SEC Filings

10-Q
RELIANCE STEEL & ALUMINUM CO filed this Form 10-Q on 11/13/2000
Entire Document
 
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                         PART I -- FINANCIAL INFORMATION
                          RELIANCE STEEL & ALUMINUM CO.
                           Consolidated Balance Sheets
                       (In thousands except share amounts)


<TABLE>
<CAPTION>
                                                                   SEPTEMBER 30,       DECEMBER 31,
                                                                       2000                1999
                                                                   -------------       ------------
                                                                    (unaudited)           (Note)
<S>                                                                <C>                 <C>      
ASSETS
Current assets:
  Cash and cash equivalents                                         $     5,578         $   9,862
  Accounts receivable, less allowance for doubtful accounts
     of $8,007 at September 2000 and $6,351 at December 1999            213,996           167,674
  Inventories                                                           275,861           232,911
  Prepaid expenses and other current assets                               8,289             5,472
  Deferred income taxes                                                  12,997            12,999
                                                                    -----------         ---------
Total current assets                                                    516,721           428,918
Property, plant and equipment, at cost:
  Land                                                                   35,037            31,583
  Buildings                                                             142,424           132,165
  Machinery and equipment                                               172,513           159,390
  Allowances for depreciation                                          (107,829)          (95,756)
                                                                    -----------         ---------
                                                                        242,145           227,382
Investment in 50%-owned company                                          18,820            19,306
Goodwill, net of accumulated amortization of $17,540 at
  September 2000 and $12,957 at December 1999                           232,215           215,247
Other assets                                                              9,556             9,152
                                                                    -----------         ---------
Total assets                                                        $ 1,019,457         $ 900,005
                                                                    ===========         =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
  Accounts payable                                                  $    95,098         $ 103,968
  Accrued expenses                                                       35,577            27,820
  Wages and related accruals                                             15,248            16,191
  Deferred income taxes                                                   7,749             7,749
  Current maturities of long-term debt                                      150               150
                                                                    -----------         ---------
Total current liabilities                                               153,822           155,878
Long-term debt                                                          405,650           318,050
Deferred income taxes                                                    26,586            25,749
Shareholders' equity:
  Preferred stock, no par value:
    Authorized shares - 5,000,000
       None issued or outstanding                                            --                --
  Common stock, no par value:
    Authorized shares - 100,000,000
       Issued and outstanding shares - 27,296,155 at
         September 2000 and 27,798,151 at December 1999,
         stated capital                                                 150,854           153,120
  Retained earnings                                                     282,545           247,208
                                                                    -----------         ---------
Total shareholders' equity                                              433,399           400,328
                                                                    -----------         ---------
Total liabilities and shareholders' equity                          $ 1,019,457         $ 900,005
                                                                    ===========         =========
</TABLE>


See Notes to Consolidated Financial Statements.


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