0001445305-13-000721.txt : 20130328 0001445305-13-000721.hdr.sgml : 20130328 20130328103423 ACCESSION NUMBER: 0001445305-13-000721 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130328 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130328 DATE AS OF CHANGE: 20130328 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMERCIAL METALS CO CENTRAL INDEX KEY: 0000022444 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 750725338 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04304 FILM NUMBER: 13722068 BUSINESS ADDRESS: STREET 1: 6565 N. MACARTHUR BLVD., SUITE 800 STREET 2: P O BOX 1046 CITY: IRVING STATE: TX ZIP: 75039 BUSINESS PHONE: 2146894300 MAIL ADDRESS: STREET 1: 6565 N. MACARTHUR BLVD., SUITE 800 STREET 2: PO BOX 1046 CITY: IRVING STATE: TX ZIP: 75039 8-K 1 cmc-0228x2013pr8xk.htm 8-K CMC-02.28-2013 PR 8-K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) March 28, 2013
Commercial Metals Company
(Exact Name of Registrant as Specified in Charter)
 
 
 
 
 
Delaware
 
1-4304
 
75-0725338
(State or Other Jurisdiction
of Incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
 
 
 
 
 
6565 N. MacArthur Blvd.
 
 
 
 
Irving, Texas
 
 
 
75039
(Address of Principal Executive Offices)
 
 
 
(Zip Code)
(214) 689-4300
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
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.

On March 28, 2013, Commercial Metals Company (the “Company”) issued a press release announcing its financial results for the second quarter of fiscal year 2013. A copy of the press release is being furnished as Exhibit 99.1 and is hereby incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to liabilities under that section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.





Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibit is being furnished as part of this Current Report on Form 8-K.
99.1    Press Release issued by Commercial Metals Company on March 28, 2013.


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


COMMERCIAL METALS COMPANY

Date: March 28, 2013                    By: /s/ Barbara R. Smith            
Name: Barbara R. Smith    
Title: Senior Vice President and Chief Financial Officer









EXHIBIT INDEX

Exhibit No.        Description of Exhibit

99.1
Press Release issued by Commercial Metals Company on March 28, 2013


EX-99.1 2 cmc-0228x2013xex991.htm PRESS RELEASE DATED MARCH 28, 2013 CMC-02.28-2013-Ex 99.1

News Release


COMMERCIAL METALS COMPANY REPORTS SECOND QUARTER EARNINGS PER SHARE OF $0.04 AND ANNOUNCES QUARTERLY DIVIDEND OF $0.12 PER SHARE

Irving, TX - March 28, 2013 - Commercial Metals Company (NYSE: CMC) today announced financial results for its second quarter ended February 28, 2013. Net earnings for the second quarter were $4.6 million, or $0.04 per diluted share, on net sales of $1.7 billion. This compares to net earnings of $28.9 million, or $0.25 per diluted share, on net sales of $2.0 billion for the three months ended February 29, 2012. Continuing operations for this year's second quarter included after-tax LIFO income of $0.2 million, compared with after-tax LIFO expense of $1.3 million ($0.01 per share) for the second quarter of fiscal 2012. Adjusted operating profit was $26.7 million for the second quarter of fiscal 2013, compared with adjusted operating profit of $63.1 million for the prior year's second quarter. Adjusted EBITDA was $60.1 million for the second quarter of fiscal 2013, compared with adjusted EBITDA of $95.3 million for the prior year's second quarter.

Joe Alvarado, Chairman of the Board, President, and CEO, commented, "As anticipated, we experienced the normal seasonal effects of the winter and holiday months as well as the ongoing economic challenges in certain overseas markets. Despite economic weakness, particularly in international markets, we are pleased to report a sixth consecutive quarter of profitability."

On March 27, 2013, the board of directors of CMC declared a quarterly dividend of $0.12 for shareholders of record on April 9, 2013. The dividend will be paid on April 23, 2013.

Business Segments
Our Americas Recycling segment recorded an adjusted operating profit of $2.2 million for the second quarter of this fiscal year, compared with an adjusted operating profit of $6.4 million in the prior year's second quarter. Ferrous selling prices declined 7% to $336 per ton when compared to the second quarter of fiscal 2012. Additionally, ferrous and nonferrous margins were lower in this year's second quarter when compared to the prior year's second quarter. LIFO expense decreased by $3.6 million to $1.0 million in the second quarter of fiscal 2013, from $4.6 million in the second quarter of fiscal 2012.



Our Americas Mills segment recorded an adjusted operating profit of $48.8 million for this year's second quarter, compared with an adjusted operating profit of $54.4 million in the prior year's second quarter. Shipping volumes declined for our merchant and billet products when compared to the prior year's second quarter. However, our rebar shipments continued to strengthen when compared to the prior year. In addition, we experienced lower margins on our merchant products during the quarter due to import pressure, although our rebar margins improved as compared to the prior year's second quarter.

Our Americas Fabrication segment recorded an adjusted operating loss of $3.8 million for this year's second quarter, compared with an adjusted operating loss of $10.0 million for the prior year's second quarter. The operating improvement compared with the prior year's second quarter is mostly due to improvements in both shipping volumes and transactional prices. LIFO income decreased $2.9 million to $0.5 million in the second quarter of fiscal 2013, from $3.4 million in the second quarter of fiscal 2012.

Our International Mill segment recorded an adjusted operating loss of $4.2 million for the second quarter of this year, compared with an adjusted operating profit of $6.6 million in the prior year's second quarter. Volumes declined 16%, or 54 thousand tons, primarily related to our merchant and wire rod products. The results continue to reflect the ongoing challenges in the Eurozone.

Our International Marketing and Distribution segment recorded an adjusted operating profit of $3.9 million for this year's second quarter, compared with an adjusted operating profit of $26.6 million in the prior year's second quarter. Decreased revenues and margins in our raw materials business and our Australian operations adversely affected this segment's results. The segment continued to suffer from weakness in most of the markets we serve globally.




Year to Date Results
Net earnings attributable to CMC for the six months ended February 28, 2013 were $54.3 million, or $0.46 per diluted share, on net sales of $3.5 billion, compared with net earnings attributable to CMC of $136.6 million, or $1.17 per diluted share, on net sales of $3.9 billion for the six months ended February 29, 2012. Continuing operations for the six months ended February 28, 2013 included an after-tax gain of $17.0 million ($0.14 per diluted share) associated with the sale of the Company's 11% ownership interest in Trinecke Zelezarny, a.s., a Czech Republic joint-stock company. Continuing operations for the six months ended February 29, 2012 included $102.1 million ($0.88 per diluted share) in tax benefits related to ordinary worthless stock and bad debt deductions from the investment in the Company's former Croatian subsidiary. The Company recorded after-tax LIFO income of $15.4 million ($0.13 per diluted share) for the six months ended February 28, 2013, compared with after-tax LIFO income of $14.3 million ($0.12 per diluted share) for the six months ended February 29, 2012. For the six months ended February 28, 2013, adjusted operating profit was $117.3 million, compared with $84.2 million for the six months ended February 29, 2012. Adjusted EBITDA was $186.2 million, compared with $150.8 million for the six months ended February 29, 2012.

Outlook
Alvarado concluded, "Our third quarter historically yields better results as the construction season begins to ramp up. The American Institute of Architects reported an Architecture Billings Index (ABI) of 54.9 in February 2013, the highest level in over five and a half years. We believe that the ABI level will eventually translate into increased demand for our domestic operations. Our International Mill segment anticipates a modest improvement in results over the second quarter of 2013 due to seasonal volume improvements. Although German manufacturing is showing signs of life, we do not anticipate any appreciable improvements in the Eurozone over the near term. We believe that continued weakness in most global markets in which we participate will continue to negatively burden our International Marketing and Distribution segment."

Conference Call
CMC invites you to listen to a live broadcast of its second quarter of fiscal 2013 conference call today, Thursday, March 28, 2013, at 11:00 a.m. ET. Joe Alvarado, Chairman of the Board, President and CEO, and Barbara Smith, Senior Vice President and CFO, will host the call. The call is accessible via our website at www.cmc.com. In the event you are unable to listen to the live broadcast, the call will be archived and available for replay on the webcast on the next business day. Financial and statistical information presented in the broadcast are located on CMC's website under "Investors."




About Commercial Metals Company
Commercial Metals Company and its subsidiaries manufacture, recycle and market steel and metal products, related materials and services through a network including steel minimills, steel fabrication and processing plants, construction-related product warehouses, a copper tube mill, metal recycling facilities and marketing and distribution offices in the United States and in strategic international markets.

Forward-Looking Statements
This news release contains forward-looking statements regarding the Company's expectations relating to economic conditions, product pricing and demand and market conditions. There are inherent risks and uncertainties in any forward-looking statements. Except as required by law, the Company undertakes no obligation to update, amend or clarify any forward-looking statements to reflect events, new information or otherwise.

Actual results may differ materially from those projected as a result of certain risks and uncertainties, including, but not limited to, the following: absence of global economic recovery or possible recession relapse; construction activity or lack thereof; decisions by governments affecting the level of steel imports, including tariffs and duties; difficulties or delays in the execution of construction contracts resulting in cost overruns or contract disputes; metals pricing over which the Company exerts little influence; increased capacity and product availability from competing steel minimills and other steel suppliers, including import quantities and pricing; execution of cost reduction strategies; industry consolidation or changes in production capacity or utilization; currency fluctuations; availability and pricing of raw materials, including scrap metal, energy, insurance and supply prices; passage of new, or interpretation of existing, environmental laws and regulations; and the pace of overall economic activity, particularly in China.




COMMERCIAL METALS COMPANY
OPERATING STATISTICS AND BUSINESS SEGMENTS (UNAUDITED)
 
Three Months Ended
 
Six Months Ended
(short tons in thousands)
02/28/13
 
02/29/12
 
02/28/13

02/29/12
Americas Recycling tons shipped
574

 
612

 
1,136

 
1,210

 
 
 
 
 
 
 
 
Americas Steel Mills rebar shipments
328

 
311

 
697

 
635

Americas Steel Mills structural and other shipments
274

 
333

 
571

 
650

Total Americas Steel Mills tons shipped
602

 
644

 
1,268

 
1,285

 
 
 
 
 
 
 
 
International Mill shipments
277

 
331

 
622

 
790

 
 
 
 
 
 
 
 
Americas Steel Mills average FOB selling price (total sales)
$
682

 
$
726

 
$
675

 
$
716

Americas Steel Mills average cost ferrous scrap utilized
$
350

 
$
392

 
$
345

 
$
389

Americas Steel Mills metal margin
$
332

 
$
334

 
$
330

 
$
327

Americas Steel Mills average ferrous scrap purchase price
$
307

 
$
353

 
$
300

 
$
348

 
 
 
 
 
 
 
 
International Mill average FOB selling price (total sales)
$
605

 
$
613

 
$
604

 
$
607

International Mill average cost ferrous scrap utilized
$
379

 
$
401

 
$
380

 
$
389

International Mill metal margin
$
226

 
$
212

 
$
224

 
$
218

International Mill average ferrous scrap purchase price
$
303

 
$
328

 
$
307

 
$
319

 
 
 
 
 
 
 
 
Americas Fabrication rebar shipments
204

 
192

 
429

 
405

Americas Fabrication structural and post shipments
37

 
40

 
72

 
72

Total Americas Fabrication tons shipped
241

 
232

 
501

 
477

 
 
 
 
 
 
 
 
Americas Fabrication average selling price (excluding stock and buyout sales)
$
950

 
$
914

 
$
942

 
$
897

(in thousands)
Three Months Ended
 
Six Months Ended
Net sales
02/28/13
 
02/29/12
 
02/28/13
 
02/29/12
Americas Recycling
$
351,374

 
$
419,644

 
$
703,335

 
$
834,449

Americas Mills
476,594

 
525,885

 
973,043

 
1,051,381

Americas Fabrication
317,966

 
301,593

 
674,558

 
621,361

International Mill
179,765

 
217,090

 
401,832

 
513,271

International Marketing and Distribution
649,936

 
723,355

 
1,258,524

 
1,433,426

Corporate
3,661

 
5,291

 
6,460

 
5,351

Eliminations
(249,622
)
 
(236,114
)
 
(498,852
)
 
(515,675
)
Total net sales
$
1,729,674

 
$
1,956,744

 
$
3,518,900

 
$
3,943,564

 
 
 
 
 
 
 
 
Adjusted operating profit (loss)
 
 
 
 
 
 
 
Americas Recycling
$
2,243

 
$
6,389

 
$
6,737

 
$
27,205

Americas Mills
48,769

 
54,401

 
101,291

 
112,332

Americas Fabrication
(3,812
)
 
(9,969
)
 
6,380

 
(17,349
)
International Mill
(4,153
)
 
6,592

 
(3,277
)
 
16,414

International Marketing and Distribution
3,948

 
26,554

 
44,109

 
22,453

Corporate
(19,194
)
 
(20,936
)
 
(36,564
)
 
(44,204
)
Eliminations
(1,084
)
 
(2,346
)
 
(1,744
)
 
(8,491
)
Adjusted operating profit from continuing operations
26,717

 
60,685

 
116,932

 
108,360

Adjusted operating profit (loss) from discontinued operations
(46
)
 
2,387

 
342

 
(24,165
)
Adjusted operating profit
$
26,671

 
$
63,072

 
$
117,274

 
$
84,195




COMMERCIAL METALS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 
Three Months Ended
 
Six Months Ended
(in thousands, except share data)
02/28/13
 
02/29/12
 
02/28/13
 
02/29/12
Net sales
$
1,729,674

 
$
1,956,744

 
$
3,518,900

 
$
3,943,564

Costs and expenses:

 

 
 
 
 
Cost of goods sold
1,588,016

 
1,773,966

 
3,188,343

 
3,588,250

Selling, general and administrative expenses
115,844

 
123,891

 
241,825

 
250,412

Gain on sale of cost method investment
—

 
—

 
(26,088
)
 
—

Interest expense
16,490

 
16,043

 
33,514

 
32,340

 
1,720,350

 
1,913,900

 
3,437,594

 
3,871,002

Earnings from continuing operations before taxes
9,324

 
42,844

 
81,306

 
72,562

Income taxes (benefit)
4,717

 
15,015

 
27,232

 
(80,312
)
Earnings from continuing operations
4,607

 
27,829

 
54,074

 
152,874

 
 
 
 
 
 
 
 
Earnings (loss) from discontinued operations before taxes
(46
)
 
1,794

 
342

 
(25,209
)
Income taxes (benefit)
(16
)
 
770

 
120

 
(8,924
)
Earnings (loss) from discontinued operations
(30
)
 
1,024

 
222

 
(16,285
)
 
 
 
 
 
 
 
 
Net earnings
4,577

 
28,853

 
54,296

 
136,589

Less net earnings attributable to noncontrolling interests
—

 
—

 
2

 
2

Net earnings attributable to CMC
$
4,577

 
$
28,853

 
$
54,294

 
$
136,587

 
 
 
 
 
 
 
 
Basic earnings (loss) per share attributable to CMC:
 
 
 
 
 
 
 
Earnings from continuing operations
$
0.04

 
$
0.24

 
$
0.47

 
$
1.32

Earnings (loss) from discontinued operations
—

 
0.01

 
—

 
(0.14
)
Net earnings
$
0.04

 
$
0.25

 
$
0.47

 
$
1.18

 
 
 
 
 
 
 
 
Diluted earnings (loss) per share attributable to CMC:
 
 
 
 
 
 
 
Earnings from continuing operations
$
0.04

 
$
0.24

 
$
0.46

 
$
1.31

Earnings (loss) from discontinued operations
—

 
0.01

 
—

 
(0.14
)
Net earnings
$
0.04

 
$
0.25

 
$
0.46

 
$
1.17

 
 
 
 
 
 
 
 
Cash dividends per share
$
0.12

 
$
0.12

 
$
0.24

 
$
0.24

Average basic shares outstanding
116,586,100

 
115,703,142

 
116,461,302

 
115,616,844

Average diluted shares outstanding
117,573,052

 
116,843,456

 
117,333,339

 
116,646,469









COMMERCIAL METALS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands)
February 28,
2013
 
August 31,
2012
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
170,097

 
$
262,422

Accounts receivable, net
988,482

 
958,364

Inventories, net
892,688

 
807,923

Other
172,229

 
211,122

Total current assets
2,223,496

 
2,239,831

Net property, plant and equipment
980,466

 
994,304

Goodwill
76,959

 
76,897

Other assets
128,544

 
130,214

Total assets
$
3,409,465

 
$
3,441,246

Liabilities and stockholders’ equity
 
 
 
Current liabilities:
 
 
 
Accounts payable-trade
$
412,592

 
$
433,132

Accounts payable-documentary letters of credit
90,038

 
95,870

Accrued expenses and other payables
269,619

 
343,337

Notes payable
47,403

 
24,543

Current maturities of long-term debt
204,072

 
4,252

Total current liabilities
1,023,724

 
901,134

Deferred income taxes
27,363

 
20,271

Other long-term liabilities
111,089

 
116,261

Long-term debt
950,407

 
1,157,073

Total liabilities
2,112,583

 
2,194,739

Stockholders’ equity attributable to CMC
1,296,727

 
1,246,368

Stockholders’ equity attributable to noncontrolling interests
155

 
139

Total equity
1,296,882

 
1,246,507

Total liabilities and stockholders’ equity
$
3,409,465

 
$
3,441,246








COMMERCIAL METALS COMPANY AND SUBSIDIARIES
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
 
Six Months Ended
(in thousands)
02/28/13
 
02/29/12
Cash flows from (used by) operating activities:
 
 
 
Net earnings
$
54,296

 
$
136,589

Adjustments to reconcile net earnings to cash flows from (used by) operating activities:
 
 
 
Depreciation and amortization
68,037

 
69,064

Provision for losses (recoveries) on receivables, net
2,463

 
(616
)
Share-based compensation
7,185

 
5,973

Amortization of interest rate swaps termination gain
(5,815
)
 
—

Deferred income taxes
29,362

 
(107,818
)
Tax benefits from stock plans
(1
)
 
(32
)
Net (gain) loss on sale of cost method investment and other
(26,522
)
 
104

Write-down of inventory
1,784

 
8,460

Asset impairment
3,028

 
1,028

Changes in operating assets and liabilities:

 
 
Accounts receivable
4,785

 
(25,620
)
Accounts receivable sold (repurchased), net
(37,297
)
 
104,495

Inventories
(84,840
)
 
7,939

Other assets
11,461

 
22,441

Accounts payable, accrued expenses, other payables and income taxes
(99,312
)
 
(184,090
)
Other long-term liabilities
(5,326
)
 
1,157

Net cash flows from (used by) operating activities
(76,712
)
 
39,074

Cash flows from (used by) investing activities:
 
 
 
Capital expenditures
(41,849
)
 
(53,373
)
Proceeds from the sale of property, plant and equipment and other
6,897

 
8,097

Proceeds from the sale of cost method investment
28,995

 
—

Decrease in deposit for letters of credit
—

 
30,404

Net cash flows from (used by) investing activities
(5,957
)
 
(14,872
)
Cash flows from (used by) financing activities:
 
 
 
Increase (decrease) in documentary letters of credit
(5,268
)
 
6,121

Short-term borrowings, net change
21,870

 
40,270

Repayments on long-term debt
(2,402
)
 
(48,202
)
Stock issued under incentive and purchase plans, net of forfeitures
2,353

 
1,559

Cash dividends
(27,963
)
 
(27,752
)
Contribution from (purchase of) noncontrolling interests
10

 
(41
)
Tax benefits from stock plans
1

 
32

Net cash flows from (used by) financing activities
(11,399
)
 
(28,013
)
Effect of exchange rate changes on cash
1,743

 
(2,397
)
Decrease in cash and cash equivalents
(92,325
)
 
(6,208
)
Cash and cash equivalents at beginning of year
262,422

 
222,390

Cash and cash equivalents at end of period
$
170,097

 
$
216,182






COMMERCIAL METALS COMPANY
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
(dollars in thousands)

This press release contains financial measures not derived in accordance with generally accepted accounting principles ("GAAP"). Reconciliations to the most comparable GAAP measures are provided below.
Adjusted Operating Profit (Loss) is a non-GAAP financial measure. Management uses adjusted operating profit (loss) to evaluate the financial performance of the Company. Adjusted operating profit (loss) is the sum of our earnings (loss) before income taxes, outside financing costs and discounts on sales of accounts receivable. For added flexibility, we may sell certain accounts receivable both in the U.S. and internationally. We consider sales of receivables as an alternative source of liquidity to finance our operations and believe that removing these costs provides a clearer perspective of the Company's operating performance. Adjusted operating profit (loss) may be inconsistent with similar measures presented by other companies.
 
Three Months Ended
 
Six Months Ended
(in thousands)
02/28/13
 
02/29/12
 
02/28/13
 
02/29/12
Earnings from continuing operations
$
4,607

 
$
27,829

 
$
54,074

 
$
152,874

Income taxes (benefit)
4,717

 
15,015

 
27,232

 
(80,312
)
Interest expense
16,490

 
16,043

 
33,514

 
32,340

Discounts on sales of accounts receivable
903

 
1,798

 
2,112

 
3,458

Adjusted operating profit from continuing operations
26,717

 
60,685

 
116,932

 
108,360

Adjusted operating profit (loss) from discontinued operations
(46
)
 
2,387

 
342

 
(24,165
)
Adjusted operating profit
$
26,671

 
$
63,072

 
$
117,274

 
$
84,195


Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is the sum of our earnings (loss) before income taxes, outside financing costs and net earnings attributable to noncontrolling interests. It also excludes the Company's largest recurring non-cash charge, depreciation and amortization, as well as impairment charges. As a measure of cash flow before interest expense, adjusted EBITDA is one guideline management uses to assess the Company's ability to pay its current debt obligations as they mature and as a tool to calculate possible future levels of leverage capacity. Adjusted EBITDA to interest is a covenant test in certain of the Company's note agreements. Additionally, adjusted EBITDA is one measure used to assess the Company's unleveraged performance return on our investments. Adjusted EBITDA may be inconsistent with similar measures presented by other companies.
 
Three Months Ended
 
Six Months Ended
(in thousands)
02/28/13
 
02/29/12
 
02/28/13
 
02/29/12
Earnings from continuing operations
$
4,607

 
$
27,829

 
$
54,074

 
$
152,874

Interest expense
16,490

 
16,043

 
33,514

 
32,340

Income taxes (benefit)
4,717

 
15,015

 
27,232

 
(80,312
)
Depreciation, amortization and impairment charges
34,286

 
34,122

 
71,065

 
68,601

Less: net earnings attributable to noncontrolling interests
—

 
—

 
2

 
2

Adjusted EBITDA from continuing operations
60,100

 
93,009

 
185,883

 
173,501

Adjusted EBITDA from discontinued operations
(46
)
 
2,285

 
342

 
(22,674
)
Adjusted EBITDA
$
60,054

 
$
95,294

 
$
186,225

 
$
150,827


Adjusted EBITDA to interest for the quarter ended February 28, 2013:
$60,054
/
$16,490
=
3.6



Total Capitalization:
Total capitalization is the sum of long-term debt, deferred income taxes, and stockholders’ equity. The ratio of debt to total capitalization is a measure of current debt leverage. The following reconciles total capitalization on February 28, 2013 to the most comparable GAAP measure, stockholders’ equity:
Stockholders’ equity attributable to CMC
$
1,296,727

Long-term debt
950,407

Deferred income taxes
27,363

Total capitalization
$
2,274,497


OTHER FINANCIAL INFORMATION
Long-term debt to capitalization ratio as of February 28, 2013:
$950,407
/
$2,274,497
=
41.8%

Total debt to capitalization plus short-term debt plus notes payable ratio as of February 28, 2013:
(
$950,407
+
$204,072
+
$
47,403

)
/
(
$2,274,497
+
$204,072
+
$
47,403

)
=
47.6%

Current ratio as of February 28, 2013:
Current assets divided by current liabilities
$2,223,496
/
$1,023,724
=
2.2


Contact: Barbara Smith
Senior Vice President and CFO
214.689.4300


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