EX-99.1 2 dex991.htm RYERSON INC. THIRD QUARTER AND NINE-MONTH SELECTED INCOME AND CASH FLOW DATA Ryerson Inc. Third Quarter and Nine-Month 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)

 

     2009     2008     First Nine Months Ended  
     Third     Second     Third     September 30  
     Quarter     Quarter     Quarter     2009     2008  

NET SALES

   $ 777.2      $ 743.1      $ 1,420.9      $ 2,325.0      $ 4,236.9   

Cost of materials sold

     625.4        657.5        1,250.0        1,962.1        3,696.6   
                                        

Gross profit

     151.8        85.6        170.9        362.9        540.3   

Warehousing, delivery, selling, general and administrative

     120.3        118.2        150.3        362.6        449.4   

Gain on the sale of assets

     —          —          —          (3.3     —     

Other postretirement benefits curtailment gain

     —          —          —          (1.3     —     
                                        

OPERATING PROFIT (LOSS)

     31.5        (32.6     20.6        4.9        90.9   

Other income and (expense), net

     (6.8     (4.5     2.0        (8.6     5.1   

Interest and other expense on debt

     (18.0     (18.2     (27.3     (54.4     (82.7
                                        

INCOME (LOSS) BEFORE INCOME TAXES

     6.7        (55.3     (4.7     (58.1     13.3   

Provision (benefit) for income taxes

     14.0        75.2        (2.2     86.0        4.4   
                                        

NET INCOME (LOSS)

     (7.3     (130.5     (2.5     (144.1     8.9   

Less: Net income (loss) attributable to noncontrolling interest

     0.5        (0.5     —          (2.0     —     
                                        

NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON INC.

   $ (7.8   $ (130.0   $ (2.5   $ (142.1   $ 8.9   
                                        

Supplemental Data :

          

Tons shipped (000)

     497        478        619        1,435        1,999   

Shipping days

     64        64        64        190        192   

Average selling price/ton

   $ 1,565      $ 1,556      $ 2,294      $ 1,620      $ 2,120   

Gross profit/ton

   $ 306      $ 179      $ 276      $ 253      $ 270   

Operating profit/(loss)/ton

     64        (68     33        3        45   

Depreciation and amortization expense

   $ 14.8      $ 8.4      $ 10.4      $ 32.5      $ 26.9   

Cash flow from operating activities

   $ (51.6   $ 159.3      $ 24.5      $ 302.5      $ (6.6

Capital expenditures

     (3.8     (5.6     (7.7     (16.8     (20.3

EBITDA (See Schedule 1 for reconciliation)

   $ 39.0      $ (28.2   $ 33.0       


Schedule 1

RYERSON INC. AND SUBSIDIARY COMPANIES

Reconciliation of Net Income (Loss) Attributable to Ryerson Inc. to EBITDA

(Dollars in millions)

 

     2009     2008  
     Third
Quarter
    Second
Quarter
    Third
Quarter
 

Net income (loss) attributable to Ryerson Inc.

   $ (7.8   $ (130.0   $ (2.5

Interest and other expense on debt

     18.0        18.2        27.3   

Provision (benefit) for income taxes

     14.0        75.2        (2.2

Depreciation and amortization expense

     14.8        8.4        10.4   
                        

EBITDA

   $ 39.0      $ (28.2   $ 33.0   
                        

EBITDA

   $ 39.0      $ (28.2   $ 33.0   

LIFO expense (income)

     (37.1     (62.0     69.6   
                        

EBITDA, excluding LIFO expense

   $ 1.9      $ (90.2   $ 102.6   
                        

 

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.