UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 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:
333-64687
(Exact name of registrant as specified in its charter)
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Delaware |
13-3634726 |
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(State or other
jurisdiction of |
(I.R.S. Employer |
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2122 York Road, Oak Brook, IL |
60523 |
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(Address of principal executive offices) |
(Zip Code) |
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(630) 574-3000 |
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(Registrant’s telephone number, including area code) |
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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.
ý Yes o No
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).
o Yes ý No
All of the Company’s common stock is held by a holding company.
As of November 12, 2004, there were outstanding 1,000 shares of Common Stock and zero shares of Preferred Stock.
Great Lakes Dredge & Dock Corporation and Subsidiaries
Quarterly Report Pursuant to Section 13 or 15(d) of the
Great Lakes Dredge & Dock Corporation and Subsidiaries
(Unaudited)
(in thousands, except share and per share amounts)
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Successor Basis |
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September 30, |
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December 31, |
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Assets |
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Current assets: |
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Cash and equivalents |
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$ |
7,198 |
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$ |
2,775 |
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Accounts receivable, net |
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46,458 |
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64,869 |
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Contract revenues in excess of billings |
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12,500 |
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11,236 |
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Inventories |
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15,185 |
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13,603 |
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Prepaid expenses and other current assets |
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22,362 |
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21,178 |
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Total current assets |
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103,703 |
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113,661 |
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Property and equipment, net |
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264,978 |
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264,132 |
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Goodwill |
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103,514 |
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103,917 |
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Other intangible assets, net |
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3,799 |
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7,441 |
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Inventories |
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11,278 |
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10,968 |
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Investments in joint ventures |
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7,559 |
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7,551 |
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Other assets |
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11,742 |
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15,274 |
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Total assets |
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$ |
506,573 |
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$ |
522,944 |
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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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$ |
36,470 |
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$ |
36,991 |
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Accrued expenses |
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16,376 |
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15,456 |
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Billings in excess of contract revenues |
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7,571 |
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8,808 |
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Current maturities of long-term debt |
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1,950 |
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1,950 |
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Total current liabilities |
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62,367 |
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63,205 |
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Long-term debt |
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252,788 |
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256,750 |
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Deferred income taxes |
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92,537 |
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96,626 |
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Other |
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7,601 |
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7,632 |
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Total liabilities |
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415,293 |
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424,213 |
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Minority interest |
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1,627 |
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1,731 |
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Commitments and contingencies (Note 9) |
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— |
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— |
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Stockholder’s equity: |
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Common stock, $.01 par value; 1,000 shares issued and outstanding |
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— |
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— |
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Additional paid-in capital |
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97,000 |
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97,000 |
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Accumulated deficit |
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(8,311 |
) |
— |
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Accumulated other comprehensive income |
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964 |
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— |
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Total stockholder’s equity |
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89,653 |
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97,000 |
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Total liabilities and stockholder’s equity |
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$ |
506,573 |
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$ |
522,944 |
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See notes to unaudited condensed consolidated financial statements.
2
Great Lakes Dredge & Dock Corporation and Subsidiaries
(Unaudited)
(in thousands)
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Three Months Ended |
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Nine Months Ended |
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Successor |
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Predecessor |
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Successor |
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Predecessor |
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2004 |
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2003 |
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2004 |
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2003 |
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Contract revenues |
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$ |
66,473 |
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$ |
98,104 |
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$ |
242,524 |
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$ |
302,161 |
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Costs of contract revenues |
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62,144 |
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80,001 |
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215,951 |
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250,912 |
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Gross profit |
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4,329 |
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18,103 |
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26,573 |
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51,249 |
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General and administrative expenses |
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5,719 |
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6,768 |
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18,234 |
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20,208 |
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Subpoena-related expenses |
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698 |
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— |
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1,563 |
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— |
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Demolition litigation expense |
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1,275 |
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