Segment Operations

9 Months Ended

Feb. 28, 2013

Segment Operations

NOTE L – Segment Operations

During the first quarter of fiscal 2013, we made certain organizational changes impacting the internal reporting and management structure of our former Global Group operating segment. As a result of these organizational changes, management responsibilities and internal reporting were re-aligned into two new operating segments: Construction Services and Worthington Energy Innovations. These operating segments are reported in the “Other” category for segment reporting purposes, as they do not meet the applicable aggregation criteria or quantitative thresholds for separate disclosure. Accordingly, these organizational changes did not impact the composition of our reportable business segments.

Additionally, we no longer manage our residual metal framing assets in a manner that constitutes an operating segment. Accordingly, the activity related to the wind-down of our former Metal Framing operating segment has been reported in the “Other” category. Segment information reported in previous periods has been restated to conform to this new presentation.

Summarized financial information for our reportable segments is shown in the following table:

	Three Months Ended						Nine Months Ended
(in thousands)	February 28, 2013			February 29, 2012			February 28, 2013			February 29, 2012
Net sales
Steel Processing	$	349,569		$	367,259		$	1,068,854		$	1,148,894
Pressure Cylinders		205,206			187,737			606,936			533,283
Engineered Cabs		48,628			40,173			170,927			40,173
Other		16,124			16,086			61,647			56,944
Consolidated net sales	$	619,527		$	611,255		$	1,908,184		$	1,779,294
Operating income (loss)
Steel Processing	$	17,504		$	15,405		$	46,837		$	39,069
Pressure Cylinders		17,860			10,887			49,965			23,333
Engineered Cabs		108			(1,447	)		5,367			(1,447	)
Other		(2,066	)		(6,770	)		(6,523	)		(18,848	)
Consolidated operating income	$	33,406		$	18,075		$	95,646		$	42,107
Restructuring and other expense (income)
Steel Processing	$	-		$	-		$	-		$	-
Pressure Cylinders		177			-			183			-
Engineered Cabs		-			-			-			-
Other		(31	)		956			1,628			4,707
Consolidated restructuring and other expense	$	146		$	956		$	1,811		$	4,707
Impairment of long-lived assets
Steel Processing	$	-		$	-		$	-		$	-
Pressure Cylinders		-			-			1,520			-
Engineered Cabs		-			-			-			-
Other		-			-			-			-
Consolidated impairment of long-lived assets	$	-		$	-		$	1,520		$	-
Joint venture transactions
Steel Processing	$	-		$	-		$	-		$	-
Pressure Cylinders		-			-			-			-
Engineered Cabs		-			-			-			-
Other		253			1,812			(1,188	)		3,835
Consolidated joint venture transactions	$	253		$	1,812		$	(1,188	)	$	3,835

	February 28,		May 31,
(in thousands)	2013		2012
Total assets
Steel Processing	$	624,494	$	703,336
Pressure Cylinders		639,286		575,250
Engineered Cabs		202,489		199,594
Other		418,913		399,617
Consolidated total assets	$	1,885,182	$	1,877,797