Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 4, 2005
Eagle Materials Inc.
| Delaware (State or other jurisdiction of incorporation) |
1-12984 (Commission File Number) |
75-2520779 (IRS Employer Identification No.) |
||
| 3811 Turtle Creek Blvd., Suite 1100, Dallas, Texas |
75219 | |||
| (Address of principal executive offices) |
(Zip code) | |||
Registrant’s telephone number including area code: (214) 432-2000
Not Applicable
(Former name or former address if changed from last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.02. Results of Operations and Financial Condition | ||||||||
| Item 9.01. Financial Statements and Exhibits | ||||||||
| SIGNATURES | ||||||||
| EXHIBIT INDEX | ||||||||
| Press Release | ||||||||
Table of Contents
Item 2.02. Results of Operations and Financial Condition.
On May 4, 2005, Eagle Materials Inc., a Delaware corporation (the “Corporation”), announced its results of operations for the quarter and fiscal year ended March 31, 2005. A copy of the Corporation’s press release announcing these results is being furnished as Exhibit 99.1 hereto and is hereby incorporated in this Item 2.02 in its entirety by reference.
Item 9.01. Financial Statements and Exhibits.
| Exhibit | |||||
| Number | Description | ||||
99.1 |
Press Release dated May 4, 2005, issued by Eagle Materials Inc. | ||||
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EAGLE MATERIALS INC. | ||
| By: | /s/ Arthur R.
Zunker, Jr. Name: Arthur R. Zunker, Jr. Title: Senior Vice President–Finance and Treasurer |
|
Date: May 4, 2005
Table of Contents
EXHIBIT INDEX
| Exhibit | |||||||||
| Number | Description | ||||||||
99.1 |
Press Release dated May 4, 2005. | ||||||||
Exhibit 99.1
| Contact at 214/432-2000 Steven R. Rowley |
||
| President & CEO | ||
|
Arthur R. Zunker, Jr. Senior Vice President & CFO |
News For Immediate Release
EAGLE MATERIALS INC. REPORTS RECORD FOURTH QUARTER
AND FISCAL YEAR RESULTS
(Dallas, TX May 4, 2005): Eagle Materials Inc. (NYSE: EXP and EXP.B) today reported financial results for the fourth quarter ended March 31, 2005 and for Fiscal Year (FY) 2005. Eagle produces and distributes Cement, Gypsum Wallboard, Recycled Paperboard and Concrete and Aggregates.
| • | HIGHEST FOURTH QUARTER AND FISCAL YEAR DILUTED EPS IN COMPANY HISTORY — $1.48 AND $5.73, RESPECTIVELY | |||
| • | GYPSUM WALLBOARD AVERAGE NET SALES PRICE INCREASED 22% AND 25% FOR THE QUARTER AND FISCAL YEAR, RESPECTIVELY | |||
| • | OUR WALLBOARD COMPANY SET A RECORD FOR ANNUAL PRODUCTION AND SALES VOLUME – BOTH IN EXCESS OF 2.5 BSF | |||
| • | HIGHEST FOURTH QUARTER AND FISCAL YEAR CEMENT AVERAGE NET SALES PRICE IN OUR HISTORY | |||
| • | OUR CEMENT COMPANIES COMPLETED THEIR 19TH CONSECUTIVE “SOLD OUT” YEAR AND SET A RECORD FOR FISCAL YEAR SALES VOLUME – 2.8 MILLION TONS | |||
| • | RECORD PAPERBOARD PRODUCTION AND SALES VOLUME FOR FISCAL YEAR | |||
| • | RECORD AGGREGATE SALES VOLUME IN FOURTH QUARTER AND FISCAL YEAR | |||
For the quarter ended March 31, 2005, revenues and net earnings were $153.3 million and $27.5 million, respectively. Revenues increased 25% year-over-year and net earnings increased 71% year-over-year. Diluted earnings per share for the fourth quarter of FY 2005 were $1.48 compared with $0.85 in the same period a year ago, a 74% increase.
For the Fiscal Year ended March 31, 2005, EXP’s net earnings increased 59% to $106.7 million or $5.73 per diluted share from $66.9 million or $3.57 per diluted share for the previous Fiscal Year. Revenues for Fiscal 2005 of $616.5 million were 23% greater than the $502.6 million for the previous Fiscal Year.
EXP remains well positioned to continue to achieve outstanding results given our strong operational position supplying building materials to a robust construction industry. According to the U.S. Census Bureau, total construction spending during March 2005 was estimated at a seasonally adjusted annual rate of $1,051.8 billion, 8% above the March 2004 estimate of $973.9 billion. Increased spending across the construction industry as a whole has led to record industry gypsum wallboard shipments in the first three months of calendar 2005. According to the Gypsum Association, approximately 8.6 billion square feet of wallboard were shipped in the first
three months of calendar 2005, a 2.5% increase over the prior record year. Nationally, demand for cement remains at record levels outpacing last year’s consumption by 13% through February 2005 according to the U.S. Geological Survey.
The general construction outlook for the present calendar year remains very favorable. For calendar year 2005, we expect Wallboard demand to remain strong and supply to be tight (with 90%+ industry capacity utilization) as a result of continued high levels of activity in residential construction and increasing repair/remodel and commercial construction activity. Wallboard pricing remains strong and a 10% price increase has just been implemented in all of our markets. U.S. cement imports are projected to fulfill over 25% of the U.S. construction industry demand this year with the price of imported cement continuing to be impacted by high freight rates and increasing consumption in world markets. Low inventories and strong demand continue to put upward pressure on cement pricing with price increases of $5.00 to $8.00 per ton implemented in all of EXP’s markets effective April 1, 2005.
Based on the above factors, the Company expects to report earnings ranging from $1.70 to $1.90 per diluted share for the first quarter of FY 2006 ending June 30, 2005, and $6.40 to $6.90 per diluted share for FY 2006.
The Company made several announcements during the fourth quarter concerning future growth initiatives. On January 10, 2005, we closed the acquisition of the other 50% ownership interest in Illinois Cement Company. On March 14, 2005, the Company announced its Board of Directors had approved the expansion of the Illinois cement facility to 1.1 million tons. The expansion is expected to be completed by late 2006 with the plant’s production costs expected to decrease by approximately 20%. On April 1, 2005, the Company announced plans to build a greenfield wallboard plant in Georgetown, South Carolina. The new plant will be designed to produce approximately 750 mmsf annually and is expected to be completed by early 2007.
DETAILS OF FINANCIAL RESULTS
In addition, for segment reporting purposes we report intersegment revenues as a part of a segment’s total revenues. Intersegment sales are eliminated on the income statement. Refer to Attachment 4 for a reconciliation of the amounts referred to above.
GYPSUM WALLBOARD
2
$94.67 per MSF for the same quarter last year. Gypsum Wallboard sales volume of 614 million square feet (MMSF) declined 3% from the prior year’s fourth quarter primarily because of reduced rail transportation availability.
Fiscal 2005 operating earnings from Gypsum Wallboard were $81.6 million, an increase of 129% compared to $35.6 million for fiscal 2004. Revenues from Gypsum Wallboard were $350.1 million for fiscal 2005, 28% higher than last year’s revenues of $272.9 million.
CEMENT
Fiscal 2005 operating earnings from Cement were $57.6 million, an increase of 14% compared to $50.5 million for fiscal 2004. Revenues from Cement were $211.3 million for fiscal 2005, 16% higher than last year’s revenues of $181.8 million.
PAPERBOARD
Fiscal 2005 operating earnings from Paperboard were $25.4 million, an increase of 21% compared to $20.9 million for fiscal 2004. Revenues from Paperboard were $125.2 million for fiscal 2005, 11% higher than last year’s revenues of $112.4 million.
CONCRETE AND AGGREGATES
Concrete sales volume increased 19% for the fourth quarter this year to 179,000 cubic yards from 151,000 cubic yards for the same quarter last year. EXP’s Concrete average net sales
3
price of $57.35 per cubic yard for the current quarter was 7% higher than the $53.62 per cubic yard for the fourth quarter a year ago.
Our Aggregates operations reported sales volume of 1,082,000 tons for the current quarter, 35% above sales volume of 802,000 tons for the fourth quarter last year. Aggregates average net sales price increased 1% from the prior year to $5.32 per ton.
Fiscal 2005 operating earnings from Concrete and Aggregates were $7.7 million, an increase of 30% compared to $6.0 million for fiscal 2004. Revenues from Concrete and Aggregates were $70.8 million for fiscal 2005, 12% higher than last year’s revenues of $63.1 million.
4
EXP’s senior management will conduct a conference call to discuss the financial results, forward looking information and other matters at 3:00 p.m. Eastern Time (2:00 p.m. Central Time) on Wednesday, May 4, 2005. The conference call will be webcast simultaneously on the EXP Web site http://www.eaglematerials.com. A replay of the webcast and the presentation will be archived on that site for one year. For more information, contact EXP at 214-432-2000.
###
Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when the Company is discussing its beliefs, estimates or expectations. These statements are not historical facts or guarantees of future performance but instead represent only the Company’s beliefs at the time the statements were made regarding future events which are subject to significant risks, uncertainties and other factors many of which are outside the Company’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. The principal risks and uncertainties that may affect the Company’s actual performance include the following: the cyclical and seasonal nature of the Company’s business; public infrastructure expenditures; adverse weather conditions; availability of raw materials; changes in energy costs including without limitation increases in the cost of natural gas; changes in the cost and availability of transportation; unexpected operational difficulties; governmental regulation and changes in governmental and public policy; changes in economic conditions specific to any one or more of the Company’s markets; competition; announced increases in capacity in the gypsum wallboard and cement industries; general economic conditions; and interest rates. For example, increases in interest rates, decreases in demand for construction materials or increases in the cost of energy (including natural gas) could affect the revenues or operating earnings of our operations. In addition, changes in national and regional economic conditions and levels of infrastructure and construction spending could also adversely affect the Company’s results of operations. These and other factors are described in the Annual Report on Form 10-K for the Company for the fiscal year ended March 31, 2004. This report is filed with the Securities and Exchange Commission and may be obtained free of charge through the website maintained by the SEC at http://www.sec.gov. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this press release will increase with the passage of time. The Company undertakes no duty to update any forward-looking statement to reflect future events or changes in the Company’s expectations.
For additional information, contact at 214/432-2000.
Steven R. Rowley
President and Chief Executive Officer
Arthur R. Zunker, Jr.
Senior Vice President and Chief Financial Officer
| (1) | Summary of Consolidated Earnings | |||
| (2) | Revenues and Earnings by Lines of Business (Quarter) | |||
| (3) | Revenues and Earnings by Lines of Business (Fiscal Year) | |||
| (4) | Sales Volume, Net Sales Prices and Intersegment and Cement Revenues | |||
| (5) | Consolidated Balance Sheets | |||
5
Eagle Materials Inc.
Attachment 1
Eagle Materials Inc.
Summary of Consolidated Earnings
(dollars in thousands, except per share data)
(unaudited)
| Quarter Ended March 31, | ||||||||||||
| 2005 | 2004 | Change | ||||||||||
Revenues * |
$ | 153,336 | $ | 122,264 | +25 | % | ||||||
Earnings Before Income Taxes |
$ | 38,743 | $ | 24,593 | +58 | % | ||||||
Net Earnings |
$ | 27,488 | $ | 16,111 | +71 | % | ||||||
Earnings Per Share: |
||||||||||||
- Basic |
$ | 1.50 | $ | 0.86 | +74 | % | ||||||
- Diluted |
$ | 1.48 | $ | 0.85 | +74 | % | ||||||
Average Shares Outstanding: **
|
||||||||||||
- - Basic |
18,302,055 | 18,798,906 | -3 | % | ||||||||
- Diluted |
18,523,971 | 18,982,165 | -2 | % | ||||||||
| Fiscal Year Ended March 31, | ||||||||||||
| 2005 | 2004 | Change | ||||||||||
Revenues * |
$ | 616,541 | $ | 502,622 | +23 | % | ||||||
Earnings Before Income Taxes |
$ | 158,089 | $ | 102,123 | +55 | % | ||||||
Net Earnings |
$ | 106,687 | $ | 66,901 | +59 | % | ||||||
Earnings Per Share: |
||||||||||||
- Basic |
$ | 5.79 | $ | 3.60 | +61 | % | ||||||
- Diluted |
$ | 5.73 | $ | 3.57 | +61 | % | ||||||
Average Shares Outstanding: **
|
||||||||||||
- - Basic |
18,413,675 | 18,584,399 | -1 | % | ||||||||
- Diluted |
18,627,758 | 18,736,368 | -1 | % | ||||||||
| *Net of Intersegment and Joint Venture Revenues listed on Attachment 4. ** We purchased approximately 157,000 and 662,000 shares during the quarter and fiscal year, respectively |
6
Eagle Materials Inc.
Attachment 2
Eagle Materials Inc.
Revenues and Earnings by Lines of Business
(dollars in thousands)
(unaudited)
| Quarter Ended March 31, | ||||||||||||
| 2005 | 2004 | Change | ||||||||||
Revenues* |
||||||||||||
Cement (Wholly Owned) (1) |
$ | 33,233 | $ | 18,281 | +82 | % | ||||||
| 22 | % | 15 | % | |||||||||
Gypsum Wallboard |
88,806 | 75,649 | +17 | % | ||||||||
| 58 | % | 62 | % | |||||||||
Paperboard |
15,323 | 15,773 | -3 | % | ||||||||
| 10 | % | 13 | % | |||||||||
Concrete & Aggregates |
15,974 | 12,284 | +30 | % | ||||||||
| 10 | % | 10 | % | |||||||||
Other, net |
— | 277 | -100 | % | ||||||||
| 0 | % | 0 | % | |||||||||
Total |
$ | 153,336 | $ | 122,264 | +25 | % | ||||||
| 100 | % | 100 | % | |||||||||
Operating Earnings |
||||||||||||
Cement: |
||||||||||||
Wholly Owned (1) |
$ | 7,809 | $ | 4,120 | +90 | % | ||||||
Joint Venture (1) |
5,501 | 5,002 | +10 | % | ||||||||
| 13,310 | 9,122 | +46 | % | |||||||||
| 31 | % | 32 | % | |||||||||
Gypsum Wallboard |
21,633 | 13,163 | +64 | % | ||||||||
| 51 | % | 46 | % | |||||||||
Paperboard |
5,561 | 5,587 | - | % | ||||||||
| 13 | % | 20 | % | |||||||||
Concrete & Aggregates |
2,192 | 402 | +445 | % | ||||||||
| 5 | % | 1 | % | |||||||||
Other, net |
55 | 277 | -80 | % | ||||||||
| 0 | % | 1 | % | |||||||||
Total Operating Earnings |
42,751 | 28,551 | +50 | % | ||||||||
| 100 | % | 100 | % | |||||||||
Corporate General Expenses |
(2,872 | ) | (3,283 | ) | ||||||||
Interest Expense, net |
(1,136 | ) | (675 | ) | ||||||||
Earnings Before Income Taxes |
$ | 38,743 | $ | 24,593 | +58 | % | ||||||
| *Net of Intersegment and Joint Venture Revenues listed on Attachment 4. |
| (1) | – | Includes 100% of Illinois Cement Company beginning January 11, 2005; before the January 11, 2005 acquisition, Illinois Cement Company was a 50% owned JV accounted for utilizing the equity method of accounting |
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Eagle Materials Inc.
Attachment 3
Eagle Materials Inc.
Revenues and Earnings by Lines of Business
(dollars in thousands)
(unaudited)
| Fiscal Year Ended March 31, | ||||||||||||
| 2005 | 2004 | Change | ||||||||||
Revenues* |
||||||||||||
Cement
(Wholly Owned) (1) |
$ | 125,480 | $ | 102,250 | +23 | % | ||||||
| 20 | % | 20 | % | |||||||||
Gypsum Wallboard |
350,101 | 272,924 | +28 | % | ||||||||
| 57 | % | 54 | % | |||||||||
Paperboard |
71,076 | 63,110 | +13 | % | ||||||||
| 12 | % | 13 | % | |||||||||
Concrete & Aggregates |
69,691 | 62,096 | +12 | % | ||||||||
| 11 | % | 12 | % | |||||||||
Other, net |
193 | 2,242 | -91 | % | ||||||||
| 0 | % | 1 | % | |||||||||
Total |
$ | 616,541 | $ | 502,622 | +23 | % | ||||||
| 100 | % | 100 | % | |||||||||
Operating Earnings |
||||||||||||
Cement: |
||||||||||||
Wholly Owned (1) |
$ | 30,694 | $ | 26,539 | +16 | % | ||||||
Joint Venture (1) |
26,922 | 23,911 | +13 | % | ||||||||
| 57,616 | 50,450 | +14 | % | |||||||||
| 34 | % | 44 | % | |||||||||
Gypsum Wallboard |
81,616 | 35,604 | +129 | % | ||||||||
| 48 | % | 31 | % | |||||||||
Paperboard |
25,406 | 20,942 | +21 | % | ||||||||
| 15 | % | 18 | % | |||||||||
Concrete & Aggregates |
7,742 | 5,971 | 30 | % | ||||||||
| 5 | % | 5 | % | |||||||||
Other, net |
(721 | ) | 2,242 | -132 | % | |||||||
| -2 | % | 2 | % | |||||||||
Total Operating Earnings |
171,659 | 115,209 | +49 | % | ||||||||
| 100 | % | 100 | % | |||||||||
Corporate General Expenses |
(10,280 | ) | (9,272 | ) | ||||||||
Interest Expense, net |
(3,290 | ) | (3,814 | ) | ||||||||
Earnings Before Income Taxes |
$ | 158,089 | $ | 102,123 | +55 | % | ||||||
| *Net of Intersegment and Joint Venture Revenues listed on Attachment 4. |
| (1) | – | Includes 100% of Illinois Cement Company beginning January 11, 2005; before the January 11, 2005 acquisition, Illinois Cement Company was a 50% owned JV accounted for utilizing the equity method of accounting |
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Eagle Materials Inc.
Attachment 4
Eagle Materials Inc.
Sales Volume, Net Sales Prices and Intersegment and Cement Revenues
(unaudited)
| Sales Volume | ||||||||||||||||||||||||
| Quarter Ended | Fiscal Year Ended | |||||||||||||||||||||||
| March 31, | March 31, | |||||||||||||||||||||||
| 2005 | 2004 | Change | 2005 | 2004 | Change | |||||||||||||||||||
Cement (M Tons): |
||||||||||||||||||||||||
Wholly Owned(1) |
415 | 246 | 69 | % | 1,566 | 1,340 | 17 | % | ||||||||||||||||
Joint Venture(1) |
211 | 258 | -18 | % | 1,187 | 1,178 | 1 | % | ||||||||||||||||
| 626 | 504 | 24 | % | 2,753 | 2,518 | 9 | % | |||||||||||||||||
Gypsum Wallboard (MMSF’s) |
614 | 632 | -3 | % | 2,547 | 2,437 | 5 | % | ||||||||||||||||
Paperboard (M Tons): |
||||||||||||||||||||||||
Internal |
33 | 38 | -13 | % | 159 | 157 | 1 | % | ||||||||||||||||
External |
26 | 28 | -7 | % | 109 | 107 | 2 | % | ||||||||||||||||
| 59 | 66 | -11 | % | 268 | 264 | 2 | % | |||||||||||||||||
Concrete (M Cubic Yards) |
179 | 151 | 19 | % | 769 | 762 | 1 | % | ||||||||||||||||
Aggregates (M Tons) |
1,082 | 802 | 35 | % | 5,196 | 4,228 | 23 | % | ||||||||||||||||
| Average Net Sales Price* | ||||||||||||||||||||||||
| Quarter Ended | Fiscal Year Ended | |||||||||||||||||||||||
| March 31, | March 31, | |||||||||||||||||||||||
| 2005 | 2004 | Change | 2005 | 2004 | Change | |||||||||||||||||||
Cement (Ton) (1) |
$ | 73.59 | $ | 64.79 | 14 | % | $ | 70.77 | $ | 66.02 | 7 | % | ||||||||||||
Gypsum Wallboard (MSF) |
$ | 115.24 | $ | 94.67 | 22 | % | $ | 108.74 | $ | 86.97 | 25 | % | ||||||||||||
Paperboard (Ton) |
$ | 466.59 | $ | 438.55 | 6 | % | $ | 455.73 | $ | 416.71 | 9 | % | ||||||||||||
Concrete (Cubic Yard) |
$ | 57.35 | $ | 53.62 | 7 | % | $ | 54.92 | $ | 52.79 | 4 | % | ||||||||||||
Aggregates (Ton) |
$ | 5.32 | $ | 5.26 | 1 | % | $ | 5.29 | $ | 5.24 | 1 | % | ||||||||||||
| *Net of freight and delivery costs billed to customers. |
| Intersegment and Cement Revenues | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||
| Quarter Ended | Fiscal Year Ended | |||||||||||||||
| March 31, | March 31, | |||||||||||||||
| 2005 | 2004 | 2005 | 2004 | |||||||||||||
Intersegment Revenues: |
||||||||||||||||
Cement |
$ | 1,040 | $ | 638 | $ | 3,609 | $ | 3,290 | ||||||||
Paperboard |
13,289 | 13,485 | 54,108 | 49,256 | ||||||||||||
Concrete and Aggregates |
263 | 179 | 1,095 | 1,021 | ||||||||||||
| $ | 14,592 | $ | 14,302 | $ | 58,812 | $ | 53,567 | |||||||||
Cement Revenues: |
||||||||||||||||
Wholly Owned (1) |
$ | 33,233 | $ | 18,281 | $ | 125,480 | $ | 102,250 | ||||||||
Joint Venture (1) |
15,327 | 16,484 | 82,254 | 76,306 | ||||||||||||
| $ | 48,560 | $ | 34,765 | $ | 207,734 | $ | 178,556 | |||||||||
| (1) | – | Includes 100% of Illinois Cement Company beginning January 11, 2005; before the January 11, 2005 acquisition, Illinois Cement Company was a 50% owned JV accounted for utilizing the equity method of accounting |
9
Eagle Materials Inc.
Attachment 5
Eagle Materials Inc.
Consolidated Balance Sheets
(dollars in thousands)
(unaudited)
| March 31, | ||||||||
| 2005 | 2004 * | |||||||
ASSETS |
||||||||
Current Assets -
|
||||||||
Cash and Cash Equivalents |
$ | 7,221 | $ | 3,536 | ||||
Accounts and Notes Receivable, net |
70,952 | 54,352 | ||||||
Inventories |
63,482 | 48,890 | ||||||
Total Current Assets |
141,655 | 106,778 | ||||||
Property, Plant and Equipment - |
823,724 | 715,735 | ||||||
Less: Accumulated Depreciation |
(299,365 | ) | (234,930 | ) | ||||
Property, Plant and Equipment, net |
524,359 | 480,805 | ||||||
Investments in Joint Ventures |
28,181 | 51,503 | ||||||
Goodwill |
66,960 | 40,290 | ||||||
Other Assets |
18,846 | 13,599 | ||||||
| $ | 780,001 | $ | 692,975 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
Current Liabilities -
|
||||||||
Note Payable |
$ | 30,800 | $ | 24,100 | ||||
Accounts Payable and Accrued Liabilities |
91,069 | 69,991 | ||||||
Current Portion of Long-term Debt |
— | 80 | ||||||
Total Current Liabilities |
121,869 | 94,171 | ||||||
Long-term Debt |
54,000 | 58,700 | ||||||
Deferred Income Taxes |
118,764 | 101,082 | ||||||
Stockholders’ Equity -
|
||||||||
Preferred Stock, Par Value $0.01; Authorized 5,000,000
Shares; None Issued |
— | — | ||||||
Common Stock, Par Value $0.01; Authorized 50,000,000 Shares;
Issued and Outstanding 9,726,009 and 9,606,945 Shares;
respectively. Class B Common Stock, Par Value $0.01;
Authorized 50,000,000 Shares;Issued and Outstanding, 8,499,269
and 9,161,469 Shares, respectively. |
182 | 188 | ||||||
Capital in Excess of Par Value |
— | 28,223 | ||||||
Accumulated Other Comprehensive Losses |
(1,842 | ) | (1,877 | ) | ||||
Unamortized Restricted Stock |
(557 | ) | (591 | ) | ||||
Retained Earnings |
487,585 | 413,079 | ||||||
Total Stockholders’ Equity |
485,368 | 439,022 | ||||||
| $ | 780,001 | $ | 692,975 | |||||
| * | From audited financial statements. |
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