UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

(Mark One)
ý	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended April 30, 2005
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 1-12557

 

CASCADE CORPORATION

(Exact name of registrant as specified in its charter)

 

Oregon		93-0136592
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
2201 N.E. 201st Ave. Fairview, Oregon		97024-9718
(Address of principal executive office)		(Zip Code)

 

Registrant’s telephone number, including area code: (503) 669-6300

 

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 Exchange Act Rule 12b-2).  Yes ý  No o

 

The number of shares outstanding of the registrant’s common stock as of May 26, 2005 was 12,251,599.

 

 

Forward-Looking Statements

 

This report contains forward-looking statements that involve risks and uncertainties, as well as assumptions which, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any projections of revenue, gross margin, expenses, earnings or losses from operations, synergies or other financial items; any statements of plans, strategies, and objectives of management for future operations; any statements regarding future economic conditions or performance; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. The risks, uncertainties, and assumptions referred to above include, but are not limited to, competitive factors in, and the cyclical nature of, the materials handling industry; fluctuations in lift truck orders or deliveries, availability and cost of raw materials; general business and economic conditions in North America, Europe, Australia and Asia; assumptions relating to pension and other post-retirement costs; foreign currency fluctuations; pending litigation; environmental matters; and the effectiveness of our capital expenditures and cost reduction initiatives. We undertake no obligation to publicly revise or update forward-looking statements to reflect events or circumstances that arise after the date of this report.

 

1

 

PART I—FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

CASCADE CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited—in thousands, except per share amounts)

 

		Three Months Ended April 30
		2005			2004
Net sales		$	114,515		$	93,529
Cost of goods sold		77,027			62,153
Gross profit		37,488			31,376
Selling and administrative expenses		18,346			17,918
Amortization		(52		)	140
Operating income		19,194			13,318
Interest expense		750			899
Interest income		(107		)	(97		)
Other income		(230		)	(95		)
Income before provision for income taxes		18,781			12,611
Provision for income taxes		6,573			4,401
Net income		$	12,208		$	8,210
Basic earnings per share		$	1.00		$	0.68
Diluted earnings per share		$	0.95		$	0.65
Basic weighted average shares outstanding		12,229			12,104
Diluted weighted average shares outstanding		12,827			12,558

 

The accompanying notes are an integral part of the consolidated financial statements.

 

2

 

CASCADE CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited—in thousands, except per share amounts)

 

		April 30 2005			January 31 2005
ASSETS
Current assets:
Cash and cash equivalents		$	19,307		$	30,482
Marketable securities		13,053			1,503
Trade accounts receivable, less allowance for doubtful accounts of $2,040 and $2,182		79,643			70,728
Inventories		48,328			46,212
Deferred income taxes		3,235			3,042
Prepaid expenses and other		4,470			4,592
Total current assets		168,036			156,559
Property, plant and equipment, net		79,729			82,027
Goodwill		74,029			74,786
Deferred income taxes		9,703			9,688
Other assets		4,786			5,032
Total assets		$	336,283		$	328,092
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Notes payable to banks		$	1,396		$	2,461
Current portion of long-term debt		12,909			12,916
Accounts payable		22,275			25,778
Accrued payroll and payroll taxes		7,463			7,283
Income taxes payable		4,632			2,068
Other accrued expenses		11,360			11,005
Accrued environmental expenses		891			894
Total current liabilities		60,926			62,405
Long-term debt, net of current portion		25,181			25,187
Accrued environmental expenses		7,589			7,799
Deferred income taxes		3,664			3,988
Other liabilities		11,109			10,830
Total liabilities		108,469			110,209
Commitments and contingencies (Note 8)
Shareholders’ equity:
Common stock, $.50 par value, 20,000 authorized shares; 12,241 and 12,224 shares issued and outstanding		6,121			6,112
Additional paid-in capital		17,897			20,004
Unamortized deferred compensation		(2,424		)	(4,506		)
Retained earnings		199,248			188,507
Accumulated other comprehensive income		6,972			7,766
Total shareholders’ equity		227,814			217,883
Total liabilities and shareholders’ equity