Worthington Industries, Inc. reported net earnings of $40.8 million on record sales of $817.0 million for the fourth quarter and net earnings of $179.4 million on sales of $3,078.9 million for the twelve month period ended May 31, 2005.

Fourth Quarter Results—The $40.8 million net earnings ($0.46 per diluted share) were the second best fourth quarter earnings in the company's history, second only to the year ago quarter. Fourth quarter earnings compare to reported net earnings of $39.4 million ($0.45 per diluted share) for the fourth quarter of fiscal 2004, which included special items that collectively had a negative impact on diluted earnings per share of $0.39. Excluding the special items in the prior-year period, earnings per share would have been $0.84.

Record sales of $817.0 million surpassed last year's record $782.9 million.

Fiscal Year Results—The $179.4 million net earnings ($2.03 per diluted share) were an all time record. They compare with $86.8 million ($1.00 per diluted share) for the same period last year. Sales of $3,078.9 million represent a 29% increase from what was a record $2,379.1 million last year.

CEO Comments—"We had a great fourth quarter and year," stated John P. McConnell, Chairman and CEO of Worthington Industries. "I am very proud of the efforts of all of our 8,000 Worthington employees in achieving record annual sales and earnings in our company's 50th year. Next week, we will pay our 150th consecutive quarterly dividend since becoming a public company. We remain a strong and financially sound company as evidenced by our balance sheet.

"In addition to being focused on diversifying our customer base, we are executing a strategy of providing our processed steel products downstream to our other business operations and joint ventures. Fiscal 2005 represented another year of strong performances by our joint ventures, and the Worthington Cylinder business expanded its product line with the acquisition of the propane and specialty gas cylinder assets of Western Industries. Dietrich Metal Framing, while still awaiting a rebound in commercial office construction, is starting to see more traction in residential steel framing. The formation of two joint ventures, Dietrich Metal Framing Canada and Dietrich Residential Construction, opens up new markets in Canada and in residential construction for the U.S. military," concluded McConnell.

Quarterly Segment Results—In the Processed Steel Products segment, quarterly net sales rose 5% ($21.9 million) to $460.7 million from what was a record $438.8 million in the comparable quarter of fiscal 2004. The increase was due to higher pricing (up 16%). Volumes were down 9% due to the August 2004 sale of cold rolling assets in Decatur, Ala. Excluding the impact of that asset sale, volumes were down 2%. Operating income, excluding Decatur-related charges taken in the year ago period, declined due to a narrowing of the spread between selling prices and material costs but still remains among the best in the segment's history.

In the Metal Framing segment, net sales decreased 4% ($8.3 million) to $223.3 million from what was a record $231.5 million in the comparable quarter of fiscal 2004. With continued weakness in the commercial office construction market, volumes were down 13% while pricing was up 11% over the year ago quarter. A narrower spread between selling prices and material costs was primarily responsible for the downturn in operating income compared to the prior year period when operating income was more than quadruple any prior quarterly record.

In the Pressure Cylinders segment, net sales increased 18% ($19.9 million) to $128.2 million from $108.3 million in the comparable quarter of fiscal 2004. The propane and specialty gas cylinder assets of Western Industries, acquired on September 17, 2004, contributed $17.7 million to the sales increase. Excluding sales from the acquired assets, unit volumes were down 14% as weakness in the 20 lb. propane cylinder market offset strength in other product lines. Operating income was unchanged from the prior year.

Worthington's joint ventures contributed positively to fourth quarter results. Equity in net income of the seven unconsolidated affiliates totaled $14.1 million for the quarter, compared to the record $16.4 million of the year ago quarter when four affiliates had record earnings.

Share Repurchase Program Announced—On June 13, 2005, Worthington Industries announced the repurchase of up to ten million (approximately 11%) of its outstanding shares. Purchases may be made from time to time, on the open market or in private transactions, with consideration given to the market price of the stock, the nature of other investment opportunities, cash flows from operations and general economic conditions.

Worthington Industries is a leading diversified metal processing company with annual sales of approximately $3 billion. The Columbus, Ohio, based company is a premier value-added steel processor and a leader in manufactured metal products such as metal framing, pressure cylinders, automotive past model service stampings, metal ceiling grid systems and laser welded blanks. Worthington employs more than 8,000 people and operates 66 facilities in 10 countries.

Founded in 1955, the company operates under a long-standing corporate philosophy rooted in the golden rule, with earning money for its shareholders as the first corporate goal. This philosophy, an unwavering commitment to the customer, and one of the strongest employee/employer partnerships in American industry serve as the company's foundation.