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) |
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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) |
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OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from _______ to _______
Commission file number 0-13875
LANCER CORPORATION
(Exact name of registrant as specified in its charter)
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Texas |
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74-1591073 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
6655 LANCER BLVD.
SAN ANTONIO, TEXAS
(Address of principal executive offices)
(210) 310-7000
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 Exchange Act Rule 12b-2). Yes o No ý
The number of shares of registrant’s common stock outstanding as of October 22, 2004 was 9,426,028.
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements.
LANCER CORPORATION
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
ASSETS
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September 30, |
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December 31, |
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2004 |
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2003 |
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(Unaudited) |
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Current assets: |
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Cash |
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$ |
10,478 |
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$ |
1,129 |
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Receivables: |
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Trade accounts and notes |
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17,656 |
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14,226 |
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Other |
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832 |
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1,268 |
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18,488 |
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15,494 |
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Less allowance for doubtful accounts |
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(518 |
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(745 |
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Net receivables |
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17,970 |
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14,749 |
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Inventories, net |
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25,365 |
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24,502 |
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Prepaid expenses |
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826 |
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474 |
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Tax refund receivable |
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— |
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225 |
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Deferred tax asset |
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547 |
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568 |
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Total current assets |
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55,186 |
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41,647 |
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Property, plant and equipment, at cost: |
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Land |
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1,432 |
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1,432 |
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Buildings |
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22,261 |
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22,211 |
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Machinery and equipment |
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23,493 |
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22,769 |
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Tools and dies |
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10,933 |
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12,709 |
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Leaseholds, office equipment and vehicles |
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10,605 |
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10,796 |
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Assets in progress |
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1,518 |
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2,597 |
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70,242 |
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72,514 |
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Less accumulated depreciation and amortization |
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(39,862 |
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(38,395 |
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Net property, plant and equipment |
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30,380 |
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34,119 |
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Long-term investments |
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2,505 |
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1,786 |
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Intangibles and other assets, at cost, less accumulated amortization |
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4,730 |
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4,726 |
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$ |
92,801 |
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$ |
82,278 |
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See accompanying notes to consolidated financial statements.
2
LIABILITIES AND SHAREHOLDERS’ EQUITY
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September 30, |
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December 31, |
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2004 |
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2003 |
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(Unaudited) |
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Current liabilities: |
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Accounts payable |
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$ |
7,677 |
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$ |
6,609 |
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Current installments of long-term debt |
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2,743 |
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2,735 |
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Line of credit with bank |
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— |
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1,000 |
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Deferred licensing and maintenance fees |
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369 |
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1,021 |
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Accrued expenses and other liabilities |
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8,995 |
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6,964 |
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Taxes payable |
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2,695 |
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— |
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Total current liabilities |
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22,479 |
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18,329 |
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Deferred tax liability |
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1,992 |
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1,175 |
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Long-term debt, excluding current installments |
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7,107 |
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8,268 |
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Deferred licensing and maintenance fees |
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1,108 |
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2,396 |
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Other long-term liabilities |
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36 |
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147 |
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Total liabilities |
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32,722 |
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30,315 |
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Commitments and contingencies |
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Shareholders’ equity: |
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Preferred stock,
without par value |
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— |
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— |
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Common stock,
$.01 par value: |
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94 |
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94 |
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Additional paid-in capital |
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13,054 |
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12,848 |
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Accumulated other comprehensive income (loss) |
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(329 |
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6 |
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