Worthington profit curbed by write-off

Dec 19, 2013 | 04:45 PM | Corinna Petry

Tags  Worthington Industries, financial results, quarterly earnings, steel processing, pressure cylinders, John McConnell, Corinna Petry

CHICAGO — Worthington Industries Inc.’s net income slipped in its fiscal second quarter due in part to non-cash, pretax impairment charges of $30.7 million related to the write-off of certain trade name assets in connection with a rebranding initiative.

The Columbus, Ohio-based company recorded net income of nearly $23 million for the three months ended Nov. 30, down 27.7 percent from $31.8 million in the same period last year, on net sales that increased 23.7 percent to $769.9 million from $622.6 million.....

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