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
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
steel processing division shipped 817,000 tons of steel in the
quarter, up 30.5 percent from 626,000 tons a year earlier, as
the units operating income more than doubled to $34.79
million on sales that jumped 43 percent to $492.1 million.
The pressure cylinders
unit shipped 17.7 million units in the quarter, down 9.2
percent from 19.5 million units in the same period last year,
as the divisions operating income tumbled 51.5 percent to
$8.3 million despite sales that increased 3.1 percent to $214
"We had a very good
second quarter with strong results from steel processing and
solid results from pressure cylinders and our joint ventures,"
chairman and chief executive officer John McConnell said in a
statement Dec. 19.
"We are positioned to
continue to provide positive results in all of our businesses
as our focus remains on growth, improved efficiency and
performance," he said. "We continue to look for opportunities
to invest in new and growing markets and to develop new
products for our customers. We have driven results in an
environment where the U.S. economy has been sluggish, though
gaining momentum, and Europe remains flat. We believe we can
continue to do so."