March 24, 2016 - 6:45 AM EDT
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Commercial Metals Company Reports Second Quarter Earnings Per Share Of $0.09; Or $0.15 Adjusted Earnings Per Share(+) Excluding Costs Associated With Senior Note Tender Offers Closed February 17, 2016

IRVING, Texas, March 24, 2016 /PRNewswire/ -- Commercial Metals Company (NYSE: CMC) today announced financial results for its second quarter ended February 29, 2016. Net earnings attributable to CMC for the three months ended February 29, 2016 were $10.5 million ($0.09 per diluted share) on net sales of $1.0 billion. This compares to net earnings attributable to CMC of $6.2 million ($0.05 per diluted share) on net sales of $1.4 billion for the second quarter ended February 28, 2015. Results for the second quarter of fiscal 2016 included an after-tax impact of debt extinguishment costs of $7.4 million ($0.06 per diluted share) associated with the tender offers for senior notes completed on February 17, 2016.

Earnings from continuing operations for the second quarter of fiscal 2016 were $10.8 million ($0.09 per diluted share), compared with earnings from continuing operations of $13.5 million ($0.11 per diluted share) for the second quarter of fiscal 2015.

Joe Alvarado, Chairman of the Board, President, and CEO, commented, "Our second fiscal quarter has historically been our weakest quarter primarily due to seasonal slowdowns during the winter months. However, we are pleased with the results for our second quarter of fiscal 2016. The extinguishment of bond indebtedness helps to de-lever the balance sheet and the associated costs of extinguishment represent a less than one year pay back compared to the interest expense that we will avoid as a result. Additionally, during the second quarter of fiscal 2016, our Americas Fabrication segment benefited from reduced raw material input costs, resulting in expanded metal margins compared to the corresponding period of the prior fiscal year."

During the first quarter of fiscal 2016, the Company elected to change the accounting method it uses to value its inventories from the last-in, first-out method to the weighted average cost method for its Americas Mills, Americas Recycling and Americas Fabrication segments and to the specific identification method for the steel trading division headquartered in the U.S. in its International Marketing and Distribution segment. The Company applied this change in accounting principle retrospectively to all prior periods presented. Also during the first quarter of fiscal 2016, the Company elected to change the accounting method it uses to value its inventories in its International Marketing and Distribution segment, except for the steel trading division headquartered in the U.S., from the first-in, first-out method to the specific identification method. Because this change in accounting principle was immaterial in all prior periods, it was not applied retrospectively.

Adjusted operating profit from continuing operations was $30.0 million for the second quarter of fiscal 2016. This compares with adjusted operating profit from continuing operations of $37.9 million for the second quarter of fiscal 2015. Adjusted EBITDA from continuing operations was $61.1 million for the second quarter of fiscal 2016, compared with adjusted EBITDA from continuing operations of $70.8 million for the second quarter of fiscal 2015.

During the second quarter of fiscal 2016, the Company completed tender offers for $200.2 million of senior notes, which resulted in $7.4 million in after-tax debt extinguishment costs, and the Company purchased approximately 1.9 million shares of its common stock for $26.0 million. The Company's financial position at February 29, 2016 remained strong with cash and cash equivalents of $381.7 million and total available liquidity in excess of $900 million. Additionally, the Company had $49.5 million in restricted cash primarily related to the construction of a new steel micro-mill in Durant, Oklahoma, which is included in other current assets in the Company's unaudited condensed consolidated balance sheet as of February 29, 2016. Cash flow from operations for the second quarter of fiscal 2016 was strong at $113.2 million.

(+)  Non-GAAP financial measure

Business Segments

The Americas Recycling segment recorded adjusted operating loss of $7.6 million for the second quarter of fiscal 2016 compared to adjusted operating loss of $9.7 million for the second quarter of fiscal 2015. The improved performance compared to the same period in the prior fiscal year was primarily due to per ton margin expansion of 9% on ferrous and 7% on nonferrous shipments. However, ferrous and nonferrous tons shipped decreased 16% and 14% respectively, compared to the second quarter of fiscal 2015, which outweighed the improvement in average metal margins and resulted in the adjusted operating loss for the second quarter of fiscal 2016.

The Americas Mills segment recorded adjusted operating profit of $50.7 million for the second quarter of fiscal 2016 compared to adjusted operating profit of $59.5 million for the corresponding period in the prior fiscal year. Profitability in this segment declined during the second quarter of fiscal 2016 compared to the second quarter of fiscal 2015 due to 8% margin compression as the average selling price decreased $152 per short ton, which more than offset a $123 per short ton decrease in the average cost of ferrous scrap consumed.

The Americas Fabrication segment recorded adjusted operating profit of $14.8 million for the second quarter of fiscal 2016. This compares to adjusted operating loss of $5.8 million for the second quarter of fiscal 2015. The increase in adjusted operating profit for the second quarter of fiscal 2016 was primarily due to a decrease in average composite material cost, which more than offset a decrease in the average composite selling price and resulted in a 15% per short ton increase in the average composite metal margin, compared to the second quarter of fiscal 2015. Additionally, during the second quarter of fiscal 2016, volumes for this segment increased 5% compared to the same period in the prior fiscal year.

The International Mill segment recorded adjusted operating profit of $2.0 million for the second quarter of fiscal 2016 compared to adjusted operating profit of $0.8 million for the corresponding period in fiscal 2015. Adjusted operating profit for the second quarter of fiscal 2016 increased as a result of a $1.8 million decrease in utilities expense and a 4% increase in tons shipped, partially offset by a 10% per short ton decline in the average metal margin.

The International Marketing and Distribution segment recorded adjusted operating loss of $2.3 million for the second quarter of fiscal 2016 compared to adjusted operating profit of $7.4 million for the same period in the prior fiscal year. The decline in adjusted operating profit for the second quarter of fiscal 2016 compared to the second quarter of fiscal 2015 was primarily due to a decrease in volumes and the average margin for its steel trading business headquartered in the U.S. and its European operations. Additionally, declines in the average margins for its raw material trading business headquartered in the U.S. and its Australian and Asian operations outweighed increases in volumes for these operations. This segment also recorded inventory impairments of approximately $5.3 million during the second quarter of fiscal 2016, compared to approximately $1.3 million during the second quarter of fiscal 2015.

Year to Date Results

Net earnings attributable to CMC for the six months ended February 29, 2016 were $35.6 million ($0.30 per diluted share) on net sales of $2.2 billion, compared with net earnings attributable to CMC of $38.4 million ($0.32 per diluted share) on net sales of $3.1 billion for the six months ended February 28, 2015. For the six months ended February 29, 2016, adjusted operating profit was $85.1 million, compared with $96.3 million for the six months ended February 28, 2015. Adjusted EBITDA was $147.8 million for the six months ended February 29, 2016, compared with $162.0 million for the six months ended February 28, 2015.

Outlook

Alvarado concluded, "We expect demand for our finished steel products to improve heading into our fiscal third quarter, as the construction season ramps up. Non-residential construction spending, which is our primary end use market in the U.S., was up 11% year over year in February 2016. Furthermore, from a U.S. perspective, we are encouraged by the strength of the Architecture Billings Index (ABI), posting above 50 for 21 of the 24 months ended February 2016, which has historically been a leading indicator of improved non-residential construction. Our order backlog remains strong. However, we expect to continue to be challenged globally by steel overcapacity in China, imports into the U.S. and Poland, and a strong U.S. dollar."

Conference Call

CMC invites you to listen to a live broadcast of its second quarter of fiscal 2016 conference call today, Thursday, March 24, 2016, at 11:00 a.m. ETJoe Alvarado, Chairman of the Board, President and CEO, Barbara Smith, COO, and Mary Lindsey, Vice President and CFO, will host the call.  The call is accessible via our website at www.cmc.com.  In the event you are unable to listen to the live broadcast, the call will be archived and available for replay on our website on the next business day.  Financial and statistical information presented in the webcast will be located on CMC's website under "Investors."

About Commercial Metals Company

Commercial Metals Company and its subsidiaries manufacture, recycle and market steel and metal products, related materials and services through a network including steel minimills, steel fabrication and processing plants, construction-related product warehouses, metal recycling facilities and marketing and distribution offices in the United States and in strategic international markets.

Forward-Looking Statements

This news release contains forward-looking statements regarding the Company's expectations relating to U.S. construction activity, demand for finished steel products and the effects of global steel overcapacity and a strong U.S. dollar.  These forward-looking statements generally can be identified by phrases such as we, CMC or its management "expects," "anticipates," "believes," "estimates," "intends," "plans to," "ought," "could," "will," "should," "likely," "appears" or other similar words or phrases. There are inherent risks and uncertainties in any forward-looking statements. Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to have been correct, and actual results may vary materially.  Except as required by law, the Company undertakes no obligation to update, amend or clarify any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or otherwise.

Actual results may differ materially from those projected as a result of certain risks and uncertainties, including, but not limited to, the following: global economic conditions, including recovery from the recent recession and construction activity or lack thereof, and their impact in a highly cyclical industry; rapid and significant changes in the price of metals; excess capacity in our industry, particularly in China, and product availability from competing steel minimills and other steel suppliers including import quantities and pricing; currency fluctuations; compliance with and changes in environmental laws and regulations, including increased regulation associated with climate change and greenhouse gas emissions; potential limitations in our or our customers' ability to access credit and non-compliance by our customers with our contracts; financial covenants and restrictions on the operation of our business contained in agreements governing our debt; global factors, including political and military uncertainties; availability of electricity and natural gas for minimill operations; information technology interruptions and breaches in security data; ability to retain key executives; ability to make necessary capital expenditures; availability and pricing of raw materials over which we exert little influence, including scrap metal, energy, insurance and supply prices; unexpected equipment failures; competition from other materials or from competitors that have a lower cost structure or access to greater financial resources; losses or limited potential gains due to hedging transactions; litigation claims and settlements, court decisions, regulatory rulings and legal compliance risks; risk of injury or death to employees, customers or other visitors to our operations; increased costs related to health care reform legislation; and those factors listed under Item 1A. "Risk Factors" included in the Company's Annual Report filed on Form 10-K for the fiscal year ended August 31, 2015.

 


COMMERCIAL METALS COMPANY

OPERATING STATISTICS AND BUSINESS SEGMENTS (UNAUDITED)



Three Months Ended


Six Months Ended

(short tons in thousands)


February 29, 2016


February 28, 2015


February 29, 2016


February 28, 2015

Americas Recycling tons shipped


427


508


868


1,060










Americas Mills rebar shipments


364


354


758


788

Americas Mills merchant and other shipments


244


252


490


541

Total Americas Mills tons shipped


608


606


1,248


1,329










Americas Mills average FOB selling price (total sales)


$

510


$

662


$

533


$

674

Americas Mills average cost ferrous scrap consumed


$

179


$

302


$

188


$

319

Americas Mills metal margin


$

331


$

360


$

345


$

355

Americas Mills average ferrous scrap purchase price


$

159


$

247


$

158


$

268










International Mill tons shipped


282


271


560


576










International Mill average FOB selling price (total sales)


$

363


$

481


$

385


$

515

International Mill average cost ferrous scrap consumed


$

178


$

276


$

192


$

296

International Mill metal margin


$

185


$

205


$

193


$

219

International Mill average ferrous scrap purchase price


$

148


$

229


$

157


$

247










Americas Fabrication rebar tons shipped


225


207


474


472

Americas Fabrication structural and post tons shipped


29


35


57


69

Total Americas Fabrication tons shipped


254


242


531


541










Americas Fabrication average selling price (excluding stock and buyout sales)


$

842


$

952


$

866


$

949

 

(in thousands)


Three Months Ended


Six Months Ended

Net sales


February 29, 2016


February 28, 2015


February 29, 2016


February 28, 2015

Americas Recycling


$

148,346


$

259,079


$

327,553


$

575,138

Americas Mills


336,429


428,845


720,961


953,696

Americas Fabrication


336,144


344,410


718,458


756,898

International Mill


107,458


138,449


227,906


316,078

International Marketing and Distribution


276,876


465,238


559,913


1,003,044

Corporate


(2,867)


2,717


(476)


3,549

Eliminations


(182,689)


(247,621)


(379,759)


(537,296)

Total net sales


$

1,019,697


$

1,391,117


$

2,174,556


$

3,071,107










Adjusted operating profit (loss)









Americas Recycling


$

(7,645)


$

(9,657)


$

(14,193)


$

(11,609)

Americas Mills


50,699


59,470


109,763


132,118

Americas Fabrication


14,825


(5,769)


36,170


(9,950)

International Mill


1,951


819


4,722


5,042

International Marketing and Distribution


(2,293)


7,385


(4,462)


24,054

Corporate


(28,801)


(16,400)


(46,873)


(36,011)

Eliminations


1,232


2,037


902


1,232

Adjusted operating profit from continuing operations


29,968


37,885


86,029


104,876

Adjusted operating loss from discontinued operations


(405)


(6,913)


(927)


(8,576)

Adjusted operating profit


$

29,563


$

30,972


$

85,102


$

96,300

 

COMMERCIAL METALS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)



Three Months Ended


Six Months Ended

(in thousands, except share data)


February 29, 2016


February 28, 2015


February 29, 2016


February 28, 2015

Net sales


$

1,019,697


$

1,391,117


$

2,174,556


$

3,071,107

Costs and expenses:









Cost of goods sold


884,876


1,244,042


1,882,118


2,744,109

Selling, general and administrative expenses


93,918


109,602


195,826


222,985

Loss on debt extinguishment


11,365



11,365


Interest expense


16,625


19,252


34,929


38,309



1,006,784


1,372,896


2,124,238


3,005,403










Earnings from continuing operations before income taxes


12,913


18,221


50,318


65,704

Income taxes


2,064


4,756


13,836


17,974

Earnings from continuing operations


10,849


13,465


36,482


47,730










Loss from discontinued operations before income taxes (benefit)


(446)


(7,268)


(1,018)


(9,370)

Income taxes (benefit)


(99)



(101)


(21)

Loss from discontinued operations


(347)


(7,268)


(917)


(9,349)










Net earnings


10,502


6,197


35,565


38,381

Less net earnings attributable to noncontrolling interests





Net earnings attributable to CMC


$

10,502


$

6,197


$

35,565


$

38,381










Basic earnings (loss) per share attributable to CMC:









Earnings from continuing operations


$

0.09


$

0.12


$

0.32


$

0.41

Loss from discontinued operations



(0.06)


(0.01)


(0.08)

Net earnings


$

0.09


$

0.06


$

0.31


$

0.33










Diluted earnings (loss) per share attributable to CMC:









Earnings from continuing operations


$

0.09


$

0.11


$

0.31


$

0.40

Loss from discontinued operations



(0.06)


(0.01)


(0.08)

Net earnings


$

0.09


$

0.05


$

0.30


$

0.32










Cash dividends per share


$

0.12


$

0.12


$

0.24


$

0.24

Average basic shares outstanding


115,429,550


116,688,162


115,725,896


117,244,406

Average diluted shares outstanding


116,507,591


117,683,476


117,002,822


118,395,844

 


COMMERCIAL METALS COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands)


February 29,
 2016


August 31,
 2015

Assets





Current assets:





Cash and cash equivalents


$

381,678


$

485,323

Accounts receivable, net


685,553


900,619

Inventories, net


753,695


880,484

Current deferred tax assets



3,310

Other current assets


145,459


93,643

Assets of businesses held for sale


13,989


17,008

Total current assets


1,980,374


2,380,387

Net property, plant and equipment


877,835


883,650

Goodwill


66,259


66,383

Other noncurrent assets


119,043


115,168

Total assets


$

3,043,511


$

3,445,588

Liabilities and stockholders' equity





Current liabilities:





Accounts payable-trade


$

209,991


$

260,984

Accounts payable-documentary letters of credit


15,658


41,473

Accrued expenses and other payables


210,670


290,677

Notes payable



20,090

Current maturities of long-term debt


10,845


10,110

Liabilities of businesses held for sale


4,091


5,276

Total current liabilities


451,255


628,610

Deferred income taxes


61,671


55,803

Other long-term liabilities


109,955


101,919

Long-term debt


1,071,832


1,277,882

Total liabilities


1,694,713


2,064,214

Stockholders' equity attributable to CMC


1,348,639


1,381,225

Stockholders' equity attributable to noncontrolling interests


159


149

Total stockholders' equity


1,348,798


1,381,374

Total liabilities and stockholders' equity


$

3,043,511


$

3,445,588

 


COMMERCIAL METALS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)



Six Months Ended

(in thousands)


February 29,
 2016


February 28,
 2015

Cash flows from (used by) operating activities:





Net earnings


$

35,565


$

38,381

Adjustments to reconcile net earnings to cash flows from (used by) operating activities:





Depreciation and amortization


63,541


66,988

Provision for losses on receivables, net


2,740


1,271

Stock-based compensation


13,106


11,822

Amortization of interest rate swaps termination gain


(3,798)


(3,799)

Loss on debt extinguishment


11,365


Deferred income taxes


(4,614)


(8,946)

Tax benefit from stock plans


(55)


(46)

Net gain on sale of assets and other


(2,767)


(2,014)

Write-down of inventories


7,949


4,119

Asset impairment



149

Changes in operating assets and liabilities:





Accounts receivable


190,622


138,132

Advance payments on sale of accounts receivable programs, net


11,504


(50,329)

Inventories


111,544


(174,990)

Other assets


2,681


5,019

Accounts payable, accrued expenses and other payables


(115,002)


(159,978)

Other long-term liabilities


8,429


(5,063)

Net cash flows from (used by) operating activities


332,810


(139,284)






Cash flows from (used by) investing activities:





Capital expenditures


(62,437)


(49,498)

Increase in restricted cash


(49,145)


Proceeds from the sale of subsidiaries



2,354

Proceeds from the sale of property, plant and equipment and other


3,060


8,273

Net cash flows used by investing activities


(108,522)


(38,871)






Cash flows from (used by) financing activities:





Repayments on long-term debt


(205,816)


(5,348)

Treasury stock acquired


(30,595)


(39,580)

Cash dividends


(27,839)


(28,184)

Increase (decrease) in documentary letters of credit, net


(25,815)


137,548

Short-term borrowings, net change


(20,090)


(7,146)

Debt extinguishment costs


(11,013)


Stock issued under incentive and purchase plans, net of forfeitures


(5,671)


(1,377)

Decrease in restricted cash


1


3,868

Contribution from noncontrolling interests


29


38

Tax benefit from stock plans


55


46

Net cash flows from (used by) financing activities


(326,754)


59,865

Effect of exchange rate changes on cash


(1,179)


(3,634)

Decrease in cash and cash equivalents


(103,645)


(121,924)

Cash and cash equivalents at beginning of year


485,323


434,925

Cash and cash equivalents at end of period


$

381,678


$

313,001






Supplemental information:





Noncash activities:





Change in liabilities related to purchases of property, plant, and equipment


$

2,706


$

7,519

 

COMMERCIAL METALS COMPANY
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
(dollars in thousands)

This press release contains financial measures not derived in accordance with generally accepted accounting principles ("GAAP"). Reconciliations to the most comparable GAAP measures are provided below.

Adjusted Earnings per Share is a non-GAAP financial measure. Management believes excluding the costs associated with the senior note tender offers closed on February 17, 2016 provides investors with a clearer perspective of the current underlying operating performance. Adjusted earnings per share may be inconsistent with similar measures presented by other companies.

 



Three Months Ended


Six Months Ended



February 29, 2016


February 29, 2016

Diluted net earnings per share attributable to CMC


$

0.09


$

0.30

Impact of cost of debt extinguishment


0.09


0.09

Income tax effect


(0.03)


(0.03)

Adjusted earnings per share


$

0.15


$

0.36

 

Adjusted Operating Profit is a non-GAAP financial measure. Management uses adjusted operating profit to evaluate the financial performance of CMC. Adjusted operating profit is the sum of adjusted operating profit from continuing operations and adjusted operating loss from discontinued operations. Adjusted operating profit from continuing operations is the sum of our earnings from continuing operations before income taxes, interest expense and discounts on sales of accounts receivable. Adjusted operating loss from discontinued operations is the sum of our loss from discontinued operations before income taxes (benefit), interest expense and discounts on sales of accounts receivable. For added flexibility, we may sell certain trade accounts receivable both in the U.S. and internationally. We consider sales of accounts receivable as an alternative source of liquidity to finance our operations, and we believe that removing these costs provides a clearer perspective of CMC's operating performance. Adjusted operating profit may be inconsistent with similar measures presented by other companies.

 



Three Months Ended


Six Months Ended

(in thousands)


February 29, 2016


February 28, 2015


February 29, 2016


February 28, 2015

Earnings from continuing operations


$

10,849


$

13,465


$

36,482


$

47,730

Income taxes


2,064


4,756


13,836


17,974

Interest expense


16,625


19,252


34,929


38,309

Discounts on sales of accounts receivable


430


412


782


863

Adjusted operating profit from continuing operations


29,968


37,885


86,029


104,876

Adjusted operating loss from discontinued operations


(405)


(6,913)


(927)


(8,576)

Adjusted operating profit


$

29,563


$

30,972


$

85,102


$

96,300

 

Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is the sum of adjusted EBITDA from continuing operations and adjusted EBITDA from discontinued operations. There were no net earnings attributable to noncontrolling interests during the three and six months ended February 29, 2016 and February 28, 2015. Adjusted EBITDA from continuing operations is the sum of our earnings from continuing operations before net earnings attributable to noncontrolling interests, interest expense and income taxes. It also excludes CMC's largest recurring non-cash charge, depreciation and amortization, as well as impairment charges, which are also non-cash. Adjusted EBITDA from discontinued operations is the sum of our loss from discontinued operations before net earnings attributable to noncontrolling interests, interest expense and income taxes (benefit). It also excludes the largest recurring non-cash charge from discontinued operations, depreciation and amortization, as well as impairment charges from discontinued operations, which are also non-cash. Adjusted EBITDA should not be considered as an alternative to net earnings or as a better measure of liquidity than net cash flows from operating activities, as determined by GAAP. However, we believe that adjusted EBITDA provides relevant and useful information, which is often used by analysts, creditors and other interested parties in our industry. Adjusted EBITDA to interest expense is a covenant test in certain of CMC's debt agreements. Adjusted EBITDA is also the target benchmark for our annual and long-term cash incentive performance plans for management. Adjusted EBITDA may be inconsistent with similar measures presented by other companies.

 



Three Months Ended


Six Months Ended

(in thousands)


February 29, 2016


February 28, 2015


February 29, 2016


February 28, 2015

Earnings from continuing operations


$

10,849


$

13,465


$

36,482


$

47,730

Interest expense


16,625


19,252


34,929


38,309

Income taxes


2,064


4,756


13,836


17,974

Depreciation and amortization


31,550


33,130


63,541


66,713

Impairment charges



149



149

Adjusted EBITDA from continuing operations


61,088


70,752


148,788


170,875

Adjusted EBITDA from discontinued operations


(445)


(7,178)


(1,017)


(8,878)

Adjusted EBITDA


$

60,643


$

63,574


$

147,771


$

161,997

 

Adjusted EBITDA to interest coverage ratio for the quarter ended February 29, 2016:

$60,643

/

$16,625

=

3.6

 

Total liquidity is a non-GAAP financial measure and is the sum of the Company's cash and cash equivalents and availability under its revolving credit facility, U.S. and international accounts receivables sales facilities and its uncommitted bank lines of credit. The table below reflects the Company's cash and cash equivalents, credit facilities and availability to liquidity.



February 29, 2016

(in thousands)


Total Facility


Availability

Cash and cash equivalents


$

381,678


$

381,678

Revolving credit facility


350,000


326,549

U.S. receivables sale facility


200,000


121,075

International accounts receivable sales facilities


78,570


33,081

Bank credit facilities — uncommitted


43,755


41,587

Total liquidity


$

1,054,003


$

903,970

 

Total capitalization is a non-GAAP financial measure and is the sum of stockholders' equity attributable to CMC, long-term debt and deferred income taxes. The ratio of debt to total capitalization is a measure of current debt leverage. The following reconciles total capitalization to the most comparable GAAP measure, stockholders' equity attributable to CMC.

(in thousands)


February 29, 2016

Stockholders' equity attributable to CMC


$

1,348,639

Long-term debt


1,071,832

Deferred income taxes


61,671

Total capitalization


$

2,482,142

 

OTHER FINANCIAL INFORMATION

Long-term debt to capitalization ratio as of February 29, 2016:

$1,071,832

/

$2,482,142

=

43.2

%

 

Total debt to capitalization plus short-term debt plus notes payable ratio as of February 29, 2016:

($1,071,832

+

$10,845

+

$—)


/

($2,482,142

+

$10,845

+

$—)


=

43.4

%

 

Current ratio as of February 29, 2016:

Current assets divided by current liabilities

$1,980,374

/

$451,255

=

4.4


 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/commercial-metals-company-reports-second-quarter-earnings-per-share-of-009-or-015-adjusted-earnings-per-share-excluding-costs-associated-with-senior-note-tender-offers-closed-february-17-2016-300240907.html

SOURCE Commercial Metals Company


Source: PR Newswire (March 24, 2016 - 6:45 AM EDT)

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