Exhibit 99.1
Worthington Reports Second Quarter Fiscal 2011 Results
COLUMBUS, Ohio--(BUSINESS WIRE)--January 5, 2011--Worthington Industries, Inc. (NYSE: WOR) today reported net sales of $580.7 million and net earnings of $14.5 million, or $0.20 per share, for its fiscal 2011 second quarter ended November 30, 2010. In last year’s second quarter, the Company reported net sales of $448.0 million and net earnings of $23.2 million, or $0.29 per share.
Comparative financial highlights for the three- and six-month periods are as follows:
(U.S. dollars in millions, except per share data) | |||||||||||||||||||||||
2Q2011 | 1Q2011 | 2Q2010 | 6M2011 | 6M2010 | |||||||||||||||||||
| Net sales | $580.7 | $616.8 | $448.0 | $1,197.5 | $865.5 | ||||||||||||||||||
| Operating income | 12.9 | 21.1 | 19.1 | 34.0 | 14.6 | ||||||||||||||||||
| Equity income | 16.2 | 18.3 | 15.1 | 34.5 | 31.3 | ||||||||||||||||||
| Net earnings | 14.5 | 22.4 | 23.2 | 36.8 | 29.9 | ||||||||||||||||||
| Earnings per share | $0.20 | $0.29 | $0.29 | $0.49 | $0.38 | ||||||||||||||||||
“I am pleased with the performance of our Company as we continue to produce solid results in our Steel Processing and Pressure Cylinders business segments, despite an uneven economic recovery,” said Chairman and CEO John P. McConnell. “Automotive demand continued to provide strong volumes in Steel Processing and we have been encouraged to see the continued improvement in our Pressure Cylinders European operations and volume increases in most of our cylinder product lines in North America,” McConnell added.
Consolidated Quarterly Results
Net sales for the second quarter ended November 30, 2010, were $580.7 million, up 30% from the comparable quarter last year, when net sales were $448.0 million. An overall increase in volumes had an $86.3 million positive impact on net sales as both Steel Processing and Pressure Cylinders showed improvements, while Metal Framing’s volumes declined.
Gross margin for the current quarter was $69.8 million, or 12% of net sales compared to $67.2 million or 15% of net sales for the prior year quarter. The $2.6 million increase in the gross margin was primarily due to increased volumes in both Steel Processing and Pressure Cylinders. The decline in the gross margin percentage was due to lower spreads between average selling prices and the cost of steel. Inventory holding losses reduced margins in the current quarter; whereas, the prior year quarter benefited from inventory holding gains. SG&A expenses were $8.9 million higher than in the prior year quarter, primarily due to increased SG&A expenses from the acquisitions as well as higher profit sharing, bonus and wage expenses.
Operating income for the quarter was $12.9 million, down $6.2 million or 32% versus last year. Increases in volume were offset by reduced spreads and increases in manufacturing and SG&A expenses, noted above.
Interest expense was $4.8 million in the quarter, up from $2.0 million in the prior year, mainly due to the higher debt levels driven by acquisitions, share repurchases and increased working capital needs, as well as higher interest rates due to the April 2010 issuance of $150.0 million principal amount of 6.5% unsecured notes, due in 2020, to lock in long-term financing.
Equity in net income from unconsolidated joint ventures was $16.2 million, an increase of $1.1 million from the comparable year-ago quarter, on sales of $210.7 million. Worthington Armstrong Venture (WAVE) represents the majority of equity earnings with $12.8 million, an increase of $1.2 million versus a year ago. TWB and Serviacero contributed $2.2 million and $0.8 million of equity income, respectively.
For the quarter, income tax expense of $7.3 million compared to income tax expense of $7.2 million a year ago. The current quarter reflects an estimated annual effective tax rate of 32.9% compared to 30.5% for the prior year quarter, before the impact of discrete tax adjustments, which were minimal for both quarters. The increase was primarily due to the Company’s improving domestic results.
Balance Sheet
At quarter end, total debt was $374.0 million, down $41.4 million from the previous quarter ended August 31, 2010, as a reduction of working capital lowered short-term borrowing needs. A total of $78.7 million was drawn on the $400.0 million revolving credit facility, leaving $313.1 million available under that facility on November 30, 2010, after adjusting for outstanding letters of credit. The Company had also utilized $45.0 million of its $100.0 million trade accounts receivable securitization facility.
Cash provided by operating activities for the quarter was $59.5 million, compared to cash provided by operations of $37.9 million in the year-ago quarter and cash used by operating activities of $69.2 million from the first quarter of this year. The difference was largely due to the lower volumes and steel prices in the second quarter when compared to the first quarter. As the volumes decrease, so does the need for working capital and the reduction in working capital generates cash.
During the current quarter, the Company invested $4.5 million in property, plant and equipment, and, early in the quarter, repurchased 0.5 million common shares for $7.7 million. This reduced the total outstanding common shares to 74.1 million at quarter end.
Quarterly Segment Results
Steel Processing’s net sales of $317.1 million were up 41%, or $91.5 million, over the prior year quarter. A 22% increase in volumes increased sales by $61.5 million over the prior year quarter. The largest increase came in the higher value added products in the automotive segment, due to 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 $30.0 million increase in net sales.
Steel Processing’s mix of direct versus toll tons processed was 54% to 46% this quarter, consistent with the mix a year ago. Operating income of $8.4 million was $6.3 million lower than the prior year quarter. Higher volumes contributed $14.7 million to operating income. However, this was more than offset by the impact of lower margins and higher manufacturing and SG&A expenses. Margins in the current quarter were compressed as higher priced inventory flowed through cost of goods sold while falling market steel prices lowered selling prices, compressing spreads. The inverse was true in the prior year.
Pressure Cylinders’ net sales of $136.2 million were up 30% from the year ago quarter. The North American operations experienced volume increases in the majority of its product lines, in addition to being aided by the acquisitions of SCI and Hy-Mark. Overall volumes for the European operations improved as the industrial gas and automotive markets began to recover from the global economic downturn. Operating income increased 133% from the prior year quarter to $9.5 million, driven by a solid performance in the North American operations and improving European operations.
Metal Framing’s net sales of $77.1 million were down 4%, or $3.5 million, from the prior year quarter as volumes were down 13%, reducing net sales by $12.4 million. The primary reason for the decline in volume and net sales related to the sale of the Canadian operations in November 2009. Excluding the impact of the Canadian operations in the prior year quarter, net sales were up 4% on volumes that were 6% lower. The impact of higher average selling prices was not enough to offset higher material prices. This segment has been negatively impacted by a dramatically weakened commercial construction market, pricing pressures, and inventory holding losses. The current quarter operating loss was $6.7 million, compared to operating income of $2.8 million in the prior year quarter.
Company Outlook
“The third quarter is our historically slowest quarter of the year and while we do expect to see some seasonality impact, we anticipate sustaining much of our volume improvements in Steel Processing and Pressure Cylinders,” McConnell said. “We are still seeing low demand in a slow to recover construction market for Metal Framing and we will continue to assess the business and its markets. Meanwhile, we have been giving more of our attention to emerging markets where there is a commitment to increase and improve housing opportunities in developing countries. Our recently announced international building projects, centered on our steel framing system for mid-rise buildings, are providing potential growth opportunities. We are also expanding our alternative fuel strategy for Pressure Cylinders with our entry into India with Nitin Cylinders.” McConnell added, “Our operational improvements and efficiencies continue as priorities while we focus on positioning the Company for growth.”
Dividend Declared
On November 29, 2010, the Board of Directors declared a quarterly cash dividend of $0.10 per share, which was paid on December 29, 2010, to shareholders of record on December 15, 2010.
Recent Highlights
- Stock repurchases of 0.5 million common shares for $7.7 million in the second quarter of fiscal 2011. The Board of Directors authorized the repurchase of up to 10 million outstanding common shares in September 2007. The Company also repurchased 4.8 million common shares in the first quarter of fiscal 2011, leaving 3.2 million common shares available for future repurchases.
- On December 29, 2010, Pressure Cylinders acquired 60% interest in Nitin Cylinders Limited, a joint venture located in India, to expand Worthington’s presence in the growing alternative fuels and CNG (compressed natural gas) cylinder markets.
- On January 4, 2011, Worthington announced the launch of a joint venture in China with the goal of driving light gauge steel-framed construction in second tier cities. Worthington’s Global Group is pursuing steel-framed mid-rise residential construction opportunities in emerging international markets, including five developing Chinese provinces where the joint venture will operate.
Conference Call
Worthington will review second quarter results during its quarterly conference call today, January 5, 2011, at 1:30 p.m., Eastern Standard 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, CNG storage, and scuba tanks; light gauge steel framing for commercial and residential construction; 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 and laser welded blanks. Worthington employs approximately 6,500 people and operates 65 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 projected timing, results, benefits, costs, charges and expenditures related to acquisitions, 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 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 improving and sustaining earnings, 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 (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 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 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 doing business internationally, including economic, political and social instability, foreign currency exposure and the acceptance of the Company’s 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 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) | ||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| November 30, | November 30, | |||||||||||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||||||||||
| Net sales | $ | 580,687 | $ | 447,981 | $ | 1,197,492 | $ | 865,508 | ||||||||||||||||
| Cost of goods sold | 510,868 | 380,748 | 1,048,759 | 749,075 | ||||||||||||||||||||
| Gross margin | 69,819 | 67,233 | 148,733 | 116,433 | ||||||||||||||||||||
| Selling, general and administrative expense | 56,971 | 48,098 | 113,749 | 98,123 | ||||||||||||||||||||
| Impairment of long-lived assets | - | 2,703 | - | 2,703 | ||||||||||||||||||||
| Restructuring and other expense (income) | (76 | ) | (2,661 | ) | 988 | 965 | ||||||||||||||||||
| Operating income | 12,924 | 19,093 | 33,996 | 14,642 | ||||||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||
| Miscellaneous income (expense) | (94 | ) | (325 | ) | (137 | ) | 1,370 | |||||||||||||||||
| Interest expense | (4,838 | ) | (2,048 | ) | (9,546 | ) | (4,559 | ) | ||||||||||||||||
| Equity in net income of unconsolidated affiliates | 16,223 | 15,138 | 34,512 | 31,282 | ||||||||||||||||||||
| Earnings before income taxes | 24,215 | 31,858 | 58,825 | 42,735 | ||||||||||||||||||||
| Income tax expense | 7,332 | 7,240 | 17,689 | 10,522 | ||||||||||||||||||||
| Net earnings | 16,883 | 24,618 | 41,136 | 32,213 | ||||||||||||||||||||
Net earnings attributable to noncontrolling interest | 2,414 | 1,369 | 4,313 | 2,289 | ||||||||||||||||||||
| Net earnings attributable to controlling interest | $ | 14,469 | $ | 23,249 | $ | 36,823 | $ | 29,924 | ||||||||||||||||
Basic | ||||||||||||||||||||||||
| Average common shares outstanding | 74,062 | 79,096 | 75,870 | 79,081 | ||||||||||||||||||||
| Earnings per share attributable to controlling interest | $ | 0.20 | $ | 0.29 | $ | 0.49 | $ | 0.38 | ||||||||||||||||
Diluted | ||||||||||||||||||||||||
| Average common shares outstanding | 74,077 | 79,109 | 75,882 | 79,165 | ||||||||||||||||||||
| Earnings per share attributable to controlling interest | $ | 0.20 | $ | 0.29 | $ | 0.49 | $ | 0.38 | ||||||||||||||||
| Common shares outstanding at end of period | 74,108 | 79,105 | 74,108 | 79,105 | ||||||||||||||||||||
| Cash dividends declared per share | $ | 0.10 | $ | 0.10 | $ | 0.20 | $ | 0.20 | ||||||||||||||||
| WORTHINGTON INDUSTRIES, INC. | ||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||
| (In thousands) | ||||||||||
| November 30, | May 31, | |||||||||
| 2010 | 2010 | |||||||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 60,870 | $ | 59,016 | ||||||
| Receivables, less allowances of $6,305 and $5,752 at | ||||||||||
| November 30, 2010 and May 31, 2010, respectively | 315,140 | 301,455 | ||||||||
| Inventories: | ||||||||||
| Raw materials | 160,623 | 177,819 | ||||||||
| Work in process | 93,628 | 106,261 | ||||||||
| Finished products | 86,803 | 80,251 | ||||||||
| Total inventories | 341,054 | 364,331 | ||||||||
| Income taxes receivable | 5,915 | 1,443 | ||||||||
| Assets held for sale | - | 2,637 | ||||||||
| Deferred income taxes | 22,457 | 21,964 | ||||||||
| Prepaid expenses and other current assets | 32,274 | 31,439 | ||||||||
| Total current assets | 777,710 | 782,285 | ||||||||
| Investments in unconsolidated affiliates | 122,199 | 113,001 | ||||||||
| Goodwill | 85,113 | 79,543 | ||||||||
| Other intangible assets, net of accumulated amortization of $18,624 | ||||||||||
| and $17,768 at November 30, 2010 and May 31, 2010, respectively | 24,868 | 23,964 | ||||||||
| Other assets | 14,583 | 15,391 | ||||||||
| Property, plant and equipment, net | 487,839 | 506,163 | ||||||||
| Total assets | $ | 1,512,312 | $ | 1,520,347 | ||||||
| Liabilities and equity | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 196,854 | $ | 258,730 | ||||||
| Short-term borrowings | 123,735 | - | ||||||||
| Accrued compensation, contributions to employee benefit plans and related taxes | 47,273 | 62,413 | ||||||||
| Dividends payable | 7,414 | 7,932 | ||||||||
| Other accrued items | 44,322 | 41,635 | ||||||||
| Income taxes payable | - | 9,092 | ||||||||
| Total current liabilities | 419,598 | 379,802 | ||||||||
| Other liabilities | 73,079 | 68,380 | ||||||||
| Long-term debt | 250,246 | 250,238 | ||||||||
| Deferred income taxes | 66,562 | 71,893 | ||||||||
| Total liabilities | 809,485 | 770,313 | ||||||||
| Shareholders' equity - controlling interest | 666,470 | 711,413 | ||||||||
| Noncontrolling interest | 36,357 | 38,621 | ||||||||
| Total equity | 702,827 | 750,034 | ||||||||
| Total liabilities and equity | $ | 1,512,312 | $ | 1,520,347 | ||||||
| WORTHINGTON INDUSTRIES, INC. | ||||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| November 30, | November 30, | |||||||||||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||||||||||
| Operating activities | ||||||||||||||||||||||||
| Net earnings attributable to controlling interest | $ | 14,469 | $ | 23,249 | $ | 36,823 | $ | 29,924 | ||||||||||||||||
| Adjustments to reconcile net earnings attributable to controlling interest | ||||||||||||||||||||||||
| to net cash provided (used) by operating activities: | ||||||||||||||||||||||||
| Depreciation and amortization | 15,646 | 16,432 | 31,470 | 32,328 | ||||||||||||||||||||
| Impairment of long-lived assets | - | 2,703 | - | 2,703 | ||||||||||||||||||||
| Restructuring and other expense (income), non-cash | (32 | ) | 277 | 225 | 3,100 | |||||||||||||||||||
| Provision for deferred income taxes | (1,365 | ) | (3,696 | ) | (4,464 | ) | (1,303 | ) | ||||||||||||||||
| Bad debt expense (income) | 776 | (2,460 | ) | 781 | (2,953 | ) | ||||||||||||||||||
| Equity in net income of unconsolidated affiliates, net of distributions | (2,160 | ) | (3,638 | ) | (3,816 | ) | (4,158 | ) | ||||||||||||||||
| Net earnings attributable to noncontrolling interest | 2,414 | 1,369 | 4,313 | 2,289 | ||||||||||||||||||||
| Net loss (gain) on sale of assets | 354 | (4,441 | ) | (329 | ) | (4,292 | ) | |||||||||||||||||
| Stock-based compensation | 1,579 | 1,176 | 3,033 | 2,150 | ||||||||||||||||||||
Gain on acquisition | - | 232 | - | (891 | ) | |||||||||||||||||||
| Changes in assets and liabilities: | ||||||||||||||||||||||||
| Receivables | 8,100 | (2,478 | ) | (15,122 | ) | 5,274 | ||||||||||||||||||
| Inventories | 31,799 | (32,379 | ) | 26,330 | 9,398 | |||||||||||||||||||
| Prepaid expenses and other current assets | 1,437 | 18,968 | 695 | 19,935 | ||||||||||||||||||||
| Other assets | 107 | 65 | 807 | 184 | ||||||||||||||||||||
| Accounts payable and accrued expenses | (15,158 | ) | 21,744 | (94,143 | ) | 39,056 | ||||||||||||||||||
| Other liabilities | 1,491 | 751 | 3,658 | 1,357 | ||||||||||||||||||||
| Net cash provided (used) by operating activities | 59,457 | 37,874 | (9,739 | ) | 134,101 | |||||||||||||||||||
| Investing activities | ||||||||||||||||||||||||
| Investment in property, plant and equipment, net | (4,477 | ) | (13,205 | ) | (10,810 | ) | (20,954 | ) | ||||||||||||||||
| Acquisitions, net of cash acquired | - | (24,351 | ) | (12,175 | ) | (34,064 | ) | |||||||||||||||||
| Distributions from unconsolidated affiliates, net | - | - | - | 264 | ||||||||||||||||||||
| Proceeds from sale of assets | 4,366 | 14,459 | 6,508 | 14,478 | ||||||||||||||||||||
| Net cash used by investing activities | (111 | ) | (23,097 | ) |
| (16,477 | ) | (40,276 | ) | |||||||||||||||
| ||||||||||||||||||||||||
| Financing activities |
| |||||||||||||||||||||||
| Net proceeds from (repayments of) short-term borrowings | (41,375 | ) | (39,219 | ) | 123,735 | 55,241 | ||||||||||||||||||
| Principal payments on long-term debt | - | (3 | ) | - | (118,551 | ) | ||||||||||||||||||
| Proceeds from issuance of common shares | 1,036 | 248 | 1,338 | 1,340 | ||||||||||||||||||||
| Payments to noncontrolling interest | (3,457 | ) | (856 | ) | (6,577 | ) | (2,920 | ) | ||||||||||||||||
| Repurchase of common shares | (12,137 | ) | - | (75,092 | ) | - | ||||||||||||||||||
| Dividends paid | (7,408 | ) | (7,907 | ) | (15,334 | ) | (15,813 | ) | ||||||||||||||||
| Net cash provided (used) by financing activities | (63,341 | ) | (47,737 | ) | 28,070 | (80,703 | ) | |||||||||||||||||
| Increase (decrease) in cash and cash equivalents | (3,995 | ) | (32,960 | ) | 1,854 | 13,122 | ||||||||||||||||||
| Cash and cash equivalents at beginning of period | 64,865 | 102,401 | 59,016 | 56,319 | ||||||||||||||||||||
| Cash and cash equivalents at end of period | $ | 60,870 | $ | 69,441 | $ | 60,870 | $ | 69,441 | ||||||||||||||||
| 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 | Six Months Ended | |||||||||||||||||
| November 30, | November 30, | |||||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||||
| Volume: | ||||||||||||||||||
| Steel Processing (tons) | 608 | 497 | 1,224 | 898 | ||||||||||||||
| Pressure Cylinders (units) | 13,684 | 12,500 | 27,953 | 26,420 | ||||||||||||||
| Metal Framing (tons) | 60 | 70 | 125 | 153 | ||||||||||||||
| Net sales: | ||||||||||||||||||
| Steel Processing | $ | 317,147 | $ | 225,557 | $ | 672,011 | $ | 407,143 | ||||||||||
| Pressure Cylinders | 136,218 | 104,921 | 272,292 | 206,233 | ||||||||||||||
| Metal Framing | 77,084 | 80,575 | 161,588 | 176,012 | ||||||||||||||
| Other | 50,238 | 36,928 | 91,601 | 76,120 | ||||||||||||||
| Total net sales | $ | 580,687 | $ | 447,981 | $ | 1,197,492 | $ | 865,508 | ||||||||||
| Material cost: | ||||||||||||||||||
| Steel Processing | $ | 232,845 | $ | 152,239 | $ | 494,032 | $ | 282,323 | ||||||||||
| Pressure Cylinders | 62,784 | 45,898 | 126,301 | 91,704 | ||||||||||||||
| Metal Framing | 55,128 | 44,232 | 111,845 | 102,778 | ||||||||||||||
| Operating income (loss): | ||||||||||||||||||
| Steel Processing | $ | 8,429 | $ | 14,735 | $ | 25,047 | $ | 15,543 | ||||||||||
| Pressure Cylinders | 9,523 | 4,086 | 19,077 | 9,977 | ||||||||||||||
| Metal Framing | (6,684 | ) | 2,811 | (10,613 | ) | (1,478 | ) | |||||||||||
| Other | 1,656 | (2,539 | ) | 485 | (9,400 | ) | ||||||||||||
| Total operating income | $ | 12,924 | $ | 19,093 | $ | 33,996 | $ | 14,642 | ||||||||||
| The following provides detail of restructuring and other expense (income) included in operating income by segment presented above. | ||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||
| November 30, | November 30, | |||||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||||
| Pre-tax restructuring and other expense (income) by segment: | ||||||||||||||||||
| Steel Processing | $ | (270 | ) | $ | (304 | ) | $ | (373 | ) | $ | 175 | |||||||
| Pressure Cylinders | - | 7 | - | 295 | ||||||||||||||
| Metal Framing | 56 | (2,595 | ) | 976 | 981 | |||||||||||||
| Other | 138 | 231 | 385 | (486 | ) | |||||||||||||
| Total restructuring and other expense (income) | $ | (76 | ) | $ | (2,661 | ) | $ | 988 | $ | 965 | ||||||||
CONTACT:
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