Allegheny Technologies Announces Fourth Quarter and Full Year 2015 Results
Fourth Quarter 2015 Results
-
Sales were $739 million
-
High Performance Materials & Components sales were $457 million
-
Flat Rolled Products sales were $282 million
-
Business segment results, which do not include Flat Rolled Products
asset impairments and other charges, were a loss of $99 million
-
High Performance Materials & Components segment operating
profit was $21 million, or 4.6% of sales
-
Net loss attributable to ATI was $227 million, or $(2.12) per
share, including $267 million of pre-tax charges, or $167 million
after-tax, or $(1.56) per share
-
Net loss attributable to ATI excluding charges was $60 million, or
$(0.56) per share
-
Cash on hand was $150 million with total liquidity of approximately
$545 million
Full Year 2015 Results
-
Sales were $3.7 billion
-
Net loss attributable to ATI was $378 million, or $(3.53) per share
-
Significant operational accomplishments of Rowley PQ parts
qualification, new part introductions for aerospace ramp-up readiness,
and HRPF integration overshadowed by weak market conditions,
particularly in Flat Rolled Products commodity businesses
Allegheny Technologies Incorporated (NYSE: ATI) reported fourth quarter
2015 sales of $739 million and a net loss attributable to ATI of $227
million, or $(2.12) per share. Fourth quarter 2015 results include $267
million of previously-announced, pre-tax charges.
For the full year 2015, ATI reported a loss from continuing operations
attributable to ATI of $378 million, or $(3.53) per share, on $3.7
billion in sales.
“2015 was an incredibly difficult year, and the fourth quarter was the
most challenging of the year,” said Rich Harshman, Chairman, President
and Chief Executive Officer. “Early indicators in 2015 of increasing
weakness in the oil and gas market and the effects of low-priced
commodity stainless sheet imports on flat rolled products’ markets were
only the beginning. While aerospace market demand for products from the
High Performance Materials & Components segment remained good, an
extended drop in demand from the oil and gas market, and continued
weakness in the global construction and mining equipment market,
adversely affected profitability across both business segments. Despite
these headwinds, we continued our strategic focus on high-value,
differentiated products, which were 83% of ATI’s 2015 sales.”
-
ATI’s sales to the key global markets of aerospace and defense, oil &
gas/chemical and hydrocarbon processing industry, electrical energy,
automotive and medical represented 79% of ATI sales for 2015:
-
Sales to the aerospace and defense markets were $1.51 billion and
represented 41% of ATI sales: 21% jet engine, 13% airframe, 7%
defense. ATI’s sales to the commercial aerospace market increased
8% in 2015 compared to 2014.
-
Sales to the oil and gas/chemical and hydrocarbon processing
industry market were $538 million and represented 14% of ATI
sales: 9% oil & gas, 5% chemical and hydrocarbon processing
industry. ATI’s sales to these markets decreased 28% in 2015
compared to 2014.
-
Sales to the electrical energy market were $368 million and
represented 10% of ATI sales. ATI’s sales to this market decreased
14% in 2015 compared to 2014.
-
Sales to the automotive market were $294 million and represented
8% of ATI sales.
-
Sales to the medical market were $221 million and represented 6%
of ATI sales.
-
Direct international sales were $1.6 billion and represented 42% of
ATI’s 2015 sales.
“Sales in our High Performance Materials & Components segment were $457
million in the fourth quarter 2015, compared to $475 million in the
third quarter 2015, while segment operating profit improved slightly to
$21 million, or 4.6% of sales, compared to $19 million or 4.0% of sales
in the third quarter 2015,” continued Rich Harshman. “Sales decreased
for titanium and titanium alloys due to the timing of orders in the
aerospace airframe market, which were more heavily weighted to earlier
periods of 2015. Sales for other products in the segment were similar to
third quarter 2015 results.
“Flat Rolled Products segment sales were $282 million, down 21%
sequentially, and segment operating results were a loss of $120 million,
compared to a loss of $92 million in the third quarter 2015. Segment
results, which exclude $181 million of goodwill and other long-lived
asset impairment charges, reflect the continued challenging market
conditions, primarily impacting commodity stainless flat-rolled
products. Fourth quarter market conditions continued to deteriorate in
this business, due in large part to a surge of imports into the U.S.
market, and excess North American and global capacities for commodity
stainless steel sheet. Base-selling prices for commodity stainless steel
sheet products have fallen throughout 2015 and reached historic lows in
December. In addition, weakness continued in the oil and gas/chemical
and hydrocarbon processing industry market, which has been the segment’s
largest end market. Falling raw material prices negatively affected
results, as pricing mechanisms that are designed to recover material
costs through indexes and surcharges fell faster than the length of the
manufacturing cycle.
“In December 2015, we announced the idling of the standard/commodity
stainless melt shop and finishing operations at our Flat Rolled
Products’ Midland, PA facility, and the idling of our grain-oriented
electrical steel (GOES) operations, including the Bagdad, PA facility,
both of which are expected to be completed in early 2016. A $54 million
non-cash impairment charge was recorded in fourth quarter 2015 results
to reduce the carrying value of these operations, along with a $4
million charge for idling costs. We also wrote off all $127 million of
goodwill in the Flat Rolled Products business as a fourth quarter 2015
non-cash charge.
“Our negotiations with the United Steelworkers resumed in late December.
We have met several times over the last three weeks. Overall, the
dialogue has been generally constructive and we continue to focus on
reaching a fair and more competitive labor agreement. In the meantime,
we will continue to operate with our salaried employees and temporary
workers.
“Capital expenditures were $145 million in 2015, almost half of which
was related to the HRPF. This amount was lower than our third quarter
2015 estimate because some HRPF payments shifted to early 2016.
“We maintained a solid liquidity position with $150 million in cash and
a $400 million asset-based domestic lending (ABL) facility with our bank
group, which was undrawn at year-end 2015. The ABL facility contains no
leverage or interest coverage ratios and is collateralized by the
accounts receivable and inventory of ATI’s domestic operations. Total
debt to total capital was 42.0% at December 31, 2015, compared to 37.0%
at the end of 2014.
“We made significant progress in 2015 in qualifying and fully
integrating several long-term strategic capital projects that position
ATI to grow our high-value products. These strategic capital projects,
specifically the Hot Rolling and Processing Facility (HRPF) and the
Rowley titanium sponge facility, have been multi-year investments that
are expected to begin to provide a return on our invested capital after
extensive construction and qualification phases.
Strategy and Outlook
“ATI’s results in 2016 will reflect two differently situated businesses.
Our High Performance Materials & Components (HPMC) segment is positioned
to begin a multi-year period of sustained profitable growth, supported
by long-term agreements that provide significant growth for ATI on
legacy and next-generation airplanes and the jet engines that power
them. Volume from these agreements is expected to provide improved
capacity utilization and product mix in our mill products, forgings, and
titanium investment casting facilities, beginning in the first quarter
2016. We expect to increase the pace throughout our HPMC operations as
we progress through 2016, driven primarily by the commercial aerospace
market, with segment operating profit as a percentage of sales returning
to double-digit levels by the second half of the year. This represents
significant and continuing improvement toward our goals of long-term
profitable growth and consistently earning a premium to our cost of
capital.
“In our Flat Rolled Products (FRP) segment, our first half 2016 results
will reflect the ongoing rightsizing and restructuring activities,
including idling the Midland facility and our GOES operations, during a
period of continuing low raw material prices and uncertain end market
demand. As we continue to reposition this business to a higher value
product mix, we expect shipments of our specialty coil and plate
products to improve throughout 2016 and benefit from the HRPF
capabilities, particularly for our 48”-wide nickel-based alloy sheet. As
a result of these initiatives we expect the FRP segment to be modestly
profitable by the second half of 2016.
“Cash generation from operations will be a key focus throughout 2016. We
do not expect to pay any U.S. federal taxes in 2016 due to net operating
loss carryforwards, and we intend to carefully balance our working
capital and other cash needs with the pace of our capital expenditure
requirements. We currently expect 2016 capital expenditures to be
approximately $240 million, including our nickel alloy powder expansion
($45 million), final payments on the HRPF ($70 million), completion of
the expansion of our titanium investment castings capacity ($10
million), and the expansion of manufacturing capabilities at our STAL
joint venture in China ($35 million), which is consolidated within ATI’s
financial results. The STAL capital expansion will be fully funded by
STAL’s operations. Depreciation and amortization expense in 2016 is
forecasted to be approximately $180 million.
“We currently expect 2016 pre-tax retirement benefit expense to be about
$98 million, or approximately $21 million higher than 2015, due
primarily to lower pension assets. We do not expect to make significant
cash contributions to the U.S. qualified pension plan in 2016.”
Financial Review
Fourth Quarter 2015 Charges for asset impairments, restructuring,
inventory and other items were $267.5 million pretax:
-
ATI conducted its annual goodwill impairment analysis in the fourth
quarter of 2015, and determined that the fair value of this business
was below its carrying value. As a result, fourth quarter 2015 results
include a $126.6 million pretax, non-cash charge to write off all
goodwill in the Flat Rolled Products business. This goodwill primarily
resulted from the 1993 acquisition of Jessop Steel by Allegheny
Ludlum, a predecessor ATI company.
-
Restructuring and other charges were $89.7 million in the fourth
quarter 2015, as follows:
-
In December 2015, ATI announced rightsizing actions in the Flat
Rolled Products business which included the prospective 2016
idlings of the standard stainless melt shop and finishing
operations in Midland, PA, and the GOES operations in Western PA
including the Bagdad facility. Fourth quarter 2015 results include
a $54.5 million pretax, non-cash impairment charge to reduce the
carrying values of these facilities. Fourth quarter results also
include $3.5 million of charges for future idling costs at these
facilities.
-
In December 2015, based on current market prices for non-PQ
titanium sponge, ATI recorded a $25.4 million non-cash charge to
revalue this inventory. The charge includes revised assessments of
the non-PQ titanium market conditions and expected utilization of
this inventory.
-
As announced in October 2015, in the fourth quarter 2015 ATI
implemented a salaried workforce reduction in both the High
Performance Materials & Components segment and at ATI’s
headquarters. Severance charges of $6.3 million were recorded in
the fourth quarter for this action.
-
Net Realizable Value inventory reserve charges were $51.2 million,
which are required to offset ATI’s aggregate net debit LIFO inventory
balance that exceeds current inventory replacement cost. The NRV
reserve increase offset LIFO inventory valuation reserve benefits of
$51.3 million recorded in the fourth quarter of 2015.
Quarterly Results
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|
Three Months Ended
|
|
|
Dec. 31,
|
|
Sept. 30,
|
|
Dec. 31,
|
|
|
2015 (a)
|
|
2015 (b)
|
|
2014
|
|
|
In Millions
|
|
|
|
|
|
|
|
Sales
|
|
$
|
738.9
|
|
|
$
|
832.7
|
|
|
$
|
1,047.5
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to ATI before
charges
|
|
$
|
(59.6
|
)
|
|
$
|
(31.2
|
)
|
|
$
|
19.9
|
Charges
|
|
|
(167.3
|
)
|
|
|
(113.4
|
)
|
|
|
—
|
Income (loss) from continuing operations attributable to ATI
|
|
$
|
(226.9
|
)
|
|
$
|
(144.6
|
)
|
|
$
|
19.9
|
|
|
|
|
|
|
|
|
|
Per Diluted Share
|
|
|
|
|
|
|
|
Continuing operations attributable to ATI before charges
|
|
$
|
(0.56
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
0.18
|
Charges
|
|
|
(1.56
|
)
|
|
|
(1.06
|
)
|
|
|
—
|
Continuing operations attributable to ATI
|
|
$
|
(2.12
|
)
|
|
$
|
(1.35
|
)
|
|
$
|
0.18
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Results for the three months ended December 31, 2015 include $216.3
million pretax ($135.3 million after-tax, or $(1.26) per share), of
impairment and restructuring charges, and Net Realizable Value (NRV)
inventory charges of $51.2 million pretax ($32.0 million after-tax,
or $(0.30) per share).
|
|
|
|
(b)
|
|
Results for the three months ended September 30, 2015 include $113.4
million of after-tax charges, or $(1.06) per share, including NRV
inventory valuation adjustments of $49.5 million, or $(0.46) per
share, and income tax valuation allowances of $63.9 million, or
$(0.60) per share.
|
|
|
|
Percentage of Total ATI Sales
|
|
Three Months Ended
|
|
Year Ended
|
|
|
Dec. 31,
|
|
Sept. 30,
|
|
Dec. 31,
|
|
Dec. 31,
|
|
Dec. 31,
|
High-Value Products
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Nickel-based alloys and specialty alloys
|
|
27%
|
|
26%
|
|
27%
|
|
28%
|
|
26%
|
Titanium and titanium alloys
|
|
18%
|
|
19%
|
|
15%
|
|
17%
|
|
15%
|
Precision forgings, castings and components
|
|
16%
|
|
14%
|
|
13%
|
|
14%
|
|
13%
|
Precision and engineered strip
|
|
14%
|
|
14%
|
|
13%
|
|
13%
|
|
13%
|
Zirconium and related alloys
|
|
9%
|
|
8%
|
|
6%
|
|
7%
|
|
6%
|
Grain-oriented electrical steel
|
|
3%
|
|
4%
|
|
4%
|
|
4%
|
|
4%
|
Total High-Value Products
|
|
87%
|
|
85%
|
|
78%
|
|
83%
|
|
77%
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter and Full Year 2015 Financial Results
-
Sales for the fourth quarter 2015 were $738.9 million, a
decrease of 11% compared to the third quarter 2015. Compared to the
third quarter 2015, sales decreased 4% in the High Performance
Materials & Components segment, primarily due to lower sales of
titanium and titanium alloys. Flat Rolled Products segment sales
decreased 21% compared to the third quarter 2015 due to lower
shipments and lower selling prices.
-
Sales for the full year 2015 decreased 12% to $3.72 billion,
compared to $4.22 billion for 2014. Direct international sales were
$1.6 billion and represented 42% of total sales, compared to 38% for
2014. Compared to the full year 2014, sales decreased 1% in the High
Performance Materials & Components segment and 22% in the Flat Rolled
Products segment.
-
Fourth quarter 2015 segment operating loss was $99.1 million,
or (13.4)% of sales, compared to a loss of $73.0 million, or (8.8)% of
sales in the third quarter 2015. High Performance Materials &
Components segment operating profit for the fourth quarter 2015 was
$21.0 million, or 4.6% of sales, compared to $18.8 million, or 4.0% of
sales in the third quarter 2015. Flat Rolled Products segment
operating loss was $120.1 million in the fourth quarter 2015, compared
to a loss of $91.8 million in the third quarter 2015.
-
Full year 2015 segment operating loss was $84.8 million, or
(2.3)% of sales, compared to 2014 segment operating profit of $187.8
million, or 4.4% of sales. High Performance Materials & Components
segment operating profit for the full year 2015 was $157.1 million, or
7.9% of sales, compared to $234.8 million, or 11.7% of sales in 2014.
Flat Rolled Products segment operating loss was $241.9 million for the
full year 2015, compared to a loss of $47.0 million in 2014.
-
The loss from continuing operations attributable to ATI for the
fourth quarter 2015 was $226.9 million, or $(2.12) per share,
compared to a loss of $144.6 million, or $(1.35) per share, for the
third quarter 2015. Results for the fourth quarter 2015 included
$167.3 million after-tax, or $(1.56) per share, of impairment and
restructuring charges and NRV inventory charges compared to $113.4
million after-tax, or $(1.06) per share of NRV inventory charges and
income tax valuation allowances in the third quarter 2015. Excluding
these charges from both 2015 periods, the loss from continuing
operations was $59.6 million, or $(0.56) per share, in the fourth
quarter compared to $31.2 million, or $(0.29) per share, in the third
quarter 2015.
-
Full year 2015 loss from continuing operations attributable to ATI was
$377.9 million, or $(3.53) per share, including all charges, compared
to the full year 2014 loss of $2.0 million, or $(0.02) per share.
-
Cash on hand at the end of 2015 was $149.8 million, a $119.7
million decrease from year-end 2014. Cash flow provided by operations
was $22.5 million in the fourth quarter 2015 and $131.4 million for
the full year 2015.
High Performance Materials & Components Segment
Market Conditions
-
Sales to the commercial jet engine market in the fourth quarter 2015
were slightly higher compared to the third quarter 2015. Government
aerospace and defense sales were also higher sequentially, while sales
to the commercial airframe market were weaker. Sales to the medical
market were 2% higher, while oil & gas/chemical and hydrocarbon
processing industry and construction and mining markets remained at
lower levels. Sales of our titanium and titanium alloys declined 15%,
and sales of our nickel-based and specialty alloys were flat compared
to the third quarter 2015. Sales of zirconium and related alloys
improved 10%, and sales of precision forgings and castings increased
2% compared to the third quarter 2015. Direct international sales
represented over 43% of total segment sales for 2015.
Fourth quarter 2015 compared to fourth quarter 2014
-
Sales decreased 9% to $457.3 million compared to the fourth quarter
2014, primarily as a result of lower mill product shipments. Sales to
the aerospace market, which represented over 60% of fourth quarter
2015 sales, were 6% lower than the prior year quarter as higher sales
to the commercial jet engine market were offset by lower sales in
commercial airframe market due to the timing of orders. Sales to the
oil & gas/chemical and hydrocarbon processing industry decreased 68%
compared to the fourth quarter 2014 due to significant supply chain
rebalancing. Sales to the medical market comprised 11% of segment
sales and increased 9% compared to the fourth quarter 2014.
-
Segment operating profit was $21.0 million, or 4.6% of sales. This
compares to $72.3 million, or 14.4% of sales in the fourth quarter
2014. Results for 2015 were negatively impacted by lower operating
levels due to lower demand from the oil & gas/chemical and hydrocarbon
processing industry and construction and mining markets, which mainly
affected nickel and specialty steel alloys and precision forging
products. Results were also negatively impacted by the misalignment of
raw material costs due to the long manufacturing cycle of certain
products not matching lower raw material index values included in
selling prices.
Flat Rolled Products Segment
Market Conditions
-
Weak market conditions, particularly for commodity standard stainless
products, continued to worsen in the fourth quarter of 2015. Sales of
standard grade stainless sheet and plate products were 26% lower on
15% lower shipment volume, and sales of high-value products were 20%
lower on 17% lower shipment volume, compared to the third quarter of
2015. Declining raw material surcharges contributed to the decline in
sales. Flat Rolled Products segment shipment information is presented
in the attached Selected Financial Data – Mill Products table.
Fourth quarter 2015 compared to fourth quarter 2014
-
Sales were $281.6 million, nearly 50% below the prior year period, due
to weak market conditions and lower sales for all major products.
Shipments of high-value products decreased 32% compared to the fourth
quarter 2014, and shipments of standard stainless products decreased
43%. Average selling prices were 12% lower for high-value products and
32% lower for standard stainless products.
-
Segment operating results were a loss of $120.1 million, compared to a
2014 segment operating loss of $14.3 million. The monthly average
LME-traded price of nickel declined from $7.22 per pound in December
2014 to $3.94 per pound in December 2015. These changes combined with
lower base selling prices for most products had significant negative
impacts on segment results. Lower operating levels due primarily to
weak market conditions also negatively impacted segment results.
Income Taxes
-
Fourth quarter results included a benefit for income taxes of $135.8
million, using a 37.5% tax rate applied to the pretax loss, and $1.3
million of discrete tax benefits, net. ATI continues to record income
tax valuation allowances on a portion of its deferred tax assets with
future expiration dates, as a result of a three year cumulative loss
from U.S. operations. For the full year 2015, the total impact of
income tax valuation allowances was $68.4 million, which reduced the
tax benefit recognized on the 2015 pretax loss, and primarily related
to tax benefits recognized in prior periods. The Company expects to
continue to record income tax valuation allowances for a portion of
its deferred tax assets while it remains in this three-year cumulative
loss position.
Allegheny Technologies will conduct a conference call with investors and
analysts on Tuesday, January 26, 2016, at 8:30 a.m. ET to discuss the
financial results. The conference call will be broadcast, and
accompanying presentation slides will be available, at www.ATImetals.com.
To access the broadcast, click on “Conference Call”. Replay of the
conference call will be available on the Allegheny Technologies website.
This news release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. Certain
statements in this news release relate to future events and expectations
and, as such, constitute forward-looking statements. Forward-looking
statements include those containing such words as “anticipates,”
“believes,” “estimates,” “expects,” “would,” “should,” “will,” “will
likely result,” “forecast,” “outlook,” “projects,” and similar
expressions. Forward-looking statements are based on management’s
current expectations and include known and unknown risks, uncertainties
and other factors, many of which we are unable to predict or control,
that may cause our actual results, performance or achievements to differ
materially from those expressed or implied in the forward-looking
statements. Important factors that could cause actual results to differ
materially from those in the forward-looking statements include: (a)
material adverse changes in economic or industry conditions generally,
including global supply and demand conditions and prices for our
specialty metals; (b) material adverse changes in the markets we serve,
including the aerospace and defense, electrical energy, oil and
gas/chemical and hydrocarbon processing industry, medical, automotive,
construction and mining, and other markets; (c) our inability to achieve
the level of cost savings, productivity improvements, synergies, growth
or other benefits anticipated by management from strategic investments
and the integration of acquired businesses, whether due to significant
increases in energy, raw materials or employee benefits costs, project
cost overruns or unanticipated costs and expenses, or other factors;
(d) continued decline in, or volatility of, prices, and availability of
supply, of the raw materials that are critical to the manufacture of our
products; (e) declines in the value of our defined benefit pension plan
assets or unfavorable changes in laws or regulations that govern pension
plan funding; (f) significant legal proceedings or investigations
adverse to us; (g) labor disputes or work stoppage, including the
current lockout of USW-represented employees; and (h) other risk factors
summarized in our Annual Report on Form 10-K for the year ended December
31, 2014, and in other reports filed with the Securities and Exchange
Commission. We assume no duty to update our forward-looking statements.
Creating Value Thru Relentless Innovation®
Allegheny Technologies Incorporated is one of the largest and most
diversified specialty materials and components producers in the world
with revenues of approximately $3.7 billion in 2015. At December 31,
2015, ATI had approximately 9,200 full-time employees world-wide who use
innovative technologies to offer global markets a wide range of
specialty materials solutions. Our major markets are aerospace and
defense, oil and gas/chemical and hydrocarbon processing industry,
electrical energy, medical, automotive, food equipment and appliance,
and construction and mining. The ATI website is www.ATImetals.com.
Allegheny Technologies Incorporated and Subsidiaries
|
Consolidated Statements of Operations
|
(Unaudited, dollars in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Fiscal Year Ended
|
|
|
|
December 31
|
|
September 30
|
|
December 31
|
|
|
December 31
|
|
December 31
|
|
|
|
2015
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
$
|
738.9
|
|
|
$
|
832.7
|
|
|
$
|
1,047.5
|
|
|
|
$
|
3,719.6
|
|
|
$
|
4,223.4
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
811.0
|
|
|
|
861.4
|
|
|
|
925.6
|
|
|
|
|
3,633.9
|
|
|
|
3,844.8
|
|
|
Selling and administrative expenses
|
|
|
40.8
|
|
|
|
62.5
|
|
|
|
70.4
|
|
|
|
|
238.8
|
|
|
|
272.5
|
|
|
Impairment of goodwill
|
|
|
126.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
126.6
|
|
|
|
-
|
|
|
Restructuring and other charges
|
|
|
89.7
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
89.7
|
|
|
|
-
|
|
Income (loss) before interest, other income and income taxes
|
|
|
(329.2
|
)
|
|
|
(91.2
|
)
|
|
|
51.5
|
|
|
|
|
(369.4
|
)
|
|
|
106.1
|
|
Interest expense, net
|
|
|
(29.2
|
)
|
|
|
(27.5
|
)
|
|
|
(25.9
|
)
|
|
|
|
(110.2
|
)
|
|
|
(108.7
|
)
|
Other income (expense), net
|
|
|
(0.7
|
)
|
|
|
0.8
|
|
|
|
1.2
|
|
|
|
|
1.6
|
|
|
|
4.1
|
|
Income (loss) from continuing operations before income taxes
|
|
|
(359.1
|
)
|
|
|
(117.9
|
)
|
|
|
26.8
|
|
|
|
|
(478.0
|
)
|
|
|
1.5
|
|
Income tax provision (benefit)
|
|
|
(135.8
|
)
|
|
|
23.4
|
|
|
|
3.7
|
|
|
|
|
(112.1
|
)
|
|
|
(8.7
|
)
|
Income (loss) from continuing operations
|
|
|
(223.3
|
)
|
|
|
(141.3
|
)
|
|
|
23.1
|
|
|
|
|
(365.9
|
)
|
|
|
10.2
|
|
Income (loss) from discontinued operations, net of tax
|
|
|
-
|
|
|
|
-
|
|
|
|
2.2
|
|
|
|
|
-
|
|
|
|
(0.6
|
)
|
Net income (loss)
|
|
$
|
(223.3
|
)
|
|
$
|
(141.3
|
)
|
|
$
|
25.3
|
|
|
|
$
|
(365.9
|
)
|
|
$
|
9.6
|
|
Less: Net income attributable to noncontrolling interests
|
|
|
3.6
|
|
|
|
3.3
|
|
|
|
3.2
|
|
|
|
|
12.0
|
|
|
|
12.2
|
|
Net income (loss) attributable to ATI
|
|
$
|
(226.9
|
)
|
|
$
|
(144.6
|
)
|
|
$
|
22.1
|
|
|
|
$
|
(377.9
|
)
|
|
$
|
(2.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per common share
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations attributable to ATI per common share
|
|
$
|
(2.12
|
)
|
|
$
|
(1.35
|
)
|
|
$
|
0.18
|
|
|
|
$
|
(3.53
|
)
|
|
$
|
(0.02
|
)
|
Discontinued operations attributable to ATI per common share
|
|
|
-
|
|
|
|
-
|
|
|
|
0.02
|
|
|
|
|
-
|
|
|
|
(0.01
|
)
|
Basic net income (loss) attributable to ATI per common share
|
|
$
|
(2.12
|
)
|
|
$
|
(1.35
|
)
|
|
$
|
0.20
|
|
|
|
$
|
(3.53
|
)
|
|
$
|
(0.03
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per common share
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations attributable to ATI per common share
|
|
$
|
(2.12
|
)
|
|
$
|
(1.35
|
)
|
|
$
|
0.18
|
|
|
|
$
|
(3.53
|
)
|
|
$
|
(0.02
|
)
|
Discontinued operations attributable to ATI per common share
|
|
|
-
|
|
|
|
-
|
|
|
|
0.02
|
|
|
|
|
-
|
|
|
|
(0.01
|
)
|
Diluted net income (loss) attributable to ATI per common share
|
|
$
|
(2.12
|
)
|
|
$
|
(1.35
|
)
|
|
$
|
0.20
|
|
|
|
$
|
(3.53
|
)
|
|
$
|
(0.03
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to ATI common stockholders
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations, net of tax
|
|
$
|
(226.9
|
)
|
|
$
|
(144.6
|
)
|
|
$
|
19.9
|
|
|
|
$
|
(377.9
|
)
|
|
$
|
(2.0
|
)
|
Income (loss) from discontinued operations, net of tax
|
|
|
-
|
|
|
|
-
|
|
|
|
2.2
|
|
|
|
|
-
|
|
|
|
(0.6
|
)
|
Net income (loss)
|
|
$
|
(226.9
|
)
|
|
$
|
(144.6
|
)
|
|
$
|
22.1
|
|
|
|
$
|
(377.9
|
)
|
|
$
|
(2.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding -- basic (millions)
|
|
|
107.3
|
|
|
|
107.3
|
|
|
|
107.2
|
|
|
|
|
107.3
|
|
|
|
107.1
|
|
Weighted average common shares outstanding -- diluted (millions)
|
|
|
107.3
|
|
|
|
107.3
|
|
|
|
107.9
|
|
|
|
|
107.3
|
|
|
|
107.1
|
|
Actual common shares outstanding -- end of period (millions)
|
|
|
109.2
|
|
|
|
109.2
|
|
|
|
108.7
|
|
|
|
|
109.2
|
|
|
|
108.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allegheny Technologies Incorporated and Subsidiaries
|
Sales and Operating Profit by Business Segment
|
(Unaudited, dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
|
|
December 31
|
|
September 30
|
|
December 31
|
|
December 31
|
|
December 31
|
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Sales:
|
|
|
|
|
|
|
|
|
|
|
High Performance Materials & Components
|
|
$
|
457.3
|
|
|
$
|
474.7
|
|
|
$
|
500.6
|
|
|
$
|
1,985.9
|
|
|
$
|
2,006.8
|
|
Flat Rolled Products
|
|
|
281.6
|
|
|
|
358.0
|
|
|
|
546.9
|
|
|
|
1,733.7
|
|
|
|
2,216.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Total External Sales
|
|
$
|
738.9
|
|
|
$
|
832.7
|
|
|
$
|
1,047.5
|
|
|
$
|
3,719.6
|
|
|
$
|
4,223.4
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High Performance Materials & Components
|
|
$
|
21.0
|
|
|
$
|
18.8
|
|
|
$
|
72.3
|
|
|
$
|
157.1
|
|
|
$
|
234.8
|
|
% of Sales
|
|
|
4.6
|
%
|
|
|
4.0
|
%
|
|
|
14.4
|
%
|
|
|
7.9
|
%
|
|
|
11.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Flat Rolled Products
|
|
|
(120.1
|
)
|
|
|
(91.8
|
)
|
|
|
(14.3
|
)
|
|
|
(241.9
|
)
|
|
|
(47.0
|
)
|
% of Sales
|
|
|
-42.6
|
%
|
|
|
-25.6
|
%
|
|
|
-2.6
|
%
|
|
|
-14.0
|
%
|
|
|
-2.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit (Loss)
|
|
|
(99.1
|
)
|
|
|
(73.0
|
)
|
|
|
58.0
|
|
|
|
(84.8
|
)
|
|
|
187.8
|
|
% of Sales
|
|
|
-13.4
|
%
|
|
|
-8.8
|
%
|
|
|
5.5
|
%
|
|
|
-2.3
|
%
|
|
|
4.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIFO and net realizable value reserves
|
|
|
0.1
|
|
|
|
(0.2
|
)
|
|
|
13.2
|
|
|
|
0.1
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses
|
|
|
(11.1
|
)
|
|
|
(10.7
|
)
|
|
|
(12.3
|
)
|
|
|
(44.7
|
)
|
|
|
(49.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Closed company and other expenses
|
|
|
(3.5
|
)
|
|
|
(6.5
|
)
|
|
|
(6.2
|
)
|
|
|
(22.1
|
)
|
|
|
(28.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of goodwill
|
|
|
(126.6
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(126.6
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other charges
|
|
|
(89.7
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(89.7
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
(29.2
|
)
|
|
|
(27.5
|
)
|
|
|
(25.9
|
)
|
|
|
(110.2
|
)
|
|
|
(108.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations before income taxes
|
|
$
|
(359.1
|
)
|
|
$
|
(117.9
|
)
|
|
$
|
26.8
|
|
|
$
|
(478.0
|
)
|
|
$
|
1.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allegheny Technologies Incorporated and Subsidiaries
|
Condensed Consolidated Balance Sheets
|
(Unaudited, dollars in millions)
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2015
|
|
2014 *
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
149.8
|
|
$
|
269.5
|
Accounts receivable, net of allowances for doubtful accounts of
$4.5 million and $4.8 million at December 31, 2015 and 2014,
respectively
|
|
|
400.3
|
|
|
603.6
|
Inventories, net
|
|
|
1,271.6
|
|
|
1,472.8
|
Prepaid expenses and other current assets
|
|
|
45.9
|
|
|
136.2
|
Total Current Assets
|
|
|
1,867.6
|
|
|
2,482.1
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
2,928.2
|
|
|
2,961.8
|
Cost in excess of net assets acquired
|
|
|
651.4
|
|
|
780.4
|
Other assets
|
|
|
304.5
|
|
|
347.4
|
|
|
|
|
|
|
Total Assets
|
|
$
|
5,751.7
|
|
$
|
6,571.7
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
380.8
|
|
$
|
556.7
|
Accrued liabilities
|
|
|
301.8
|
|
|
323.2
|
Short term debt and current portion of long-term debt
|
|
|
3.9
|
|
|
17.8
|
Total Current Liabilities
|
|
|
686.5
|
|
|
897.7
|
|
|
|
|
|
|
Long-term debt
|
|
|
1,491.8
|
|
|
1,498.2
|
Accrued postretirement benefits
|
|
|
359.2
|
|
|
415.8
|
Pension liabilities
|
|
|
833.8
|
|
|
739.3
|
Deferred income taxes
|
|
|
75.6
|
|
|
143.1
|
Other long-term liabilities
|
|
|
108.3
|
|
|
156.2
|
Total Liabilities
|
|
|
3,555.2
|
|
|
3,850.3
|
|
|
|
|
|
|
Redeemable noncontrolling interest
|
|
|
12.1
|
|
|
12.1
|
|
|
|
|
|
|
Total ATI stockholders' equity
|
|
|
2,082.8
|
|
|
2,598.4
|
Noncontrolling interests
|
|
|
101.6
|
|
|
110.9
|
Total Equity
|
|
|
2,184.4
|
|
|
2,709.3
|
|
|
|
|
|
|
Total Liabilities and Equity
|
|
$
|
5,751.7
|
|
$
|
6,571.7
|
|
|
|
|
|
|
|
* Due to the retrospective adoption of new accounting standards in
2015, the December 31, 2014 balance sheet now reflects $10.9 million
of debt issuance costs reclassified from other assets to long-term
debt and $62.2 million of deferred income tax liabilities
reclassified from accrued liabilities to noncurrent deferred income
taxes.
|
|
Allegheny Technologies Incorporated and Subsidiaries
|
Condensed Consolidated Statements of Cash Flows
|
(Unaudited, dollars in millions)
|
|
|
|
Fiscal Year Ended
|
|
|
|
December 31
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(365.9
|
)
|
|
$
|
9.6
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
189.9
|
|
|
|
176.8
|
|
|
Impairment of goodwill
|
|
|
126.6
|
|
|
|
-
|
|
|
Non-cash restructuring and other charges
|
|
|
54.5
|
|
|
|
-
|
|
|
Deferred taxes
|
|
|
(118.0
|
)
|
|
|
31.7
|
|
|
Change in managed working capital
|
|
|
229.0
|
|
|
|
(148.0
|
)
|
|
Change in retirement benefits
|
|
|
14.3
|
|
|
|
3.1
|
|
|
Accrued liabilities and other
|
|
|
1.0
|
|
|
|
(17.3
|
)
|
Cash provided by operating activities
|
|
|
131.4
|
|
|
|
55.9
|
|
Investing Activities:
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
|
(144.5
|
)
|
|
|
(225.7
|
)
|
|
Purchases of businesses, net of cash acquired
|
|
|
(0.5
|
)
|
|
|
(92.9
|
)
|
|
Asset disposals and other
|
|
|
(0.1
|
)
|
|
|
2.4
|
|
Cash used in investing activities
|
|
|
(145.1
|
)
|
|
|
(316.2
|
)
|
Financing Activities:
|
|
|
|
|
|
Payments on long-term debt and capital leases
|
|
|
(23.6
|
)
|
|
|
(414.9
|
)
|
|
Net borrowings under credit facilities
|
|
|
1.5
|
|
|
|
-
|
|
|
Debt issuance costs
|
|
|
-
|
|
|
|
(1.2
|
)
|
|
Dividends paid to shareholders
|
|
|
(66.5
|
)
|
|
|
(77.1
|
)
|
|
Dividends paid to noncontrolling interests
|
|
|
(16.0
|
)
|
|
|
-
|
|
|
Taxes on share-based compensation and other
|
|
|
(1.4
|
)
|
|
|
(3.8
|
)
|
Cash used in financing activities
|
|
|
(106.0
|
)
|
|
|
(497.0
|
)
|
Decrease in cash and cash equivalents
|
|
|
(119.7
|
)
|
|
|
(757.3
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
269.5
|
|
|
|
1,026.8
|
|
Cash and cash equivalents at end of period
|
|
$
|
149.8
|
|
|
$
|
269.5
|
|
|
|
|
|
|
|
|
|
|
Allegheny Technologies Incorporated and Subsidiaries
|
Selected Financial Data - Mill Products
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
|
|
December 31
|
|
September 30
|
|
December 31
|
|
December 31
|
|
December 31
|
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Shipment Volume:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flat Rolled Products (000's lbs.)
|
|
|
|
|
|
|
|
|
|
|
High value
|
|
|
86,155
|
|
|
104,042
|
|
|
125,926
|
|
|
449,461
|
|
|
508,753
|
Standard
|
|
|
89,397
|
|
|
104,690
|
|
|
156,186
|
|
|
514,035
|
|
|
678,022
|
Flat Rolled Products total
|
|
|
175,552
|
|
|
208,732
|
|
|
282,112
|
|
|
963,496
|
|
|
1,186,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Selling Prices:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flat Rolled Products (per lb.)
|
|
|
|
|
|
|
|
|
|
|
High value
|
|
$
|
2.26
|
|
$
|
2.34
|
|
$
|
2.58
|
|
$
|
2.51
|
|
$
|
2.53
|
Standard
|
|
$
|
0.94
|
|
$
|
1.08
|
|
$
|
1.39
|
|
$
|
1.16
|
|
$
|
1.35
|
Flat Rolled Products combined average
|
|
$
|
1.59
|
|
$
|
1.71
|
|
$
|
1.92
|
|
$
|
1.79
|
|
$
|
1.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allegheny Technologies Incorporated and Subsidiaries
|
Computation of Basic and Diluted Earnings Per Share Attributable
to ATI
|
(Unaudited, in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
|
|
|
December 31
|
|
September 30
|
|
December 31
|
|
December 31
|
|
December 31
|
|
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Continuing operations:
|
|
|
|
|
|
|
|
|
|
|
Numerator for Basic net income (loss) per common share -
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to ATI
|
|
$
|
(226.9
|
)
|
|
$
|
(144.6
|
)
|
|
$
|
19.9
|
|
|
$
|
(377.9
|
)
|
|
$
|
(2.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable noncontrolling interest
|
|
|
-
|
|
|
|
(0.2
|
)
|
|
|
(0.3
|
)
|
|
|
(0.3
|
)
|
|
|
(0.3
|
)
|
Numerator for Dilutive net income (loss) per common share -
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to ATI after
assumed conversions
|
|
$
|
(226.9
|
)
|
|
$
|
(144.8
|
)
|
|
$
|
19.6
|
|
|
$
|
(378.2
|
)
|
|
$
|
(2.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for Basic net income (loss) per common share -
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
107.3
|
|
|
|
107.3
|
|
|
|
107.2
|
|
|
|
107.3
|
|
|
|
107.1
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
|
-
|
|
|
|
-
|
|
|
|
0.7
|
|
|
|
-
|
|
|
|
-
|
|
Denominator for Diluted net income (loss) per common share -
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted weighted average assuming conversions
|
|
|
107.3
|
|
|
|
107.3
|
|
|
|
107.9
|
|
|
|
107.3
|
|
|
|
107.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income (loss) from continuing operations attributable to ATI
per common share
|
|
$
|
(2.12
|
)
|
|
$
|
(1.35
|
)
|
|
$
|
0.18
|
|
|
$
|
(3.53
|
)
|
|
$
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss) from continuing operations attributable to
ATI per common share
|
|
$
|
(2.12
|
)
|
|
$
|
(1.35
|
)
|
|
$
|
0.18
|
|
|
$
|
(3.53
|
)
|
|
$
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allegheny Technologies Incorporated and Subsidiaries
|
Other Financial Information
|
Managed Working Capital
|
(Unaudited, dollars in millions)
|
|
|
|
|
|
|
|
December 31
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Accounts receivable
|
|
$
|
400.3
|
|
|
$
|
603.6
|
|
Inventory
|
|
|
1,271.6
|
|
|
|
1,472.8
|
|
Accounts payable
|
|
|
(380.8
|
)
|
|
|
(556.7
|
)
|
Subtotal
|
|
|
1,291.1
|
|
|
|
1,519.7
|
|
|
|
|
|
|
Allowance for doubtful accounts
|
|
|
4.5
|
|
|
|
4.8
|
|
LIFO reserve
|
|
|
5.1
|
|
|
|
(4.8
|
)
|
Inventory reserves
|
|
|
64.8
|
|
|
|
68.8
|
|
Corporate and other
|
|
|
-
|
|
|
|
6.0
|
|
Managed working capital
|
|
$
|
1,365.5
|
|
|
$
|
1,594.5
|
|
|
|
|
|
|
Annualized prior 2 months sales
|
|
$
|
2,688.8
|
|
|
$
|
4,144.5
|
|
|
|
|
|
|
Managed working capital as a % of annualized sales
|
|
|
50.8
|
%
|
|
|
38.5
|
%
|
|
|
|
|
|
December 31, 2015 change in managed working capital
|
|
$
|
(229.0
|
)
|
|
|
|
|
|
|
|
|
|
As part of managing the liquidity in our business, we focus on
controlling managed working capital, which is defined as gross
accounts receivable and gross inventories, less accounts payable.
In measuring performance in controlling this managed working
capital, we exclude the effects of LIFO and other inventory
valuation reserves and reserves for uncollectible accounts
receivable which, due to their nature, are managed separately.
|
|
Allegheny Technologies Incorporated and Subsidiaries
|
Other Financial Information
|
Debt to Capital
|
(Unaudited, dollars in millions)
|
|
|
|
|
|
|
|
December 31
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Total debt (a)
|
|
$
|
1,505.2
|
|
|
$
|
1,526.9
|
|
Less: Cash
|
|
|
(149.8
|
)
|
|
|
(269.5
|
)
|
Net debt
|
|
$
|
1,355.4
|
|
|
$
|
1,257.4
|
|
|
|
|
|
|
Net debt
|
|
$
|
1,355.4
|
|
|
$
|
1,257.4
|
|
Total ATI stockholders' equity
|
|
|
2,082.8
|
|
|
|
2,598.4
|
|
Net ATI capital
|
|
$
|
3,438.2
|
|
|
$
|
3,855.8
|
|
|
|
|
|
|
Net debt to ATI capital
|
|
|
39.4
|
%
|
|
|
32.6
|
%
|
|
|
|
|
|
Total debt (a)
|
|
$
|
1,505.2
|
|
|
$
|
1,526.9
|
|
Total ATI stockholders' equity
|
|
|
2,082.8
|
|
|
|
2,598.4
|
|
Total ATI capital
|
|
$
|
3,588.0
|
|
|
$
|
4,125.3
|
|
|
|
|
|
|
Total debt to total ATI capital
|
|
|
42.0
|
%
|
|
|
37.0
|
%
|
|
|
|
|
|
(a) Excludes debt issuance costs.
|
|
|
|
|
|
|
|
|
|
In managing the overall capital structure of the Company, some of
the measures that we focus on are net debt to net capitalization,
which is the percentage of debt, net of cash that may be available
to reduce borrowings, to the total invested and borrowed capital
of ATI (excluding noncontrolling interest), and total debt to
total ATI capitalization, which excludes cash balances.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160126005783/en/ Copyright Business Wire 2016
Source: Business Wire
(January 26, 2016 - 7:30 AM EST)
News by QuoteMedia
www.quotemedia.com
|