CHICAGO, Nov. 12, 2014 /PRNewswire/ -- Ryerson
Holding Corporation (NYSE: RYI), a leading distributor and
processor of metals, today reported results for the third quarter
of 2014.
Revenues for the third quarter of 2014 were $948 million, an increase of 10.2 percent
year-over-year and 1.8 percent sequentially. The quarter benefited
from higher average selling prices, which were up 3.9 percent from
the second quarter of 2014 and 10.4 percent from the third quarter
of 2013 primarily as a result of a favorable shift in the company's
product mix.
Adjusted EBITDA, excluding LIFO of $62.2
million in the third quarter of 2014, was essentially
unchanged, sequentially, and up 48 percent year-over-year. A
reconciliation of net income attributable to Ryerson Holding
Corporation to Adjusted EBITDA, excluding LIFO, is included in this
news release.
Gross margin was 15.8 percent for the third quarter of 2014,
compared to 18.0 percent in the third quarter of 2013, and 16.6
percent in the second quarter of 2014. Excluding LIFO, gross margin
was 17.8 percent, compared to 16.9 percent in the year-ago quarter
and 18.0 percent in the prior quarter. LIFO expense of $19.1 million was included in cost of materials
sold for the third quarter of 2014, compared with a $13.7 million expense in the second quarter of
2014 and LIFO income of $9.5 million
in the third quarter of 2013. A reconciliation of gross margin,
excluding LIFO to gross margin, is included below in this news
release.
Warehousing, delivery, selling, general and administrative
expense was up $33.9 million, or 28
percent, sequentially and year-over-year, due to expenses
associated with the Initial Public Offering (IPO) completed in the
third quarter. Excluding a $25.0
million charge to terminate the advisory services agreement
with Platinum Equity and $7.7 million
of compensation expense associated with the IPO, expenses were up 1
percent sequentially and year-over-year.
Ryerson reported a net loss attributable to Ryerson Holding
Corporation of $34.7 million, or a
loss of $1.26 per share, in the third
quarter of 2014, compared to net income attributable to Ryerson
Holding Corporation of $2.6 million,
or $0.13 per share, in the second
quarter of 2014 and $3.0 million, or
$0.14 per share, in the third quarter
of 2013. In addition to the $32.7
million of IPO-related expenses noted above, the third
quarter of 2014 included a $11.2
million expense related to the premium paid to redeem a
portion of the 11.25 percent Senior Notes due 2018, and a
$1.2 million non-cash charge to
write-off unamortized debt issuance costs related to the Note
redemption. Excluding the IPO-related and debt redemption expenses,
net of income taxes, net income attributable to Ryerson Holding
Corporation was $2.6 million, or
$0.09 per share, in the third quarter
of 2014. A reconciliation of expenses, net income, and earnings per
share, excluding IPO-related and debt redemption expenses to their
comparable GAAP financial measure is included in this earnings
release.
"We are pleased with the 48 percent year-over-year gain in
Adjusted EBITDA, excluding LIFO – our fifth consecutive quarter of
year-over-year improvement in this important metric," said
Mike Arnold, Ryerson's president and
chief executive officer. "And, we held Adjusted EBITDA,
excluding LIFO, essentially unchanged on a sequential basis,
despite the typical seasonal slowdown relative to the second
quarter, mid-quarter slowing in pricing momentum, and margin
pressure driven by increasing import levels and wide spreads
between domestic and imported metal prices."
Nine Month Performance
For the first nine
months of 2014, revenues of $2.8
billion increased 3.6 percent from the first nine months of
2013. Ryerson reported a net loss attributable to Ryerson
Holding Corporation of $30.5 million,
or a loss of $1.31 per share,
compared to net income attributable to Ryerson Holding Corporation
of $9.1 million, or $0.43 per share, in the year-ago period.
Excluding the IPO-related and debt redemption expenses, net of
taxes, net income attributable to Ryerson Holding Corporation was
$6.8 million, or $0.29 per share, for the first nine months of
2014. Adjusted EBITDA, excluding LIFO increased to $177 million in the first nine months of 2014, up
38 percent year-over-year.
Pension Contributions
Ryerson expects to
contribute $55 million to the
company's pension plans in 2014. This is a reduction of
$11 million from the company's
previous estimate due to funding relief provided under the Highway
and Transportation Funding Act of 2014. Ryerson's 2015
pension contributions are expected to be approximately $43 million.
Initial Public Offering
On August 8, 2014, Ryerson's initial public offering
raised $121 million, pricing 11
million shares at $11.00 per share.
Use of the IPO proceeds included the redemption of $99.5 million principal amount of its 11.25
percent Senior Notes due 2018.
Third Quarter 2014 Business Metrics
|
Third
Quarter
2014
|
Second
Quarter
2014
|
Third
Quarter
2013
|
Sequential Quarter
Change
|
Year-Over-Year
Change
|
|
Tons shipped (in
thousands)
|
518
|
529
|
519
|
-2.1%
|
-0.2%
|
|
|
Average selling
price/ton
|
$1,830
|
$1,761
|
$1,657
|
3.9%
|
10.4%
|
|
Average
cost/ton
|
1,541
|
1,469
|
1,358
|
4.9%
|
13.5%
|
|
Average cost/ton,
excluding LIFO
|
1,504
|
1,443
|
1,376
|
4.2%
|
9.3%
|
Third Quarter 2014 Major Product Metrics
|
Tons Shipped (tons
in thousands)
|
Average Selling
Price per Ton Shipped
|
|
Third Quarter 2014
Tons Shipped
|
Second Quarter 2014
Tons Shipped
|
Third Quarter 2013
Tons Shipped
|
Sequential Quarter
Change
|
Year-Over-Year
Change
|
Sequential Quarter
Change
|
Year-Over-Year
Change
|
|
Carbon
steel
|
403
|
413
|
411
|
-2.4%
|
-1.9%
|
1.4%
|
9.1%
|
|
Aluminum
|
51
|
49
|
46
|
4.1%
|
10.9%
|
2.5%
|
-0.7%
|
|
Stainless
Steel
|
61
|
64
|
57
|
-4.7%
|
7.0%
|
8.2%
|
11.2%
|
|
Net Sales (dollars
in millions)
|
|
Third Quarter 2014
Net Sales
|
Second Quarter 2014
Net Sales
|
Third Quarter Net
2013 Sales
|
Sequential Quarter
Change
|
Year-Over-Year
Change
|
|
Carbon
steel
|
$488
|
$493
|
$456
|
-1.0%
|
7.0%
|
|
Aluminum
|
208
|
195
|
189
|
6.7%
|
10.1%
|
|
Stainless
Steel
|
232
|
225
|
195
|
3.1%
|
19.0%
|
Nine Months Ended September 30,
2014 Business Metrics
|
2014
|
2013
|
Year-Over-Year
Change
|
|
Tons Shipped (in
thousands)
|
1,553
|
1,559
|
-0.4%
|
|
|
Average selling
price/ton
|
$1,773
|
$1,705
|
4.0%
|
|
Average
cost/ton
|
1,482
|
1,404
|
5.6%
|
|
Average cost/ton,
excluding LIFO
|
1,455
|
1,421
|
2.4%
|
Nine Months Ended September 30,
2014 Major Product Metrics
|
Tons Shipped (tons
in thousands)
|
Average Selling
Price per Ton Shipped
|
|
2014 Tons
Shipped
|
2013 Tons
Shipped
|
Year-Over-Year
Change
|
Year-Over-Year
Change
|
|
Carbon
steel
|
1,214
|
1,231
|
-1.4%
|
5.3%
|
|
Aluminum
|
146
|
140
|
4.3%
|
-2.1%
|
|
Stainless
steel
|
185
|
178
|
3.9%
|
2.0%
|
|
Net Sales (dollars
in millions)
|
|
2014 Net
Sales
|
2013 Net
Sales
|
Year-Over-Year
Change
|
|
Carbon
steel
|
$1,457
|
$1,403
|
3.8%
|
|
Aluminum
|
582
|
570
|
2.1%
|
|
Stainless
steel
|
655
|
618
|
6.0%
|
Nine Months Ended September 30,
2014
|
Tons shipped
year-over-year change
|
|
U.S.
|
2.5%
|
|
Non-U.S.
|
-14.5
|
Earnings Call Information
The company will host
a conference call to discuss third quarter 2014 results on
Thursday, November 13 at 10 a.m. Eastern Standard Time. Participants may
access the conference call by dialing (888) 481-2845 and using
conference ID 7508210. The call will also be broadcast live in the
Investor Relations section of the company's Internet site,
ir.ryerson.com. A replay will be available on the site for 90
days.
About Ryerson
Ryerson is a processor and
distributor of metals with operations in the United States, Mexico, Canada, China
and Brazil. The company serves
several industries including oil and gas, industrial equipment,
transportation equipment, heavy equipment and electrical machinery.
Founded in 1842, Ryerson is headquartered in the United States and employs approximately
4,000 employees in more than 100 locations. Visit Ryerson at
www.ryerson.com.
Certain statements made in this press release and other written
or oral statements made by or on behalf of the company constitute
"forward-looking statements" within the meaning of the federal
securities laws, including statements regarding our future
performance, as well as management's expectations, beliefs,
intentions, plans, estimates or projections relating to the
future. Such statements can be identified by the use of
forward-looking terminology such as "believes," "expects," "may,"
"estimates," "will," "should," "plans" or "anticipates" or the
negative thereof or other variations thereon or comparable
terminology, or by discussions of strategy. The company cautions
that any such forward-looking statements are not guarantees of
future performance and may involve significant risks and
uncertainties, and that actual results may vary materially from
those in the forward-looking statements as a result of various
factors. Among the factors that significantly impact the metals
distribution industry and our business are: the
cyclicality of our business; the highly competitive and fragmented
market in which we operate; fluctuating metal prices; our
substantial indebtedness and the covenants in instruments governing
such indebtedness; the integration of acquired operations;
regulatory and other operational risks associated with our
operations located inside and outside of the United States; work stoppages; obligations
regarding certain employee retirement benefit plans; the ownership
of a majority of our equity securities by a single investor group;
currency fluctuations; and consolidation in the metals producer
industry. Forward-looking statements should, therefore, be
considered in light of various factors, including those set forth
above and those set forth under "Risk Factors" in our prospectus
filed with the SEC pursuant to Rule 424(b) under the Securities Act
of 1933, as amended, on August 8,
2014, and in the our other filings with the Securities and
Exchange Commission. Moreover, we caution against placing
undue reliance on these statements, which speak only as of the date
they were made. The company does not undertake any obligation
to publicly update or revise any forward-looking statements to
reflect future events or circumstances, new information or
otherwise.
|
RYERSON HOLDING
CORPORATION AND SUBSIDIARY COMPANIES
|
|
|
Selected Income and
Cash Flow Data - Unaudited
|
|
(Dollars and Shares
in Millions, except Per Share and Per Ton Data)
|
|
|
|
2014
|
|
2013
|
|
Nine Months
Ended
|
|
Third
|
|
Second
|
|
Third
|
|
September
30,
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
NET SALES
|
$947.9
|
|
$
931.5
|
|
$859.8
|
|
$2,753.8
|
|
$ 2,657.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of materials
sold
|
798.4
|
|
777.1
|
|
704.7
|
|
2,302.2
|
|
2,188.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
149.5
|
|
154.4
|
|
155.1
|
|
451.6
|
|
469.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehousing,
delivery, selling, general and administrative (1)
|
154.1
|
|
120.2
|
|
120.2
|
|
392.1
|
|
363.2
|
|
Restructuring and
other charges
|
-
|
|
-
|
|
-
|
|
-
|
|
2.1
|
|
Gain on sale of
assets
|
(1.3)
|
|
-
|
|
-
|
|
(1.3)
|
|
-
|
|
Impairment charges on
fixed assets and goodwill
|
-
|
|
-
|
|
1.1
|
|
-
|
|
8.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING PROFIT
(LOSS)
|
(3.3)
|
|
34.2
|
|
33.8
|
|
60.8
|
|
95.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income and
(expense), net (2)
|
(8.5)
|
|
(1.7)
|
|
(1.1)
|
|
(8.2)
|
|
2.1
|
|
Interest and other
expense on debt (3)
|
(27.9)
|
|
(27.5)
|
|
(27.1)
|
|
(82.8)
|
|
(83.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
(39.7)
|
|
5.0
|
|
5.6
|
|
(30.2)
|
|
14.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
(4.9)
|
|
2.5
|
|
2.8
|
|
0.7
|
|
5.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
(34.8)
|
|
2.5
|
|
2.8
|
|
(30.9)
|
|
8.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net loss
attributable to noncontrolling interest
|
(0.1)
|
|
(0.1)
|
|
(0.2)
|
|
(0.4)
|
|
(0.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO RYERSON HOLDING CORPORATION
|
$ (34.7)
|
|
$
2.6
|
|
$ 3.0
|
|
$ (30.5)
|
|
$
9.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS (LOSS) PER
SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
$ (1.26)
|
|
$
0.13
|
|
$ 0.14
|
|
$ (1.31)
|
|
$ 0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding -
basic and diluted
|
27.5
|
|
21.0
|
|
21.3
|
|
23.2
|
|
21.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tons shipped
(000)
|
518
|
|
529
|
|
519
|
|
1,553
|
|
1,559
|
|
Shipping
days
|
64
|
|
64
|
|
64
|
|
191
|
|
191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average selling
price/ton
|
$1,830
|
|
$
1,761
|
|
$1,657
|
|
$ 1,773
|
|
$ 1,705
|
|
Gross
profit/ton
|
289
|
|
292
|
|
299
|
|
291
|
|
301
|
|
Operating
profit/ton
|
(6)
|
|
65
|
|
65
|
|
39
|
|
61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIFO expense
(income)/ton
|
37
|
|
26
|
|
(18)
|
|
27
|
|
(17)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIFO expense
(income)
|
$ 19.1
|
|
$
13.7
|
|
$ (9.5)
|
|
$ 42.0
|
|
$ (26.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization expense
|
11.6
|
|
11.6
|
|
12.0
|
|
34.0
|
|
34.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
operating activities
|
(44.2)
|
|
(15.6)
|
|
36.6
|
|
(34.7)
|
|
88.0
|
|
Capital
expenditures
|
(5.5)
|
|
(4.8)
|
|
(6.0)
|
|
(13.7)
|
|
(16.5)
|
|
|
|
(1)
|
The three and nine
month periods ended September 30, 2014 include a $25.0 million
charge to terminate the advisory services agreement with Platinum
Equity Advisors, LLC in connection with our initial public offering
on August 13, 2014. The three and nine month periods ended
September 30, 2014 also include the recognition of $7.7 million of
transaction compensation expense associated with the initial public
offering.
|
|
(2)
|
The three and nine
month periods ended September 30, 2014 include $11.2 million of
expense related to the premium paid to redeem $99.5 million of our
11.25% Senior Notes.
|
|
(3)
|
The three and nine
month periods ended September 30, 2014 include a non-cash charge of
$1.2 million to write-off unamortized debt issuance costs related
to the redemption of our 11.25% Senior Notes.
|
|
|
|
See Schedule 1 for
EBITDA and Adjusted EBITDA reconciliation.
|
|
See Schedule 2 for
EPS reconciliation.
|
|
Schedule
1
|
|
RYERSON HOLDING
CORPORATION AND SUBSIDIARY COMPANIES
|
|
Reconciliations of
Net Income (Loss) Attributable to Ryerson Holding Corporation to
EBITDA and Gross Profit to Gross Profit Excluding LIFO
|
|
(Dollars in
Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
Nine Months
Ended
|
|
Third
|
|
Second
|
|
Third
|
|
September
30,
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Ryerson Holding Corporation
|
$ (34.7)
|
|
$ 2.6
|
|
$ 3.0
|
|
$ (30.5)
|
|
$
9.1
|
|
Interest and other
expense on debt
|
27.9
|
|
27.5
|
|
27.1
|
|
82.8
|
|
83.3
|
|
Provision (benefit)
for income taxes
|
(4.9)
|
|
2.5
|
|
2.8
|
|
0.7
|
|
5.9
|
|
Depreciation and
amortization expense
|
11.6
|
|
11.6
|
|
12.0
|
|
34.0
|
|
34.7
|
|
EBITDA
|
$ (0.1)
|
|
$ 44.2
|
|
$ 4.9
|
|
$ 87.0
|
|
$ 133.0
|
|
Gain on sale of
assets
|
(1.3)
|
|
-
|
|
-
|
|
(1.3)
|
|
-
|
|
Reorganization
|
1.7
|
|
0.4
|
|
2.1
|
|
3.1
|
|
8.5
|
|
Advisory services
fee
|
25.8
|
|
1.2
|
|
1.3
|
|
28.3
|
|
3.8
|
|
Foreign currency
transaction (gains) losses
|
(2.9)
|
|
2.2
|
|
1.3
|
|
(2.9)
|
|
(1.6)
|
|
Loss on retirement of
debt
|
11.2
|
|
-
|
|
-
|
|
11.2
|
|
-
|
|
Impairment charges on
fixed assets and goodwill
|
-
|
|
-
|
|
1.1
|
|
-
|
|
8.8
|
|
Purchase
consideration and other transaction costs
|
8.5
|
|
0.8
|
|
1.1
|
|
10.1
|
|
2.7
|
|
Other
adjustments
|
0.2
|
|
(0.5)
|
|
(0.2)
|
|
(0.1)
|
|
(0.5)
|
|
Adjusted
EBITDA
|
$ 43.1
|
|
$ 48.3
|
|
$ 51.6
|
|
$ 135.4
|
|
$ 154.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$ 43.1
|
|
$ 48.3
|
|
$ 51.6
|
|
$ 135.4
|
|
$ 154.7
|
|
LIFO expense
(income)
|
19.1
|
|
13.7
|
|
(9.5)
|
|
42.0
|
|
(26.6)
|
|
Adjusted EBITDA,
excluding LIFO expense (income)
|
$ 62.2
|
|
$ 62.0
|
|
$ 42.1
|
|
$ 177.4
|
|
$ 128.1
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$947.9
|
|
$ 931.5
|
|
$859.8
|
|
$2,753.8
|
|
$ 2,657.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA,
excluding LIFO expense (income), as a percentage of net
sales
|
6.6%
|
|
6.7%
|
|
4.9%
|
|
6.4%
|
|
4.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
$149.5
|
|
$ 154.4
|
|
$155.1
|
|
$ 451.6
|
|
$ 469.4
|
|
LIFO expense
(income)
|
19.1
|
|
13.7
|
|
(9.5)
|
|
42.0
|
|
(26.6)
|
|
Gross profit,
excluding LIFO expense (income)
|
$168.6
|
|
$ 168.1
|
|
$145.6
|
|
$ 493.6
|
|
$ 442.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin,
excluding LIFO expense (income)
|
17.8%
|
|
18.0%
|
|
16.9%
|
|
17.9%
|
|
16.7%
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
EBITDA represents net
income before interest and other expense on debt, provision for
income taxes, depreciation and amortization. Adjusted EBITDA gives
further effect to, among other things, impairment charges on fixed
assets and goodwill, reorganization expenses and the payment of
management fees. We believe that the presentation of EBITDA,
Adjusted EBITDA and Adjusted EBITDA, excluding LIFO expense
(income), provides useful information to investors regarding our
operational performance because they enhance an investor's overall
understanding of our core financial performance and provide a basis
of comparison of results between current, past and future periods.
We also disclose the metric Adjusted EBITDA, excluding LIFO expense
(income), to provide a means of comparison amongst our competitors
who may not use the same basis of accounting for inventories.
EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO expense
(income), are three of the primary metrics management uses for
planning and forecasting in future periods, including trending and
analyzing the core operating performance of our business without
the effect of U.S. generally accepted accounting principles, or
GAAP, expenses, revenues and gains (losses) that are unrelated to
the day to day performance of our business. We also establish
compensation programs for our executive management and regional
employees that are based upon the achievement of pre-established
EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO expense
(income), targets. We also use EBITDA, Adjusted EBITDA and Adjusted
EBITDA, excluding LIFO expense (income), to benchmark our operating
performance to that of our competitors. EBITDA, Adjusted EBITDA and
Adjusted EBITDA, excluding LIFO expense (income) do not represent,
and should not be used as a substitute for, net income or cash
flows from operations as determined in accordance with generally
accepted accounting principles, and neither EBITDA, Adjusted EBITDA
and Adjusted EBITDA, excluding LIFO expense (income), is
necessarily an indication of whether cash flow will be sufficient
to fund our cash requirements. This release also presents gross
margin, excluding LIFO expense (income), which is calculated as
gross profit plus LIFO expense (or minus LIFO income), divided by
net sales. We have excluded LIFO expense (income) from the gross
margin and Adjusted EBITDA as a percentage of net sales metrics in
order to provide a means of comparison amongst our competitors who
may not use the same basis of accounting for inventories as we do.
Our definitions of EBITDA, Adjusted EBITDA, Adjusted EBITDA,
excluding LIFO expense (income), gross margin, excluding LIFO
expense (income), and Adjusted EBITDA, excluding LIFO expense
(income), as a percentage of sales may differ from that of other
companies.
|
|
RYERSON HOLDING
CORPORATION AND SUBSIDIARY COMPANIES
|
|
Reconciliation of
Expenses, Net Income and Earnings per Share Excluding IPO-related
and Debt Redemption Charges
|
|
(Dollars and Shares
in Millions, Except Per Share Data)
|
|
|
|
|
2014
|
|
|
Third
|
|
Nine Months
Ended
|
|
Quarter
|
|
September 30,
2014
|
|
|
|
|
|
Net loss attributable
to Ryerson Holding Corporation
|
$
(34.7)
|
|
$
(30.5)
|
|
|
|
|
|
|
|
|
IPO-related and Debt
Redemption Charges to Exclude:
|
|
|
|
|
Advisory services
termination fee
|
$
25.0
|
|
$
25.0
|
|
Transaction
compensation expense
|
7.7
|
|
7.7
|
|
Loss on retirement of
debt
|
11.2
|
|
11.2
|
|
Write-off of
unamortized debt issuance costs
|
1.2
|
|
1.2
|
|
Total pre-tax
IPO-related and debt redemption charges
|
45.1
|
|
45.1
|
|
Benefit for income
taxes
|
7.8
|
|
7.8
|
|
Total net
charges
|
$
37.3
|
|
$
37.3
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ryerson Holding Corporation, excluding IPO related
and debt redemption charges
|
$
2.6
|
|
$
6.8
|
|
|
|
|
|
Earnings per share,
excluding one-time charges
|
$
0.09
|
|
$
0.29
|
|
|
|
|
|
|
|
|
Shares outstanding -
basic and diluted
|
27.5
|
|
23.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehousing,
delivery, selling, general and administrative expenses
|
$ 154.1
|
|
$
392.1
|
|
Advisory services
termination fee
|
25.0
|
|
25.0
|
|
Transaction
compensation expense
|
7.7
|
|
7.7
|
|
Warehousing,
delivery, selling, general and administrative expenses, excluding
IPO-related expenses
|
$ 121.4
|
|
$
359.4
|
|
|
|
|
|
Note:
|
Expenses, Net Income
and Earnings per share excluding IPO-related and debt redemption
charges is presented to provide a means of comparison to our prior
periods that do not include IPO-related and debt redemption
charges.
|
SOURCE Ryerson Holding Corporation