$WOR
WORTHINGTON ENTERPRISES, INC.

2016 Q1 Form 10-Q Financial Statement

#000119312516537196 Filed on April 11, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1 2014 Q4
Revenue $647.1M $804.8M $871.0M
YoY Change -19.6% 4.08% 13.13%
Cost Of Revenue $551.2M $706.3M $745.8M
YoY Change -21.96% 8.54% 16.23%
Gross Profit $95.92M $98.49M $125.2M
YoY Change -2.61% -19.59% -2.35%
Gross Profit Margin 14.82% 12.24% 14.38%
Selling, General & Admin $70.15M $66.76M $77.31M
YoY Change 5.07% -11.78% -1.39%
% of Gross Profit 73.13% 67.79% 61.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.70M $21.70M $21.20M
YoY Change -4.61% 7.38% 5.5%
% of Gross Profit 21.58% 22.03% 16.93%
Operating Expenses $70.15M $66.76M $77.31M
YoY Change 5.07% -11.78% -1.39%
Operating Profit $25.07M -$52.05M $33.19M
YoY Change -148.17% -214.93% 70.22%
Interest Expense $7.886M $8.381M $9.676M
YoY Change -5.91% 35.26% 54.62%
% of Operating Profit 31.45% 29.15%
Other Income/Expense, Net $3.300M $200.0K $1.200M
YoY Change 1550.0% -60.0% -52.0%
Pretax Income $45.49M -$41.42M $47.06M
YoY Change -209.82% -168.16% 27.87%
Income Tax $11.34M -$18.17M $15.60M
% Of Pretax Income 24.94% 33.15%
Net Earnings $29.85M -$25.71M $29.46M
YoY Change -216.09% -163.32% 28.22%
Net Earnings / Revenue 4.61% -3.19% 3.38%
Basic Earnings Per Share $0.48 -$0.39 $0.44
Diluted Earnings Per Share $0.47 -$0.39 $0.43
COMMON SHARES
Basic Shares Outstanding 61.75M shares 66.36M shares 67.11M shares
Diluted Shares Outstanding 63.87M shares 66.36M shares 69.18M shares

Balance Sheet

Concept 2016 Q1 2015 Q1 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.40M $42.50M $96.50M
YoY Change -40.24% -19.66% -11.55%
Cash & Equivalents $25.43M $42.47M $96.54M
Short-Term Investments $0.00
Other Short-Term Assets $90.00M $101.6M $98.00M
YoY Change -11.42% 37.3% 40.6%
Inventory $321.2M $478.1M $454.8M
Prepaid Expenses
Receivables $399.1M $495.4M $491.4M
Other Receivables $12.00M $8.400M $13.70M
Total Short-Term Assets $847.7M $1.126B $1.154B
YoY Change -24.71% 7.89% 14.91%
LONG-TERM ASSETS
Property, Plant & Equipment $539.0M $511.7M $501.9M
YoY Change 5.34% 0.14% -0.61%
Goodwill $244.1M $240.7M $283.4M
YoY Change 1.41% 1.34% 33.3%
Intangibles $94.61M $126.6M $150.5M
YoY Change -25.25% -10.53% 17.58%
Long-Term Investments $208.9M $195.8M $194.7M
YoY Change 6.7% 11.59% 11.54%
Other Assets $25.60M $20.70M $22.45M
YoY Change 23.7% 22.64% 35.37%
Total Long-Term Assets $1.112B $1.095B $1.153B
YoY Change 1.53% 1.22% 11.21%
TOTAL ASSETS
Total Short-Term Assets $847.7M $1.126B $1.154B
Total Long-Term Assets $1.112B $1.095B $1.153B
Total Assets $1.960B $2.221B $2.307B
YoY Change -11.77% 4.49% 13.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $262.4M $386.4M $324.9M
YoY Change -32.09% 1.89% 14.79%
Accrued Expenses $52.99M $58.63M $60.96M
YoY Change -9.62% 52.07% 43.53%
Deferred Revenue
YoY Change
Short-Term Debt $30.77M $123.1M $10.77M
YoY Change -75.0% 248.04% -75.22%
Long-Term Debt Due $857.0K $835.0K $101.1M
YoY Change 2.63% -99.17% 9036.4%
Total Short-Term Liabilities $427.6M $652.0M $578.1M
YoY Change -34.41% 0.44% 28.06%
LONG-TERM LIABILITIES
Long-Term Debt $579.5M $576.0M $573.7M
YoY Change 0.62% 88.61% 41.43%
Other Long-Term Liabilities $62.01M $55.74M $62.30M
YoY Change 11.23% -24.12% -10.53%
Total Long-Term Liabilities $641.5M $631.7M $636.0M
YoY Change 1.55% 66.75% 33.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $427.6M $652.0M $578.1M
Total Long-Term Liabilities $641.5M $631.7M $636.0M
Total Liabilities $1.146B $1.370B $1.336B
YoY Change -16.33% 17.27% 26.07%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $719.8M $760.7M $872.5M
YoY Change
Total Liabilities & Shareholders Equity $1.960B $2.221B $2.307B
YoY Change -11.77% 4.49% 13.03%

Cashflow Statement

Concept 2016 Q1 2015 Q1 2014 Q4
OPERATING ACTIVITIES
Net Income $29.85M -$25.71M $29.46M
YoY Change -216.09% -163.32% 28.22%
Depreciation, Depletion And Amortization $20.70M $21.70M $21.20M
YoY Change -4.61% 7.38% 5.5%
Cash From Operating Activities $106.2M $83.80M $1.400M
YoY Change 26.73% -13.43% -95.22%
INVESTING ACTIVITIES
Capital Expenditures $14.97M $26.12M $23.27M
YoY Change -42.67% 20.13% 36.42%
Acquisitions $31.26M $54.39M $14.54M
YoY Change -42.53% 52.78% -5369.2%
Other Investing Activities -$34.50M -$56.30M -$15.80M
YoY Change -38.72% 60.86% -179.0%
Cash From Investing Activities -$49.50M -$82.50M -$39.00M
YoY Change -40.0% 45.25% -1413.13%
FINANCING ACTIVITIES
Cash Dividend Paid $11.91M $12.52M $12.14M
YoY Change -4.83% 18.7% 16.63%
Common Stock Issuance & Retirement, Net $25.61M $50.71M $20.98M
YoY Change -49.51% 20.74% 35.25%
Debt Paid & Issued, Net $216.0K $101.8M $511.0K
YoY Change -99.79% 35505.59% 79.3%
Cash From Financing Activities -58.60M -55.40M -12.70M
YoY Change 5.78% -42.41% -71.32%
NET CHANGE
Cash From Operating Activities 106.2M 83.80M 1.400M
Cash From Investing Activities -49.50M -82.50M -39.00M
Cash From Financing Activities -58.60M -55.40M -12.70M
Net Change In Cash -1.900M -54.10M -50.30M
YoY Change -96.49% -3.74% 319.38%
FREE CASH FLOW
Cash From Operating Activities $106.2M $83.80M $1.400M
Capital Expenditures $14.97M $26.12M $23.27M
Free Cash Flow $91.23M $57.68M -$21.87M
YoY Change 58.16% -23.15% -278.42%

Facts In Submission

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dei Document Type
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dei Trading Symbol
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WOR
us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Economic (Non-designated) Hedges</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; 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>
dei Entity Central Index Key
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DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
600000
CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
8646000
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
28352000
CY2016Q1 us-gaap Interest Expense
InterestExpense
7886000
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2747000
CY2016Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
20761000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-58225000
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11613000
CY2016Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
4296000
CY2016Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-3075000
CY2016Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
90000
CY2016Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
14027000
CY2016Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
9322000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1922000
CY2016Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-16716000
CY2016Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
90000
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3627000
CY2016Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1052000
CY2016Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
431000
CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0
CY2016Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
431000
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
70149000
CY2016Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
-3075000
CY2016Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
7476000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-49481000
CY2016Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
551157000
CY2016Q1 wor Restructuring And Other Expense Income
RestructuringAndOtherExpenseIncome
702000
CY2016Q1 wor Provision For Recovery Of Doubtful Accounts
ProvisionForRecoveryOfDoubtfulAccounts
187000

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