UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2004
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)
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Delaware |
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23-0458500 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer |
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2 Meridian Blvd., Wyomissing, Pennsylvania |
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19610 |
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(Address of principal executive offices) |
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(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.
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Yes ý No o |
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Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
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Yes ý No o |
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Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of April 30, 2004.
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Common stock, $5 par value |
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22,809,111 |
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Class |
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Number of shares outstanding |
CARPENTER TECHNOLOGY CORPORATION
FORM 10-Q
INDEX
2
Item 1. Financial Statements
CARPENTER TECHNOLOGY CORPORATION
(Unaudited)
(in millions, except share data)
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March 31 |
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June 30 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
85.3 |
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$ |
53.5 |
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Marketable securities |
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19.2 |
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— |
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Accounts receivable, net |
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146.9 |
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113.8 |
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Inventories |
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183.0 |
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180.9 |
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Other current assets |
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30.9 |
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21.1 |
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Total current assets |
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465.3 |
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369.3 |
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Property, plant and equipment, net |
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619.1 |
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651.7 |
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Prepaid pension cost |
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248.6 |
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253.7 |
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Goodwill |
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46.3 |
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46.3 |
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Trademarks and trade names, net |
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24.6 |
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25.4 |
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Other assets |
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44.4 |
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53.5 |
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Total assets |
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$ |
1,448.3 |
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$ |
1,399.9 |
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LIABILITIES |
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Current liabilities: |
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Short-term debt |
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$ |
2.6 |
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$ |
17.1 |
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Current portion of long-term debt |
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0.1 |
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0.1 |
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Accounts payable |
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98.9 |
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68.2 |
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Accrued liabilities |
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80.0 |
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60.2 |
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Deferred income taxes |
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8.4 |
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4.3 |
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Total current liabilities |
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190.0 |
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149.9 |
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Long-term debt, net of current portion |
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357.5 |
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378.9 |
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Accrued postretirement benefits |
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185.9 |
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182.4 |
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Deferred income taxes |
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161.9 |
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166.7 |
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Other liabilities |
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37.3 |
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47.4 |
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Total liabilities |
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932.6 |
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925.3 |
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STOCKHOLDERS’ EQUITY |
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Convertible preferred stock – authorized 2,000,000 shares |
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21.3 |
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10.2 |
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Common stock – authorized 100,000,000 shares; issued 23,906,230 shares and 23,451,719 shares at March 31, 2004 and June 30, 2003, respectively, par value $5 |
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119.5 |
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117.3 |
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Capital in excess of par value – common stock |
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208.6 |
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199.8 |
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Reinvested earnings |
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214.3 |
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203.7 |
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Common stock in treasury (1,097,892 shares and 1,114,849 shares at March 31, 2004 and June 30, 2003, respectively), at cost |
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(37.7 |
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(38.3 |
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Deferred compensation |
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(6.1 |
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(3.8 |
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Accumulated other comprehensive income (loss) |
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(4.2 |
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(14.3 |
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Total stockholders’ equity |
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515.7 |
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474.6 |
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Total liabilities and stockholders’ equity |
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$ |
1,448.3 |
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$ |
1,399.9 |
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See accompanying notes to consolidated financial statements.
3
CARPENTER TECHNOLOGY CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
for the three and nine months ended March 31, 2004 and 2003
(in millions, except per share data)
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Three Months |
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Nine Months |
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2004 |
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2003 |
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2004 |
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2003 |
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NET SALES |
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$ |
280.4 |
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$ |
234.6 |
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$ |
719.9 |
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$ |
658.7 |
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Cost of sales |
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231.7 |
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198.7 |
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597.3 |
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553.3 |
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Gross profit |
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48.7 |
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35.9 |
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122.6 |
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105.4 |
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Selling and administrative expenses |
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29.8 |
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28.1 |
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87.8 |
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90.3 |
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Special charge |
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— |
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— |
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2.3 |
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27.0 |
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Interest expense |
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5.6 |
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7.7 |
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