$MRC
MRC GLOBAL INC.

2012 Q3 Form 10-Q Financial Statement

#000119312512438574 Filed on October 29, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q4 2011 Q3
Revenue $1.451M $1.306M $1.366M
YoY Change 6.21% -99.87% -99.87%
Cost Of Revenue $1.174B $1.119B $1.165B
YoY Change 0.76% 24.26% 31.1%
Gross Profit $277.2K $187.4K $201.1K
YoY Change 37.84% -99.86% -99.85%
Gross Profit Margin 19.1% 14.34% 14.72%
Selling, General & Admin $155.0M $137.5M $134.7M
YoY Change 15.05% 18.13% 16.31%
% of Gross Profit 55900.07% 73372.47% 66974.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.00M $17.10M $17.30M
YoY Change -1.73% -0.58% -2.81%
% of Gross Profit 6132.76% 9124.87% 8602.69%
Operating Expenses $155.0M $137.5M $134.7M
YoY Change 15.05% 18.23% 16.31%
Operating Profit $122.2M -$137.3M $66.44M
YoY Change 83.99% -858.63% 216.39%
Interest Expense $28.18M -$32.70M $34.35M
YoY Change -17.97% -1.51% -195.15%
% of Operating Profit 23.05% 51.7%
Other Income/Expense, Net -$36.42M $200.0K -$33.40M
YoY Change 9.04% 0.0% -5666.83%
Pretax Income $85.82M $17.40M $33.04M
YoY Change 159.75% -216.78% -327.86%
Income Tax $30.28M $13.80M $11.17M
% Of Pretax Income 35.28% 79.31% 33.8%
Net Earnings $55.50K $3.500K $21.90K
YoY Change 153.42% -100.03% -100.21%
Net Earnings / Revenue 3.82% 0.27% 1.6%
Basic Earnings Per Share $0.55 $0.04 $0.26
Diluted Earnings Per Share $0.54 $0.04 $0.26
COMMON SHARES
Basic Shares Outstanding 101.5M shares 84.42M shares
Diluted Shares Outstanding 102.0M shares 84.66M shares

Balance Sheet

Concept 2012 Q3 2011 Q4 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.80M $46.10M $41.40M
YoY Change -11.11% -17.97%
Cash & Equivalents $36.84M $46.13M $41.45M
Short-Term Investments
Other Short-Term Assets $17.56M $11.44M $11.30M
YoY Change 55.42% 12.13%
Inventory $1.036B $899.1M $862.2M
Prepaid Expenses
Receivables $929.7M $791.3M $840.5M
Other Receivables $0.00 $0.00 $15.60M
Total Short-Term Assets $2.020B $1.750B $1.771B
YoY Change 14.06% 19.81%
LONG-TERM ASSETS
Property, Plant & Equipment $120.9M $107.4M $106.1M
YoY Change 13.93% 2.61%
Goodwill $580.4M $561.3M
YoY Change 2.16%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $38.60M $39.20M $40.90M
YoY Change -5.62% -33.67%
Total Long-Term Assets $1.483B $1.480B $1.457B
YoY Change 1.82% -3.31%
TOTAL ASSETS
Total Short-Term Assets $2.020B $1.750B $1.771B
Total Long-Term Assets $1.483B $1.480B $1.457B
Total Assets $3.503B $3.230B $3.228B
YoY Change 8.54% 7.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $521.8M $479.6M $524.6M
YoY Change -0.53% 12.42%
Accrued Expenses $134.6M $109.0M $135.3M
YoY Change -0.52% 6.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $742.5M $675.4M $735.1M
YoY Change 1.01% 9.25%
LONG-TERM LIABILITIES
Long-Term Debt $1.268B $1.527B $1.506B
YoY Change -15.78% 12.24%
Other Long-Term Liabilities $16.69M $17.93M $18.20M
YoY Change -8.28% -9.88%
Total Long-Term Liabilities $1.573B $1.834B $1.524B
YoY Change 3.22% 32.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $742.5M $675.4M $735.1M
Total Long-Term Liabilities $1.573B $1.834B $1.524B
Total Liabilities $2.315B $2.509B $2.548B
YoY Change -9.14% 9.02%
SHAREHOLDERS EQUITY
Retained Earnings -$412.4M -$536.8M
YoY Change
Common Stock $1.623B $1.284B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.188B $720.9M $719.0M
YoY Change
Total Liabilities & Shareholders Equity $3.503B $3.230B $3.267B
YoY Change 7.22% 7.98%

Cashflow Statement

Concept 2012 Q3 2011 Q4 2011 Q3
OPERATING ACTIVITIES
Net Income $55.50K $3.500K $21.90K
YoY Change 153.42% -100.03% -100.21%
Depreciation, Depletion And Amortization $17.00M $17.10M $17.30M
YoY Change -1.73% -0.58% -2.81%
Cash From Operating Activities $112.4M -$8.000M -$37.50M
YoY Change -399.73% -109.45% -229.76%
INVESTING ACTIVITIES
Capital Expenditures -$6.100M -$8.000M -$4.800M
YoY Change 27.08% 196.3% 11.63%
Acquisitions
YoY Change
Other Investing Activities -$400.0K -$2.000M -$4.900M
YoY Change -91.84% -145.45% -52.88%
Cash From Investing Activities -$6.600M -$9.900M -$9.600M
YoY Change -31.25% -682.35% -34.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.5M 24.60M 47.50M
YoY Change -311.58% -128.57% -652.33%
NET CHANGE
Cash From Operating Activities 112.4M -8.000M -37.50M
Cash From Investing Activities -6.600M -9.900M -9.600M
Cash From Financing Activities -100.5M 24.60M 47.50M
Net Change In Cash 5.300M 6.700M 400.0K
YoY Change 1225.0% 2133.33% -92.86%
FREE CASH FLOW
Cash From Operating Activities $112.4M -$8.000M -$37.50M
Capital Expenditures -$6.100M -$8.000M -$4.800M
Free Cash Flow $118.5M $0.00 -$32.70M
YoY Change -462.39% -100.0% -198.49%

Facts In Submission

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dei Document Type
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dei Document Period End Date
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dei Entity Central Index Key
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dei Current Fiscal Year End Date
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dei Trading Symbol
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
192183000
us-gaap Payments To Acquire Business Two Net Of Cash Acquired
PaymentsToAcquireBusinessTwoNetOfCashAcquired
89893000
us-gaap Interest Paid
InterestPaid
64368000
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
0
us-gaap Share Based Compensation
ShareBasedCompensation
5859000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3936000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
13180000
us-gaap Gross Profit
GrossProfit
755439000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
127295000
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
31456000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
9562000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3449000
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
1685000
us-gaap Operating Income Loss
OperatingIncomeLoss
302911000
us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
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us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
3508686000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2895000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.31
us-gaap Extinguishment Of Debt Gain Loss Net Of Tax
ExtinguishmentOfDebtGainLossNetOfTax
-21746000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
78889000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-3463000
us-gaap Net Income Loss
NetIncomeLoss
124400000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-110728000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.31
us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
11950 Claim
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
95185000 shares
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
7088000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
43207000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
417000 shares
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
205003000
CY2011Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11167000
CY2011Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1768000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2451000
CY2011Q3 us-gaap Sales Revenue Net
SalesRevenueNet
1366202000
us-gaap Tax Benefit From Stock Options Exercised1
TaxBenefitFromStockOptionsExercised1
422000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
452528000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
67783000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-5839000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1770000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 Segment
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
21002000
us-gaap Sales Revenue Net
SalesRevenueNet
4264125000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
37184000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
66190000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
24130000
us-gaap Interest Expense
InterestExpense
92621000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-21746000
us-gaap Proceeds From Issuance Of Common Stock
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333342000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
65767000
us-gaap Inventory Lifo Reserve Effect On Income Net
InventoryLIFOReserveEffectOnIncomeNet
3080000
mrc Other Non Cash Items
OtherNonCashItems
5218000
mrc Ability To Borrow Under Any Jurisdiction
AbilityToBorrowUnderAnyJurisdiction
Our ability to borrow in each jurisdiction, other than Belgium, under the facility is limited by a borrowing base in that jurisdiction equal to 85% of eligible receivables, plus the lesser of 70% of eligible inventory and 85% of appraised net orderly liquidation value of the inventory
mrc Payments For Proceeds From Of Other Investment And Notes Receivables
PaymentsForProceedsFromOfOtherInvestmentAndNotesReceivables
3979000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.55
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
55541000
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
15561 shares
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
14451 shares
CY2012Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
22.10
CY2012Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
24.96
CY2012Q2 mrc Payments For Working Capital Adjustment
PaymentsForWorkingCapitalAdjustment
15100000
CY2012Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
333300000
CY2011Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-821000
CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84418000 shares
CY2011Q3 us-gaap Other Income
OtherIncome
900000
CY2011Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
33040000
CY2011Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
4700000
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
66441000
CY2011Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1165076000
CY2011Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-15679000
CY2011Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.26
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
21873000
CY2011Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-33401000
CY2011Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
CY2011Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
84657000 shares
CY2011Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
239000 shares
CY2011Q3 us-gaap Gross Profit
GrossProfit
201126000
CY2011Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
6194000
CY2011Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
134685000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
122243000
CY2012Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1173916000
CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
12151000
CY2011Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
12700000
CY2011Q3 us-gaap Interest Expense
InterestExpense
34348000
CY2012Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1232000
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
101490000 shares
CY2012Q3 us-gaap Other Income
OtherIncome
-8200000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
85821000
CY2012Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
4600000
CY2012Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-36422000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
102029000 shares
CY2012Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
539000 shares
CY2012Q3 us-gaap Gross Profit
GrossProfit
277198000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
67692000
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
154955000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
30280000
CY2012Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
845000
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
1451114000
CY2012Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
12400000
CY2012Q3 us-gaap Interest Expense
InterestExpense
28177000
CY2012Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-10322000
CY2012Q3 mrc Weighted Average Price Of Purchase Of Senior Notes
WeightedAveragePriceOfPurchaseOfSeniorNotes
$108.65 per $100 of principal amount

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