01—Abstract
Summary
Summary of the 10-K/A filed March 4, 2011. Cited figures are marked; the original filing is the authoritative source.
This filing is an Amendment No. 1 to Curtiss-Wright Corporation's (CW) Form 10-K for the fiscal year ended December 31, 2010.
The amendment primarily corrects an XBRL exhibit (Exhibit 101) that contained technical transmission errors and updates the performance graph in Item 5. Investors should note that this amendment does not introduce new financial information or subsequent events, but rather refines the original filing.
The performance graph in Item 5 shows that Curtiss-Wright's common stock has demonstrated positive total returns over the five fiscal years ending December 31, 2010. The company's stock performance appears to have outpaced the S&P SmallCap 600 Index and the Russell 2000 Index in 2010, and its cumulative return since 2005 shows it has grown significantly, indicating a potentially strong trend during this period, especially when compared to broader market indices.
02—Key points
Key Highlights
- Amendment No. 1 to the 2010 10-K filing corrects XBRL exhibit errors and updates the performance graph.
- The filing does not contain new financial results or reflect events after the original filing date.
- Curtiss-Wright's stock performance showed positive total returns over the five fiscal years ending December 31, 2010.
- The company's stock outperformed the S&P SmallCap 600 and Russell 2000 indices in 2010.
- The performance graph, assuming a $100 investment in 2005, shows substantial growth in company stock value by the end of 2010.
- Curtiss-Wright is a large accelerated filer, indicating significant market capitalization and reporting history.
- Various executive compensation plans, severance agreements, and credit facilities are listed as exhibits, with many incorporated by reference from prior filings.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2010, Curtiss Wright Corp kept $0.06.
- Revenue$1.85B100.0%
- Cost of revenue−$1.25B67.3%
- Gross profit$606.3M32.7%
- Operating costs−$439.6M23.7%
- Operating income$166.7M9.0%
- Interest, other & tax−$64.5M3.5%
- Net income$102.2M5.5%
Where FY2010 revenue went
$1.85B- Cost of revenue: $1.25B, 67% of revenue
- Other operating costs: $385.4M, 21% of revenue
- Net income: $102.2M, 5.5% of revenue
- R&D: $54.1M, 2.9% of revenue
- Interest, other & tax: $64.5M, 3.5% of revenue
Kept 5.5% as net incomeNet income $102.2M · 5.5%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2010filed March 4, 2011Financial Statements
FY2010 against FY2009
| Line item | FY2010FY2009 | Change |
|---|---|---|
| Revenue | $1.85B$1.81B | +2.5% |
| Cost of Revenue | $1.25B$1.21B | +2.8% |
| Gross Profit | $606.26M$595.53M | +1.8% |
| R&D Expenses | $54.13M$54.65M | −0.9% |
| Operating Income | $166.69M$169.32M | −1.6% |
| Interest Expense | $22.11M$25.07M | −11.8% |
| Net Income | $102.18M$95.22M | +7.3% |
| EPS (Basic) | $2.23$2.10 | +6.2% |
| EPS (Diluted) | $2.21$2.08 | +6.2% |
| Shares Outstanding (Basic) | 45.82M45.24M | +1.3% |
| Shares Outstanding (Diluted) | 46.32M45.70M | +1.4% |
05—Questions
Frequently Asked Questions
What is the primary purpose of this Amendment No. 1 to the 10-K filing?
The primary purpose of Amendment No. 1 is to correct errors in the XBRL (eXtensible Business Reporting Language) exhibit (Exhibit 101) that were caused by technical transmission difficulties and to update the performance graph in Item 5. This amendment does not introduce new financial results or reflect events that occurred after the original filing date.
How did Curtiss-Wright's stock perform relative to its peers and the market over the last five fiscal years?
The performance graph indicates that Curtiss-Wright's common stock provided positive total returns over the five fiscal years ending December 31, 2010. In 2010 specifically, the company's stock performance outpaced the S&P SmallCap 600 Index and the Russell 2000 Index. Over the entire five-year period starting from December 31, 2005, the company's stock showed a significant increase in value.
Does this filing provide any new financial data or disclose any recent business developments?
No, this Amendment No. 1 to the 10-K filing specifically states that it does not reflect subsequent events or modify disclosures made in the original Form 10-K. Its sole purpose is to correct technical errors in an exhibit and update the performance graph.
What does it mean that Curtiss-Wright is a 'large accelerated filer'?
Being a 'large accelerated filer' means that Curtiss-Wright meets certain thresholds for market capitalization (generally $700 million or more as of the last non- குறைக்க month of its most recently completed second fiscal quarter) and has been subject to the reporting requirements of the Securities Exchange Act of 1934 for at least 12 calendar months. This classification typically indicates a well-established company with significant public float.
06—Continue