News Details

Columbus, Ohio, December 17, 1998 -- Worthington Industries, Inc. (Nasdaq: WTHG) today reported results for the three and six month periods ended November 30, 1998. For the quarter, earnings from continuing operations increased 8% from the prior year to $18.4 million and earnings per share from continuing operations increased 11% to $0.20. Sales increased 11% to $436.4 million, a second quarter record for continuing operations..

For the six month period, earnings from continuing operations were $36.0 million and earnings per share from continuing operations were $0.38, compared to $38.0 million and $0.39 from the prior year. Sales increased 8% to $845.7 million. Net earnings and net earnings per share, which include the Company's discontinued operations, were $22.3 million and $0.24 for the quarter and $38.7 million and $0.41 for the six month period.

"Earnings were in line with our expectations for the quarter as our metal fabricating operations produced strong results,'' said John P. McConnell, Worthington's Chairman and CEO. "We are especially pleased with the performance of our pressure cylinders business, which had a solid overall quarter and also benefited from the recent acquisition of Jos. Heiser. Heiser has contributed to our earnings since we acquired the business in June."

"The start ups of the Decatur, Alabama and Spartan Steel Coating facilities are progressing as planned," said McConnell. "As expected, however, these operations were again dilutive to earnings in the quarter and will be for the balance of the fiscal year. Our ability to absorb these costs and still report improved earnings demonstrates the underlying strength of our core businesses." The Company estimates that Decatur and Spartan reduced earnings per share by $0.05 for the second quarter and $0.08 for the six month period ending November 30, 1998.

Worthington Industries is focused on value-added steel processing and metals related industries. The Company operates under a long-standing, simple corporate philosophy rooted in the golden rule, with earning money for its shareholders as the first corporate goal. This philosophy, an unwavering commitment to the customer, and one of the strongest employee/employer partnerships in American industry, serve as the Company's foundation.

CONSOLIDATED FINANCIAL DATA *
(In thousands, except per share)

*Results reflect the custom products and cast products business segments as discontinued operations..