Skip to content
AnalystLens

Westinghouse Air Brake Technologies Annual Report (Amendment), Year Ended Dec 31, 2003

Filing Date
Filed May 14, 2004
Period End
December 31, 2003
Security
WAB
In the record · 2016–202610-K1110-Q338-K132

WAB filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 132 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Mar ’17Mar ’17
  2. Leadership change8-K · Jul ’19Jul ’19
  3. Leadership change8-K · Aug ’21Aug ’21
  4. Material agreement8-K · May ’25May ’25

01—Abstract

Summary

Summary of the 10-K/A filed May 14, 2004. Cited figures are marked; the original filing is the authoritative source.

Westinghouse Air Brake Technologies Corporation (filed as Westinghouse Air Brake Technologies Corporation; now Wabtec) filed this Amendment No. 1 to its Form 10-K for the fiscal year ended December 31, 2003.

The amendment corrects the Ernst & Young LLP report reproduced on EDGAR, which omitted the city and state where it was issued, and adds a new Ernst & Young consent (Exhibit 23.1) and new certifications (Exhibits 31.2 and 32.2). The financial statements themselves are stated not to have been amended in any manner. The underlying 2003 results show net sales of $717.9 milliona, up from $696.2 million in 2002, with income from operations of $51.7 million versus $47.5 million, and net income of $22.7 million, compared with a net loss of $45.5 million in 2002 that reflected a $61.7 million after-tax goodwill write-down.

Diluted earnings per share were $0.52b. The Freight Group contributed $522.3 million of external sales and $76.0 million of operating income, while the Transit Group contributed $195.6 million of sales and $0.2 million of operating income. Balance sheet and cash flow changes were significant.

Cash rose to $70.3 millionc from $19.2 million, and long-term debt was $190.2 million, including $150 million of 6.875% Senior Notes due 2013 issued in August 2003. Shareholders' equity increased to $248.3 million from $199.3 million. In January 2004 the company entered into a $175 million five-year Refinancing Credit Agreement.

02—Key points

Key Highlights

  1. Net sales of $717.9 million in 2003, up from $696.2 million in 2002
  2. Net income of $22.7 million, or $0.52 diluted EPS, versus a net loss of $45.5 million in 2002 that included a $61.7 million after-tax goodwill charge
  3. Freight Group operating income of $76.0 million versus Transit Group operating income of $0.2 million
  4. Issued $150 million of 6.875% Senior Notes due 2013 in August 2003; long-term debt totaled $190.2 million at year-end
  5. Cash increased to $70.3 million from $19.2 million; operating cash flow was $55.9 million
  6. Shareholders' equity rose to $248.3 million from $199.3 million
  7. January 2004 Refinancing Credit Agreement provides a $175 million five-year revolving facility

03—Questions

Frequently Asked Questions

  1. Why was this 10-K/A filed?

    The amendment corrects the Ernst & Young LLP report on the financial statements, which omitted the city and state where it was issued as required by Regulation S-X, Article 2-02(a)(3). It also adds a new Ernst & Young consent as Exhibit 23.1 and new certifications as Exhibits 31.2 and 32.2. The filing states the financial statements were not amended in any manner.

  2. How did the company perform in 2003 compared with 2002?

    Net sales rose to $717.9 million from $696.2 million, and income from operations rose to $51.7 million from $47.5 million. Net income was $22.7 million, compared with a net loss of $45.5 million in 2002, which included a $61.7 million after-tax cumulative effect of an accounting change for goodwill.

  3. What debt changes occurred in 2003 and early 2004?

    In August 2003 the company issued $150 million of 6.875% Senior Notes due 2013 and used the proceeds to repay credit agreement debt. Revolving credit borrowings fell to $40 million at year-end 2003 from $189.7 million a year earlier. In January 2004 the company entered into a $175 million five-year Refinancing Credit Agreement expiring in January 2009.

  4. Which segment drove profitability?

    The Freight Group reported $522.3 million in external sales and $76.0 million in operating income. The Transit Group reported $195.6 million in external sales but only $0.2 million in operating income. Corporate activities reduced operating income by $24.5 million.

  5. Are there notable legal or environmental contingencies?

    The filing discloses asbestos-related bodily injury claims, mostly against subsidiary Railroad Friction Products Corporation, and a pending motion by GE Transportation Services Global Signaling, L.L.C. alleging contempt of a consent order, with substantial damages sought. Management states that the company is involved in no litigation it believes will have a material adverse effect. Environmental remediation accruals are disclosed for sites in Boise, Idaho, Mountaintop, Pennsylvania, Mattoon, Illinois, and Racine, Wisconsin.

04—Continue

← View all 10-K filings