Attached files
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| 8-K - FORM 8-K - RYERSON INC. | d309525d8k.htm |
Exhibit 99.1
RYERSON INC. AND SUBSIDIARY COMPANIES
Selected Income and Cash Flow Data—Unaudited
(Dollars in Millions, except Per Ton Data)
| Third | Year Ended | |||||||||||||||||||
| Fourth Quarter | Quarter | December 31, | ||||||||||||||||||
| 2011 | 2010 | 2011 | 2011 | 2010 | ||||||||||||||||
| NET SALES |
$ | 1,035.0 | $ | 972.1 | $ | 1,218.8 | $ | 4,729.8 | $ | 3,895.5 | ||||||||||
| Cost of materials sold |
870.5 | 837.8 | 1,045.1 | 4,071.0 | 3,355.7 | |||||||||||||||
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| Gross profit |
164.5 | 134.3 | 173.7 | 658.8 | 539.8 | |||||||||||||||
| Warehousing, delivery, selling, general and administrative |
126.5 | 132.1 | 138.3 | 539.8 | 505.7 | |||||||||||||||
| Restructuring and other charges |
9.8 | 12.0 | 0.4 | 11.1 | 12.0 | |||||||||||||||
| Gain on insurance settlement |
— | — | — | — | (2.6 | ) | ||||||||||||||
| Impairment charges on fixed assets and goodwill |
4.6 | 0.2 | 2.2 | 9.3 | 1.4 | |||||||||||||||
| Pension and other postretirement benefits curtailment loss |
— | 2.0 | — | — | 2.0 | |||||||||||||||
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| OPERATING PROFIT (LOSS) |
23.6 | (12.0 | ) | 32.8 | 98.6 | 21.3 | ||||||||||||||
| Other income and (expense), net |
(1.6 | ) | (1.2 | ) | 1.2 | 4.6 | (3.2 | ) | ||||||||||||
| Interest and other expense on debt |
(19.7 | ) | (18.6 | ) | (20.3 | ) | (80.1 | ) | (75.2 | ) | ||||||||||
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| INCOME (LOSS) BEFORE INCOME TAXES |
2.3 | (31.8 | ) | 13.7 | 23.1 | (57.1 | ) | |||||||||||||
| Provision (benefit) for income taxes |
(21.5 | ) | 1.5 | 3.5 | (11.5 | ) | 12.9 | |||||||||||||
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| NET INCOME (LOSS) |
23.8 | (33.3 | ) | 10.2 | 34.6 | (70.0 | ) | |||||||||||||
| Less: Net loss attributable to noncontrolling interest |
(4.8 | ) | (3.3 | ) | (1.9 | ) | (8.3 | ) | (4.6 | ) | ||||||||||
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| NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON INC. |
$ | 28.6 | $ | (30.0 | ) | $ | 12.1 | $ | 42.9 | $ | (65.4 | ) | ||||||||
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| Supplemental Data : |
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| Tons shipped (000) |
532 | 557 | 609 | 2,433 | 2,252 | |||||||||||||||
| Shipping days |
60 | 60 | 64 | 252 | 251 | |||||||||||||||
| Average selling price/ton |
$ | 1,945 | $ | 1,745 | $ | 2,001 | $ | 1,944 | $ | 1,730 | ||||||||||
| Gross profit/ton |
309 | 241 | 285 | 271 | 240 | |||||||||||||||
| Operating profit/ton |
44 | (22 | ) | 54 | 41 | 10 | ||||||||||||||
| LIFO expense (income)/ton |
(48 | ) | 3 | (12 | ) | 20 | 23 | |||||||||||||
| LIFO expense (income) |
$ | (25.4 | ) | $ | 1.8 | $ | (7.4 | ) | $ | 48.6 | $ | 52.4 | ||||||||
| Depreciation and amortization expense |
10.9 | 10.5 | 10.6 | 43.3 | 38.6 | |||||||||||||||
| Cash flow from operating activities |
155.9 | (22.0 | ) | 73.9 | 54.6 | (198.4 | ) | |||||||||||||
| Capital expenditures |
(16.7 | ) | (7.1 | ) | (11.2 | ) | (47.0 | ) | (27.0 | ) | ||||||||||
See Schedule 1 for EBITDA and Adjusted EBITDA reconciliation
RYERSON INC. AND SUBSIDIARY COMPANIES
Reconciliation of Net Income (Loss) Attributable to Ryerson Inc. to Adjusted EBITDA
(Dollars in millions)
| Fourth | Year Ended | |||||||||||
| Quarter | December 31, | |||||||||||
| 2011 | 2011 | 2010 | ||||||||||
| Net income (loss) attributable to Ryerson Inc. |
$ | 28.6 | $ | 42.9 | $ | (65.4 | ) | |||||
| Interest and other expense on debt |
19.7 | 80.1 | 75.2 | |||||||||
| Provision (benefit) for income taxes |
(21.5 | ) | (11.5 | ) | 12.9 | |||||||
| Depreciation and amortization expense |
10.9 | 43.3 | 38.6 | |||||||||
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| EBITDA |
$ | 37.7 | $ | 154.8 | $ | 61.3 | ||||||
| Reorganization |
10.7 | 17.8 | 19.1 | |||||||||
| Advisory services fee |
1.2 | 5.0 | 5.0 | |||||||||
| Foreign currency transaction losses |
1.6 | 0.8 | 2.7 | |||||||||
| Gain on insurance settlement |
— | — | (2.6 | ) | ||||||||
| Impairment charges on fixed assets and goodwill |
4.6 | 9.3 | 1.4 | |||||||||
| Gain on bargain purchase |
— | (5.8 | ) | — | ||||||||
| Other adjustments |
— | 0.4 | 0.5 | |||||||||
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| Adjusted EBITDA |
$ | 55.8 | $ | 182.3 | $ | 87.4 | ||||||
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| Adjusted EBITDA |
$ | 55.8 | $ | 182.3 | $ | 87.4 | ||||||
| LIFO expense (income) |
(25.4 | ) | 48.6 | 52.4 | ||||||||
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| Adjusted EBITDA, excluding LIFO expense (income) |
$ | 30.4 | $ | 230.9 | $ | 139.8 | ||||||
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| 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). |