CLF FY 2010 Earnings Report — Cleveland-Cliffs Inc. Revenue & Financial Results | Market Cap Arena

Cleveland-Cliffs Inc.CLF

FY 2010 Earnings

Reported February 17, 2011

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2010	Prior Q	FY 2009	QoQ Change	YoY Change
Revenue	$4.7B	—	$2.3B	—	99.9%
Op. Income	$1.3B	—	$230M	—	449.5%
Gross Margin	32.5%	—	13.2%	—	19.3pp
Net Margin	21.8%	—	8.8%	—	13.0pp
EPS (Diluted)	$7.49	—	$1.63	—	359.5%
Free Cash Flow	$1.1B	—	$69M	—	1417.4%

Revenue Flow

Item	Amount
REVENUE	$4.7B
Cost of Revenue	$3.2B
GROSS PROFIT	$1.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$238M
Other Expenses	$21M
Operating Expenses	$259M
Cost & Expenses	$3.3B
OPERATING INCOME	$1.3B
Interest Income	$10M
Interest Expense	$70M
Other Income/Expenses	$65M
INCOME BEFORE TAX	$1.3B
Income Tax Expense	$292M
Net Income from Continuing Ops	$1.0B
Net Income from Discontinued Ops	$0
Other Adjustments	$14M
NET INCOME	$1.0B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.0B
D&A	$322M
EBIT	$1.3B
EBITDA	$1.7B
EPS	$8
EPS Diluted	$7

Income Statement

Item	Amount
REVENUE	$4.7B
Cost of Revenue	$3.2B
GROSS PROFIT	$1.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$238M
Other Expenses	$21M
Operating Expenses	$259M
Cost & Expenses	$3.3B
OPERATING INCOME	$1.3B
Interest Income	$10M
Interest Expense	$70M
Other Income/Expenses	$65M
INCOME BEFORE TAX	$1.3B
Income Tax Expense	$292M
Net Income from Continuing Ops	$1.0B
Net Income from Discontinued Ops	$0
Other Adjustments	$14M
NET INCOME	$1.0B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.0B
D&A	$322M
EBIT	$1.3B
EBITDA	$1.7B
EPS	$8
EPS Diluted	$7

Cash Flow Statement

Item	Amount
Net Income	$1.0B
Depreciation & Amortization	$322M
Stock-Based Compensation	$0
Deferred Income Tax	$15M
Other Non-Cash Items	$16M
Change in Working Capital	-$54M
OPERATING CASH FLOW	$1.3B
Capital Expenditure	-$267M
Acquisitions (Net)	-$935M
Purchases of Investments	-$198M
Sales/Maturities of Investments	$33M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$1.4B
Net Debt Issuance	$1.2B
Common Stock Repurchased	$0
Common Dividends Paid	-$69M
Other Financing Activities	-$15M
NET CASH FROM FINANCING	$1.1B
FREE CASH FLOW	$1.1B
Net Change in Cash	$1.1B

Balance Sheet

Item	Amount
Cash & Equivalents	$1.6B
Short-Term Investments	$83M
Net Receivables	$402M
Inventory	$417M
Other Current Assets	$115M
TOTAL CURRENT ASSETS	$2.6B
PP&E (Net)	$4.0B
Goodwill	$197M
Intangible Assets	$176M
Long-Term Investments	$657M
Tax Assets	$140M
Other Non-Current Assets	$46M
TOTAL NON-CURRENT ASSETS	$5.2B
TOTAL ASSETS	$7.8B
Account Payables	$267M
Short-Term Debt	$34M
Deferred Revenue	$216M
Other Current Liabilities	$280M
TOTAL CURRENT LIABILITIES	$1.0B
Long-Term Debt	$1.7B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$64M
Other Non-Current Liabilities	$966M
TOTAL NON-CURRENT LIABILITIES	$2.9B
TOTAL LIABILITIES	$3.9B
Common Stock	$17M
Additional Paid-In Capital	$896M
Retained Earnings	$2.9B
Treasury Stock	-$38M
Accum. Other Comp. Income	$46M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.8B
Minority Interest	-$7M
TOTAL EQUITY	$3.8B
TOTAL LIABILITIES & EQUITY	$7.8B
Total Debt	$1.9B
Net Debt	$348M