Price Graph
Price
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| þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| Michigan | 38-1465835 | |
| (State or other jurisdiction of | (I.R.S. Employer | |
| incorporation or organization) | Identification Number) | |
| 2801 East Beltline NE, Grand Rapids, Michigan | 49525 | |
| (Address of principal executive offices) | (Zip Code) |
| Large Accelerated Filer þ | Accelerated Filer o | Non-Accelerated Filer o | Smaller reporting company o |
| Class | Outstanding as of September 25, 2010 | |
| Common stock, no par value | 19,291,486 |
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| 30 | ||||||||
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Item 1. Legal Proceedings — NONE
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Item 1A. Risk Factors — NONE
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| 31 | ||||||||
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Item 3. Defaults Upon Senior Securities — NONE
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Item 4. (Removed and Reserved)
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| 31 | ||||||||
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| 32 | ||||||||
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||||||||
| Exhibit 31(a) | ||||||||
| Exhibit 31(b) | ||||||||
| Exhibit 32(a) | ||||||||
| Exhibit 32(b) | ||||||||
| September 25, | December 26, | September 26, | ||||||||||
| 2010 | 2009 | 2009 | ||||||||||
|
ASSETS
|
||||||||||||
|
CURRENT ASSETS:
|
||||||||||||
|
Cash and cash equivalents
|
$ | 58,072 | $ | 82,219 | $ | 79,976 | ||||||
|
Accounts receivable, net
|
166,369 | 107,383 | 162,875 | |||||||||
|
Inventories:
|
||||||||||||
|
Raw materials
|
104,736 | 89,956 | 80,326 | |||||||||
|
Finished goods
|
67,721 | 72,192 | 61,774 | |||||||||
|
|
||||||||||||
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|
172,457 | 162,148 | 142,100 | |||||||||
|
Assets held for sale
|
— | — | 3,057 | |||||||||
|
Refundable income taxes
|
— | 10,391 | — | |||||||||
|
Other current assets
|
18,759 | 21,208 | 23,242 | |||||||||
|
|
||||||||||||
|
TOTAL CURRENT ASSETS
|
415,657 | 383,349 | 411,250 | |||||||||
|
|
||||||||||||
|
OTHER ASSETS
|
6,069 | 4,478 | 3,439 | |||||||||
|
GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS
|
159,332 | 157,058 | 156,936 | |||||||||
|
OTHER INTANGIBLE ASSETS, net
|
15,719 | 16,693 | 18,873 | |||||||||
|
PROPERTY, PLANT AND EQUIPMENT:
|
||||||||||||
|
Property, plant and equipment
|
516,337 | 510,774 | 508,691 | |||||||||
|
Accumulated depreciation and amortization
|
(294,498 | ) | (280,675 | ) | (278,134 | ) | ||||||
|
|
||||||||||||
|
PROPERTY, PLANT AND EQUIPMENT, NET
|
221,839 | 230,099 | 230,557 | |||||||||
|
|
||||||||||||
|
TOTAL ASSETS
|
$ | 818,616 | $ | 791,677 | $ | 821,055 | ||||||
|
|
||||||||||||
|
|
||||||||||||
|
LIABILITIES AND EQUITY
|
||||||||||||
|
CURRENT LIABILITIES:
|
||||||||||||
|
Accounts payable
|
$ | 78,683 | $ | 64,473 | $ | 70,817 | ||||||
|
Accrued liabilities:
|
||||||||||||
|
Compensation and benefits
|
47,023 | 48,340 | 54,585 | |||||||||
|
Income taxes
|
1,793 | — | 1,673 | |||||||||
|
Other
|
21,485 | 21,698 | 30,375 | |||||||||
|
Current portion of long-term debt and capital lease obligations
|
702 | 673 | 3,064 | |||||||||
|
|
||||||||||||
|
TOTAL CURRENT LIABILITIES
|
149,686 | 135,184 | 160,514 | |||||||||
|
|
||||||||||||
|
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion
|
52,465 | 53,181 | 53,168 | |||||||||
|
DEFERRED INCOME TAXES
|
21,492 | 21,707 | 17,703 | |||||||||
|
OTHER LIABILITIES
|
12,884 | 12,659 | 13,956 | |||||||||
|
|
||||||||||||
|
TOTAL LIABILITIES
|
236,527 | 222,731 | 245,341 | |||||||||
|
|
||||||||||||
|
EQUITY:
|
||||||||||||
|
Controlling interest shareholders’ equity:
|
||||||||||||
|
Preferred stock, no par value; shares authorized 1,000,000;
issued and outstanding, none
|
||||||||||||
|
Common stock, no par value; shares authorized 40,000,000;
issued and outstanding
19,291,486, 19,284,587 and 19,355,748
|
$ | 19,291 | $ | 19,285 | $ | 19,356 | ||||||
|
Additional paid-in capital
|
136,400 | 132,765 | 132,156 | |||||||||
|
Retained earnings
|
417,842 | 409,278 | 416,853 | |||||||||
|
Accumulated other comprehensive earnings
|
3,998 | 3,633 | 3,375 | |||||||||
|
|
||||||||||||
|
|
577,531 | 564,961 | 571,740 | |||||||||
|
Employee stock notes receivable
|
(1,721 | ) | (1,743 | ) | (1,780 | ) | ||||||
|
|
||||||||||||
|
|
575,810 | 563,218 | 569,960 | |||||||||
|
Noncontrolling interest
|
6,279 | 5,728 | 5,754 | |||||||||
|
|
||||||||||||
|
TOTAL EQUITY
|
582,089 | 568,946 | 575,714 | |||||||||
|
|
||||||||||||
|
TOTAL LIABILITIES AND EQUITY
|
$ | 818,616 | $ | 791,677 | $ | 821,055 | ||||||
|
|
||||||||||||
3
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 25, | September 26, | September 25, | September 26, | |||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
|
|
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NET SALES
|
$ | 480,574 | $ | 457,768 | $ | 1,512,166 | $ | 1,334,435 | ||||||||
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COST OF GOODS SOLD
|
426,159 | 388,505 | 1,328,232 | 1,135,866 | ||||||||||||
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GROSS PROFIT
|
54,415 | 69,263 | 183,934 | 198,569 | ||||||||||||
|
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SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
47,286 | 51,198 | 149,815 | 156,310 | ||||||||||||
|
NET LOSS (GAIN) ON DISPOSITION OF ASSETS AND
OTHER IMPAIRMENT AND EXIT CHARGES
|
1,137 | 606 | 1,521 | (1,246 | ) | |||||||||||
|
|
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EARNINGS FROM OPERATIONS
|
5,992 | 17,459 | 32,598 | 43,505 | ||||||||||||
|
|
||||||||||||||||
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INTEREST EXPENSE
|
888 | 900 | 2,677 | 3,403 | ||||||||||||
|
INTEREST INCOME
|
(111 | ) | (79 | ) | (301 | ) | (258 | ) | ||||||||
|
|
||||||||||||||||
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|
777 | 821 | 2,376 | 3,145 | ||||||||||||
|
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||||||||||||||||
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EARNINGS BEFORE INCOME TAXES
|
5,215 | 16,638 | 30,222 | 40,360 | ||||||||||||
|
|
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|
INCOME TAXES
|
2,017 | 6,378 | 10,836 | 14,808 | ||||||||||||
|
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|
NET EARNINGS
|
3,198 | 10,260 | 19,386 | 25,552 | ||||||||||||
|
|
||||||||||||||||
|
LESS NET EARNINGS ATTRIBUTABLE TO
NONCONTROLLING INTEREST
|
(614 | ) | (206 | ) | (2,099 | ) | (617 | ) | ||||||||
|
|
||||||||||||||||
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|
||||||||||||||||
|
NET EARNINGS ATTRIBUTABLE TO
CONTROLLING INTEREST
|
$ | 2,584 | $ | 10,054 | $ | 17,287 | $ | 24,935 | ||||||||
|
|
||||||||||||||||
|
|
||||||||||||||||
|
EARNINGS PER SHARE — BASIC
|
$ | 0.13 | $ | 0.52 | $ | 0.90 | $ | 1.30 | ||||||||
|
|
||||||||||||||||
|
EARNINGS PER SHARE — DILUTED
|
$ | 0.13 | $ | 0.51 | $ | 0.89 | $ | 1.28 | ||||||||
|
|
||||||||||||||||
|
WEIGHTED AVERAGE SHARES OUTSTANDING
|
19,201 | 19,307 | 19,239 | 19,244 | ||||||||||||
|
|
||||||||||||||||
|
WEIGHTED AVERAGE SHARES OUTSTANDING
WITH COMMON STOCK EQUIVALENTS
|
19,416 | 19,585 | 19,488 | 19,442 | ||||||||||||
4
| Controlling Interest Shareholders’ Equity | ||||||||||||||||||||||||||||
| Accumulated | ||||||||||||||||||||||||||||
| Other | Employees | |||||||||||||||||||||||||||
| Additional Paid- | Retained | Comprehensive | Stock Notes | Noncontrolling | ||||||||||||||||||||||||
| Common Stock | In Capital | Earnings | Earnings | Receivable | Interest | Total | ||||||||||||||||||||||
|
Balance at December 27, 2008
|
$ | 19,089 | $ | 128,830 | $ | 393,312 | $ | 2,353 | $ | (1,701 | ) | $ | 6,343 | $ | 548,226 | |||||||||||||
|
Comprehensive income:
|
||||||||||||||||||||||||||||
|
Net earnings
|
24,935 | 617 | ||||||||||||||||||||||||||
|
Foreign currency
translation
adjustment
|
1,022 | (33 | ) | |||||||||||||||||||||||||
|
Total comprehensive earnings
|
26,541 | |||||||||||||||||||||||||||
|
Capital contribution from
noncontrolling interest
|
14 | 14 | ||||||||||||||||||||||||||
|
Purchase of additional
noncontrolling interest
|
(853 | ) | (917 | ) | (1,770 | ) | ||||||||||||||||||||||
|
Distributions to
noncontrolling interest
|
(270 | ) | (270 | ) | ||||||||||||||||||||||||
|
Cash dividends — $0.060 per share
|
(1,158 | ) | (1,158 | ) | ||||||||||||||||||||||||
|
Issuance of 118,267 shares under
employee stock plans
|
118 | 1,991 | 2,109 | |||||||||||||||||||||||||
|
Issuance of 79,084 shares under
stock grant programs
|
79 | 24 | 103 | |||||||||||||||||||||||||
|
Issuance of 73,611 shares under
deferred compensation plans
|
74 | (74 | ) | — | ||||||||||||||||||||||||
|
Repurchase of 6,213 shares
|
(6 | ) | (236 | ) | (242 | ) | ||||||||||||||||||||||
|
Received 1,602 shares for the
exercise of stock options
|
(2 | ) | (33 | ) | (35 | ) | ||||||||||||||||||||||
|
Tax benefits from non-qualified
stock options exercised
|
705 | 705 | ||||||||||||||||||||||||||
|
Deferred income tax asset reversal
for deferred compensation plans
|
(518 | ) | (518 | ) | ||||||||||||||||||||||||
|
Expense associated with
share-based compensation
arrangements
|
1,417 | 1,417 | ||||||||||||||||||||||||||
|
Accrued expense under
deferred compensation plans
|
546 | 546 | ||||||||||||||||||||||||||
|
Issuance of 3,721 shares in
exchange for employee stock
notes receivable
|
4 | 121 | (125 | ) | — | |||||||||||||||||||||||
|
Payments received on employee
stock notes receivable
|
46 | 46 | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Balance at September 26, 2009
|
$ | 19,356 | $ | 132,156 | $ | 416,853 | $ | 3,375 | $ | (1,780 | ) | $ | 5,754 | $ | 575,714 | |||||||||||||
|
|
||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Balance at December 26, 2009
|
$ | 19,285 | $ | 132,765 | $ | 409,278 | $ | 3,633 | $ | (1,743 | ) | $ | 5,728 | $ | 568,946 | |||||||||||||
|
Comprehensive income:
|
||||||||||||||||||||||||||||
|
Net earnings
|
17,287 | 2,099 | ||||||||||||||||||||||||||
|
Foreign currency
translation
adjustment
|
365 | 78 | ||||||||||||||||||||||||||
|
Total comprehensive earnings
|
19,829 | |||||||||||||||||||||||||||
|
Capital contribution from
noncontrolling interest
|
250 | 250 | ||||||||||||||||||||||||||
|
Purchase of additional
noncontrolling interest
|
(295 | ) | (932 | ) | (1,227 | ) | ||||||||||||||||||||||
|
Distributions to
noncontrolling interest
|
(944 | ) | (944 | ) | ||||||||||||||||||||||||
|
Cash dividends — $0.200 per share
|
(3,869 | ) | (3,869 | ) | ||||||||||||||||||||||||
|
Issuance of 66,384 shares under
employee stock plans
|
66 | 1,373 | 1,439 | |||||||||||||||||||||||||
|
Issuance of 76,710 shares under
stock grant programs
|
77 | 57 | 134 | |||||||||||||||||||||||||
|
Issuance of 7,911 shares under
deferred compensation plans
|
8 | (8 | ) | — | ||||||||||||||||||||||||
|
Repurchase of 144,900 shares
|
(145 | ) | (4,854 | ) | (4,999 | ) | ||||||||||||||||||||||
|
Tax benefits from non-qualified
stock options exercised
|
379 | 379 | ||||||||||||||||||||||||||
|
Expense associated with
share-based compensation
arrangements
|
1,495 | 1,495 | ||||||||||||||||||||||||||
|
Accrued expense under
deferred compensation plans
|
627 | 627 | ||||||||||||||||||||||||||
|
Issuance of 1,298 shares in
exchange for employees’ stock
notes receivable
|
1 | 49 | (50 | ) | — | |||||||||||||||||||||||
|
Notes receivable adjustment
|
(1 | ) | (42 | ) | (9 | ) | (52 | ) | ||||||||||||||||||||
|
Payments received on employee
stock notes receivable
|
81 | 81 | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Balance at September 25, 2010
|
$ | 19,291 | $ | 136,400 | $ | 417,842 | $ | 3,998 | $ | (1,721 | ) | $ | 6,279 | $ | 582,089 | |||||||||||||
|
|
||||||||||||||||||||||||||||
5
| Nine Months Ended | ||||||||
| September 25, | September 26, | |||||||
| 2010 | 2009 | |||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
|
Net earnings attributable to controlling interest
|
$ | 17,287 | $ | 24,935 | ||||
|
Adjustments to reconcile net earnings attributable to controlling interest
to net cash from operating activities:
|
||||||||
|
Depreciation
|
22,305 | 24,604 | ||||||
|
Amortization of intangibles
|
5,243 | 6,414 | ||||||
|
Expense associated with share-based compensation arrangements
|
1,495 | 1,417 | ||||||
|
Excess tax benefits from share-based compensation arrangements
|
(265 | ) | (302 | ) | ||||
|
Expense associated with stock grant plans
|
134 | 103 | ||||||
|
Deferred income taxes (credit)
|
(228 | ) | 151 | |||||
|
Net earnings attributable to noncontrolling interest
|
2,099 | 617 | ||||||
|
Net loss (gain) on sale or impairment of property, plant and
equipment
|
1,053 | (1,892 | ) | |||||
|
Changes in:
|
||||||||
|
Accounts receivable
|
(58,151 | ) | (24,342 | ) | ||||
|
Inventories
|
(7,103 | ) | 51,488 | |||||
|
Accounts payable
|
14,127 | 7,578 | ||||||
|
Accrued liabilities and other
|
14,740 | 21,160 | ||||||
|
|
||||||||
|
NET CASH FROM OPERATING ACTIVITIES
|
12,736 | 111,931 | ||||||
|
|
||||||||
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
|
Purchase of property, plant and equipment
|
(15,679 | ) | (9,497 | ) | ||||
|
Acquisitions, net of cash received
|
(6,529 | ) | — | |||||
|
Proceeds from sale of property, plant and equipment
|
540 | 10,408 | ||||||
|
Purchase of product technology and non-compete agreement
|
(4,589 | ) | ||||||
|
Advances on notes receivable
|
(1,000 | ) | (14 | ) | ||||
|
Collections of notes receivable
|
143 | 134 | ||||||
|
Insurance proceeds
|
— | 1,023 | ||||||
|
Other, net
|
17 | 16 | ||||||
|
|
||||||||
|
NET CASH FROM INVESTING ACTIVITIES
|
(27,097 | ) | 2,070 | |||||
|
|
||||||||
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
|
Net borrowings (repayments) under revolving credit facilities
|
— | (30,257 | ) | |||||
|
Repayment of long-term debt
|
(719 | ) | (16,830 | ) | ||||
|
Borrowings of long-term debt
|
— | 800 | ||||||
|
Proceeds from issuance of common stock
|
1,439 | 2,109 | ||||||
|
Purchase of additional noncontrolling interest
|
(1,227 | ) | (1,770 | ) | ||||
|
Distributions to noncontrolling interest
|
(944 | ) | (270 | ) | ||||
|
Capital contribution from noncontrolling interest
|
250 | 14 | ||||||
|
Dividends paid to shareholders
|
(3,869 | ) | (1,158 | ) | ||||
|
Repurchase of common stock
|
(4,999 | ) | (242 | ) | ||||
|
Excess tax benefits from share-based compensation arrangements
|
265 | 302 | ||||||
|
Other, net
|
18 | (60 | ) | |||||
|
|
||||||||
|
NET CASH FROM FINANCING ACTIVITIES
|
(9,786 | ) | (47,362 | ) | ||||
|
|
||||||||
|
|
||||||||
|
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
(24,147 | ) | 66,639 | |||||
|
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
|
82,219 | 13,337 | ||||||
|
|
||||||||
|
|
||||||||
|
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$ | 58,072 | $ | 79,976 | ||||
|
|
||||||||
|
|
||||||||
|
SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION:
|
||||||||
|
Cash paid (refunded) during the period for:
|
||||||||
|
Interest
|
$ | 2,058 | $ | 3,074 | ||||
|
Income taxes
|
(1,488 | ) | 5,964 | |||||
6
| Nine Months Ended | ||||||||
| September 25, | September 26, | |||||||
| 2010 | 2009 | |||||||
|
NON-CASH INVESTING ACTIVITIES:
|
||||||||
|
Stock acquired through employees’ stock notes
receivable
|
$ | 50 | $ | 125 | ||||
|
|
||||||||
|
NON-CASH FINANCING ACTIVITIES:
|
||||||||
|
Common stock issued under deferred compensation plans
|
$ | 337 | $ | 2,461 | ||||
|
Stock received for the exercise of stock options, net
|
35 | |||||||
7
| A. |
BASIS OF PRESENTATION
|
| B. |
FAIR VALUE
|
| September 25, 2010 | September 26, 2009 | |||||||||||||||||||||||
| Quoted | Prices with | Quoted | Prices with | |||||||||||||||||||||
| Prices in | Other | Prices in | Other | |||||||||||||||||||||
| Active | Observable | Active | Observable | |||||||||||||||||||||
| Markets | Inputs | Markets | Inputs | |||||||||||||||||||||
| (in thousands) | (Level 1) | (Level 2) | Total | (Level 1) | (Level 2) | Total | ||||||||||||||||||
|
Recurring:
|
||||||||||||||||||||||||
|
Money market funds
|
$ | 66 | $ | 66 | ||||||||||||||||||||
|
Mutual funds:
|
$ | 813 | $ | 813 | ||||||||||||||||||||
|
Domestic stock funds
|
397 | 397 | ||||||||||||||||||||||
|
International stock funds
|
353 | 353 | ||||||||||||||||||||||
|
Target funds
|
105 | 105 | ||||||||||||||||||||||
|
Bond funds
|
51 | 51 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
Total mutual funds
|
972 | 972 | 813 | 813 | ||||||||||||||||||||
|
Non-Recurring:
|
||||||||||||||||||||||||
|
Property, plant and equipment
|
$ | 165 | 165 | $ | 1,350 | 1,350 | ||||||||||||||||||
|
|
||||||||||||||||||||||||
|
|
$ | 972 | $ | 165 | $ | 1,137 | $ | 813 | $ | 1,350 | $ | 2,163 | ||||||||||||
|
|
||||||||||||||||||||||||
8
| C. |
REVENUE RECOGNITION
|
| September 25, | December 26, | September 26, | ||||||||||
| 2010 | 2009 | 2009 | ||||||||||
|
|
||||||||||||
|
Cost and Earnings in Excess of Billings
|
$ | 4,602 | $ | 9,998 | $ | 11,117 | ||||||
|
Billings in Excess of Cost and Earnings
|
3,275 | 8,954 | 11,185 | |||||||||
9
| D. |
EARNINGS PER SHARE
|
| Three Months Ended September 25, 2010 | Three Months Ended September 26, 2009 | |||||||||||||||||||||||
| Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||||
| (Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | |||||||||||||||||||
|
|
||||||||||||||||||||||||
|
Net Earnings
Attributable to
Controlling
Interest
|
$ | 2,584 | $ | 10,054 | ||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
EPS — Basic
|
||||||||||||||||||||||||
|
Income available to
common stockholders
|
2,584 | 19,201 | $ | 0.13 | 10,054 | 19,307 | $ | 0.52 | ||||||||||||||||
|
|
||||||||||||||||||||||||
|
Effect of dilutive
securities
|
||||||||||||||||||||||||
|
Options
|
215 | 278 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
EPS — Diluted
|
||||||||||||||||||||||||
|
Income available to
common
stockholders and
assumed options
exercised
|
$ | 2,584 | 19,416 | $ | 0.13 | $ | 10,054 | 19,585 | $ | 0.51 | ||||||||||||||
|
|
||||||||||||||||||||||||
| Nine Months Ended September 25, 2010 | Nine Months Ended September 26, 2009 | |||||||||||||||||||||||
| Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||||
| (Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | |||||||||||||||||||
|
|
||||||||||||||||||||||||
|
Net Earnings
Attributable to
Controlling
Interest
|
$ | 17,287 | $ | 24,935 | ||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
EPS — Basic
|
||||||||||||||||||||||||
|
Income available to
common stockholders
|
17,287 | 19,239 | $ | 0.90 | 24,935 | 19,244 | $ | 1.30 | ||||||||||||||||
|
|
||||||||||||||||||||||||
|
Effect of dilutive
securities
|
||||||||||||||||||||||||
|
Options
|
249 | 198 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
EPS — Diluted
|
||||||||||||||||||||||||
|
Income available to
common
stockholders and
assumed options
exercised
|
$ | 17,287 | 19,488 | $ | 0.89 | $ | 24,935 | 19,442 | $ | 1.28 | ||||||||||||||
|
|
||||||||||||||||||||||||
10
| E. |
ASSETS HELD FOR SALE AND NET LOSS (GAIN) ON DISPOSITION OF ASSETS AND OTHER IMPAIRMENTS AND
EXIT CHARGES
|
| Three Months Ended September 25, | Three Months Ended September 26, | |||||||||||||||
| 2010 | 2009 | |||||||||||||||
| Northern, | Northern, | |||||||||||||||
| Southern and | Southern and | |||||||||||||||
| Western | All | Western | All | |||||||||||||
| Divisions | Other | Divisions | Other | |||||||||||||
|
Severances
|
$ | 0.2 | ||||||||||||||
|
Property, plant and
equipment
|
0.2 | $ | 0.6 | |||||||||||||
|
Other intangibles
|
0.6 | |||||||||||||||
|
Lease termination
|
0.1 | |||||||||||||||
| Nine Months Ended September 25, | Nine Months Ended September 26, | |||||||||||||||
| 2010 | 2009 | |||||||||||||||
| Northern, | Northern, | |||||||||||||||
| Southern and | Southern and | |||||||||||||||
| Western | All | Western | All | |||||||||||||
| Divisions | Other | Divisions | Other | |||||||||||||
|
Severances
|
$ | 0.5 | $ | 0.6 | ||||||||||||
|
Property, plant and
equipment
|
0.3 | 1.7 | ||||||||||||||
|
Other intangibles
|
0.6 | |||||||||||||||
|
Lease termination
|
0.1 | |||||||||||||||
|
Gain on sale of
real estate
|
(3.5 | ) | ||||||||||||||
11
| F. |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES
|
12
13
| G. |
BUSINESS COMBINATIONS
|
| Net | ||||||||||||||||
| Company | Acquisition | Purchase | Intangible | Tangible | Operating | |||||||||||
| Name | Date | Price | Assets | Assets | Segment | Business Description | ||||||||||
|
Shepherd Distribution Co.(“Shepherd”)
|
April 29, 2010 | $5.9 (asset purchase) | $ | 2.6 | $ | 3.3 | Northern Division | Distributes shingle underlayment, bottom board, house wrap, siding, poly film and other products to manufactured housing and RV customers. Headquartered in Elkhart, Indiana, it has distribution capabilities throughout the United States. | ||||||||
|
Service Supply Distribution, Inc.
(“Service Supply”)
|
March 8, 2010 | $0.6 (asset purchase) | $ | 0.0 | $ | 0.6 | Southern Division | Distributes certain plumbing, electrical, adhesives, flooring, paint and other products to manufactured housing and RV customers. Headquartered in Cordele, Georgia, it has distribution capabilities throughout the United States. | ||||||||
14
| Non-compete | Customer | Goodwill - | Goodwill - Tax | |||||||||||||
| agreements | Relationships | Total | Deductible | |||||||||||||
|
D-Stake initial purchase price
allocation
|
$ | 2.6 | $ | 2.5 | $ | 2.5 | ||||||||||
|
Adjustments
|
(1.6 | ) | 1.9 | (0.3 | ) | (0.3 | ) | |||||||||
|
D-Stake final purchase price allocation
|
1.0 | 1.9 | 2.2 | 2.2 | ||||||||||||
| H. |
SEGMENT REPORTING
|
| Nine Months Ended September 25, 2010 | Nine Months Ended September 26, 2009 | |||||||||||||||||||||||
| Northern, | Northern, | |||||||||||||||||||||||
| Southern and | Southern and | |||||||||||||||||||||||
| Western | All | Western | All | |||||||||||||||||||||
| Divisions | Other | Total | Divisions | Other | Total | |||||||||||||||||||
|
Net sales to outside customers
|
$ | 1,401,600 | $ | 110,566 | $ | 1,512,166 | $ | 1,242,119 | $ | 92,316 | $ | 1,334,435 | ||||||||||||
|
Intersegment net sales
|
0 | 41,716 | 41,716 | 0 | 29,239 | 29,239 | ||||||||||||||||||
|
Segment operating profit
|
31,284 | 1,314 | 32,598 | 36,845 | 6,660 | 43,505 | ||||||||||||||||||
15
| I. |
ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES
|
| J. |
SUBSEQUENT EVENTS
|
16
| • |
Our overall unit sales were flat compared to the third quarter of 2009 as increased unit
sales to our industrial and manufactured housing customers was substantially offset by a
decline in unit sales to our DIY/retail customers. We believe we have gained additional share
of the industrial and manufactured housing markets we serve. Share gains in our industrial
market have been achieved by adding many new customers while share gains in manufactured
housing have been achieved by acquiring distribution operations. We believe we have
maintained our share of the DIY/retail market. Finally, we recently closed several plants
that supply the site-built housing market in order to achieve profitability and cash flow
goals; consequently, we believe that these actions may temporarily cause us to lose some
market share.
|
| • |
After unusual volatility in the second quarter, the Lumber Market stabilized and was
approximately 5% higher, on average, in the third quarter of 2010 compared to the same period
of 2009. Consequently, the Lumber Market had the effect of slightly increasing our overall
selling prices for the quarter.
|
17
| • |
The Leading Indicator for Remodeling Activity, released by Harvard’s Joint Center for
Housing Studies, estimated in its’ most recent report that spending in the third quarter of
2010 on homeowner remodeling improvements declined 4.1% for the period, which impacts our
DIY/retail market. Consumer spending for large repair/remodel projects has decreased due to
general economic conditions, among other factors, including weak home prices and high
unemployment levels. Consequently, the same store sales of our “big box” home improvement
retailers have declined. The Consumer Confidence Index recently decreased in September
causing concern about the level of consumer spending in future months.
|
| • |
National housing starts decreased approximately 6% in the period from June through August
of 2010 (our sales trail housing starts by about a month), compared to the same period of
2009, likely due to the expiration of certain government tax credits which shifted customer
demand to earlier in the year.
|
| • |
Shipments of HUD code manufactured homes were up 3% in July and August of 2010, compared to
the same period of 2009. Shipments of manufactured homes were also positively impacted by
certain tax credits that have now expired.
|
| • |
The industrial market has improved as the U.S. economy slowly recovers. More
significantly, we gained additional share of this market due, in part, to adding many new
customers and continuing to penetrate the concrete forming business.
|
| • |
Our gross margin decreased by 3.8% this quarter compared to the third quarter of 2009.
While lumber prices stabilized during the third quarter of 2010, inventories were built
earlier in the year—when lumber prices were up as much as 52% over the previous year—in
preparation for a solid selling season, which didn’t materialize. At the end of June, our inventory consisted primarily of higher-cost lumber, which adversely affected
profits in the third quarter. We have since sold through this higher cost product and, by the end
of the third quarter, our inventories comprised lumber purchased at a much lower cost. At the
end of September of 2010, our average cost of lumber inventory was approximately 7% higher than our average cost at the end of September of 2009, which approximates
the year over year increase in the Lumber Market.
|
| • |
Our cash flow from operating activities was only $13 million, reflecting higher inventory
levels due to softening demand. We anticipate strong cash flows for the balance of the year
as we reduce inventories to a level needed to support current demand.
|
18
| Random Lengths Composite | ||||||||
| Average $/MBF | ||||||||
| 2010 | 2009 | |||||||
|
January
|
$ | 264 | $ | 198 | ||||
|
February
|
312 | 199 | ||||||
|
March
|
310 | 195 | ||||||
|
April
|
351 | 208 | ||||||
|
May
|
333 | 198 | ||||||
|
June
|
267 | 222 | ||||||
|
July
|
251 | 238 | ||||||
|
August
|
245 | 239 | ||||||
|
September
|
250 | 236 | ||||||
|
|
||||||||
|
Third quarter average
|
$ | 249 | $ | 238 | ||||
|
Year-to-date average
|
$ | 287 | $ | 215 | ||||
|
|
||||||||
|
Third quarter percentage
change from 2009
|
4.6 | % | ||||||
|
Year-to-date percentage
change from 2009
|
33.5 | % | ||||||
| Random Lengths SYP | ||||||||
| Average $/MBF | ||||||||
| 2010 | 2009 | |||||||
|
|
||||||||
|
January
|
$ | 269 | $ | 241 | ||||
|
February
|
331 | 233 | ||||||
|
March
|
337 | 232 | ||||||
|
April
|
382 | 241 | ||||||
|
May
|
374 | 231 | ||||||
|
June
|
293 | 236 | ||||||
|
July
|
264 | 253 | ||||||
|
August
|
249 | 241 | ||||||
|
September
|
252 | 244 | ||||||
|
|
||||||||
|
Third quarter average
|
$ | 255 | $ | 246 | ||||
|
Year-to-date average
|
$ | 306 | $ | 239 | ||||
|
|
||||||||
|
Third quarter percentage
change from 2009
|
3.7 | % | ||||||
|
Year-to-date percentage
change from 2009
|
28.0 | % | ||||||
19
| • |
Products with fixed selling prices
. These products include value-added products
such as decking and fencing sold to DIY/retail customers, as well as trusses,
wall panels and other components sold to the site-built construction market, and
most industrial packaging products. Prices for these products are generally
fixed at the time of the sales quotation for a specified period of time or are
based upon a specific quantity. In order to maintain margins and reduce any
exposure to adverse
trends
in the price of component lumber products, we attempt
to lock in costs for these sales commitments with our suppliers. Also, the time
period and quantity limitations generally allow us to re-price our products for
changes in lumber costs from our suppliers.
|
|
| • |
Products with selling prices indexed to the reported Lumber Market with a fixed
dollar “adder” to cover conversion costs and profits
. These products primarily
include treated lumber, remanufactured lumber, and trusses sold to the
manufactured housing industry. For these products, we estimate the customers’
needs and carry anticipated levels of inventory. Because lumber costs are
incurred in advance of final sale prices, subsequent increases or decreases in
the market price of lumber impact our gross margins. For these products, our
margins are exposed to changes in the
trend
of lumber prices.
|
20
| • |
Products with significant inventory levels with low turnover rates, whose
selling prices are indexed to the Lumber Market
. In other words, the longer the
period of time these products remain in inventory, the greater the exposure to
changes in the price of lumber. This would include treated lumber, which
comprises approximately 17% of our total sales. This exposure is less
significant with remanufactured lumber, trusses sold to the manufactured housing
market, and other similar products, due to the higher rate of inventory
turnover. We attempt to mitigate the risk associated with treated lumber
through vendor consignment inventory programs. (
Please refer to the “Risk
Factors” section of our annual report on form 10-K, filed with the United States
Securities and Exchange Commission.
)
|
|
| • |
Products with fixed selling prices sold under long-term supply arrangements,
particularly those involving multi-family construction projects
. We attempt to
mitigate this risk through our purchasing practices by locking in costs.
|
| Period 1 | Period 2 | |||||||
|
|
||||||||
|
Lumber cost
|
$ | 300 | $ | 400 | ||||
|
Conversion cost
|
50 | 50 | ||||||
|
|
||||||||
|
= Product cost
|
350 | 450 | ||||||
|
Adder
|
50 | 50 | ||||||
|
|
||||||||
|
= Sell price
|
$ | 400 | $ | 500 | ||||
|
Gross margin
|
12.5 | % | 10.0 | % | ||||
21
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
| September 25, | September 26, | September 25, | September 26, | |||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
|
|
||||||||||||||||
|
Net sales
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
|
Cost of goods sold
|
88.7 | 84.9 | 87.8 | 85.1 | ||||||||||||
|
|
||||||||||||||||
|
Gross profit
|
11.3 | 15.1 | 12.2 | 14.9 | ||||||||||||
|
Selling, general, and
administrative expenses
|
9.8 | 11.2 | 9.9 | 11.7 | ||||||||||||
|
Net loss (gain) on
disposition of assets and
other impairment and exit
charges
|
0.2 | 0.1 | 0.1 | (0.1 | ) | |||||||||||
|
|
||||||||||||||||
|
Earnings from operations
|
1.2 | 3.8 | 2.2 | 3.3 | ||||||||||||
|
Interest, net
|
0.2 | 0.2 | 0.2 | 0.2 | ||||||||||||
|
|
||||||||||||||||
|
Earnings before income taxes
|
1.1 | 3.6 | 2.0 | 3.0 | ||||||||||||
|
Income taxes
|
0.4 | 1.4 | 0.7 | 1.1 | ||||||||||||
|
|
||||||||||||||||
|
Net earnings
|
0.7 | 2.2 | 1.3 | 1.9 | ||||||||||||
|
Less net earnings
attributable to
non-controlling interest
|
(0.1 | ) | (0.0 | ) | (0.1 | ) | (0.0 | ) | ||||||||
|
|
||||||||||||||||
|
Net earnings attributable
to controlling interest
|
0.5 | % | 2.2 | % | 1.1 | % | 1.9 | % | ||||||||
|
|
||||||||||||||||
| Note: |
Actual percentages are calculated and may not sum to total due to rounding.
|
| • |
Diversifying our end market sales mix by increasing sales of
specialty wood packaging to industrial users, increasing our
penetration of the concrete forms market, increasing our sales of
engineered wood components for custom home, multi-family and light
commercial construction, and expanding our product lines in each
of the markets we serve.
|
|
| • |
Expanding geographically in our core businesses.
|
|
| • |
Increasing sales of “value-added” products and framing services.
Value-added product sales primarily consist of fencing, decking,
lattice, and other specialty products sold to the DIY/retail
market, specialty wood packaging, engineered wood components, and “wood alternative” products.
Engineered wood components include roof trusses, wall panels, and floor systems. Wood alternative
products consist primarily of composite wood and plastics. Although we consider the treatment of
dimensional lumber with certain chemical preservatives a value-added process, treated lumber is
not presently included in the value-added sales totals.
|
| • |
Maximizing unit sales growth while achieving return on investment goals.
|
22
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||
| September 25, | September 26, | % | September 25, | September 26, | % | |||||||||||||||||||
| Market Classification | 2010 | 2009 | Change | 2010 | 2009 | Change | ||||||||||||||||||
|
DIY/Retail
|
$ | 197,855 | $ | 214,299 | (7.7 | ) | $ | 678,096 | $ | 673,063 | 0.8 | |||||||||||||
|
Site-Built Construction
|
70,115 | 68,984 | 1.6 | 203,227 | 189,947 | 7.0 | ||||||||||||||||||
|
Industrial
|
158,091 | 132,532 | 19.3 | 463,318 | 368,951 | 25.6 | ||||||||||||||||||
|
Manufactured Housing
|
63,429 | 53,676 | 18.2 | 193,407 | 134,957 | 43.3 | ||||||||||||||||||
|
|
||||||||||||||||||||||||
|
Total Gross Sales
|
489,490 | 469,491 | 4.3 | 1,538,048 | 1,366,918 | 12.5 | ||||||||||||||||||
|
Sales Allowances
|
(8,916 | ) | (11,723 | ) | (25,882 | ) | (32,483 | ) | ||||||||||||||||
|
|
||||||||||||||||||||||||
|
Total Net Sales
|
$ | 480,574 | $ | 457,768 | 5.0 | $ | 1,512,166 | $ | 1,334,435 | 13.3 | ||||||||||||||
|
|
||||||||||||||||||||||||
| Note: |
In the first quarter of 2010, we reviewed the classification of our customers and made
certain reclassifications. Prior year information has been restated to reflect these
reclassifications.
|
23
24
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 25, | September 26, | September 25, | September 26, | |||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
|
|
||||||||||||||||
|
Value-Added
|
59.0 | % | 58.4 | % | 58.6 | % | 60.1 | % | ||||||||
|
Commodity-Based
|
41.0 | % | 41.6 | % | 41.4 | % | 39.9 | % | ||||||||
25
| • |
Current and projected earnings, cash flow and return on investment
|
| • |
Current and projected market demand
|
| • |
Market share
|
| • |
Competitive factors
|
| • |
Future growth opportunities
|
| • |
Personnel and management
|
26
| Nine Months Ended | ||||||||
| September 25, 2010 | September 26, 2009 | |||||||
|
Cash from operating activities
|
$ | 12,736 | $ | 111,931 | ||||
|
Cash from investing activities
|
(27,097 | ) | 2,070 | |||||
|
Cash from financing activities
|
(9,786 | ) | (47,362 | ) | ||||
|
|
||||||||
|
Net change in cash and cash equivalents
|
(24,147 | ) | 66,639 | |||||
|
Cash and
cash equivalents, beginning of period
|
82,219 | 13,337 | ||||||
|
|
||||||||
|
Cash and cash equivalents, end of period
|
$ | 58,072 | $ | 79,976 | ||||
|
|
||||||||
27
28
29
| (a) |
Evaluation of Disclosure Controls and Procedures
. With the participation of
management, our chief executive officer and chief financial officer, after evaluating the
effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a
— 15e and 15d — 15e) as of the quarter ended September 25, 2010 (the “Evaluation Date”), have
concluded that, as of such date, our disclosure controls and procedures were effective.
|
| (b) |
Changes in Internal Controls
. During the quarter ended September 25, 2010, there
were no changes in our internal control over financial reporting that materially affected, or
is reasonably likely to materially affect, our internal control over financial reporting.
|
30
| (a) |
None.
|
| (b) |
None.
|
| (c) |
Issuer purchases of equity securities.
|
| Fiscal Month | (a) | (b) | (c) | (d) | ||||||||||||
|
|
||||||||||||||||
|
June 27, 2010 – July 31, 2010
(1)
|
32,000 | $ | 30.40 | 32,000 | 1,000,829 | |||||||||||
|
August 1 – 28, 2010
|
12,600 | $ | 29.94 | 12,600 | 988,229 | |||||||||||
|
August 29 – September 25, 2010
|
988,229 | |||||||||||||||
| (a) |
Total number of shares purchased.
|
|
| (b) |
Average price paid per share.
|
|
| (c) |
Total number of shares purchased as part of publicly announced plans or
programs.
|
|
| (d) |
Maximum number of shares that may yet be purchased under the plans or programs.
|
|
| (1) |
On November 14, 2001, the Board of Directors approved a share repurchase
program (which succeeded a previous program) allowing us to repurchase up to 2.5
million shares of our common stock. On October 14, 2010, our Board authorized an additional 2 million shares to be repurchased under our share repurchase program. The total number of shares that may be repurchased under
the program is almost 3 million shares.
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31
| 31 | Certifications. | |||
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(a) | Certificate of the Chief Executive Officer of Universal Forest Products, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350). | ||
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(b) | Certificate of the Chief Financial Officer of Universal Forest Products, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350). | ||
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| 32 | Certifications. | |||
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(a) | Certificate of the Chief Executive Officer of Universal Forest Products, Inc., pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350). | ||
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(b) | Certificate of the Chief Financial Officer of Universal Forest Products, Inc., pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350). | ||
| * |
Indicates a compensatory arrangement.
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32
|
UNIVERSAL FOREST PRODUCTS, INC.
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| Date: October 20, 2010 | By: | /s/ Michael B. Glenn | ||
| Michael B. Glenn, | ||||
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Chief Executive Officer and
Principal Executive Officer |
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| Date: October 20, 2010 | By: | /s/ Michael R. Cole | ||
| Michael R. Cole, | ||||
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Chief Financial Officer,
Principal Financial Officer and Principal Accounting Officer |
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33
| Exhibit No. | Description | |||
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| 31 | Certifications. | |||
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||||
|
|
(a) | Certificate of the Chief Executive Officer of Universal Forest Products, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350). | ||
|
|
||||
|
|
(b) | Certificate of the Chief Financial Officer of Universal Forest Products, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350). | ||
|
|
||||
| 32 | Certifications. | |||
|
|
||||
|
|
(a) | Certificate of the Chief Executive Officer of Universal Forest Products, Inc., pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350). | ||
|
|
||||
|
|
(b) | Certificate of the Chief Financial Officer of Universal Forest Products, Inc., pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350). | ||
| * |
Indicates a compensatory arrangement.
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
Suppliers
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|