SCHN 2017 Annual Report

SCHNITZER STEEL INDUSTRIES, INC. 27 / Schnitzer Steel Industries, Inc. Form 10-K 2017 ITEM 6. SELECTED FINANCIAL DATA The following table sets forth selected consolidated financial data for each of the five years in the period ended August 31, 2017. The selected consolidated financial data presented below should be read in conjunctionwithManagement's Discussion andAnalysis of Financial Condition and Results of Operations set forth in Part II, Item7 of thisAnnual Report on Form10-K and the consolidated financial statements and the accompanying notes set forth in Part II, Item 8 of this Annual Report on Form 10-K. Year Ended August 31, 2017 2016 2015 2014 2013 STATEMENT OF OPERATIONS DATA: (in thousands, except per share and dividend data) Revenues $ 1,687,591 $ 1,352,543 $ 1,915,399 $ 2,534,926 $ 2,616,792 Operating income (loss) (1) $ 56,013 $ (7,842) $ (195,529) $ 24,364 $ (323,178) Income (loss) from continuing operations $ 47,368 $ (16,240) $ (187,849) $ 12,400 $ (275,781) Loss from discontinued operations, net of tax (2) $ (390) $ (1,348) $ (7,227) $ (2,809) $ (4,242) Net income (loss) attributable to SSI $ 44,511 $ (19,409) $ (197,009) $ 5,924 $ (281,442) Income (loss) per share from continuing operations attributable to SSI (diluted) $ 1.60 $ (0.66) $ (7.03) $ 0.32 $ (10.40) Net income (loss) per share attributable to SSI (diluted) $ 1.58 $ (0.71) $ (7.29) $ 0.22 $ (10.56) Dividends declared per common share $ 0.750 $ 0.750 $ 0.750 $ 0.750 $ 0.750 OTHER DATA: Sales volumes (in thousands) (3) : AMR recycled ferrous metal (tons) (4) 3,145 2,899 3,186 3,591 3,666 AMR recycled nonferrous metal (pounds) 540,791 473,737 539,850 563,530 528,846 CSS finished steel products (tons) 496 488 540 533 488 Average net selling price (3)(5) : AMR recycled ferrous metal (per ton) $ 242 $ 193 $ 264 $ 347 $ 351 AMR recycled nonferrous metal (per pound) $ 0.63 $ 0.60 $ 0.74 $ 0.82 $ 0.89 CSS finished steel products (per ton) $ 534 $ 522 $ 639 $ 677 $ 680 August 31, 2017 2016 2015 2014 2013 BALANCE SHEET DATA (in thousands): Total assets $ 933,755 $ 891,429 $ 962,299 $ 1,355,210 $ 1,405,512 Long-term debt, net of current maturities $ 144,403 $ 184,144 $ 227,572 $ 318,842 $ 372,663 _____________________________ (1) Operating income in fiscal 2017 includes other asset impairment charges (recoveries), net, of $(1) million and a net gain from restructuring charges and other exit-related activities of less than $1 million. Operating loss in fiscal 2016 includes a goodwill impairment charge of $9 million, other asset impairment charges of $21 million, and restructuring charges and other exit-related activities of $7 million. Operating loss in fiscal 2015 includes a goodwill impairment charge of $141 million, other asset impairment charges of $45 million, and restructuring charges and other exit-related activities of $13 million. Operating income in fiscal 2014 includes other asset impairment charges of $1 million and restructuring charges and other exit-related activities of $7 million. Operating loss in fiscal 2013 includes a goodwill impairment charge of $321 million, other asset impairment charges of $13 million and restructuring charges and other exit-related activities of $8 million. (2) In fiscal 2015, the Company ceased operations at seven auto parts stores, six of which qualified for discontinued operations reporting and whose results have been removed from other data for all periods presented, as applicable. In fiscal 2014, the Company also released an environmental liability of $1 million associated with operations disposed in fiscal 2010. See Note 8 - Discontinued Operations in the Notes to the Consolidated Financial Statements in Part II, Item 8 of this report for further discussion. (3) Tons for recycled ferrous metal are long tons (2,240 pounds) and for finished steel products are short tons (2,000 pounds). (4) The Company sold to external customers or delivered to its steel mill an aggregate of 3,628 thousand, 3,289 thousand, 3,708 thousand, 4,309 thousand, and 4,506 thousand tons of ferrous recycled scrap metal in fiscal 2017, 2016, 2015, 2014 and 2013, respectively. Company-wide ferrous volumes include total ferrous sales volumes for AMR, ferrous tons sold externally by CSS, and ferrous tons delivered by CSS's metals recycling operations to its steel mill, net of inter-segment eliminations. (5) In accordance with generally accepted accounting principles, the Company reports revenues that include amounts billed for freight to customers; however, average net selling prices are shown net of amounts billed for freight.