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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Worthington Enterprises Inc | NYSE:WOR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 57.16 | 0 | 09:09:36 |
WORTHINGTON INDUSTRIES, INC. |
(Exact name of registrant as specified in its charter) |
Ohio | 1-8399 | 31-1189815 | ||
(State or other jurisdiction | (Commission | (IRS Employer | ||
of incorporation) | File Number) | Identification No.) | ||
200 Old Wilson Bridge Road, Columbus, Ohio | 43085 | |||
(Address of principal executive offices) | (Zip Code) |
Not Applicable |
(Former name or former address, if changed since last report) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition. |
and | |
Item 7.01. | Regulation FD Disclosure. |
Item 9.01 | Financial Statements and Exhibits. |
(a) – (c) | Not applicable. |
(d) | Exhibits: The following exhibit is furnished with this Current Report on Form 8-K: |
Exhibit No. | Description |
99.1 | News Release issued by Worthington Industries, Inc. on September 23, 2015. |
WORTHINGTON INDUSTRIES, INC. | |
Date: September 23, 2015 | |
By: /s/Dale T. Brinkman | |
Dale T. Brinkman, Vice President- | |
Administration, General Counsel & Secretary |
1Q 2016 | 4Q 2015 | 1Q 2015 | ||||||||||
Net sales
|
$ | 758.1 | $ | 846.0 | $ | 862.4 | ||||||
Operating income
|
31.0 | 27.2 | 52.2 | |||||||||
Equity income
|
26.6 | 18.4 | 27.9 | |||||||||
Net earnings
|
31.4 | 28.9 | 44.2 | |||||||||
Earnings per share
|
$ | 0.48 | $ | 0.44 | $ | 0.63 |
|
·
|
During the quarter, the Company repurchased a total of 1,000,000 common shares for $27.6 million at an average price of $27.58.
|
|
·
|
On September 23, 2015, the Board of Directors declared a quarterly dividend of $0.19 per share payable on December 29, 2015 to shareholders of record on December 15, 2015.
|
WORTHINGTON INDUSTRIES, INC.
|
||||||||
CONSOLIDATED STATEMENTS OF EARNINGS
|
||||||||
(In thousands, except per share amounts)
|
||||||||
Three Months Ended
|
||||||||
August 31,
|
||||||||
2015
|
2014
|
|||||||
Net sales
|
$ | 758,147 | $ | 862,414 | ||||
Cost of goods sold
|
645,131 | 732,907 | ||||||
Gross margin
|
113,016 | 129,507 | ||||||
Selling, general and administrative expense
|
75,951 | 75,255 | ||||||
Impairment of long-lived assets
|
3,000 | 1,950 | ||||||
Restructuring and other expense
|
3,069 | 100 | ||||||
Operating income
|
30,996 | 52,202 | ||||||
Other income (expense):
|
||||||||
Miscellaneous income (expense)
|
(578 | ) | 323 | |||||
Interest expense
|
(7,854 | ) | (9,516 | ) | ||||
Equity in net income of unconsolidated affiliates
|
26,581 | 27,924 | ||||||
Earnings before income taxes
|
49,145 | 70,933 | ||||||
Income tax expense
|
14,708 | 22,113 | ||||||
Net earnings
|
34,437 | 48,820 | ||||||
Net earnings attributable to noncontrolling interests
|
3,027 | 4,652 | ||||||
Net earnings attributable to controlling interest
|
$ | 31,410 | $ | 44,168 | ||||
Basic
|
||||||||
Average common shares outstanding
|
63,993 | 67,567 | ||||||
Earnings per share attributable to controlling interest
|
$ | 0.49 | $ | 0.65 | ||||
Diluted
|
||||||||
Average common shares outstanding
|
65,729 | 69,738 | ||||||
Earnings per share attributable to controlling interest
|
$ | 0.48 | $ | 0.63 | ||||
Common shares outstanding at end of period
|
63,343 | 67,424 | ||||||
Cash dividends declared per share
|
$ | 0.19 | $ | 0.18 |
WORTHINGTON INDUSTRIES, INC.
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(In thousands)
|
||||||||
August 31,
|
May 31,
|
|||||||
2015
|
2015
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 18,772 | $ | 31,067 | ||||
Receivables, less allowances of $2,909 and $3,085 at August 31, 2015
|
||||||||
and May 31, 2015, respectively
|
431,586 | 474,292 | ||||||
Inventories:
|
||||||||
Raw materials
|
195,695 | 181,975 | ||||||
Work in process
|
104,775 | 107,069 | ||||||
Finished products
|
82,329 | 85,931 | ||||||
Total inventories
|
382,799 | 374,975 | ||||||
Income taxes receivable
|
2,868 | 12,119 | ||||||
Assets held for sale
|
23,450 | 23,412 | ||||||
Deferred income taxes
|
21,731 | 22,034 | ||||||
Prepaid expenses and other current assets
|
53,630 | 54,294 | ||||||
Total current assets
|
934,836 | 992,193 | ||||||
Investments in unconsolidated affiliates
|
201,383 | 196,776 | ||||||
Goodwill
|
239,632 | 238,999 | ||||||
Other intangible assets, net of accumulated amortization of $51,831 and
|
||||||||
$47,547 at August 31, 2015 and May 31, 2015, respectively
|
114,799 | 119,117 | ||||||
Other assets
|
24,500 | 24,867 | ||||||
Property, plant & equipment:
|
||||||||
Land
|
15,842 | 16,017 | ||||||
Buildings and improvements
|
218,809 | 218,182 | ||||||
Machinery and equipment
|
889,290 | 872,986 | ||||||
Construction in progress
|
59,061 | 40,753 | ||||||
Total property, plant & equipment
|
1,183,002 | 1,147,938 | ||||||
Less: accumulated depreciation
|
652,242 | 634,748 | ||||||
Property, plant and equipment, net
|
530,760 | 513,190 | ||||||
Total assets
|
$ | 2,045,910 | $ | 2,085,142 | ||||
Liabilities and equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 317,552 | $ | 294,129 | ||||
Short-term borrowings
|
22,039 | 90,550 | ||||||
Accrued compensation, contributions to employee benefit plans
|
||||||||
and related taxes
|
63,823 | 66,252 | ||||||
Dividends payable
|
12,712 | 12,862 | ||||||
Other accrued items
|
67,250 | 56,913 | ||||||
Income taxes payable
|
11,217 | 2,845 | ||||||
Current maturities of long-term debt
|
846 | 841 | ||||||
Total current liabilities
|
495,439 | 524,392 | ||||||
Other liabilities
|
56,575 | 58,269 | ||||||
Distributions in excess of investment in unconsolidated affiliate
|
58,728 | 61,585 | ||||||
Long-term debt
|
580,901 | 579,352 | ||||||
Deferred income taxes
|
15,376 | 21,495 | ||||||
Total liabilities
|
1,207,019 | 1,245,093 | ||||||
Shareholders' equity - controlling interest
|
749,884 | 749,112 | ||||||
Noncontrolling interests
|
89,007 | 90,937 | ||||||
Total equity
|
838,891 | 840,049 | ||||||
Total liabilities and equity
|
$ | 2,045,910 | $ | 2,085,142 |
WORTHINGTON INDUSTRIES, INC.
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(In thousands)
|
||||||||
Three Months Ended
|
||||||||
August 31,
|
||||||||
2015
|
2014
|
|||||||
Operating activities
|
||||||||
Net earnings
|
$ | 34,437 | $ | 48,820 | ||||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
21,440 | 20,367 | ||||||
Impairment of long-lived assets
|
3,000 | 1,950 | ||||||
Provision for deferred income taxes
|
(5,540 | ) | (535 | ) | ||||
Bad debt expense (income)
|
10 | (203 | ) | |||||
Equity in net income of unconsolidated affiliates, net of distributions
|
(5,513 | ) | (6,990 | ) | ||||
Net loss (gain) on sale of assets
|
1,606 | (2,830 | ) | |||||
Stock-based compensation
|
3,777 | 4,355 | ||||||
Excess tax benefits - stock-based compensation
|
(824 | ) | (5,132 | ) | ||||
Changes in assets and liabilities, net of impact of acquisitions:
|
||||||||
Receivables
|
42,629 | 12,752 | ||||||
Inventories
|
(7,824 | ) | (51,217 | ) | ||||
Prepaid expenses and other current assets
|
11,166 | (2,872 | ) | |||||
Other assets
|
442 | 121 | ||||||
Accounts payable and accrued expenses
|
42,184 | 41,890 | ||||||
Other liabilities
|
(3,187 | ) | (5,991 | ) | ||||
Net cash provided by operating activities
|
137,803 | 54,485 | ||||||
Investing activities
|
||||||||
Investment in property, plant and equipment
|
(38,497 | ) | (23,873 | ) | ||||
Investment in notes receivable
|
- | (5,000 | ) | |||||
Acquisitions, net of cash acquired
|
- | (36,550 | ) | |||||
Investments in unconsolidated affiliates
|
(1,687 | ) | (3,800 | ) | ||||
Proceeds from sale of assets and insurance
|
131 | 265 | ||||||
Net cash used by investing activities
|
(40,053 | ) | (68,958 | ) | ||||
Financing activities
|
||||||||
Net proceeds from (repayments of) short-term borrowings
|
(68,511 | ) | 555 | |||||
Proceeds from long-term debt
|
921 | - | ||||||
Principal payments on long-term debt
|
(208 | ) | (302 | ) | ||||
Payments for issuance of common shares
|
(602 | ) | (1,020 | ) | ||||
Excess tax benefits - stock-based compensation
|
824 | 5,132 | ||||||
Payments to noncontrolling interest
|
(3,336 | ) | (2,867 | ) | ||||
Repurchase of common shares
|
(27,582 | ) | (20,071 | ) | ||||
Dividends paid
|
(11,551 | ) | (10,112 | ) | ||||
Net cash used by financing activities
|
(110,045 | ) | (28,685 | ) | ||||
Decrease in cash and cash equivalents
|
(12,295 | ) | (43,158 | ) | ||||
Cash and cash equivalents at beginning of period
|
31,067 | 190,079 | ||||||
Cash and cash equivalents at end of period
|
$ | 18,772 | $ | 146,921 |
WORTHINGTON INDUSTRIES, INC.
|
SUPPLEMENTAL DATA
|
(In thousands, except volume)
|
Three Months Ended
|
||||||||
August 31,
|
||||||||
2015
|
2014
|
|||||||
Volume:
|
||||||||
Steel Processing (tons)
|
866,376 | 905,461 | ||||||
Pressure Cylinders (units)
|
19,219,410 | 20,370,385 | ||||||
Net sales:
|
||||||||
Steel Processing
|
$ | 490,800 | $ | 552,331 | ||||
Pressure Cylinders
|
224,394 | 248,959 | ||||||
Engineered Cabs
|
38,617 | 49,554 | ||||||
Other
|
4,336 | 11,570 | ||||||
Total net sales
|
$ | 758,147 | $ | 862,414 | ||||
Material cost:
|
||||||||
Steel Processing
|
348,245 | 394,892 | ||||||
Pressure Cylinders
|
99,064 | 118,437 | ||||||
Engineered Cabs
|
17,981 | 22,022 | ||||||
Selling, general and administrative expense:
|
||||||||
Steel Processing
|
$ | 32,915 | $ | 31,900 | ||||
Pressure Cylinders
|
36,874 | 35,013 | ||||||
Engineered Cabs
|
5,408 | 6,824 | ||||||
Other
|
754 | 1,518 | ||||||
Total selling, general and administrative expense
|
$ | 75,951 | $ | 75,255 | ||||
Operating income (loss):
|
||||||||
Steel Processing
|
$ | 23,638 | $ | 35,869 | ||||
Pressure Cylinders
|
16,819 | 19,606 | ||||||
Engineered Cabs
|
(9,291 | ) | (2,145 | ) | ||||
Other
|
(170 | ) | (1,128 | ) | ||||
Total operating income
|
$ | 30,996 | $ | 52,202 |
Three Months Ended
|
||||||||
August 31,
|
||||||||
2015
|
2014
|
|||||||
Volume (units):
|
||||||||
Consumer Products
|
11,977,945 | 12,346,630 | ||||||
Industrial Products
|
7,147,952 | 7,916,492 | ||||||
Alternative Fuels
|
91,956 | 104,089 | ||||||
Oil and Gas Equipment
|
1,320 | 2,987 | ||||||
Cryogenics
|
237 | 187 | ||||||
Total Pressure Cylinders
|
19,219,410 | 20,370,385 | ||||||
Net sales:
|
||||||||
Consumer Products
|
$ | 54,958 | $ | 55,600 | ||||
Industrial Products
|
105,106 | 109,091 | ||||||
Alternative Fuels
|
24,818 | 21,779 | ||||||
Oil and Gas Equipment
|
32,884 | 57,336 | ||||||
Cryogenics
|
6,628 | 5,153 | ||||||
Total Pressure Cylinders
|
$ | 224,394 | $ | 248,959 |
WORTHINGTON INDUSTRIES, INC.
|
|||||
SUPPLEMENTAL DATA
|
|||||
(In thousands)
|
Three Months Ended
|
||||||||
August 31,
|
||||||||
2015
|
2014
|
|||||||
Impairment of long-lived assets:
|
||||||||
Steel Processing
|
$ | - | $ | 1,950 | ||||
Pressure Cylinders
|
- | - | ||||||
Engineered Cabs
|
3,000 | - | ||||||
Other
|
- | - | ||||||
Total impairment of long-lived assets
|
$ | 3,000 | $ | 1,950 | ||||
Restructuring and other expense (income):
|
||||||||
Steel Processing
|
$ | 462 | $ | (30 | ) | |||
Pressure Cylinders
|
731 | 23 | ||||||
Engineered Cabs
|
1,878 | - | ||||||
Other
|
(2 | ) | 107 | |||||
Total restructuring and other expense
|
$ | 3,069 | $ | 100 |
1 Year Worthington Enterprises Chart |
1 Month Worthington Enterprises Chart |
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