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Consolidated Statements of Operations (Unaudited)Three Months Ended
March 31,20172016(Dollars in millions, except per share data)Net salesCost of products soldGross ProfitSelling, general and administrative expensesImpairment and restructuring charges—Operating LossInterest expenseOther income, netLoss Before Income TaxesProvision (benefit) for income taxesNet Loss($5.3)($9.7)Per Share Data:Basic loss per share($0.12)($0.22)Diluted loss per shareDividends per share$—Consolidated Statements of Comprehensive Loss (Unaudited)(Dollars in millions)Net lossOther comprehensive (loss) income, net of tax:Foreign currency translation adjustmentsPension and postretirement liability adjustmentsOther comprehensive (loss) income, net of taxComprehensive Loss, net of tax($4.8)($9.2)Consolidated Balance Sheets (Unaudited)March 31,
2017December 31,
2016ASSETSCurrent AssetsCash and cash equivalentsAccounts receivable, net of allowances (2017 - $2.7 million; 2016 - $2.1 million)Inventories, netDeferred charges and prepaid expensesOther current assetsTotal Current AssetsProperty, Plant and Equipment, NetOther AssetsPension assetsIntangible assets, netOther non-current assetsTotal Other AssetsTotal AssetsLIABILITIES AND SHAREHOLDERS’ EQUITYCurrent LiabilitiesAccounts payable, tradeSalaries, wages and benefitsAccrued pension and postretirement costsOther current liabilitiesTotal Current LiabilitiesNon-Current LiabilitiesConvertible notes, netOther long-term debtDeferred income taxesOther non-current liabilitiesTotal Non-Current LiabilitiesShareholders’ EquityPreferred shares, without par value; authorized 10.0 million shares, none issuedCommon shares, without par value; authorized 200.0 million shares; issued 2017 and 2016 - 45.7 million sharesAdditional paid-in capitalRetained deficitTreasury shares - 2017 - 1.4 million; 2016 - 1.5 millionAccumulated other comprehensive lossTotal Shareholders’ EquityTotal Liabilities and Shareholders’ EquityAdoption of New Accounting StandardsStandardEffective Date2015-11Inventory: Simplifying the Measurement of Inventory (Topic 330)January 1, 20172016-15Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments (a Consensus of the Emerging Issues Task Force)2016-16Accounting for Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory (Topic 740)2017-07Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715)January 1, 2018InventoriesInventories, net:Manufacturing suppliesRaw materialsWork in processFinished productsSubtotalAllowance for surplus and obsolete inventoryTotal Inventories, netProperty, Plant and EquipmentProperty, Plant and Equipment, net:LandBuildings and improvementsMachinery and equipmentConstruction in progressLess allowances for depreciationProperty, Plant and Equipment, netIntangible AssetsMarch 31, 2017December 31, 2016Gross Carrying AmountAccumulated AmortizationNet Carrying AmountIntangible Assets Subject to Amortization:Customer relationshipsTechnology useCapitalized softwareTotal Intangible AssetsDecember 1PrincipalLess: Debt issuance costs, net of amortizationLess: Debt discount, net of amortizationOther Long-Term DebtVariable-rate State of Ohio Water Development Revenue Refunding Bonds, maturing on November 1, 2025 (0.70% as of March 31, 2017)Variable-rate State of Ohio Air Quality Development Revenue Refunding Bonds, maturing on November 1, 2025 (0.70% as of March 31, 2017)Variable-rate State of Ohio Pollution Control Revenue Refunding Bonds, maturing on June 1, 2033 (0.70% as of March 31, 2017)Amended Credit Agreement, due 2019 (LIBOR plus applicable spread)Total Other Long-Term DebtForeign Currency Translation AdjustmentsPension and Postretirement Liability AdjustmentsTotalBalance at December 31, 2015($5.0)($2.9)($7.9)Other comprehensive (loss) income before reclassifications, before income taxAmounts reclassified from accumulated other comprehensive loss, before income taxIncome tax benefitNet current period other comprehensive (loss) income, net of income taxesBalance at March 31, 2016($5.5)($2.5)($8.0)Changes in Shareholders' EquityAdditional Paid-in CapitalRetained DeficitTreasury SharesAccumulated Other Comprehensive LossBalance at December 31, 2016($193.9)($44.9)($9.4)Pension and postretirement adjustment, net of taxStock-based compensation expenseStock option activityIssuance of treasury sharesShares surrendered for taxesBalance at March 31, 2017($199.5)($39.8)($8.9)Retirement and Postretirement PlansThree Months Ended
March 31, 2017Three Months Ended
March 31, 2016Components of net periodic benefit cost:PensionPostretirementService costInterest costExpected return on plan assetsAmortization of prior service costNet Periodic Benefit Cost($0.6)($0.3)Earnings Per ShareNumerator:Net loss for basic and diluted earnings per shareDenominator:Weighted average shares outstanding, basicDilutive effect of stock-based awardsWeighted average shares outstanding, dilutedEnvironmental MattersBeginning Balance, January 1ExpensesPaymentsEnding Balance, March 31FINANCIAL CONDITION AND RESULTS OF OPERATIONSThree Months Ended March 31,Increase (Decrease)% Change42.0%Net sales, excluding surcharges24.1%Gross profit214.8%Gross margin5.5%2.5%NM300 bps3.6%(45.4)%Average scrap index per ton (30 day lag)76.3%Average selling price per ton, including surcharges($66)(5.6)%Shipments (in tons)50.4%Melt utilization71%47%ppInterest Expense$ ChangeCash interest paid($1.0)Accrued interestAmortization of convertible notes discount and deferred financingTotal Interest ExpenseProvision (Benefit) for Income Taxes($6.4)($6.7)(104.7)%Effective tax rate(6.0)%39.8%(4580) bpsNet Sales, Excluding SurchargesNet Sales adjusted to exclude surcharges(Tons in thousands)MobileIndustrialEnergyOtherTonsNet SalesLess: SurchargesBase SalesNet Sales / TonN/ABase Sales / TonBalance SheetAccounts receivable, netLiabilities and Shareholders’ EquityCurrent liabilitiesAccrued pension and postretirement costs - long-termTotal shareholders’ equityCredit AgreementMarch 31, 2017December 31, 2016Amended Credit Agreement:Maximum availabilityAmount borrowedLetter of credit obligationsAvailability not borrowedAvailability blockNet availabilityTotal liquidityCash FlowsNet cash (used) provided by operating activities($26.3)Net cash used by investing activitiesNet cash provided (used) by financing activitiesDecrease in Cash and Cash Equivalents($4.9)COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGESYear Ended December 31,2015 Adjusted2014 Adjusted20132012Income (loss) before income taxesPlus:Fixed chargesAmortization of capitalized interestLess:Interest capitalizedEarnings (loss)Interest (A)Amortization of deferred financing costsInterest portion of rental expenseFixed ChargesRatio of Earnings to Fixed Charges(B)Timkensteel CorpDate:April 27, 2017/s/ Ward J. Timken, Jr.Ward J. Timken, Jr.Chairman, Chief Executive Officer and President (Principal Executive Officer)/s/ Christopher J. HoldingChristopher J. HoldingExecutive Vice President and Chief Financial Officer (Principal Financial Officer)PK ! o o docProps/app.xml
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