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): April 23, 2004
Simpson Manufacturing Co., Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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0-23804 |
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94-3196943 |
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(State or other
jurisdiction |
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(Commission |
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(I.R.S. Employer |
4120 Dublin Boulevard, Suite 400, Dublin, CA 94568
(Address of principal executive offices)
(Registrant’s telephone number, including area code): (925) 560-9000
Item 9. Regulation FD Disclosure.
Reproduced below is the statement of cash flows for Simpson Manufacturing Co., Inc. for the first quarter of 2004.
Simpson Manufacturing Co., Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
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Three
Months |
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2004 |
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2003 |
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Cash flows from operating activities |
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Net income |
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$ |
17,949,470 |
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$ |
11,024,902 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Gain on sale of capital equipment |
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(40,997 |
) |
(36,326 |
) |
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Depreciation and amortization |
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4,717,031 |
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3,966,453 |
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Deferred income taxes and long-term liabilities |
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59,098 |
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(669,914 |
) |
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Noncash compensation related to stock plans |
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1,506,133 |
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575,147 |
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Changes in operating assets and liabilities, net of effects of acquisitions: |
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Trade accounts receivable |
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(40,007,624 |
) |
(16,384,384 |
) |
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Inventories |
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(9,325,265 |
) |
(6,024,822 |
) |
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Trade accounts payable |
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(2,267,281 |
) |
4,535,400 |
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Income taxes payable |
|
10,145,487 |
|
7,220,682 |
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Accrued profit sharing trust contributions |
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(3,931,734 |
) |
(3,562,218 |
) |
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Accrued cash profit sharing and commissions |
|
3,125,651 |
|
549,212 |
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Other current assets |
|
(2,457,741 |
) |
(2,811,729 |
) |
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Accrued liabilities |
|
316,074 |
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(1,408,331 |
) |
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Accrued workers’ compensation |
|
50,000 |
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195,000 |
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Other noncurrent assets |
|
26,543 |
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(70,715 |
) |
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Total adjustments |
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(38,084,625 |
) |
(13,926,545 |
) |
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Net cash used in operating activities |
|
(20,135,155 |
) |
(2,901,643 |
) |
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Cash flows from investing activities |
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|
|
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|
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Capital expenditures |
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(6,151,311 |
) |
(7,600,876 |
) |
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Asset acquisitions, net of cash acquired |
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— |
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(65,684 |
) |
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Proceeds from sale of equipment |
|
40,541 |
|
39,705 |
|
||
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Purchases of available-for-sale investments |
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(26,217,348 |
) |
(8,443,908 |
) |
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Sales of available-for-sale investments |
|
25,500,000 |
|
4,009,168 |
|
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Net cash used in investing activities |
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(6,828,118 |
) |
(12,061,595 |
) |
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|
|
|
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Cash flows from financing activities |
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|
|
|
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Issuance of debt |
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1,874,190 |
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1,323,368 |
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Repayment of debt |
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(125,498 |
) |
(318,230 |
) |
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Issuance of common stock |
|
684,455 |
|
482,283 |
|
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Net cash provided by financing activities |
|
2,433,147 |
|
1,487,421 |
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|
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Effect of exchange rate changes on cash |
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(159,517 |
) |
134,523 |
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|
|
|
|
|
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Net decrease in cash and cash equivalents |
|
(24,689,643 |
) |
(13,341,294 |
) |
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Cash and cash equivalents at beginning of period |
|
95,135,885 |
|
103,318,056 |
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Cash and cash equivalents at end of period |
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$ |
70,446,242 |
|
$ |
89,976,762 |
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2
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.
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Simpson Manufacturing Co., Inc. |
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(Registrant) |
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DATE: |
April 23, 2004 |
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By |
/s/Michael J. Herbert |
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Michael J. Herbert |
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Chief Financial Officer |
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3