Ryerson Holding Corp - FORM 8-K - EX-99.1 - THIRD QUARTER AND NINE-MONTH SELECTED INCOME AND CASH FLOW DATA - November 2, 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 Nine Months Ended
September 30,		  
     Third
Quarter		     Second
Quarter		     Third
Quarter		      2011      2010  

NET SALES

    $ 1,218.8      $ 1,289.0      $ 1,031.7       $ 3,694.8       $ 2,923.4   

Cost of materials sold

      1,045.1        1,125.1        892.6         3,200.5         2,517.9   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Gross profit

      173.7        163.9        139.1         494.3         405.5   

Warehousing, delivery, selling, general and administrative

      138.2        139.8        128.6         413.2         374.7   

Restructuring and other charges

      0.4        0.6        —           1.3         —     

Gain on insurance settlement

      —          —          —           —           (2.6 ) 

Impairment charge on fixed assets

      2.2        2.5        0.2         4.7         1.2   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

OPERATING PROFIT

      32.9        21.0        10.3         75.1         32.2   

Other income and (expense), net

      1.1        (0.6 )      (1.9 )       6.2         (2.0 ) 

Interest and other expense on debt

      (31.4 )      (30.6 )      (27.6 )       (91.7 )       (79.6 ) 
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

INCOME (LOSS) BEFORE INCOME TAXES

      2.6        (10.2 )      (19.2 )       (10.4 )       (49.4 ) 

Provision for income taxes

      3.5        7.8        5.6         10.1         11.9   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

NET LOSS

      (0.9 )      (18.0 )      (24.8 )       (20.5 )       (61.3 ) 

Less: Net income attributable to noncontrolling interest

      —          —          0.2         0.1         0.1   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

NET LOSS ATTRIBUTABLE TO RYERSON HOLDING

    $ (0.9 )    $ (18.0 )    $ (25.0 )     $ (20.6 )     $ (61.4 ) 
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Supplemental Data :

             

Tons shipped (000)

      609        647        586         1,901         1,695   

Shipping days

      64        64        64         192         191   

Average selling price/ton

    $ 2,001      $ 1,992      $ 1,761       $ 1,944       $ 1,725   

Gross profit/ton

      285        253        237         260         239   

Operating profit/ton

      54        32        17         39         19   

LIFO expense (income)/ton

      (12 )      74        4         39         30   

LIFO expense (income)

    $ (7.4 )    $ 48.1      $ 2.6       $ 74.0       $ 50.6   

Depreciation and amortization expense

      10.6        11.2        9.6         32.2         27.9   

Cash flow from operating activities

      74.0        (71.6 )      (11.9 )       (101.4 )       (176.8 ) 

Capital expenditures

      (11.2 )      (12.7 )      (4.9 )       (30.3 )       (19.9 ) 

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  
     Third     Second     Third  
     Quarter     Quarter     Quarter  

Net loss attributable to Ryerson Holding

    $ (0.9 )    $ (18.0 )    $ (25.0 ) 

Interest and other expense on debt

      31.4        30.6        27.6   

Provision for income taxes

      3.5        7.8        5.6   

Depreciation and amortization expense

      10.6        11.2        9.6   
  

 

 

    

 

 

    

 

 

  

EBITDA

    $ 44.6      $ 31.6      $ 17.8   

Reorganization

      3.6        2.6        1.3   

Advisory services fee

      1.3        1.2        1.3   

Foreign currency transaction (gains) losses

      (1.8 )      0.2        1.3   

Impairment charge on fixed assets

      2.2        2.5        0.2   

Gain on bargain purchase

      —          0.5        —     

Other adjustments

      0.7        (0.1 )      0.6   
  

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

    $ 50.6      $ 38.5      $ 22.5   
  

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

    $ 50.6      $ 38.5      $ 22.5   

LIFO expense (income)

      (7.4 )      48.1        2.6   
  

 

 

    

 

 

    

 

 

  

Adjusted EBITDA, excluding LIFO expense (income)

    $ 43.2      $ 86.6      $ 25.1   
  

 

 

    

 

 

    

 

 

  

 

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, impairment charge on fixed 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 (income).

Ryerson Holding Corp Reports