UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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x |
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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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o |
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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: 333-05978
EURAMAX INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
58-2502320 |
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(State or other
jurisdiction of |
(I.R.S. Employer Identification No.) |
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5445 Triangle Parkway, Suite 350, |
30092 |
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(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: 770-449-7066
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 Exchange Rule 12b-2).
o Yes ý No
As of May 16, 2005, Registrant had 322,915.17 shares of Class A common stock outstanding and no shares of Class B common stock outstanding.
Item 1. Financial Statements
Euramax
International, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(Thousands of U.S. Dollars)
(Unaudited)
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Three months |
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Three months |
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Net sales |
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$ |
243,496 |
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$ |
195,403 |
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Costs and expenses: |
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Cost of goods sold |
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200,220 |
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156,883 |
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Selling and general |
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21,675 |
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19,876 |
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Depreciation and amortization |
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5,469 |
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5,115 |
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Earnings from operations |
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16,132 |
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13,529 |
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Interest expense, net |
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(6,266 |
) |
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(5,757 |
) |
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Other income, net |
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2,053 |
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771 |
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Earnings before income taxes |
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11,919 |
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8,543 |
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Provision for income taxes |
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4,480 |
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2,944 |
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Net earnings |
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$ |
7,439 |
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$ |
5,599 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
2
Euramax
International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Thousands of U.S. Dollars)
(Unaudited)
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April 1, |
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December 31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
41,337 |
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$ |
43,877 |
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Accounts receivable, net |
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143,087 |
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131,317 |
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Inventories |
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170,846 |
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134,280 |
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Other current assets |
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13,850 |
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10,722 |
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Total current assets |
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369,120 |
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320,196 |
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Property, plant and equipment, net |
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159,650 |
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161,288 |
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Goodwill, net |
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138,539 |
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140,483 |
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Customer relationships, net |
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39,916 |
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41,302 |
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Other intangible assets, net |
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4,316 |
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4,385 |
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Deferred income taxes |
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6,159 |
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5,934 |
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Other assets |
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12,632 |
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13,453 |
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$ |
730,332 |
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$ |
687,041 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Cash overdrafts |
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$ |
1,189 |
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$ |
2,376 |
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Accounts payable |
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117,876 |
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103,978 |
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Accrued expenses and other current liabilities |
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55,255 |
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64,250 |
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Current maturities of long-term debt |
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8,087 |
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8,285 |
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Total current liabilities |
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182,407 |
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178,889 |
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Long-term debt, less current maturities |
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317,474 |
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276,086 |
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Deferred income taxes |
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51,245 |
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52,716 |
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Other liabilities |
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28,532 |
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32,187 |
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Total liabilities |
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579,658 |
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539,878 |
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Shareholders’ equity: |
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Common stock |
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500 |
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500 |
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Additional paid-in capital |
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155,495 |
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155,495 |
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Treasury stock |
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(69,836 |
) |
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(69,836 |
) |
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Restricted stock |
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(2,424 |
) |
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(2,616 |
) |
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Retained earnings |
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65,989 |
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58,550 |
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Accumulated other comprehensive income |
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950 |
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5,070 |
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Total shareholders’ equity |
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150,674 |
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147,163 |
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$ |
730,332 |
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$ |
687,041 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
3
Euramax
International, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Thousands of U.S. Dollars)
(Unaudited)
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Three months |
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Three months |
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Net cash used in operating activities |
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$ |
(25,348 |
) |
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$ |
(24,979 |
) |
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Cash flows from investing activities: |
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Proceeds from sales of assets |
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11 |
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40 |
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Purchases of businesses |
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(13,650 |
) |
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(1,219 |
) |
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Capital expenditures |
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(3,988 |
) |
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