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Consolidated Statements of Operations (Unaudited)Three Months Ended
September 30,Nine Months Ended
September 30,20152014(Dollars in millions, except per share data)Net salesCost of products soldGross (Loss) ProfitSelling, general and administrative expensesImpairment and restructuring charges—Operating (Loss) IncomeInterest expenseOther expense, net(Loss) Income Before Income Taxes(Benefit) provision for income taxesNet (Loss) Income($30.8)($48.2)Per Share Data:Basic (loss) earnings per share($0.69)($1.08)Diluted (loss) earnings per shareDividends per shareConsolidated Statements of Comprehensive (Loss) Income (Unaudited)(Dollars in millions)Net (loss) incomeOther comprehensive income, net of tax:Foreign currency translation adjustmentsPension and postretirement liability adjustmentOther comprehensive income, net of taxComprehensive (Loss) Income, net of tax($25.8)($32.1)Consolidated Balance Sheets (Unaudited)September 30,
2015December 31,
2014ASSETSCurrent AssetsCash and cash equivalentsAccounts receivable, net of allowances2015 - $1.0 million; 2014 - $0.2 millionInventories, netDeferred income taxesPrepaid 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 costIncome taxes payableOther current liabilitiesTotal Current LiabilitiesNon-Current LiabilitiesLong-term debtOther non-current liabilitiesTotal Non-Current LiabilitiesCommitments and contingenciesShareholders’ EquityPreferred shares, without par value; authorized 10.0 million shares, none issuedCommon shares, without par value; authorized 200.0 million shares; issued 2015 - 45.7 million shares; 2014 - 45.7 million shares; outstanding 2015 - 44.2 million shares; 2014 - 44.8 million sharesAdditional paid-in capitalRetained (deficit) earningsTreasury sharesAccumulated other comprehensive lossTotal Shareholders’ EquityTotal Liabilities and Shareholders’ EquityConsolidated Statements of Cash Flows (Unaudited)CASH PROVIDED (USED)Operating ActivitiesAdjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortizationImpairment chargesLoss on sale or disposal of assetsStock-based compensation expensePension and postretirement expensePension and postretirement contributions and paymentsChanges in operating assets and liabilities:Accounts receivable, including due from related partyAccounts payable, including due to related partyOther accrued expensesOther, netNet Cash Provided by Operating ActivitiesInvesting ActivitiesCapital expendituresProceeds from sale of assetsNet Cash Used by Investing ActivitiesFinancing ActivitiesCash dividends paid to shareholdersPurchase of treasury sharesProceeds from exercise of stock optionsPayment on long-term debtProceeds from issuance of debtDividend paid to The Timken Company (Timken)Net transfers (to) from Timken and subsidiariesCash received from Timken for settlement of separationNet Cash (Used) Provided by Financing ActivitiesEffect of exchange rate changes on cash(Decrease) Increase In Cash and Cash EquivalentsCash and cash equivalents at beginning of periodCash and Cash Equivalents at End of PeriodInventoriesInventories, net:Manufacturing suppliesRaw materialsWork in processFinished productsSubtotalAllowance for surplus and obsolete inventoryTotal Inventories, netProperty, Plant and EquipmentProperty, Plant and Equipment, net:Land and buildingsMachinery and equipmentConstruction in progressLess allowances for depreciationProperty, Plant and Equipment, netIntangible AssetsSeptember 30, 2015December 31, 2014Gross Carrying AmountAccumulated AmortizationNet Carrying AmountIntangible Assets Subject to Amortization:Customer relationshipsTechnology useCapitalized softwareTotal Intangible AssetsFinancing ArrangementsVariable-rate State of Ohio Water Development Revenue Refunding Bonds, maturing on November 1, 2025 (0.01% as of September 30, 2015)Variable-rate State of Ohio Air Quality Development Revenue Refunding Bonds, maturing on November 1, 2025 (0.01% as of September 30, 2015)Variable-rate State of Ohio Pollution Control Revenue Refunding Bonds, maturing on June 1, 2033 (0.01% as of September 30, 2015)Revolving credit facility, due 2019 (LIBOR plus applicable spread)Total Long-Term DebtAccumulated Other Comprehensive LossForeign Currency Translation AdjustmentsPension and Postretirement Liability AdjustmentsTotalBalance at December 31, 2014($4.8)($292.5)($297.3)Other comprehensive (loss) income before reclassifications, before income taxAmounts reclassified from accumulated other comprehensive loss, before income taxIncome taxesNet current period other comprehensive (loss) income, net of income taxBalance at September 30, 2015($5.9)($275.3)($281.2)Balance at December 31, 2013($0.4)$—Net transfer from TimkenBalance at September 30, 2014($3.8)($225.5)($229.3)Changes in Shareholders' EquityAdditional Paid-in CapitalRetained (Deficit) EarningsTreasury SharesBalance as of December 31, 2014($34.7)Net lossPension and postretirement adjustment, net of taxDividends – $0.42 per shareNet transfer to Timken and subsidiariesStock option exercise activityIssuance of treasury sharesShares surrendered for taxesBalance as of September 30, 2015($37.5)($46.3)Retirement and Postretirement PlansThree Months Ended
September 30, 2015Three Months Ended
September 30, 2014Components of net periodic benefit cost:PensionPostretirementService costInterest costExpected return on plan assetsAmortization of prior service costAmortization of net actuarial lossNet Periodic Benefit CostNine Months Ended
September 30, 2015Nine Months Ended
September 30, 2014Allocated benefit cost from TimkenEarnings Per ShareNumerator:Net (loss) income for basic and diluted earnings per shareDenominator:Weighted average shares outstanding, basicDilutive effect of stock-based awardsWeighted average shares outstanding, dilutedEnergy & DistributionNet Sales:Industrial & MobileSegment EBIT:($25.0)($39.3)Total Segment EBIT($57.6)($88.3)Unallocated (1)($49.8)($77.6)Income Tax (Benefit) Provision($19.0)($29.4)Effective tax rate38.2%35.3%37.9%34.8%FINANCIAL CONDITION AND RESULTS OF OPERATIONS$ Change% Change($201.5)(46.4)%Net sales, excluding surcharges(38.8)%Gross (loss) profit(128.8)%Gross margin(8.8)%16.4%NM(2,520) bps(14.5)%(219.8)%Scrap index per ton(37.1)%Shipments (in tons)Average selling price per ton, including surcharges($226)(14.8)%Capacity utilization40.3%75.1%(3,480) bps($366.3)(28.9)%(22.1)%Gross profit(93.1)%1.7%17.2%(1,550) bps4.8%(154.8)%(24.7)%(19.6)%($178)(11.6)%51.0%71.9%(2,090) bpsImpairment and Restructuring Charges($33.0)(235.7)%290 bps($76.3)(162.7)%310 bpsBusiness Segments($52.7)(21.9)%(11.5)%EBIT(223.2)%EBIT margin(13.38.4%(2,170) bps(9.6)%($208)(13.7)%($94.6)(13.0)%(4.9)%(158.1)%(6.29.3%(2.8)%($158)(10.4)%($148.8)(76.9)%(73.8)%(217.3)%(73.114.4%(8,750) bps(71.6)%($288)(18.8)%($271.7)(50.4)%(45.9)%(158.2)%(18.415.6%(3,400) bps(43.2)%($200)(12.7)%UnallocatedLIFO income (expense)($5.4)318.5%Corporate expenses10.7%Unallocated income (expense)206.1%Unallocated % to net sales3.7%(1.9560 bps($6.4)471.9%178.9%1.4%(1.3270 bpsNet Sales, Excluding SurchargesTimkenSteelLess: surcharge revenueThe Balance SheetAccounts receivable, netLiabilities and Shareholders’ EquityCurrent liabilitiesTotal shareholders’ equityCash FlowsNet cash provided by operating activitiesNet cash used by investing activitiesNet cash (used) provided by financing activities(Decrease) increase in Cash and Cash Equivalents($3.7)PART II. OTHER INFORMATIONPeriodTotal number
of shares
purchased (1)Average
price paid
per shareTotal number of shares purchased as part of publicly announced plans or programsMaximum number of shares that may yet be purchased under the plans or programs (2)7/01/15 - 7/31/158/01/15 – 8/31/159/01/15 – 9/30/15PK ! 3 docProps/app.xml
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