WOR
Worthington Industries
$42.54
($.56)
(1.30%)
Worthington Reports Second Quarter Fiscal 2017 Results
Monday, December 19, 2016  5:17:44 PM ET

COLUMBUS, OH--(Marketwired - Dec 19, 2016) - Worthington Industries, Inc. (WOR) today reported net sales of $727.8 million and net earnings of $46.6 million, or $0.72 per diluted share, for its fiscal 2017 second quarter ended November 30, 2016. Net earnings in the quarter included pre-tax restructuring charges totaling $3.3 million. The after-tax impact of these charges reduced earnings per diluted share by $0.03. In the second quarter of fiscal 2016, the Company reported net sales of $699.8 million and net earnings of $23.4 million, or $0.36 per diluted share. Net earnings in the second quarter of fiscal 2016 included pre-tax impairment and restructuring charges totaling $24.5 million. The after-tax impact of these charges reduced earnings per diluted share by $0.24.

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

 
(U.S. dollars in millions, except per share data)
 
 
  2Q 2017
  1Q 2017
  2Q 2016
  6M 2017
  6M 2016
Net sales
  $
727.8
  $
737.5
  $
699.8
  $
1,465.3   $
1,457.9
Operating income
    43.0
    64.9
    12.0
    107.9
    43.0
Equity income
    27.1
    34.5
    29.2
    61.7
    55.8
Net earnings
    46.6
    65.6
    23.4
    112.1
    55.3
Earnings per diluted share   $
0.72
  $
1.02
  $
0.36
  $
1.74
  $
0.85
 
                       
     

"We had a good second quarter with overall improving results and solid year-over-year growth," said John McConnell, Chairman and CEO. "The Steel Processing business had a record second quarter and our joint ventures were steady. Results were mixed in Pressure Cylinders due to depressed oil and gas markets and declines in industrial products; consumer products had an excellent quarter. Demand was down in Engineered Cabs."

Consolidated Quarterly Results

Net sales for the second quarter of fiscal 2017 were $727.8 million, up 4% from the comparable quarter in the prior year, when net sales were $699.8 million. The increase was the result of higher average direct selling prices in Steel Processing, partially offset by lower volume in Engineered Cabs and certain Pressure Cylinders businesses.

Gross margin increased $13.6 million from the prior year quarter to $122.8 million on a favorable pricing spread in Steel Processing and contributions from the WSP joint venture, which was consolidated effective March 1, 2016.

Operating income for the current quarter was $43.0 million, an increase of $31.1 million from the prior year quarter. The increase was due to lower impairment and restructuring charges in the current quarter combined with an improved gross margin, partially offset by higher SG&A expense primarily related to recent acquisitions.

Interest expense was $7.7 million for the current quarter, compared to $7.8 million in the prior year quarter. The decrease was due to lower short-term borrowings.

Equity income from unconsolidated joint ventures decreased $2.1 million from the prior year quarter to $27.1 million on lower contributions from ClarkDietrich. Equity income from ClarkDietrich in the prior year quarter was favorably impacted by $4.0 million due to a legal settlement. The Company received cash distributions of $24.3 million from unconsolidated joint ventures during the quarter, a 90% cash conversion on equity income.

Income tax expense was $13.5 million in the current quarter compared to $8.7 million in the prior year quarter. The increase was primarily due to higher earnings, partially offset by $6.3 million in favorable discrete items recorded in the quarter. Tax expense in the current quarter reflects an estimated annual effective rate of 28.5% compared to 30.9% for the prior year quarter.

Balance Sheet

At quarter-end, total debt was $577.4 million, down $2.4 million from August 31, 2016, due to lower short-term borrowings. The Company had $175.2 million of cash at quarter-end.

Quarterly Segment Results

Steel Processing’s net sales of $508.8 million were up 9%, or $41.0 million, from the comparable prior year quarter driven by higher average direct selling prices and higher tolling volume due to the consolidation of the WSP joint venture effective March 1, 2016. Operating income of $35.4 million was $8.8 million higher than the prior year quarter due to a favorable pricing spread and contributions from the WSP joint venture. The mix of direct versus toll tons processed was 49% to 51% 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 $194.7 million were down 3%, or $6.5 million, from the comparable prior year quarter. The decline was driven by lower volume in the oil & gas equipment and industrial products businesses, partially offset by higher average selling prices in consumer products due to an improved product mix. Operating income of $11.3 million was $21.6 million higher than the prior year quarter due to lower impairment and restructuring charges in the current quarter. Declines in the industrial products and oil & gas equipment businesses were largely offset by improvements in consumer products. 

Engineered Cabs’ net sales of $22.5 million were down $6.2 million, or 22%, from the prior year quarter due to declines in market demand. The operating loss of $3.4 million was $0.9 million less than the prior year quarter due to lower SG&A expense.

The "Other" category includes the energy innovations business, as well as non-allocated corporate expenses. Net sales in the "Other" category were $1.9 million, a decrease of $0.3 million. The operating loss of $0.3 million for the quarter was driven primarily by losses in the energy innovations business.

Outlook

"I am pleased with the performance of our Company in the first half of fiscal 2017. We experienced some weak markets, but our employees continue to work hard to make improvements, aided by our recently launched Transformation 2.0 that we will continue to roll out in the new year." McConnell added, "I am encouraged by the early views of the economic outlook for 2017 and look forward to pursuing growth opportunities."

Conference Call

Worthington will review fiscal 2017 second quarter results during its quarterly conference call on December 20, 2016, at 2:30 p.m., Eastern 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 & 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 79 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 trends for raw materials and finished goods and the impact of pricing changes; demand trends for us or our markets; additions to product lines and opportunities to participate in new markets; expected benefits from 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 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; 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 global 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 our 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, and other industries in which we participate; 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 we do 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, 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 industries 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, civil unrest, international conflicts, 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 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 us in the application of our significant accounting policies; level of imports and import prices in our 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; cyber security risks; 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, 2016.

 
WORTHINGTON INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
 
 
  Three Months Ended
    Six Months Ended
 
November 30,
November 30,
 
  2016
    2015
    2016
    2015
 
Net sales
  $
727,780     $
699,816     $
1,465,329     $
1,457,963  
Cost of goods sold
    604,977       590,637       1,195,244       1,235,768  
 
Gross margin
    122,803       109,179       270,085
      222,195
 
Selling, general and administrative expense
    76,487
      72,722
      157,543
      148,673
 
Impairment of long-lived assets
    -
      22,962
      -
      25,962
 
Restructuring and other expense
    3,272
      1,523
      4,600
      4,592
 
 
Operating income
    43,044
      11,972
      107,942
      42,968
 
Other income (expense):
     
       
       
       
 
 
Miscellaneous income, net
    872
      996
      1,735
      418
 
 
Interest expense
    (7,658
)
    (7,799
)
    (15,528
)
    (15,653
)
 
Equity in net income of unconsolidated affiliates     27,124
      29,247
      61,668
      55,828
 
 
Earnings before income taxes
    63,382
      34,416
      155,817
      83,561
 
Income tax expense
    13,515
      8,665
      37,414
      22,815
 
Net earnings
    49,867
      25,751
      118,403
      60,746
 
Net earnings attributable to noncontrolling interests
    3,302
      2,375
      6,271
      5,402
 
Net earnings attributable to controlling interest
  $
46,565
    $
23,376
    $
112,132
    $
55,344
 
 
     
       
       
       
 
Basic
     
       
       
       
 
Average common shares outstanding
    62,348
      62,676
      62,115
      63,338
 
Earnings per share attributable to controlling interest
  $
0.75
    $
0.37
    $
1.81
    $
0.87
 
 
     
       
       
       
 
Diluted
     
       
       
       
 
Average common shares outstanding
    64,725
      64,663
      64,599
      65,350
 
Earnings per share attributable to controlling interest
  $
0.72
    $
0.36
    $
1.74
    $
0.85
 
 
     
       
       
       
 
 
     
       
       
       
 
Common shares outstanding at end of period
    62,562
      62,101
      62,562
      62,101
 
 
     
       
       
       
 
Cash dividends declared per share
  $
0.20
    $
0.19
    $
0.40
    $
0.38
 
 
     
       
       
       
 
 
WORTHINGTON INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
 
  November 30,
  May 31,
 
  2016
  2016
Assets
   
   
Current assets:
   
   
 
Cash and cash equivalents
  $
175,180
  $
84,188
 
Receivables, less allowances of $3,499 and $4,579 at November 30, 2016 and May 31, 2016, respectively     429,011
    439,688
 
Inventories:
     
     
 
 
Raw materials
    168,586
    162,427
 
 
Work in process
    85,933
    86,892
 
 
Finished products
    83,339
    70,016
 
 
 
Total inventories
    337,858
    319,335
 
Income taxes receivable
    7,997
    10,535
 
Assets held for sale
    10,050
    10,079
 
Prepaid expenses and other current assets
    47,385
    51,290
 
 
Total current assets
    1,007,481     915,115
Investments in unconsolidated affiliates
    203,508
    191,826
Goodwill
    243,918
    246,067
Other intangible assets, net of accumulated amortization of $56,220 and $49,532 at November 30, 2016 and May 31, 2016, respectively
    88,588
    96,164
Other assets
    27,914
    29,254
Property, plant and equipment:
     
     
 
Land
    18,397
    18,537
 
Buildings and improvements
    257,950
    256,973
 
Machinery and equipment
    973,941
    945,951
 
Construction in progress
    34,732
    48,156
 
 
Total property, plant and equipment
    1,285,020     1,269,617
 
 
Less: accumulated depreciation
    713,705
    686,779
Total property, plant and equipment, net
    571,315
    582,838
Total assets
  $
2,142,724   $
2,061,264
 
     
     
Liabilities and equity
     
     
Current liabilities:
     
     
 
Accounts payable
  $
278,192
  $
290,432
 
Short-term borrowings
    497
    2,651
 
Accrued compensation, contributions to employee benefit plans and related taxes
    65,308
    75,105
 
Dividends payable
    14,182
    13,471
 
Other accrued items
    41,815
    45,056
 
Income taxes payable
    3,364
    2,501
 
Current maturities of long-term debt
    873
    862
 
 
Total current liabilities
    404,231
    430,078
Other liabilities
    63,910
    63,487
Distributions in excess of investment in unconsolidated affiliate
    67,516
    52,983
Long-term debt
    576,038
    577,491
Deferred income taxes, net
    20,267
    17,379
 
 
Total liabilities
    1,131,962     1,141,418
Shareholders’ equity - controlling interest
    884,940
    793,371
Noncontrolling interests
    125,822
    126,475
 
 
Total equity
    1,010,762     919,846
Total liabilities and equity
  $
2,142,724   $
2,061,264
 
     
     
 
WORTHINGTON INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
 
  Three Months Ended
    Six Months Ended
 
November 30,
November 30,
 
  2016
    2015
    2016
    2015
 
Operating activities:
   
     
     
     
 
Net earnings
  $
49,867
    $
25,751
    $
118,403     $
60,746
 
Adjustments to reconcile net earnings to net cash provided by operating activities:
     
       
       
       
 
 
Depreciation and amortization
    21,645
      20,547
      43,476
      41,987
 
 
Impairment of long-lived assets
    -
      22,962
      -
      25,962
 
 
Provision for (benefit from) deferred income taxes
    2,316
      (9,851
)
    2,336
      (15,391
)
 
Bad debt (income) expense
    232
      (2
)
    151
      8
 
 
Equity in net income of unconsolidated affiliates, net of distributions     (2,824
)
    (10,389 )
    1,074
      (15,902
)
 
Net (gain) loss on sale of assets
    (2,912
)
    (5,854
)
    1,484
      (4,248
)
 
Stock-based compensation
    3,824
      3,880
      6,960
      7,657
 
Changes in assets and liabilities, net of impact of acquisitions:
     
       
       
       
 
 
Receivables
    (7,156
)
    23,474
      9,798
      66,103
 
 
Inventories
    31,875
      31,645
      (18,523 )
    23,821
 
 
Prepaid expenses and other current assets
    (1,737
)
    17,467
      5,425
      28,633
 
 
Other assets
    1,165
      (3,245
)
    2,411
      (2,803
)
 
Accounts payable and accrued expenses
    (65,946 )
    (72,846 )
    (22,885 )
    (31,220
)
 
Other liabilities
    950
      7,487
      2,094
      4,300
 
Net cash provided by operating activities
    31,299
      51,026
      152,204       189,653
 
 
     
       
       
       
 
Investing activities:
     
       
       
       
 
 
Investment in property, plant and equipment
    (14,730 )
    (21,995 )
    (31,046 )
    (60,492
)
 
Acquisitions, net of cash acquired
    -
      (2,950
)
    -
      (2,950
)
 
Investments in unconsolidated affiliates
    -
      (226
)
    -
      (1,913
)
 
Proceeds from sale of assets
    799
      9,325
      956
      9,456
 
Net cash used by investing activities
    (13,931 )
    (15,846 )
    (30,090 )
    (55,899
)
 
     
       
       
       
 
Financing activities:
     
       
       
       
 
 
Net proceeds from (repayments of) short-term borrowings
    (1,037
)
    27,499
      (2,154
)
    (41,012
)
 
Proceeds from long-term debt
    -
      -
      -
      921
 
 
Principal payments on long-term debt
    (218
)
    (220
)
    (437
)
    (428
)
 
Proceeds from issuance of common shares, net of tax withholdings
    (2,849
)
    3,666
      2,972
      3,064
 
 
Payments to noncontrolling interests
    (6,781
)
    (1,564
)
    (6,781
)
    (4,900
)
 
Repurchase of common shares
    -
      (43,914 )
    -
      (71,496
)
 
Dividends paid
    (12,828 )
    (12,065 )
    (24,722 )
    (23,616
)
Net cash used by financing activities
    (23,713 )
    (26,598 )
    (31,122 )
    (137,467 )
 
     
       
       
       
 
Increase (decrease) in cash and cash equivalents
    (6,345
)
    8,582
      90,992
      (3,713
)
Cash and cash equivalents at beginning of period
    181,525       18,772
      84,188
      31,067
 
Cash and cash equivalents at end of period
  $
175,180     $
27,354
    $
175,180     $
27,354
 
 
     
       
       
       
 
 
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
    Six Months Ended
 
November 30,
November 30,
 
  2016
    2015
    2016
    2015
 
Volume:
   
     
     
     
 
 
Steel Processing (tons)
    1,020,147
      828,208
      2,051,645
      1,694,584
 
 
Pressure Cylinders (units)
    16,308,807       16,622,732       35,224,685       35,930,392  
 
     
       
       
       
 
Net sales:
     
       
       
       
 
 
Steel Processing
  $
508,806
    $
467,812
    $
1,014,480
    $
958,612
 
 
Pressure Cylinders
    194,661
      201,173
      399,870
      425,567
 
 
Engineered Cabs
    22,463
      28,699
      48,044
      67,316
 
 
Other
    1,850
      2,132
      2,935
      6,468
 
 
 
Total net sales
  $
727,780
    $
699,816
    $
1,465,329
    $
1,457,963
 
 
     
       
       
       
 
Material cost:
     
       
       
       
 
 
Steel Processing
  $
338,988
    $
322,507
    $
651,703
    $
670,752
 
 
Pressure Cylinders
    76,302
      85,498
      159,230
      184,562
 
 
Engineered Cabs
    10,173
      13,437
      21,420
      31,418
 
 
     
       
       
       
 
Selling, general and administrative expense:
     
       
       
       
 
 
Steel Processing
  $
35,806
    $
32,925
    $
72,688
    $
65,840
 
 
Pressure Cylinders
    35,530
      33,915
      72,520
      70,789
 
 
Engineered Cabs
    3,669
      4,800
      7,620
      10,208
 
 
Other
    1,482
      1,082
      4,715
      1,836
 
 
 
Total selling, general and administrative expense   $
76,487
    $
72,722
    $
157,543
    $
148,673
 
 
     
       
       
       
 
Operating income (loss):
     
       
       
       
 
 
Steel Processing
  $
35,448
    $
26,642
    $
90,230
    $
50,280
 
 
Pressure Cylinders
    11,304
      (10,309
)
    25,409
      6,510
 
 
Engineered Cabs
    (3,381
)
    (4,290
)
    (5,224
)
    (13,581
)
 
Other
    (327
)
    (71
)
    (2,473
)
    (241
)
 
 
Total operating income
  $
43,044
    $
11,972
    $
107,942
    $
42,968
 
 
     
       
       
       
 
Equity income (loss) by unconsolidated affiliate:
     
       
       
       
 
 
WAVE
  $
18,720
    $
19,119
    $
39,466
    $
41,160
 
 
ClarkDietrich
    4,262
      6,378
      12,929
      9,024
 
 
Serviacero
    2,039
      378
      3,991
      1,181
 
 
ArtiFlex
    2,134
      2,611
      5,027
      4,158
 
 
WSP
    -
      721
      -
      1,474
 
 
Other
    (31
)
    40
      255
      (1,169
)
 
 
Total equity income
  $
27,124
    $
29,247
    $
61,668
    $
55,828
 
 
     
       
       
       
 
 
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
 
 
Six Months Ended
 
November 30,
November 30,
 
 
2016
 
 
2015
 
 
2016
 
 
2015
 
Volume (units):
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer products
 
 
10,383,747  
 
 
10,523,692  
 
 
22,472,659  
 
 
22,501,637  
 
Industrial products
 
 
5,790,436
 
 
 
5,990,875
 
 
 
12,480,584  
 
 
13,227,314  
 
Alternative fuels
 
 
134,190
 
 
 
107,121
 
 
 
270,252
 
 
 
199,077
 
 
Oil & gas equipment
 
 
434
 
 
 
1,044
 
 
 
1,190
 
 
 
2,364
 
 
 
Total Pressure Cylinders
 
 
16,308,807  
 
 
16,622,732  
 
 
35,224,685  
 
 
35,930,392  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer products
 
$
55,435
 
 
$
49,484
 
 
$
116,061
 
 
$
104,442
 
 
Industrial products
 
 
98,868
 
 
 
102,694
 
 
 
199,228
 
 
 
214,428
 
 
Alternative fuels
 
 
29,170
 
 
 
23,954
 
 
 
58,932
 
 
 
48,772
 
 
Oil & gas equipment
 
 
11,188
 
 
 
25,041
 
 
 
25,649
 
 
 
57,925
 
 
 
Total Pressure Cylinders
 
$
194,661
 
 
$
201,173
 
 
$
399,870
 
 
$
425,567
 
 
 
 
 
The following provides detail of impairment of long-lived assets and restructuring and other expense included in operating income (loss) by segment.
 
 
 
 
 
Three Months Ended
 
 
Six Months Ended
 
November 30,
November 30,
 
 
2016
 
 
2015
 
 
2016
 
 
2015
 
Impairment of long-lived assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Steel Processing
 
$
-
 
 
$
-
 
 
$
-
 
 
$
-
 
 
Pressure Cylinders
 
 
-
 
 
 
22,962
 
 
 
-
 
 
 
22,962
 
 
Engineered Cabs
 
 
-
 
 
 
-
 
 
 
-
 
 
 
3,000
 
 
Other
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
Total impairment of long-lived assets  
$
-
 
 
$
22,962
 
 
$
-
 
 
$
25,962
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other expense (income):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Steel Processing
 
$
318
 
 
$
2,258
 
 
$
1,284
 
 
$
2,720
 
 
Pressure Cylinders
 
 
1,963
 
 
 
(16
)
 
 
2,109
 
 
 
715
 
 
Engineered Cabs
 
 
1,004
 
 
 
765
 
 
 
1,210
 
 
 
2,643
 
 
Other
 
 
(13
)
 
 
(1,484
)
 
 
(3
)
 
 
(1,486
)
 
 
Total restructuring and other expense  
$
3,272
 
 
$
1,523
 
 
$
4,600
 
 
$
4,592
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Cathy M. Lyttle VP, Corporate Communications and Investor Relations (614) 438-3077 Email Contact Sonya L. Higginbotham Director, Corporate Communications (614) 438-7391 Email Contact 200 Old Wilson Bridge Rd. Columbus, Ohio 43085 WorthingtonIndustries.com