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In the second quarter of 2010, the company reported net earnings of
Sales in the second quarter of 2011 were
For the first half of 2011, the company reported net income of
Sales in the first six months of 2011 were
"Aluminum market conditions have remained generally stable during the last few months," commented
"We have made good progress across the rest of the company," concluded
Cautionary Statement
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements about future, not past, events and involve certain important risks and uncertainties, any of which could cause our actual results to differ materially from those expressed in our forward-looking statements, including, without limitation, declines in aluminum prices or increases in our operating costs; deterioration of global financial and economic conditions; increases in global aluminum inventories and the addition of additional global aluminum production capacity; additional delays in the completion of our Helguvik,
Century Aluminum Company
Consolidated Statements of Operations
(in Thousands, Except Per Share Amounts)
(Unaudited)
Three months ended Six months ended
June 30, June 30,
-------------------- --------------------
2011 2010 2011 2010
--------- --------- --------- ---------
NET SALES:
Third-party customers $ 207,091 $ 183,045 $ 395,403 $ 375,977
Related parties 159,186 104,808 297,211 197,265
--------- --------- --------- ---------
366,277 287,853 692,614 573,242
COST OF GOODS SOLD 316,763 266,337 600,784 517,750
--------- --------- --------- ---------
GROSS PROFIT 49,514 21,516 91,830 55,492
OTHER OPERATING EXPENSES
(INCOME) - NET (5,205) 4,644 (11,089) 9,109
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 18,557 10,964 29,166 23,215
--------- --------- --------- ---------
OPERATING INCOME 36,162 5,908 73,753 23,168
INTEREST EXPENSE - THIRD PARTY -
NET (6,321) (6,255) (12,943) (12,552)
INTEREST INCOME - RELATED PARTY 70 111 183 220
NET GAIN (LOSS) ON FORWARD
CONTRACTS (1,617) 9,294 (6,426) 7,322
OTHER INCOME (EXPENSE) - NET (1,132) 230 (455) 638
--------- --------- --------- ---------
INCOME BEFORE INCOME TAXES AND
EQUITY
IN EARNINGS OF JOINT VENTURES 27,162 9,288 54,112 18,796
INCOME TAX EXPENSE (3,636) (4,619) (6,759) (8,900)
--------- --------- --------- ---------
INCOME BEFORE EQUITY IN EARNINGS
OF JOINT VENTURES 23,526 4,669 47,353 9,896
EQUITY IN EARNINGS OF JOINT
VENTURES 460 477 1,679 1,582
--------- --------- --------- ---------
NET INCOME $ 23,986 $ 5,146 $ 49,032 $ 11,478
========= ========= ========= =========
NET INCOME ALLOCATED TO COMMON
SHAREHOLDERS $ 22,061 $ 4,723 $ 45,066 $ 10,532
EARNINGS PER COMMON SHARE
Basic and Diluted $ 0.24 $ 0.05 $ 0.48 $ 0.11
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING
Basic 93,105 92,672 93,036 92,611
Diluted 93,567 93,332 93,432 93,218
Century Aluminum Company
Consolidated Balance Sheets
(Dollars in Thousands)
(Unaudited)
June 30, December 31,
ASSETS 2011 2010
------------- -------------
Current Assets:
Cash and cash equivalents $ 232,401 $ 304,296
Restricted cash - 3,673
Accounts receivable - net 54,838 43,903
Due from affiliates 37,264 51,006
Inventories 187,388 155,908
Prepaid and other current assets 46,151 18,292
------------- -------------
Total current assets 558,042 577,078
Property, plant and equipment - net 1,238,651 1,256,970
Due from affiliates - less current portion 3,094 6,054
Other assets 100,055 82,954
------------- -------------
Total $ 1,899,842 $ 1,923,056
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable, trade $ 87,595 $ 88,004
Due to affiliates 39,548 45,381
Accrued and other current liabilities 49,225 41,495
Accrued employee benefits costs - current
portion 15,909 26,682
Convertible senior notes - 45,483
Industrial revenue bonds 7,815 7,815
------------- -------------
Total current liabilities 200,092 254,860
------------- -------------
Senior notes payable 249,011 248,530
Accrued pension benefits costs - less current
portion 38,518 37,795
Accrued postretirement benefits costs - less
current portion 106,718 103,744
Other liabilities 41,662 37,612
Deferred taxes 86,019 85,999
------------- -------------
Total noncurrent liabilities 521,928 513,680
------------- -------------
Shareholders' Equity:
Series A Preferred stock (one cent par
value, 5,000,000 shares authorized; 80,785
and 82,515 shares issued and outstanding at
June 30, 2011 and December 31, 2010 ,
respectively) 1 1
Common stock (one cent par value,
195,000,000 shares authorized; 93,214,667
and 92,771,864 shares issued and
outstanding at June 30, 2011 and December
31, 2010, respectively) 932 928
Additional paid-in capital 2,506,435 2,503,907
Accumulated other comprehensive loss (78,234) (49,976)
Accumulated deficit (1,251,312) (1,300,344)
------------- -------------
Total shareholders' equity 1,177,822 1,154,516
------------- -------------
Total $ 1,899,842 $ 1,923,056
============= =============
Century Aluminum Company
Consolidated Statements of Cash Flows
(Dollars in Thousands)
(Unaudited)
Six months ended
June 30,
2011 2010
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 49,032 $ 11,478
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Unrealized net loss (gain) on forward contracts 6,170 (7,568)
Realized benefit of contractual receivable - 32,193
Accrued and other plant curtailment costs - net (16,592) (2,576)
Lower of cost or market inventory adjustment (16) 6,999
Depreciation and amortization 31,064 31,505
Debt discount amortization 1,355 1,548
Deferred income taxes - 9,217
Pension and other postretirement benefits (28,608) 8,218
Stock-based compensation 2,501 2,163
Non-cash loss on early extinguishment of debt 763 -
Undistributed earnings of joint ventures (1,679) (1,582)
Change in operating assets and liabilities:
Accounts receivable - net (10,935) 1,013
Due from affiliates 11,265 (16,671)
Inventories (31,464) (11,162)
Prepaid and other current assets (28,991) 20,423
Accounts payable, trade (1,202) (6,725)
Due to affiliates (5,834) 621
Accrued and other current liabilities 7,575 (2,189)
Other - net (539) (4,773)
--------- ---------
Net cash provided by (used in) operating
activities (16,135) 72,132
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (7,353) (3,012)
Nordural expansion (7,968) (10,113)
Investments in and advances to joint ventures - (17)
Payment received on advances from joint ventures 3,056 -
Proceeds from sale of property, plant and equipment 56 -
Restricted and other cash deposits 3,673 (983)
--------- ---------
Net cash used in investing activities (8,536) (14,125)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of debt (47,067) -
Repayment of contingent obligation (189) -
Issuance of common stock - net 32 23
--------- ---------
Net cash provided by (used in) financing
activities (47,224) 23
--------- ---------
CHANGE IN CASH AND CASH EQUIVALENTS (71,895) 58,030
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD 304,296 198,234
--------- ---------
CASH AND CASH EQUIVALENTS, END OF THE PERIOD $ 232,401 $ 256,264
========= =========
Century Aluminum Company
Selected Operating Data
(Unaudited)
SHIPMENTS - PRIMARY ALUMINUM
Direct (1) Toll
----------------------------- -----------------------------
Metric (000) Metric (000) (000)
Tons Pounds $/Pound Tons Pounds Revenue
--------- --------- --------- --------- --------- ---------
2011
----------------
2nd Quarter 84,509 186,310 $ 1.26 66,974 147,652 $ 132,113
1st Quarter 80,479 177,426 1.17 63,699 140,432 117,658
--------- --------- --------- --------- --------- ---------
Year to Date 164,988 363,736 $ 1.22 130,673 288,084 $ 249,771
========= ========= ========= ========= ========= =========
2010
----------------
2nd Quarter 76,521 168,700 $ 1.04 68,059 150,043 $ 112,523
1st Quarter 76,653 168,990 1.04 68,024 149,968 109,659
--------- --------- --------- --------- --------- ---------
Year to Date 153,174 337,690 $ 1.04 136,083 300,011 $ 222,182
========= ========= ========= ========= ========= =========
(1) Does not include Toll shipments from Nordural Grundartangi
Contacts:Mike Dildine (media) 831-642-9364Shelly Harrison (investors) 831-642-9357
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