COLUMBUS, Ohio, Sep 28, 2011 (BUSINESS WIRE) --
Worthington Industries, Inc. (NYSE: WOR) today reported net sales of
$602.4 million and net earnings of $25.7 million, or $0.35 per share,
for its fiscal 2012 first quarter ended August 31, 2011. In last year's
first quarter, the Company reported net sales of $616.8 million and net
earnings of $22.4 million, or $0.29 per share.
Financial highlights for the current and comparative quarters are as
follows:
(U.S. dollars in millions, except per share data)
|
|
|
|
|
1Q 2012
|
|
|
4Q 2011
|
|
|
1Q 2011
|
Net sales
|
|
|
$602.4
|
|
|
$675.7
|
|
|
$616.8
|
Operating income
|
|
|
21.2
|
|
|
62.3
|
|
|
21.1
|
Equity income
|
|
|
24.7
|
|
|
24.9
|
|
|
18.3
|
Net earnings
|
|
|
25.7
|
|
|
51.9
|
|
|
22.4
|
Earnings per share
|
|
|
$0.35
|
|
|
$0.70
|
|
|
$0.29
|
"We had a good first quarter in Steel Processing and excellent results
from our ceiling grid system joint venture WAVE," John P. McConnell,
Chairman and CEO, said. "The year-over-year comparisons show strength in
the areas where we have focused to improve our performance and lessen
the volatility of earnings, particularly in Steel Processing. We expect
to continue to perform well, barring further economic deterioration."
McConnell added, "The acquisition of the BernzOmatic product lines in
Pressure Cylinders is positively contributing to that segment's results
as this business integrated quickly. We expect the Cylinders segment to
stay focused on growing their market presence through new customers and
additional acquisitions. We feel good about how Worthington Industries
is positioned with our strong balance sheet and improved operations.
However, the stalled economy, and the uncertainty surrounding it, has
hindered a quicker and more robust recovery which has an impact on our
customers."
Consolidated Quarterly Results
The comparison of the current quarter's consolidated results to previous
quarters is impacted by the following transactions:
-
Effective March 1, 2011, the Metal Framing business, including all of
the related working capital and six of the 13 facilities, was
contributed to a joint venture with ClarkWestern Building Systems. In
exchange for the contributed assets, Worthington Industries received a
25% interest in the new joint venture, ClarkDietrich Building Systems
(ClarkDietrich), as well as the assets of certain MISA Metals, Inc.
(MMI) steel processing locations. Since that date, Worthington's 25%
portion of the results of ClarkDietrich are included in the equity in
net income of unconsolidated affiliates line in the consolidated
statement of earnings and the results of operations from the MMI
assets have been included in Steel Processing.
-
Effective May 9, 2011, our automotive body panel subsidiary,
previously included in Other, was contributed to a new joint venture
with International Tooling Solutions, LLC. Worthington Industries
received a 50% non-controlling interest in this new joint venture,
ArtiFlex Manufacturing, LLC (ArtiFlex), with Worthington's portion of
the results of ArtiFlex included in the equity in net income of
unconsolidated affiliates line in the consolidated statement of
earnings.
-
On July 1, 2011, Pressure Cylinders purchased substantially all of the
net assets of the BernzOmatic business (Bernz) from Irwin Industrial
Tool Company. The impact of the Bernz acquisition is included in the
results of the Pressure Cylinders segment. As part of this
transaction, the dispute that existed with Bernz was settled, which
resulted in a $4.4 million reduction in SG&A expense in the current
quarter.
Net sales for the first quarter ended August 31, 2011, were $602.4
million, down 2% from the comparable quarter in the prior year, when net
sales were $616.8 million. The Steel Processing and Pressure Cylinders
segments reported a 15% and a 24% increase in sales, respectively, aided
by the MMI and Bernz acquisitions. These increases, however, were more
than offset by the impact of the deconsolidation of the Company's former
metal framing and automotive body panels operations. Excluding the
deconsolidated operations, net sales rose 18% from the prior year
quarter primarily due to the acquisitions and higher average selling
prices as the average cost of steel increased 16% over the comparable
prior year quarter.
Gross margin for the current quarter was $71.5 million, or 12% of net
sales, compared to $78.9 million, or 13% of net sales, in the prior year
quarter. The decrease was primarily due to the impact of the
deconsolidated operations.
Excluding the deconsolidated operations, gross margin increased 3% from
the prior year quarter, despite incurring inventory holding losses in
the current quarter versus holding gains in the prior year quarter. The
Company benefited from a favorable change in the customer and product
mix.
SG&A expense was $11.4 million lower than the prior year quarter
primarily due to the deconsolidation transactions and the $4.4 million
reduction in SG&A expense resulting from the settlement of the Bernz
dispute.
Operating income for the current quarter was $21.2 million, essentially
flat versus the comparable quarter in the prior year. Operating income
for the current quarter was adversely affected by restructuring and
joint venture transaction expenses. During the current quarter, the
transformation team began the diagnostic phase in the Pressure Cylinders
segment, incurring $1.7 million of outside consulting expenses, which
are included in the restructuring and other expenses line. The $3.2
million in the joint venture transactions line relates exclusively to
the wind down of the retained metal framing facilities, which continued
to operate in support of the new ClarkDietrich joint venture. As of the
end of the first quarter, all of these retained facilities had been
closed.
Interest expense was $4.7 million in the quarter, the same as in the
prior year as the impact of higher average debt levels was offset by
lower interest rates.
Equity in net income from unconsolidated joint ventures was $24.7
million, an increase of $6.4 million from the comparable quarter in the
prior year, on sales of $427.8 million. Worthington Armstrong Venture
(WAVE) contributed $17.8 million of earnings in the current quarter, a
20% increase from last year's first quarter. Serviacero and TWB
contributed $2.5 million and $2.2 million, respectively. In addition,
the new joint ventures, ClarkDietrich and ArtiFlex, contributed $1.1
million and $0.3 million of earnings, respectively.
For the current quarter, income tax expense of $13.3 million compared to
$10.4 million in the comparable quarter in the prior year. Current
quarter income tax expense reflects an estimated annual effective tax
rate of 32.4% compared to 32.3% for the prior year quarter.
Balance Sheet
At quarter end, total debt was $459.5 million, up $76.3 million from May
31, 2011, as an increase in working capital, the acquisition of Bernz
and the repurchase of common shares raised short-term borrowing needs.
The Company had utilized $80.0 million of its $100.0 million trade
accounts receivable securitization facility, and $126.7 million was
drawn on its $400.0 million revolving credit facility as of August 31,
2011.
Quarterly Segment Results
Steel Processing's net sales of $408.2 million were up 15%, or $53.3
million, over the prior year quarter. Higher average selling prices
increased net sales by $45.9 million and a 14% increase in volumes
favorably impacted sales by $7.4 million. The mix of direct versus toll
tons processed was 51% to 49% this quarter, compared with 58% to 42% in
the comparable quarter in the prior year. Operating income declined $0.3
million as the inventory losses in the current quarter were offset by a
favorable change in the customer and product mix.
Pressure Cylinders' net sales of $168.8 million were up 24% from the
comparable prior year quarter. Net sales in the North American
operations increased 19% over prior year, aided by the Bernz
acquisition. Overall volumes for the European operations were down from
the prior year quarter, but net sales were higher primarily due to a
more favorable product mix and foreign exchange rate. Worthington Nitin
Cylinders, the Company's Indian consolidated joint venture, contributed
$2.9 million to net sales. Operating income increased $2.4 million, or
25%, from the prior year quarter to $11.9 million. However, operating
income in the current quarter included the $4.4 million reduction in
SG&A expense related to the settlement of the dispute with Bernz as well
as the operating income for the Bernz operations. Excluding these items,
operating profit was down as increases in steel, aluminum, gas and other
costs outpaced selling prices.
Metal Framing's net sales were $3.1 million during the quarter. The
sales relate to the vinyl operation and metal framing facilities that
were not contributed to the new ClarkDietrich joint venture on March 1,
2011, but continued to produce product to assist the joint venture
during the transition period. As of the end of the quarter, all of the
retained facilities had been closed, except for the vinyl operation. All
of the retained facilities are expected to be sold within the next 12
months.
Noteworthy First Quarter Developments
-
On July 1, 2011, Worthington Cylinders acquired the net assets of
Bernz from Irwin Industrial Tool Company - a subsidiary of Newell
Rubbermaid. Bernz is the leading manufacturer of hand held torches,
accessories and outdoor living products for commercial and residential
use. The transaction price was $51 million, $10 million of which was
allocated to the settlement of litigation.
-
During the first quarter, the Company repurchased 2,108,070 million
common shares for $35.4 million, leaving 8,386,732 common shares
available for repurchase under the existing authorization.
-
On June 29, 2011, the Board of Directors declared a quarterly cash
dividend of $0.12 per common share which will be paid on September 29,
2011, to shareholders of record September 15, 2011. This represents a
20% increase over the prior dividend.
Conference Call
Worthington will review first quarter results during its quarterly
conference call on September 29, 2011, at 10:30 a.m., Eastern Daylight
Saving Time. Details regarding the conference call can be found on the
Company web site at www.WorthingtonIndustries.com.
Corporate Profile
Worthington Industries is a leading diversified metals manufacturing
company with 2011 fiscal year sales of $2.4 billion. The Columbus, Ohio
based company is North America's premier value-added steel processor and
a leader in manufactured pressure cylinders, such as propane, oxygen and
helium tanks, hand torches, refrigerant and industrial cylinders,
camping cylinders, scuba tanks, and compressed natural gas storage
cylinders; framing systems and stairs for mid-rise buildings; steel
pallets and racks; and through joint ventures, suspension grid systems
for concealed and lay-in panel ceilings, current and past model
automotive service stampings; laser welded blanks, and light gauge steel
framing for commercial and residential construction. Worthington employs
approximately 8,000 people and operates 73 facilities in 11 countries.
Founded in 1955, the Company operates under a long-standing corporate
philosophy rooted in the golden rule. Earning money for its shareholders
is the first corporate goal. This philosophy serves as an unwavering
commitment to the customer, supplier, and shareholder, and it serves as
the Company's foundation for one of the strongest employee-employer
partnerships in American industry.
Safe Harbor Statement
The Company wishes to take advantage of the Safe Harbor provisions
included in the Private Securities Litigation Reform Act of 1995 (the
"Act"). Statements by the Company relating to business plans or future
or expected growth, performance, sales, volumes, cash flows, earnings,
balance sheet strengths, debt, financial condition or other financial
measures; projected profitability potential, capacity, and working
capital needs; demand trends for the Company or its markets; pricing
trends for raw materials and finished goods and the impact of pricing
changes; anticipated capital expenditures and asset sales; anticipated
improvements and efficiencies in costs, operations, sales, inventory
management, sourcing and the supply chain and the results thereof; the
ability to make acquisitions and the projected timing, results,
benefits, costs, charges and expenditures related to acquisitions,
newly-created joint ventures, headcount reductions and facility
dispositions, shutdowns and consolidations; the alignment of operations
with demand; the ability to operate profitably and generate cash in down
markets; the ability to maintain margins and capture and maintain market
share and to develop or take advantage of future opportunities, new
products and new markets; expectations for Company and customer
inventories, jobs and orders; expectations for the economy and markets
or improvements therein; expected benefits from transformation plans,
cost reduction efforts and other new initiatives; expectations for
increasing volatility or improving and sustaining earnings, earnings
potential, margins or shareholder value; effects of judicial rulings and
other non-historical matters constitute "forward-looking statements"
within the meaning of the Act. Because they are based on beliefs,
estimates and assumptions, forward-looking statements are inherently
subject to risks and uncertainties that could cause actual results to
differ materially from those projected. Any number of factors could
affect actual results, including, without limitation, the effect of
national, regional and worldwide economic conditions generally and
within major product markets, including a prolonged or substantial
economic downturn; the effect of conditions in national and worldwide
financial markets; product demand and pricing; changes in product mix,
product substitution and market acceptance of the Company's products;
fluctuations in the pricing, quality or availability of raw materials
(particularly steel), supplies, transportation, utilities and other
items required by operations; effects of facility closures and the
consolidation of operations; the effect of financial difficulties,
consolidation and other changes within the steel, automotive,
construction and other industries in which the Company participates;
failure to maintain appropriate levels of inventories; financial
difficulties (including bankruptcy filings) of original equipment
manufacturers, end-users and customers, suppliers, joint venture
partners and others with whom the Company does business; the ability to
realize targeted expense reductions from head count reductions, facility
closures and other cost reduction efforts; the ability to realize other
cost savings and operational, sales and sourcing improvements and
efficiencies, and other expected benefits from transformation
initiatives, on a timely basis; the overall success of, and the ability
to integrate, newly-acquired businesses and achieve synergies and other
expected benefits therefrom; the overall success of newly-created joint
ventures, including the demand for their products, and the ability to
achieve the anticipated benefits therefrom; capacity levels and
efficiencies, within facilities, within major product markets and within
the industry as a whole; the effect of disruption in the business of
suppliers, customers, facilities and shipping operations due to adverse
weather, casualty events, equipment breakdowns, acts of war or terrorist
activities or other causes; changes in customer demand, inventories,
spending patterns, product choices, and supplier choices; risks
associated with doing business internationally, including economic,
political and social instability, foreign currency exposure and the
acceptance of our products in new markets; the ability to improve and
maintain processes and business practices to keep pace with the
economic, competitive and technological environment; adverse claims
experience with respect to worker's compensation, product recalls or
product liability, casualty events or other matters; deviation of actual
results from estimates and/or assumptions used by the Company in the
application of its significant accounting policies; level of imports and
import prices in the Company's markets; the impact of judicial rulings
and governmental regulations, including those adopted by the United
States Securities and Exchange Commission and other governmental
agencies as contemplated by the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010, both in the United States and abroad;
and other risks described from time to time in the Company's filings
with the United States Securities and Exchange Commission, including
those described in "Part I - Item 1A. - Risk Factors" of our Annual
Report on Form 10-K for the fiscal year ended May 31, 2011.
|
WORTHINGTON INDUSTRIES, INC.
|
CONSOLIDATED STATEMENTS OF EARNINGS |
(In thousands, except per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
August 31, |
|
|
|
2011 |
|
|
|
2010 |
Net sales
|
|
|
$
|
602,387
|
|
|
|
|
$
|
616,805
|
|
Cost of goods sold
|
|
|
|
530,925 |
|
|
|
|
|
537,891 |
|
Gross margin
|
|
|
|
71,462
|
|
|
|
|
|
78,914
|
|
Selling, general and administrative expense
|
|
|
|
45,361
|
|
|
|
|
|
56,778
|
|
Restructuring and other expense
|
|
|
|
1,703
|
|
|
|
|
|
1,064
|
|
Joint venture transactions
|
|
|
|
3,215 |
|
|
|
|
|
- |
|
Operating income
|
|
|
|
21,183
|
|
|
|
|
|
21,072
|
|
Other income (expense):
|
|
|
|
|
|
|
|
Miscellaneous income (expense)
|
|
|
|
401
|
|
|
|
|
|
(43
|
)
|
Interest expense
|
|
|
|
(4,688
|
)
|
|
|
|
|
(4,708
|
)
|
Equity in net income of unconsolidated affiliates
|
|
|
|
24,697 |
|
|
|
|
|
18,289 |
|
Earnings before income taxes
|
|
|
|
41,593
|
|
|
|
|
|
34,610
|
|
Income tax expense
|
|
|
|
13,252 |
|
|
|
|
|
10,357 |
|
Net earnings
|
|
|
|
28,341
|
|
|
|
|
|
24,253
|
|
Net earnings attributable to noncontrolling interest
|
|
|
|
2,688 |
|
|
|
|
|
1,899 |
|
Net earnings attributable to controlling interest |
|
|
$ |
25,653 |
|
|
|
|
$ |
22,354 |
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
Average common shares outstanding
|
|
|
|
71,518 |
|
|
|
|
|
77,658 |
|
Earnings per share attributable to controlling interest |
|
|
$ |
0.36 |
|
|
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
Average common shares outstanding
|
|
|
|
72,418 |
|
|
|
|
|
77,680 |
|
Earnings per share attributable to controlling interest |
|
|
$ |
0.35 |
|
|
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding at end of period
|
|
|
|
70,042
|
|
|
|
|
|
74,494
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per share
|
|
|
$
|
0.12
|
|
|
|
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WORTHINGTON INDUSTRIES, INC. |
CONSOLIDATED BALANCE SHEETS |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
August 31, |
|
|
|
May 31, |
|
|
|
2011 |
|
|
2011 |
Assets |
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
36,875
|
|
|
|
$
|
56,167
|
Receivables, less allowances of $4,081 and $4,150 at August 31,
2011 and May 31, 2011
|
|
|
|
353,247
|
|
|
|
|
388,550
|
Inventories:
|
|
|
|
|
|
|
|
Raw materials
|
|
|
|
186,505
|
|
|
|
|
189,450
|
Work in process
|
|
|
|
100,754
|
|
|
|
|
98,940
|
Finished products
|
|
|
|
90,513 |
|
|
|
|
82,440 |
Total inventories
|
|
|
|
377,772
|
|
|
|
|
370,830
|
Income taxes receivable
|
|
|
|
2,066
|
|
|
|
|
1,356
|
Assets held for sale
|
|
|
|
29,213
|
|
|
|
|
9,681
|
Deferred income taxes
|
|
|
|
22,695
|
|
|
|
|
28,297
|
Prepaid expenses and other current assets
|
|
|
|
36,774 |
|
|
|
|
36,754 |
Total current assets
|
|
|
|
858,642
|
|
|
|
|
891,635
|
|
|
|
|
|
|
|
|
Investments in unconsolidated affiliates
|
|
|
|
234,767
|
|
|
|
|
232,149
|
Goodwill
|
|
|
|
97,041
|
|
|
|
|
93,633
|
Other intangible assets, net of accumulated amortization of
$11,723 and $12,688 at August 31, 2011 and May 31, 2011
|
|
|
|
40,195
|
|
|
|
|
19,958
|
Other assets
|
|
|
|
23,427
|
|
|
|
|
24,540
|
Property, plant and equipment, net
|
|
|
|
391,349 |
|
|
|
|
405,334 |
Total assets |
|
|
$ |
1,645,421 |
|
|
|
$ |
1,667,249 |
|
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
219,481
|
|
|
|
$
|
253,404
|
Short-term borrowings
|
|
|
|
209,205
|
|
|
|
|
132,956
|
Accrued compensation, contributions to employee benefit plans and
related taxes
|
|
|
|
37,018
|
|
|
|
|
72,312
|
Dividends payable
|
|
|
|
8,471
|
|
|
|
|
7,175
|
Other accrued items
|
|
|
|
37,808
|
|
|
|
|
52,023
|
Income taxes payable
|
|
|
|
394 |
|
|
|
|
7,132 |
Total current liabilities
|
|
|
|
512,377
|
|
|
|
|
525,002
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
65,270
|
|
|
|
|
67,309
|
Long-term debt
|
|
|
|
250,258
|
|
|
|
|
250,254
|
Deferred income taxes
|
|
|
|
86,021 |
|
|
|
|
83,981 |
Total liabilities
|
|
|
|
913,926
|
|
|
|
|
926,546
|
|
|
|
|
|
|
|
|
Shareholders' equity - controlling interest
|
|
|
|
681,955
|
|
|
|
|
689,910
|
Noncontrolling interest
|
|
|
|
49,540 |
|
|
|
|
50,793 |
Total equity
|
|
|
|
731,495 |
|
|
|
|
740,703 |
Total liabilities and equity |
|
|
$ |
1,645,421 |
|
|
|
$ |
1,667,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WORTHINGTON INDUSTRIES, INC. |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
August 31, |
|
|
|
2011 |
|
|
|
2010 |
Operating activities |
|
|
|
|
|
|
|
Net earnings
|
|
|
$
|
28,341
|
|
|
|
|
$
|
24,253
|
|
Adjustments to reconcile net earnings to net cash used by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
12,854
|
|
|
|
|
|
15,823
|
|
Restructuring and other expense, non-cash
|
|
|
|
-
|
|
|
|
|
|
257
|
|
Provision for deferred income taxes
|
|
|
|
7,678
|
|
|
|
|
|
(3,098
|
)
|
Bad debt expense
|
|
|
|
29
|
|
|
|
|
|
5
|
|
Equity in net income of unconsolidated affiliates, net of
distributions
|
|
|
|
(5,069
|
)
|
|
|
|
|
(1,655
|
)
|
Net gain on sale of assets
|
|
|
|
(415
|
)
|
|
|
|
|
(683
|
)
|
Stock-based compensation
|
|
|
|
3,201
|
|
|
|
|
|
1,454
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
Receivables
|
|
|
|
27,374
|
|
|
|
|
|
(23,222
|
)
|
Inventories
|
|
|
|
5,915
|
|
|
|
|
|
(5,469
|
)
|
Prepaid expenses and other current assets
|
|
|
|
611
|
|
|
|
|
|
(742
|
)
|
Other assets
|
|
|
|
1,273
|
|
|
|
|
|
701
|
|
Accounts payable and accrued expenses
|
|
|
|
(96,848
|
)
|
|
|
|
|
(78,985
|
)
|
Other liabilities
|
|
|
|
216 |
|
|
|
|
|
2,166 |
|
Net cash used by operating activities |
|
|
|
(14,840 |
) |
|
|
|
|
(69,195 |
) |
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
Investment in property, plant and equipment, net
|
|
|
|
(6,472
|
)
|
|
|
|
|
(6,334
|
)
|
Acquisitions, net of cash acquired
|
|
|
|
(41,000
|
)
|
|
|
|
|
(12,175
|
)
|
Investments in unconsolidated affiliates
|
|
|
|
(785
|
)
|
|
|
|
|
-
|
|
Proceeds from sale of assets
|
|
|
|
5,041 |
|
|
|
|
|
2,142 |
|
Net cash used by investing activities |
|
|
|
(43,216 |
) |
|
|
|
|
(16,367 |
) |
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
Net proceeds from short-term borrowings
|
|
|
|
76,250
|
|
|
|
|
|
165,110
|
|
Proceeds from issuance of common shares
|
|
|
|
8,208
|
|
|
|
|
|
302
|
|
Payments to noncontrolling interest
|
|
|
|
(3,120
|
)
|
|
|
|
|
(3,120
|
)
|
Repurchase of common shares
|
|
|
|
(35,405
|
)
|
|
|
|
|
(62,955
|
)
|
Dividends paid
|
|
|
|
(7,169 |
) |
|
|
|
|
(7,926 |
) |
Net cash provided by financing activities |
|
|
|
38,764 |
|
|
|
|
|
91,411 |
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
|
(19,292
|
)
|
|
|
|
|
5,849
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
56,167 |
|
|
|
|
|
59,016 |
|
Cash and cash equivalents at end of period |
|
|
$ |
36,875 |
|
|
|
|
$ |
64,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
WORTHINGTON INDUSTRIES, INC. |
SUPPLEMENTAL DATA |
(In thousands) |
|
|
|
|
|
|
|
This supplemental information is provided to assist in the analysis
of the results of operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
August 31, |
|
|
|
|
2011 |
|
2010 |
Volume:
|
|
|
|
|
|
|
Steel Processing (tons)
|
|
|
|
703
|
|
|
|
617
|
|
|
Pressure Cylinders (units)
|
|
|
|
14,593
|
|
|
|
14,269
|
|
|
Metal Framing (tons)
|
|
|
|
1
|
|
|
|
64
|
|
|
|
|
|
|
|
|
Net sales:
|
|
|
|
|
|
|
Steel Processing
|
|
|
$
|
408,174
|
|
|
$
|
354,865
|
|
|
Pressure Cylinders
|
|
|
|
168,829
|
|
|
|
136,074
|
|
|
Metal Framing
|
|
|
|
3,145
|
|
|
|
84,504
|
|
|
Other
|
|
|
|
22,239 |
|
|
|
41,362 |
|
|
Total net sales
|
|
|
$ |
602,387 |
|
|
$ |
616,805 |
|
|
|
|
|
|
|
|
Material cost:
|
|
|
|
|
|
|
Steel Processing
|
|
|
$
|
306,650
|
|
|
|
261,186
|
|
|
Pressure Cylinders
|
|
|
|
86,553
|
|
|
|
63,517
|
|
|
Metal Framing
|
|
|
|
943
|
|
|
|
56,717
|
|
|
|
|
|
|
|
|
Operating income (loss):
|
|
|
|
|
|
|
Steel Processing
|
|
|
$
|
16,276
|
|
|
$
|
16,617
|
|
|
Pressure Cylinders
|
|
|
|
11,915
|
|
|
|
9,554
|
|
|
Metal Framing
|
|
|
|
(3,688
|
)
|
|
|
(3,930
|
)
|
|
Other
|
|
|
|
(3,320 |
) |
|
|
(1,169 |
) |
|
Total operating income
|
|
|
$ |
21,183 |
|
|
$ |
21,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following provides detail of the restructuring and other expense
and joint venture transactions included in the operating income by
segment presented above.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
August 31, |
|
|
|
|
2011 |
|
2010 |
Pre-tax restructuring and other expense by segment:
|
|
|
|
|
|
|
Steel Processing
|
|
|
$
|
-
|
|
|
$
|
(102
|
)
|
|
Pressure Cylinders
|
|
|
|
-
|
|
|
|
-
|
|
|
Metal Framing
|
|
|
|
-
|
|
|
|
920
|
|
|
Other
|
|
|
|
1,703 |
|
|
|
246 |
|
|
Total restructuring and other expense
|
|
|
$ |
1,703 |
|
|
$ |
1,064 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
August 31, |
|
|
|
|
2011 |
|
2010 |
Pre-tax joint venture transactions by segment:
|
|
|
|
|
|
|
Steel Processing
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
Pressure Cylinders
|
|
|
|
-
|
|
|
|
-
|
|
|
Metal Framing
|
|
|
|
3,215
|
|
|
|
-
|
|
|
Other
|
|
|
|
- |
|
|
|
- |
|
|
Total joint venture transactions
|
|
|
$ |
3,215 |
|
|
$ |
- |
|

SOURCE: Worthington Industries, Inc.
Worthington Industries, Inc.
Cathy M. Lyttle, 614-438-3077
VP, Corporate Communications and Investor Relations
E-mail: cmlyttle@WorthingtonIndustries.com
or
Sonya L. Higginbotham, 614-438-7391
Director, Corporate Communications
E-mail: slhiggin@WorthingtonIndustries.com
or
www.WorthingtonIndustries.com