COLUMBUS, Ohio, Mar 31, 2011 (BUSINESS WIRE) --
Worthington Industries, Inc. (NYSE: WOR) today reported net sales of
$569.4 million and net earnings of $26.3 million, or $0.35 per share,
for its fiscal 2011 third quarter ended February 28, 2011. In last
year's third quarter, the Company reported net sales of $451.1 million
and a net loss of $17.7 million, or $0.22 per share, which included
$0.28 per share in impairment and restructuring charges.
Comparative financial highlights for the three- and nine-month periods
are as follows:
(U.S. dollars in millions, except per share data)
|
|
|
|
3Q2011
|
|
|
2Q2011
|
|
|
3Q2010
|
|
|
9M2011
|
|
|
9M2010
|
Net sales
|
|
|
|
$569.4
|
|
|
$580.7
|
|
|
$451.1
|
|
|
$1,766.9
|
|
|
$1,316.6
|
Operating income (loss)
|
|
|
|
28.0
|
|
|
12.9
|
|
|
(35.3)
|
|
|
62.0
|
|
|
(20.6)
|
Equity income
|
|
|
|
17.0
|
|
|
16.2
|
|
|
14.6
|
|
|
51.5
|
|
|
45.8
|
Net earnings (loss)
|
|
|
|
26.3
|
|
|
14.5
|
|
|
(17.7)
|
|
|
63.1
|
|
|
12.2
|
Earnings (loss) per share
|
|
|
|
$0.35
|
|
|
$0.20
|
|
|
$(0.22)
|
|
|
$0.84
|
|
|
$0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
"We are very pleased with the excellent results this quarter and
continue to see positive signs of recovery in many of our markets," said
John McConnell, Chairman and CEO. "Our businesses have continued to
perform well as we have remained focused on enhancing our earnings
potential, improving our operating efficiencies, and investing in
businesses that will help us achieve our goals."
Consolidated Quarterly Results
Net sales for the third quarter ended February 28, 2011, were $569.4
million, up 26% from the comparable quarter last year, when net sales
were $451.1 million. An overall increase in volumes had a $79.1 million
positive impact on net sales as both Steel Processing and Pressure
Cylinders segments showed improvements.
Gross margin for the current quarter was $88.3 million, or 16% of net
sales, compared to $57.7 million, or 13% of net sales, for the prior
year quarter. The $30.6 million increase in gross margin is primarily
due to increased volumes in both Steel Processing and Pressure
Cylinders. Inventory holding gains helped margins in both the current
quarter and prior year quarter. SG&A expenses were $2.3 million higher
than the prior year quarter primarily due to increased profit sharing,
bonus and wage expenses offset by lower legal and bad debt expense. The
prior year quarter included $4.9 million in litigation related expenses.
Operating income for the quarter was $28.0 million, up $63.3 million
versus last year's operating loss. Increased volumes and better spreads
between average selling prices and the cost of steel were the drivers
for the increase in operating income. The prior year quarter included
$35.5 million of pre-tax impairment and restructuring charges primarily
related to the former Construction Services businesses.
Interest expense was $4.5 million in the quarter, up from $1.9 million
in the prior year mainly due to the higher interest rate on the $150.0
million, 6.5% unsecured notes, issued in April 2010 to lock in long-term
financing.
Equity in net income from unconsolidated joint ventures was $17.0
million, an increase of $2.4 million from the comparable year-ago
quarter, on sales of $201.7 million. WAVE represented the majority of
equity earnings contributing $14.1 million of earnings in the current
quarter. TWB and Serviacero contributed equity income of $1.3 million
and $1.0 million, respectively.
For the quarter, income tax expense of $11.9 million compared to an
income tax benefit of $6.7 million for the comparable prior year period.
The current year quarter reflects an estimated annual effective tax rate
of 32.3% compared to 34.9% for the prior year quarter, before the impact
of discrete tax adjustments. The discrete adjustments were minimal for
the current quarter, but were $11.8 million for the prior year quarter,
primarily due to the tax impact of the previously mentioned impairment
charges.
Balance Sheet
At quarter end, total debt was $331.0 million, down $43.0 million from
the previous quarter ended November 30, 2010, as a reduction of working
capital lowered short-term borrowing needs. As of February 28, 2011, the
Company had utilized $80.0 million of its $100.0 million trade accounts
receivable securitization facility, and had no borrowings outstanding on
the $400.0 million revolving credit facility.
Cash provided by operating activities for the quarter was $65.1 million,
compared to cash used by operations of $14.1 million in the year-ago
quarter and cash provided by operating activities of $59.5 million from
the previous quarter.
During the current quarter, the Company invested $5.1 million in
property, plant and equipment and paid $19.5 million, net of cash
acquired, for a 60% ownership interest in Nitin Cylinders Limited, as
described in the highlights section below.
Quarterly Segment Results
Steel Processing's net sales of $301.8 million were up 30%, or $69.5
million, over the prior year quarter. A 16% increase in volumes
increased sales by $47.9 million over the prior year quarter. The
largest increase came from higher value added processing for the
automotive market, aided by the contribution from the Gibraltar strip
steel acquisition. This change in the product mix combined with a higher
average cost of steel in the current quarter, resulted in an increase in
the average selling price and a $21.6 million increase in net sales. The
mix of direct versus toll tons processed was 54% to 46% this quarter,
compared to 51% to 49% a year ago.
Operating income of $14.2 million was $6.7 million higher than the prior
year quarter. Higher volumes contributed $5.9 million to the improved
operating income and a favorable pricing spread increased operating
income by $10.2 million, partially offset by higher manufacturing and
SG&A expenses.
Pressure Cylinders' net sales of $135.9 million were up 17% from the
year ago quarter. Volumes for the European operations improved
dramatically as the industrial gas and automotive markets continued to
recover from the global economic downturn. Stable conditions in North
American markets led to a 7% increase in revenues from these operations.
Operating income increased 164% from the prior year quarter to $10.8
million, driven by the solid performance in the North American
operations and a return to profitability in European operations.
Metal Framing's net sales of $81.4 million were up 21%, or $13.9
million, from the prior year quarter as higher selling prices, driven by
the cost of steel, increased net sales by $12.5 million. Volumes were up
1%, increasing net sales by $1.4 million. The impact of higher average
selling prices increased margins by $8.7 million while lower
manufacturing expenses improved margins by $1.8 million. The current
quarter operating income was $2.7 million, compared to an operating loss
of $9.1 million in the prior year quarter. As a result of the
transaction described in the Highlights section below, operations of the
Metal Framing segment have essentially been contributed into a new joint
venture effective March 1, 2011. A 25% interest was retained in this
joint venture, which will be unconsolidated, with its results reported
as equity in net income of unconsolidated affiliates in the Company's
consolidated statements of earnings.
Company Outlook
"We remain optimistic about the current business environment. While the
potential remains for some uneven results, we are confident that the
overall trend will continue to be positive year over year gains in our
current businesses," McConnell said. "We will also continue to build our
international presence and explore opportunities to augment our current
platform with acquisitions that meet our criteria of increasing our
margins and decreasing the volatility of our earnings."
Dividend Declared
On February 28, 2011, the Board of Directors declared a quarterly cash
dividend of $0.10 per share which was paid on March 29, 2011, to
shareholders of record on March 15, 2011.
Highlights
-
On December 22, 2010, the Company completed the acquisition of a 60%
interest in Nitin Cylinders Limited, an Indian manufacturer of high
pressure, seamless steel cylinders for compressed natural gas storage
(CNG). The joint venture is called Worthington Nitin Cylinders.
-
On January 4, 2011, the Company announced a joint venture with Hubei
Modern Urban Construction & Development Group Co., Ltd. of China to
manufacture light gauge steel framing products and to design,
engineer, and supply steel-framed mid-rise residential buildings in
five Central Chinese provinces.
-
On February 15, 2011, Worthington's recently formed Global Group
announced a memorandum of understanding with Gestamp Renewables group
to create a 50/50 joint venture which will focus on producing towers
for wind turbines being constructed in North America. The joint
venture agreement was signed on March 18, 2011. The joint venture,
Gestamp Worthington Wind Steel, LLC, chose Cheyenne, Wyo. as the site
of its initial production facility.
-
On February 22, 2011, the Company reached an agreement in principle
with Marubeni-Itochu Steel America Inc. (MISA) to combine Dietrich
Metal Framing and ClarkWestern Building Systems in a newly-formed
joint venture. This agreement closed effective March 1, 2011. In the
transaction, Worthington received a 25% interest in the new joint
venture, ClarkDietrich Building Systems LLC, as well as the assets of
three MISA Metals Inc. steel processing locations. The joint venture
will be unconsolidated and the steel processing assets and locations
will be reported under the Steel Processing segment.
Conference Call
Worthington will review third quarter results during its quarterly
conference call today, March 31, 2011, at 1:30 p.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 2010 fiscal year sales of approximately $1.9 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, and scuba tanks; framing
systems and stairs for mid-rise buildings; current and past model
automotive service stampings; steel pallets and racks; and through joint
ventures, suspension grid systems for concealed and lay-in panel
ceilings, laser welded blanks, compressed natural gas storage cylinders,
and light gauge steel framing for commercial and residential
construction. Worthington employs approximately 7,000 people and
operates 74 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 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
capture and maintain margins and 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
pricing, quality or availability of raw materials (particularlysteel),
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
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 doingbusiness internationally, including
economic, political and socialinstability, 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 workers 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, 2010.
WORTHINGTON INDUSTRIES, INC. |
CONSOLIDATED STATEMENTS OF EARNINGS |
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
February 28, |
|
February 28, |
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
Net sales
|
|
$
|
569,439
|
|
|
$
|
451,113
|
|
|
$
|
1,766,931
|
|
|
$
|
1,316,621
|
|
Cost of goods sold
|
|
|
481,185 |
|
|
|
393,399 |
|
|
|
1,529,944 |
|
|
|
1,142,474 |
|
Gross margin
|
|
|
88,254
|
|
|
|
57,714
|
|
|
|
236,987
|
|
|
|
174,147
|
|
Selling, general and administrative expense
|
|
|
59,769
|
|
|
|
57,519
|
|
|
|
173,518
|
|
|
|
155,642
|
|
Impairment of long-lived assets
|
|
|
-
|
|
|
|
32,706
|
|
|
|
-
|
|
|
|
35,409
|
|
Restructuring and other expense
|
|
|
464 |
|
|
|
2,775 |
|
|
|
1,452 |
|
|
|
3,740 |
|
Operating income (loss)
|
|
|
28,021
|
|
|
|
(35,286
|
)
|
|
|
62,017
|
|
|
|
(20,644
|
)
|
Other income (expense):
|
|
|
|
|
|
|
|
|
Miscellaneous income (expense)
|
|
|
(219
|
)
|
|
|
(134
|
)
|
|
|
(356
|
)
|
|
|
1,236
|
|
Interest expense
|
|
|
(4,533
|
)
|
|
|
(1,889
|
)
|
|
|
(14,079
|
)
|
|
|
(6,448
|
)
|
Equity in net income of unconsolidated affiliates
|
|
|
16,958 |
|
|
|
14,560 |
|
|
|
51,470 |
|
|
|
45,842 |
|
Earnings (loss) before income taxes
|
|
|
40,227
|
|
|
|
(22,749
|
)
|
|
|
99,052
|
|
|
|
19,986
|
|
Income tax expense (benefit)
|
|
|
11,893 |
|
|
|
(6,650 |
) |
|
|
29,582 |
|
|
|
3,872 |
|
Net earnings (loss)
|
|
|
28,334
|
|
|
|
(16,099
|
)
|
|
|
69,470
|
|
|
|
16,114
|
|
Net earnings attributable to noncontrolling interest
|
|
|
2,008 |
|
|
|
1,641 |
|
|
|
6,321 |
|
|
|
3,930 |
|
Net earnings (loss) attributable to controlling interest |
|
$ |
26,326 |
|
|
$ |
(17,740 |
) |
|
$ |
63,149 |
|
|
$ |
12,184 |
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
Average common shares outstanding
|
|
|
74,171 |
|
|
|
79,146 |
|
|
|
75,306 |
|
|
|
79,102 |
|
Earnings (loss) per share attributable to controlling interest |
|
$ |
0.35 |
|
|
$ |
(0.22 |
) |
|
$ |
0.84 |
|
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
Average common shares outstanding
|
|
|
75,001 |
|
|
|
79,146 |
|
|
|
75,687 |
|
|
|
79,116 |
|
Earnings (loss) per share attributable to controlling interest |
|
$ |
0.35 |
|
|
$ |
(0.22 |
) |
|
$ |
0.83 |
|
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding at end of period
|
|
|
74,195
|
|
|
|
79,175
|
|
|
|
74,195
|
|
|
|
79,175
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per share
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WORTHINGTON INDUSTRIES, INC. |
CONSOLIDATED BALANCE SHEETS |
(In thousands) |
|
|
|
|
|
|
|
February 28, |
|
May 31, |
|
|
2011 |
|
2010 |
Assets |
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
49,726
|
|
$
|
59,016
|
Receivables, less allowances of $6,182 and $5,752 at February
28, 2011 and May 31, 2010, respectively
|
|
|
345,209
|
|
|
301,455
|
Inventories:
|
|
|
|
|
Raw materials
|
|
|
177,201
|
|
|
177,819
|
Work in process
|
|
|
104,762
|
|
|
106,261
|
Finished products
|
|
|
90,608 |
|
|
80,251 |
Total inventories
|
|
|
372,571
|
|
|
364,331
|
Income taxes receivable
|
|
|
9,713
|
|
|
1,443
|
Assets held for sale
|
|
|
-
|
|
|
2,637
|
Deferred income taxes
|
|
|
23,927
|
|
|
21,964
|
Prepaid expenses and other current assets
|
|
|
35,397 |
|
|
31,439 |
Total current assets
|
|
|
836,543
|
|
|
782,285
|
|
|
|
|
|
Investments in unconsolidated affiliates
|
|
|
125,069
|
|
|
113,001
|
Goodwill
|
|
|
93,943
|
|
|
79,543
|
Other intangible assets, net of accumulated amortization of $19,469 and
$17,768 at February 28, 2011 and May 31, 2010, respectively
|
|
|
25,269
|
|
|
23,964
|
Other assets
|
|
|
16,591
|
|
|
15,391
|
Property, plant and equipment, net
|
|
|
495,628 |
|
|
506,163 |
Total assets |
|
$ |
1,593,043 |
|
$ |
1,520,347 |
|
|
|
|
|
Liabilities and equity |
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
265,803
|
|
$
|
258,730
|
Short-term borrowings
|
|
|
80,778
|
|
|
-
|
Accrued compensation, contributions to employee benefit plans and
related taxes
|
|
|
52,023
|
|
|
62,413
|
Dividends payable
|
|
|
7,424
|
|
|
7,932
|
Other accrued items
|
|
|
44,175
|
|
|
41,635
|
Income taxes payable
|
|
|
- |
|
|
9,092 |
Total current liabilities
|
|
|
450,203
|
|
|
379,802
|
|
|
|
|
|
Other liabilities
|
|
|
69,851
|
|
|
68,380
|
Long-term debt
|
|
|
250,250
|
|
|
250,238
|
Deferred income taxes
|
|
|
77,463 |
|
|
71,893 |
Total liabilities
|
|
|
847,767
|
|
|
770,313
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity - controlling interest
|
|
|
695,250
|
|
|
711,413
|
Noncontrolling interest
|
|
|
50,026 |
|
|
38,621 |
Total equity
|
|
|
745,276 |
|
|
750,034 |
Total liabilities and equity |
|
$ |
1,593,043 |
|
$ |
1,520,347 |
|
|
|
|
|
|
|
WORTHINGTON INDUSTRIES, INC. |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
February 28, |
|
February 28, |
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
Operating activities |
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
28,334
|
|
|
$
|
(16,099
|
)
|
|
$
|
69,470
|
|
|
$
|
16,114
|
|
Adjustments to reconcile net earnings (loss) to net cash provided
(used) by operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
15,789
|
|
|
|
16,103
|
|
|
|
47,259
|
|
|
|
48,431
|
|
Impairment of long-lived assets
|
|
|
-
|
|
|
|
32,706
|
|
|
|
-
|
|
|
|
35,409
|
|
Restructuring and other expense, non-cash
|
|
|
-
|
|
|
|
147
|
|
|
|
225
|
|
|
|
3,247
|
|
Provision for deferred income taxes
|
|
|
7,778
|
|
|
|
(4,870
|
)
|
|
|
3,314
|
|
|
|
(6,173
|
)
|
Bad debt expense (income)
|
|
|
215
|
|
|
|
967
|
|
|
|
996
|
|
|
|
(1,986
|
)
|
Equity in net income of unconsolidated affiliates, net of
distributions
|
|
|
(2,997
|
)
|
|
|
(2,090
|
)
|
|
|
(6,813
|
)
|
|
|
(6,248
|
)
|
Net gain on sale of assets
|
|
|
(1,191
|
)
|
|
|
(115
|
)
|
|
|
(1,521
|
)
|
|
|
(4,407
|
)
|
Stock-based compensation
|
|
|
1,603
|
|
|
|
1,254
|
|
|
|
4,635
|
|
|
|
3,404
|
|
Gain on acquisition
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(891
|
)
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
Receivables
|
|
|
(24,591
|
)
|
|
|
(17,081
|
)
|
|
|
(39,713
|
)
|
|
|
(11,807
|
)
|
Inventories
|
|
|
(21,601
|
)
|
|
|
(31,438
|
)
|
|
|
4,729
|
|
|
|
(22,040
|
)
|
Prepaid expenses and other current assets
|
|
|
(5,435
|
)
|
|
|
(2,536
|
)
|
|
|
(4,740
|
)
|
|
|
17,399
|
|
Other assets
|
|
|
(2,020
|
)
|
|
|
112
|
|
|
|
(1,212
|
)
|
|
|
296
|
|
Accounts payable and accrued expenses
|
|
|
68,840
|
|
|
|
8,053
|
|
|
|
(25,302
|
)
|
|
|
47,109
|
|
Other liabilities
|
|
|
354 |
|
|
|
767 |
|
|
|
4,012 |
|
|
|
2,124 |
|
Net cash provided (used) by operating activities |
|
|
65,078 |
|
|
|
(14,120 |
) |
|
|
55,339 |
|
|
|
119,981 |
|
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
|
Investment in property, plant and equipment, net
|
|
|
(5,101
|
)
|
|
|
(5,638
|
)
|
|
|
(15,911
|
)
|
|
|
(26,592
|
)
|
Acquisitions, net of cash acquired
|
|
|
(19,515
|
)
|
|
|
(30,100
|
)
|
|
|
(31,690
|
)
|
|
|
(64,164
|
)
|
Investments in unconsolidated affiliates, net
|
|
|
-
|
|
|
|
(568
|
)
|
|
|
-
|
|
|
|
(304
|
)
|
Proceeds from sale of assets
|
|
|
183 |
|
|
|
185 |
|
|
|
6,690 |
|
|
|
14,663 |
|
Net cash used by investing activities |
|
|
(24,433 |
) |
|
|
(36,121 |
) |
|
|
(40,911 |
) |
|
|
(76,397 |
) |
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
|
Net proceeds from (repayments of) short-term borrowings
|
|
|
(42,957
|
)
|
|
|
63,779
|
|
|
|
80,778
|
|
|
|
119,020
|
|
Principal payments on long-term debt
|
|
|
-
|
|
|
|
(19,459
|
)
|
|
|
-
|
|
|
|
(138,010
|
)
|
Proceeds from issuance of common shares
|
|
|
1,077
|
|
|
|
720
|
|
|
|
2,415
|
|
|
|
2,060
|
|
Payments to noncontrolling interest
|
|
|
(2,496
|
)
|
|
|
(1,619
|
)
|
|
|
(9,072
|
)
|
|
|
(4,539
|
)
|
Repurchase of common shares
|
|
|
-
|
|
|
|
-
|
|
|
|
(75,092
|
)
|
|
|
-
|
|
Dividends paid
|
|
|
(7,413 |
) |
|
|
(7,928 |
) |
|
|
(22,747 |
) |
|
|
(23,741 |
) |
Net cash provided (used) by financing activities |
|
|
(51,789 |
) |
|
|
35,493 |
|
|
|
(23,718 |
) |
|
|
(45,210 |
) |
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents
|
|
|
(11,144
|
)
|
|
|
(14,748
|
)
|
|
|
(9,290
|
)
|
|
|
(1,626
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
60,870 |
|
|
|
69,441 |
|
|
|
59,016 |
|
|
|
56,319 |
|
Cash and cash equivalents at end of period |
|
$ |
49,726 |
|
|
$ |
54,693 |
|
|
$ |
49,726 |
|
|
$ |
54,693 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Nine Months Ended |
|
|
|
|
February 28, |
|
February 28, |
|
|
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
Volume:
|
|
|
|
|
|
|
|
|
|
Steel Processing (tons)
|
|
|
590
|
|
|
512
|
|
|
|
1,815
|
|
|
|
1,410
|
|
|
Pressure Cylinders (units)
|
|
|
14,617
|
|
|
14,000
|
|
|
|
42,570
|
|
|
|
40,420
|
|
|
Metal Framing (tons)
|
|
|
59
|
|
|
58
|
|
|
|
184
|
|
|
|
211
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales:
|
|
|
|
|
|
|
|
|
|
Steel Processing
|
|
$
|
301,752
|
|
$
|
232,219
|
|
|
$
|
973,763
|
|
|
$
|
639,362
|
|
|
Pressure Cylinders
|
|
|
135,921
|
|
|
116,538
|
|
|
|
408,213
|
|
|
|
322,771
|
|
|
Metal Framing
|
|
|
81,382
|
|
|
67,517
|
|
|
|
242,970
|
|
|
|
243,529
|
|
|
Other
|
|
|
50,384 |
|
|
34,839 |
|
|
|
141,985 |
|
|
|
110,959 |
|
|
|
Total net sales
|
|
$ |
569,439 |
|
$ |
451,113 |
|
|
$ |
1,766,931 |
|
|
$ |
1,316,621 |
|
|
|
|
|
|
|
|
|
|
|
|
Material cost:
|
|
|
|
|
|
|
|
|
|
Steel Processing
|
|
$
|
210,654
|
|
$
|
164,555
|
|
|
$
|
704,686
|
|
|
$
|
446,878
|
|
|
Pressure Cylinders
|
|
|
61,073
|
|
|
50,667
|
|
|
|
187,374
|
|
|
|
142,371
|
|
|
Metal Framing
|
|
|
48,041
|
|
|
43,542
|
|
|
|
159,886
|
|
|
|
146,320
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
|
|
Steel Processing
|
|
$
|
14,213
|
|
$
|
7,465
|
|
|
$
|
39,260
|
|
|
$
|
23,008
|
|
|
Pressure Cylinders
|
|
|
10,849
|
|
|
4,095
|
|
|
|
29,926
|
|
|
|
14,072
|
|
|
Metal Framing
|
|
|
2,723
|
|
|
(9,087
|
)
|
|
|
(7,890
|
)
|
|
|
(10,565
|
)
|
|
Other
|
|
|
236 |
|
|
(37,759 |
) |
|
|
721 |
|
|
|
(47,159 |
) |
|
|
Total operating income (loss)
|
|
$ |
28,021 |
|
$ |
(35,286 |
) |
|
$ |
62,017 |
|
|
$ |
(20,644 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following provides detail of impairment of long-lived assets and
restructuring and other expense (income) included in operating income
(loss) by segment presented above.
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
February 28, |
|
February 28, |
|
|
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
|
|
|
|
|
|
|
|
|
|
|
Pre-tax impairment of long-lived assets and restructuring and other
expense (income) by segment:
|
|
|
|
|
|
|
Steel Processing
|
|
$
|
70
|
|
|
$
|
286
|
|
$
|
(303
|
)
|
|
$
|
461
|
Pressure Cylinders
|
|
|
-
|
|
|
|
12
|
|
|
-
|
|
|
|
307
|
Metal Framing
|
|
|
411
|
|
|
|
2,014
|
|
|
1,387
|
|
|
|
2,995
|
Other
|
|
|
(17 |
) |
|
|
33,169 |
|
|
368 |
|
|
|
35,386 |
Total impairment of long-lived assets and restructuring and other
expense
|
|
$ |
464 |
|
|
$ |
35,481 |
|
$ |
1,452 |
|
|
$ |
39,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|

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