A replay of the call will be available at 905-694-9451 (Toronto and International callers) and 1-800-408-3053 (U.S. and Canada) until midnight, Wednesday February 27, 2013. You will be required to enter pass code 7908038 in order to access the call.
Additional supplemental financial information is available in our investor conference call package located on our website at www.russelmetals.com.
Russel Metals is one of the largest metals distribution companies in North America. It carries on business in three metals distribution segments: metals service centers, energy products and steel distributors, under various names including Russel Metals, A.J. Forsyth, Acier Leroux, Acier Loubier, Acier Richler, Alberta Industrial Metals, Apex Distribution, Apex Remington, Arrow Steel Processors, B&T Steel, Baldwin International, Comco Pipe and Supply, Fedmet Tubulars, JMS Russel Metals, Leroux Steel, McCabe Steel, Megantic Metal, Metaux Russel, Metaux Russel Produits Specialises, Milspec, Norton Metals, Pioneer Pipe, Russel Metals Specialty Products, Russel Metals Williams Bahcall, Siemens Laserworks, Spartan Energy Tubulars, Sunbelt Group, Triumph Tubular & Supply, Wirth Steel and York-Ennis.
Statements contained in this press release or on the related conference call that relate to Russel Metals' beliefs or expectations as to certain future events are not statements of historical fact and are forward-looking statements. Russel Metals cautions readers that there are important factors, risks and uncertainties, including but not limited to economic, competitive and governmental factors affecting Russel Metals' operations, markets, products, services and prices that could cause its actual results, performance or achievements to be materially different from those forecasted or anticipated in such forward-looking statements.
The forward-looking statements in this document reflect management's current beliefs and are based on information currently available to management. The material assumptions applied in making the forward-looking statements in this document include the following: demand from the manufacturing, resource and construction segments of the Canadian economy are stable and these conditions will continue in the foreseeable future; and oil and gas prices, the price of steel and the value of the Canadian dollar relative to the U.S. dollar will be at similar levels with what we experienced at the end of 2012. Although the forward-looking statements contained in this document are based upon what management believes to be reasonable estimates and assumptions, Russel Metals cannot ensure that actual results will not be materially different from those expressed or implied by these forward-looking statements and does not intend to update any forward-looking statement other than required by law.
CONSOLIDATED STATEMENTS OF EARNINGS-------------------------------------------------------------------------------------------------------------------------------------------------------- Quarters ended Years ended December 31 December 31(in millions of Canadian dollars, 2012 2011 2012 2011 except per share data)----------------------------------------------------------------------------Revenues $ 765.9 $ 711.6 $ 3,000.1 $ 2,693.3Cost of materials 640.1 585.8 2,476.8 2,168.0Employee expenses 55.6 49.7 215.3 202.3Other operating expenses 33.8 29.8 131.8 125.5----------------------------------------------------------------------------Earnings before interest, finance and income taxes 36.4 46.3 176.2 197.5Interest expense 9.1 6.8 34.2 27.5Interest income (0.2) (0.5) (1.7) (2.0)Other finance expense 0.8 0.9 5.6 2.6----------------------------------------------------------------------------Earnings before income taxes 26.7 39.1 138.1 169.4Provision for income taxes 6.3 10.6 39.3 51.1----------------------------------------------------------------------------Net earnings for the period $ 20.4 $ 28.5 $ 98.8 $ 118.3--------------------------------------------------------------------------------------------------------------------------------------------------------Basic earnings per common share $ 0.34 $ 0.47 $ 1.64 $ 1.97--------------------------------------------------------------------------------------------------------------------------------------------------------Diluted earnings per common share $ 0.34 $ 0.46 $ 1.64 $ 1.92--------------------------------------------------------------------------------------------------------------------------------------------------------
