2014 Q2 Form 10-K Financial Statement

#000119312515271107 Filed on July 30, 2015

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2014
Revenue $891.0M $773.2M $3.126B
YoY Change 26.55% 24.81% 19.68%
Cost Of Revenue $760.2M $650.7M $2.634B
YoY Change 28.2% 24.54% 18.88%
Gross Profit $130.8M $122.5M $492.5M
YoY Change 17.75% 26.24% 24.17%
Gross Profit Margin 14.68% 15.84% 15.75%
Selling, General & Admin $74.80M $75.68M $300.4M
YoY Change 5.95% 19.71% 16.29%
% of Gross Profit 57.17% 61.79% 60.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.90M $20.21M $62.34M
YoY Change 8.15% 18.54% -6.21%
% of Gross Profit 15.21% 16.5% 12.66%
Operating Expenses $74.80M $75.68M $300.4M
YoY Change 6.1% 19.71% 16.29%
Operating Profit $56.04M $45.29M $135.8M
YoY Change 37.99% 35.57% 5.12%
Interest Expense $14.30M $6.196M $26.67M
YoY Change 0.0% 0.62% 11.51%
% of Operating Profit 25.52% 13.68% 19.65%
Other Income/Expense, Net $3.000M $500.0K $16.90M
YoY Change 650.0% -200.0% 1026.67%
Pretax Income $49.60M $60.77M $217.5M
YoY Change 1.64% 13.46% 8.05%
Income Tax $18.40M $16.56M $57.35M
% Of Pretax Income 37.1% 27.25% 26.37%
Net Earnings $33.16M $40.60M $151.3M
YoY Change -1.07% 9.35% 10.89%
Net Earnings / Revenue 3.72% 5.25% 4.84%
Basic Earnings Per Share $0.49 $0.59 $2.19
Diluted Earnings Per Share $0.47 $0.57 $2.11
COMMON SHARES
Basic Shares Outstanding 68.90M shares 68.94M shares
Diluted Shares Outstanding 71.53M shares 71.66M shares

Balance Sheet

Concept 2014 Q2 2014 Q1 2014
SHORT-TERM ASSETS
Cash & Short-Term Investments $190.1M $52.90M $190.1M
YoY Change 269.84% 41.44% 269.84%
Cash & Equivalents $190.1M $52.89M $190.1M
Short-Term Investments
Other Short-Term Assets $101.6M $74.00M $101.6M
YoY Change 57.76% 18.78% 57.76%
Inventory $410.0M $441.3M $410.0M
Prepaid Expenses
Receivables $491.8M $466.1M $491.8M
Other Receivables $5.500M $9.300M $5.500M
Total Short-Term Assets $1.199B $1.044B $1.199B
YoY Change 38.3% 20.85% 38.3%
LONG-TERM ASSETS
Property, Plant & Equipment $498.9M $511.0M $498.9M
YoY Change 8.58% 12.39% 8.6%
Goodwill $251.1M $237.6M
YoY Change 17.41% 32.22%
Intangibles $146.0M $141.4M
YoY Change -0.78% 26.09%
Long-Term Investments $179.1M $175.5M $179.1M
YoY Change -27.23% -31.53% -27.22%
Other Assets $22.40M $16.88M $22.40M
YoY Change 28.6% -10.5% 28.74%
Total Long-Term Assets $1.097B $1.082B $1.098B
YoY Change 1.24% 5.94% 1.25%
TOTAL ASSETS
Total Short-Term Assets $1.199B $1.044B $1.199B
Total Long-Term Assets $1.097B $1.082B $1.098B
Total Assets $2.296B $2.126B $2.296B
YoY Change 17.71% 12.77% 17.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $333.7M $379.2M $329.3M
YoY Change 49.87% 54.25% 51.89%
Accrued Expenses $49.87M $38.55M $128.4M
YoY Change 36.5% 4.87% 22.75%
Deferred Revenue
YoY Change
Short-Term Debt $10.36M $35.36M $10.40M
YoY Change -90.89% 15.59% -90.85%
Long-Term Debt Due $101.2M $101.1M $101.2M
YoY Change 9164.93% 9001.17% 9100.0%
Total Short-Term Liabilities $589.7M $649.1M $589.7M
YoY Change 31.35% 70.5% 31.37%
LONG-TERM LIABILITIES
Long-Term Debt $554.8M $305.4M $554.8M
YoY Change 36.57% -24.88% 36.58%
Other Long-Term Liabilities $76.43M $73.47M $135.7M
YoY Change 7.82% 1.25% 1.19%
Total Long-Term Liabilities $631.2M $378.8M $690.5M
YoY Change 32.3% -20.92% 27.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $589.7M $649.1M $589.7M
Total Long-Term Liabilities $631.2M $378.8M $690.5M
Total Liabilities $1.351B $1.168B $1.446B
YoY Change 25.3% 14.02% 29.07%
SHAREHOLDERS EQUITY
Retained Earnings $591.8M
YoY Change -1.04%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $850.8M $861.0M $850.8M
YoY Change
Total Liabilities & Shareholders Equity $2.296B $2.126B $2.296B
YoY Change 17.71% 12.77% 17.71%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2014
OPERATING ACTIVITIES
Net Income $33.16M $40.60M $151.3M
YoY Change -1.07% 9.35% 10.89%
Depreciation, Depletion And Amortization $19.90M $20.21M $62.34M
YoY Change 8.15% 18.54% -6.21%
Cash From Operating Activities $8.400M $96.80M $229.0M
YoY Change -89.13% 166.64% -16.11%
INVESTING ACTIVITIES
Capital Expenditures -$19.10M $21.74M $71.34M
YoY Change 87.25% 122.18% 59.99%
Acquisitions $35.60M $11.52M
YoY Change -93.43%
Other Investing Activities -$26.10M -$35.00M $25.10M
YoY Change -76.59% -7100.0% -3008.46%
Cash From Investing Activities -$45.20M -$56.80M -$46.20M
YoY Change -62.86% 515.12% -77.13%
FINANCING ACTIVITIES
Cash Dividend Paid $10.55M $31.20M
YoY Change -61.0% -29.33%
Common Stock Issuance & Retirement, Net $42.00M $123.6M
YoY Change 142.34% -1748.66%
Debt Paid & Issued, Net $286.0K $1.219M
YoY Change -21.64% -17.64%
Cash From Financing Activities 173.9M -96.20M -44.20M
YoY Change 197.26% 325.66% -27.12%
NET CHANGE
Cash From Operating Activities 8.400M 96.80M 229.0M
Cash From Investing Activities -45.20M -56.80M -46.20M
Cash From Financing Activities 173.9M -96.20M -44.20M
Net Change In Cash 137.1M -56.20M 138.6M
YoY Change 872.34% -1357.27% 1238.23%
FREE CASH FLOW
Cash From Operating Activities $8.400M $96.80M $229.0M
Capital Expenditures -$19.10M $21.74M $71.34M
Free Cash Flow $27.50M $75.06M $157.7M
YoY Change -68.57% 183.04% -30.97%

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CY2015 dei Document Type
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CY2015 dei Entity Registrant Name
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WORTHINGTON INDUSTRIES INC
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CY2015 dei Trading Symbol
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WOR
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<div> <p style="margin-top:18px;margin-bottom:0px; margin-left:4%"> <font style="font-family:Times New Roman" size="2"><b>Economic (Non-designated) Hedges</b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%" align="justify"><font style="font-family:Times New Roman" size="2">We enter into foreign currency contracts to manage our foreign exchange exposure related to inter-company and financing transactions that do not meet the requirements for hedge accounting treatment. We also enter into certain commodity contracts that do not qualify for hedge accounting treatment. Accordingly, these derivative instruments are adjusted to current market value at the end of each period through earnings.</font></p> </div>
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CY2015 wor Equity Method Investment Summarized Financial Information Interest Expense
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CY2015 wor Equity Method Investment Summarized Financial Information Depreciation And Amortization
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CY2015 wor Income Loss From Continuing Operations Before Income Taxes
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102557000
CY2015 wor Share Based Compensation Arrangement By Share Based Payment Award Options Expiration Term
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CY2015 wor Joint Venture Transactions
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413000
CY2015 wor Effective Income Tax Rate Reconciliation Acquisitions
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CY2015 wor Effective Income Tax Rate From Continuing Operations Including Noncontrolling Interests
EffectiveIncomeTaxRateFromContinuingOperationsIncludingNoncontrollingInterests
0.228 pure
CY2015 wor Equity Method Investment Summarized Financial Information Operating Income Loss
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CY2015 wor Equity Method Investment Summarized Financial Information Income Tax Expense Benefit
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CY2015 wor Effective Income Tax Rate Reconciliation Foreign Valuation Allowance
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CY2015 wor Effective Income Tax Reconciliation Tax Write Off Of Investment In Foreign Subsidiary
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