EX-99 3 q42004pressreleasefinaledgar.htm RMI PRESS RELEASE RE 2004 Q4 AND YE RESULTS - STATEMENTS RUSSEL METALS INC

RUSSEL METALS INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

     

     

     

     

 December 31, 

 December 31, 

($000)

2004

2003

ASSETS

     

     

Current

     

     

      Cash

$           634

$    19,008

      Accounts receivable

360,696

248,904

      Inventories

553,915

303,048

     Prepaid expenses and other assets

7,069

5,028

     Income taxes recoverable

5,996

5,912

     Discontinued operations

9,483

1,107

     

937,793

583,007

     

     

     

     

     

     

Property, Plant and Equipment

180,655

184,929

Assets Held For Sale

6,291

1,622

Deferred Financing Charges

8,357

3,547

Goodwill

9,205

4,216

Future Income Tax Assets

1,614

10,458

Other Assets

2,566

2,840

     

$ 1,146,481

$  790,619

LIABILITIES AND SHAREHOLDERS' EQUITY

     

     

Current

     

     

      Bank indebtedness

$     33,242

$   78,093

      Accounts payable and accrued liabilities

348,166

217,173

     Income taxes payable

60,049

11,729

      Discontinued operations

9,403

2,729

     

450,860

309,724

Other Accrued Liabilities

11,440

-

Long-Term Debt

210,630

179,402

Pensions and Benefits

10,146

11,542

Future Income Tax Liabilities

6,831

6,109

     

689,907

506,777

Shareholders' Equity

     

     

      Preferred shares

-

30,000

      Shareholders' equity

456,574

253,842

     

456,574

283,842

     

$ 1,146,481

$  790,619

RUSSEL METALS INC.

CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS

(UNAUDITED)

          

     

     

     

Quarters ended

Years ended

     

December 31,

December 31,

($000, except per share data)

2004

2003

2004

2003

     

     

     

     

     

Segment Revenues

     

     

     

     

Metals service centers

$    381,106

$    279,291

$ 1,538,170

$    912,671

Energy tubular products

108,563

65,892

395,296

297,532

Steel distributors

131,780

61,395

471,205

283,579

Other

3,593

4,110

13,953

13,201

     

$    625,042

$    410,688

$ 2,418,624

$ 1,506,983

     

     

     

     

     

Segment Operating Profits

     

     

     

     

Metals service centers

$      42,525

$      13,546

$    209,850

$      37,832

Energy tubular products

16,248

4,605

47,200

13,764

Steel distributors

16,144

4,188

78,189

13,380

Other

1,514

1,916

4,565

4,002

Corporate expenses

(2,911)

(1,492)

(16,256)

(8,018)

Earnings before the following

73,520

22,763

323,548

60,960

Restructuring costs

(682)

14

(3,632)

(3,583)

Debt restructuring costs

(546)

-

(13,718)

-

Foreign exchange gain (loss)

-

-

-

348

Goodwill impairment

-

(2,410)

-

(2,410)

Interest expense

(4,317)

(6,316)

(20,024)

(22,723)

Earnings before income taxes

67,975

14,051

286,174

32,592

Provision for income taxes

(21,984)

(6,051)

(105,405)

(13,333)

Earnings from continuing operations

45,991

8,000

180,769

19,259

Loss from discontinued operations

(2,461)

(169)

(2,923)

(760)

Net earnings

43,530

7,831

177,846

18,499

     

Retained earnings --

     

     

     

     

     

     

     

     

     

Dividends on preferred shares

-

(562)

(611)

(2,250)

     

     

     

     

     

Earnings available to common

     

     

     

     

      shareholders

43,530

7,269

177,235

16,249

Dividends on common shares

(8,723)

(3,347)

(25,004)

(11,605)

Retained earnings, beginning of the period

227,926

106,580

110,502

105,858

Retained earnings, end of the period

$    262,733

$    110,502

$    262,733

$    110,502

     

     

     

     

     

Basic earnings per common share

     

     

     

     

     continuing operations

$          0.92

$          0.18

$          3.70

$          0.42

Basic earnings per common share

$          0.87

$          0.17

$          3.64

$          0.41

Diluted earnings per common share

     

     

     

     

     continuing operations

$          0.91

$          0.17

$          3.62

$          0.42

Diluted earnings per common share

$          0.86

$          0.17

$          3.56

$          0.39



RUSSEL METALS INC.

CONSOLIDATED CASH FLOW STATEMENTS

(UNAUDITED)

      

      

      

     

Quarters ended

Years ended

     

December 31,

December 31,

($000)

2004

2003

2004

2003

Operating activities

     

     

     

     

      Earnings from continuing operations

$    45,991

$     7,831

$   180,769

$    19,287

      Depreciation and amortization

4,535

5,009

18,608

16,502

      Restructuring costs

2,051

(276)

2,051

3,162

      Future income taxes

2,630

(1,146)

5,021

(464)

     Loss (gain) on sale of fixed assets

15

(103)

264

(89)

     Debt restructuring

546

-

3,071

-

      Stock-based compensation

187

217

924

217

      Goodwill impairment

-

2,410

-

2,410

Cash from operating activities before

     

     

     

     

      working capital

55,955

13,942

210,708

41,025

Changes in non-cash working capital items

     

     

     

     

      Accounts receivable

37,366

34,349

(122,814)

18,193

      Inventories

(95,811)

4,404

(260,898)

91,439

      Accounts payable and accrued liabilities

11,935

10,074

128,353

(12,669)

      Current income taxes

9,992

12,000

54,711

11,719

      Other

(1,442)

1,344

(2,075)

2,571

Change in non-cash working capital

(37,960)

62,171

(202,723)

111,253

Cash from operating activities

17,995

76,113

7,985

152,278

Financing activities

     

     

     

     

      Increase (decrease) in bank borrowing

1,237

(67,756)

(44,851)

56,952

      Repayment of debt assumed

-

-

-

(99,262)

     Repurchase of long-term debt

-

-

(184,715)

-

     Issuance of long-term debt

-

-

235,200

-

     Redemption of preferred shares

-

-

(30,000)

-

      Issue of common shares

224

5,058

54,439

5,663

      Dividends on common shares

(8,723)

(3,347)

(25,004)

(11,605)

      Dividends on preferred shares

-

(562)

(611)

(2,250)

      Deferred financing costs

(1,958)

(16)

(9,117)

(77)

Cash from financing activities

(9,220)

(66,623)

(4,659)

(50,579)

Investing activities

     

     

     

     

      Purchase of fixed assets

(7,021)

(14,847)

(25,394)

(34,879)

      Proceeds on sale of fixed assets

     

     

     

     

          and assets held for sale

1,753

843

4,524

1,804

      Purchase of businesses

-

-

-

(70,359)

      Other

(2,898)

(488)

305

(4,628)

Cash used in investing activities

(8,166)

(14,492)

(20,565)

(108,062)

Discontinued operations

     

     

     

     

      Operating activities

61

(156)

(1,484)

(788)

      Investing activities

(36)

1,091

349

1,091

Cash from discontinued operations

25

935

(1,135)

303

Increase (decrease) in cash

634

(4,067)

(18,374)

(6,060)

Cash position, beginning of the period

-

23,075

19,008

25,068

Cash position, end of the period

$         634

$   19,008

$          634

$    19,008