SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
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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 March 31, 2005. |
OR
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Transition report pursuant to section 13 or 15(d) of the securities exchange act of 1934 |
Commission file number 001-11549
BLOUNT INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
63 0780521 |
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(State or other jurisdiction of |
(I.R.S. Employer |
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Incorporation or organization) |
Identification No.) |
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4909 SE International Way |
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Portland, Oregon |
97222-4679 |
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(Address of principal executive offices) |
(Zip Code) |
(503) 653-8881
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Name of each exchange |
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Title of each class |
on which registered |
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Common Stock, $.01 par value |
New York Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act: None
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.
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Yes ý |
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No o |
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).
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Yes o |
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No ý |
Indicate the number of shares outstanding of each of the issued classes of common stock, as of the latest practicable date.
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Class of Common Stock |
Outstanding at May 2, 2005 |
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$0.01 Par Value |
45,308,235 shares. |
1
BLOUNT INTERNATIONAL, INC. AND SUBSIDIARIES
Index
2
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
Blount International, Inc. and Subsidiaries
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Three
Months |
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(Amounts in thousands, except per share data) |
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2005 |
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2004 |
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Sales |
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$ |
185,254 |
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$ |
165,573 |
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Cost of sales |
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125,285 |
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108,619 |
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Gross profit |
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59,969 |
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56,954 |
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Selling, general and administrative expenses |
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30,396 |
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29,786 |
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Operating income |
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29,573 |
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27,168 |
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Interest expense |
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(9,148 |
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(17,413 |
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Interest income |
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241 |
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775 |
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Other income (expense), net |
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(31 |
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113 |
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Income before income taxes |
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20,635 |
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10,643 |
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Provision for income taxes |
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3,405 |
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3,021 |
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Net income |
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$ |
17,230 |
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$ |
7,622 |
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Basic net income per share |
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$ |
0.38 |
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$ |
0.25 |
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Diluted net income per share |
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$ |
0.36 |
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$ |
0.23 |
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Shares used in per share calculations: |
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Basic |
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45,102 |
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30,860 |
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Diluted |
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47,292 |
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32,803 |
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The accompanying notes are an integral part of these consolidated financial statements.
3
UNAUDITED CONSOLIDATED BALANCE SHEETS
Blount International, Inc. and Subsidiaries
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March 31, |
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December 31, |
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(Amounts in thousands, except share data) |
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2005 |
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2004 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
26,266 |
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$ |
48,570 |
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Accounts receivable, net of allowance for doubtful accounts of $2,460 and $2,371, respectively |
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96,022 |
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74,975 |
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Inventories |
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90,294 |
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81,098 |
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Other current assets |
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5,233 |
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4,693 |
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Total current assets |
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217,815 |
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209,336 |
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Property, plant and equipment, net |
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99,093 |
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97,929 |
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Goodwill |
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76,891 |
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76,891 |
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Deferred financing costs |
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23,176 |
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23,883 |
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Other assets |
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16,556 |
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16,703 |
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Total Assets |
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$ |
433,531 |
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$ |
424,742 |
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Liabilities and Stockholders’ Deficit |
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Current liabilities: |
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Current maturities of long-term debt |
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$ |
3,199 |
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