Ryerson Holding Corp - FORM 8-K - EX-99.1 - July 31, 2012

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Exhibit 99.1

RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES

Selected Income and Cash Flow Data—Unaudited

(Dollars in Millions, except Per Ton Data)

 

     2012     2011     First Six Months Ended  
     Second     First     Second     June 30,  
     Quarter     Quarter     Quarter     2012     2011  

NET SALES

    $ 1,090.6      $ 1,121.6      $ 1,289.0      $ 2,212.2      $ 2,476.0   

Cost of materials sold

      906.6        930.8        1,125.1        1,837.4        2,155.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      184.0        190.8        163.9        374.8        320.6   

Warehousing, delivery, selling, general and administrative

      131.5        131.5        139.8        263.0        275.0   

Restructuring and other charges

      —          —          0.6        —          0.9   

Impairment charge on fixed assets

      0.9        —          2.5        0.9        2.5   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

OPERATING PROFIT

      51.6        59.3        21.0        110.9        42.2   

Other income and (expense), net

      0.8        (0.3 )      (0.6 )      0.5        5.1   

Interest and other expense on debt

      (32.6 )      (31.5 )      (30.6 )      (64.1 )      (60.3 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

INCOME (LOSS) BEFORE INCOME TAXES

      19.8        27.5        (10.2 )      47.3        (13.0 ) 

Provision for income taxes

      4.4        2.6        7.8        7.0        6.6   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

NET INCOME (LOSS)

      15.4        24.9        (18.0 )      40.3        (19.6 ) 

Less: Net income (loss) attributable to noncontrolling interest

      (0.2 )      (0.1 )      —          (0.3 )      0.1   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON HOLDING CORPORATION

    $ 15.6      $ 25.0      $ (18.0 )    $ 40.6      $ (19.7 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data :

           

Tons shipped (000)

      568        576        647        1,144        1,292   

Shipping days

      64        64        64        128        128   

Average selling price/ton

    $ 1,920      $ 1,947      $ 1,992      $ 1,934      $ 1,916   

Gross profit/ton

      324        331        253        328        248   

Operating profit/ton

      91        103        32        97        33   

LIFO expense (income)/ton

      (15 )      (14 )      74        (15 )      63   

LIFO expense (income)

    $ (8.6 )    $ (8.1 )    $ 48.1      $ (16.7 )    $ 81.4   

Depreciation and amortization expense

      11.9        10.9        11.2        22.8        21.6   

Cash flow from operating activities

      (31.7 )      33.3        (71.6 )      1.6        (175.4 ) 

Capital expenditures

      (11.4 )      (14.5 )      (12.7 )      (25.9 )      (19.1 ) 

See Schedule 1 for EBITDA and Adjusted EBITDA reconciliation

           

Schedule 1

RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES

Reconciliation of Net Income (Loss) Attributable to Ryerson Holding Corporation to EBITDA

(Dollars in millions)

 

     2012     2011  
     Second     First     Second  
     Quarter     Quarter     Quarter  

Net income (loss) attributable to Ryerson Holding Corporation

    $ 15.6      $ 25.0      $ (18.0 ) 

Interest and other expense on debt

      32.6        31.5        30.6   

Provision for income taxes

      4.4        2.6        7.8   

Depreciation and amortization expense

      11.9        10.9        11.2   
  

 

 

    

 

 

    

 

 

  

EBITDA

    $ 64.5      $ 70.0      $ 31.6   

Reorganization

      1.9        3.0        2.6   

Advisory services fee

      1.2        1.3        1.2   

Foreign currency transaction (gains) losses

      (0.5 )      0.6        0.2   

Impairment charge on fixed assets

      0.9        —          2.5   

Other adjustments

      (0.3 )      (0.3 )      0.4   
  

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

    $ 67.7      $ 74.6      $ 38.5   
  

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

    $ 67.7      $ 74.6      $ 38.5   

LIFO expense (income)

      (8.6 )      (8.1 )      48.1   
  

 

 

    

 

 

    

 

 

  

Adjusted EBITDA, excluding LIFO expense (income)

    $ 59.1      $ 66.5      $ 86.6   
  

 

 

    

 

 

    

 

 

  

 

Note: EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation and amortization. Adjusted EBITDA gives further effect to, among other things, reorganization expenses, the payment of management fees and other gains or losses. We believe that EBITDA and Adjusted EBITDA provide additional information for measuring our performance and are measures frequently used by securities analysts and investors. EBITDA and Adjusted EBITDA do not represent, and should not be used as a substitute for, net income or cash flows from operations as determined in accordance with generally accepted accounting principles, and neither EBITDA nor Adjusted EBITDA is necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. Our definitions of EBITDA and Adjusted EBITDA may differ from that of other companies. Above is the reconciliation of net income to EBITDA, as further adjusted to Adjusted EBITDA and Adjusted EBITDA, excluding LIFO expense.

Ryerson Holding Corp Reports