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18

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.