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 September 30, 2004 |
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 of |
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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) |
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Registrant’s telephone number, including area code (515) 239-6000 |
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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
As of October 29, 2004, 47,445,768 shares of Sauer-Danfoss Inc. common stock, $.01 par value, were outstanding.
Table of Contents
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PART I |
FINANCIAL INFORMATION |
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Item 1. |
Financial Statements: |
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Consolidated Statements of Stockholders’ Equity and Comprehensive Income: |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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CERTIFICATIONS |
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2
Sauer-Danfoss Inc. and Subsidiaries
Consolidated Statements of Income
(in thousands, except per share data)
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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2004 |
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2003 |
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2004 |
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2003 |
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Net Sales |
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$ |
324,729 |
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$ |
255,370 |
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$ |
1,064,900 |
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$ |
864,257 |
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Costs and Expenses: |
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Cost of sales |
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246,918 |
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203,406 |
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793,225 |
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663,324 |
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Selling, general and administrative |
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45,477 |
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40,490 |
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142,706 |
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116,210 |
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Research and development |
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11,814 |
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10,702 |
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37,934 |
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32,035 |
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Total costs and expenses |
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304,209 |
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254,598 |
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973,865 |
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811,569 |
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Operating income |
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20,520 |
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772 |
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91,035 |
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52,688 |
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Nonoperating Income (Expenses): |
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Interest expense, net |
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(4,191 |
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(4,025 |
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(13,057 |
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(12,554 |
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Other, net |
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(551 |
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862 |
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(105 |
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(1,579 |
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Nonoperating expenses, net |
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(4,742 |
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(3,163 |
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(13,162 |
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(14,133 |
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Income (Loss) Before Income Taxes and Minority Interest and Equity Income, net |
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15,778 |
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(2,391 |
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77,873 |
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38,555 |
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Minority Interest and Equity Income, net |
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(4,103 |
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(2,448 |
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(17,416 |
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(11,898 |
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Income (Loss) Before Income Taxes |
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11,675 |
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(4,839 |
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60,457 |
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26,657 |
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Income Tax (Expense) Benefit |
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(3,931 |
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2,610 |
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(20,083 |
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(7,459 |
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Net income (loss) |
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$ |
7,744 |
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$ |
(2,229 |
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$ |
40,374 |
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$ |
19,198 |
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Basic net income (loss) per common share |
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$ |
0.16 |
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(0.05 |
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$ |
0.85 |
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$ |
0.40 |
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Diluted net income (loss) per common share |
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$ |
0.16 |
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$ |
(0.05 |
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$ |
0.85 |
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$ |
0.40 |
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