Worthington Industries confident in investment-grade rating, CFO says

By Aleesia Forni

Columbus, Ohio, Sept. 29 - Worthington Industries Inc. intends to maintain an investment-grade credit rating in the future, and the company is "very comfortable" with its current leverage level, according to chief financial officer Andy Rose.

"Our balance sheet remains strong," Rose said during the company's first quarter fiscal 2012 earnings conference call.

The company reported total debt of $459.5 million for the quarter, up $76.3 million compared to May 31.

Increases in working capital, the repurchase of common shares and the acquisition of BernzOmatic product lines were part of the reason for this increase in Worthington's short-term borrowing needs.

The company currently has $284 million in available debt capacity, according to Rose.

Worthington reported cash of $36.8 million as of Aug. 31 and net sales of $602 million for the first quarter.

"While the economy continues to putter forward and the financial markets search for direction, we continue to make solid progress improving our company," Rose said.

Worthington is a Columbus, Ohio-based metals manufacturer.

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