Ryerson Holding Corp - FORM 8-K - EX-99.1 - RYERSON HOLDING CORPORATION SECOND QUARTER AND SIX-MONTH SELECTED INCOME - August 3, 2011

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Exhibit 99.1

RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES

Selected Income and Cash Flow Data - Unaudited

(Dollars in Millions, except Per Ton Data)

 

     2011     2010     First Six Months Ended  
     Second
Quarter		     First
Quarter		     Second
Quarter		     June 30,  
         2011     2010  

NET SALES

    $ 1,289.0      $ 1,187.0      $ 1,020.2      $ 2,476.0      $ 1,891.7   

Cost of materials sold

      1,125.1        1,030.3        887.6        2,155.4        1,625.3   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      163.9        156.7        132.6        320.6        266.4   

Warehousing, delivery, selling, general and administrative

      139.8        135.2        127.8        275.0        246.1   

Restructuring and other charges

      0.6        0.3        —          0.9        —     

Gain on insurance settlement

      —          —          (2.6 )      —          (2.6 ) 

Impairment charge on fixed assets

      2.5        —          0.5        2.5        1.0   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

OPERATING PROFIT

      21.0        21.2        6.9        42.2        21.9   

Other income and (expense), net

      (0.6 )      5.7        2.4        5.1        (0.1 ) 

Interest and other expense on debt

      (30.6 )      (29.7 )      (27.3 )      (60.3 )      (52.0 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

LOSS BEFORE INCOME TAXES

      (10.2 )      (2.8 )      (18.0 )      (13.0 )      (30.2 ) 

Provision (benefit) for income taxes

      7.8        (1.2 )      3.7        6.6        6.3   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

NET LOSS

      (18.0 )      (1.6 )      (21.7 )      (19.6 )      (36.5 ) 

Less: Net income (loss) attributable to noncontrolling interest

      —          0.1        —          0.1        (0.1 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

NET LOSS ATTRIBUTABLE TO RYERSON HOLDING CORPORATION

    $ (18.0 )    $ (1.7 )    $ (21.7 )    $ (19.7 )    $ (36.4 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data :

           

Tons shipped (000)

      647        645        582        1,292        1,109   

Shipping days

      64        64        64        128        127   

Average selling price/ton

    $ 1,992      $ 1,840      $ 1,753      $ 1,916      $ 1,706   

Gross profit/ton

      253        243        228        248        240   

Operating profit/ton

      32        33        12        33        20   

LIFO expense/ton

      74        52        61        63        43   

LIFO expense

    $ 48.1      $ 33.3      $ 35.5      $ 81.4      $ 48.0   

Depreciation and amortization expense

      11.2        10.4        9.2        21.6        18.3   

Cash flow from operating activities

      (71.6 )      (103.8 )      (113.0 )      (175.4 )      (164.9 ) 

Capital expenditures

      (12.7 )      (6.4 )      (9.7 )      (19.1 )      (15.0 ) 

See Schedule 1 for EBITDA and Adjusted EBITDA reconciliation

Schedule 1

RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES

Reconciliation of Net Loss Attributable to Ryerson Holding Corporation to EBITDA

(Dollars in millions)

 

     2011     2010  
     Second
Quarter		     First
Quarter		     Second
Quarter		  

Net loss attributable to Ryerson Holding Corporation

    $ (18.0 )    $ (1.7 )    $ (21.7 ) 

Interest and other expense on debt

      30.6        29.7        27.3   

Provision (benefit) for income taxes

      7.8        (1.2 )      3.7   

Depreciation and amortization expense

      11.2        10.4        9.2   
  

 

 

    

 

 

    

 

 

  

EBITDA

    $ 31.6      $ 37.2      $ 18.5   

Reorganization

      2.6        0.9        0.8   

Advisory services fee

      1.2        1.3        1.2   

Foreign currency transaction (gains) losses

      0.2        0.8        (2.7 ) 

Gain on insurance settlement

      —          —          (2.6 ) 

Impairment charge on fixed assets

      2.5        —          0.5   

Gain on bargain purchase

      0.5        (6.3 )      —     

Other adjustments

      (0.1 )      (0.2 )      0.3   
  

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

    $ 38.5      $ 33.7      $ 16.0   
  

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

    $ 38.5      $ 33.7      $ 16.0   

LIFO expense

      48.1        33.3        35.5   
  

 

 

    

 

 

    

 

 

  

Adjusted EBITDA, excluding LIFO expense

    $ 86.6      $ 67.0      $ 51.5   
  

 

 

    

 

 

    

 

 

  

 

Note:

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

Ryerson Holding Corp Reports