21
Selected Consolidated Financial Data
In millions, except share and per share data
Year Ended December 31,
2015
2014
2013
2012
2011
Income Statement Data:
Net sales
$9,350.5
$10,451.6
$9,223.8
$8,442.3
$8,134.7
Cost of sales (exclusive of depreciation and amortization expense
included in operating expenses)
6,803.6
7,830.6
6,826.2
6,235.4
6,148.7
Gross profit
(1)
2,546.9
2,621.0
2,397.6
2,206.9
1,986.0
Operating expenses
(2)
2,000.3
2,003.6
1,845.7
1,547.7
1,413.2
Operating Income
546.6
617.4
551.9
659.2
572.8
Other income (expense):
Interest Expense
(84.3)
(81.9)
(77.5)
(58.4)
(59.8)
Other (expense) income, net
(3.6)
10.8
3.9
8.6
(1.4)
Income before income taxes
458.7
546.3
478.3
609.4
511.6
Provision for income taxes
142.5
170.0
153.6
201.1
162.4
Net income
316.2
376.3
324.7
408.3
349.2
Less: Net income attributable to noncontrolling interests
4.7
4.8
3.1
4.8
5.4
Net income attributable to Reliance
$311.5
$371.5
$321.6
$403.5
$343.8
Earnings Per Share Attributable to
Reliance Stockholders:
Diluted
$4.16
$4.73
$4.14
$5.33
$4.58
Basic
$4.20
$4.78
$4.19
$5.36
$4.60
Shares used in computing earnings per share:
Diluted
74,902,064 78,615,939 77,646,192 75,694,212 75,041,753
Basic
74,096,349 77,682,943 76,844,912 75,216,955 74,767,988
Other Data:
Cash flow provided by operations
$1,025.0
$356.0
$633.3
$601.9
$234.8
Capital expenditures
172.2
190.4
168.0
214.0
156.4
Cash dividends per share
1.60
1.40
1.26
0.80
0.48
Balance Sheet Data (December 31):
Working capital
$1,564.5
$2,458.3
$2,165.5
$1,699.2
$1,698.3
Total assets
7,121.6
7,822.4
7,323.6
5,846.7
5,592.3
Short-term debt
500.8
93.9
36.5
83.6
12.2
Long-term debt
(3)
1,428.9
2,209.6
2,055.1
1,113.0
1,306.9
Reliance stockholders’ equity
3,914.1
4,099.0
3,874.6
3,558.4
3,143.9
(1) Gross profit, calculated as net sales less cost of sales,
is a non-GAAP financial measure as it excludes
depreciation and amortization expense associated with
the corresponding sales. The majority of our orders
are basic distribution with no processing services
performed. For the remainder of our sales orders, we
perform “first-stage” processing, which is generally not
labor intensive as we are simply cutting the metal to
size. Because of this, the amount of related labor and
overhead, including depreciation and amortization, is
not significant and is excluded from our cost of sales.
Therefore, our cost of sales is primarily comprised of
the cost of the material we sell. We use gross profit, as
shown, as a measure of operating performance. Gross
profit is an important operating and financial measure,
as fluctuations in our gross profit can have a significant
impact on our earnings. Gross profit, as presented, is not
necessarily comparable with similarly titled measures for
other companies.
(2) Operating expenses include warehouse, delivery, selling,
general and administrative expenses, depreciation and
amortization expense, and impairment of long-lived
assets. In 2015, 2014, 2013 and 2012, operating
expenses include various nonrecurring charges,
including impairment charges in 2015, 2013 and 2012.
(3) Long-term debt includes the long-term portion of capital
lease obligations.