COLUMBUS, OH, Jun 28, 2012 (MARKETWIRE via COMTEX) --Worthington Industries, Inc. (NYSE: WOR) today reported net sales
of $755.4 million and net earnings of $52.1 million, or $0.75 per
share, for its fourth quarter ended May 31, 2012. For last year's
fourth quarter, the Company reported net sales of $675.7 million and
net earnings of $51.9 million, or $0.70 per share.
For the fiscal year ended May 31, 2012, the Company reported net
earnings of $115.6 million, or $1.65 per share, driven by the strong
fourth quarter. Net sales were up 4%, or $92.1 million, from the
prior year to $2,534.7 million. The comparison reflects a $335.1
million decrease due to the deconsolidation of Metal Framing and
Automotive Body Panels segments, which was more than offset by the
$201.9 million of additional sales from acquisitions, increased
volumes in Steel Processing, and higher overall average selling
prices. Current year earnings were adversely affected by declining
steel prices in Steel Processing, $9.7 million of recall expenses in
Pressure Cylinders and $6.2 million of restructuring charges. In the
prior year, earnings included significant inventory holding gains in
Steel Processing and restructuring gains of $3.4 million.
The results for the three- and twelve-month periods ended May 31,
2012 were as follows:
(U.S. dollars in millions, except per share data)
4Q 2012 3Q 2012 4Q 2011 12M 2012 12M 2011
Net sales $ 755.4 $ 611.3 $ 675.7 $ 2,534.7 $ 2,442.6
Operating income 59.5 18.1 62.3 101.6 124.4
Equity income 22.2 24.0 24.9 92.8 76.3
Net earnings 52.1 25.9 51.9 115.6 115.1
Earnings per share $ 0.75 $ 0.37 $ 0.70 $ 1.65 $ 1.53
"We had a strong fourth quarter with very good results from our core
businesses and most of our joint ventures," John McConnell, Chairman
and CEO said. "The Cylinders business segment produced excellent
results from consumer products, as well as alternative fuel tank
products. We also saw strong automotive demand in the fourth quarter,
although other markets, such as construction, have been limited in
their market recovery." McConnell added, "We have been able to work
through the volatility of material costs throughout the year as we
drive to maximize our operational performance. Our newly acquired
businesses have provided us with new markets and are contributing to
our overall earnings."
Consolidated Quarterly Results
Net sales for the fourth quarter ended May 31, 2012, were $755.4
million, up 12% from the comparable quarter in the prior year, when
net sales were $675.7 million. The increase in net sales includes
$64.5 million due to acquisitions, the impact of higher overall
volumes and higher average selling prices in Pressure Cylinders,
which were partially offset by the $25.6 million impact of the
deconsolidation transactions.
Gross margin for the current quarter was $121.5 million, up $2.3
million from the prior year quarter. The increase in net sales was
substantially offset by a lower spread between average selling prices
and material costs as inventory holding gains realized in the current
quarter were substantially lower than those in the previous year's
quarter.
SG&A expense increased $2.6 million over the prior year quarter
driven by the impact of acquisitions and partially offset by the
deconsolidation transactions.
Operating income for the current quarter was $59.5 million, compared
to $62.3 million in the prior year quarter. In addition to the
factors mentioned above, operating income for the current quarter and
prior year quarter included net gains of $2.3 million and $4.8
million, respectively, related to the combined impact of impairments,
restructuring charges and the joint venture transactions. Current
quarter restructuring charges consisted primarily of accrued
severance related to the previously announced closure of the
commercial stairs business. The $4.0 million net gain within the
"joint venture transactions" line for the current quarter was driven
by on-going activity related to the wind down of the retained metal
framing facilities and consists of gains on asset disposals partially
offset by ongoing facility exit and other costs.
Interest expense was $5.0 million in the current quarter, compared to
$4.7 million in the prior year quarter due to the impact of higher
average debt levels.
Equity in net income from unconsolidated joint ventures was $22.2
million, a decrease of $2.7 million from the prior year quarter, on
sales of $427.6 million. WAVE contributed $14.1 million of earnings
in the current quarter, a decrease of $2.0 million from the
comparable quarter in the prior year. Other significant contributions
to equity income during the quarter were TWB at $3.2 million,
Serviacero at $2.7 million and ArtiFlex at $1.4 million.
For the current quarter, income tax expense of $23.2 million compared
to $28.9 million in the prior year quarter. Current quarter income
tax expense reflected an effective tax rate of 31.0% compared to
35.8% for the prior year quarter. The decrease in the effective tax
rate was primarily due to more of the Company's income qualifying for
the production activities deduction, and certain discrete items,
primarily related to state law changes.
Balance Sheet
At quarter end, total debt was $533.7 million, down $5.2 million from
February 29, 2012, primarily due to repayments of short-term
borrowings in the current quarter. As of May 31, 2012, the Company
had utilized $135.0 million of its $150.0 million trade accounts
receivable securitization facility, and $135.6 million was drawn on
the Company's $425.0 million revolving credit facility.
Quarterly Segment Results
Steel Processing's net sales of $429.6 million were down $2.1 million
over the prior year quarter as the impact of higher overall volume
was more than offset by lower average selling prices. The mix of
direct versus toll tons processed during the current quarter was
consistent with the prior year quarter of 53% to 47%. Operating
income decreased $5.9 million as the impact of higher volumes, the
decrease in SG&A expenses, and the $2.1 million related to the joint
venture transactions were more than offset by inventory holding gains
which were 88% lower than those realized in the prior year quarter.
The decrease in SG&A expenses resulted from lower profit sharing and
bonus expenses and a decrease in corporate allocated expense. The
$2.1 million gain on joint venture transactions related to the
disposal of certain steel processing assets acquired in connection
with the formation of the ClarkDietrich joint venture. This gain was
included in the "joint venture transactions" line to correspond with
amounts previously recognized in this line in connection with this
transaction.
Pressure Cylinders' net sales of $236.8 million were up 29% from the
prior year quarter aided by recent acquisitions and a favorable mix
in sales resulting in higher average selling prices. Operating income
was $21.8 million, up $2.7 million from the prior year quarter
primarily due to the acquisitions.
Engineered Cabs generated net sales of $64.1 million in the current
quarter and reported operating income of $6.3 million. Engineered
Cabs includes the operations of Angus Industries, Inc., which was
acquired by the Company on December 29, 2011. With four U.S.
locations, the business designs and manufactures custom-engineered
open and closed cabs and operator stations for a wide range of heavy
mobile equipment for the mining, agriculture and construction
markets.
The entities included in "Other" are the International and Military
Construction businesses and Steel Packaging operating segment, as
well as other non-allocated expenses. Operations in "Other" reported
net sales of $24.9 million, which was $28.8 million lower than in the
prior year quarter. This decrease was primarily due to the
deconsolidation of the Automotive Body Panels segment in May 2011 and
the recognition of sales in the prior year relating to a project
concluded by the International Construction business in Mozambique,
Africa. These operations reported a combined loss of $2.6 million for
the quarter driven primarily by losses generated in the construction
business.
Fiscal 2012 Highlights/Activities
-- In the fourth quarter, the Company repurchased 1.2 million shares of
stock for $21.3 million at an average price of $17.60. For fiscal
2012, the Company repurchased a total of $73.4 million in stock at an
average price of $16.42. Common shares outstanding totaled 67,906,369
as of May 31, 2012.
-- On July 1, 2011, the Company purchased substantially all of the net
assets of the BernzOmatic business ("Bernz") from Irwin Industrial
Tool Company, a subsidiary of Newell Rubbermaid, Inc. Bernz is a
leading manufacturer of hand held torches and accessories. The
acquired net assets became part of Pressure Cylinders.
-- On September 30, 2011, the Company completed the acquisition of
Poland-based STAKO ("STAKO"). STAKO manufactures liquefied petroleum
gas tanks for engines in passenger cars and commercial and delivery
vehicles. The acquired net assets became part of Pressure Cylinders.
-- On December 1, 2011, the Company acquired the propane fuel cylinders
business of The Coleman Company, Inc. ("Coleman Cylinders"), now part
of Pressure Cylinders.
-- On December 29, 2011, the Company acquired Angus Industries, Inc.
("Angus"). Angus designs and manufactures high-quality,
custom-engineered open and closed cabs and operator stations for a
wide range of heavy mobile equipment. Angus is a stand-alone operating
segment, referred to as Engineered Cabs.
-- On January 10, 2012, a voluntary recall was announced of Pressure
Cylinders' MAP-PRO(TM), propylene and MAAP(R) cylinders and
related hand torch kits. The recall was a precautionary step and
involved a valve supplied by a third party that may leak when a torch
or hose is disconnected from the cylinder. Pressure Cylinders incurred
a pre-tax charge of $9.7 million in the second quarter to cover the
cost of the recall.
Outlook
"The macro issues surrounding the limited economic recovery continue to
dominate the headlines and require us to be guarded in our optimism,
but we feel very good about the growth potential of our Company,"
McConnell said. "Each of our core businesses is well-positioned with
growth strategies that include additional acquisition opportunities,
as well as growth in existing product lines and adjacent markets. We
will continue to focus on unlocking our earnings potential and
driving excellence throughout our organization." He added, "I am very
proud of all of our employees who are committed to continuous
improvement and who uphold our philosophy every day, and all we have
accomplished in the last four years."
Conference Call
Worthington will review fourth quarter results during its quarterly
conference call today, June 28, 2012, 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 2012 fiscal year sales of $2.5 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; custom-engineered open and enclosed
cabs and operator stations for heavy mobile equipment; framing
systems 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 10,000
people and operates 79 facilities in 12 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; adverse impacts
associated with the recent voluntary recall of our MAP-PRO(R),
propylene and MAAP(R) cylinders, including recall costs, legal and
notification expenses, lost sales and potential negative customer
perceptions of certain pressure cylinder products; 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; costs associated with the recent
voluntary recall of our MAP-PRO(R), propylene and MAAP(R) cylinders
and related hand torch kits by our Worthington Cylinders Wisconsin,
LLC subsidiary, including recall costs, legal and advertising
expenses and lost sales; 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 headcount 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 and cost savings
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; the outcome of 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, 2011
and in "Part II - Item 1A. - Risk Factors" of our Quarterly Report on
Form 10-Q for the quarterly period ended February 29, 2012.
WORTHINGTON INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
Three Months Ended Twelve Months Ended
May 31, May 31,
------------------------ ------------------------
2012 2011 2012 2011
----------- ----------- ----------- -----------
Net sales $ 755,407 $ 675,693 $ 2,534,701 $ 2,442,624
Cost of goods sold 633,939 556,523 2,201,833 2,086,467
----------- ----------- ----------- -----------
Gross margin 121,468 119,170 332,868 356,157
Selling, general and
administrative expense 64,318 61,680 225,069 235,198
Impairment of long-lived
assets 355 4,386 355 4,386
Restructuring and other
expense 1,277 1,201 5,984 2,653
Joint venture
transactions (3,985) (10,436) (150) (10,436)
----------- ----------- ----------- -----------
Operating income 59,503 62,339 101,610 124,356
Other income (expense):
Miscellaneous income 911 953 2,319 597
Interest expense (4,980) (4,677) (19,497) (18,756)
Equity in net income
of unconsolidated
affiliates 22,211 24,863 92,825 76,333
----------- ----------- ----------- -----------
Earnings before income
taxes 77,645 83,478 177,257 182,530
Income tax expense 23,231 28,914 51,904 58,496
----------- ----------- ----------- -----------
Net earnings 54,414 54,564 125,353 124,034
Net earnings
attributable to
noncontrolling interest 2,336 2,647 9,758 8,968
----------- ----------- ----------- -----------
Net earnings
attributable to
controlling interest $ 52,078 $ 51,917 $ 115,595 $ 115,066
=========== =========== =========== ===========
Basic
Average common shares
outstanding 68,752 73,307 69,651 74,803
----------- ----------- ----------- -----------
Earnings per share
attributable to
controlling interest $ 0.76 $ 0.71 $ 1.66 $ 1.54
=========== =========== =========== ===========
Diluted
Average common shares
outstanding 69,472 74,441 70,252 75,409
----------- ----------- ----------- -----------
Earnings per share
attributable to
controlling interest $ 0.75 $ 0.70 $ 1.65 $ 1.53
=========== =========== =========== ===========
Common shares
outstanding at end of
period 67,906 71,684 67,906 71,684
Cash dividends declared
per share $ 0.12 $ 0.10 $ 0.48 $ 0.40
WORTHINGTON INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
May 31, May 31,
2012 2011
----------- -----------
Assets
Current assets:
Cash and cash equivalents $ 41,028 $ 56,167
Receivables, less allowances of $3,329 and $4,150
at May 31, 2012 and 2011, respectively 400,869 388,550
Inventories:
Raw materials 211,543 189,450
Work in process 115,510 98,940
Finished products 74,887 82,440
----------- -----------
Total inventories 401,940 370,830
Income taxes receivable 892 1,356
Assets held for sale 7,202 9,681
Deferred income taxes 20,906 28,297
Prepaid expenses and other current assets 41,402 36,754
----------- -----------
Total current assets 914,239 891,635
Investments in unconsolidated affiliates 240,882 232,149
Goodwill 156,681 93,633
Other intangible assets, net of accumulated
amortization of $16,103 and $12,688 at May 31, 2012
and 2011, respectively 100,333 19,958
Other assets 22,585 24,540
Property, plant and equipment, net 443,077 405,334
----------- -----------
Total assets $ 1,877,797 $ 1,667,249
=========== ===========
Liabilities and equity
Current liabilities:
Accounts payable $ 252,334 $ 253,404
Short-term borrowings 274,923 132,956
Accrued compensation, contributions to employee
benefit plans and related taxes 71,271 72,312
Dividends payable 8,478 7,175
Other accrued items 38,231 52,023
Income taxes payable 11,697 7,132
Current maturities of long-term debt 1,329 -
----------- -----------
Total current liabilities 658,263 525,002
Other liabilities 72,371 56,594
Distributions in excess of investment in
unconsolidated affiliate 69,165 10,715
Long-term debt 257,462 250,254
Deferred income taxes 73,099 83,981
----------- -----------
Total liabilities 1,130,360 926,546
Shareholders' equity - controlling interest 697,174 689,910
Noncontrolling interest 50,263 50,793
----------- -----------
Total equity 747,437 740,703
----------- -----------
Total liabilities and equity $ 1,877,797 $ 1,667,249
=========== ===========
WORTHINGTON INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended Twelve Months Ended
May 31, May 31,
-------------------- --------------------
2012 2011 2012 2011
--------- --------- --------- ---------
Operating activities
Net earnings $ 54,414 $ 54,564 $ 125,353 $ 124,034
Adjustments to reconcile net
earnings to net cash provided
by operating activities:
Depreciation and amortization 15,247 13,799 55,873 61,058
Impairment of long-lived
assets 355 4,386 355 4,386
Restructuring and other
expense, non-cash - (22) - 203
Joint venture transactions - (21,652) - (21,652)
Provision for deferred income
taxes (6,736) 4,168 775 7,482
Bad debt expense 134 240 339 1,236
Equity in net income of
unconsolidated affiliates,
net of distributions (2,730) (12,375) (1,019) (19,188)
Net loss (gain) on sale of
assets (3,993) 2,173 (5,918) 652
Stock-based compensation 3,166 1,538 11,742 6,173
Excess tax benefits - stock-
based compensation (578) (674) (578) (674)
Changes in assets and
liabilities:
Receivables (26,493) (56,343) 956 (96,056)
Inventories (6,416) (28,990) 17,310 (24,261)
Prepaid expenses and other
current assets (4,648) (5,725) 8,478 (10,465)
Other assets 2,347 2,134 4,141 922
Accounts payable and accrued
expenses 11,024 56,400 (45,847) 31,098
Other liabilities 1,601 2,935 1,689 6,947
--------- --------- --------- ---------
Net cash provided by operating
activities 36,694 16,556 173,649 71,895
--------- --------- --------- ---------
Investing activities
Investment in property, plant
and equipment, net (15,913) (6,114) (31,713) (22,025)
Acquisitions, net of cash
acquired (7,680) (15) (239,851) (31,705)
Distributions from
unconsolidated affiliates,
net of investments 2,641 (6,161) 45,879 (6,161)
Proceeds from sale of assets 22,565 13,924 37,089 20,614
--------- --------- --------- ---------
Net cash provided by (used in)
investing activities 1,613 1,634 (188,596) (39,277)
--------- --------- --------- ---------
Financing activities
Net proceeds from (repayments
of) short-term borrowings (10,833) 52,178 97,626 132,956
Proceeds from long-term debt 5,880 - 5,880 -
Principal payments on long-
term debt (247) - (342) -
Proceeds from issuance of
common shares 1,407 2,412 11,116 4,827
Excess tax benefits - stock-
based compensation 578 674 578 674
Dividends from (payments to)
noncontrolling interest, net 250 (1,920) (9,494) (10,992)
Repurchase of common shares (21,298) (57,672) (73,418) (132,764)
Dividends paid (8,282) (7,421) (32,138) (30,168)
--------- --------- --------- ---------
Net cash used in financing
activities (32,545) (11,749) (192) (35,467)
--------- --------- --------- ---------
Increase (decrease) in cash and
cash equivalents 5,762 6,441 (15,139) (2,849)
Cash and cash equivalents at
beginning of period 35,266 49,726 56,167 59,016
--------- --------- --------- ---------
Cash and cash equivalents at end
of period $ 41,028 $ 56,167 $ 41,028 $ 56,167
========= ========= ========= =========
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 Twelve Months Ended
May 31, May 31,
---------------------- ----------------------
2012 2011 2012 2011
---------- ---------- ---------- ----------
Volume:
Steel Processing (tons) 797 775 2,898 2,589
Pressure Cylinders (units) 24,011 16,467 71,777 59,037
Metal Framing (tons) - - 1 184
Net sales:
Steel Processing $ 429,615 $ 431,729 $1,578,509 $1,405,492
Pressure Cylinders 236,818 183,732 770,101 591,945
Engineered Cabs 64,099 - 104,272 -
Metal Framing - 6,573 4,402 249,543
Other 24,875 53,659 77,417 195,644
---------- ---------- ---------- ----------
Total net sales $ 755,407 $ 675,693 $2,534,701 $2,442,624
========== ========== ========== ==========
Material cost:
Steel Processing $ 305,698 $ 297,167 $1,159,316 1,001,853
Pressure Cylinders 117,161 86,525 386,727 273,899
Engineered Cabs 31,790 - 53,905 -
Metal Framing - 1,150 1,946 161,036
Operating income (loss):
Steel Processing $ 32,509 $ 38,411 $ 71,578 $ 77,671
Pressure Cylinders 21,775 19,028 45,108 48,954
Engineered Cabs 6,325 - 4,878 -
Metal Framing 1,456 360 (3,913) (7,530)
Other (2,562) 4,540 (16,041) 5,261
---------- ---------- ---------- ----------
Total operating income $ 59,503 $ 62,339 $ 101,610 $ 124,356
========== ========== ========== ==========
The following provides detail of impairment of long-lived assets and
restructuring and other expense and joint venture transactions included in
operating income by segment presented above.
Three Months Ended Twelve Months Ended
May 31, May 31,
---------------------- ----------------------
2012 2011 2012 2011
---------- ---------- ---------- ----------
Impairment of long-lived
assets and restructuring
and other expense (income):
Steel Processing $ - $ - $ - $ (303)
Pressure Cylinders 52 - 52 -
Engineered Cabs - - - -
Metal Framing - - - 1,387
Other 1,580 5,587 6,287 5,955
---------- ---------- ---------- ----------
Total impairment of
long-lived assets and
restructuring and other
expense $ 1,632 $ 5,587 $ 6,339 $ 7,039
========== ========== ========== ==========
Three Months Ended Twelve Months Ended
May 31, May 31,
---------------------- ----------------------
2012 2011 2012 2011
---------- ---------- ---------- ----------
Joint venture transactions:
Steel Processing $ (2,102) $ - $ (2,102) $ -
Pressure Cylinders - - - -
Engineered Cabs - - - -
Metal Framing (1,883) (1,810) 1,952 (1,810)
Other - (8,626) - (8,626)
---------- ---------- ---------- ----------
Total joint venture
transactions $ (3,985) $ (10,436) $ (150) $ (10,436)
========== ========== ========== ==========
CONTACTS:
Cathy M. Lyttle
VP, Corporate Communications and Investor Relations
Phone: (614) 438-3077
E-mail: Email Contact
Sonya L. Higginbotham
Director, Corporate Communications
Phone: (614) 438-7391
E-mail: Email Contact
SOURCE: Worthington Industries, Inc.
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