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 fiscal quarter ended June 30, 2004. |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number: 1-7537
EARLE M. JORGENSEN COMPANY
(Exact name of registrant as specified in its charter)
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Delaware |
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95-0886610 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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10650 Alameda, Lynwood, California |
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90262 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number: (323) 567-1122
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 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 o No ý
State the aggregate market value of the voting stock held by non-affiliates of the registrant. None
Outstanding common stock, par value $.01 per share, at July 31, 2004 - 128 shares
EARLE M. JORGENSEN COMPANY
TABLE OF CONTENTS
1
PART I - FINANCIAL INFORMATION
EARLE M. JORGENSEN COMPANY
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands, except per share data)
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June 30, 2004 |
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March 31, 2004 |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash |
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$ |
10,751 |
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$ |
15,528 |
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Accounts receivable, less allowance for doubtful accounts of $1,029 and $601 at June 30, 2004 and March 31, 2004, respectively |
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165,811 |
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133,092 |
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Inventories |
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266,430 |
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225,248 |
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Other current assets |
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7,602 |
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7,655 |
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Total current assets |
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450,594 |
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381,523 |
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Property, plant and equipment, net of accumulated depreciation of $79,695 and $76,868 at June 30, 2004 and March 31, 2004, respectively |
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116,513 |
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112,190 |
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Net cash surrender value of life insurance policies |
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40,285 |
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34,689 |
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Debt issue costs, net of accumulated amortization |
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6,579 |
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6,909 |
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Other assets |
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1,673 |
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1,169 |
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Total assets |
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$ |
615,644 |
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$ |
536,480 |
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LIABILITIES AND STOCKHOLDER’S EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
174,488 |
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$ |
162,648 |
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Accrued employee compensation and related taxes |
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14,822 |
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19,207 |
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Accrued employee benefits |
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13,435 |
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12,744 |
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Accrued interest |
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16,626 |
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17,352 |
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Other accrued liabilities |
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13,267 |
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8,616 |
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Deferred income taxes |
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17,517 |
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17,517 |
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Current portion of long-term debt |
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3,676 |
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3,976 |
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Total current liabilities |
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253,831 |
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242,060 |
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Long-term debt |
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351,215 |
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305,762 |
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Deferred income taxes |
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17,869 |
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17,869 |
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Other long-term liabilities |
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8,266 |
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8,148 |
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Stockholder’s equity (deficit): |
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Preferred stock, $.01 par value; 200 shares authorized and unissued |
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— |
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— |
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Common stock, $.01 par value; 2,800 shares authorized; 128 shares issued and outstanding |
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— |
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— |
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Capital in excess of par value |
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29,503 |
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29,503 |
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Accumulated other comprehensive loss |
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Foreign currency translation adjustment |
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(208 |
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(73 |
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Additional minimum pension liability |
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(2,625 |
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(2,625 |
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Accumulated deficit |
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(42,207 |
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(64,164 |
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Total stockholder’s equity (deficit) |
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(15,537 |
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(37,359 |
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Total liabilities and stockholder’s equity (deficit) |
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$ |
615,644 |
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$ |
536,480 |
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See accompanying notes to consolidated financial statements.
2
EARLE M. JORGENSEN COMPANY
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Dollars in thousands)
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Three Months Ended |
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June 30, 2004 |
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June 30, 2003 |
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(Unaudited) |
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Revenues |
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$ |
361,636 |
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$ |
238,299 |
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Cost of sales |
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256,075 |
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171,437 |
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Gross profit |
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105,561 |
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66,862 |
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Expenses: |
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Warehouse and delivery |
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38,073 |
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32,524 |
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Selling |
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13,390 |
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8,418 |
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General and administrative |
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14,432 |
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