Segment Operations

3 Months Ended

Aug. 31, 2012

Segment Operations

NOTE K – Segment Operations

During the first quarter of fiscal 2013, we made certain organizational changes impacting the internal reporting and management structure of our former Global Group operating segment. As a result of these organizational changes, management responsibilities and internal reporting were re-aligned resulting in three new operating segments: Commercial Stairs, Construction Services and Worthington Energy Innovations. These operating segments are reported in the “Other” category for segment reporting purposes, as they do not meet the applicable aggregation criteria or quantitative thresholds for separate disclosure. Accordingly, these organizational changes did not impact the composition of our reportable business segments.

Additionally, we no longer manage our residual metal framing assets in a manner that constitutes an operating segment. Accordingly, the activity related to the wind-down of our former Metal Framing operating segment has been reported in the “Other” category. Segment information reported in previous periods has been restated to conform to this new presentation.

Summarized financial information for our reportable segments is shown in the following table:

	Three Months Ended August  31,
(in thousands)	2012			2011
Net sales
Steel Processing	$	379,972		$	408,174
Pressure Cylinders		194,236			168,829
Engineered Cabs		64,495			-
Other		27,332			25,384
Consolidated net sales	$	666,035		$	602,387
Operating income (loss)
Steel Processing	$	16,019		$	16,276
Pressure Cylinders		15,026			11,915
Engineered Cabs		4,694			-
Other		(2,321	)		(7,008	)
Consolidated operating income	$	33,418		$	21,183
Restructuring and other expense
Steel Processing	$	-		$	-
Pressure Cylinders		6			-
Engineered Cabs		-			-
Other		397			1,703
Consolidated restructuring and other expense	$	403		$	1,703
Impairment of long-lived assets
Steel Processing	$	-		$	-
Pressure Cylinders		1,570			-
Engineered Cabs		-			-
Other		-			-
Consolidated impairment of long-lived assets	$	1,570		$	-
Joint venture transactions
Steel Processing	$	-		$	-
Pressure Cylinders		-			-
Engineered Cabs		-			-
Other		(1,162	)		3,215
Consolidated joint venture transactions	$	(1,162	)	$	3,215
(in thousands)	August 31, 2012			May 31, 2012
Total assets
Steel Processing	$	661,141		$	703,336
Pressure Cylinders		552,524			575,250
Engineered Cabs		200,466			199,594
Other		391,375			399,617
Consolidated total assets	$	1,805,506		$	1,877,797