
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93,793 |
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Accrued salaries and wages |
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31,649 |
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28,558 |
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Accrued warranty |
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16,268 |
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17,196 |
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Other accrued liabilities |
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46,674 |
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36,208 |
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Total current liabilities |
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424,531 |
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400,798 |
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Long-Term Debt |
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132,743 |
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130,408 |
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