CLF FY 2008 Earnings Report — Cleveland-Cliffs Inc. Revenue & Financial Results | Market Cap Arena

Cleveland-Cliffs Inc.CLF

FY 2008 Earnings

Reported February 26, 2009

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2008	Prior Q	FY 2007	QoQ Change	YoY Change
Revenue	$3.6B	—	$2.3B	—	58.6%
Op. Income	$939M	—	$378M	—	148.1%
Gross Margin	32.1%	—	20.3%	—	11.8pp
Net Margin	14.3%	—	11.9%	—	2.4pp
EPS (Diluted)	$4.76	—	$2.57	—	85.2%
Free Cash Flow	$671M	—	$89M	—	650.2%

Revenue Flow

Item	Amount
REVENUE	$3.6B
Cost of Revenue	$2.4B
GROSS PROFIT	$1.2B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$186M
Other Expenses	$2M
Operating Expenses	$189M
Cost & Expenses	$2.6B
OPERATING INCOME	$939M
Interest Income	$26M
Interest Expense	$40M
Other Income/Expenses	-$313M
INCOME BEFORE TAX	$716M
Income Tax Expense	$144M
Net Income from Continuing Ops	$572M
Net Income from Discontinued Ops	$0
Other Adjustments	-$35M
NET INCOME	$516M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$515M
D&A	$201M
EBIT	$756M
EBITDA	$957M
EPS	$5
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$3.6B
Cost of Revenue	$2.4B
GROSS PROFIT	$1.2B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$186M
Other Expenses	$2M
Operating Expenses	$189M
Cost & Expenses	$2.6B
OPERATING INCOME	$939M
Interest Income	$26M
Interest Expense	$40M
Other Income/Expenses	-$313M
INCOME BEFORE TAX	$716M
Income Tax Expense	$144M
Net Income from Continuing Ops	$572M
Net Income from Discontinued Ops	$0
Other Adjustments	-$35M
NET INCOME	$516M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$515M
D&A	$201M
EBIT	$756M
EBITDA	$957M
EPS	$5
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$516M
Depreciation & Amortization	$201M
Stock-Based Compensation	$0
Deferred Income Tax	-$89M
Other Non-Cash Items	$125M
Change in Working Capital	$100M
OPERATING CASH FLOW	$853M
Capital Expenditure	-$183M
Acquisitions (Net)	$41M
Purchases of Investments	-$93M
Sales/Maturities of Investments	$18M
Other Investing Activities	-$579M
NET CASH FROM INVESTING	-$796M
Net Debt Issuance	$77M
Common Stock Repurchased	$0
Common Dividends Paid	-$36M
Other Financing Activities	-$7M
NET CASH FROM FINANCING	$32M
FREE CASH FLOW	$671M
Net Change in Cash	$22M

Balance Sheet

Item	Amount
Cash & Equivalents	$179M
Short-Term Investments	$0
Net Receivables	$69M
Inventory	$367M
Other Current Assets	$248M
TOTAL CURRENT ASSETS	$862M
PP&E (Net)	$2.5B
Goodwill	$0
Intangible Assets	$110M
Long-Term Investments	$331M
Tax Assets	$251M
Other Non-Current Assets	$102M
TOTAL NON-CURRENT ASSETS	$3.2B
TOTAL ASSETS	$4.1B
Account Payables	$201M
Short-Term Debt	$0
Deferred Revenue	$87M
Other Current Liabilities	$267M
TOTAL CURRENT LIABILITIES	$845M
Long-Term Debt	$525M
Deferred Revenue NC	$67M
Deferred Tax Liabilities	$67M
Other Non-Current Liabilities	$853M
TOTAL NON-CURRENT LIABILITIES	$1.5B
TOTAL LIABILITIES	$2.4B
Common Stock	$17M
Additional Paid-In Capital	$442M
Retained Earnings	$1.8B
Treasury Stock	-$114M
Accum. Other Comp. Income	-$395M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.8B
Minority Interest	$3M
TOTAL EQUITY	$1.8B
TOTAL LIABILITIES & EQUITY	$4.1B
Total Debt	$525M
Net Debt	$346M