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For the second quarter of 2011, Century reported net income of
Sales for the second quarter of 2012 were
For the first half of 2012, the company reported a net loss of
This result compares to net income of
Sales in the first six months of 2012 were
"We have witnessed a weakening of global economic conditions and sentiment during the past several months," commented
"At Century we are planning for the longer term, while continuing to manage the business carefully during these uncertain times," continued
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. Such risks and uncertainties may include, without limitation, declines in aluminum prices or increases in our operating costs; worsening of global financial and economic conditions; increases in global aluminum inventories and the addition of new or restarted global aluminum production capacity; our ability to successfully obtain long-term competitive power arrangements for our U.S. plants; and our ability to successfully progress the potential restart of our
Century Aluminum Company
Consolidated Statements of Operations
(in Thousands, Except Per Share Amounts)
(Unaudited)
Three months ended Six months ended
June 30, June 30,
---------------------- ----------------------
2012 2011 2012 2011
---------- ---------- ---------- ----------
NET SALES:
Third-party customers $ 184,022 $ 207,091 $ 372,861 $ 395,403
Related parties 139,597 159,186 276,948 297,211
---------- ---------- ---------- ----------
323,619 366,277 649,809 692,614
COST OF GOODS SOLD 317,662 316,763 623,260 600,784
---------- ---------- ---------- ----------
GROSS PROFIT 5,957 49,514 26,549 91,830
OTHER OPERATING EXPENSES
(INCOME) - NET 3,817 (5,205) 7,538 (11,089)
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 7,151 18,557 15,610 29,166
---------- ---------- ---------- ----------
OPERATING INCOME (LOSS) (5,011) 36,162 3,401 73,753
INTEREST EXPENSE - THIRD
PARTY - NET (5,833) (6,321) (11,673) (12,943)
INTEREST INCOME - RELATED
PARTY 2 70 62 183
NET GAIN (LOSS) ON FORWARD
CONTRACTS 1,450 (1,617) (3,709) (6,426)
OTHER INCOME (EXPENSE) - NET 161 (1,132) 467 (455)
---------- ---------- ---------- ----------
INCOME (LOSS) BEFORE INCOME
TAXES AND EQUITY IN
EARNINGS OF JOINT VENTURES (9,231) 27,162 (11,452) 54,112
INCOME TAX EXPENSE (3,395) (3,636) (6,216) (6,759)
---------- ---------- ---------- ----------
INCOME (LOSS) BEFORE EQUITY
IN EARNINGS OF JOINT
VENTURES (12,626) 23,526 (17,668) 47,353
EQUITY IN EARNINGS OF JOINT
VENTURES 349 460 990 1,679
---------- ---------- ---------- ----------
NET INCOME (LOSS) $ (12,277) $ 23,986 $ (16,678) $ 49,032
========== ========== ========== ==========
Net Income (Loss) Allocated
to Common Shareholders $ (12,277) $ 22,061 $ (16,678) $ 45,066
EARNINGS (LOSS) PER COMMON
SHARE
Basic and Diluted $ (0.14) $ 0.24 $ (0.19) $ 0.48
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING
Basic 88,452 93,105 88,589 93,036
Diluted 88,452 93,567 88,589 93,432
Century Aluminum Company
Consolidated Balance Sheets
(Dollars in Thousands)
(Unaudited)
June 30, December 31,
ASSETS 2012 2011
------------- -------------
Current Assets:
Cash and cash equivalents $ 156,512 $ 183,401
Accounts receivable - net 71,936 47,647
Due from affiliates 34,671 44,665
Inventories 158,538 171,961
Prepaid and other current assets 43,131 40,646
------------- -------------
Total current assets 464,788 488,320
Property, plant and equipment - net 1,208,029 1,218,225
Other assets 106,284 104,549
------------- -------------
Total $ 1,779,101 $ 1,811,094
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable, trade $ 70,360 $ 86,172
Due to affiliates 43,055 41,904
Accrued and other current liabilities 44,716 40,776
Accrued employee benefits costs - current
portion 16,107 16,698
Industrial revenue bonds 7,815 7,815
------------- -------------
Total current liabilities 182,053 193,365
------------- -------------
Senior notes payable 250,036 249,512
Accrued pension benefits costs - less current
portion 67,762 70,899
Accrued postretirement benefits costs - less
current portion 128,429 128,078
Other liabilities 39,690 40,005
Deferred taxes 90,832 90,958
------------- -------------
Total noncurrent liabilities 576,749 579,452
------------- -------------
Shareholders' Equity:
Series A preferred stock (one cent par
value, 5,000,000 shares authorized; 80,623
and 80,718 issued and outstanding at June
30, 2012 and December 31, 2011 ,
respectively) 1 1
Common stock (one cent par value,
195,000,000 shares authorized; 93,253,570
issued and 88,467,049 outstanding as of
June 30, 2012 ; 93,230,848 issued and
88,844,327 outstanding as of December 31,
2011) 933 932
Additional paid-in capital 2,507,053 2,506,842
Treasury stock, at cost (49,924) (45,891)
Accumulated other comprehensive loss (132,067) (134,588)
Accumulated deficit (1,305,697) (1,289,019)
------------- -------------
Total shareholders' equity 1,020,299 1,038,277
------------- -------------
Total $ 1,779,101 $ 1,811,094
============= =============
Century Aluminum Company
Consolidated Statements of Cash Flows
(Dollars in Thousands)
(Unaudited)
Six months ended
June 30,
--------------------------
2012 2011
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ (16,678) $ 49,032
Adjustments to reconcile net income (loss) to
net cash used in operating activities:
Unrealized net loss on forward contracts 3,177 6,170
Accrued and other plant curtailment costs -
net 2,781 (16,592)
Lower of cost or market inventory adjustment (11,617) (16)
Depreciation and amortization 31,288 31,064
Debt discount amortization 523 1,355
Pension and other postretirement benefits (260) (28,608)
Stock-based compensation 212 2,501
Non-cash loss on early extinguishment of
debt - 763
Undistributed earnings of joint ventures (990) (1,679)
Change in operating assets and liabilities:
Accounts receivable - net (24,289) (10,935)
Due from affiliates 5,401 11,265
Inventories 25,040 (31,464)
Prepaid and other current assets (3,877) (28,991)
Accounts payable, trade (15,931) (1,202)
Due to affiliates 1,151 (5,834)
Accrued and other current liabilities 1,750 7,575
Other - net 704 (539)
------------ ------------
Net cash used in operating activities (1,615) (16,135)
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (6,165) (7,353)
Nordural expansion (3,586) (7,968)
Purchase of carbon anode assets (14,524) -
Investments in and advances to joint ventures (200) -
Payments received on advances from joint
ventures 3,166 3,056
Proceeds from sale of property, plant and
equipment 68 56
Restricted and other cash deposits - 3,673
------------ ------------
Net cash used in investing activities (21,241) (8,536)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of debt - (47,067)
Repayment of contingent obligation - (189)
Borrowing under revolving credit facility 18,076 -
Repayment under revolving credit facility (18,076) -
Repurchase of common stock (4,033) -
Issuance of common stock - net - 32
------------ ------------
Net cash used in financing activities (4,033) (47,224)
------------ ------------
CHANGE IN CASH AND CASH EQUIVALENTS (26,889) (71,895)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 183,401 304,296
------------ ------------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 156,512 $ 232,401
============ ============
Century Aluminum Company
Selected Operating Data
(Unaudited)
SHIPMENTS - PRIMARY ALUMINUM
Direct (1) Toll
------------------------------ ------------------------------
Metric (000) Metric (000) (000)
Tons Pounds $/Pound Tons Pounds Revenue
--------- --------- ---------- --------- --------- ----------
2012
2nd Quarter 93,831 206,862 $ 1.05 66,997 147,704 $ 105,756
1st Quarter 94,087 207,426 1.06 65,880 145,240 106,416
--------- --------- ---------- --------- --------- ----------
Year to Date 187,918 414,288 $ 1.05 132,877 292,944 $ 212,172
--------- --------- ---------- --------- --------- ----------
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
--------- --------- ---------- --------- --------- ----------
(1) Does not include Toll shipments from Nordural Grundartangi
Contacts:Lindsey Berryhill (media) 831-642-9364Shelly Harrison (investors) 831-642-9357
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