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)

 

 

Delaware

 

0-23804

 

94-3196943

(State or other jurisdiction
of incorporation)

 

(Commission
file number)

 

(I.R.S. Employer
Identification No.)

 

 

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)

 

 

 

Three Months
Ended March 31,

 

 

 

2004

 

2003

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

Net income

 

$

17,949,470

 

$

11,024,902

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Gain on sale of capital equipment

 

(40,997

)

(36,326

)

Depreciation and amortization

 

4,717,031

 

3,966,453

 

Deferred income taxes and long-term liabilities

 

59,098

 

(669,914

)

Noncash compensation related to stock plans

 

1,506,133

 

575,147

 

Changes in operating assets and liabilities, net of effects of acquisitions:

 

 

 

 

 

Trade accounts receivable

 

(40,007,624

)

(16,384,384

)

Inventories

 

(9,325,265

)

(6,024,822

)

Trade accounts payable

 

(2,267,281

)

4,535,400

 

Income taxes payable

 

10,145,487

 

7,220,682

 

Accrued profit sharing trust contributions

 

(3,931,734

)

(3,562,218

)

Accrued cash profit sharing and commissions

 

3,125,651

 

549,212

 

Other current assets

 

(2,457,741

)

(2,811,729

)

Accrued liabilities

 

316,074

 

(1,408,331

Accrued workers’ compensation

 

50,000

 

195,000

 

Other noncurrent assets

 

26,543

 

(70,715

)

Total adjustments

 

(38,084,625

)

(13,926,545

)

 

 

 

 

 

 

Net cash used in operating activities

 

(20,135,155

)

(2,901,643

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Capital expenditures

 

(6,151,311

)

(7,600,876

)

Asset acquisitions, net of cash acquired

 

 

(65,684

)

Proceeds from sale of equipment

 

40,541

 

39,705

 

Purchases of available-for-sale investments

 

(26,217,348

)

(8,443,908

)

Sales of available-for-sale investments

 

25,500,000

 

4,009,168

 

Net cash used in investing activities

 

(6,828,118

)

(12,061,595

)

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

Issuance of debt

 

1,874,190

 

1,323,368

 

Repayment of debt

 

(125,498

)

(318,230

)

Issuance of common stock

 

684,455

 

482,283

 

Net cash provided by financing activities

 

2,433,147

 

1,487,421

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

(159,517

)

134,523

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

(24,689,643

)

(13,341,294

)

Cash and cash equivalents at beginning of period

 

95,135,885

 

103,318,056

 

Cash and cash equivalents at end of period

 

$

70,446,242

 

$

89,976,762

 

 

 

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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.

 

 

 

 

 

 

 

Simpson Manufacturing Co., Inc.

 

 

 

 

(Registrant)

 

 

 

 

 

 

 

 

 

 

DATE:

April 23, 2004

 

By

/s/Michael J. Herbert

 

 

 

 

Michael J. Herbert

 

 

 

 

Chief Financial Officer

 

 

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