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WOR > SEC Filings for WOR > Form 8-K on 1-Apr-2014All Recent SEC Filings

Show all filings for WORTHINGTON INDUSTRIES INC

Form 8-K for WORTHINGTON INDUSTRIES INC


1-Apr-2014

Results of Operations and Financial Condition, Financial Statements an


Item 2.02. Results of Operations and Financial Condition.

Management of Worthington Industries, Inc. (the "Registrant") conducted a conference call on March 27, 2014, beginning at approximately 1:30 p.m., Eastern Daylight Savings Time, to discuss the Registrant's unaudited financial results for the third quarter of fiscal 2014 (the fiscal quarter ended February 28, 2014). Additionally, the Registrant's management addressed certain issues related to the outlook for the Registrant and its subsidiaries and their markets for the coming months. A copy of the transcript of the conference call is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information contained in this Item 2.02 and Exhibit 99.1 furnished with this Current Report on Form 8-K, is being furnished pursuant to Item 2.02 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, unless the Registrant specifically states that the information is to be considered "filed" under the Exchange Act or incorporates the information by reference into a filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act.

In the conference call, management referred to earnings per share excluding restructuring charges. This represents a non-GAAP financial measure and is used by management as a measure of operating performance. Earnings per share excluding restructuring charges is calculated by subtracting the after-tax impact of restructuring and other income from net earnings attributable to controlling interest, and dividing the result by the average diluted common shares for the period. The difference between the GAAP-based financial measure of earnings per share attributable to controlling interest of $0.57 and the earnings per share excluding restructuring charges non-GAAP financial measure of $0.58 for the fiscal quarter ended February 28, 2014, as mentioned in the conference call, is outlined below (per share).

Diluted earnings per share attributable to
controlling interest                                     $   0.57
Restructuring and other income (net of taxes)                0.01
Adjusted diluted earnings per share attributable to
controlling interest                                     $   0.58

In the conference call, management also referred to free cash flow. This represents a non-GAAP financial measure and is used by management as a measure of operating performance. Free cash flow is calculated by subtracting investment in property, plant and equipment (capital expenditures) and dividends paid from net cash provided by operating activities. The difference between the GAAP-based financial measure of net cash provided by operating activities of $96.8 million and the free cash flow non-GAAP financial measure of $64.5 million for the fiscal quarter ended February 28, 2014, as mentioned in the conference call, is outlined below (in thousands).



Item 9.01. Financial Statements and Exhibits.

(a) through (c): Not applicable.

(d) Exhibits:

The following exhibit is furnished with this Current Report on Form 8-K:

Exhibit No. Description

      99.1     Transcript of Worthington Industries, Inc. Earnings Conference Call for
               Third Quarter of Fiscal 2014 (Fiscal Quarter ended February 28, 2014),
               held on March 27, 2014


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