CLF FY 2009 Earnings Report — Cleveland-Cliffs Inc. Revenue & Financial Results | Market Cap Arena

Cleveland-Cliffs Inc.CLF

FY 2009 Earnings

Reported February 18, 2010

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2009	Prior Q	FY 2008	QoQ Change	YoY Change
Revenue	$2.3B	—	$3.6B	—	-35.1%
Op. Income	$230M	—	$939M	—	-75.5%
Gross Margin	13.2%	—	32.1%	—	-18.9pp
Net Margin	8.8%	—	14.3%	—	-5.5pp
EPS (Diluted)	$1.63	—	$4.76	—	-65.8%
Free Cash Flow	$69M	—	$671M	—	-89.7%

Revenue Flow

Item	Amount
REVENUE	$2.3B
Cost of Revenue	$2.0B
GROSS PROFIT	$309M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	-$121M
Other Expenses	$241M
Operating Expenses	$121M
Cost & Expenses	$2.1B
OPERATING INCOME	$230M
Interest Income	$11M
Interest Expense	$39M
Other Income/Expenses	$60M
INCOME BEFORE TAX	$291M
Income Tax Expense	$21M
Net Income from Continuing Ops	$270M
Net Income from Discontinued Ops	$0
Other Adjustments	-$66M
NET INCOME	$205M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$205M
D&A	$237M
EBIT	$330M
EBITDA	$566M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$2.3B
Cost of Revenue	$2.0B
GROSS PROFIT	$309M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	-$121M
Other Expenses	$241M
Operating Expenses	$121M
Cost & Expenses	$2.1B
OPERATING INCOME	$230M
Interest Income	$11M
Interest Expense	$39M
Other Income/Expenses	$60M
INCOME BEFORE TAX	$291M
Income Tax Expense	$21M
Net Income from Continuing Ops	$270M
Net Income from Discontinued Ops	$0
Other Adjustments	-$66M
NET INCOME	$205M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$205M
D&A	$237M
EBIT	$330M
EBITDA	$566M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$205M
Depreciation & Amortization	$237M
Stock-Based Compensation	$0
Deferred Income Tax	$61M
Other Non-Cash Items	-$159M
Change in Working Capital	-$158M
OPERATING CASH FLOW	$186M
Capital Expenditure	-$116M
Acquisitions (Net)	$28M
Purchases of Investments	-$15M
Sales/Maturities of Investments	$5M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$179M
Net Debt Issuance	-$6M
Common Stock Repurchased	$0
Common Dividends Paid	-$32M
Other Financing Activities	-$5M
NET CASH FROM FINANCING	$304M
FREE CASH FLOW	$69M
Net Change in Cash	$324M

Balance Sheet

Item	Amount
Cash & Equivalents	$503M
Short-Term Investments	$0
Net Receivables	$104M
Inventory	$375M
Other Current Assets	$180M
TOTAL CURRENT ASSETS	$1.2B
PP&E (Net)	$2.6B
Goodwill	$75M
Intangible Assets	$115M
Long-Term Investments	$495M
Tax Assets	$151M
Other Non-Current Assets	$50M
TOTAL NON-CURRENT ASSETS	$3.5B
TOTAL ASSETS	$4.6B
Account Payables	$179M
Short-Term Debt	$0
Deferred Revenue	$105M
Other Current Liabilities	$89M
TOTAL CURRENT LIABILITIES	$570M
Long-Term Debt	$649M
Deferred Revenue NC	$71M
Deferred Tax Liabilities	$71M
Other Non-Current Liabilities	$741M
TOTAL NON-CURRENT LIABILITIES	$1.5B
TOTAL LIABILITIES	$2.1B
Common Stock	$17M
Additional Paid-In Capital	$695M
Retained Earnings	$2.0B
Treasury Stock	-$20M
Accum. Other Comp. Income	-$123M
Other Equity	-$695M
TOTAL STOCKHOLDERS' EQUITY	$2.5B
Minority Interest	-$6M
TOTAL EQUITY	$2.5B
TOTAL LIABILITIES & EQUITY	$4.6B
Total Debt	$649M
Net Debt	$147M