EXHIBIT 99.1
RYERSON INC. AND SUBSIDIARY COMPANIES
Selected Income and Cash Flow Data - Unaudited
(Dollars in Millions, except Per Ton Data)
| 2009 | 2008 | First Six Months Ended | ||||||||||||||||||
| Second | First | Second | June 30 | |||||||||||||||||
| Quarter | Quarter | Quarter | 2009 | 2008 | ||||||||||||||||
NET SALES | $ | 743.1 | $ | 804.7 | $ | 1,445.7 | $ | 1,547.8 | $ | 2,816.0 | ||||||||||
Cost of materials sold | 657.5 | 679.2 | 1,270.2 | 1,336.7 | 2,446.6 | |||||||||||||||
Gross profit | 85.6 | 125.5 | 175.5 | 211.1 | 369.4 | |||||||||||||||
Warehousing, delivery, selling, general and administrative | 118.2 | 124.1 | 148.1 | 242.3 | 299.1 | |||||||||||||||
Gain on the sale of assets | — | (3.3 | ) | — | (3.3 | ) | — | |||||||||||||
Other postretirement benefits curtailment gain | — | (1.3 | ) | — | (1.3 | ) | — | |||||||||||||
OPERATING PROFIT (LOSS) | (32.6 | ) | 6.0 | 27.4 | (26.6 | ) | 70.3 | |||||||||||||
Other income and (expense), net | (4.5 | ) | 2.7 | 0.5 | (1.8 | ) | 3.1 | |||||||||||||
Interest and other expense on debt | (18.2 | ) | (18.2 | ) | (24.2 | ) | (36.4 | ) | (55.4 | ) | ||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | (55.3 | ) | (9.5 | ) | 3.7 | (64.8 | ) | 18.0 | ||||||||||||
Provision (benefit) for income taxes | 75.2 | (3.2 | ) | 1.5 | 72.0 | 6.6 | ||||||||||||||
NET INCOME (LOSS) | (130.5 | ) | (6.3 | ) | 2.2 | (136.8 | ) | 11.4 | ||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | (0.5 | ) | (2.0 | ) | — | (2.5 | ) | — | ||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON INC. | $ | (130.0 | ) | $ | (4.3 | ) | $ | 2.2 | $ | (134.3 | ) | $ | 11.4 | |||||||
Supplemental Data : | ||||||||||||||||||||
Tons shipped (000) | 478 | 461 | 678 | 939 | 1,379 | |||||||||||||||
Shipping days | 64 | 62 | 64 | 126 | 128 | |||||||||||||||
Average selling price/ton | $ | 1,556 | $ | 1,745 | $ | 2,134 | $ | 1,649 | $ | 2,041 | ||||||||||
Gross profit/ton | $ | 179 | $ | 272 | $ | 259 | $ | 225 | $ | 268 | ||||||||||
Operating profit/ton | (68 | ) | 13 | 40 | (28 | ) | 51 | |||||||||||||
Depreciation and amortization expense | $ | 8.4 | $ | 9.3 | $ | 8.2 | $ | 17.7 | $ | 16.5 | ||||||||||
Cash flow from operating activities | $ | 159.3 | $ | 194.8 | $ | (21.5 | ) | $ | 354.1 | $ | (31.1 | ) | ||||||||
Capital expenditures | (5.6 | ) | (7.4 | ) | (6.6 | ) | (13.0 | ) | (12.6 | ) | ||||||||||
EBITDA (See Schedule 1 for reconciliation) | $ | (28.2 | ) | $ | 20.0 | $ | 36.1 | |||||||||||||
Schedule 1
RYERSON INC. AND SUBSIDIARY COMPANIES
Reconciliation of Net Income (Loss) Attributable to Ryerson Inc. to EBITDA
(Dollars in millions)
| 2009 | 2008 | ||||||||||
| Second | First | Second | |||||||||
| Quarter | Quarter | Quarter | |||||||||
Net income (loss) attributable to Ryerson Inc. | $ | (130.0 | ) | $ | (4.3 | ) | $ | 2.2 | |||
Interest and other expense on debt | 18.2 | 18.2 | 24.2 | ||||||||
Provision (benefit) for income taxes | 75.2 | (3.2 | ) | 1.5 | |||||||
Depreciation and amortization expense | 8.4 | 9.3 | 8.2 | ||||||||
EBITDA | $ | (28.2 | ) | $ | 20.0 | $ | 36.1 | ||||
EBITDA | $ | (28.2 | ) | $ | 20.0 | $ | 36.1 | ||||
LIFO expense (income) | (62.0 | ) | (105.1 | ) | 87.4 | ||||||
EBITDA, excluding LIFO expense | $ | (90.2 | ) | $ | (85.1 | ) | $ | 123.5 | |||
| Note: | To supplement its condensed consolidated financial statements presented on a GAAP basis, the company has provided earnings before interest, income taxes, depreciation and amortization (EBITDA) and EBITDA, excluding LIFO expense. EBITDA and EBITDA, excluding LIFO expense are non-GAAP financial measures and are not meant to be considered in isolation or as a substitute for net income attributable to Ryerson Inc. prepared in accordance with GAAP. Management believes that EBITDA and EBITDA, excluding LIFO expense are useful financial performance measures which are widely used by the investment community for evaluation purposes and provides the investors, analysts and other interested parties with additional information in analyzing the Company’s operating results. |