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SELECTED CONSOL IDATED FINANCIAL DATA
In millions, except share and per share data
Year Ended December 31,
2016
2015
2014
2013
2012
Income Statement Data:
Net sales
$8,613.4
$9,350.5
$10,451.6
$9,223.8
$8,442.3
Cost of sales (exclusive of depreciation and amortization expense)
6,023.1
6,803.6
7,830.6
6,826.2
6,235.4
Gross profit
(1)
2,590.3
2,546.9
2,621.0
2,397.6
2,206.9
Warehouse, delivery, selling, general and administrative expense
1,803.3
1,728.5
1,789.8
1,638.4
1,396.2
Depreciation and amortization expense
222.0
218.5
213.8
192.4
149.0
Impairment of long-lived assets
52.4
53.3
–
14.9
2.5
Operating income
512.6
546.6
617.4
551.9
659.2
Other income (expense):
Interest expense
(84.6)
(84.3)
(81.9)
(77.5)
(58.4)
Other income (expense), net
1.2
(3.6)
10.8
3.9
8.6
Income before income taxes
429.2
458.7
546.3
478.3
609.4
Provision for income taxes
120.1
142.5
170.0
153.6
201.1
Net income
309.1
316.2
376.3
324.7
408.3
Less: Net income attributable to noncontrolling interests
4.8
4.7
4.8
3.1
4.8
Net income attributable to Reliance
$304.3
$311.5
$371.5
$321.6
$403.5
Earnings Per Share:
Diluted
$4.16
$4.16
$4.73
$4.14
$5.33
Basic
$4.21
$4.20
$4.78
$4.19
$5.36
Weighted average shares outstanding – diluted
73,120,918 74,902,064 78,615,939
77,646,192 75,694,212
Weighted average shares outstanding – basic
72,362,513 74,096,349 77,682,943 76,844,912 75,216,955
Other Data:
Cash flow provided by operations
$626.5
$1,025.0
$356.0
$633.3
$601.9
Capital expenditures
154.9
172.2
190.4
168.0
214.0
Cash dividends per share
1.65
1.60
1.40
1.26
0.80
Balance Sheet Data
(December 31)
:
Working capital
$2,032.5
$1,564.5
$2,458.3
$2,165.5
$1,699.2
Total assets
7,411.3
7,121.6
7,822.4
7,323.6
5,846.7
Short-term debt
82.5
500.8
93.9
36.5
83.6
Long-term debt
(2)
1,847.2
1,428.9
2,209.6
2,055.1
1,113.0
Reliance stockholders' equity
4,148.8
3,914.1
4,099.0
3,874.6
3,558.4
(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 substantially comprised of the cost of the
material we sell. We use gross profit as shown
above 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) Long-term debt includes the long-term portion
of capital lease obligations.