-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HOFYu/at3OLE6bXHzQWCb1k29D2KTLsoJTRnD2Nf+2HrAyZjTtOMecOfziFSsGpz Fv7uhk6mSMlM/Y9YGkk25w== 0000899140-09-000867.txt : 20090505 0000899140-09-000867.hdr.sgml : 20090505 20090504181656 ACCESSION NUMBER: 0000899140-09-000867 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090504 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090505 DATE AS OF CHANGE: 20090504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RYERSON INC. CENTRAL INDEX KEY: 0000790528 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-METALS SERVICE CENTERS & OFFICES [5051] IRS NUMBER: 363425828 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09117 FILM NUMBER: 09794868 BUSINESS ADDRESS: STREET 1: 2621 WEST 15TH PLACE CITY: CHICAGO STATE: IL ZIP: 60608 BUSINESS PHONE: 7737622121 MAIL ADDRESS: STREET 1: 2621 WEST 15TH PLACE CITY: CHICAGO STATE: IL ZIP: 60608 FORMER COMPANY: FORMER CONFORMED NAME: RYERSON TULL INC /DE/ DATE OF NAME CHANGE: 19990301 FORMER COMPANY: FORMER CONFORMED NAME: INLAND STEEL INDUSTRIES INC /DE/ DATE OF NAME CHANGE: 19920703 8-K 1 r4884240a.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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): May 4, 2009 ----------------------- Ryerson Inc. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation) 001-09117 (Commission File Number) 36-3425828 (I.R.S. Employer Identification No.) ----------------------- 2621 West 15th Place, Chicago, IL 60608 (Address of principal executive offices and zip code) (773) 762-2121 (Registrant's telephone number, including area code) 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: [ ] 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. The information contained within Item 2.02 of this Form 8-K and the Exhibits attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. On May 4, 2009, Ryerson Inc. (the "Company") released its First Quarter Selected Income and Cash Flow Data. The Ryerson Inc. First Quarter Selected Income and Cash Flow Data is set forth on Exhibit 99.1 attached hereto and is hereby incorporated by reference. Item 9.01 Financial Statements and Exhibits (d) Exhibits The following exhibit is being filed with this Current Report on Form 8-K: 99.1 Ryerson Inc. First Quarter Selected Income and Cash Flow Data - 2 - SIGNATURE --------- 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. Dated: May 4, 2009 RYERSON INC. By: /s/ Terence R. Rogers ------------------------------------- Name: Terence R. Rogers Title: Chief Financial Officer EXHIBIT INDEX Exhibit Number Description 99.1 Ryerson Inc. First Quarter Selected Income and Cash Flow Data - 4 - EX-99.1 2 r4884240b.txt FIRST QUARTER SELECTED INCOME AND CASH FLOW DATA Exhibit 99.1 RYERSON INC. AND SUBSIDIARY COMPANIES Selected Income and Cash Flow Data - Unaudited (Dollars in Millions, except Per Ton Data)
Fourth First Quarter Quarter --------------------------- 2009 2008 2008 ------------- ------------- ------------- NET SALES $804.7 $1,370.3 $1,072.9 Cost of materials sold 679.2 1,176.4 901.1 ------------- ------------- ------------- Gross profit 125.5 193.9 171.8 Warehousing, delivery, selling, general and administrative 124.1 151.0 136.7 Gain on the sale of assets (3.3) - - Other postretirement benefits curtailment gain (1.3) - - ------------- ------------- ------------- OPERATING PROFIT 6.0 42.9 35.1 Other revenue and expense, net 2.7 2.6 16.3 Interest and other expense on debt (18.2) (31.2) (27.2) ------------- ------------- ------------- INCOME (LOSS) BEFORE INCOME TAXES (9.5) 14.3 24.2 Provision (benefit) for income taxes (3.2) 5.1 7.3 ------------- ------------- ------------- NET INCOME (LOSS) (6.3) 9.2 16.9 Less: Net income (loss) attributable to noncontrolling interest (2.0) - (1.6) ------------- ------------- ------------- NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON INC. $(4.3) $9.2 $18.5 ============= ============= ============= Supplemental Data : Tons shipped (000) 461 702 506 Shipping days 62 64 61 Average selling price/ton $1,745 $1,952 $2,120 Gross profit/ton $272 $276 $339 Operating profit/ton 13 61 69 Depreciation and amortization expense $9.3 $8.3 $10.8 Cash flow from operating activities $194.8 $(9.6) $285.9 Capital expenditures (7.4) (6.0) (9.8) EBITDA (See Schedule 1 for reconciliation) $20.0 $53.8 $63.8
Schedule 1 RYERSON INC. AND SUBSIDIARY COMPANIES Reconciliation of Net Income (Loss) Attributable to Ryerson Inc. to EBITDA (Dollars in millions)
Fourth First Quarter Quarter --------------------------- 2009 2008 2008 ------------- ------------- ------------- Net income (loss) attributable to Ryerson Inc. $(4.3) $9.2 $18.5 Interest and other expense on debt 18.2 31.2 27.2 Provision (benefit) for income taxes (3.2) 5.1 7.3 Depreciation and amortization expense 9.3 8.3 10.8 ------------- ------------- ------------- EBITDA $20.0 $53.8 $63.8 ============= ============= ============= EBITDA $20.0 $53.8 $63.8 LIFO expense (income) (105.1) 19.1 (84.6) ------------- ------------- ------------- EBITDA, excluding LIFO expense $(85.1) $72.9 $(20.8) ============= ============= =============
Note: To supplement its condensed consolidated financial statements presented on a GAAP basis, the company has provided earnings before interest, income taxes, depreciation and amortization (EBITDA) and EBITDA, excluding LIFO expense. EBITDA and EBITDA, excluding LIFO expense are non-GAAP financial measures and are not meant to be considered in isolation or as a substitute for net income attributable to Ryerson Inc. prepared in accordance with GAAP. Management believes that EBITDA and EBITDA, excluding LIFO expense are useful financial performance measures which are widely used by the investment community for evaluation purposes and provides the investors, analysts and other interested parties with additional information in analyzing the Company's operating results. -----END PRIVACY-ENHANCED MESSAGE-----