SOURCE: Worthington Industries, Inc.

Worthington Industries, Inc.

March 25, 2015 17:05 ET

Worthington Reports Third Quarter Fiscal 2015 Results

COLUMBUS, OH--(Marketwired - Mar 25, 2015) - Worthington Industries, Inc. (NYSE: WOR) today reported net sales of $804.8 million and a net loss of $25.7 million, or a loss of $0.39 per diluted share, for its fiscal 2015 third quarter ended February 28, 2015. These results included a non-cash impairment charge of $81.6 million for the Company's Engineered Cabs business, related to goodwill and long-lived assets and $2.3 million of severance expense related to the recently announced workforce reductions in Oil & Gas Equipment. The after-tax impact of these charges reduced earnings by $52.9 million, or $0.78 per diluted share. In last year's third quarter, the Company reported net sales of $773.2 million and net earnings of $40.6 million, or $0.57 per diluted share. 

Financial highlights for the current and comparative periods are as follows:

 
(U.S. dollars in millions, except per share data)
                       
    3Q 2015     2Q 2015   3Q 2014   9M2015   9M2014
Net sales   $ 804.8     $ 871.0   $ 773.2   $ 2,538.2   $ 2,235.4
Operating income (loss)     (52.1 )     33.2     45.3     33.3     103.4
Equity income     18.8       22.3     21.2     69.0     69.2
Net earnings (loss)     (25.7 )     29.5     40.6     47.9     118.1
Earnings (loss) per share   $ (0.39 )   $ 0.43   $ 0.57   $ 0.69   $ 1.64
                                 
                                 

"Despite a challenging quarter, the overall health of the company is good," said John McConnell, Chairman and CEO. "We had solid volumes in Steel Processing, but the dramatic fall in steel prices throughout the quarter negatively impacted results. The automotive and heavy truck markets continued to be strong along with most other markets, but we continue to see weakness in the agriculture market. Pressure Cylinders is right-sizing its Oil & Gas Equipment operations as the softness in that market was starting to be reflected in our customer orders." McConnell added, "We are also reorganizing the Engineered Cabs business with the announced closure of the Florence facility and the consolidation of the business."

Consolidated Quarterly Results

Net sales for the third quarter ended February 28, 2015, were $804.8 million, a 4% increase over the comparable quarter in the prior year, when net sales were $773.2 million. The $31.6 million increase was primarily driven by acquisitions in the Steel Processing and Pressure Cylinders segments.

Gross margin declined $24.0 million from the prior year quarter to $98.5 million. The positive impact from the recent acquisitions was more than offset by higher inventory holding losses fueled by rapidly falling steel prices in Steel Processing and lower volumes in Consumer and Industrial Products in Pressure Cylinders. 

On Tuesday, the Company announced its decision to close its Engineered Cabs facility in Florence, S.C., which resulted in the $81.6 million impairment of goodwill and long-lived assets in the current quarter. As a result, operating income decreased $97.3 million from the prior year.

Excluding the impairment charge, operating income was down $15.7 million, driven largely by inventory holding losses, lower Pressure Cylinders volumes and increased manufacturing expenses. SG&A expenses were down $8.9 million from the prior year quarter as lower earnings resulted in lower profit sharing and bonus expenses.

Interest expense of $8.4 million in the current quarter was $2.2 million higher than the $6.2 million reported in the comparable period of the prior year. The increase was due to the impact of higher average debt levels resulting from the issuance of $250.0 million of 4.55% unsecured senior notes in April 2014. However, interest in the current quarter was down $1.3 million from the second quarter of the current year as $100.0 million of 2004 notes matured and were repaid in December 2014.

Equity in net income from unconsolidated joint ventures of $18.8 million was $2.4 million lower than the $21.2 million from the prior year quarter on combined net sales of $356.6 million versus $340.6 million in the prior year quarter. The overall decrease in earnings was led by a $3.3 million decrease at Serviacero, which was negatively impacted by the falling price of steel, and a $0.8 million decrease from ClarkDietrich on lower volumes. The equity income from ArtiFlex was $2.3 million higher than the prior year quarter. 

Income tax showed a benefit of $18.2 million as a result of the impairment charge. Excluding the charge, income tax expense would have been $10.9 million in the current quarter compared to $16.6 million in the comparable quarter of the prior year. The lower earnings in the current quarter more than offset the impact of a higher effective tax rate. Tax expense in the current quarter reflects an estimated annual effective rate of 30.9% compared to 27.3% for the prior year quarter. 

Balance Sheet

At quarter end, total debt was $699.9 million, up $14.2 million from November 30, 2014, as a result of borrowings against a long-term credit facility entered into by the consolidated joint venture in Turkey. The Company had $42.5 million of cash at quarter end.

Quarterly Segment Results

Steel Processing's net sales of $500.7 million were up 5%, or $22.7 million, due to the recent acquisition of Rome Strip Steel and increased volume. Operating income of $16.4 million was $11.9 million lower than the prior year quarter due to inventory holding losses in the current quarter caused by the rapidly falling price of steel combined with higher manufacturing expenses. This was partially offset by lower SG&A expenses resulting from a decrease in profit sharing and bonus accruals. 

Pressure Cylinders' net sales of $248.1 million were up 6%, or $14.8 million, from the comparable prior year quarter driven by recent acquisitions. Operating income of $18.6 million was $2.7 million lower than the prior year quarter as contributions from recent acquisitions were more than offset by the $2.3 million severance accrual in Oil & Gas Equipment and decreases in Industrial and Consumer Products.

Engineered Cabs' net sales of $45.4 million were $6.1 million below the prior year quarter due to lower tooling revenue from startup programs and the January 2015 sale of the assets of Advanced Component Technologies, Inc. Excluding the impact of the impairment charge described above, operating loss in the current quarter increased $3.4 million due to lower average pricing and high operating costs at the Florence facility.

The "Other" category includes Construction Services and Energy Innovations operating segments, as well as non-allocated corporate expenses. Operations in the "Other" category reported net sales of $10.6 million, slightly higher than the $10.5 million reported in the prior year quarter. Increased revenue in the Energy Innovations business was mostly offset by lower revenue in Construction Services. The "Other" category reported losses of $1.3 million, which were $1.9 million lower than the prior year quarter. The improvement resulted from lower losses within Construction Services. 

Recent Business Developments

  • On January 16, 2015, the Company acquired Rome Strip Steel Company, Inc. Located in Rome, N.Y., Rome manufactures cold rolled steel to extremely tight tolerances. It will be integrated into the Steel Processing business segment of Worthington and adds a third, high value-add, cold rolling and annealing production facility to the Company.

  • On January 30, 2015, the Company sold the assets of Advanced Component Technologies, Inc. (ACT) located in Northwood, Iowa. ACT was a facility within the Engineered Cabs segment.

  • During the quarter, the Company repurchased a total of 1.9 million common shares for $56.6 million at an average price of $28.46.

  • On March 12, 2015, WAVE, Worthington's joint venture with Armstrong World Industries, Inc., acquired the Axiom® and Serpentina® ceiling system manufacturing capabilities from Fry Reglet Corporation.

  • On March 24, 2015, the Company announced its decision to close the Engineered Cabs Florence, S.C. location resulting in an impairment charge of $81.6 million and also announced a workforce reduction in several Oil and Gas Equipment locations due to slowing demand.

  • At its Board meeting on March 25, 2015, the directors of Worthington Industries declared a quarterly dividend of $0.18 per share payable on June 29, 2015 to shareholders of record on June 15, 2015.

Outlook

"We remain focused on our goal to grow our earnings and improve our operations," said John McConnell, Chairman and CEO. "The Company has grown rapidly in recent years, both organically and through acquisitions, and that growth has helped increase our earnings. However, we will continue to take action when fundamental market conditions change or when a credible plan is not attainable to meet our targets for a particular business. We do anticipate lower steel pricing will continue to be a headwind in the upcoming quarter, but we expect automotive and heavy truck volumes to remain strong."

Conference Call

Worthington will review third quarter results during its quarterly conference call on March 26, 2015, at 10:30 a.m. ET. Details regarding the conference call can be found on the Company website at www.WorthingtonIndustries.com.

About Worthington Industries 

Worthington Industries is a leading global diversified metals manufacturing company with 2014 fiscal year sales of $3.1 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, scuba diving 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 84 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; pricing trends for raw materials and finished goods and the impact of pricing changes; 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; anticipated capital expenditures and asset sales; demand trends for the Company or its markets; additions to product lines and opportunities to participate in new 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; fluctuations in the pricing, quality or availability of raw materials (particularly steel), supplies, transportation, utilities and other items required by operations; the ability to realize targeted expense reductions from headcount reductions, facility closures and other cost reduction efforts; effects of facility closures and the consolidation of operations; the effect of financial difficulties, consolidation and other changes within the steel, automotive, oil and gas, construction and other industries in which the Company participates; failure to maintain appropriate levels of inventories; changes in product mix, product substitution and market acceptance of the Company's products; 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 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.

   
   
WORTHINGTON INDUSTRIES, INC.  
CONSOLIDATED STATEMENTS OF EARNINGS  
(In thousands, except per share amounts)  
   
  Three Months Ended     Nine Months Ended  
  February 28,     February 28,  
  2015     2014     2015     2014  
Net sales $ 804,785     $ 773,230     $ 2,538,211     $ 2,235,421  
Cost of goods sold   706,294       650,743       2,184,990       1,873,738  
  Gross margin   98,491       122,487       353,221       361,683  
Selling, general and administrative expense   66,764       75,680       219,327       225,615  
Impairment of goodwill and long-lived assets   81,600       -       97,785       35,375  
Restructuring and other expense (income)   2,093       1,398       2,491       (3,781 )
Joint venture transactions   84       120       274       1,048  
  Operating income (loss)   (52,050 )     45,289       33,344       103,426  
Other income (expense):                              
  Miscellaneous income   213       488       1,756       13,897  
  Interest expense   (8,381 )     (6,196 )     (27,573 )     (18,694 )
  Equity in net income of unconsolidated affiliates   18,800       21,186       69,043       69,223  
  Earnings (loss) before income taxes   (41,418 )     60,767       76,570       167,852  
Income tax expense (benefit)   (18,173 )     16,556       19,540       38,948  
Net earnings (loss)   (23,245 )     44,211       57,030       128,904  
Net earnings attributable to noncontrolling interest   2,465       3,608       9,110       10,767  
Net earnings (loss) attributable to controlling interest $ (25,710 )   $ 40,603     $ 47,920     $ 118,137  
                               
Basic                              
Average common shares outstanding   66,359       68,895       67,013       69,268  
Earnings (loss) per share attributable to controlling interest $ (0.39 )   $ 0.59     $ 0.72     $ 1.71  
                               
Diluted                              
Average common shares outstanding   66,359       71,528       69,301       71,910  
Earnings (loss) per share attributable to controlling interest $ (0.39 )   $ 0.57     $ 0.69     $ 1.64  
                               
                               
Common shares outstanding at end of period   65,078       68,302       65,078       68,302  
                               
Cash dividends declared per share $ 0.18     $ 0.15     $ 0.54     $ 0.45  
                               
                               
                               
WORTHINGTON INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
    February 28,   May 31,
    2015   2014
Assets            
Current assets:            
  Cash and cash equivalents   $ 42,468   $ 190,079
  Receivables, less allowances of $2,838 and $3,043 at February 28, 2015 and May 31, 2014, respectively     495,861     493,127
  Inventories:            
    Raw materials     230,507     213,173
    Work in process     135,759     105,872
    Finished products     111,831     90,957
      Total inventories     478,097     410,002
  Income taxes receivable     8,440     5,438
  Assets held for sale     24,560     32,235
  Deferred income taxes     24,832     24,272
  Prepaid expenses and other current assets     51,672     43,769
    Total current assets     1,125,930     1,198,922
             
Investments in unconsolidated affiliates     195,788     179,113
Goodwill     240,738     251,093
Other intangible assets, net of accumulated amortization of $42,906 and $35,506 at February 28, 2015 and May 31, 2014, respectively     126,558     145,993
Other assets     20,697     22,399
Property, plant & equipment:            
  Land     16,148     15,260
  Buildings and improvements     214,541     213,848
  Machinery and equipment     866,928     848,889
  Construction in progress     43,157     32,135
    Total property, plant & equipment     1,140,774     1,110,132
    Less: accumulated depreciation     629,084     611,271
Property, plant and equipment, net     511,690     498,861
Total assets   $ 2,221,401   $ 2,296,381
             
Liabilities and equity            
Current liabilities:            
  Accounts payable   $ 386,408   $ 333,744
  Short-term borrowings     123,054     10,362
  Accrued compensation, contributions to employee benefit plans and related taxes     67,273     78,514
  Dividends payable     12,850     11,044
  Other accrued items     58,627     49,873
  Income taxes payable     2,920     4,953
  Current maturities of long-term debt     835     101,173
    Total current liabilities     651,967     589,663
             
Other liabilities     55,744     76,426
Distributions in excess of investment in unconsolidated affiliate     63,933     59,287
Long-term debt     575,968     554,790
Deferred income taxes     22,116     71,333
    Total liabilities     1,369,728     1,351,499
             
Shareholders' equity - controlling interests     760,740     850,812
Noncontrolling interests     90,933     94,070
    Total equity     851,673     944,882
Total liabilities and equity   $ 2,221,401   $ 2,296,381
             
             
             
WORTHINGTON INDUSTRIES, INC.  
CONSOLIDATED STATEMENTS OF CASH FLOWS  
(In thousands)  
   
  Three Months Ended     Nine Months Ended  
  February 28,     February 28,  
  2015     2014     2015     2014  
Operating activities                              
Net earnings (loss) $ (23,245 )   $ 44,211     $ 57,030     $ 128,904  
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:                              
  Depreciation and amortization   21,762       20,208       63,329       59,763  
  Impairment of goodwill and long-lived assets   81,600       -       97,785       35,375  
  Provision for deferred income taxes   (35,334 )     1,278       (41,361 )     (20,256 )
  Bad debt income   (46 )     (134 )     (106 )     (430 )
  Equity in net income of unconsolidated affiliates, net of distributions   (571 )     1,048       (8,374 )     (8,373 )
  Net loss (gain) on sale of assets   3,047       990       3,481       (10,860 )
  Stock-based compensation   4,058       4,705       12,911       13,207  
  Excess tax benefits - stock-based compensation   (663 )     (1,462 )     (6,416 )     (7,294 )
  Gain on previously held equity interest in TWB   -       -       -       (11,000 )
Changes in assets and liabilities, net of impact of acquisitions:                              
  Receivables   5,078       (30,228 )     10,914       (14,999 )
  Inventories   (8,795 )     (38,260 )     (43,925 )     (59,583 )
  Prepaid expenses and other current assets   (3,078 )     2,429       (11,182 )     4,136  
  Other assets   2,415       (762 )     5,631       (187 )
  Accounts payable and accrued expenses   40,260       91,485       10,055       108,185  
  Other liabilities   (3,612 )     1,316       (10,108 )     4,019  
Net cash provided by operating activities   82,876       96,824       139,664       220,607  
                               
Investing activities                              
  Investment in property, plant and equipment   (26,119 )     (21,743 )     (73,265 )     (52,157 )
  Investment in notes receivable   -       -       (7,300 )     -  
  Acquisitions, net of cash acquired   (54,389 )     (35,599 )     (105,482 )     17,634  
  Distributions from (investments in) unconsolidated affiliates   (4,559 )     -       (8,230 )     9,223  
  Proceeds from sale of assets and insurance   3,521       580       3,813       24,313  
Net cash used by investing activities   (81,546 )     (56,762 )     (190,464 )     (987 )
                               
Financing activities                              
  Net proceeds from (repayments of) short-term borrowings   112,285       (8,347 )     112,644       (78,624 )
  Proceeds from long-term debt   5,916       -       26,396       -  
  Principal payments on long-term debt   (101,832 )     (286 )     (102,645 )     (855 )
  Proceeds from (payments for) issuance of common shares   2,081       (1,241 )     1,627       5,246  
  Excess tax benefits - stock-based compensation   663       1,462       6,416       7,294  
  Payments to noncontrolling interest   (9,200 )     (36,512 )     (12,067 )     (39,150 )
  Repurchase of common shares   (52,795 )     (40,762 )     (94,415 )     (91,078 )
  Dividends paid   (12,517 )     (10,545 )     (34,767 )     (20,952 )
Net cash used by financing activities   (55,399 )     (96,231 )     (96,811 )     (218,119 )
                               
Increase (decrease) in cash and cash equivalents   (54,069 )     (56,169 )     (147,611 )     1,501  
Cash and cash equivalents at beginning of period   96,537       109,055       190,079       51,385  
Cash and cash equivalents at end of period $ 42,468     $ 52,886     $ 42,468     $ 52,886  
                               
                               
                               
WORTHINGTON INDUSTRIES, INC.  
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     Nine Months Ended  
  February 28,     February 28,  
  2015     2014     2015     2014  
Volume:                              
  Steel Processing (tons)   831       796       2,635       2,333  
  Pressure Cylinders (units)   19,569,585       22,623,146       59,029,996       60,356,401  
                               
Net sales:                              
  Steel Processing $ 500,703     $ 477,983     $ 1,605,790     $ 1,372,558  
  Pressure Cylinders   248,086       233,290       749,789       664,212  
  Engineered Cabs   45,390       51,485       146,484       147,814  
  Other   10,606       10,472       36,148       50,837  
    Total net sales $ 804,785     $ 773,230     $ 2,538,211     $ 2,235,421  
                               
Material cost:                              
  Steel Processing $ 375,614     $ 342,254     $ 1,171,183     $ 979,826  
  Pressure Cylinders   117,218       105,600       351,487       302,414  
  Engineered Cabs   20,839       22,586       66,535       66,215  
                               
Selling, general and administrative expense:                              
  Steel Processing $ 27,347     $ 32,457     $ 89,500     $ 95,914  
  Pressure Cylinders   33,112       32,717       104,066       95,984  
  Engineered Cabs   6,315       7,628       20,225       22,625  
  Other   (10 )     2,878       5,536       11,092  
    Total selling, general and administrative expense $ 66,764     $ 75,680     $ 219,327     $ 225,615  
                               
Operating income (loss):                              
  Steel Processing $ 16,406     $ 28,264     $ 86,152     $ 85,713  
  Pressure Cylinders   18,611       21,278       47,797       49,007  
  Engineered Cabs   (85,780 )     (1,088 )     (93,534 )     (22,284 )
  Other   (1,287 )     (3,165 )     (7,071 )     (9,010 )
    Total operating income (loss) $ (52,050 )   $ 45,289     $ 33,344     $ 103,426  
                               
                               
The following provides detail of Pressure Cylinders net sales and volume by principal class of products.  
   
  Three Months Ended     Nine Months Ended  
  February 28,     February 28,  
  2015     2014     2015     2014  
Volume (units):                              
  Consumer Products   11,826,910       14,093,639       35,413,635       35,899,207  
  Industrial Products   7,634,572       8,427,042       23,290,540       24,128,760  
  Alternative Fuels   105,460       100,303       316,849       322,740  
  Oil and Gas Equipment   2,548       2,149       8,529       5,681  
  Cryogenics   95       13       443       13  
    Total Pressure Cylinders   19,569,585       22,623,146       59,029,996       60,356,401  
                               
Net sales:                              
  Consumer Products $ 54,141     $ 60,034     $ 161,555     $ 159,467  
  Industrial Products   106,621       111,950       320,674       324,966  
  Alternative Fuels   23,659       22,260       68,260       69,701  
  Oil and Gas Equipment   60,229       37,698       184,451       108,730  
  Cryogenics   3,436       1,348       14,849       1,348  
    Total Pressure Cylinders $ 248,086     $ 233,290     $ 749,789     $ 664,212  
                               
                               
                               
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 (loss) by segment presented above.  
                       
  Three Months Ended     Nine Months Ended  
  February 28,     February 28,  
  2015     2014     2015     2014  
Impairment of goodwill and long-lived assets:                              
  Steel Processing $ -     $ -     $ 3,050     $ 4,641  
  Pressure Cylinders   -       -       9,567       11,634  
  Engineered Cabs   81,600       -       83,989       19,100  
  Other   -       -       1,179       -  
    Total impairment of goodwill and long-lived assets $ 81,600     $ -     $ 97,785     $ 35,375  
                               
Restructuring and other expense (income):                              
  Steel Processing $ (28 )   $ 1,380     $ (58 )   $ (3,382 )
  Pressure Cylinders   2,498       412       2,926       (1,035 )
  Engineered Cabs   (313 )     -       (313 )     -  
  Other   (64 )     (394 )     (64 )     636  
    Total restructuring and other expense (income) $ 2,093     $ 1,398     $ 2,491     $ (3,781 )
                               
Joint venture transactions:                              
  Steel Processing $ -     $ -     $ -     $ -  
  Pressure Cylinders   -       -       -       -  
  Engineered Cabs   -       -       -       -  
  Other   84       120       274       1,048  
    Total joint venture transactions $ 84     $ 120     $ 274     $ 1,048  

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