CMC FY 2008 Earnings Report — Commercial Metals Company Revenue & Financial Results | Market Cap Arena

Commercial Metals CompanyCMC

FY 2008 Earnings

Reported October 30, 2008

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	$10.4B	—	$8.3B	—	25.2%
Op. Income	$394M	—	$577M	—	-31.8%
Gross Margin	10.6%	—	13.9%	—	-3.4pp
Net Margin	2.2%	—	4.3%	—	-2.0pp
EPS (Diluted)	$1.97	—	$2.92	—	-32.5%
Free Cash Flow	-$398M	—	$255M	—	-256.3%

Revenue Flow

Item	Amount
REVENUE	$10.4B
Cost of Revenue	$9.3B
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$708M
Other Expenses	$394M
Operating Expenses	$1.1B
Cost & Expenses	$10.4B
OPERATING INCOME	$394M
Interest Income	$0
Interest Expense	$58M
Other Income/Expenses	-$58M
INCOME BEFORE TAX	$336M
Income Tax Expense	$104M
Net Income from Continuing Ops	$231M
Net Income from Discontinued Ops	$785.0K
Other Adjustments	$538.0K
NET INCOME	$232M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$232M
D&A	$135M
EBIT	$394M
EBITDA	$529M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$10.4B
Cost of Revenue	$9.3B
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$708M
Other Expenses	$394M
Operating Expenses	$1.1B
Cost & Expenses	$10.4B
OPERATING INCOME	$394M
Interest Income	$0
Interest Expense	$58M
Other Income/Expenses	-$58M
INCOME BEFORE TAX	$336M
Income Tax Expense	$104M
Net Income from Continuing Ops	$231M
Net Income from Discontinued Ops	$785.0K
Other Adjustments	$538.0K
NET INCOME	$232M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$232M
D&A	$135M
EBIT	$394M
EBITDA	$529M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$232M
Depreciation & Amortization	$135M
Stock-Based Compensation	$19M
Deferred Income Tax	-$4M
Other Non-Cash Items	$11M
Change in Working Capital	-$436M
OPERATING CASH FLOW	-$43M
Capital Expenditure	-$355M
Acquisitions (Net)	-$228M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$2M
NET CASH FROM INVESTING	-$582M
Net Debt Issuance	$589M
Common Stock Repurchased	-$172M
Common Dividends Paid	-$52M
Other Financing Activities	$50M
NET CASH FROM FINANCING	$424M
FREE CASH FLOW	-$398M
Net Change in Cash	-$200M

Balance Sheet

Item	Amount
Cash & Equivalents	$219M
Short-Term Investments	$0
Net Receivables	$1.4B
Inventory	$1.4B
Other Current Assets	$229M
TOTAL CURRENT ASSETS	$3.2B
PP&E (Net)	$1.2B
Goodwill	$85M
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$290M
TOTAL NON-CURRENT ASSETS	$1.5B
TOTAL ASSETS	$4.7B
Account Payables	$1.0B
Short-Term Debt	$138M
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$1.7B
Long-Term Debt	$1.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$50M
Other Non-Current Liabilities	$124M
TOTAL NON-CURRENT LIABILITIES	$1.4B
TOTAL LIABILITIES	$3.1B
Common Stock	$1M
Additional Paid-In Capital	$372M
Retained Earnings	$1.5B
Treasury Stock	-$319M
Accum. Other Comp. Income	$113M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.6B
Minority Interest	$4M
TOTAL EQUITY	$1.6B
TOTAL LIABILITIES & EQUITY	$4.7B
Total Debt	$1.3B
Net Debt	$1.1B