SOURCE: Worthington Industries, Inc.

Worthington Industries, Inc.

June 29, 2016 09:11 ET

Worthington Reports Fourth Quarter and Fiscal Year Results

COLUMBUS, OH--(Marketwired - Jun 29, 2016) - 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
May 31,
    Twelve Months Ended
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
May 31,
    Twelve Months Ended
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
May 31,
    Twelve Months Ended
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
May 31,
    Twelve Months Ended
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
May 31,
    Twelve Months Ended
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  
                               

Contact Information

  • 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