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 March 31, 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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Commission file number 001-13279
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UNOVA, INC. |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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95-4647021 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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6001 36th Avenue West |
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98203-1264 |
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(Address of
principal executive |
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(Zip Code) |
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Registrant’s telephone number, including area code: (425) 265-2400 |
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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
On April 30, 2004 there were 60,532,559 shares of Common Stock outstanding, exclusive of treasury shares.
UNOVA, INC.
INDEX
REPORT ON FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 2004
UNOVA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share amounts)
(unaudited)
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Three
Months Ended |
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2004 |
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2003 |
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Sales and Service Revenues: |
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Sales revenues |
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$ |
269,177 |
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$ |
236,524 |
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Service revenues |
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28,493 |
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27,484 |
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Total Sales and Service Revenues |
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297,670 |
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264,008 |
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Costs and Expenses: |
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Cost of sales |
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176,019 |
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168,743 |
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Cost of service |
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18,937 |
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18,421 |
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Selling, general and administrative |
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78,651 |
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76,280 |
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Depreciation and amortization |
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4,784 |
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6,784 |
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Special charges |
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383 |
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998 |
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Total Costs and Expenses |
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278,774 |
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271,226 |
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Operating Profit (Loss) from Continuing Operations |
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18,896 |
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(7,218 |
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Interest, net |
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(3,068 |
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(3,862 |
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Earnings (Loss) from Continuing Operations before Income Taxes |
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15,828 |
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(11,080 |
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Provision for Income Taxes |
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(5,316 |
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(1,600 |
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Earnings (Loss) from Continuing Operations |
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10,512 |
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(12,680 |
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Loss from Discontinued Operations, Net of Tax |
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(30 |
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(2,203 |
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Net Earnings (Loss) |
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$ |
10,482 |
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(14,883 |
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Basic Earnings (Loss) per Share |
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$ |
0.17 |
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$ |
(0.21 |
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Discontinued Operations |
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(0.00 |
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(0.04 |
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Net Earnings (Loss) per share |
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$ |
0.17 |
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$ |
(0.25 |
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Diluted
Earnings (Loss) per Share |
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$ |
0.17 |
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$ |
(0.21 |
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Discontinued Operations |
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(0.00 |
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(0.04 |
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Net Earnings (Loss) per share |
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$ |
0.17 |
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$ |
(0.25 |
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Shares Used in Computing Basic Earnings (Loss) per Share |
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60,188 |
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58,413 |
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Shares Used in Computing Diluted Earnings (Loss) per Share |
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62,126 |
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58,413 |
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See accompanying notes to consolidated financial statements.
1
UNOVA, INC.
(amounts in thousands)
(unaudited)
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March 31, |
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December 31, |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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$ |
227,530 |
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$ |
238,447 |
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Accounts
receivable, net of allowance for doubtful accounts |
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280,600 |
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275,594 |
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Inventories, net of progress billings |
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150,330 |
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132,324 |
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Deferred tax assets |
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65,445 |
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71,229 |
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Assets held for sale |
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22,946 |
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23,840 |
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Other current assets |
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21,521 |
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19,513 |
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Total Current Assets |
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768,372 |
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760,947 |
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Property,
Plant and Equipment, Net of Accumulated Depreciation |
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76,009 |
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77,292 |
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Goodwill and Other Intangibles, Net |
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75,271 |
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75,639 |
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Deferred Tax Assets |
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113,486 |
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111,820 |
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Other Assets |
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61,966 |
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65,119 |
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Total Assets |
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$ |
1,095,104 |
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$ |
1,090,817 |
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LIABILITIES AND SHAREHOLDERS’ INVESTMENT |
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Current Liabilities: |
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Accounts payable and accrued expenses |
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$ |
266,552 |
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$ |
265,626 |
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Payroll and related expenses |
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43,624 |
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54,893 |
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