Attached files
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| 8-K - WORTHINGTON INDUSTRIES, INC. 8-K - WORTHINGTON INDUSTRIES INC | worthington8k.htm |
Exhibit 99.1
Worthington Reports Fourth Quarter and Fiscal Year Results
COLUMBUS, OH--(Marketwired - Jun 24, 2015) - Worthington Industries, Inc. (NYSE: WOR) today reported net sales of $846.0 million and net earnings of $28.9 million, or $0.44 per diluted share, for its fiscal 2015 fourth quarter ended May 31, 2015. Net earnings in the quarter include pre-tax impairment, restructuring and other charges totaling $6.5 million. The after-tax impact of these charges reduced earnings per diluted share by $0.08.
In the fourth quarter of the prior year, the Company reported net sales of $891.0 million and net earnings of $33.2 million, or $0.47 per diluted share. Included in the prior year quarter were several impairment and other non-recurring items which resulted in a net pre-tax charge of $16.1 million. The after-tax impact of this net charge reduced earnings per diluted share by $0.13.
For the fiscal year ended May 31, 2015, the Company reported net sales of $3.4 billion and net earnings of $76.8 million, or $1.12 per diluted share. Net sales were up 8%, or $257.8 million, driven primarily by acquisitions in Steel Processing and Pressure Cylinders. Current year net earnings were adversely affected by pre-tax impairment, restructuring and other charges totaling $107.1 million, including a non-cash impairment charge of $83.9 million related to the Company's Engineered Cabs business. The after-tax impact of these charges reduced earnings per diluted share by $1.00. Impairment and other non-recurring items in the prior year resulted in net pre-tax charge of $36.0 million. The after-tax impact of this net charge reduced earnings per diluted share by $0.22.
Financial highlights for the current and comparative periods are as follows:
(U.S. dollars in millions, except per share data)
|
4Q 2015
|
3Q 2015
|
4Q 2014
|
12M2015
|
12M2014
|
|||||||||||
|
Net sales
|
$
|
846.0
|
$
|
804.8
|
$
|
891.0
|
$
|
3,384.2
|
$
|
3,126.4
|
|||||
|
Operating income (loss)
|
27.2
|
(52.1
|
)
|
32.3
|
60.6
|
135.8
|
|||||||||
|
Equity income
|
18.4
|
18.8
|
22.2
|
87.5
|
91.5
|
||||||||||
|
Net earnings (loss)
|
28.9
|
(25.7
|
)
|
33.2
|
76.8
|
151.3
|
|||||||||
|
Earnings (loss) per share
|
$
|
0.44
|
$
|
(0.39
|
)
|
$
|
0.47
|
$
|
1.12
|
$
|
2.11
|
||||
"We had a solid quarter and we generated solid earnings for fiscal 2015; however, we did not meet our goal of year-over-year growth," said John McConnell, Chairman and CEO. "There were a number of factors that contributed to the softer year-over-year results, including falling steel prices, the downturn in oil and gas markets, and operations issues at certain facilities which are being addressed." McConnell added, "We continue to pursue growth opportunities, organically as well as through acquisitions."
Consolidated Quarterly Results
Net sales for the fourth quarter ended May 31, 2015 were $846.0 million, down 5% from the comparable quarter in the prior year, when net sales were $891.0 million. The decrease was driven by lower volume in Steel Processing and Pressure Cylinders and lower average selling prices in Steel Processing as a result of lower steel prices.
Gross margin declined $20.5 million from the prior year quarter to $110.3 million. The overall positive impact from the recent acquisitions was more than offset by lower volume in Pressure Cylinders and higher inventory holding losses in Steel Processing due to falling steel prices.
Operating income for the current quarter was $27.2 million, a decrease of $5.1 million from the prior year quarter. The decrease in gross margin was partially offset by lower impairment and restructuring charges.
Interest expense was $8.2 million for the current quarter, compared to $8.0 million in the comparable period of the prior year, as average debt levels and average interest rates were relatively unchanged.
Equity in net income from unconsolidated joint ventures decreased $3.8 million from the prior year quarter to $18.4 million on sales of $372.3 million. The overall decrease in earnings was led by a $2.5 million decrease at Serviacero, which was negatively impacted by the falling price of steel.
Income tax expense was $6.2 million in the current quarter compared to $18.4 million in the comparable quarter in the prior year. The decrease was due to lower earnings and a discrete tax adjustment related to foreign tax credits. The current quarter tax expense reflected an effective rate of 17.8% compared to 35.7% for the prior year quarter.
Balance Sheet
At quarter end, total debt was $670.7 million, down $29.1 million from February 28, 2015, due to lower short-term borrowings. The Company had $31.1 million of cash at quarter end.
Quarterly Segment Results
Steel Processing's net sales of $540.0 million were down 4%, or $23.6 million, from the prior year on lower toll volume and lower average selling prices. Operating income of $22.6 million was $10.8 million lower than the prior year quarter due to lower toll volume and higher inventory holding losses.
Pressure Cylinders' net sales of $251.6 million were down 5%, or $12.6 million, from the comparable prior year quarter driven by lower volume and lower average selling prices. Operating income of $10.3 million was $4.3 million higher than the prior year quarter as a decrease in total impairment and restructuring charges more than offset the declines in oil and gas equipment and industrial products. Operating income in the prior year quarter also benefited from a $4.9 million litigation gain in SG&A.
Engineered Cabs' net sales of $46.5 million were $6.2 million below the prior year quarter due to the January 2015 sale of the assets of Advanced Component Technologies, Inc. and lower volume in the agriculture market. The $3.7 million operating loss in the current quarter showed a $0.5 million improvement over the prior year quarter due to lower SG&A expenses.
The "Other" category includes the Construction Services and Energy Innovations businesses, as well as non-allocated corporate expenses. Operations in the "Other" category reported net sales of $8.0 million, a decrease of $2.6 million from the prior year quarter as both the Construction Services and Energy Innovations businesses reported lower volumes. The operating loss of $1.9 million was driven primarily by losses within the Construction Services business, which the Company is exiting.
Recent Business Developments
|
|
·
|
On April 23, 2015, the Company amended its five-year, revolving credit facility, increasing commitments under the facility by $75.0 million, to a total of $500.0 million, and extending the maturity by three years to April 2020.
|
|
|
·
|
During the quarter, the Company repurchased a total of 1,095,387 common shares for $29.1 million at an average price of $26.54.
|
|
|
·
|
On June 24, 2015, the Board of Directors declared a quarterly dividend of $0.19 per share payable on September 29, 2015 to shareholders of record on September 15, 2015.
|
Outlook
"We are confident in our Company's strategy to drive growth and our continuous improvement initiatives. The economy has shown some resiliency in automotive and an improving construction market, but there are other areas, like agriculture, where it is less than robust," McConnell noted, "We are seeing a more stabilized steel pricing environment."
Conference Call
Worthington will review fourth quarter and full-year results during its quarterly conference call on June 25, 2015, at 10:30 a.m., Eastern Daylight Saving Time. Details regarding the conference call can be found on the Company web site at www.WorthingtonIndustries.com.
About Worthington Industries
Worthington Industries is a leading global diversified metals manufacturing company with 2015 fiscal year sales of $3.4 billion. Headquartered in Columbus, Ohio, Worthington is North America's premier value-added steel processor providing customers with wide ranging capabilities, products and services for a variety of markets including automotive, construction and agriculture; a global leader in manufacturing pressure cylinders for industrial gas and cryogenic applications, CNG and LNG storage, transportation and alternative fuel tanks, oil and gas equipment, and brand consumer products for camping, grilling, hand torch solutions and helium balloon kits; and a manufacturer of operator cabs for heavy mobile industrial equipment; laser welded blanks for light weighting applications; automotive racking solutions; and through joint ventures, complete ceiling grid solutions; automotive tooling and stampings; and steel framing for commercial construction. Worthington employs approximately 11,000 people and operates 83 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 the basis for an unwavering commitment to the customer, supplier, and shareholder, and 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 outlook, strategy or business plans; the ability to correct performance issues at operations; future or expected growth, forward momentum, 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; additions to product lines and opportunities to participate in new 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, customer initiatives, new businesses, 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 recurrent slowing economy; 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 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; 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 joint ventures, maintain and develop their customers, and achieve synergies and other expected benefits and cost savings 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 these 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, both in the United States and abroad, 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; the effect of changes to healthcare laws in the United States which may increase our healthcare and other costs and negatively impact our operations and financial results; 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, 2014.
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WORTHINGTON INDUSTRIES, INC.
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CONSOLIDATED STATEMENTS OF EARNINGS
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||||||||||||||||
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(In thousands, except per share amounts)
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||||||||||||||||
|
Three Months Ended
|
Twelve Months Ended
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|||||||||||||||
|
May 31,
|
May 31,
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|||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||
|
Net sales
|
$ | 846,023 | $ | 891,005 | $ | 3,384,234 | $ | 3,126,426 | ||||||||
|
Cost of goods sold
|
735,711 | 760,169 | 2,920,701 | 2,633,907 | ||||||||||||
|
Gross margin
|
110,312 | 130,836 | 463,533 | 492,519 | ||||||||||||
|
Selling, general and administrative expense
|
76,593 | 74,781 | 295,920 | 300,396 | ||||||||||||
|
Impairment of goodwill and long-lived assets
|
2,344 | 22,871 | 100,129 | 58,246 | ||||||||||||
|
Restructuring and other expense (income)
|
4,023 | 869 | 6,514 | (2,912 | ) | |||||||||||
|
Joint venture transactions
|
139 | (12 | ) | 413 | 1,036 | |||||||||||
|
Operating income
|
27,213 | 32,327 | 60,557 | 135,753 | ||||||||||||
|
Other income (expense):
|
||||||||||||||||
|
Miscellaneous income (expense)
|
(961 | ) | 3,066 | 795 | 16,963 | |||||||||||
|
Interest expense
|
(8,227 | ) | (7,977 | ) | (35,800 | ) | (26,671 | ) | ||||||||
|
Equity in net income of unconsolidated affiliates
|
18,433 | 22,233 | 87,476 | 91,456 | ||||||||||||
|
Earnings before income taxes
|
36,458 | 49,649 | 113,028 | 217,501 | ||||||||||||
|
Income tax expense
|
6,232 | 18,401 | 25,772 | 57,349 | ||||||||||||
|
Net earnings
|
30,226 | 31,248 | 87,256 | 160,152 | ||||||||||||
|
Net earnings (loss) attributable to noncontrolling interest
|
1,361 | (1,915 | ) | 10,471 | 8,852 | |||||||||||
|
Net earnings attributable to controlling interest
|
$ | 28,865 | $ | 33,163 | $ | 76,785 | $ | 151,300 | ||||||||
|
Basic
|
||||||||||||||||
|
Average common shares outstanding
|
64,217 | 67,980 | 66,309 | 68,944 | ||||||||||||
|
Earnings per share attributable to controlling interest
|
$ | 0.45 | $ | 0.49 | $ | 1.16 | $ | 2.19 | ||||||||
|
Diluted
|
||||||||||||||||
|
Average common shares outstanding
|
65,767 | 70,441 | 68,483 | 71,664 | ||||||||||||
|
Earnings per share attributable to controlling interest
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$ | 0.44 | $ | 0.47 | $ | 1.12 | $ | 2.11 | ||||||||
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Common shares outstanding at end of period
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64,141 | 67,408 | 64,141 | 67,408 | ||||||||||||
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Cash dividends declared per share
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$ | 0.18 | $ | 0.15 | $ | 0.72 | $ | 0.60 | ||||||||
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CONSOLIDATED BALANCE SHEETS
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||||||||
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(In thousands)
|
||||||||
|
May 31,
|
May 31,
|
|||||||
|
2015
|
2014
|
|||||||
|
Assets
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||||||||
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Current assets:
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||||||||
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Cash and cash equivalents
|
$ | 31,067 | $ | 190,079 | ||||
|
Receivables, less allowances of $3,085 and $3,043 at May 31, 2015 and May 31, 2014, respectively
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474,292 | 493,127 | ||||||
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Inventories:
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||||||||
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Raw materials
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181,975 | 213,173 | ||||||
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Work in process
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107,069 | 105,872 | ||||||
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Finished products
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85,931 | 90,957 | ||||||
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Total inventories
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374,975 | 410,002 | ||||||
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Income taxes receivable
|
12,119 | 5,438 | ||||||
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Assets held for sale
|
23,412 | 32,235 | ||||||
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Deferred income taxes
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22,034 | 24,272 | ||||||
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Prepaid expenses and other current assets
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54,294 | 43,769 | ||||||
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Total current assets
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992,193 | 1,198,922 | ||||||
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Investments in unconsolidated affiliates
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196,776 | 179,113 | ||||||
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Goodwill
|
238,999 | 251,093 | ||||||
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Other intangible assets, net of accumulated amortization of $47,547 and $35,506 at May 31, 2015 and May 31, 2014, respectively
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119,117 | 145,993 | ||||||
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Other assets
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24,867 | 22,399 | ||||||
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Property, plant & equipment:
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||||||||
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Land
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16,017 | 15,260 | ||||||
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Buildings and improvements
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218,182 | 213,848 | ||||||
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Machinery and equipment
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872,986 | 848,889 | ||||||
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Construction in progress
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40,753 | 32,135 | ||||||
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Total property, plant & equipment
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1,147,938 | 1,110,132 | ||||||
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Less: accumulated depreciation
|
634,748 | 611,271 | ||||||
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Property, plant and equipment, net
|
513,190 | 498,861 | ||||||
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Total assets
|
$ | 2,085,142 | $ | 2,296,381 | ||||
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Liabilities and equity
|
||||||||
|
Current liabilities:
|
||||||||
|
Accounts payable
|
$ | 294,129 | $ | 333,744 | ||||
|
Short-term borrowings
|
90,550 | 10,362 | ||||||
|
Accrued compensation, contributions to employee benefit plans and related taxes
|
66,252 | 78,514 | ||||||
|
Dividends payable
|
12,862 | 11,044 | ||||||
|
Other accrued items
|
56,913 | 49,873 | ||||||
|
Income taxes payable
|
2,845 | 4,953 | ||||||
|
Current maturities of long-term debt
|
841 | 101,173 | ||||||
|
Total current liabilities
|
524,392 | 589,663 | ||||||
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Other liabilities
|
58,269 | 76,426 | ||||||
|
Distributions in excess of investment in unconsolidated affiliate
|
61,585 | 59,287 | ||||||
|
Long-term debt
|
579,352 | 554,790 | ||||||
|
Deferred income taxes
|
21,495 | 71,333 | ||||||
|
Total liabilities
|
1,245,093 | 1,351,499 | ||||||
|
Shareholders' equity - controlling interests
|
749,112 | 850,812 | ||||||
|
Noncontrolling interests
|
90,937 | 94,070 | ||||||
|
Total equity
|
840,049 | 944,882 | ||||||
|
Total liabilities and equity
|
$ | 2,085,142 | $ | 2,296,381 | ||||
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WORTHINGTON INDUSTRIES, INC.
|
||||||||||||||||
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CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||||||||||
|
(In thousands)
|
||||||||||||||||
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
|
May 31,
|
May 31,
|
|||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||
|
Operating activities
|
||||||||||||||||
|
Net earnings
|
$ | 30,226 | $ | 31,248 | $ | 87,256 | $ | 160,152 | ||||||||
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
||||||||||||||||
|
Depreciation and amortization
|
21,760 | 19,967 | 85,089 | 79,730 | ||||||||||||
|
Impairment of goodwill and long-lived assets
|
2,344 | 22,871 | 100,129 | 58,246 | ||||||||||||
|
Benefit (provision) for deferred income taxes
|
1,401 | (5,660 | ) | (39,960 | ) | (25,916 | ) | |||||||||
|
Bad debt expense
|
365 | 462 | 259 | 32 | ||||||||||||
|
Equity in net income of unconsolidated affiliates, net of distributions
|
(3,925 | ) | (6,960 | ) | (12,299 | ) | (15,333 | ) | ||||||||
|
Net loss (gain) on sale of assets
|
(204 | ) | (352 | ) | 3,277 | (11,212 | ) | |||||||||
|
Stock-based compensation
|
5,005 | 8,810 | 17,916 | 22,017 | ||||||||||||
|
Excess tax benefits - stock-based compensation
|
(762 | ) | (1,586 | ) | (7,178 | ) | (8,880 | ) | ||||||||
|
Gain on previously held equity interest in TWB
|
- | - | - | (11,000 | ) | |||||||||||
|
Changes in assets and liabilities, net of impact of acquisitions:
|
||||||||||||||||
|
Receivables
|
21,097 | (34,207 | ) | 32,011 | (49,206 | ) | ||||||||||
|
Inventories
|
98,033 | 21,573 | 54,108 | (38,010 | ) | |||||||||||
|
Prepaid expenses and other current assets
|
(4,113 | ) | (7,057 | ) | (15,295 | ) | (2,921 | ) | ||||||||
|
Other assets
|
(4,014 | ) | (5,091 | ) | 1,617 | (5,278 | ) | |||||||||
|
Accounts payable and accrued expenses
|
(93,245 | ) | (38,503 | ) | (83,190 | ) | 69,682 | |||||||||
|
Other liabilities
|
743 | 2,924 | (9,365 | ) | 6,943 | |||||||||||
|
Net cash provided by operating activities
|
74,711 | 8,439 | 214,375 | 229,046 | ||||||||||||
|
Investing activities
|
||||||||||||||||
|
Investment in property, plant and equipment
|
(22,990 | ) | (19,181 | ) | (96,255 | ) | (71,338 | ) | ||||||||
|
Investment in notes receivable
|
- | - | (7,300 | ) | - | |||||||||||
|
Acquisitions, net of cash acquired
|
191 | (29,151 | ) | (105,291 | ) | (11,517 | ) | |||||||||
|
Distributions from (investments in) unconsolidated affiliates
|
- | - | (8,230 | ) | 9,223 | |||||||||||
|
Proceeds from sale of assets and insurance
|
10,194 | 3,125 | 14,007 | 27,438 | ||||||||||||
|
Net cash used by investing activities
|
(12,605 | ) | (45,207 | ) | (203,069 | ) | (46,194 | ) | ||||||||
|
Financing activities
|
||||||||||||||||
|
Net proceeds from (repayments of) short-term borrowings
|
(33,597 | ) | (24,994 | ) | 79,047 | (103,618 | ) | |||||||||
|
Proceeds from long-term debt
|
4,176 | 247,566 | 30,572 | 247,566 | ||||||||||||
|
Principal payments on long-term debt
|
(207 | ) | (364 | ) | (102,852 | ) | (1,219 | ) | ||||||||
|
Proceeds from (payments for) issuance of common shares
|
1,283 | (628 | ) | 2,910 | 4,618 | |||||||||||
|
Excess tax benefits - stock-based compensation
|
762 | 1,586 | 7,178 | 8,880 | ||||||||||||
|
Payments to noncontrolling interest
|
(1,312 | ) | (1,819 | ) | (13,379 | ) | (40,969 | ) | ||||||||
|
Repurchase of common shares
|
(32,945 | ) | (37,140 | ) | (127,360 | ) | (128,218 | ) | ||||||||
|
Dividends paid
|
(11,667 | ) | (10,246 | ) | (46,434 | ) | (31,198 | ) | ||||||||
|
Net cash provided (used) by financing activities
|
(73,507 | ) | 173,961 | (170,318 | ) | (44,158 | ) | |||||||||
|
Increase (decrease) in cash and cash equivalents
|
(11,401 | ) | 137,193 | (159,012 | ) | 138,694 | ||||||||||
|
Cash and cash equivalents at beginning of period
|
42,468 | 52,886 | 190,079 | 51,385 | ||||||||||||
|
Cash and cash equivalents at end of period
|
$ | 31,067 | $ | 190,079 | $ | 31,067 | $ | 190,079 | ||||||||
SUPPLEMENTAL DATA
(In thousands, except Pressure Cylinders units)
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,
|
|||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||
|
Volume:
|
||||||||||||||||
|
Steel Processing (tons)
|
875 | 949 | 3,510 | 3,282 | ||||||||||||
|
Pressure Cylinders (units)
|
22,082,614 | 22,503,087 | 81,112,610 | 82,859,488 | ||||||||||||
|
Net sales:
|
||||||||||||||||
|
Steel Processing
|
$ | 539,954 | $ | 563,515 | $ | 2,145,744 | $ | 1,936,073 | ||||||||
|
Pressure Cylinders
|
251,613 | 264,184 | 1,001,402 | 928,396 | ||||||||||||
|
Engineered Cabs
|
46,469 | 52,714 | 192,953 | 200,528 | ||||||||||||
|
Other
|
7,987 | 10,592 | 44,135 | 61,429 | ||||||||||||
|
Total net sales
|
$ | 846,023 | $ | 891,005 | $ | 3,384,234 | $ | 3,126,426 | ||||||||
|
Material cost:
|
||||||||||||||||
|
Steel Processing
|
$ | 396,142 | $ | 412,183 | $ | 1,567,325 | $ | 1,392,009 | ||||||||
|
Pressure Cylinders
|
122,832 | 124,442 | 474,319 | 426,856 | ||||||||||||
|
Engineered Cabs
|
22,774 | 24,639 | 89,309 | 90,854 | ||||||||||||
|
Selling, general and administrative expense:
|
||||||||||||||||
|
Steel Processing
|
$ | 33,872 | $ | 33,755 | $ | 123,372 | $ | 129,669 | ||||||||
|
Pressure Cylinders
|
37,026 | 30,000 | 141,092 | 125,984 | ||||||||||||
|
Engineered Cabs
|
5,903 | 7,995 | 26,128 | 30,620 | ||||||||||||
|
Other
|
(208 | ) | 3,031 | 5,328 | 14,123 | |||||||||||
|
Total selling, general and administrative expense
|
$ | 76,593 | $ | 74,781 | $ | 295,920 | $ | 300,396 | ||||||||
|
Operating income (loss):
|
||||||||||||||||
|
Steel Processing
|
$ | 22,555 | $ | 33,312 | $ | 108,707 | $ | 119,025 | ||||||||
|
Pressure Cylinders
|
10,316 | 5,997 | 58,113 | 55,004 | ||||||||||||
|
Engineered Cabs
|
(3,726 | ) | (4,232 | ) | (97,260 | ) | (26,516 | ) | ||||||||
|
Other
|
(1,932 | ) | (2,750 | ) | (9,003 | ) | (11,760 | ) | ||||||||
|
Total operating income
|
$ | 27,213 | $ | 32,327 | $ | 60,557 | $ | 135,753 | ||||||||
The following provides detail of Pressure Cylinders volume and net sales by principal class of products.
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
|
May 31,
|
May 31,
|
|||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||
|
Volume (units):
|
||||||||||||||||
|
Consumer Products
|
13,550,943 | 12,886,257 | 48,964,578 | 48,785,465 | ||||||||||||
|
Industrial Products
|
8,414,576 | 9,493,075 | 31,705,116 | 33,623,049 | ||||||||||||
|
Alternative Fuels
|
115,105 | 121,160 | 431,954 | 442,685 | ||||||||||||
|
Oil and Gas Equipment
|
1,717 | 2,520 | 10,246 | 8,201 | ||||||||||||
|
Cryogenics
|
273 | 75 | 716 | 88 | ||||||||||||
|
Total Pressure Cylinders
|
22,082,614 | 22,503,087 | 81,112,610 | 82,859,488 | ||||||||||||
|
Net sales:
|
||||||||||||||||
|
Consumer Products
|
$ | 57,158 | $ | 60,013 | $ | 219,355 | $ | 219,423 | ||||||||
|
Industrial Products
|
118,361 | 129,383 | 438,050 | 455,296 | ||||||||||||
|
Alternative Fuels
|
26,141 | 24,038 | 94,157 | 93,029 | ||||||||||||
|
Oil and Gas Equipment
|
46,080 | 44,990 | 231,097 | 153,541 | ||||||||||||
|
Cryogenics
|
3,873 | 5,760 | 18,743 | 7,107 | ||||||||||||
|
Total Pressure Cylinders
|
$ | 251,613 | $ | 264,184 | $ | 1,001,402 | $ | 928,396 | ||||||||
WORTHINGTON INDUSTRIES, INC.
SUPPLEMENTAL DATA
(In thousands)
The following provides detail of impairment of goodwill and long-lived assets, restructuring and other expense (income), and joint venture transactions included in operating income by segment presented above.
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
|
May 31,
|
May 31,
|
|||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||
|
Impairment of goodwill and long-lived assets:
|
||||||||||||||||
|
Steel Processing
|
$ | - | $ | 2,500 | $ | 3,050 | $ | 7,141 | ||||||||
|
Pressure Cylinders
|
2,344 | 20,371 | 11,911 | 32,005 | ||||||||||||
|
Engineered Cabs
|
- | - | 83,989 | 19,100 | ||||||||||||
|
Other
|
- | - | 1,179 | - | ||||||||||||
|
Total impairment of goodwill and long-lived assets
|
$ | 2,344 | $ | 22,871 | $ | 100,129 | $ | 58,246 | ||||||||
|
Restructuring and other expense (income):
|
||||||||||||||||
|
Steel Processing
|
$ | 130 | $ | - | $ | 72 | $ | (3,382 | ) | |||||||
|
Pressure Cylinders
|
3,482 | 289 | 6,408 | (745 | ) | |||||||||||
|
Engineered Cabs
|
(19 | ) | - | (332 | ) | - | ||||||||||
|
Other
|
430 | 580 | 366 | 1,215 | ||||||||||||
|
Total restructuring and other expense (income)
|
$ | 4,023 | $ | 869 | $ | 6,514 | $ | (2,912 | ) | |||||||
|
Joint venture transactions:
|
||||||||||||||||
|
Steel Processing
|
$ | - | $ | - | $ | - | $ | - | ||||||||
|
Pressure Cylinders
|
- | - | - | - | ||||||||||||
|
Engineered Cabs
|
- | - | - | - | ||||||||||||
|
Other
|
139 | (12 | ) | 413 | 1,036 | |||||||||||
|
Total joint venture transactions
|
$ | 139 | $ | (12 | ) | $ | 413 | $ | 1,036 | |||||||