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Please see discussion of non-GAAP financial measures in this news release.TimkenSteel Corporation1835 Dueber Ave. S.W., GNE-14, Canton, OH 44706Investor Contact & Media: Jennifer BeemanP 330.471.7000ir@timkensteel.com Conference CallFriday, August 2, 201910 a.m. ETToll-free dial-in: 833-238-7951International dial-in: 647-689-4199Conference ID: 3678588Conference Call ReplayReplay dial-in available through August 9, 2019 800-585-8367 or 416-621-4642 Replay passcode: 3678588CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONSThree Months Ended June 30,Six Months Ended June 30,(Dollars in millions, except per share data) (Unaudited)20192018Net salesCost of products soldGross ProfitSelling, general & administrative expenses (SG&A)Restructuring charges—ImpairmentsOther income (expense), netEarnings Before Interest and Taxes (EBIT) (1)Interest expenseIncome (Loss) Before Income TaxesProvision for income taxesNet Income (Loss)Net Income (Loss) per Common Share:Basic loss per share$—Diluted loss per share (2)Weighted average shares outstanding - basicWeighted average shares outstanding - diluted(1) EBIT is defined as net income (loss) before interest expense and income taxes. EBIT is an important financial measure used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. Management believes that reporting EBIT is useful to investors as this measure is representative of the Company's performance.(2) Common share equivalents for shares issuable for equity-based awards were excluded from the computation of diluted earnings (loss) per share for the three and six months ended June 30, 2019 because the effect of their inclusion would have been anti-dilutive. Common share equivalents for shares issuable upon the conversion of outstanding convertible notes, were excluded from the computation of diluted earnings (loss) per share for the three and six months ended June 30, 2019 and 2018 because the effect of their inclusion would have been anti-dilutive.CONDENSED CONSOLIDATED BALANCE SHEETS(Dollars in millions) (Unaudited)June 30, 2019December 31, 2018ASSETSCash and cash equivalentsAccounts receivable, net of allowancesInventories, netDeferred charges and prepaid expensesOther current assetsTotal Current AssetsProperty, Plant and Equipment, netOperating lease right-of-use assetsPension assetsIntangible assets, netOther non-current assetsTotal AssetsLIABILITIESAccounts payableSalaries, wages and benefitsAccrued pension and postretirement costsCurrent operating lease liabilitiesOther current liabilitiesTotal Current LiabilitiesConvertible notes, netOther long-term debtNon-current operating lease liabilitiesDeferred income taxesOther non-current liabilitiesTotal LiabilitiesSHAREHOLDERS' EQUITYAdditional paid-in capitalRetained deficitTreasury sharesAccumulated other comprehensive lossTotal Shareholders' EquityTotal Liabilities and Shareholders' EquityCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSOperating ActivitiesNet income (loss)Adjustments to reconcile net income (loss) to net cash provided by operating activities:Depreciation and amortizationAmortization of deferred financing fees and debt discountImpairment charges and loss on sale or disposal of assetsStock-based compensation expensePension and postretirement expense (benefit), netPension and postretirement contributions and paymentsChanges in operating assets and liabilities:Accounts receivable, netOther accrued expensesOther, netNet Cash Provided (Used) by Operating ActivitiesInvesting ActivitiesCapital expendituresProceeds from disposals of property, plant and equipmentNet Cash Used by Investing ActivitiesFinancing ActivitiesProceeds from exercise of stock optionsShares surrendered for employee taxes on stock compensationRevenue Refunding Bonds repaymentRepayments on credit agreementsBorrowings on credit agreementsDebt issuance costsNet Cash Provided by Financing ActivitiesIncrease (Decrease) In Cash and Cash EquivalentsCash and cash equivalents at beginning of periodCash and Cash Equivalents at End of PeriodPK ! docProps/app.xml
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2019-11-30T19:15:48Z2019-11-30T19:15:48ZPK ! Fjһ [Content_Types].xml
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