Reliance Steel & Aluminum Co. reported record financial results for fiscal year 2006. Net income increased 73% to $354.5 million compared to $205.4 million in 2005. Sales also reached a record at $5.7 billion, up 71% from 2005. The company completed four acquisitions in 2006, including its largest to date, Earle M. Jorgensen Company. For the fourth quarter, net income rose 23% to $74.6 million though margins were lower than expected due to inventory destocking and higher stainless steel prices leading to a larger than anticipated LIFO expense.
1) The document is a Form 8-K filing by Reliance Steel & Aluminum Co. reporting their financial results for the first quarter of 2007.
2) Reliance Steel reported record net income of $111.7 million for the first quarter of 2007, up 55% from $71.9 million in the same period of 2006.
3) Sales for the first quarter were also up significantly, reaching $1.84 billion compared to $988 million in the first quarter of 2006. This increase was largely due to acquisitions made in 2006 and 2007.
1) Reliance Steel & Aluminum Co. reported record financial results for the second quarter and first half of 2007, with net income up 22% and 36% respectively compared to the same periods in 2006.
2) Sales were also at record levels, with second quarter sales up 22% to $1.90 billion and first half sales up 47% to $3.74 billion over the prior year.
3) The company completed the acquisition of Clayton Metals, Inc., a metals service center company with $123 million in annual sales, to expand its product and customer base.
Reliance Steel & Aluminum Co. reported record financial results for the second quarter and first six months of 2008. Net income for Q2 2008 was $156.6 million, up 27.5% from Q2 2007. Sales were also up, reaching a record $2.1 billion for Q2 2008. For the first six months of 2008, the company saw net income of $264 million, an increase of 12.6% over the same period in 2007. Reliance also announced an agreement to acquire PNA Group for $1.1 billion to expand its operations. The acquisition is expected to close in early August pending regulatory approval.
1. Reliance Steel & Aluminum Co. reported record financial results for the 2008 fiscal year with net income of $482.8 million and sales of $8.7 billion, up 18% and 20% respectively from 2007.
2. However, the fourth quarter of 2008 was very difficult with a sudden decline in demand and accelerated mill pricing reductions, resulting in a 17% decrease in net income from the same quarter of 2007.
3. To manage through the difficult market conditions, the company significantly reduced working capital, generating $549 million in cash flow in the fourth quarter which was primarily used to repay $505 million of debt.
This document is an SEC filing (Form 8-K) by Reliance Steel & Aluminum Co. announcing their financial results for the third quarter of 2007. Some key details:
- Net income for Q3 2007 was $93.6 million compared to $107.5 million for Q3 2006. Earnings per share were $1.22 for Q3 2007.
- For the first nine months of 2007, net income was a record $328 million, up 17.2% from the same period in 2006. Earnings per share were $4.28.
- Sales for Q3 2007 increased 11.4% compared to Q3 2006. Sales for the first nine months of 2007
1) Reliance Steel & Aluminum Co. reported record first quarter 2008 sales of $1.91 billion, up 3.6% from the first quarter of 2007. Net income was $107 million.
2) While demand remained healthy in some industries, the company expects customers to remain cautious in their buying given economic uncertainties. Earnings per share for the second quarter are estimated at $1.50 to $1.60.
3) The company acquired Dynamic Metals International, expanding its aerospace product offerings, and increased its quarterly dividend by 25% to $0.10 per share.
Reliance Steel & Aluminum Co. reported record financial results for the third quarter and first nine months of 2008. Net income increased 63% to $152.5 million for the third quarter compared to the prior year. For the nine month period, net income increased 27% to a record $416.5 million compared to 2007. Sales increased 42% to a record $2.57 billion for the third quarter. The company completed the acquisition of PNA Group Holding Corporation on August 1st, expanding its operations. However, the company expects business conditions to become more difficult in the next few quarters due to economic uncertainty.
el paso 09_04LehmanBrothersConference_FINALfinance49
El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner. The company focuses on developing a culture where it is the best place to work, a good neighbor, and a company worth owning. El Paso has leading positions in interstate pipelines and exploration and production. The interstate pipelines are the cornerstone of the company and provide stable earnings growth. El Paso is also improving its exploration and production business through portfolio upgrades and increased drilling activity. The company is making financial progress through debt reduction and expects an excellent outlook.
1) The document is a Form 8-K filing by Reliance Steel & Aluminum Co. reporting their financial results for the first quarter of 2007.
2) Reliance Steel reported record net income of $111.7 million for the first quarter of 2007, up 55% from $71.9 million in the same period of 2006.
3) Sales for the first quarter were also up significantly, reaching $1.84 billion compared to $988 million in the first quarter of 2006. This increase was largely due to acquisitions made in 2006 and 2007.
1) Reliance Steel & Aluminum Co. reported record financial results for the second quarter and first half of 2007, with net income up 22% and 36% respectively compared to the same periods in 2006.
2) Sales were also at record levels, with second quarter sales up 22% to $1.90 billion and first half sales up 47% to $3.74 billion over the prior year.
3) The company completed the acquisition of Clayton Metals, Inc., a metals service center company with $123 million in annual sales, to expand its product and customer base.
Reliance Steel & Aluminum Co. reported record financial results for the second quarter and first six months of 2008. Net income for Q2 2008 was $156.6 million, up 27.5% from Q2 2007. Sales were also up, reaching a record $2.1 billion for Q2 2008. For the first six months of 2008, the company saw net income of $264 million, an increase of 12.6% over the same period in 2007. Reliance also announced an agreement to acquire PNA Group for $1.1 billion to expand its operations. The acquisition is expected to close in early August pending regulatory approval.
1. Reliance Steel & Aluminum Co. reported record financial results for the 2008 fiscal year with net income of $482.8 million and sales of $8.7 billion, up 18% and 20% respectively from 2007.
2. However, the fourth quarter of 2008 was very difficult with a sudden decline in demand and accelerated mill pricing reductions, resulting in a 17% decrease in net income from the same quarter of 2007.
3. To manage through the difficult market conditions, the company significantly reduced working capital, generating $549 million in cash flow in the fourth quarter which was primarily used to repay $505 million of debt.
This document is an SEC filing (Form 8-K) by Reliance Steel & Aluminum Co. announcing their financial results for the third quarter of 2007. Some key details:
- Net income for Q3 2007 was $93.6 million compared to $107.5 million for Q3 2006. Earnings per share were $1.22 for Q3 2007.
- For the first nine months of 2007, net income was a record $328 million, up 17.2% from the same period in 2006. Earnings per share were $4.28.
- Sales for Q3 2007 increased 11.4% compared to Q3 2006. Sales for the first nine months of 2007
1) Reliance Steel & Aluminum Co. reported record first quarter 2008 sales of $1.91 billion, up 3.6% from the first quarter of 2007. Net income was $107 million.
2) While demand remained healthy in some industries, the company expects customers to remain cautious in their buying given economic uncertainties. Earnings per share for the second quarter are estimated at $1.50 to $1.60.
3) The company acquired Dynamic Metals International, expanding its aerospace product offerings, and increased its quarterly dividend by 25% to $0.10 per share.
Reliance Steel & Aluminum Co. reported record financial results for the third quarter and first nine months of 2008. Net income increased 63% to $152.5 million for the third quarter compared to the prior year. For the nine month period, net income increased 27% to a record $416.5 million compared to 2007. Sales increased 42% to a record $2.57 billion for the third quarter. The company completed the acquisition of PNA Group Holding Corporation on August 1st, expanding its operations. However, the company expects business conditions to become more difficult in the next few quarters due to economic uncertainty.
el paso 09_04LehmanBrothersConference_FINALfinance49
El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner. The company focuses on developing a culture where it is the best place to work, a good neighbor, and a company worth owning. El Paso has leading positions in interstate pipelines and exploration and production. The interstate pipelines are the cornerstone of the company and provide stable earnings growth. El Paso is also improving its exploration and production business through portfolio upgrades and increased drilling activity. The company is making financial progress through debt reduction and expects an excellent outlook.
El Paso Corporation provides natural gas and related energy products safely and reliably. The company focuses on developing a positive culture as the place to work, neighbor to have, and company to own. El Paso's interstate pipelines are the cornerstone of its business, with the largest franchise in the U.S., $2.2 billion in new projects, and expected 4-6% annual growth. The company plans to launch an MLP IPO for part of its pipeline business in the fourth quarter of 2007.
AK Steel reported a net loss of $73.4 million for Q1 2009 compared to net income of $101.1 million in Q1 2008. Shipments declined 51% to 778,800 tons while average selling price increased 4% to $1,184 per ton. The company expects shipments to increase slightly to 800,000 tons in Q2 2009 while the average selling price declines 4% and the company incurs an operating loss of approximately $50 million, a 50% improvement over Q1 2009. AK Steel ended Q1 2009 with $1.1 billion in liquidity to endure weak market conditions.
- Associated Materials Inc. is a leading manufacturer and distributor of vinyl windows, vinyl siding, aluminum and steel siding, and accessories, headquartered in Cuyahoga Falls, OH. It has recently been negatively impacted by soft repair and remodeling markets, rising material costs, and slowing vinyl siding growth.
- The report initiates coverage on Associated Materials' bonds with a HOLD recommendation on the 9.75% Senior Subordinated Notes and a SELL recommendation on the 11.25% Senior Discount Notes.
- Key risks to the company include further raw material cost increases, competition from fiber-cement siding, a slowing housing market, and a recent CEO resignation.
Harley-Davidson reported financial results for the first quarter of 2009, with revenue, net income and earnings per share decreasing from the previous year. Worldwide retail sales of motorcycles declined 12% and US retail sales declined 9.7% from the first quarter of 2008. Net income was $117.3 million, down from $187.6 million in 2008, due to restructuring costs and a one-time tax charge. The company reaffirmed plans to ship between 264,000-273,000 motorcycles globally in 2009.
Progressive reported its financial results for March 2009 and the first quarter of 2009. Net income for March was $8.6 million, down 88% from March 2008. For the quarter, net income was $232.5 million, down 3% from the previous year. Progressive also reported $216.5 million in write-downs on securities deemed to have had other-than-temporary declines in market value. Total policies in force grew 4% compared to March 2008, with personal auto policies up 3% and special lines up 7%.
Texas Tech University Research Partnership
Defining the Soft Infrastructure of Border Crossings
Donna Davis, Associate Professor, Marketing Area, Rawls College of Business, Texas Tech University
The document provides an overview of El Paso Corporation's strategy to be a meaningful company doing meaningful work and delivering meaningful results. It discusses the company's focus on providing natural gas and related energy products in a safe, efficient, and dependable manner. It also summarizes El Paso Pipeline Group's leading franchise with its unparalleled market presence, excellent expansion inventory, and visible 4-6% EBITDA growth. Finally, it outlines the company's significant pipeline connectivity and organic growth opportunities from superior supply access and LNG projects.
This document provides an overview of Reliance Steel & Aluminum Co. It summarizes the company's profile, including that it is a NYSE-listed metals service center company founded in 1939 with $5.7 billion in annual revenues. It also outlines the company's role in processing and distributing over 100,000 metal products to over 125,000 customers. Recent acquisitions, financial results, product sales breakdowns, and geographic footprint are summarized. The presentation highlights Reliance's diversification, acquisition strategy, and focus on shareholder value creation.
The document is a notice of the annual meeting of shareholders for Reliance Steel & Aluminum Co. to be held on May 16, 2007. The purposes of the meeting are to elect four directors, ratify Ernst & Young LLP as the independent registered public accounting firm, and transact any other business properly brought before the meeting. Only shareholders of record as of April 5, 2007 are entitled to vote. Enclosed is a proxy statement and proxy card to vote on the matters of the meeting.
Black & Decker reported second quarter net earnings from continuing operations of $152.2 million or $1.98 per diluted share, an 8% increase over the prior year. Sales were flat at $1.7 billion. The Power Tools segment saw a 1% sales increase while the Hardware and Home Improvement segment saw a 6% sales decline. Free cash flow year-to-date was $138 million, an increase over the prior year. For the full year, Black & Decker expects diluted EPS from continuing operations in the range of $7.20 to $7.30.
C&W - MONTREAL INDUSTRIAL MARKETBEAT - Q4 2012 Guy Masse
This document provides a quarterly market snapshot of the Canadian industrial real estate sector in Q4 2012. Some key points:
- GDP growth is expected to remain modest in Canada in 2012-2013, with Western markets outperforming.
- Industrial vacancy rates held steady nationally at 6.2% in Q4 2012, with the strongest markets being Vancouver (3.5%) and Calgary (4.5%).
- Absorption was positive across most major markets in the second half of 2012, led by Vancouver and Toronto, benefiting from the US recovery.
- Speculative development remained constrained in most markets. Vancouver saw over 3 million square feet of positive absorption while Calgary saw softer demand due
This document provides an offering for a net leased single tenant office building occupied by Home Depot in Irving, Texas. The 18,583 square foot building sits on 2.46 acres near major highways and is located within the master planned community of Las Colinas. Home Depot signed an 8 year lease in 2011 with three 10% rental escalations. The property offers a 7.5% capitalization rate and has strong investment highlights.
This document provides an overview of Reliance Steel & Aluminum Co. It summarizes that Reliance is a metals service center company founded in 1939 with $5.7 billion in annual revenues. It has over 180 locations in North America and Europe and processes and distributes over 100,000 metal products to over 125,000 customers. The document highlights Reliance's acquisition strategy, recent acquisitions including Earle M. Jorgensen and Yarde Metals, and financial performance with record sales and earnings in 2006.
BNSF is a major railroad network in the United States that transports a variety of goods. In 2003, BNSF saw revenue growth of 5% driven by strong intermodal growth, though on-time performance fell short of goals. Safety performance reached record levels with injury rates down significantly. Looking forward, BNSF aims to continue revenue growth through initiatives like expanding intermodal capacity and pursuing market-based pricing across all business lines.
The document is a Form 8-K filed by Reliance Steel & Aluminum Co. with the SEC reporting their financial results for the first quarter of 2009. It announces net income of $20.1 million for Q1 2009 compared to $107.4 million for Q1 2008. Sales were $1.56 billion for Q1 2009 compared to $1.91 billion for the same period in 2008. The company also paid down $310 million in debt and expects to have no balance on its $1.1 billion credit facility by the end of Q2 2009.
- Reliance Steel & Aluminum Co. filed a Form 8-K to incorporate information into its upcoming Form S-4 registration statement.
- The Form 8-K includes additional footnote information for its 2005 and 2006 financial statements as required by SEC regulations.
- It also includes the audited 2006 financial statements of Yarde Metals, Inc., a subsidiary guarantor, as required by SEC regulations.
Reliance Steel & Aluminum Co. filed a Form 8-K with the SEC to provide information on its pending acquisition of PNA Group Holding Corporation. The filing includes audited and unaudited financial statements of PNA for 2005-2007 and Q1 2008. It also includes unaudited pro forma financial information reflecting the acquisition and related transactions. The acquisition and related transactions are subject to closing conditions and there is no assurance they will be consummated.
This document is Reliance Steel & Aluminum Co.'s registration statement filed with the SEC for an offering of up to 6,750,000 shares of its common stock. Some key details:
- Reliance is the largest metals service center company in North America, operating over 180 facilities across several countries.
- In 2007, the company generated $7.26 billion in net sales and $408 million in net income, its highest annual results ever.
- The proceeds from the offering will be used for general corporate purposes, including financing the acquisition of PNA Group Holding Corporation and refinancing its debt.
- Information is provided on the company's capitalization, historical stock prices,
1. Reliance Steel & Aluminum Co. entered into an agreement to acquire PNA Group Holding Corporation for $315 million in cash.
2. PNA Group Holding Corporation owns several steel processing and distribution companies. It had revenues of $1.6 billion for 2007.
3. The acquisition is subject to regulatory approvals and customary closing conditions. It is expected to close within 60 days.
The Goodyear Tire & Rubber Company reported record third quarter sales of $5.2 billion, up 2% from the previous year. Revenue per tire increased 8% due to improved pricing and product mix. Income from continuing operations was $31 million. Goodyear achieved $1.6 billion in cost savings from its four-point cost savings plan, surpassing its target of $2 billion. The company also eliminated $1.1 billion in retiree healthcare liabilities by establishing a Voluntary Employees' Beneficiary Association trust fund.
Craftmade International Inc. filed its annual report on Form 10-K for the fiscal year ended June 30, 2009. The report discusses the company's two segments - Specialty and Mass - which have been impacted by the economic downturn and decline in housing. In January 2008, the company acquired certain assets of Woodard, LLC, expanding its outdoor furniture offerings. Lowe's remains its largest customer although there are no long-term contracts. The report provides an overview of the company's business operations and financial information.
El Paso Corporation provides natural gas and related energy products safely and reliably. The company focuses on developing a positive culture as the place to work, neighbor to have, and company to own. El Paso's interstate pipelines are the cornerstone of its business, with the largest franchise in the U.S., $2.2 billion in new projects, and expected 4-6% annual growth. The company plans to launch an MLP IPO for part of its pipeline business in the fourth quarter of 2007.
AK Steel reported a net loss of $73.4 million for Q1 2009 compared to net income of $101.1 million in Q1 2008. Shipments declined 51% to 778,800 tons while average selling price increased 4% to $1,184 per ton. The company expects shipments to increase slightly to 800,000 tons in Q2 2009 while the average selling price declines 4% and the company incurs an operating loss of approximately $50 million, a 50% improvement over Q1 2009. AK Steel ended Q1 2009 with $1.1 billion in liquidity to endure weak market conditions.
- Associated Materials Inc. is a leading manufacturer and distributor of vinyl windows, vinyl siding, aluminum and steel siding, and accessories, headquartered in Cuyahoga Falls, OH. It has recently been negatively impacted by soft repair and remodeling markets, rising material costs, and slowing vinyl siding growth.
- The report initiates coverage on Associated Materials' bonds with a HOLD recommendation on the 9.75% Senior Subordinated Notes and a SELL recommendation on the 11.25% Senior Discount Notes.
- Key risks to the company include further raw material cost increases, competition from fiber-cement siding, a slowing housing market, and a recent CEO resignation.
Harley-Davidson reported financial results for the first quarter of 2009, with revenue, net income and earnings per share decreasing from the previous year. Worldwide retail sales of motorcycles declined 12% and US retail sales declined 9.7% from the first quarter of 2008. Net income was $117.3 million, down from $187.6 million in 2008, due to restructuring costs and a one-time tax charge. The company reaffirmed plans to ship between 264,000-273,000 motorcycles globally in 2009.
Progressive reported its financial results for March 2009 and the first quarter of 2009. Net income for March was $8.6 million, down 88% from March 2008. For the quarter, net income was $232.5 million, down 3% from the previous year. Progressive also reported $216.5 million in write-downs on securities deemed to have had other-than-temporary declines in market value. Total policies in force grew 4% compared to March 2008, with personal auto policies up 3% and special lines up 7%.
Texas Tech University Research Partnership
Defining the Soft Infrastructure of Border Crossings
Donna Davis, Associate Professor, Marketing Area, Rawls College of Business, Texas Tech University
The document provides an overview of El Paso Corporation's strategy to be a meaningful company doing meaningful work and delivering meaningful results. It discusses the company's focus on providing natural gas and related energy products in a safe, efficient, and dependable manner. It also summarizes El Paso Pipeline Group's leading franchise with its unparalleled market presence, excellent expansion inventory, and visible 4-6% EBITDA growth. Finally, it outlines the company's significant pipeline connectivity and organic growth opportunities from superior supply access and LNG projects.
This document provides an overview of Reliance Steel & Aluminum Co. It summarizes the company's profile, including that it is a NYSE-listed metals service center company founded in 1939 with $5.7 billion in annual revenues. It also outlines the company's role in processing and distributing over 100,000 metal products to over 125,000 customers. Recent acquisitions, financial results, product sales breakdowns, and geographic footprint are summarized. The presentation highlights Reliance's diversification, acquisition strategy, and focus on shareholder value creation.
The document is a notice of the annual meeting of shareholders for Reliance Steel & Aluminum Co. to be held on May 16, 2007. The purposes of the meeting are to elect four directors, ratify Ernst & Young LLP as the independent registered public accounting firm, and transact any other business properly brought before the meeting. Only shareholders of record as of April 5, 2007 are entitled to vote. Enclosed is a proxy statement and proxy card to vote on the matters of the meeting.
Black & Decker reported second quarter net earnings from continuing operations of $152.2 million or $1.98 per diluted share, an 8% increase over the prior year. Sales were flat at $1.7 billion. The Power Tools segment saw a 1% sales increase while the Hardware and Home Improvement segment saw a 6% sales decline. Free cash flow year-to-date was $138 million, an increase over the prior year. For the full year, Black & Decker expects diluted EPS from continuing operations in the range of $7.20 to $7.30.
C&W - MONTREAL INDUSTRIAL MARKETBEAT - Q4 2012 Guy Masse
This document provides a quarterly market snapshot of the Canadian industrial real estate sector in Q4 2012. Some key points:
- GDP growth is expected to remain modest in Canada in 2012-2013, with Western markets outperforming.
- Industrial vacancy rates held steady nationally at 6.2% in Q4 2012, with the strongest markets being Vancouver (3.5%) and Calgary (4.5%).
- Absorption was positive across most major markets in the second half of 2012, led by Vancouver and Toronto, benefiting from the US recovery.
- Speculative development remained constrained in most markets. Vancouver saw over 3 million square feet of positive absorption while Calgary saw softer demand due
This document provides an offering for a net leased single tenant office building occupied by Home Depot in Irving, Texas. The 18,583 square foot building sits on 2.46 acres near major highways and is located within the master planned community of Las Colinas. Home Depot signed an 8 year lease in 2011 with three 10% rental escalations. The property offers a 7.5% capitalization rate and has strong investment highlights.
This document provides an overview of Reliance Steel & Aluminum Co. It summarizes that Reliance is a metals service center company founded in 1939 with $5.7 billion in annual revenues. It has over 180 locations in North America and Europe and processes and distributes over 100,000 metal products to over 125,000 customers. The document highlights Reliance's acquisition strategy, recent acquisitions including Earle M. Jorgensen and Yarde Metals, and financial performance with record sales and earnings in 2006.
BNSF is a major railroad network in the United States that transports a variety of goods. In 2003, BNSF saw revenue growth of 5% driven by strong intermodal growth, though on-time performance fell short of goals. Safety performance reached record levels with injury rates down significantly. Looking forward, BNSF aims to continue revenue growth through initiatives like expanding intermodal capacity and pursuing market-based pricing across all business lines.
The document is a Form 8-K filed by Reliance Steel & Aluminum Co. with the SEC reporting their financial results for the first quarter of 2009. It announces net income of $20.1 million for Q1 2009 compared to $107.4 million for Q1 2008. Sales were $1.56 billion for Q1 2009 compared to $1.91 billion for the same period in 2008. The company also paid down $310 million in debt and expects to have no balance on its $1.1 billion credit facility by the end of Q2 2009.
- Reliance Steel & Aluminum Co. filed a Form 8-K to incorporate information into its upcoming Form S-4 registration statement.
- The Form 8-K includes additional footnote information for its 2005 and 2006 financial statements as required by SEC regulations.
- It also includes the audited 2006 financial statements of Yarde Metals, Inc., a subsidiary guarantor, as required by SEC regulations.
Reliance Steel & Aluminum Co. filed a Form 8-K with the SEC to provide information on its pending acquisition of PNA Group Holding Corporation. The filing includes audited and unaudited financial statements of PNA for 2005-2007 and Q1 2008. It also includes unaudited pro forma financial information reflecting the acquisition and related transactions. The acquisition and related transactions are subject to closing conditions and there is no assurance they will be consummated.
This document is Reliance Steel & Aluminum Co.'s registration statement filed with the SEC for an offering of up to 6,750,000 shares of its common stock. Some key details:
- Reliance is the largest metals service center company in North America, operating over 180 facilities across several countries.
- In 2007, the company generated $7.26 billion in net sales and $408 million in net income, its highest annual results ever.
- The proceeds from the offering will be used for general corporate purposes, including financing the acquisition of PNA Group Holding Corporation and refinancing its debt.
- Information is provided on the company's capitalization, historical stock prices,
1. Reliance Steel & Aluminum Co. entered into an agreement to acquire PNA Group Holding Corporation for $315 million in cash.
2. PNA Group Holding Corporation owns several steel processing and distribution companies. It had revenues of $1.6 billion for 2007.
3. The acquisition is subject to regulatory approvals and customary closing conditions. It is expected to close within 60 days.
The Goodyear Tire & Rubber Company reported record third quarter sales of $5.2 billion, up 2% from the previous year. Revenue per tire increased 8% due to improved pricing and product mix. Income from continuing operations was $31 million. Goodyear achieved $1.6 billion in cost savings from its four-point cost savings plan, surpassing its target of $2 billion. The company also eliminated $1.1 billion in retiree healthcare liabilities by establishing a Voluntary Employees' Beneficiary Association trust fund.
Craftmade International Inc. filed its annual report on Form 10-K for the fiscal year ended June 30, 2009. The report discusses the company's two segments - Specialty and Mass - which have been impacted by the economic downturn and decline in housing. In January 2008, the company acquired certain assets of Woodard, LLC, expanding its outdoor furniture offerings. Lowe's remains its largest customer although there are no long-term contracts. The report provides an overview of the company's business operations and financial information.
This document provides information about Pilgrim's Pride Corporation's 2004 annual financial review, including details about its annual shareholder meeting, independent auditors, corporate office, stock exchange listings, and number of shareholders. It also lists the company's website and national sales office locations.
This document provides corporate and shareholder information for Pilgrim's Pride Corporation's 2004 financial review. It includes details about the annual shareholder meeting, independent auditors, corporate office locations, stock exchange listings, number of shareholders, and contact information for investor relations. It also lists the forms filed with the SEC, including the annual Form 10-K, and provides an explanatory note regarding amendments made to the original Form 10-K filing.
This document is a Form 8-K filing by The Goodyear Tire & Rubber Company with the Securities and Exchange Commission regarding an earnings press release and investor presentation on August 15, 2007. The filing announces Goodyear's plans to use proceeds from the sale of its Engineered Products business and a recent equity offering to fund major global investments in new and existing tire factories, repay $300 million in debt, and achieve over $125 million in annual interest expense savings through additional debt repayments. It also provides an update on the company's $1.8-2 billion cost savings plan, of which nearly $750 million has been achieved through June 30, 2007.
Dover Corporation announced a realignment of its operating companies into four new business segments: Industrial Products, Engineered Systems, Fluid Management, and Electronic Technologies. This is intended to enhance future performance by grouping companies according to end markets served and identifying synergy opportunities. Dover also discontinued two businesses that will be reported as discontinued operations going forward. Historical financial data has been restated to reflect the new segment structure.
The document is a transcript of a conference call for Reliance Steel & Aluminum Co. discussing their financial results for Q4 2007 and fiscal year 2007.
In the call, Reliance Steel reported record net income of $408 million for fiscal year 2007, up 15% from 2006. Earnings per share were also a record at $5.36. Sales reached a record $7.26 billion for the year, up 26% from 2006.
For Q4 2007 specifically, net income was $79.9 million, up 7% from the prior year quarter. Sales increased 9% to $1.71 billion compared to Q4 2006. Reliance Steel expects earnings per share
Clear Channel Communications reported financial results for Q4 and full year 2005. Q4 revenue declined 1% to $1.76B while full year revenue was flat at $6.61B. Net income for Q4 was $461.6M compared to a net loss of $4.67B in Q4 2004. For the full year, net income was $935.7M compared to a net loss of $4.04B in 2004. In Q4 2005, Clear Channel completed an IPO for 10% of its outdoor advertising segment and spun off its live entertainment segment. Radio revenues declined 6% for the year due to implementing a strategy reducing commercial minutes. Outdoor revenues increased 9% with strong growth internationally
The Goodyear Tire & Rubber Company reported record second quarter sales of $4.9 billion, up 4% from the previous year, driven by sales increases in emerging markets. Segment operating income from continuing operations was $309 million, up 32% year-over-year. Net income was $56 million compared to $2 million in the second quarter of 2006. All five of Goodyear's regional tire businesses saw higher sales and segment operating income versus the prior year period.
Insteel Industries reported a net loss of $16.4 million for the second quarter of fiscal year 2009 compared to net earnings of $6.9 million in the same period last year. Shipments decreased 45.5% while average selling prices increased 19.7%. For the six-month period, the net loss was $22.0 million compared to net earnings of $11.1 million in the previous year. Results were impacted by lower shipments due to economic conditions, consumption of higher cost inventory, and inventory write-downs of $16.1 million in the quarter and $23.0 million for the six months. The company expects improvement in margins as lower steel costs are reflected in cost of sales in the
Clear Channel Communications reported financial results for Q4 2006 and full year 2006. For Q4, revenue increased 11% to $1.94 billion and income increased 15% to $210.1 million. For the full year, revenue increased 7% to $7.07 billion and income increased 8% to $688.8 million. The company's radio broadcasting revenue increased 6% for the year due to growth in local and national advertising, while outdoor advertising revenue increased 9% due to rate increases and acquisitions. Clear Channel also announced plans to sell certain radio and television assets.
This document is a submission information file and 10-K/A form filed by Toll Brothers, Inc. with the SEC for the fiscal year ended October 31, 2001. It includes information such as the type of filing, contact information, registration details, financial statements, and notes. The 10-K/A amends the original 10-K filing to correct typographical errors in item 8, add omitted disclosure of executive compensation for Robert I. Toll and Bruce E. Toll in item 11, and provide an explanation of the amendments.
This document is a submission information file and 10-K/A form filed by Toll Brothers, Inc. with the SEC. It provides information on Toll Brothers such as its CIK number, contact information, period covered, and types of securities registered. It also restates Items 8 and 11 of the original 10-K filing to correct typographical errors, provide omitted compensation details for executives Robert and Bruce Toll, and add disclosure of perquisites received by Robert Toll.
The Goodyear Tire & Rubber Company filed an 8-K report with the SEC to announce a presentation at the upcoming JP Morgan High Yield Conference. In the presentation, Goodyear will discuss weak industry conditions in the fourth quarter of 2008 that led to significant production cuts exceeding previous estimates. Raw material costs also rose substantially in the fourth quarter. Goodyear estimates that industry volumes declined approximately 3.5-22% in North America and 4.5-13% in Europe depending on the market segment. In response, Goodyear increased its production cuts to around 17 million units for the quarter.
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Similar to Form_8-K_2007-02-15reliance steel & aluminum (20)
This document provides information about how shareholders should determine their tax basis in shares of Castle & Cooke, Inc. and Dole Food Company, Inc. following a spin-off distribution of Castle & Cooke shares. Shareholders' tax basis in the Castle shares is the $15.65 fair market value on the distribution date. Any cash received for fractional Castle shares results in short-term capital gain. Shareholders must reduce their tax basis in each Dole share by $5.22 to account for the value of the Castle shares received. The holding period for Castle shares begins on the distribution date.
Dole Food Company sent a letter to shareholders regarding tax information related to a stock dividend of Castle & Cooke, Inc. common stock. The letter notes that in addition to the stock dividend, Dole paid four quarterly cash dividends of $0.10 per share each. The first two quarterly dividends are taxable, while the last two are believed to not be taxable according to Dole's estimation.
Dole Food Company paid cash distributions of $.10 per share per quarter to shareholders in 1996. Forms 1099-Div initially reported these distributions as 100% taxable ordinary dividends. Dole has since determined that 100% of the 1996 cash distributions are non-taxable. As a result, shareholders may be entitled to a refund from the IRS and state tax authorities for taxes paid on the distributions in 1996.
Dole Food Company paid shareholders four quarterly cash distributions of $0.10 per share in 1997. According to the company, all four distributions were returns of capital and not taxable to shareholders. The document provides important tax information to Dole shareholders regarding 1997 cash distributions.
Dole Food Company paid shareholders four quarterly cash distributions of $0.10 per share in 1998. According to the company, all four distributions were returns of capital and not taxable to shareholders. No foreign taxes were paid on the distributions.
Dole Food Company paid four quarterly cash distributions of $0.10 per share in 1999. According to the company, all four distributions will be taxable as ordinary dividends, with no foreign taxes paid. The document provides important tax information for Dole Food Company shareholders regarding their 1999 cash distributions.
Dole Food Company paid four quarterly cash distributions of $0.10 per share in 2000 totaling $0.40 per share. According to the company, all four cash distributions paid to shareholders in 2000 will be taxable as ordinary dividends, with no foreign taxes paid.
Dole Food Company paid four quarterly cash distributions of $0.10 per share in 2001 totaling $0.40 per share. According to the company, these distributions will be taxed as ordinary dividends. No foreign taxes were paid on the distributions.
Dole Food Company paid four quarterly cash distributions of $0.15 per share in 2002. According to the company, all four distributions will be taxable as ordinary dividends. No foreign taxes were paid related to these distributions.
Dole Food Company paid a quarterly cash distribution of $0.15 per share to shareholders in the first quarter of 2003. According to the company's estimate, this cash distribution will be considered a taxable ordinary dividend. The document provides important tax information to shareholders regarding Dole Food Company's 2003 cash distributions.
Dole Food Company provided information to shareholders about tax implications of the company's privatization transaction. The notice discusses that shareholders will recognize capital gains or losses for tax purposes equal to the difference between the cash received and their tax basis in the shares. Gains or losses will be long-term if the shares were held for over 12 months. Shareholders are advised to consult their own tax advisors to understand how this transaction may affect their individual tax situation.
The annual report summarizes Dole Food Company's operations and financial performance in 1995. Some key points:
- Dole successfully separated its real estate and resorts business into a new publicly-traded company, Castle & Cooke, enhancing shareholder value.
- Dole's food business saw revenue grow 14% to $3.8 billion in 1995. Operating income increased 40% to $193 million due to improved performance across banana, vegetable, and pineapple operations.
- Dole expanded its value-added salad business in Europe and entered new joint ventures and acquisitions to grow in European markets.
- Financially, Dole paid down over $700 million in debt,
Dole Food Company's annual report discusses its commitment to providing safe, high quality food products while protecting the environment. It highlights that Dole focuses on growing its core food businesses globally through expansion, joint ventures, and maximizing returns by downsizing non-profitable operations. The report also discusses Dole's efforts in nutrition education to encourage healthy lifestyles and consumption of fruits and vegetables.
This annual report summarizes Dole Food Company's financial performance in 1997. Some key points:
- Revenues grew 13% to $4.3 billion and cash flow from operations grew 10% to $372 million.
- Net income grew 23% to $160.2 million, excluding a 1996 charge. Net debt was reduced by $154 million.
- The company focused on growing its core fresh fruit and vegetable business while liquidating underperforming assets.
- Looking forward, the company aims to continue expanding globally, particularly in Asia, to take advantage of new opportunities for growth.
Dole Food Company's 1998 annual report summarizes the company's operations, financial results, and outlook. The year was challenging due to adverse weather conditions affecting production and economic crises slowing some markets. Despite these difficulties, most core businesses performed well. The report notes two special charges taken in Q4 1998 relating to damage from Hurricane Mitch in Honduras and a citrus freeze in California. It provides an overview of the company's worldwide operations, acquisitions in the flower industry, and positive outlook as business returns to normal in 1999 with the new headquarters facility nearing completion.
Dole Food Company reported strong financial results in its 1999 Annual Report. Revenue exceeded $5 billion for the first time, up 14% from 1998. Net income was $49 million, though it would have been $68 million excluding special charges. Cash flow from operations remained strong at $308 million. The company focused on its core businesses of fresh fruits, vegetables and flowers, maintaining low costs, and investing in its people. It undertook various restructuring and cost-cutting measures following challenges like hurricanes and citrus freezes. Dole entered 2000 with renewed purpose to profitably grow its brands and enhance shareholder returns.
This annual report summarizes Dole's financial performance in 2000. It shows that revenue was $4.76 billion, net income was $68 million, and diluted EPS was $1.21. Total assets were $2.845 billion. The report discusses business segment results, with fresh vegetables posting record earnings. It also notes leadership changes, including a new president and COO.
The document is Dole Food Company's 2001 annual report. It provides an overview of Dole's worldwide operations, financial highlights for 2001-1997, and a letter from the Chairman and CEO. Some key points:
- Dole has operations in over 90 countries worldwide focused on sourcing, ripening, distribution and marketing of food.
- In 2001, Dole divested its Honduran beverage business and used the proceeds to pay down debt.
- Net income for 2001 was $150 million, an increase over 2000, driven by the beverage divestiture gain and improved continuing operations performance.
- Dole focused on cost reductions in 2001 and aims to complete divestitures of non-
This annual report summarizes Dole's financial performance from 1998-2002. It shows that while revenues have remained relatively steady, income from continuing operations increased substantially in 2002 after declining in 2001. Total shareholders' equity also increased steadily over this period. The report discusses Dole's continued focus on expanding its value-added packaged foods business and improving costs. It highlights new product introductions in fruit bowls and salad blends that have contributed to revenue growth. Messages from the Chairman and President emphasize their commitment to improving health and nutrition worldwide through Dole's products and the new Dole Nutrition Institute.
The document summarizes plans for a new Dole Wellness Center, Spa and Hotel complex to be built in Westlake Village, California. The complex will include a 267-room luxury hotel, full-service spa and fitness facility, comprehensive medical clinic and diagnostic center, wellness center, and television production studio focused on health and wellness programming. The goal is to provide visitors tools and treatments to improve their health and quality of life through nutrition, fitness, and preventative healthcare. The $150 million complex is expected to open in March 2006.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
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Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
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Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
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Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
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On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
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The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
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Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Economic Risk Factor Update: June 2024 [SlideShare]
Form_8-K_2007-02-15reliance steel & aluminum
1. UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 15, 2007
RELIANCE STEEL & ALUMINUM CO.
(Exact name of registrant as specified in its charter)
California 001-13122 95-1142616
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation) Identification Number)
350 S. Grand Ave., Suite 5100
Los Angeles, CA 90071
(Address of principal executive offices)
(213) 687-7700
(Registrant’s telephone number, including area code)
Not applicable.
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
2. Item 2.02. Results of Operations and Financial Condition.
On February 15, 2007, the Company issued a press release announcing financial results for the quarter
ended December 31, 2006. Attached hereto as Exhibit 99.1 is a copy of the Company’s press release dated
February 15, 2007 announcing the Company’s financial results for this period.
The information contained in this report and the exhibit hereto shall not be deemed “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by
reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall
be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits.
Exhibit No. Description
99.1 Press Release dated February 15, 2007 (included herewith).
3. SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
RELIANCE STEEL & ALUMINUM CO.
Dated: February 15, 2007 By /s/ Karla Lewis
Karla Lewis
Executive Vice President and
Chief Financial Officer
4. RELIANCE STEEL & ALUMINUM CO.
FORM 8-K
INDEX TO EXHIBITS
Exhibit No. Description
99.1 Press Release dated February 15, 2007 (included herewith).
5. 350 SOUTH GRAND AVENUE, SUITE 5100 LOS ANGELES, CALIFORNIA 90071
PHONE: 213 687-7700 WWW.RSAC.COM FAX: 213 687-8792
NEWS RELEASE
FOR IMMEDIATE RELEASE CONTACT: Kim P. Feazle
Investor Relations
(713) 610-9937
(213) 576-2428
kfeazle@rsac.com
investor@rsac.com
RELIANCE STEEL & ALUMINUM CO. REPORTS
RECORD 2006 FISCAL YEAR RESULTS; NET INCOME UP 73%
Los Angeles, CA -- February 15, 2007 -- Reliance Steel & Aluminum Co. (NYSE:RS) reported
today its financial results for the fiscal year and fourth quarter ended December 31, 2006. For the fiscal
year ended December 31, 2006, net income amounted to a record $354.5 million, up 73% compared
with net income of $205.4 million for the same period in 2005. Earnings per diluted share were a record
$4.82 for the year ended December 31, 2006, compared with earnings of $3.10 per diluted share for the
year ended December 31, 2005. Sales for the 2006 fiscal year were also a record at $5.7 billion, an
increase of 71% compared with 2005 fiscal year sales of $3.4 billion. The 2006 fiscal year financial
results include in cost of sales a pre-tax LIFO expense amount of $94.1 million, or $.79 per diluted share,
compared with a pre-tax LIFO expense amount of $16.6 million, or $.15 per diluted share in the 2005 period.
All share and per share amounts have been adjusted for the two-for-one common stock split
effective July 19, 2006. The 2006 financial results include positive contributions to sales and earnings
from the Company’s 2006 acquisitions, primarily Yarde Metals, Inc. that was acquired on August 1, 2006
and Earle M. Jorgensen Company that was acquired on April 3, 2006. The Jorgensen acquisition included
the issuance of approximately nine million shares of Reliance’s common stock, representing a 14% increase
in diluted shares outstanding.
For the 2006 fourth quarter, net income was $74.6 million, up 23% compared with net income of
$60.6 million for the 2005 fourth quarter. Earnings per diluted share were $.98 for the 2006 fourth quarter
and $.91 for the 2005 fourth quarter. 2006 fourth quarter sales were $1.6 billion, an increase of 81%
compared with 2005 fourth quarter sales of $868.7 million. The 2006 fourth quarter financial results include
in cost of sales a pre-tax LIFO expense amount of $37.9 million, or $.31 per diluted share, compared with
a pre-tax LIFO expense amount of $91,000 recorded in the 2005 fourth quarter.
(more)
6. 2-2-2
David H. Hannah, Chief Executive Officer of Reliance said, “We are very pleased with our fiscal
year 2006 results. All of our end markets were strong with a very favorable operating environment throughout
our network of facilities. We completed four acquisitions during 2006, including the acquisition of Earle M.
Jorgensen Company on April 3, 2006 that was our largest acquisition to-date and our first acquisition of a
public company. The purchase price consisted of approximately 50% common stock and 50% cash. We also
acquired Yarde Metals, Inc. on August 1, 2006, our second largest acquisition. The combined sales of
Jorgensen and Yarde contributed $1.6 billion to our 2006 revenues.”
“We have completed three additional acquisitions in January and February of 2007 that further increase
our product and geographic diversification. We acquired Crest Steel Corporation with 2006 revenues of
approximately $133 million and Industrial Metals and Surplus, Inc. with 2006 revenues of approximately $105
million, on January 2, 2007. Crest has facilities in California and Arizona and processes and distributes carbon
steel products including flat-rolled, plate, bars and structurals. Industrial Metals is located in Georgia and
specializes in the processing and distribution of carbon steel structurals, flat-rolled and ornamental iron
products. We acquired the Encore Group of metals service centers located mainly in Western Canada as of
February 1, 2007. Encore, with 2006 revenues of approximately C$259 million, specializes in the processing
and distribution of alloy and carbon bar and tube, as well as stainless steel sheet, plate and bar and carbon steel
flat-rolled products that serve, among others, the robust energy, oil and gas industries,” Hannah said.
“We experienced the normal seasonal slowdown during the 2006 fourth quarter. However, gross
profit margins were slightly below our earlier expectations due to some inventory de-stocking that resulted
in added competitive pressures. Also, our LIFO expense during the quarter was substantially higher than
we anticipated, despite the fact that we reduced our inventories during that time. Stainless steel prices
continued to increase from their historical highs in the third quarter which we did not expect to happen,
resulting in the significant LIFO expense of $37.9 million, or $.31 per diluted share in the fourth quarter,
exceeding our earlier estimate by $19.1 million, or $.16 per diluted share,” said Hannah.
(more)
7. 3-3-3
“In November of 2006, we replaced our $700 million credit facility with a $1.1 billion five-year,
unsecured syndicated credit facility that provides increased availability of funds and more favorable pricing.
This facility may be increased to up to $1.6 billion at our request with approval from the lenders. We
used funds from the increased line to purchase approximately $250 million of the Jorgensen 9.75% senior
secured notes in a tender offer. We then issued $600 million of senior unsecured notes and used the proceeds
to pay down the borrowings under our credit facility. This included $350 million of 10 year notes at 6.20% and
$250 million of 30 year notes at 6.85%. The notes are investment grade rated Baa3 by Moody’s and BBB- by
Standard & Poor’s. These activities lowered our cost of capital and significantly increased our availability to
fund our working capital and general corporate needs, including acquisitions, capital expenditures, debt
repayments, dividend payments and stock repurchases,” Hannah stated.
“We are optimistic regarding 2007 business conditions. We generally see continued growth in the
markets we serve, but at a slower rate than in 2006. Pricing should be relatively stable with steel trending
upwards and aluminum slightly softer as the year progresses. Our 2006 and 2007 acquisitions to-date
should increase 2007 revenues by about $1 billion compared to 2006, assuming no significant changes in
the operating environment. As a result, we expect record sales and earnings again in 2007 and currently
estimate earnings per diluted share for the 2007 first quarter in a range of $1.25 to $1.35,” Hannah
concluded.
On February 14, 2007, the Board of Directors declared a 33% increase in the regular
quarterly cash dividend to $.08 per share of common stock. The 2007 first quarter dividend
is payable on March 30, 2007 to shareholders of record March 9, 2007. The Company has paid
regular quarterly dividend payments for 47 consecutive years.
(more)
8. 4-4-4
Reliance will host a conference call that will be broadcast live over the Internet (listen only
mode) regarding the fourth quarter and fiscal year financial results for the period ended December
31, 2006. All interested parties are invited to listen to the web cast on February 15, 2007 at 11:00 a.m.
Eastern Time at: http://www.rsac.com/investorinformation or http://www.streetevents.com.
Player format: Windows Media. The web cast will remain on the Reliance web site at: www.rsac.com
through March 15, 2007 and a printed transcript will be posted on the Reliance web site after the
completion of the conference call.
Reliance Steel & Aluminum Co., headquartered in Los Angeles, California, is one of the largest
metals service center companies in the United States. Through a network of more than 180 locations
in 37 states and Belgium, Canada, China and South Korea, the Company provides value-added metals
processing services and distributes a full line of over 100,000 metal products. These products include
galvanized, hot-rolled and cold-finished steel; stainless steel; aluminum; brass; copper; titanium and
alloy steel sold to more than 125,000 customers in various industries.
Reliance Steel & Aluminum Co.’s press releases and additional information are available on the
Company’s web site at www.rsac.com. The Company was named to the 2006 Fortune 100 Fastest
Growing Companies List and the 2007 Forbes Platinum 400 List of America’s Best Big Companies.
This release may contain forward-looking statements relating to future financial results. Actual
results may differ materially as a result of factors over which Reliance Steel & Aluminum Co. has no
control. These risk factors and additional information are included in the Company’s reports on file
with the Securities and Exchange Commission.
(more)
9. 5-5-5
RELIANCE STEEL & ALUMINUM CO.
SELECTED FINANCIAL DATA
(In thousands except share and per share amounts)
Three Months Twelve Months
Ended December 31, Ended December 31,
2006 2005 2006 2005
Income Statement Data:
Net sales ............................................................ $ 1,569,192 $ 868,678 $ 5,742,608 $ 3,367,051
Gross profit ....................................................... 389,095 251,152 1,511,222 918,051
Operating profit1................................................ 139,565 107,780 634,245 367,640
EBITDA2 ........................................................... 156,775 117,341 695,298 405,065
EBIT2 ................................................................ 139,433 105,516 632,824 358,434
Pre-tax income .................................................. 119,737 99,584 571,132 333,212
Net income ........................................................ 74,642 60,588 354,507 205,437
EPS – diluted3 ................................................... $0.98 $0.91 $4.82 $3.10
Weighted average shares outstanding -Diluted3 .... 76,053,725 66,765,624 73,599,681 66,194,724
Gross profit margin ........................................... 24.8% 28.9% 26.3% 27.3%
Operating profit margin1 ................................... 8.9% 12.4% 11.0% 10.9%
EBITDA margin2 .............................................. 10.0% 13.5% 12.1% 12.0%
EBIT margin2 .................................................... 8.9% 12.1% 11.0% 10.6%
Pre-tax margin................................................... 7.6% 11.5% 9.9% 9.9%
Net margin......................................................... 4.8% 7.0% 6.2% 6.1%
Cash dividends per share3 ................................. $ .06 $ .05 $ .22 $ .19
December 31, December 31,
2006 2005
Balance Sheet Data:
Current assets .................................................. $ 1,675,389 $ 847,348
Working capital ............................................... 1,124,650 513,529
Net fixed assets................................................ 742,672 479,719
Total assets ...................................................... 3,614,173 1,769,070
Current liabilities............................................. 550,739 333,819
Long-term debt4............................................... 1,088,051 306,790
Shareholders’ equity........................................ 1,746,398 1,029,865
Capital expenditures ........................................ 108,742 53,740
Net debt-to-total capital5 ................................. 37.6% 23.8%
Return on equity6 ............................................. 27.3% 25.0%
Current ratio .................................................... 3.0 2.5
Book value per share3 ...................................... $23.07 $15.56
Cash flow from operations per share3.............. $2.59 $4.11
1
Operating profit is calculated as net sales less cost of sales, warehouse, delivery, selling, general and administrative expenses and
depreciation expense.
2
See Consolidated Statements of Income for reconciliation of EBIT and EBITDA. EBIT is defined as the sum of income before interest
expense and income taxes. EBITDA is defined as the sum of income before interest expense, income taxes, depreciation expense and
amortization of intangibles. We believe that EBIT and EBITDA are commonly used as a measure of performance for companies in our
industry and are frequently used by analysts, investors, lenders and other interested parties to evaluate a company’s financial performance
and its ability to incur and service debt. EBIT and EBITDA should not be considered as a measure of financial performance under
accounting principles generally accepted in the United States. The items excluded from EBIT and EBITDA are significant components in
understanding and assessing financial performance. EBIT or EBITDA should not be considered in isolation or as an alternative to net
income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated
financial statements as an indicator of operating performance or as a measure of liquidity.
3
All periods have been adjusted to reflect the two-for-one stock split effected in the form of a 100% stock dividend that was declared on
May 17, 2006 and distributed on July 19, 2006 to shareholders of record on July 5, 2006.
4
Long-term debt includes capital lease obligations of $4,956 and $5,515 as of December 31, 2006 and December 31, 2005, respectively.
5
Net debt-to-total capital is calculated as total debt (net of cash) divided by shareholders’ equity plus total debt (net of cash).
6
Calculations are based on the latest twelve months net income and beginning shareholders’ equity, adjusted for $360.5 million of common
stock and stock options issued to fund an acquisition on April 3, 2006.
(more)
10. 6-6-6
RELIANCE STEEL & ALUMINUM CO.
CONSOLIDATED BALANCE SHEETS
(In thousands except share amounts)
ASSETS
December 31, December 31,
2006 2005
Current assets:
Cash and cash equivalents ........................................................................... $ 57,475 $ 35,022
Accounts receivable, less allowance for doubtful accounts of $16,755 at
December 31, 2006 and $10,511 at December 31, 2005 ........................... 666,273 369,931
Inventories ................................................................................................... 904,318 387,385
Prepaid expenses and other current assets ................................................... 22,179 19,009
Deferred income taxes ................................................................................. — 36,001
—
Income taxes receivable ............................................................................... 25,144
Total current assets ......................................................................................... 1,675,389 847,348
Property, plant and equipment, at cost:
Land ............................................................................................................. 108,022 60,207
Buildings ..................................................................................................... 385,851 281,986
Machinery and equipment ........................................................................... 565,951 403,403
Accumulated depreciation ........................................................................... (317,152) (265,877)
742,672 479,719
Goodwill ......................................................................................................... 784,871 384,730
Intangible assets, net ....................................................................................... 354,195 44,384
Cash surrender value of life insurance policies, net ........................................ 41,190 7,299
Other assets ..................................................................................................... 15,856 5,590
Total assets ..................................................................................................... $ 3,614,173 $ 1,769,070
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable ......................................................................................... $ 340,356 $ 188,584
Accrued expenses ........................................................................................ 36,481 19,234
Accrued compensation and retirement costs ................................................ 92,905 52,354
Accrued insurance costs .............................................................................. 34,475 23,372
Deferred income taxes ................................................................................. 23,706 214
Current maturities of long-term debt ............................................................ 22,257 49,525
Current maturities of capital leases............................................................... 559 536
Total current liabilities .................................................................................... 550,739 333,819
Long-term debt ............................................................................................... 1,083,095 301,275
Capital lease obligations ................................................................................. 4,956 5,515
Long-term retirement costs and other long-term liabilities ............................. 46,111 15,660
Deferred income taxes .................................................................................... 181,628 65,808
Minority interest ............................................................................................. 1,246 17,128
Commitments and contingencies .................................................................... — —
Shareholders’ equity:
Preferred stock, no par value:
Authorized shares — 5,000,000
None issued or outstanding ..................................................................... — —
Common stock, no par value:
Authorized shares — 100,000,000
Issued and outstanding shares —75,702,046 at
December 31, 2006 and 66,217,998 at
December 31, 2005, respectively, stated capital .................................. 701,690 325,010
Retained earnings ........................................................................................ 1,046,339 704,530
Accumulated other comprehensive (loss)/income ....................................... (1,631) 325
Total shareholders’ equity ............................................................................... 1,746,398 1,029,865
Total liabilities and shareholders’ equity ......................................................... $ 3,614,173 $ 1,769,070
(more)
11. 7-7-7
RELIANCE STEEL & ALUMINUM CO.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except share and per share amounts)
Three Months Twelve Months
Ended December 31, Ended December 31,
2006 2005 2006 2005
Net sales ............................................................ $ 1,569,192 $ 868,678 $ 5,742,608 $ 3,367,051
Other income, net ............................................... 2,127 962 5,768 3,671
1,571,319 869,640 5,748,376 3,370,722
Costs and expenses:
Cost of sales (exclusive of depreciation
and amortization shown below)................... 1,180,097 617,526 4,231,386 2,449,000
Warehouse, delivery, selling,
general and administrative........................... 234,368 132,292 821,386 507,905
Depreciation and amortization........................ 17,342 11,825 62,474 46,631
Interest expense .............................................. 19,696 5,932 61,692 25,222
1,451,503 767,575 5,176,938 3,028,758
Income before minority interest and income
taxes ................................................................. 119,816 102,065 571,438 341,964
Minority interest ................................................ (79) (2,481) (306) (8,752)
Income from continuing operations before
income taxes .................................................... 119,737 99,584 571,132 333,212
Provision for income taxes ................................. 45,095 38,996 216,625 127,775
Net income ......................................................... $ 74,642 $ 60,588 $ 354,507 $ 205,437
Earnings per share:
Income from continuing operations - diluted ..... $ .98 $ .91 $ 4.82 $ 3.10
Weighted average shares outstanding -
diluted ............................................................. 76,053,725 66,765,624 73,599,681 66,194,724
Income from continuing operations - basic ........ $ .99 $ .92 $ 4.85 $ 3.12
Weighted average shares outstanding -
basic................................................................ 75,562,384 66,144,896 73,134,102 65,870,068
Cash dividends per share.................................... $ .06 $ .05 $ .22 $ .19
Reconciliation of EBIT and EBITDA
Income from continuing operations before
income taxes ........................................................ $ 119,737 $ 99,584 $ 571,132 $ 333,212
Interest expense ...................................................... 19,696 5,932 61,692 25,222
EBIT....................................................................... 139,433 105,516 632,824 358,434
Depreciation expense ............................................. 15,162 11,080 55,591 42,506
Amortization expense............................................. 2,180 745 6,883 4,125
EBITDA ................................................................. $ 156,775 $ 117,341 $ 695,298 $ 405,065
(more)
12. 8-8-8
RELIANCE STEEL & ALUMINUM CO.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Twelve Months Ended
December 31,
2006 2005
Operating activities:
Net income ................................................................................................ $ 354,507 $ 205,437
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization ........................................................... 62,474 46,631
Debt premium amortization................................................................ (2,149) —
Deferred income taxes........................................................................ 7,295 (1,059)
Gain on sales of property and equipment .......................................... (723) —
Gain on debt extinguishment ............................................................. (2,264) —
Minority interest ................................................................................ 306 8,751
Stock based compensation expense.................................................... 6,060 —
Tax benefit of stock options exercised .............................................. — 3,476
Excess tax benefits from stock based compensation ......................... (3,447) —
Increase in cash surrender value of life insurance policies................. (582) —
Changes in operating assets and liabilities (excluding
effect of businesses acquired):
Accounts receivable .................................................................... (50,565) (15,391)
Inventories .................................................................................. (89,414) (11,345)
Prepaid expenses and other assets ............................................... 6,569 (2,624)
Accounts payable and accrued expenses .................................... (97,103) 38,343
Net cash provided by operating activities ................................................. 190,964 272,219
Investing activities:
Purchases of property, plant and equipment, net ................................... (108,742) (53,740)
Acquisitions of metals service centers and net asset purchases
of metals service centers, net of cash acquired ................................... (542,604) (94,377)
Tax distributions made related to a prior acquisition ............................ (894) —
Proceeds from sales of property and equipment ................................... 3,487 1,485
Proceeds from redemption of life insurance policies ............................. 1,415 —
Net investment in life insurance policies .............................................. (3,096) —
Net cash used in investing activities ......................................................... (650,434) (146,632)
Financing activities:
Proceeds from borrowings .................................................................... 2,547,316 393,000
Principal payments on long-term debt and short-term borrowings ....... (2,063,656) (486,511)
Debt issue costs ..................................................................................... (8,170) —
Payments to former minority shareholders ........................................... (1,291) (7,159)
Net refunds from letters of credit ........................................................... 12,919 —
Dividends paid ...................................................................................... (16,145) (12,530)
Excess tax benefits from stock based compensation.............................. 3,446 —
Exercise of stock options ...................................................................... 7,115 10,811
Issuance of common stock .................................................................... 222 246
Net cash provided by (used in) financing activities .................................. 481,756 (102,143)
Effect of exchange rate changes on cash .................................................. 167 (81)
Increase in cash and cash equivalents ....................................................... 22,453 23,363
Cash and cash equivalents at beginning of period .................................... 35,022 11,659
Cash and cash equivalents at end of period .............................................. $ 57,475 $ 35,022
Supplemental cash flow information:
Interest paid during the period .................................................................. $ 70,306 $ 25,309
Income taxes paid during the period ......................................................... $ 213,234 $ 118,909
Non-cash investing and financing activities:
Issuance of common stock and stock options in connection with
acquisition of metals service center ....................................................... $ 360,453 $ —
Issuance of common stock to employee retirement savings plan ............. $ 2,830 $ —
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