Worthington Reports Third Quarter Fiscal 2016 Results
/EINPresswire.com/ -- COLUMBUS, OH -- (Marketwired) -- 03/22/16 -- Worthington Industries, Inc. (NYSE: WOR) today reported net sales of $647.1 million and net earnings of $29.6 million, or $0.46 per diluted share, for its fiscal 2016 third quarter ended February 29, 2016. In the third quarter of fiscal 2015, the Company reported net sales of $804.8 million and a net loss of $25.7 million, or a loss of $0.39 per diluted share. Net earnings in the third quarter of fiscal 2015 included pre-tax impairment and restructuring charges totaling $83.8 million, which reduced earnings per diluted share by $0.78.
Financial highlights for the current and comparative periods are as follows:
(U.S. dollars in millions, except per share data)
3Q 2016 2Q 2016 3Q 2015 9M2016 9M2015
--------- -------- --------- --------- --------
Net sales $ 647.1 $ 699.8 $ 804.8 $ 2,105.0 $2,538.2
Operating income (loss) 25.1 12.0 (52.1) 68.0 33.3
Equity income 25.0 29.2 18.8 80.8 69.0
Net earnings (loss) 29.6 23.2 (25.7) 84.2 47.9
Earnings (loss) per share $ 0.46 $ 0.36 $ (0.39) $ 1.30 $ 0.69
WORTHINGTON INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
-------------------------- --------------------------
February 29, February 28, February 29, February 28,
2016 2015 2016 2015
------------ ------------ ------------ ------------
Net sales $ 647,080 $ 804,785 $ 2,105,043 $ 2,538,211
Cost of goods sold 551,157 706,294 1,786,925 2,184,990
------------ ------------ ------------ ------------
Gross margin 95,923 98,491 318,118 353,221
Selling, general and
administrative
expense 70,149 66,764 218,822 219,327
Impairment of
goodwill and long-
lived assets - 81,600 25,962 97,785
Restructuring and
other expense 702 2,177 5,294 2,765
------------ ------------ ------------ ------------
Operating income
(loss) 25,072 (52,050) 68,040 33,344
Other income
(expense):
Miscellaneous
income, net 3,305 213 3,723 1,756
Interest expense (7,886) (8,381) (23,539) (27,573)
Equity in net
income of
unconsolidated
affiliates 24,994 18,800 80,822 69,043
------------ ------------ ------------ ------------
Earnings (loss)
before income
taxes 45,485 (41,418) 129,046 76,570
Income tax expense
(benefit) 11,613 (18,173) 35,121 19,540
------------ ------------ ------------ ------------
Net earnings (loss) 33,872 (23,245) 93,925 57,030
Net earnings
attributable to
noncontrolling
interests 4,296 2,465 9,698 9,110
------------ ------------ ------------ ------------
Net earnings (loss)
attributable to
controlling
interest $ 29,576 $ (25,710) $ 84,227 $ 47,920
============ ============ ============ ============
Basic
Average common
shares outstanding 61,747 66,359 62,810 67,013
------------ ------------ ------------ ------------
Earnings (loss) per
share attributable
to controlling
interest $ 0.48 $ (0.39) $ 1.34 $ 0.73
============ ============ ============ ============
Diluted
Average common
shares outstanding 63,727 66,359 64,583 69,301
------------ ------------ ------------ ------------
Earnings (loss) per
share attributable
to controlling
interest $ 0.46 $ (0.39) $ 1.30 $ 0.69
============ ============ ============ ============
Common shares
outstanding at end
of period 61,285 65,078 61,285 65,078
Cash dividends
declared per share $ 0.19 $ 0.18 $ 0.57 $ 0.54
"Third quarter results were good in the face of market headwinds in oil and gas markets and declining prices in Steel Processing," said John McConnell, Chairman and CEO. "Our joint ventures performed well, with WAVE leading the way."
Consolidated Quarterly Results
Net sales for the third quarter of fiscal 2016 were $647.1 million, down 19.6% from the comparable quarter in the prior year, when net sales were $804.8 million. The decrease was the result of lower volume in Pressure Cylinders and Engineered Cabs, combined with lower average selling prices in Steel Processing due to a decline in the market price of steel.
Gross margin declined $2.6 million from the prior year quarter to $95.9 million due to lower volume, partially offset by a favorable pricing spread.
Operating income for the current quarter was $25.1 million, an increase of $77.1 million from the operating loss in the prior year quarter. The increase was due to significantly lower impairment and restructuring charges, offset by higher SG&A expenses and a decrease in gross margin, as explained above.
Interest expense was $7.9 million for the current quarter, compared to $8.4 million in the prior year. The decline resulted from lower average debt levels, primarily due to the lower market price of steel, which favorably impacts working capital.
The Company's portion of equity income from unconsolidated joint ventures increased $6.2 million from the prior year quarter to $25.0 million. Joint venture sales totaled $376.4 million for the current quarter. Higher contributions from WAVE, Serviacero and ClarkDietrich accounted for the majority of the increase in equity income. The Company received cash distributions of $25.4 million from unconsolidated joint ventures during the quarter.
Income tax expense was $11.6 million in the current quarter compared to a benefit of $18.2 million in the prior year quarter. The increase was primarily due to higher net earnings. The current quarter tax expense reflects an estimated annual effective rate of 30.1% compared to 30.9% for the prior year third quarter.
Balance Sheet
At quarter-end, total debt was $611.1 million, down $18.3 million from November 30, 2015, due to lower short-term borrowings. As of February 29, 2016, $22.7 million was drawn on the Company's $500 million revolving credit facility and $5.0 million was outstanding under the Company's trade accounts receivable securitization facility. The Company had $25.4 million of cash at quarter-end.
Quarterly Segment Results
Steel Processing's net sales of $419.0 million were down 16%, or $81.7 million, from the comparable prior year quarter driven primarily by lower average selling prices. Operating income of $21.3 million was $4.9 million higher than the prior year quarter due to a higher spread between average selling prices and material cost and contributions from the January 2015 acquisition of Rome Strip Steel. Inventory holding losses, comparable to the prior year quarter, also impacted margins. The mix of direct versus toll tons processed was 60% to 40% in the current quarter, compared to 57% to 43% in the prior year quarter.
Pressure Cylinders' net sales of $200.7 million were down 19%, or $47.4 million, from the comparable prior year quarter. The decline was driven primarily by a 75% volume decrease in the Oil & Gas Equipment business. Operating income of $9.0 million was $9.6 million lower than the prior year operating income of $18.6 million. The decline in the Oil & Gas Equipment business was partially offset by improvements in Industrial Products, which like many of the businesses is benefiting from lower raw material input costs. Operating income also included $3.9 million of one-time expenses for indemnification, purchase accounting and transition service fees for recent acquisitions in the Cryogenics and Alt Fuels businesses.
Engineered Cabs' net sales of $25.6 million were $19.8 million, or 44%, below the prior year quarter due to declines in market demand and the September 2015 closure of the Florence, S.C. facility. Adjusting for impairment and restructuring charges, the operating loss improved $0.9 million from the prior year quarter.
The "Other" category includes the Energy Innovations businesses, as well as non-allocated corporate expenses. Net sales in the "Other" category were $1.8 million, a decrease of $8.8 million from the prior year quarter as the Construction Services business has essentially ceased operations. The Construction Services business reported a $0.9 million loss for the quarter as operations wind down.
Recent Business Developments
- On December 7, 2015, the Company completed the acquisition of the global CryoScience business of Taylor Wharton, including a manufacturing facility in Theodore, Ala., for $31.4 million. The asset purchase was made pursuant to the Chapter 11 bankruptcy proceedings of Taylor Wharton.
- During the quarter, the Company repurchased a total of 1,000,000 common shares for $28.4 million at an average price of $28.35.
- On March 1, 2016, Worthington obtained operating control of the WSP joint venture with United States Steel Corporation. Worthington's ownership will remain at 51% and U.S. Steel at 49%. WSP earnings will be consolidated within the Steel Processing segment beginning March 1, 2016.
Outlook
"Steel pricing appears to be stabilizing, automotive markets remain strong and construction markets are strengthening," McConnell said. "As we kick off our Transformation 2.0 efforts, we are encouraged by the initial results of our lean activities in our Pressure Cylinders and Steel Processing operations. Transformation 2.0 enhances our efforts that were so successful in Steel Processing, by accelerating this work through kaizen activities using the same fundamental principles we have used in improving operations, sales and purchasing. While it will take some time to reach all locations, we are focusing on the facilities where we think we can have the highest potential outcomes."
Conference Call
Worthington will review fiscal 2016 third quarter results during its quarterly conference call on March 23, 2016, at 3:00 p.m., Eastern Daylight 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 2015 fiscal year sales of $3.4 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 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 83 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 the Company or its markets; additions to product lines and opportunities to participate in new markets; expected benefits for 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 worldwide 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 the Company's 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 the Company participates; 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 the Company does 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 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, 2015.
WORTHINGTON INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
February 29, May 31,
2016 2015
-------------- --------------
Assets
Current assets:
Cash and cash equivalents $ 25,432 $ 31,067
Receivables, less allowances of $3,313 and
$3,085 at February 29, 2016 and May 31,
2015, respectively 399,138 474,292
Inventories:
Raw materials 159,183 181,975
Work in process 82,334 107,069
Finished products 79,710 85,931
-------------- --------------
Total inventories 321,227 374,975
Income taxes receivable 11,934 12,119
Assets held for sale 11,441 23,412
Deferred income taxes 22,709 22,034
Prepaid expenses and other current assets 55,777 54,294
-------------- --------------
Total current assets 847,658 992,193
Investments in unconsolidated affiliates 208,898 196,776
Goodwill 244,144 238,999
Other intangible assets, net of accumulated
amortization of $46,219 and $47,547 at
February 29, 2016 and May 31, 2015,
respectively 94,605 119,117
Other assets 25,603 24,867
Property, plant & equipment:
Land 16,067 16,017
Buildings and improvements 239,342 218,182
Machinery and equipment 928,648 872,986
Construction in progress 35,235 40,753
-------------- --------------
Total property, plant & equipment 1,219,292 1,147,938
Less: accumulated depreciation 680,272 634,748
-------------- --------------
Property, plant and equipment, net 539,020 513,190
-------------- --------------
Total assets $ 1,959,928 $ 2,085,142
============== ==============
Liabilities and equity
Current liabilities:
Accounts payable $ 262,405 $ 294,129
Short-term borrowings 30,766 90,550
Accrued compensation, contributions to
employee benefit plans
and related taxes 65,475 66,252
Dividends payable 13,243 12,862
Other accrued items 52,985 56,913
Income taxes payable 1,917 2,845
Current maturities of long-term debt 857 841
-------------- --------------
Total current liabilities 427,648 524,392
Other liabilities 62,006 58,269
Distributions in excess of investment in
unconsolidated affiliate 58,430 61,585
Long-term debt 579,515 579,352
Deferred income taxes 18,515 21,495
-------------- --------------
Total liabilities 1,146,114 1,245,093
Shareholders' equity - controlling interest 719,776 749,112
Noncontrolling interests 94,038 90,937
-------------- --------------
Total equity 813,814 840,049
-------------- --------------
Total liabilities and equity $ 1,959,928 $ 2,085,142
============== ==============
WORTHINGTON INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended Nine Months Ended
-------------------------- --------------------------
February 29, February 28, February 29, February 28,
2016 2015 2016 2015
------------ ------------ ------------ ------------
Operating activities
Net earnings (loss) $ 33,872 $ (23,245) $ 93,925 $ 57,030
Adjustments to
reconcile net
earnings (loss) to
net cash provided
by operating
activities:
Depreciation and
amortization 20,761 21,762 62,748 63,329
Impairment of
goodwill and
long-lived assets - 81,600 25,962 97,785
Provision for
deferred income
taxes 9,322 (35,334) (6,069) (41,361)
Bad debt expense
(income) 187 (46) 195 (106)
Equity in net
income of
unconsolidated
affiliates, net
of distributions (622) (571) (16,524) (8,374)
Net loss (gain) on
sale of assets (3,385) 3,047 (7,633) 3,481
Stock-based
compensation 3,627 4,058 11,284 12,911
Excess tax
benefits - stock-
based
compensation (431) (663) (1,689) (6,416)
Changes in assets
and liabilities,
net of impact of
acquisitions:
Receivables 10,688 5,078 76,791 10,914
Inventories 37,211 (8,795) 61,032 (43,925)
Prepaid expenses
and other current
assets (19,309) (3,078) 9,324 (11,182)
Other assets (1,216) 2,415 (4,019) 5,631
Accounts payable
and accrued
expenses 14,027 40,260 (16,500) 10,055
Other liabilities 1,052 (3,612) 5,352 (10,108)
------------ ------------ ------------ ------------
Net cash provided by
operating
activities 105,784 82,876 294,179 139,664
------------ ------------ ------------ ------------
Investing activities
Investment in
property, plant
and equipment (14,973) (26,119) (75,465) (73,265)
Investment in
notes receivable - - - (7,300)
Acquisitions, net
of cash acquired (31,256) (54,389) (34,206) (105,482)
Investments in
unconsolidated
affiliates, net
of distributions (3,683) (4,559) (5,596) (8,230)
Proceeds from sale
of assets and
insurance 431 3,521 9,887 3,813
------------ ------------ ------------ ------------
Net cash used by
investing
activities (49,481) (81,546) (105,380) (190,464)
------------ ------------ ------------ ------------
Financing activities
Net proceeds from
(repayments of)
short-term
borrowings (16,716) 112,285 (57,728) 112,644
Proceeds from
long-term debt - 5,916 921 26,396
Principal payments
on long-term debt (216) (101,832) (644) (102,645)
Payments for
issuance of
common shares 2,747 2,081 5,811 1,627
Excess tax
benefits - stock-
based
compensation 431 663 1,689 6,416
Payments to
noncontrolling
interests (4,206) (9,200) (9,106) (12,067)
Repurchase of
common shares (28,352) (52,795) (99,848) (94,415)
Dividends paid (11,913) (12,517) (35,529) (34,767)
------------ ------------ ------------ ------------
Net cash used by
financing
activities (58,225) (55,399) (194,434) (96,811)
------------ ------------ ------------ ------------
Increase (decrease)
in cash and cash
equivalents (1,922) (54,069) (5,635) (147,611)
Cash and cash
equivalents at
beginning of period 27,354 96,537 31,067 190,079
------------ ------------ ------------ ------------
Cash and cash
equivalents at end
of period $ 25,432 $ 42,468 $ 25,432 $ 42,468
============ ============ ============ ============
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 Nine Months Ended
-------------------------- --------------------------
February 29, February 28, February 29, February 28,
2016 2015 2016 2015
------------ ------------ ------------ ------------
Volume:
Steel Processing
(tons) 800,567 830,616 2,495,151 2,634,581
Pressure Cylinders
(units) 16,993,023 19,569,585 52,771,256 59,029,996
Net sales:
Steel Processing $ 419,026 $ 500,703 $ 1,377,638 $ 1,605,790
Pressure Cylinders 200,721 248,086 626,288 749,789
Engineered Cabs 25,553 45,390 92,869 146,484
Other 1,780 10,606 8,248 36,148
------------ ------------ ------------ ------------
Total net sales $ 647,080 $ 804,785 $ 2,105,043 $ 2,538,211
============ ============ ============ ============
Material cost:
Steel Processing $ 284,402 $ 375,614 $ 955,154 $ 1,171,183
Pressure Cylinders 84,868 117,218 269,430 351,487
Engineered Cabs 12,329 20,839 43,747 66,535
Selling, general and
administrative
expense:
Steel Processing $ 30,018 $ 27,347 $ 95,858 $ 89,500
Pressure Cylinders 35,389 33,112 106,178 104,066
Engineered Cabs 4,049 6,315 14,257 20,225
Other 693 (10) 2,529 5,536
------------ ------------ ------------ ------------
Total selling,
general and
administrative
expense $ 70,149 $ 66,764 $ 218,822 $ 219,327
============ ============ ============ ============
Operating income
(loss):
Steel Processing $ 21,294 $ 16,406 $ 71,574 $ 86,152
Pressure Cylinders 8,969 18,611 15,479 47,797
Engineered Cabs (4,053) (85,780) (17,634) (93,534)
Other (1,138) (1,287) (1,379) (7,071)
------------ ------------ ------------ ------------
Total operating
income (loss) $ 25,072 $ (52,050) $ 68,040 $ 33,344
============ ============ ============ ============
Equity income by
unconsolidated
affiliate:
WAVE $ 18,678 $ 15,614 $ 59,838 $ 54,342
ClarkDietrich 1,265 162 10,289 2,408
Serviacero 1,673 (274) 2,854 3,297
ArtiFlex 2,995 2,807 7,153 6,041
WSP 191 380 1,665 2,489
Other 192 111 (977) 466
------------ ------------ ------------ ------------
Total equity
income by
unconsolidated
affiliate $ 24,994 $ 18,800 $ 80,822 $ 69,043
============ ============ ============ ============
WORTHINGTON INDUSTRIES, INC.
SUPPLEMENTAL DATA
(In thousands)
The following provides detail of Pressure Cylinders volume and net sales by
principal class of products.
Three Months Ended Nine Months Ended
------------------------- -------------------------
February 29, February 28, February 29, February 28,
2016 2015 2016 2015
------------ ------------ ------------ ------------
Volume (units):
Consumer Products 10,478,006 11,826,910 32,979,643 35,413,635
Industrial Products* 6,414,484 6,236,914 19,489,175 18,905,475
Mississippi* - 1,397,658 - 4,385,065
Alternative Fuels 96,123 105,460 295,200 316,849
Oil and Gas Equipment 640 2,548 3,004 8,529
Cryogenics 3,770 95 4,234 443
------------ ------------ ------------ ------------
Total Pressure
Cylinders 16,993,023 19,569,585 52,771,256 59,029,996
============ ============ ============ ============
Net sales:
Consumer Products $ 51,103 $ 53,875 $ 155,545 $ 160,789
Industrial Products* 100,415 98,423 303,122 299,787
Mississippi* - 8,468 - 21,673
Alternative Fuels 22,298 23,661 71,070 68,263
Oil and Gas Equipment 17,176 60,229 75,101 184,451
Cryogenics 9,729 3,430 21,450 14,826
------------ ------------ ------------ ------------
Total Pressure
Cylinders $ 200,721 $ 248,086 $ 626,288 $ 749,789
============ ============ ============ ============
* Mississippi, an industrial gas facility, was sold in May 2015. It has been
broken out so as not to distort the Industrial Products comparisons as the
products previously produced at the Mississippi facility have been
discontinued.
The following provides detail of impairment of goodwill and long-lived
assets and restructuring and other expense included in operating income
(loss) by segment.
Three Months Ended Nine Months Ended
-------------------------- --------------------------
February 29, February 28, February 29, February 28,
2016 2015 2016 2015
------------ ------------ ------------ ------------
Impairment of
goodwill and long-
lived assets:
Steel Processing $ - $ - $ - $ 3,050
Pressure Cylinders - - 22,962 9,567
Engineered Cabs - 81,600 3,000 83,989
Other - - - 1,179
------------ ------------ ------------ ------------
Total impairment
of goodwill and
long-lived
assets $ - $ 81,600 $ 25,962 $ 97,785
============ ============ ============ ============
Restructuring and
other (income)
expense:
Steel Processing $ 1,068 $ (28) $ 3,788 $ (58)
Pressure Cylinders (1,031) 2,498 (316) 2,926
Engineered Cabs 416 (313) 3,059 (313)
Other 249 20 (1,237) 210
------------ ------------ ------------ ------------
Total
restructuring
and other
expense $ 702 $ 2,177 $ 5,294 $ 2,765
============ ============ ============ ============
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
200 Old Wilson Bridge Rd.
Columbus, Ohio 43085
WorthingtonIndustries.com
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