Form 10-K Amendment

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-K/A

Amendment No. 1

 

 

(MARK ONE)

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE FISCAL YEAR ENDED DECEMBER 31, 2012

OR

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM                      TO                     

Commission File Number 1-4462

 

 

STEPAN COMPANY

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   36-1823834

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

Edens and Winnetka Road, Northfield, Illinois   60093
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number including area code: 847-446-7500

Securities registered pursuant to Section 12 (b) of the Act:

 

    Name of Each Exchange

Title of Each Class

 

on Which Registered

Common Stock, $1 par value   New York Stock Exchange
  Chicago Stock Exchange
5 1/2% Convertible Preferred Stock, no par value   New York Stock Exchange
  Chicago Stock Exchange

Securities registered pursuant to Section 12 (g) of the Act:

None

 

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act    Yes  x    No  ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the

Act     Yes  ¨    No  x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in part III of this Form 10-K or any amendment to this Form 10-K.  ¨.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer   x    Accelerated filer   ¨
Non-accelerated filer   ¨    Smaller reporting company   ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)    Yes  ¨    No  x

Aggregate market value at June 30, 2012, of voting and non-voting common stock held by nonaffiliates of the registrant: $812,371,804*

Number of shares outstanding of each of the registrant’s classes of common stock as of January 31, 2013:

 

Class

 

Outstanding at January 31, 2013

Common Stock, $1 par value

  21,965,972

 

Documents Incorporated by Reference

 

Part of Form 10-K

 

Document Incorporated

Part III, Items 10-14

  Portions of the Proxy Statement for Annual
  Meeting of Stockholders to be held
  April 30, 2013.

 

* Based on reported ownership by all directors, officers and beneficial owners of more than 5% of registrant’s voting stock. However, this determination does not constitute an admission of affiliate status for any of these holders.

 

 

 


EXPLANATORY NOTE

Stepan Company (the “Company”) is filing this Amendment No. 1 on Form 10-K/A (this “Amendment”) for the sole purpose of correcting a typographical error in the 2012 ‘Per Diluted Share’ row included in the Selected Financial Data table of Item 6 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as filed with the U.S. Securities and Exchange Commission on February 27, 2013 (the “Original Filing”). The ‘Per Diluted Share’ amount reported for 2012 in the Selected Financial Data table of the Original Filing was inadvertently reported as $3.71. The correct amount of $3.49 has been corrected herein. Except as described above, no other amendments are being made to the Original Filing. This Amendment does not modify or update in any way the disclosures contained in the Original Filing.

As required by Rule 12b-15 promulgated under the Securities Exchange Act of 1934, as amended, the Company’s principal executive officer and principal financial officer are providing Rule 13a-14(a) certifications in connection with this Form 10-K/A (but otherwise identical to their prior certifications) and are also furnishing, but not filing, Rule 13a-14(b) certifications in connection with this Form 10-K/A (but otherwise identical to their prior certifications).

The corrected Selected Financial Data table is included below:


Item 6. Selected Financial Data

(In thousands, except per share data)

 

For the Year

   2012     2011     2010     2009     2008  

Net Sales

   $ 1,803,737      $ 1,843,092      $ 1,431,122      $ 1,276,382      $ 1,600,130   

Operating Income

     128,716        118,456        107,897        104,888        70,680   

Percent of Net Sales

     7.1     6.4     7.5     8.2     4.4

Income Before Provision for Income

          

Taxes

     115,722        104,894        101,479        97,131        54,878   

Percent of Net Sales

     6.4     5.7     7.1     7.6     3.4

Provision for Income Taxes

     36,035        32,292        35,888        34,028        17,615   

Net Income Attributable to Stepan Company

     79,396        71,976        65,427        63,049        37,172   

Per Diluted Share (a) (b)

     3.49        3.21        2.95        2.92        1.76   

Percent of Net Sales

     4.4     3.9     4.6     4.9     2.3

Percent to Total Stepan Company Stockholders’ Equity (c)

     18.0     19.2     20.5     25.3     17.9

Cash Dividends Paid

     12,757        11,513        10,570        9,557        8,863   

Per Common Share (a)

     0.5800        0.5300        0.4900        0.4500        0.4250   

Depreciation and Amortization

     51,294        47,099        40,351        37,171        36,928   

Capital Expenditures

     83,159        83,166        73,748        42,631        49,778   

Weighted-average Common Shares Outstanding (Diluted) (a)

     22,730        22,440        22,180        21,592        21,098   

As of Year End

                              

Working Capital

   $ 275,911      $ 246,516      $ 222,199      $ 186,297      $ 116,288   

Current Ratio

     2.1        2.1        2.1        2.1        1.5   

Property, Plant and Equipment, net

     422,022        383,983        353,585        248,618        238,166   

Total Assets

     985,478        901,118        811,431        634,203        611,897   

Long-term Debt Obligations, Less Current Maturities

     149,564        164,967        159,963        93,911        104,725   

Total Stepan Company Stockholders’ Equity

     478,985        401,211        349,491        289,285        208,144   

 

(a) 

Reflects the two-for-one common stock split that was effective December 14, 2012.

(b) 

Based on weighted-average number of common shares outstanding during the year.

(c)

Based on average equity.


SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

STEPAN COMPANY
 
By:   /s/ James E. Hurlbutt
  James E. Hurlbutt
  Vice President and Chief Financial Officer

March 12, 2013


EXHIBIT INDEX

 

(31.1)    Certification of President and Chief Executive Officer
(31.2)    Certification of Vice President and Chief Financial Officer (Principal Financial Officer)
(32)    Certification of President and Chief Executive Officer (Principal Executive Officer) and Vice President and Chief Financial Officer (Principal Financial Officer) pursuant to Section 906 of the Sarbanes-Oxley Act of 2002