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Reliance’s 1997, 1998, 1999, and 2000 Financial Condition
The chart below summarizes in millions aspects of Reliance’s
financial statements for 1997, 1998, 1999, and 2000, reflecting
Reliance’s growth in the years prior to and including the June 5,
2000, valuation date:2
1997 1998 1999 2000
Total Assets $584 $ 841 $ 900 $ 997
Net Sales 962 1,353 1,511 1,727
Net Income* 82 117 145 157
* Net income before depreciation,
interest, and income taxes.
The significant annual increases in assets, net sales, and
net income reported on Reliance’s financial statements were
largely attributable to increases in Reliance’s gross profit
margins and to the addition of assets, net sales, and net income
relating to acquired companies.
As of the valuation date, Reliance was negotiating
confidentially for the acquisition of another company. This
potential acquisition purportedly would have represented the
largest acquisition in Reliance’s history and likely would have
2 All financial statement information provided is based on
Reliance’s public Securities and Exchange Commission (SEC)
filings for 1997, 1998, 1999, and 2000. As of the end of the
second quarter of 2000, which was 25 days after the June 5, 2000,
valuation date, Reliance held $991 million of assets. For the
first two quarters of 2000, Reliance reported $872 million in net
sales and $80 million in net income (before depreciation,
interest, and income taxes).
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Last modified: May 25, 2011