UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 3, 2013
MRC GLOBAL INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-35479 | 20-5956993 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
2 Houston Center
909 Fannin, Suite 3100, Houston, TX 77010
(Address of principal executive offices, including zip code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 7.01 | Regulation FD Disclosure. |
In the fourth quarter of 2012, MRC Global Inc. (“MRC”) revised its segment disclosures to reflect three reportable segments consisting of the U.S., Canada, and International. MRC is providing previously filed quarterly information for 2012, 2011 and 2010 that has been recast to reflect this change in reportable segments in this filing which is included as Exhibit 99.1 to this current report 8-K and is incorporated herein by reference.
The information referenced under Item 7.01 (including Exhibit 99.1 referenced in the Item 9.01 below) of this Current Report on Form 8-K is being “furnished” under “Item 7.01. Regulation FD Disclosure” and, as such, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information set forth in this Current Report on Form 8-K (including Exhibit 99.1 referenced in Item 9.01 below) shall not be incorporated by reference into any registration statement, report or other document filed by MRC pursuant to the Securities Act of 1933, as amended (the “Securities Act”), except as shall be expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| 99.1 | Recast Historical Quarterly Segment Results for 2012, 2011, and 2010 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 3, 2013
| MRC GLOBAL INC. | ||
| By: | /s/ James E. Braun | |
| James E. Braun | ||
| Executive Vice President and Chief Financial Officer | ||
INDEX TO EXHIBITS
| Exhibit No. |
Description | |
| 99.1 | Recast Historical Quarterly Segment Results for 2012, 2011 and 2010 | |
Exhibit 99.1
| Three months ended | ||||||||||||||||
| March 31 2012 |
June 30 2012 |
September 30 2012 |
December 31 2012 |
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| Sales |
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| U.S. |
$ | 1,052.7 | $ | 1,119.6 | $ | 1,111.9 | $ | 954.2 | ||||||||
| Canada |
208.2 | 159.5 | 185.6 | 211.9 | ||||||||||||
| International |
121.7 | 151.3 | 153.6 | 140.6 | ||||||||||||
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| Consolidated |
$ | 1,382.6 | $ | 1,430.4 | $ | 1,451.1 | $ | 1,306.7 | ||||||||
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| Operating income |
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| U.S. |
$ | 75.2 | $ | 81.4 | $ | 108.5 | $ | 93.3 | (1) | |||||||
| Canada |
9.6 | 2.2 | 5.7 | 9.6 | ||||||||||||
| International |
5.4 | 6.9 | 8.0 | 1.2 | (1) | |||||||||||
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| Consolidated |
$ | 90.2 | $ | 90.5 | $ | 122.2 | $ | 104.1 | ||||||||
| Interest expense |
(33.7 | ) | (30.7 | ) | (28.2 | ) | (19.9 | ) | ||||||||
| Loss on early extinguishment of debt |
— | (11.4 | ) | (10.3 | ) | (92.2 | ) | |||||||||
| Write off of debt issuance costs |
(1.7 | ) | — | — | — | |||||||||||
| Other, net |
3.8 | (0.7 | ) | 2.1 | (2.4 | ) | ||||||||||
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| Income (loss) before taxes |
$ | 58.6 | $ | 47.7 | $ | 85.8 | $ | (10.4 | ) | |||||||
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| March 31 2012 |
June 30 2012 |
September 30 2012 |
December 31 2012 |
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| Total assets |
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| U.S. |
$ | 2,860.8 | $ | 2,917.2 | $ | 2,887.1 | $ | 2,732.4 | ||||||||
| Canada |
205.7 | 192.5 | 211.4 | 249.1 | ||||||||||||
| International |
412.0 | 387.4 | 404.7 | 388.2 | ||||||||||||
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| Consolidated |
$ | 3,478.5 | $ | 3,497.1 | $ | 3,503.2 | $ | 3,369.7 | ||||||||
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| (1) | Fourth quarter 2012 operating income reflects a $2.4 million intercompany management fee charged by the U.S. to the International segment for services provided throughout the year. |
| Three months ended | ||||||||||||||||
| March 31 2011 |
June 30 2011 |
September 30 2011 |
December 31 2011 |
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| Sales |
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| U.S. |
$ | 771.5 | $ | 943.8 | $ | 1,094.5 | $ | 1,039.3 | ||||||||
| Canada |
160.9 | 149.2 | 167.4 | 176.1 | ||||||||||||
| International |
59.4 | 75.0 | 104.3 | 91.0 | ||||||||||||
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| Consolidated |
$ | 991.8 | $ | 1,168.0 | $ | 1,366.2 | $ | 1,306.4 | ||||||||
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| Operating income |
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| U.S. |
$ | 22.9 | $ | 43.0 | $ | 58.2 | $ | 42.3 | ||||||||
| Canada |
5.0 | 1.7 | 4.7 | 6.0 | ||||||||||||
| International |
1.7 | 4.0 | 3.5 | 1.6 | ||||||||||||
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| Consolidated |
$ | 29.6 | $ | 48.7 | $ | 66.4 | $ | 49.9 | ||||||||
| Interest expense |
(33.5 | ) | (34.5 | ) | (34.3 | ) | (34.5 | ) | ||||||||
| Write off of debt issuance costs |
— | (9.5 | ) | — | — | |||||||||||
| Other, net |
2.1 | 2.5 | 0.9 | 2.0 | ||||||||||||
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| Income (loss) before taxes |
$ | (1.8 | ) | $ | 7.2 | $ | 33.0 | $ | 17.4 | |||||||
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| March 31 2011 |
June 30 2011 |
September 30 2011 |
December 31 2011 |
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| Total assets |
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| U.S. |
$ | 2,419.4 | $ | 2,522.1 | $ | 2,799.0 | $ | 2,749.4 | ||||||||
| Canada |
294.7 | 288.0 | 159.3 | 176.1 | ||||||||||||
| International |
255.4 | 347.2 | 309.1 | 304.4 | ||||||||||||
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| Consolidated |
$ | 2,969.5 | $ | 3,157.3 | $ | 3,267.4 | $ | 3,229.9 | ||||||||
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| Three months ended | ||||||||||||||||
| March 31 2010 |
June 30 2010 |
September 30 2010 |
December 31 2010 |
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| Sales |
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| U.S. |
$ | 656.2 | $ | 768.2 | $ | 864.3 | $ | 836.2 | ||||||||
| Canada |
124.5 | 93.4 | 107.5 | 139.8 | ||||||||||||
| International |
77.6 | 65.3 | 53.7 | 58.9 | ||||||||||||
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| Consolidated |
$ | 858.3 | $ | 926.9 | $ | 1,025.5 | $ | 1,034.9 | ||||||||
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| Operating income |
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| U.S. |
$ | 15.1 | $ | 4.5 | $ | 22.6 | $ | 17.8 | ||||||||
| Canada |
(2.2 | ) | (2.7 | ) | — | 1.0 | ||||||||||
| International |
7.3 | 5.4 | (1.7 | ) | (0.8 | ) | ||||||||||
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| Consolidated |
$ | 20.2 | $ | 7.2 | $ | 20.9 | $ | 18.0 | ||||||||
| Interest expense |
(35.3 | ) | (34.3 | ) | (35.0 | ) | (34.9 | ) | ||||||||
| Other, net |
(3.3 | ) | (0.2 | ) | (0.4 | ) | 2.0 | |||||||||
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| Loss before taxes |
$ | (18.4 | ) | $ | (27.3 | ) | $ | (14.5 | ) | $ | (14.9 | ) | ||||
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| March 31 2010 |
June 30 2010 |
September 30 2010 |
December 31 2010 |
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| Total assets |
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| U.S. |
$ | 2,486.6 | $ | 2,534.7 | $ | 2,566.3 | $ | 2,486.6 | ||||||||
| Canada |
269.7 | 222.3 | 229.9 | 262.1 | ||||||||||||
| International |
268.1 | 244.1 | 252.4 | 242.5 | ||||||||||||
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| Consolidated |
$ | 3,024.4 | $ | 3,001.1 | $ | 3,048.6 | $ | 2,991.2 | ||||||||
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