01—Abstract
Summary
Summary of the 10-K/A filed June 10, 2015. Cited figures are marked; the original filing is the authoritative source.
This filing is Amendment No. 1 on Form 10-K/A to Steel Dynamics, Inc.'s Annual Report for the fiscal year ended December 31, 2014, filed June 10, 2015.
The amendment was filed solely to correct the reporting period reference in Exhibits 32.1 and 32.2, which had inadvertently referenced the year ended December 31, 2013. The filing states that there are no changes to any financial or other information in the Original Form 10-K filed March 2, 2015, and that it does not update disclosures made in that original report. The registrant is a large accelerated filer incorporated in Indiana and headquartered in Fort Wayne, Indiana, with common stock listed on the Nasdaq Global Select Stock Market.
The aggregate market value of voting stock held by non-affiliates was approximately $3,596,627,230a as of June 30, 2014, and 242,037,594 shares of common stock were outstanding as of June 5, 2015. For investors, this amendment carries no new financial results, guidance, or operating disclosures.
Its substance is administrative: the certifications now correctly reference fiscal year 2014. The financial content for the year should be taken from the Original Form 10-K.
02—Key points
Key Highlights
- Form 10-K/A (Amendment No. 1) for the fiscal year ended December 31, 2014, filed June 10, 2015.
- Amendment filed solely to correct the reporting period in Exhibits 32.1 and 32.2 from 2013 to December 31, 2014.
- No changes to the financial or other information in the Original Form 10-K filed March 2, 2015.
- Non-affiliate aggregate market value of common stock was approximately $3,596,627,230 as of June 30, 2014.
- 242,037,594 shares of common stock outstanding as of June 5, 2015.
- Common stock is listed on the Nasdaq Global Select Stock Market; registrant is a large accelerated filer.
- Part III information is incorporated by reference from the definitive proxy statement filed prior to April 30, 2015.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2014, Steel Dynamics kept $0.02.
- Revenue$8.76B100.0%
- Cost of revenue−$7.79B89.0%
- Gross profit$966.2M11.0%
- Operating costs−$645.9M7.4%
- Operating income$320.3M3.7%
- Interest, other & tax−$163.3M1.9%
- Net income$157.0M1.8%
Where FY2014 revenue went
$8.76B- Cost of revenue: $7.79B, 89% of revenue
- Net income: $157.0M, 1.8% of revenue
- SG&A: $385.9M, 4.4% of revenue
- Other operating costs: $260.0M, 3.0% of revenue
- Interest, other & tax: $163.3M, 1.9% of revenue
Kept 1.8% as net incomeNet income $157.0M · 1.8%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2014filed June 10, 2015Financial Statements
FY2014 against FY2013
| Line item | FY2014FY2013 | Change |
|---|---|---|
| Revenue | $8.76B$7.37B | +18.8% |
| Cost of Revenue | $7.79B$6.65B | +17.1% |
| Gross Profit | $966.21M$719.14M | +34.4% |
| SG&A Expenses | $385.89M$332.62M | +16.0% |
| Operating Income | $320.32M$386.52M | −17.1% |
| Interest Expense | $137.26M$127.73M | +7.5% |
| Net Income | $157.02M$189.31M | −17.1% |
| EPS (Basic) | $0.68$0.86 | −20.9% |
| EPS (Diluted) | $0.67$0.83 | −19.3% |
| Shares Outstanding (Basic) | 232.55M220.92M | +5.3% |
| Shares Outstanding (Diluted) | 242.08M239.00M | +1.3% |
05—Questions
Frequently Asked Questions
Does this amendment change Steel Dynamics' reported financial results for 2014?
No. The filing states that, except for the correction to Exhibits 32.1 and 32.2, there have been no changes to any financial or other information in the Original Form 10-K, and it does not modify or update disclosures made in that report.
What was corrected in this 10-K/A?
The reporting period reference in Exhibits 32.1 and 32.2, the Section 906 certifications of the CEO and CFO, which had inadvertently referenced the year ended December 31, 2013. They now reference the year ended December 31, 2014.
When was the Original Form 10-K filed?
The Original Form 10-K for the fiscal year ended December 31, 2014 was filed with the SEC on March 2, 2015.
How many shares of common stock were outstanding?
As of June 5, 2015, the registrant had 242,037,594 shares of common stock outstanding.
Where should investors look for the company's full financial and operating disclosures?
The filing refers readers to the Original Form 10-K filed March 2, 2015, which contains the financial and other information for fiscal 2014. Part III disclosures are incorporated by reference from the definitive proxy statement filed prior to April 30, 2015.
06—Continue