UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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(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 September 30, 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 |
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Commission File Number 1-9753
GEORGIA GULF CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
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58-1563799 |
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115 Perimeter Center Place, |
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30346 |
Registrant’s telephone number, including area code: (770) 395-4500
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400
Perimeter Center Terrace |
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30346 |
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 x No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes x No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
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Class |
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Outstanding as of October 26, 2004 |
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Common Stock, $0.01 par value |
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33,492,541 |
GEORGIA GULF
CORPORATION FORM 10-Q
QUARTERLY PERIOD ENDED SEPTEMBER 30, 2004
INDEX
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Page |
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1 |
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1 |
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2 |
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3 |
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4 |
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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21 |
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Item 3. Quantitative and Qualitative Disclosures About Market Risk |
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28 |
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29 |
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30 |
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30 |
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30 |
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31 |
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PART I. FINANCIAL INFORMATION.
GEORGIA GULF CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
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In thousands |
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September 30, |
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December 31, |
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ASSETS |
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Cash and cash equivalents |
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$ |
2,227 |
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$ |
1,965 |
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Receivables, net of allowance for doubtful accounts of $4,450 in 2004 and 2003 |
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124,770 |
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86,914 |
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Inventories |
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170,060 |
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124,616 |
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Prepaid expenses |
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2,550 |
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7,043 |
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Deferred income taxes |
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8,368 |
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8,368 |
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Total current assets |
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307,975 |
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228,906 |
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Property, plant and equipment, net |
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433,750 |
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460,808 |
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Goodwill |
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77,720 |
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77,720 |
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Other assets |
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87,876 |
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89,351 |
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Total assets |
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$ |
907,321 |
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$ |
856,785 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current portion of long-term debt |
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$ |
359 |
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$ |
1,000 |
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Accounts payable |
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183,129 |
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135,680 |
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Interest payable |
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5,709 |
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1,812 |
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Accrued compensation |
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16,671 |
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15,058 |
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Other accrued liabilities |
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18,835 |
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9,614 |
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Total current liabilities |
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224,703 |
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163,164 |
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Long-term debt, net of current portion |
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317,023 |
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426,872 |
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Deferred income taxes |
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122,495 |
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122,617 |
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Other non-current liabilities |
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12,053 |
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7,693 |
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Commitments and contingencies (note 6) |
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Stockholders’ equity |
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231,047 |
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136,439 |
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Total liabilities and stockholders’ equity |
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$ |
907,321 |
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$ |
856,785 |
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Common shares outstanding |
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33,443 |
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32,736 |
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See accompanying notes to condensed consolidated financial statements.
1
GEORGIA GULF CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS
OF INCOME
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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In thousands, except per share data |
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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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$ |
596,373 |
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$ |
348,832 |
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$ |
1,615,332 |
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$ |
1,071,960 |
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Operating costs and expenses: |
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Cost of sales |
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520,302 |
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317,808 |
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1,420,773 |
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984,860 |
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Selling, general and administrative expenses |
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17,182 |
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9,279 |
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45,943 |
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35,232 |
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Total operating costs and expenses |
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537,484 |
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327,087 |
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1,466,716 |
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1,020,092 |
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Operating income |
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58,889 |
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21,745 |
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148,616 |
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51,868 |
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Interest expense, net | |||||||||||||||