 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 28, 2003
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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 001-31305
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FOSTER WHEELER LTD.
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(Exact name of registrant as specified in its charter)
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Bermuda
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22-3802649
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Perryville Corporate Park, Clinton, NJ
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08809-4000
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (908) 730-4000
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No No |
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Page
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March 28, 2003
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December 27, 2002
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ASSETS
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CURRENT ASSETS:
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Cash and cash equivalents
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$
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384,106
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$
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344,305
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Short-term investments
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274
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271
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Accounts and
notes receivable, net
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586,486
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684,672
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Contracts in process and inventories
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224,943
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289,933
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Prepaid, deferred and refundable income taxes
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37,517
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41,155
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Prepaid expenses
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39,707
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36,071
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Total current assets
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1,273,033
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1,396,407
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Land, buildings and equipment
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748,923
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769,680
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Less accumulated depreciation
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351,904
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361,861
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Net book value
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397,019
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407,819
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Restricted cash
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88,490
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84,793
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Notes and accounts receivable – long-term
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21,926
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21,944
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Investment and advances
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93,153
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88,523
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Goodwill, net
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50,399
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50,214
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Other intangible assets, net
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72,280
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72,668
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Prepaid pension cost and related benefit assets
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26,567
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26,567
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Asbestos-related insurance recovery receivable
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526,372
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534,045
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Other assets
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161,267
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156,279
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Deferred income taxes
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68,336
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69,578
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TOTAL ASSETS
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$
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2,778,842
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$
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2,908,837
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LIABILITIES AND SHAREHOLDERS’ DEFICIT
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CURRENT LIABILITIES:
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Current installments on long-term debt
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$
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31,856
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$
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31,562
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Bank loans
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14,444
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14,474
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Accounts payable and accrued expenses
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605,663
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635,089
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Estimated costs to complete long-term contracts
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646,000
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707,323
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Advance payments by customers
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90,536
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87,658
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Income taxes
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63,784
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64,517
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Total current liabilities
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1,452,283
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1,540,623
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Corporate
and other debt less current installment
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331,068
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341,702
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Special-purpose project debt less current installments
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178,346
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181,613
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Capital lease obligations
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58,864
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58,237
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Deferred income taxes
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7,823
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8,333
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Pension, postretirement and other employee benefits
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447,512
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437,820
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Asbestos-related liability
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505,721
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519,790
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Other long-term liabilities and minority interest
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106,391
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109,373
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Subordinated Robbins exit funding obligations less current installment
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107,285
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107,285
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Convertible subordinated notes
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210,000
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210,000
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Mandatory redeemable preferred securities of subsidiary trust holding solely junior subordinated deferrable interest debentures
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175,000
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175,000
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Commitments and contingencies
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—
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—
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TOTAL LIABILITIES
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3,580,293
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3,689,776
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SHAREHOLDERS’ DEFICIT:
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Common Stock
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40,772
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40,772
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Paid-in capital
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201,841
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201,718
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Retained earnings (deficit)
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(673,811
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(653,991
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Accumulated other comprehensive loss
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(370,253
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(369,438
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TOTAL SHAREHOLDERS’ DEFICIT
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(801,451
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(780,939
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TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT
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$
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2,778,842
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$
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2,908,837
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Three Months Ended
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March 28, 2003
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March 29, 2002
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(Restated,
See Note 1) |
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Revenues:
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Operating revenues
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$
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784,092
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$
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795,409
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Other income
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26,776
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10,620
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Total revenues and other income
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810,868
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806,029
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Costs and expenses:
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Cost of operating revenues
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727,129
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711,932
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Selling, general and administrative expenses
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51,740
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54,258
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Other deductions/minority interest
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22,567
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38,649
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Interest expense
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17,422
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16,904
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Dividends on preferred security of subsidiary trust
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4,372
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4,012
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Total costs and expenses
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823,230
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825,755
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Loss before income taxes
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(12,362
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(19,726
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Provision for income taxes
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7,458
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5,884
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Net loss prior to cumulative effect of a change in accounting principle
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(19,820
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(25,610
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Cumulative effect on prior years (to December 29, 2001) of a change in accounting principle for goodwill, net of $0 tax
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—
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(150,500
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Net loss
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(19,820
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(176,110
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Other comprehensive loss:
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Foreign currency translation adjustment
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(815
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(9,277
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Change in unrealized losses on derivative instruments, net of tax
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—
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(3,378
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Comprehensive loss
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$
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(20,635
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$
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(188,765
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Three Months Ended
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