25 / 40
23
2009
2008
2007
2006
2005
$5,318.1
$8,718.8
$7,255.7
$5,742.6
$3,367.1
250.4
853.0
723.5
627.4
363.5
148.2
482.8
408.0
354.5
205.4
195.5
766.6
654.7
571.4
342.0
46.3
282.9
246.4
216.6
127.8
73.7
73.6
76.1
73.6
66.2
$1,390.9
$2,302.4
$1,721.4
$1,675.4
$847.3
973.3
1,652.2
1,121.5
1,124.7
513.5
981.3
998.7
824.6
742.7
479.7
4,293.5
5,184.8
3,974.2
3,604.4
1,766.3
417.6
650.2
599.9
550.7
333.8
86.4
93.9
71.8
22.3
49.5
839.3
1,664.9
1,004.0
1,078.3
304.0
2,606.4
2,431.4
2,106.2
1,746.4
1,029.9
$2.01
$6.56
$5.36
$4.82
$3.10
$0.40
$0.40
$0.32
$0.22
$0.19
$35.34
$33.17
$28.12
$23.07
$15.56
6.1%
22.9%
23.4%
27.3%
25.0%
3.3
3.5
2.9
3.0
2.5
25.3%
41.3%
32.2%
37.4%
23.7%
26.3%
24.8%
25.3%
26.3%
27.3%
4.7%
9.8%
10.0%
10.9%
10.8%
3.7%
8.8%
9.0%
10.0%
10.2%
2.8%
5.5%
5.6%
6.2%
6.1%
(1) Operating income represents net sales less cost of sales, warehouse, delivery, selling,
general and administrative expenses, and depreciation and amortization expense.
Certain reclassifications were made to 2007 and prior years to include amortization
expense in the calculation of operating income. In 2015, 2014, 2013 and 2012, the
calculation of operating income includes various nonrecurring charges and credits,
including impairment charges in 2015, 2013 and 2012.
(2) The adoption of accounting rule changes in 2009 affected the presentation of
noncontrolling interests. Prior year pretax income and margin amounts have been
retrospectively adjusted to conform to the current presentation.
(3) Amounts have been retrospectively adjusted to reflect the July 2006 2-for-1 stock split.
Per share amounts based upon weighted average shares are on a diluted basis.
(4) 2006 includes the issuance of approximately 9 million shares related
to an acquisition.
(5) Long-term debt includes the long-term portion of capital lease obligations. The adoption
of accounting rule changes in 2015 affected the presentation of debt issuance costs.
Prior year total assets and long-term debt amounts have been adjusted to conform to
the current presentation.
(6) Book value per share is calculated as Reliance stockholders’ equity divided by the number
of common shares outstanding as of December 31 of each year.
(7) Return on Reliance stockholders’ equity is based on the beginning of year equity
amount, except for 2015, which is adjusted for $355.5 million in share repurchases,
and 2006 which is adjusted for a 2006 acquisition using $360.5 million of common
stock as consideration.
(8) Net debt-to-total capital ratio is calculated as total debt (net of cash) divided by
Reliance stockholders’ equity plus total debt (net of cash). The adoption of accounting
rule changes in 2015 affected the calculation of net debt-to-total capital ratio.
(9) Gross profit, calculated as net sales less cost of sales, and gross profit margin, calculated
as gross profit divided by net sales, are non-GAAP financial measures as they exclude
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 and gross profit margin as measures of operating performance. Gross
profit margin is an important operating and financial measure, as fluctuations in
our gross profit margin can have a significant impact on our earnings. Gross profit
margin, as presented, is not necessarily comparable with similarly titled measures
for other companies.