THE ACCOMPANYING FINANCIAL STATEMENTS ARE DESIGNED TO
REPLACE THE FINANCIAL STATEMENTS FILED WITH THE 6K FORM FILED
BY RUSSEL METALS ON NOVEMBER 16, 1995.
<TABLE>
<CAPTION>
RUSSEL METALS INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($000)
September 30, December 31,
1995 1994
<S> <C> <C>
Current assets
Accounts receivable $217,166 $223,729
Income taxes recoverable 17,888 17,888
Inventories 239,992 239,629
Prepaid expenses and other assets 5,718 3,583
Current assets - discontinued operations 75,263 79,258
556,027 564,087
Fixed assets
Property, plant and equipment 167,632 153,309
Property, plant and equipment - discontinued
operations 65,137 68,549
232,769 221,858
Other assets
Long-term receivable 32,432 34,245
Other investments 5,575 11,258
Deferred charges 12,330 14,233
Goodwill 12,359 11,471
Deferred income taxes 47,797 50,141
Other assets - discontinued operations 15,255 15,125
125,748 136,473
$914,544 $922,418
Current liabilities
Bank indebtedness $ 94,079 $ 99,122
Accounts payable and accrued liabilities 188,226 170,543
Current portion of long-term debt 16,581 16,985
Current liabilities - discontinued operations 38,946 62,150
337,832 348,800
Long-Term Debt 184,759 191,388
Convertible Debentures and Shareholders' Equity 391,953 382,230
$914,544 $922,418
ON BEHALF OF THE BOARD,
Director Director
</TABLE>
<TABLE>
<CAPTION>
RUSSEL METALS INC.
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
($000, except for per share amounts and average shares outstanding)
Quarter Ended Nine Months Ended
Sept. 30, Sept. 30,
1995 1994 1995 1994
(Restated) (Restated)
<S> <C> <C> <C> <C>
Sales and services $367,664 $361,896 $1,169,629 $982,793
Cost of sales and operating expenses 352,837 338,399 1,116,272 930,125
Interest on long-term debt 7,440 7,482 22,388 23,433
Other interest expense 2,905 1,185 10,452 2,224
Other expense (income) (387) 536 (394) 337
362,795 347,602 1,148,718 956,119
Earnings before income taxes 4,869 14,294 20,911 26,674
Provision for income taxes 2,290 6,766 9,264 12,628
Earnings from continuing operations 2,579 7,528 11,647 14,046
Loss from discontinued operations - net
of related income taxes - (357) - (8,869)
Net earnings for the period $ 2,579 $ 7,171 $ 11,647 $ 5,177
Earnings per common share from
continuing operations
Basic $0.04 $0.14 $0.20 $0.23
Fully diluted $0.04 $0.13 $0.20 $0.23
Net earnings per common share
Basic $0.04 $0.14 $0.20 $0.05
Fully diluted $0.04 $0.13 $0.20 $0.05
Average shares outstanding 51,007,86448,761,417 51,007,864 48,761,417<PAGE>
RUSSEL METALS INC.
</TABLE>
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
(UNAUDITED)
Nine Months ended September 30
($000)
1995 1994
(Restated)
<S> <C> <C>
Operating activities
Net earnings from continuing operations $11,647 $14,046
Depreciation and amortization 12,904 12,335
Deferred income taxes 2,277 10,681
Accrued revenue - deferred income taxes (763) (668)
Loss (gain) on sale of fixed assets (394) 337
Cash from continuing operations 25,671 36,731
Changes in working capital items
Accounts receivable 5,269 (51,334)
Income taxes recoverable - 2,116
Inventories (16,797) (42,948)
Accounts payable and accrued liabilities 28,007 8,403
Other (2,127) (980)
Cash from (used in) continuing operating activities 40,023 (48,012)
Financing activities
Decrease in long-term debt (1,228) (30,759)
(Increase) decrease in long-term receivable 2,576 (6,953)
Issue of common shares - 80,396
Redemption of preferred shares - (55,000)
Dividends (1,688) (2,898)
Cash used in financing activities (340) (15,214)
Investing activities
Purchase of fixed assets (18,020) (10,071)
Costs to rebuild dock (30,839) -
Proceeds on sale of fixed assets 3,098 720
Proceeds on sale of subsidiary company 34,074 6,885
Purchase of subsidiary companies (4,857) (24,656)
Other (2,169) (7,259)
Cash used in investing activities (18,713) (34,381)
Increase (decrease) in cash from continuing operations 20,970 (97,607)
Cash from (used in) discontinued operations (15,927) 6,259
Increase (decrease) in cash 5,043 (91,348)
Cash position, beginning of the period (99,122) 37,372
Cash position, end of the period $(94,079) $(53,976)
NOTE: Cash position represents cash or bank indebtedness.
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