UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(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 April 1, 2005 |
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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 0-14292
DURATEK, INC.
(Exact name of Registrant as specified in its charter)
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Delaware |
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22-2427618 |
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(State or
other jurisdiction of |
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(I.R.S. Employer Identification No.) |
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10100 Old Columbia Road, Columbia, Maryland |
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21046 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (410) 312-5100
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
Number of shares outstanding of each of the issuer’s classes of common stock as of May 2, 2005:
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Class of stock |
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Number of shares |
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Common stock, par value $0.01 per share |
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14,729,642 |
DURATEK, INC.
TABLE OF CONTENTS
Forward-Looking Information
In response to “safe harbor” provisions contained in the Private Securities Litigation Reform Act of 1995, we discuss in our Form 10-Q many important factors that have affected and in the future could affect our actual results. These factors could cause our future financial results to differ from those expressed in any forward-looking statements made by us. Many of these factors have been discussed in our prior filings with the Securities and Exchange Commission and are included in the “Risk Factors” and other disclosures contained in our Annual Report on Form 10-K.
Forward-looking statements may include words such as “will,” “should,” “could,” “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” and other similar expressions. The list of factors contained in our Annual Report on Form 10-K does not constitute all factors which you should consider prior to making an investment decision in our securities. You should also not assume that the information contained herein is complete or accurate in all respects after the date of this filing. We disclaim any duty to update the statements contained herein.
Part I Financial Information
Item 1. Financial Statements
DURATEK, INC. AND SUBSIDIARIES
(in thousands of dollars, except per share amounts)
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April 1, |
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December 31, |
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2005 |
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2004 |
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(unaudited) |
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* |
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Assets |
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Current assets: |
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Cash |
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$ |
7,077 |
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$ |
23,296 |
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Accounts receivable, net of allowance for doubtful accounts of $137 in 2005 and $158 in 2004 |
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34,040 |
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30,997 |
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Cost and estimated earnings in excess of billings on uncompleted contracts |
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19,700 |
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16,715 |
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Prepaid expenses and other current assets |
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11,872 |
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13,708 |
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Total current assets |
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72,689 |
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84,716 |
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Retainage |
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552 |
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1,257 |
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Property, plant and equipment, net |
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65,831 |
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66,151 |
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Goodwill |
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72,129 |
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72,129 |
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Other intangible assets |
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3,503 |
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3,747 |
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Decontamination and decommissioning trust fund |
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18,727 |
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19,050 |
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Other assets |
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24,223 |
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21,487 |
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Total assets |
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$ |
257,654 |
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$ |
268,537 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Current portion of long-term debt |
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$ |
858 |
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$ |
858 |
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Accounts payable |
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7,414 |
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15,643 |
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Due to State of South Carolina |
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7,919 |
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6,073 |
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Accrued expenses and other current liabilities |
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18,789 |
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24,646 |
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Unearned revenues |
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11,545 |
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14,694 |
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Waste processing and disposal liabilities |
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5,583 |
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6,980 |
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Total current liabilities |
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52,108 |
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68,894 |
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Long-term debt, less current portion |
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83,927 |
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84,142 |
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Facility and equipment decontamination and decommissioning liabilities |
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40,345 |
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40,419 |
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Other noncurrent liabilities |
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7,394 |
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6,756 |
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Total liabilities |
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183,774 |
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200,211 |
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Stockholders’ equity: |
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Preferred stock – $0.01 par value; authorized 4,740,000 shares; none issued |
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— |
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— |
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Series B junior participating preferred stock, $0.01 par value; 100,000 shares authorized; none issued |
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— |
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— |
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Common stock – $0.01 par value; authorized 35,000,000 shares; issued 16,328,321 shares at April 1, 2005 and 16,236,781 shares at December 31, 2004 |
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163 |
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162 |
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Capital in excess of par value |
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87,477 |
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86,784 |
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Deferred compensation employee stock trust |
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1,323 |
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1,323 |
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Accumulated deficit |
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(4,183 |
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(9,043 |
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Treasury stock at cost, 1,770,306 shares at April 1, 2005 and December 31, 2004 |
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(10,900 |
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(10,900 |
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Total stockholders’ equity |
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73,880 |
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68,326 |
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Total liabilities and stockholders’ equity |
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$ |
257,654 |
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$ |
268,537 |
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* The Consolidated Balance Sheet as of December 31, 2004 has been derived from our audited Consolidated Balance Sheet included in our Annual Report on Form 10-K for the year ended December 31, 2004.
See accompanying notes to consolidated financial statements.
2
DURATEK, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except per share amounts)
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Three months ended |
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April 1, |
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March 28, |
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2005 |
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2004 |
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(unaudited) |
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Revenues |
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$ |
70,612 |
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$ |
64,182 |
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Cost of revenues |
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52,880 |
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48,250 |
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Gross profit |
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17,732 |
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