Worthington Reports Fourth Quarter and Fiscal Year Results
Tweet
Share
E-mailGet Alerts WOR Hot Sheet
Overall Analyst Rating:
NEUTRAL (
Up)Dividend Yield: 1.1%
EPS Growth %: -67.9%
Join SI Premium – FREE
COLUMBUS, OH -- (Marketwired) -- 06/29/16 -- Worthington Industries, Inc. (NYSE: WOR) today reported net sales of $714.7 million and net earnings of $58.5 million, or $0.92 per diluted share, for its fiscal 2016 fourth quarter ended May 31, 2016. Net earnings in the quarter include pre-tax restructuring charges totaling $1.9 million and a $6.9 million pre-tax gain related to the consolidation of the results of the Company's Worthington Specialty Processing (WSP) joint venture with U.S. Steel, as described under "Fiscal 2016 Highlights" below. The net after-tax impact of these items increased earnings per diluted share by $0.05.
In the fourth quarter of fiscal 2015, the Company reported net sales of $846.0 million and net earnings of $28.9 million, or $0.44 per diluted share. Net earnings in the fourth quarter of fiscal 2015 included pre-tax impairment and restructuring charges totaling $6.5 million, which reduced earnings per diluted share by $0.08.
For the fiscal year ended May 31, 2016, the Company reported net sales of $2.8 billion and net earnings of $143.7 million, or $2.22 per diluted share, up from net earnings of $76.8 million, or $1.12 per diluted share, in the prior year. Net sales were down 17% year over year, or $564.5 million, driven primarily by lower average selling prices in Steel Processing and lower volume in Pressure Cylinders and Engineered Cabs. Fiscal year 2016 net earnings were adversely affected by pre-tax impairment and restructuring charges in the net amount of $33.1 million, which when combined with the $6.9 million pre-tax gain related to the consolidation of the WSP joint venture, reduced earnings per diluted share by $0.26. Impairment and restructuring charges in the prior year resulted in a net pre-tax charge of $107.1 million, which reduced earnings per diluted share by $1.00.
Financial highlights for the current and comparative periods are as follows:
(U.S. dollars in millions, except per share data)
4Q 2016 3Q 2016 4Q 2015 12M 2016 12M 2015
-------- -------- -------- --------- ---------
Net sales $ 714.7 $ 647.1 $ 846.0 $ 2,819.7 $ 3,384.2
Operating income 54.0 25.1 27.2 122.1 60.6
Equity income 34.1 25.0 18.4 115.0 87.5
Net earnings 58.5 29.8 28.9 143.7 76.8
Earnings per diluted share $ 0.92 $ 0.47 $ 0.44 $ 2.22 $ 1.12
"We ended fiscal year 2016 with a very good fourth quarter which drove annual earnings per share to a record $2.22," said John McConnell, Chairman and CEO. "We had excellent results in the fourth quarter in Steel Processing, our joint ventures, especially WAVE, and the industrial and consumer products businesses in Pressure Cylinders. I want to thank each of our employees for their dedication and hard work in challenging times and for taking advantage of opportunities to improve and help the Company grow."
Consolidated Quarterly Results
Net sales for the fourth quarter of fiscal 2016 were $714.7 million, down 16% from the comparable quarter in the prior year, when net sales were $846.0 million. The decrease was the result of lower average selling prices in Steel Processing, as a result of lower steel prices, and lower volume in certain Pressure Cylinders businesses, and Engineered Cabs.
Gross margin increased $24.2 million from the prior year quarter to $134.5 million due to a favorable pricing spread and the favorable impact of inventory holding gains in Steel Processing in the current quarter compared to inventory holding losses in the prior year quarter, partially offset by lower volume in Pressure Cylinders and Engineered Cabs.
Operating income for the current quarter was $54.0 million, an increase of $26.8 million from the prior year quarter. The increase was due to higher gross margin, and the favorable impact of lower impairment and restructuring charges.
Interest expense was $8.1 million for the current quarter, compared to $8.2 million in the prior year quarter. The decrease was due to lower short-term borrowings.
The Company's portion of equity income from unconsolidated joint ventures increased $15.7 million from the prior year quarter to $34.1 million on higher contributions from all the joint ventures. Joint venture sales totaled $393.3 million for the current quarter. The Company received cash distributions of $21.2 million from unconsolidated joint ventures during the quarter.
Income tax expense was $24.8 million in the current quarter compared to $6.2 million in the prior year quarter. The increase was primarily due to higher earnings. Tax expense in the current quarter reflects an effective rate of 29.8% compared to 17.8% for the prior year quarter.
Balance Sheet
At quarter-end, total debt was $583.5 million, down $27.6 million from February 29, 2016, due to lower short-term borrowings. The Company had $84.2 million of cash at quarter-end.
Quarterly Segment Results
Steel Processing's net sales of $466.0 million were down 14%, or $73.9 million, from the comparable prior year quarter driven primarily by lower average selling prices. Operating income of $40.4 million was $17.9 million higher than the prior year quarter due to a favorable pricing spread and the favorable impact of inventory holding gains in the current quarter compared to inventory holding losses in the prior year quarter. The mix of direct versus toll tons processed was 52% to 48% in the current quarter, compared to 62% to 38% in the prior year quarter. The change in mix was primarily the result of the consolidation of the WSP joint venture effective March 1, 2016.
Pressure Cylinders' net sales of $218.6 million were down 13%, or $33.0 million, from the comparable prior year quarter. The decline was driven primarily by a 61% volume decrease in the oil & gas equipment business. Operating income of $12.9 million was $2.6 million higher than the prior year quarter on lower impairment and restructuring charges and improvements in the industrial and consumer products businesses. Declines in the oil & gas equipment business partially offset the overall improvement in Pressure Cylinders' operating income.
Engineered Cabs' net sales of $29.1 million were down $17.4 million, or 37%, below the prior year quarter due to declines in market demand and the September 2015 closure of the Florence, S.C. facility. The operating loss was $2.0 million less than the prior year quarter.
The "Other" category includes the Energy Innovations businesses, as well as non-allocated corporate expenses. Net sales in the "Other" category were $1.0 million, a decrease of $7.0 million from the prior year quarter as the Construction Services business has ceased operations. The Construction Services business reported a $0.3 million loss for the quarter as operations were wound down.
Fiscal 2016 Highlights
- On March 1, 2016, the Company obtained operating control of the WSP joint venture with U.S. Steel. As a result, the Company began consolidating the results of WSP within the financial results of Steel Processing as of March 1, 2016. The ownership percentages remained unchanged with Worthington at 51% and U.S. Steel at 49%.
- On December 7, 2015, the Company completed the acquisition of the global CryoScience business of Taylor Wharton, including a manufacturing facility in Theodore, Ala. for $30.6 million. The asset purchase was made pursuant to the Chapter 11 bankruptcy proceedings of Taylor Wharton and became part of Pressure Cylinders upon closing.
- During Fiscal 2016, the Company repurchased a total of 3,500,000 common shares for $99.8 million at an average price of $28.53.
Outlook
"While we expect some headwinds to continue, our legacy businesses are performing well and we anticipate a good start to our new fiscal year," McConnell said. "The Company's two underperforming businesses, engineered cabs and oil and gas, are in better positions with smaller footprints and the cryogenics business is repositioning with its moves to new facilities later this year and new markets. And, all of our efforts in Transformation 2.0 and innovation will help us continue to improve and achieve our goals for growth in each of our businesses."
Conference Call
Worthington will review fiscal 2016 fourth quarter and full-year results during its quarterly conference call on June 29, 2016, at 2:30 p.m., Eastern Daylight 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 2016 fiscal year sales of $2.8 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 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 10,000 people and operates 82 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; pricing and pricing trends for raw materials and finished goods and the impact of pricing and pricing changes; demand trends for the Company or its markets; additions to product lines and opportunities to participate in new markets; expected benefits for Transformation efforts; 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; projected profitability potential, capacity, and working capital needs; the ability to make acquisitions; 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 reduce costs and improve operations 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; expectations for increasing volatility or improving and sustainable 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; lower oil prices as a factor in demand for products; 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, oil and gas, heavy equipment 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, and innovation efforts, 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, 2015.
WORTHINGTON INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
Three Months Ended Twelve Months Ended
May 31, May 31,
------------------------ ------------------------
2016 2015 2016 2015
----------- ----------- ----------- -----------
Net sales $ 714,671 $ 846,023 $ 2,819,714 $ 3,384,234
Cost of goods sold 580,196 735,711 2,367,121 2,920,701
----------- ----------- ----------- -----------
Gross margin 134,475 110,312 452,593 463,533
Selling, general and
administrative expense 78,580 76,593 297,402 295,920
Impairment of goodwill
and long-lived assets - 2,344 25,962 100,129
Restructuring and other
expense 1,883 4,162 7,177 6,927
----------- ----------- ----------- -----------
Operating income 54,012 27,213 122,052 60,557
Other income (expense):
Miscellaneous income
(expense), net 7,544 (961) 11,267 795
Interest expense (8,131) (8,227) (31,670) (35,800)
Equity in net income
of unconsolidated
affiliates 34,144 18,433 114,966 87,476
----------- ----------- ----------- -----------
Earnings before income
taxes 87,569 36,458 216,615 113,028
Income tax expense 24,831 6,232 58,987 25,772
----------- ----------- ----------- -----------
Net earnings 62,738 30,226 157,628 87,256
Net earnings
attributable to
noncontrolling
interests 4,215 1,361 13,913 10,471
----------- ----------- ----------- -----------
Net earnings
attributable to
controlling interest $ 58,523 $ 28,865 $ 143,715 $ 76,785
=========== =========== =========== ===========
Basic
Average common shares
outstanding 61,453 64,217 62,469 66,309
----------- ----------- ----------- -----------
Earnings per share
attributable to
controlling interest $ 0.95 $ 0.45 $ 2.30 $ 1.16
=========== =========== =========== ===========
Diluted
Average common shares
outstanding 63,933 65,767 64,755 68,483
----------- ----------- ----------- -----------
Earnings per share
attributable to
controlling interest $ 0.92 $ 0.44 $ 2.22 $ 1.12
=========== =========== =========== ===========
Common shares
outstanding at end of
period 61,534 64,141 61,534 64,141
Cash dividends declared
per share $ 0.19 $ 0.18 $ 0.76 $ 0.72
WORTHINGTON INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
May 31, May 31,
2016 2015
------------ ------------
Assets
Current assets:
Cash and cash equivalents $ 84,188 $ 31,067
Receivables, less allowances of $4,579 and
$3,085 at May 31, 2016 and May 31, 2015,
respectively 439,688 474,292
Inventories:
Raw materials 162,427 181,975
Work in process 86,892 107,069
Finished products 70,016 85,931
------------ ------------
Total inventories 319,335 374,975
Income taxes receivable 10,535 12,119
Assets held for sale 10,079 23,412
Deferred income taxes - 22,034
Prepaid expenses and other current assets 51,635 54,294
------------ ------------
Total current assets 915,460 992,193
Investments in unconsolidated affiliates 191,826 196,776
Goodwill 246,067 238,999
Other intangible assets, net of accumulated
amortization of $49,532 and $47,547 at May 31,
2016 and May 31, 2015, respectively 96,164 119,117
Other assets 31,400 24,867
Property, plant and equipment:
Land 18,537 16,017
Buildings and improvements 256,973 218,182
Machinery and equipment 945,951 872,986
Construction in progress 48,156 40,753
------------ ------------
Total property, plant and equipment 1,269,617 1,147,938
Less: accumulated depreciation 686,779 634,748
------------ ------------
Total property, plant and equipment, net 582,838 513,190
------------ ------------
Total assets $ 2,063,755 $ 2,085,142
============ ============
Liabilities and equity
Current liabilities:
Accounts payable $ 290,432 $ 294,129
Short-term borrowings 2,651 90,550
Accrued compensation, contributions to employee
benefit plans and related taxes 75,105 66,252
Dividends payable 13,471 12,862
Other accrued items 45,056 56,913
Income taxes payable 2,501 2,845
Current maturities of long-term debt 862 841
------------ ------------
Total current liabilities 430,078 524,392
Other liabilities 63,487 58,269
Distributions in excess of investment in
unconsolidated affiliate 52,983 61,585
Long-term debt 579,982 579,352
Deferred income taxes 17,379 21,495
------------ ------------
Total liabilities 1,143,909 1,245,093
Shareholders' equity - controlling interest 793,371 749,112
Noncontrolling interest 126,475 90,937
------------ ------------
Total equity 919,846 840,049
------------ ------------
Total liabilities and equity $ 2,063,755 $ 2,085,142
============ ============
WORTHINGTON INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended Twelve Months Ended
May 31, May 31,
-------------------- --------------------
2016 2015 2016 2015
--------- --------- --------- ---------
Operating activities:
Net earnings $ 62,738 $ 30,226 $ 157,628 $ 87,256
Adjustments to reconcile net
earnings to net cash provided
by operating activities:
Depreciation and amortization 21,951 21,760 84,699 85,089
Impairment of goodwill and
long-lived assets - 2,344 25,962 100,129
Provision (benefit) for
deferred income taxes 13,423 1,401 7,354 (39,960)
Bad debt expense 151 365 346 259
Equity in net income of
unconsolidated affiliates,
net of distributions (12,949) (3,925) (29,473) (12,299)
Net (gain) loss on sale of
assets (5,363) (204) (12,996) 3,277
Stock-based compensation 4,552 5,005 15,836 17,916
Excess tax benefits - stock-
based compensation - (762) - (7,178)
Gain on previously held equity
interest in WSP (6,877) - (6,877) -
Changes in assets and
liabilities, net of impact of
acquisitions:
Receivables (10,674) 21,097 66,117 32,011
Inventories 5,319 98,033 66,351 54,108
Prepaid expenses and other
current assets 9,003 (4,113) 18,327 (15,295)
Other assets (511) (4,014) (4,530) 1,617
Accounts payable and accrued
expenses 37,645 (93,245) 20,180 (83,190)
Other liabilities (892) 743 4,460 (9,365)
--------- --------- --------- ---------
Net cash provided by operating
activities 117,516 74,711 413,384 214,375
--------- --------- --------- ---------
Investing activities:
Investment in property, plant
and equipment (21,571) (22,990) (97,036) (96,255)
Investment in notes receivable - - - (7,300)
Acquisitions, net of cash
acquired - 191 (34,206) (105,291)
Investments in unconsolidated
affiliates - - (5,595) (8,230)
Proceeds from sale of assets
and insurance (89) 10,194 9,797 14,007
--------- --------- --------- ---------
Net cash used by investing
activities (21,660) (12,605) (127,040) (203,069)
--------- --------- --------- ---------
Financing activities:
Net proceeds from (repayments
of) short-term borrowings (28,115) (33,597) (85,843) 79,047
Proceeds from long-term debt - 4,176 921 30,572
Principal payments on long-
term debt (218) (207) (862) (102,852)
Proceeds from issuance of
common shares 2,896 1,283 8,707 2,910
Excess tax benefits - stock-
based compensation - 762 - 7,178
Payments to noncontrolling
interest - (1,312) (9,106) (13,379)
Repurchase of common shares - (32,945) (99,847) (127,360)
Dividends paid (11,663) (11,667) (47,193) (46,434)
--------- --------- --------- ---------
Net cash used by financing
activities (37,100) (73,507) (233,223) (170,318)
--------- --------- --------- ---------
Increase (decrease) in cash and
cash equivalents 58,756 (11,401) 53,121 (159,012)
Cash and cash equivalents at
beginning of period 25,432 42,468 31,067 190,079
--------- --------- --------- ---------
Cash and cash equivalents at end
of period $ 84,188 $ 31,067 $ 84,188 $ 31,067
========= ========= ========= =========
WORTHINGTON INDUSTRIES, INC.
SUPPLEMENTAL DATA
(In thousands, except volume)
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,
------------------------ ------------------------
2016 2015 2016 2015
----------- ----------- ----------- -----------
Volume:
Steel Processing
(tons) 1,028,278 875,121 3,523,429 3,509,703
Pressure Cylinders
(units) 19,458,765 22,082,614 72,230,021 81,112,610
Net sales:
Steel Processing $ 466,023 $ 539,954 $ 1,843,661 $ 2,145,744
Pressure Cylinders 218,610 251,613 844,898 1,001,402
Engineered Cabs 29,077 46,469 121,946 192,953
Other 961 7,987 9,209 44,135
----------- ----------- ----------- -----------
Total net sales $ 714,671 $ 846,023 $ 2,819,714 $ 3,384,234
=========== =========== =========== ===========
Material cost:
Steel Processing $ 289,897 $ 396,142 $ 1,245,051 $ 1,567,325
Pressure Cylinders 90,372 122,832 359,802 474,319
Engineered Cabs 13,579 22,774 57,326 89,309
Selling, general and
administrative expense:
Steel Processing $ 36,969 $ 33,872 $ 132,827 $ 123,372
Pressure Cylinders 37,675 37,026 143,853 141,092
Engineered Cabs 4,249 5,903 18,506 26,128
Other (313) (208) 2,216 5,328
----------- ----------- ----------- -----------
Total selling,
general and
administrative
expense $ 78,580 $ 76,593 $ 297,402 $ 295,920
=========== =========== =========== ===========
Operating income (loss):
Steel Processing $ 40,427 $ 22,555 $ 112,001 $ 108,707
Pressure Cylinders 12,896 10,316 28,375 58,113
Engineered Cabs (1,697) (3,726) (19,331) (97,260)
Other 2,386 (1,932) 1,007 (9,003)
----------- ----------- ----------- -----------
Total operating
income $ 54,012 $ 27,213 $ 122,052 $ 60,557
=========== =========== =========== ===========
Equity income (loss) by
unconsolidated
affiliate:
WAVE $ 22,887 $ 16,307 $ 82,725 $ 70,649
ClarkDietrich 4,346 542 14,635 2,950
Serviacero 3,399 (25) 6,253 3,272
ArtiFlex 3,183 1,158 10,336 7,199
WSP - 423 1,665 2,913
Other 329 28 (648) 493
----------- ----------- ----------- -----------
Total equity income $ 34,144 $ 18,433 $ 114,966 $ 87,476
=========== =========== =========== ===========
WORTHINGTON INDUSTRIES, INC.
SUPPLEMENTAL DATA
(In thousands, except volume)
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,
------------------------ ------------------------
2016 2015 2016 2015
----------- ----------- ----------- -----------
Volume (units):
Consumer Products 12,318,962 13,550,943 45,298,605 48,964,578
Industrial Products* 7,004,562 7,521,044 26,493,737 26,426,519
Mississippi* - 893,532 - 5,278,597
Alternative Fuels 127,430 115,105 422,630 431,954
Oil and Gas Equipment 664 1,717 3,668 10,246
Cryogenics 7,147 273 11,381 716
----------- ----------- ----------- -----------
Total Pressure
Cylinders 19,458,765 22,082,614 72,230,021 81,112,610
=========== =========== =========== ===========
Net sales:
Consumer Products $ 61,882 $ 56,948 $ 217,427 $ 217,738
Industrial Products* 103,449 113,369 406,571 413,154
Mississippi* - 5,154 - 26,827
Alternative Fuels 27,676 26,205 98,746 94,468
Oil and Gas Equipment 15,170 46,073 90,271 230,525
Cryogenics 10,433 3,864 31,883 18,690
----------- ----------- ----------- -----------
Total Pressure
Cylinders $ 218,610 $ 251,613 $ 844,898 $ 1,001,402
=========== =========== =========== ===========
* Mississippi, an industrial gas facility, was sold in May 2015. It has
been broken out so as not to distort the Industrial Products comparisons as
the products previously produced at the Mississippi facility have been
discontinued.
The following provides detail of impairment of long-lived assets and
restructuring and other expense included in operating income by segment.
Three Months Ended Twelve Months Ended
May 31, May 31,
------------------------ ------------------------
2016 2015 2016 2015
----------- ----------- ----------- -----------
Impairment of goodwill
and long-lived assets:
Steel Processing $ - $ - $ - $ 3,050
Pressure Cylinders - 2,344 22,962 11,911
Engineered Cabs - - 3,000 83,989
Other - - - 1,179
----------- ----------- ----------- -----------
Total impairment of
goodwill and long-
lived assets $ - $ 2,344 $ 25,962 $ 100,129
=========== =========== =========== ===========
Restructuring and other
expense (income):
Steel Processing $ 322 $ 130 $ 4,110 $ 72
Pressure Cylinders 708 3,482 392 6,408
Engineered Cabs 511 (19) 3,570 (332)
Other 342 569 (895) 779
----------- ----------- ----------- -----------
Total restructuring
and other expense $ 1,883 $ 4,162 $ 7,177 $ 6,927
=========== =========== =========== ===========
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 200 Old Wilson Bridge Rd. Columbus, Ohio 43085 WorthingtonIndustries.com
Source: Worthington Industries, Inc.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Gilead Sciences (GILD) Misses Q1 EPS by 288c
- ResMed (RMD) Tops Q3 EPS by 20c
- Masonite (DOOR) Shareholders Approve Transaction with Owens Corning (OC)
Create E-mail Alert Related Categories
Press ReleasesRelated Entities
Dividend, Bankruptcy, Earnings, Definitive AgreementSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
