- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the First Quarter Ended Commission File Number
March 27, 1999 0-3701
------------------------
VALMONT INDUSTRIES, INC.
Valley, Nebraska 68064
Telephone Number 402-359-2201
DELAWARE 47-0351813
(State of Incorporation) (I.R.S. Employer Identification No.)
------------------------
Indicate by check mark whether the registrant (1) has filed all reports to
be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding twelve months, and (2) has been subject to such filing
requirements for the past ninety days. Yes / / No /X/
As of April 28, 1999 there were outstanding 24,241,909 common shares of the
registrant.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
INDEX TO FORM 10-Q
------------------------
PART I. FINANCIAL INFORMATION PAGE NO.
- -------------------------------------------------------------------------------------------------------- -----------
Item 1. Condensed Consolidated Financial Statements:
Consolidated Statements of Operations for the thirteen weeks ended March 27, 1999 and March 28,
1998................................................................................................ 3
Consolidated Balance Sheets as of March 27, 1999 and December 26, 1998................................ 4
Consolidated Statements of Cash Flows for the thirteen weeks ended March 27, 1999 and March 28,
1998................................................................................................ 5
Notes to Consolidated Financial Statements............................................................ 6-9
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations........... 10-12
PART II. OTHER INFORMATION
- --------------------------------------------------------------------------------------------------------
Item 4. Submission of Matters to a Vote of Security Holders............................................. 13
Item 6. Exhibits and Reports on Form 8-K................................................................ 14
SIGNATURES.............................................................................................. 15
2
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
THIRTEEN WEEKS ENDED
----------------------
MARCH 27, MARCH 28,
1999 1998
---------- ----------
Net sales................................................................................. $ 154,403 $ 160,587
Cost of sales............................................................................. 114,005 117,518
---------- ----------
Gross profit............................................................................ 40,398 43,069
Selling, general and administrative expenses.............................................. 29,483 27,405
---------- ----------
Operating income........................................................................ 10,915 15,664
---------- ----------
Other income (deductions):
Interest expense........................................................................ (1,905) (1,038)
Interest income......................................................................... 230 244
Miscellaneous........................................................................... (79) 375
---------- ----------
(1,754) (419)
---------- ----------
Earnings before income taxes............................................................ 9,161 15,245
---------- ----------
Income tax expense:
Current................................................................................. 5,500 5,700
Deferred................................................................................ (2,100) (100)
---------- ----------
3,400 5,600
---------- ----------
Net Earnings............................................................................ $ 5,761 $ 9,645
---------- ----------
---------- ----------
Earnings per share:
Basic................................................................................. $ 0.23 $ 0.35
---------- ----------
---------- ----------
Diluted............................................................................... $ 0.23 $ 0.34
---------- ----------
---------- ----------
Cash dividends per share................................................................ $ 0.065 $ 0.05625
---------- ----------
---------- ----------
Weighted average number of shares of common stock outstanding (000 omitted)............... 24,588 27,654
---------- ----------
---------- ----------
Weighted average number of shares of common stock outstanding plus dilutive potential
common shares (000 omitted)........................................................... 24,784 28,271
---------- ----------
---------- ----------
See accompanying notes to consolidated financial statements.
3
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS)
DECEMBER 26,
1998
MARCH 27, ------------
1999
-----------
(UNAUDITED)
ASSETS
Current assets:
Cash and cash equivalents........................................................... $ 8,209 $ 7,580
Receivables......................................................................... 108,592 115,843
Inventories......................................................................... 76,866 77,694
Prepaid expenses.................................................................... 5,216 5,297
Refundable and deferred income taxes................................................ 9,310 13,532
----------- ------------
Total current assets.............................................................. 208,193 219,946
----------- ------------
Property, plant and equipment, at cost................................................ 307,105 292,944
Less accumulated depreciation and amortization...................................... 140,659 135,497
----------- ------------
Net property, plant and equipment................................................. 166,446 157,447
----------- ------------
Goodwill and other assets............................................................. 24,963 29,564
----------- ------------
Total assets...................................................................... $ 399,602 $ 406,957
----------- ------------
----------- ------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt.............................................. $ 5,713 $ 5,737
Notes payable to banks.............................................................. 20,877 25,494
Accounts payable.................................................................... 46,115 45,996
Accrued expenses.................................................................... 45,904 41,646
Dividends payable................................................................... 1,581 1,607
----------- ------------
Total current liabilities......................................................... 120,190 120,480
----------- ------------
Deferred income taxes................................................................. 10,293 11,984
Long-term debt, excl. current installments............................................ 87,503 90,481
Minority interest in consolidated subsidiaries........................................ 5,395 3,862
Other noncurrent liabilities.......................................................... 4,274 4,237
Shareholders' equity:
Preferred stock..................................................................... -- --
Common stock of $1 par value........................................................ 27,900 27,900
Additional paid-in capital.......................................................... 1,280 1,280
Retained earnings................................................................... 204,573 200,393
Accumulated other comprehensive income.............................................. (4,689) (1,423)
Treasury stock...................................................................... (57,117) (52,235)
Unearned restricted stock........................................................... -- (2)
----------- ------------
Total shareholders' equity........................................................ 171,947 175,913
----------- ------------
Total liabilities and shareholders' equity........................................ $ 399,602 $ 406,957
----------- ------------
----------- ------------
See accompanying notes to consolidated financial statements.
4
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS)
(UNAUDITED)
THIRTEEN WEEKS ENDED
----------------------
MARCH 27, MARCH 28,
1999 1998
---------- ----------
Net cash provided by operations........................................................... $ 23,725 $ 18,927
---------- ----------
Cash flows from investment activities:
Purchase of property, plant & equipment................................................. (11,116) (3,167)
Acquisitions............................................................................ (2,854) (13,309)
Proceeds from long-term borrowings...................................................... -- 5,483
Proceeds from sale of property and equipment............................................ 79 43
Proceeds from investment by minority shareholder........................................ 134 --
Proceeds from sale of nonconsolidated affiliate......................................... 8,294 --
Changes in other assets................................................................. (185) (994)
Other, net.............................................................................. 130 (253)
---------- ----------
Net cash used in investing activities................................................. (5,518) (12,197)
---------- ----------
Cash flows from financing activities:
Net repayments under short-term agreements.............................................. (7,955) (2,308)
Principal payments on long-term obligations............................................. (2,274) (2,035)
Dividends paid.......................................................................... (1,607) (1,555)
Proceeds from exercises under stock plans............................................... 16 371
Purchase of common treasury shares:
Stock repurchase program.............................................................. (4,883) --
Stock plan exercises.................................................................. (15) (478)
---------- ----------
Net cash used by financing activities................................................. (16,718) (6,005)
---------- ----------
Effect of exchange rate changes on cash and and cash equivalents.......................... (860) --
---------- ----------
Net increase in cash and cash equivalents............................................. 629 725
Cash and cash equivalents--beginning of period............................................ 7,580 11,505
---------- ----------
Cash and cash equivalents--end of period.................................................. $ 8,209 $ 12,230
---------- ----------
---------- ----------
See accompanying notes to consolidated financial statements.
5
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS)
(UNAUDITED)
1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The Condensed Consolidated Balance Sheet as of March 27, 1999 and the
Condensed Consolidated Statements of Operations for the thirteen week periods
ended March 27, 1999 and March 28, 1998 and the Condensed Consolidated
Statements of Cash Flows for the thirteen week periods then ended have been
prepared by the Company, without audit. In the opinion of management, all
necessary adjustments (which include normal recurring adjustments) have been
made to present fairly the financial statements as of March 27, 1999 and for all
periods presented.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted. These Condensed Consolidated Financial
Statements should be read in conjunction with the financial statements and notes
thereto included in the Company's December 26, 1998 Annual Report to
shareholders. The results of operations for the period ended March 27, 1999 are
not necessarily indicative of the operating results for the full year.
2. INVENTORIES
Approximately 62% of the Company's inventories are valued at cost on the
basis of the last-in first-out (LIFO) dollar value method under the natural
business unit concept, which is not in excess of market (net realizable value).
As a result, it is not possible to segregate the inventories into their
component values of raw material, work-in-process and finished goods. All other
inventories are valued at lower of first-in first-out (FIFO) cost or market (net
realizable value).
3. CASH FLOWS
The Company considers cash and cash investments with a maturity of three
months or less when purchased, to be cash equivalents. Interest paid was $1,986
and $1,021 for the thirteen week periods ended March 27, 1999 and March 28,
1998, respectively. Income taxes paid, net of refunds, were $651 and $598 for
the thirteen week periods ended March 27, 1999 and March 28, 1998, respectively.
4. EARNINGS PER SHARE
The following table provides a reconciliation between Basic and Diluted
earnings per share:
DILUTIVE EFFECT
OF DILUTED
BASIC EPS STOCK OPTIONS EPS
--------- ----------------- ---------
Thirteen weeks ended March 28, 1998:
Net earnings........................................... $ 9,645 -- $ 9,645
Shares outstanding..................................... 27,654 617 28,271
Per share amount....................................... $ 0.35 -- $ 0.34
Thirteen weeks ended March 27, 1999:
Net earnings........................................... $ 5,761 -- $ 5,761
Shares outstanding..................................... 24,588 196 24,784
Per share amount....................................... 0.23 -- 0.23
6
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(DOLLARS IN THOUSANDS)
(UNAUDITED)
5. COMPREHENSIVE INCOME
THIRTEEN WEEKS ENDED
------------------------
MARCH 27, MARCH 28,
1999 1998
----------- -----------
Net earnings........................................................... $ 5,761 $ 9,645
Currency translation adjustments....................................... (3,266) (838)
----------- -----------
Total comprehensive income......................................... $ 2,495 $ 8,807
----------- -----------
----------- -----------
6. TREASURY STOCK
In 1998, the Board of Directors authorized management to repurchase up to
5.4 million shares of the Company's common stock. Repurchased shares are
recorded as "Treasury Stock" and result in a reduction of "Shareholders'
Equity." When treasury shares are reissued, the Company uses the last-in,
first-out method, and the difference between the repurchase cost and reissuance
price is charged or credited to "Additional Paid-In Capital." As of March 27,
1999, a total of 0.386 million shares had been purchased for $4.9 during 1999.
7. BUSINESS SEGMENTS
FIRST QUARTER
THIRTEEN WEEKS ENDED
----------------------
MARCH 27, MARCH 28,
1999 1998
---------- ----------
NET SALES
Irrigation.......................................................... $ 71,372 $ 82,117
Infrastructure...................................................... 78,878 72,665
Other............................................................... 7,931 9,131
Less: Intersegment sales............................................ (3,778) (3,326)
---------- ----------
Total............................................................. $ 154,403 $ 160,587
---------- ----------
---------- ----------
OPERATING INCOME
Irrigation operations............................................... $ 9,661 $ 14,265
Gain on sale of investment.......................................... 2,823 --
---------- ----------
Total Irrigation.................................................. 12,484 14,265
---------- ----------
Infrastructure operations........................................... 396 1,067
Impairment charge................................................... (2,431) --
---------- ----------
Total Infrastructure.............................................. (2,035) 1,067
---------- ----------
Other................................................................. 466 332
---------- ----------
Total............................................................. $ 10,915 $ 15,664
---------- ----------
---------- ----------
7
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(DOLLARS IN THOUSANDS)
(UNAUDITED)
7. BUSINESS SEGMENTS (CONTINUED)
The Company reorganized its businesses on a world-wide product line basis
during the first quarter of 1999 and has two reportable segments:
IRRIGATION: This segment consists of the manufacture and distribution of
agricultural irrigation equipment, tubular products and related parts and
services;
INFRASTRUCTURE: This segment includes the manufacture and distribution
of engineered metal structures and coatings services for the lighting,
utility and wireless communications industries.
In addition to these two reportable segments the Company has other
businesses that individually are not more than 10% of consolidated sales. These
businesses, which include pressure vessels, machine tool accessories and
industrial fasteners are reported in the "Other" category. For fiscal years 1996
and 1997, the "Other" category also includes the ballast business that was sold
in January, 1997. Following is a restatement of the 1998 Annual Report Segment
Information to conform with the first quarter 1999 reorganization:
1998 1997 1996
---------- ---------- ----------
NET SALES
Irrigation............................................... 252,745 271,512 239,989
Infrastructure........................................... 327,393 320,052 281,195
Other.................................................... 36,826 42,302 133,163
Less: Intersegment sales................................. (10,657) (11,360) (9,816)
---------- ---------- ----------
Total.................................................. 606,307 622,506 644,531
---------- ---------- ----------
---------- ---------- ----------
OPERATING INCOME
Irrigation............................................... 31,579 34,239 29,195
Infrastructure........................................... 14,256 25,495 21,105
Other.................................................... 1,917 2,256 (13,656)
---------- ---------- ----------
Total.................................................. 47,752 61,990 36,644
Interest expense--net.................................... (4,846) (2,831) (3,608)
Miscellaneous............................................ 630 (215) 12
---------- ---------- ----------
Earnings before income taxes........................... 43,536 58,944 33,048
---------- ---------- ----------
---------- ---------- ----------
TOTAL ASSETS
Irrigation............................................... 132,654 122,456 95,219
Infrastructure........................................... 255,122 227,689 195,972
Other.................................................... 19,181 17,907 50,457
---------- ---------- ----------
Total.................................................. 406,957 368,052 341,648
---------- ---------- ----------
---------- ---------- ----------
8
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(DOLLARS IN THOUSANDS)
(UNAUDITED)
7. BUSINESS SEGMENTS (CONTINUED)
1998 1997 1996
---------- ---------- ----------
CAPITAL EXPENDITURES
Irrigation............................................... 16,652 12,181 11,129
Infrastructure........................................... 10,344 24,743 20,256
Other.................................................... 2,671 2,191 4,174
---------- ---------- ----------
Total.................................................. 29,667 39,115 35,559
---------- ---------- ----------
---------- ---------- ----------
DEPRECIATION AND AMORTIZATION
Irrigation............................................... 5,295 4,355 3,794
Infrastructure........................................... 13,791 11,363 10,343
Other.................................................... 757 719 695
---------- ---------- ----------
Total.................................................. 19,843 16,437 14,832
---------- ---------- ----------
---------- ---------- ----------
8. USE OF ESTIMATES
Management of the Company has made a number of estimates and assumptions
relating to the reporting of assets and liabilities and the disclosure of
contingent assets and liabilities to prepare these condensed combined financial
statements in conformity with generally accepted accounting principles. Actual
results could differ from those estimates.
9
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management's discussion and analysis contains forward looking statements
which reflect management's current view and estimates of future economic and
market circumstances, industry conditions, company performance and financial
results. The statements are based on many assumptions and factors including
operating efficiencies, availability and price of raw materials, availability
and market acceptance of new products, product pricing, domestic and
international competitive environments, actions and policy changes of domestic
and foreign governments and other risks described from time to time in the
Company's reports to the Securities and Exchange Commission. Any changes in such
assumptions or factors could produce significantly different results.
RESULTS OF OPERATIONS
CONSOLIDATED
Net sales for the first quarter of 1999 were $154.4 million, a decrease of
3.9% from $160.6 million for the same period last year. The reduction in 1999
was attributable to lower sales in the irrigation segment and was offset in part
by increased sales in the infrastructure segment.
Gross profit margin was 26.2% for the thirteen week period in 1999 compared
to 26.8% for the same period of 1998. Selling, general and administrative
expenses increased from $27.4 million (17.1% of sales) in the first quarter of
1998 to $29.5 million (19.1% of sales) for the first quarter of 1999. Operating
income for the first quarter of 1999 was $10.9 million, down from $15.7 million
for the same period in 1998.
Net interest expense was $1.7 million for the first quarter of 1999 up from
the $0.8 million incurred in 1998. This reflects the higher average borrowings.
Decreased tax benefits from exports resulted in the effective tax rate being
increased for the first quarter in 1999 to 37.1% up from 36.7% for the first
quarter in 1998.
Net earnings decreased 40.3% to $5.8 million and diluted earnings per share
decreased 31.4% to $0.23. The lower percentage decrease in earnings per share
compared to net earnings was attributable to the Company's repurchase of shares
during 1998 and 1999.
IRRIGATION SEGMENT
The Irrigation segment net sales for the quarter decreased in 1999 compared
to 1998 by 13.1%. Operating income declined 12.5% from $14.3 million to $12.5
million. Included in this year's operating income is a gain from the sale of an
investment of $2.8 million. Excluding this gain, 1999 operating income solely
from operations decreased 32.3% from 1998 operating income. Domestically, sales
decreased as a result of farmers' concern about low agricultural commodity
prices and the uncertainty over spring planting intentions as well as the
potential size of the 1999 crop. Weakness in the agricultural market also
lowered the Company's tubing sales. International sales in the irrigation
segment increased in Europe, Latin America and Asia. The Company's plant in
Brazil expanded its market share, increased sales and operating income in local
currency and increased operating income in U.S. dollars despite a currency
devaluation during the quarter.
INFRASTRUCTURE SEGMENT
Net sales for the first quarter in the Infrastructure segment increased 8.6%
to $78.9 million in 1999 from $72.7 million in 1998. Sales improved for poles
and structures for lighting, traffic, and utility as well as for coating
services. Domestically, lighting and traffic sales increased due to improvement
in overall
10
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
market conditions over last year. Demand for capacity and distribution needs by
electric utility customers drove an increase in sales for utility poles and
structures. Sales of communication poles were down domestically in the first
quarter of 1999 due to an ongoing slowdown in the network build-out by the
primary U.S. service providers of wireless communications. Internationally, the
Company's plant in China showed increased sales in lighting and communication
pole sales, In Europe, a market delay caused by adverse weather conditions
resulted in lower lighting sales. Acquisitions during 1998 of protective coating
facilities also increased sales volumes during the first quarter of 1999. For
the first thirteen weeks of 1999, the Infrastructure segment reported an
operating loss of $2.0 million in 1999 compared to an operating profit of $1.1
million in 1998. The operating loss included an impairment charge to adjust the
asset values to their fair values and record severance costs related to a
reduction in size of a communication tower facility in France (Note 7).
Operating income before the charge declined $0.7 million in 1999 from 1998 first
quarter results. Operating margins improved for domestic lighting and utility
products as the backlog of lower margin business has been completed. Operating
income in the Coatings division increased from the 1998 acquisitions, while
margins in the Communication business declined due to lower sales volumes.The
Company's margins in lighting and utility domestically is showing improvement as
backlog business of lower margins is completed. Also, 1998 cost cutting measures
have resulted in improvements in operating income. Coatings increased operating
income by 199% from 1998 results benefiting from new operations acquired in
1998. Communication poles and towers operating income decrease by $1.7 million
in the first quarter of 1999 from 1998 first quarter. Due to seasonality of the
construction market, the first quarter results of the infrastructure segment
normally lags the rest of the year results.
LIQUIDITY AND CAPITAL RESOURCES
Net working capital at March 27, 1999 was $88.0 million compared to $99.5
million at December 26, 1998. The ratio of current assets to current liabilities
was 1.7:1 at March 27, 1999, versus 1.8:1 at December 26, 1998.
Expenditures for property, plant and equipment for the thirteen period ended
March 27, 1999 were approximately $11.1 million. Included in these expenditures
are building and site work at the new irrigation facility in McCook, NE. and the
new coatings facility in Tulsa, OK. An additional $2.9 million was invested in
two retail irrigation outlets. During the quarter, the Company repurchased
385,600 shares for $4.9 million. Depreciation of property, plant and equipment
was $5.0 million for the first quarter of 1999 compared to $4.5 million a year
ago.
Available lines of credit total $43.7 million (of which approximately $31.5
million was unused) at March 27, 1999. Long-term debt was 30.5% of total
capitalization at March 27, 1999, versus 30.3% at December 26, 1998.
The Company believes cash flow from operations, available credit facilities,
and the present capital structure will be adequate for 1999 planned capital
expenditures, dividends and other financial commitments, and as well as
continuing its common share repurchase plan and pursuing opportunities to expand
its markets and businesses.
YEAR 2000
The following comments are to be considered in addition to the disclosure of
the Company's 1998 annual report of the Form 10-K filed with the Securities and
Exchange Commission. At March 27, 1999, the Company estimates to be 75% complete
in its overall compliance efforts. Areas nearly completed include plant
equipment, plant facilities, data trading partners and suppliers. Approximately
$6.5 million
11
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
has been spent to date, with the remaining estimated costs of $3.5 million
expected to be spent by the end of the year.
The Company estimates completion of the process to identify, evaluate and
resolve machines and equipment with embedded chips by June 30, 1999. Completion
of supplier evaluation is also expected by the end of the second quarter of
1999.
It is further expected that by the end of the third quarter the Company
should have also completed all Year 2000 planning domestically and with
international planning being completed by the end of the fourth quarter. The
majority of the network and personal computer equipment should be inventoried
and tested by the end of the third quarter.
12
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
PART II. OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Valmont's annual shareholders' meeting was held on April 26, 1999. The
share-holders voted to elect three directors, to approve the Valmont 1999 Stock
Plan, and to ratify the appointment of Deloitte & Touche LLP as independent
accountants for fiscal 1999. For the annual meeting there were 24,608,873 shares
outstanding and eligible to vote of which 21,980,334 were present at the meeting
in person or by proxy. The tabulation for each matter voted upon at the meeting
was as follows:
Election of Directors:
FOR WITHHELD ABSTAIN
------------ ----------- -----------
Mogens C. Bay............................................... 21,946,373 33,961 -0-
John E. Jones............................................... 21,943,642 36,692 -0-
Walter Scott, Jr............................................ 21,941,392 38,942 -0-
Following the election of these officers the Board of Directors numbered
nine members.
Proposal to approve the Valmont Stock Plan:
For............................................. 17,469,796
Against......................................... 2,917,280
Withheld........................................ 133,406
Abstain......................................... -0-
Proposal to ratify the appointment of Deloitte & Touche LLP as independent
accountants for fiscal 1999:
For............................................. 20,305,614
Against......................................... 332,908
Withheld........................................ 1,341,812
Abstain......................................... -0-
13
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
EXHIBIT
NO. DESCRIPTION
- ------ --------------------------------------------------------------------------
10.1 Valmont 1999 Stock Plan
27 Financial Data Schedule
(b) Reports on Form 8-K
The Company filed no reports on Form 8-k during the past fiscal quarter.
14
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 and by the
undersigned hereunto duly authorized.
VALMONT INDUSTRIES, INC.
(Registrant)
By: /s/ TERRY J. MCCLAIN
-----------------------------------------
Terry J. McClain
VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER
(PRINCIPAL FINANCIAL OFFICER)
Dated this 6th day of May, 1999.
15