UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C.
20549
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): August 6, 2010
LSB INDUSTRIES, INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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1-7677
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73-1015226
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||
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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||
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16 South Pennsylvania Avenue,
Oklahoma City, Oklahoma
(Address of principal executive offices) |
73107
(Zip
Code) |
|||
Registrant's telephone number,
including area code (405) 235-4546
Not applicable
(Former
name or former address, if changed since 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 (see General Instruction A.2. below):
|
o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
o
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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))
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|
o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Section
2 – Financial Information
Item
2.02. Results of Operations and Financial Condition
On
August 6, 2010, LSB Industries, Inc. (the “Company”) issued a press release to
report its financial results for the second quarter ended June 30,
2010. The press release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
On
August 6, 2010, at 2:00 p.m. EST / 1:00 p.m. CST, the Company held a
conference call broadcast live over the Internet to discuss the financial
results of the second quarter ended June 30, 2010.
The
information contained in this Item 2.02 of this Form 8-K and the Exhibit
attached hereto are being furnished and shall not be deemed “filed” for the
purposes of Section 18 of the Securities Act of 1934 (as amended), or otherwise
subject to the liabilities of such section, nor shall it be deemed incorporated
by reference in any filing under the Securities Act of 1933 (as amended), except
as shall be expressly set forth by specific reference to this Item 2.02 in such
filing.
Item
9.01. Exhibits
The
information contained in the accompanying Exhibit 99.1 shall not be deemed filed
for purposes of Section 18 of the Exchange Act or incorporated by reference in
any filing under the Exchange Act or the Securities Act, except as shall be
expressly set forth by specific reference to such Exhibit 99.1 in such
filing.
(d)
Exhibits.
Exhibit Description
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99.1
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Press
Release issued by LSB Industries, Inc. dated August 6,
2010
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Company has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
Dated:
August 6, 2010
LSB
INDUSTRIES, INC.
By:
/s/Tony M.
Shelby
Name: Tony
M. Shelby
Title: Executive
Vice President of Finance,
Chief Financial
Officer
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COMPANY
CONTACT:
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Investor
Relations Contact:
|
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Tony
M. Shelby, Chief Financial Officer
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Linda
Latman (212) 836-9609
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(405)
235-4546
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Lena
Cati (212) 836-9611
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|
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The
Equity Group Inc.
|
FOR IMMEDIATE
RELEASE
LSB INDUSTRIES, INC. REPORTS
RESULTS FOR THE
2010 SECOND
QUARTER
OKLAHOMA
CITY, Oklahoma…August 6, 2010… LSB Industries, Inc. (NYSE: LXU) announced today
results for the second quarter ended June 30, 2010.
Second Quarter 2010
Financial Highlights Compared to Second Quarter 2009:
|
·
|
Net
sales were $168.4 million, a 21.5% increase from $138.6
million;
|
|
·
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Operating
income was $12.8 million compared to $14.5
million;
|
|
·
|
Net
income was $6.0 million compared to $8.7
million;
|
|
·
|
Net
income applicable to common shareholders was $6.0 million compared to $8.7
million;
|
|
·
|
Diluted
earnings per common share were $0.27 compared
$0.38.
|
First Six Months 2010
Financial Highlights Compared to First Six Months 2009:
|
·
|
Net
sales were $298.8 million, a 3.5% increase from $288.8
million;
|
|
·
|
Operating
income was $17.2 million compared to $34.0
million;
|
|
·
|
Net
income was $7.7 million compared to $20.5
million;
|
|
·
|
Net
income applicable to common shareholders decreased to $7.4 million from
$20.2 million;
|
|
·
|
Diluted
earnings per common share were $0.35 compared to
$0.89.
|
Discussion of Second Quarter
of 2010:
The 21.5%
increase in net sales was the result of a 52.2% increase in Chemical Business
net sales partially offset by a 10.7% decline in Climate Control net
sales. The upturn in Chemical Business sales includes higher sales
volume in all major product lines – agricultural products, industrial acids and
mining products, plus an increase in selling prices primarily driven by higher
raw material input costs. The decline in Climate Control sales
relates to the continued weakness in commercial and institutional
construction.
The 11.9%
decline in consolidated operating income includes:
|
·
|
a
42.8% decline in Climate Control operating income primarily due to lower
sales and higher material costs, partially offset by a decrease in
operating expenses;
|
|
·
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a
48.1% net increase in Chemical Business operating income resulting from
increased sales volume in the agricultural, industrial and mining
products, including sales of $5.7 million generated by the Pryor, OK
facility (“Pryor Facility”). Pryor incurred operating losses of
$2.0 million for the second quarter 2010 compared to $3.2 million of
start-up expenses in the same quarter
2009.
|
(more)
LSB
Industries, Inc. News Release Page 2
August 6,
2010
Climate Control
Business:
Jack
Golsen, LSB’s Board Chairman and CEO stated, “We are seeing positive signs in
our Climate Control Business. New orders for the three months ended
June 30, 2010 represent the second sequential quarter of increased
bookings. Bookings of new products were $71.7 million compared to
$54.7 million in the second quarter of 2009 and $54.2 million for the first
quarter of 2010. Bookings of residential and commercial products
increased 48% and 26%, respectively, compared to the second quarter of
2009.
“Our
Climate Control backlog continues to move in the right direction, with
sequential quarterly improvement since year-end 2009. At mid-year
2010, backlog was $48.2 million compared to $36.0 million at March 31, 2010,
$32.2 million at December 31, 2009 and is just shy of the $49.5 million in
backlog at June 30, 2009.”
He noted,
“We believe our aggressive advertising and market campaign and the enactment of
federal tax credits for GHPs continue to have a positive impact on orders of
those highly energy efficient and green products.”
Chemical
Business:
Mr.
Golsen continued, “We are naturally pleased by the increased sales volumes in
our major Chemical markets and we anticipate continued market strength for the
balance of the year. Due to a previously disclosed pipe rupture and
resulting fire that damaged the Pryor Facility ammonia plant’s primary reformer,
the Pryor Facility is unable to produce anhydrous ammonia and urea ammonia
nitrate (“UAN”) which was a setback, but we believe that we are on track to
complete repairs toward the end of September 2010. Our insurance
provides for replacement coverage relating to property damage with a $1 million
deductible and business interruption coverage for certain lost profits and extra
expense with a 30-day waiting period and $250,000 deductible.”
Balance Sheet &
Outlook:
Mr.
Golsen noted, “Our financial position remains strong. We closed the
second quarter with a working capital ratio of 3.2 to 1 and a long-term debt to
equity ratio of .65 to 1. During the second quarter, we purchased
177,100 shares of our common stock for an aggregate purchase price of $2.4
million. Also during the second quarter, we purchased $2.5 million
face value of our Debentures that are due in 2012 at approximately face value,
leaving $26.9 million outstanding at June 30, 2010. We closed the
second quarter with over $65 million in cash and cash equivalents.”
Conference
Call
LSB’s
management will host a conference call covering the second quarter results on
Friday, August 6, 2010 at 2:00 ET/1:00 CT to discuss these results and recent
corporate developments. Participating in the call will be CEO, Jack
E. Golsen; President and COO, Barry H. Golsen; and Executive Vice President and
CFO, Tony M. Shelby. Interested parties may participate in the call by dialing
706-679-3079. Please call in ten minutes before the conference is
scheduled to begin and ask for the LSB conference call.
(more)
LSB Industries, Inc. News Release Page 3
August 6, 2010
To listen
to a webcast of the call, please go to the Company’s website at www.lsb-okc.com at
least 15 minutes before the conference call to download and install any
necessary audio software. If you are unable to listen live, the
conference call webcast will be archived on the Company’s website. We
suggest listeners use Microsoft Explorer as their web browser.
LSB Industries,
Inc.
LSB is a
manufacturing, marketing and engineering company. LSB’s principal
business activities consist of the manufacture and sale of commercial and
residential climate control products, such as geothermal and water source heat
pumps, hydronic fan coils, large custom air handlers; the manufacture and sale
of chemical products for the mining, agricultural and industrial markets; and
the provision of specialized engineering services and other
activities.
This
press release contains certain forward-looking statements within the meaning of
the Private Securities Litigation Act of 1995. These forward-looking
statements generally are identifiable by use of the words “believe,” “expects,”
“intends,” “anticipates,” “plans to,” “estimates,” “projects” or similar
expressions, and such forward-looking statements include, but are not limited
to, positive impact on orders for highly efficient and green products; with
respect to our Chemical Business, that we anticipate continued market strength
for the balance of the year; that we are on track to complete the repairs to the
Pryor Facility toward the end of September 2010. Investors are
cautioned that such forward-looking statements are not guarantees of future
performance and involve risk and uncertainties, and that actual results may
differ materially from the forward-looking statements as a result of various
factors, including, but not limited to, general economic conditions, effect of
the recession on the commercial and residential construction industry,
acceptance by the market of our geothermal heat pump products, acceptance of our
technology, changes to federal legislation or adverse regulations, available
working capital, ability to install necessary equipment and renovations at the
Pryor facility in a timely manner, ability to finance our investments, and other
factors set forth under “A Special Note Regarding Forward-Looking Statements”, a
discussion of a variety of factors which could cause the future outcome to
differ materially from the forward-looking statements contained in this letter
contained in the Form 10-K for year ended December 31, 2009, and the Form
10Qs for the quarters ended March 31, 2010 and June 30, 2010.
# #
#
See
Accompanying Tables
LSB Industries, Inc. News Release Page 4
August 6, 2010
LSB
Industries, Inc.
Unaudited
Financial Highlights
Six
Months and Three Months Ended June 30, 2010 and 2009
|
Six
Months
|
Three
Months
|
||||||
|
2010
|
2009
|
2010
|
2009
|
||||
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(in
thousands, except per share
amounts)
|
|||||||
|
Net
sales
|
$ | 298,802 | $ | 288,760 | $ | 168,392 | $ | 138,563 | ||||||||
|
Cost
of sales
|
235,388 | 210,205 | 133,244 | 100,736 | ||||||||||||
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Gross
profit
|
63,414 | 78,555 | 35,148 | 37,827 | ||||||||||||
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Selling,
general and administrative expense
|
46,827 | 44,421 | 22,238 | 23,046 | ||||||||||||
|
Provisions
for (recoveries of) losses on accounts
receivable
|
(35 | ) | 28 | (44 | ) | (24 | ) | |||||||||
|
Other
expense
|
302 | 334 | 244 | 291 | ||||||||||||
|
Other
income
|
(906 | ) | (190 | ) | (100 | ) | (28 | ) | ||||||||
|
Operating
income
|
17,226 | 33,962 | 12,810 | 14,542 | ||||||||||||
|
Interest
expense
|
4,079 | 2,939 | 1,999 | 1,028 | ||||||||||||
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Losses
(gains) on extinguishment of debt
|
52 | (1,743 | ) | 52 | (421 | ) | ||||||||||
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Non-operating
other income, net
|
(38 | ) | (34 | ) | - | (11 | ) | |||||||||
|
Income
from continuing operations before provisions
for income taxes and equity in earnings of affiliate
|
13,133 | 32,800 | 10,759 | 13,946 | ||||||||||||
|
Provisions
for income taxes
|
5,891 | 12,800 | 4,979 | 5,451 | ||||||||||||
|
Equity
in earnings of affiliate
|
(528 | ) | (488 | ) | (267 | ) | (248 | ) | ||||||||
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Income
from continuing operations
|
7,770 | 20,488 | 6,047 | 8,743 | ||||||||||||
|
Net
loss from discontinued operations
|
43 | 15 | 38 | 13 | ||||||||||||
|
Net
income
|
7,727 | 20,473 | 6,009 | 8,730 | ||||||||||||
|
Dividends
on preferred stocks
|
305 | 306 | - | - | ||||||||||||
|
Net
income applicable to common stock
|
$ | 7,422 | $ | 20,167 | $ | 6,009 | $ | 8,730 | ||||||||
|
Weighted
average common shares:
|
||||||||||||||||
|
Basic
|
21,227 | 21,174 | 21,229 | 21,238 | ||||||||||||
|
Diluted
|
21,692 | 23,587 | 22,377 | 23,674 | ||||||||||||
|
Income
per common share:
|
||||||||||||||||
|
Basic
|
$ | .35 | $ | .95 | $ | .28 | $ | .41 | ||||||||
|
Diluted
|
$ | .35 | $ | .89 | $ | .27 | $ | .38 |
LSB
Industries, Inc. News Release Page 5
August
6, 2010
LSB
Industries, Inc.
Notes
to Unaudited Financial Highlights
Six
Months and Three Months Ended June 30, 2010 and 2009
|
Note 1:
|
Net
income applicable to common stock is computed by adjusting net income by
the amount of preferred stock dividends and dividend
requirements. Basic income per common share is based upon net
income applicable to common stock and the weighted-average number of
common shares outstanding during each
period.
|
|
|
Diluted
income per share is based on net income applicable to common stock, plus
preferred stock dividends and dividend requirements on preferred stock
assumed to be converted, if dilutive, and interest expense including
amortization of debt issuance costs, net of income taxes, on convertible
debt assumed to be converted, if dilutive, and the weighted-average number
of common shares and dilutive common equivalent shares outstanding, and
the assumed conversion of dilutive convertible securities
outstanding.
|
|
Note 2:
|
Provisions
for income taxes are as follows:
|
|
Six
Months Ended
June
30,
|
Three
Months Ended
June
30,
|
|||||||
|
(in
thousands)
|
||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||
Current:
|
Federal
|
$
|
4,473
|
$
|
6,490
|
$
|
3,957
|
$
|
1,682
|
||||||
|
State
|
1,174
|
772
|
967
|
182
|
||||||||||
|
Total
current
|
$
|
5,647
|
$
|
7,262
|
$
|
4,924
|
$
|
1,864
|
Deferred:
|
Federal
|
$
|
226
|
$
|
4,970
|
$
|
49
|
$
|
3,219
|
||||||
|
State
|
18
|
568
|
6
|
368
|
||||||||||
|
Total
deferred
|
$
|
244
|
$
|
5,538
|
$
|
55
|
$
|
3,587
|
||||||
|
Provisions
for income taxes
|
$
|
5,891
|
$
|
12,800
|
$
|
4,979
|
$
|
5,451
|
The tax
provision for the six months and three months ended June 30, 2010 was 43.3% and
45.3% respectively, of pre-tax income and included the impact of the increased
domestic manufacturer’s deduction available in 2010, the advanced energy credits
and the additional income tax provision related to nondeductible expenses in
prior years.
During
June 2010, we determined that certain nondeductible expenses had not been
properly identified relating to 2007-2009 provision for income taxes. As a
result, we recorded an additional income tax provision of approximately $800,000
for the six and three months ended June 30, 2010.
Management
of the Company evaluated the impact of this accounting error and concluded the
effect of this adjustment was immaterial to the Company’s 2007-2009 consolidated
financial statements, as well as the projected consolidated financial statements
for the year ending December 31, 2010.
LSB Industries, Inc. News Release Page 6
August 6, 2010
LSB
Industries, Inc.
Notes
to Unaudited Financial Highlights
Six
Months and Three Months Ended June 30, 2010 and 2009
|
Note 3:
|
During
the six and three months ended June 30, 2009, we acquired $9,200,000 and
$3,500,000, respectively, aggregate principal amount of the 2007
Debentures for approximately $7,134,000 and $2,960,000,
respectively. As a result, we recognized a gain on
extinguishment of debt of $1,743,000 and $421,000 respectively, after
writing off the unamortized debt issuance costs associated with the 2007
Debentures acquired.
|
|
|
During
the six and three months ended June 30, 2010, we acquired $2,500,000
aggregate principal amount of the 2007 Debentures for $2,494,000 and
recognized a loss on extinguishment of debt of approximately $52,000,
after writing-off the unamortized debt issuance costs associated with the
2007 Debentures acquired.
|
|
Note 4:
|
Information
about the Company’s operations in different industry segments for the six
and three months ended June 30, 2010 and 2009 is detailed on the following
page.
|
LSB
Industries, Inc. News Release Page 7
August 6,
2010
LSB
Industries, Inc.
Notes
to Unaudited Financial Highlights
|
Six Months and Three Months Ended June
30,
|
|
2010
|
2009
|
2010
|
2009
|
|
(in
thousands)
|
|
Net
sales:
|
|||||||||||||||
|
Climate
Control
|
$
|
113,499
|
$
|
139,030
|
$
|
59,828
|
$
|
66,982
|
|||||||
|
Chemical
|
181,250
|
144,371
|
106,378
|
69,893
|
|||||||||||
|
Other
|
4,053
|
5,359
|
2,186
|
1,688
|
|||||||||||
|
$
|
298,802
|
$
|
288,760
|
$
|
168,392
|
$
|
138,563
|
||||||||
|
Gross
profit: (1)
|
|||||||||||||||
|
Climate
Control
|
$
|
37,231
|
$
|
47,426
|
$
|
18,832
|
$
|
24,998
|
|||||||
|
Chemical (3)
|
24,760
|
29,429
|
15,602
|
12,281
|
|||||||||||
|
Other
|
1,423
|
1,700
|
714
|
548
|
|||||||||||
|
$
|
63,414
|
$
|
78,555
|
$
|
35,148
|
$
|
37,827
|
||||||||
|
Operating
income: (2)
|
|||||||||||||||
|
Climate
Control
|
$
|
12,520
|
$
|
21,204
|
$
|
6,993
|
$
|
12,226
|
|||||||
|
Chemical (3)(4)
|
11,063
|
18,835
|
9,178
|
6,197
|
|||||||||||
|
General
corporate expenses and other business operations,
net (2)
|
(6,357
|
)
|
(6,077
|
)
|
(3,361
|
)
|
(3,881
|
)
|
|||||||
|
17,226
|
33,962
|
12,810
|
14,542
|
||||||||||||
|
Interest
expense
|
(4,079
|
)
|
(2,939
|
)
|
(1,999
|
)
|
(1,028
|
)
|
|||||||
|
Gains
(losses) on extinguishment of debt
|
(52
|
)
|
1,743
|
(52
|
)
|
421
|
|||||||||
|
Non-operating
other income, net:
|
|||||||||||||||
|
Climate
Control
|
1
|
-
|
-
|
-
|
|||||||||||
|
Chemical
|
5
|
6
|
3
|
3
|
|||||||||||
|
Corporate and other business operations
|
32
|
28
|
(3
|
)
|
8
|
||||||||||
|
Provisions
for income taxes
|
(5,891
|
)
|
(12,800
|
)
|
(4,979
|
)
|
(5,451
|
)
|
|||||||
|
Equity
in earnings of affiliate, Climate Control
|
528
|
488
|
267
|
248
|
|||||||||||
|
Income
from continuing operations
|
$
|
7,770
|
$
|
20,488
|
$
|
6,047
|
$
|
8,743
|
|||||||
LSB Industries, Inc. News
Release
Page 8
August 6, 2010
LSB
Industries, Inc.
Notes
to Unaudited Financial Highlights
Six
Months and Three Months Ended June 30, 2010 and 2009
|
(1)
|
Gross
profit by industry segment represents net sales less cost of
sales. Gross profit classified as “Other” relates to the sales
of industrial machinery and related
components.
|
|
(2)
|
Our
chief operating decision makers use operating income by industry segment
for purposes of making decisions which include resource allocations and
performance evaluations. Operating income by industry segment
represents gross profit less selling, general and administrative expense
(“SG&A”) incurred plus other income and other expense earned/incurred
before general corporate expenses and other business operations,
net. General corporate expenses and other business operations,
net, consist of unallocated portions of gross profit, SG&A, other
income and other expense.
|
|
(3)
|
As
the result of entering into sales commitments with higher firm sales
prices during 2008, we recognized sales with a gross profit of $761,000
higher than our comparable product sales made at lower market prices
available during the six months ended June 30, 2010, (not applicable for
the second quarter of 2010) compared to sales with a gross profit of
$3,558,000 and $1,058,000 higher than our comparable product sales made at
lower market prices available during the six and three months ended June
30, 2009, respectively. In addition, during the six months
ended June 30, 2010, we recognized gains on sales and recoveries of
precious metals totaling $112,000 (not applicable for the second quarter
of 2010) compared to gains totaling $2,222,000 and $9,000 during the six
and three months ended June 30, 2009, respectively. The impact
of these transactions increased gross profit and operating income for each
respective period. During the six and three months ended June
30, 2010, we incurred expenses of $2,696,000 and $1,264,000, respectively,
relating to planned major maintenance activities compared to expenses
totaling $604,000 and $484,000 during the six and three months ended June
30, 2009, respectively, During the six and three months ended
June 30, 2010, we recognized losses totaling $589,000 and gains totaling
$249,000, respectively, on our futures/forward contracts for natural gas
and ammonia compared to losses totaling $1,937,000 and $318,000 during the
six and three months ended June 30, 2009, respectively. The
impact of these expenses and losses decreased (gains increased) gross
profit and operating income for each respective
period.
|
|
(4)
|
During
the first six months of 2010, we began limited production and sales of
anhydrous ammonia and urea ammonium nitrate (“UAN”) at our previously
idled chemical facility located in Pryor, Oklahoma (the “Pryor
Facility”). However, the production was at rates lower than our
targeted production rates. As a result, we incurred losses of
$8,030,000 and $1,993,000 for the six and three months ended June 30,
2010. During the six and three months ended June 30, 2009, we
incurred start-up expenses of $5,213,000 and $3,217,000, respectively,
relating to the Pryor Facility. Excluding the impact of the gross profit
recognized during the first half of 2010, these expenses are primarily
included in SG&A for each respective
period.
|
LSB Industries, Inc. News
Release
Page 9
August 6, 2010
LSB
Industries, Inc.
Consolidated
Balance Sheets
(Unaudited)
|
June
30,
2010
|
December
31,
2009
|
|
(in
thousands)
|
||||||
|
Current
assets:
|
||||||
|
Cash
and cash equivalents
|
$
|
65,285
|
$
|
61,739
|
||
|
Restricted
cash
|
276
|
30
|
||||
|
Short-term
investments
|
-
|
10,051
|
||||
|
Accounts
receivable, net
|
73,759
|
57,762
|
||||
|
Inventories:
|
||||||
|
Finished
goods
|
23,084
|
25,753
|
||||
|
Work
in process
|
2,778
|
2,466
|
||||
|
Raw
materials
|
21,347
|
22,794
|
||||
|
Total
inventories
|
47,209
|
51,013
|
||||
|
Supplies,
prepaid items and other:
|
||||||
|
Prepaid
income taxes
|
-
|
1,642
|
||||
|
Prepaid
insurance
|
2,086
|
4,136
|
||||
|
Precious
metals
|
11,422
|
13,083
|
||||
|
Supplies
|
5,976
|
4,886
|
||||
|
Other
|
2,299
|
1,626
|
||||
|
Total
supplies, prepaid items and other
|
21,783
|
25,373
|
||||
|
Deferred
income taxes
|
5,680
|
5,527
|
||||
|
Total
current assets
|
213,992
|
211,495
|
||||
|
Property,
plant and equipment, net
|
121,317
|
117,962
|
||||
|
Other
assets:
|
||||||
|
Debt
issuance costs, net
|
1,342
|
1,652
|
||||
|
Investment
in affiliate
|
4,126
|
3,838
|
||||
|
Goodwill
|
1,724
|
1,724
|
||||
|
Other,
net
|
2,274
|
1,962
|
||||
|
Total
other assets
|
9,466
|
9,176
|
||||
|
$
|
344,775
|
$
|
338,633
|
|||
(Continued
on following page)
LSB Industries, Inc. News Release Page 10
August 6, 2010
LSB
Industries, Inc.
Consolidated
Balance Sheets
(Unaudited)
|
June
30,
2010
|
December
31,
2009
|
|
(in
thousands)
|
||||||
|
Liabilities
and Stockholders’ Equity
|
||||||
|
Current
liabilities:
|
||||||
|
Accounts
payable
|
$
|
38,297
|
$
|
37,553
|
||
|
Short-term
financing
|
955
|
3,017
|
||||
|
Accrued
and other liabilities
|
23,390
|
23,054
|
||||
|
Current
portion of long-term debt
|
3,456
|
3,205
|
||||
|
Total
current liabilities
|
66,098
|
66,829
|
||||
|
Long-term
debt
|
98,459
|
98,596
|
||||
|
Noncurrent
accrued and other liabilities
|
11,252
|
10,626
|
||||
|
Deferred
income taxes
|
12,467
|
11,975
|
||||
|
Stockholders'
equity:
|
||||||
|
Series
B 12% cumulative, convertible preferred stock, $100 par value;
20,000 shares issued and outstanding
|
2,000
|
2,000
|
||||
|
Series
D 6% cumulative, convertible Class C preferred stock, no par
value; 1,000,000 shares issued
|
1,000
|
1,000
|
||||
|
Common
stock, $.10 par value; 75,000,000 shares authorized, 25,413,145
shares issued (25,369,095 at December 31, 2009)
|
2,541
|
2,537
|
||||
|
Capital
in excess of par value
|
130,828
|
129,941
|
||||
|
Retained
earnings
|
48,504
|
41,082
|
||||
|
184,873
|
176,560
|
|||||
|
Less
treasury stock at cost:
|
||||||
|
Common
stock, 4,320,462 shares (4,143,362 at December 31, 2009)
|
28,374
|
25,953
|
||||
|
Total
stockholders' equity
|
156,499
|
150,607
|
||||
|
$
|
344,775
|
$
|
338,633
|
|||