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Worthington Industries has a market cap of $1.92 billion; its shares were traded at around $27.84 with a P/E ratio of 11.9 and P/S ratio of 0.6. The dividend yield of Worthington Industries stocks is 2.3%.
Highlight of Business Operations:During the first quarter of fiscal 2013, our Pressure Cylinders operations in the Czech Republic met the applicable criteria for classification as assets held for sale. The net book value of the asset group was determined to be in excess of fair value, and, as a result, the asset group was written down to its fair value less cost to sell, or $6,934,000, resulting in an impairment charge of $1,570,000. On October 31, 2012, we completed the sale of this asset group to an unrelated third party resulting in a gain of approximately $50,000. The combined impact of these items of $1,520,000 is presented within the impairment of long-lived assets financial statement caption in our consolidated statement of earnings for the six months ended November 30, 2012.
The estimated net amount of the losses recognized in accumulated OCI at November 30, 2012 expected to be reclassified into net earnings within the succeeding twelve months is $1,169,000 (net of tax of $558,000). This amount was computed using the fair value of the cash flow hedges at November 30, 2012, and will change before actual reclassification from OCI to net earnings during the fiscal years ending May 31, 2013 and 2014.
Equity income increased $3.3 million from the comparable period in the prior year. The majority of our equity income is generated by WAVE, where our portion of net earnings increased $0.7 million, or 5%, to $14.8 million. In the current quarter, TWB contributed $3.8 million of equity income, while ClarkDietrich and ArtiFlex contributed $2.4 million and $1.7 million, respectively. For additional financial information regarding our unconsolidated affiliates, refer to “Item 1. – Financial Statements – Notes to Consolidated Financial Statements – NOTE B – Investments in Unconsolidated Affiliates” of this Quarterly Report on Form 10-Q.
Net sales increased $120.7 million from the comparable period in the prior year. Higher overall volumes favorably impacted net sales by $195.4 million, including $174.2 million from the combined acquisitions of Angus Industries, reported under the Engineered Cabs operating segment, and the acquisitions in Pressure Cylinders. The impact of higher overall volumes was partially offset by lower average selling prices, which negatively impacted net sales by $74.7 million. Selling prices are affected by the market price of steel, which averaged $619 per ton during the first six months of fiscal 2013 versus an average of $685 per ton during the comparable period of fiscal 2012.
Net sales decreased $62.3 million from the comparable period in the prior year. Lower base material prices in the first six months of fiscal 2013 led to decreased pricing for our products, negatively impacting net sales by $70.7 million. Overall volumes were also down during the first six months of fiscal 2013; however, the impact of lower volumes was more than offset by a higher mix of direct versus toll tons, the combined impact of which was an $8.4 million increase in net sales. The mix of direct versus toll tons was 55% to 45% during the first six months of fiscal 2013 versus 51% to 49% in the comparable period in the prior year. After excluding volumes from the MISA Metals facilities, direct volumes increased over prior year.
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