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For the fourth quarter of 2011, the company reported a net loss of
For 2012, the company reported a net loss of
For 2011, the company reported net income of
Sales for the fourth quarter of 2012 were
"We are witnessing a modest improvement in general market conditions," commented
"We are pleased with our progress in 2012," continued
"We are moving to take advantage of the transformation occurring in the U.S. electric power markets and believe the domestic primary aluminum industry should have a bright future in this environment. We have had good success thus far in benefiting from these profound changes. At Mt. Holly, we concluded an arrangement that allows us to take advantage of excess power available outside the region. In
Fourth Quarter 2012 Earnings Conference Call
About
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; weakening of the Company's U.S. customer markets; our ability to successfully obtain long-term competitive power arrangements for our U.S. plants, including access to the wholesale power market for
CENTURY ALUMINUM COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Three months ended Year ended
December 31, December 31,
2012 2011 2012 2011
--------- --------- ---------- ----------
NET SALES:
Third-party customers $ 176,928 $ 193,992 $ 719,812 $ 791,993
Related parties 140,739 124,172 552,299 564,431
--------- --------- ---------- ----------
317,667 318,164 1,272,111 1,356,424
Cost of goods sold 301,124 331,796 1,225,769 1,266,902
--------- --------- ---------- ----------
Gross profit (loss) 16,543 (13,632) 46,342 89,522
Other operating expenses
(income) - net 3,327 4,624 18,253 (3,806)
Selling, general and
administrative expenses 10,571 8,916 35,363 46,032
--------- --------- ---------- ----------
Operating income (loss) 2,645 (27,172) (7,274) 47,296
Interest expense - third
party - net (5,895) (5,934) (23,537) (24,791)
Interest income - related
parties - 61 62 303
Net gain (loss) on forward
contracts (101) 3,067 (4,150) 804
Other income (expense) - net (2,539) 225 5,576 (1,373)
--------- --------- ---------- ----------
Income (loss) before income
taxes and equity in earnings
of joint ventures (5,890) (29,753) (29,323) 22,239
Income tax expense (1,526) (2,213) (8,910) (14,359)
--------- --------- ---------- ----------
Income (loss) before equity in
earnings of joint ventures (7,416) (31,966) (38,233) 7,880
Equity in earnings of joint
ventures 507 859 2,623 3,445
--------- --------- ---------- ----------
Net income (loss) $ (6,909) $ (31,107) $ (35,610) $ 11,325
========= ========= ========== ==========
Net income (loss) allocated to
common shareholders $ (6,909) $ (31,107) $ (35,610) $ 10,404
EARNINGS (LOSS) PER COMMON
SHARE
Basic and Diluted $ (0.08) $ (0.35) $ (0.40) $ 0.11
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING
Basic 88,492 89,352 88,534 91,854
Diluted 88,492 89,352 88,534 92,257
CENTURY ALUMINUM COMPANY
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share data)
(Unaudited)
December 31,
ASSETS 2012 2011
------------ ------------
Cash and cash equivalents $ 183,976 $ 183,401
Restricted cash 258 -
Accounts receivable - net 50,667 47,647
Due from affiliates 37,870 44,665
Inventories 159,925 171,961
Prepaid and other current assets 34,975 40,646
Deferred taxes - current portion 19,726 -
------------ ------------
Total current assets 487,397 488,320
Property, plant and equipment - net 1,188,214 1,218,225
Other assets 100,715 104,549
------------ ------------
TOTAL $ 1,776,326 $ 1,811,094
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
Accounts payable, trade $ 75,370 $ 86,172
Due to affiliates 39,737 41,904
Accrued and other current liabilities 40,099 40,776
Accrued employee benefits costs - current
portion 18,683 16,698
Industrial revenue bonds 7,815 7,815
------------ ------------
Total current liabilities 181,704 193,365
------------ ------------
Senior notes payable 250,582 249,512
Accrued pension benefits costs - less current
portion 67,878 70,899
Accrued postretirement benefits costs - less
current portion 143,105 128,078
Other liabilities 40,162 40,005
Deferred taxes 110,252 90,958
------------ ------------
Total noncurrent liabilities 611,979 579,452
------------ ------------
SHAREHOLDERS' EQUITY:
Series A Preferred stock (one cent par value,
5,000,000 shares authorized; 80,283 and 80,718
issued and outstanding at December 31, 2012 and
December 31, 2011, respectively) 1 1
Common stock (one cent par value, 195,000,000
shares authorized; 93,335,158 issued and
88,548,637 outstanding at December 31, 2012 ;
93,230,848 issued and 88,844,327 outstanding at
December 31, 2011) 933 932
Additional paid-in capital 2,507,454 2,506,842
Treasury stock, at cost (49,924) (45,891)
Accumulated other comprehensive loss (151,192) (134,588)
Accumulated deficit (1,324,629) (1,289,019)
------------ ------------
Total shareholders' equity 982,643 1,038,277
------------ ------------
TOTAL $ 1,776,326 $ 1,811,094
============ ============
CENTURY ALUMINUM COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
Year ended
December 31,
2012 2011
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ (35,610) $ 11,325
Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating
activities:
Unrealized net (gain) loss on forward
contracts 2,987 (750)
Accrued and other plant curtailment costs -
net 5,251 (13,928)
Lower of cost or market inventory adjustment (19,818) 19,766
Depreciation and amortization 62,570 62,194
Debt discount amortization 1,069 1,857
Deferred income taxes 1,529 2,494
Pension and other postretirement benefits 3,129 (28,757)
Stock-based compensation 613 2,856
Non-cash loss on early extinguishment of
debt - 763
Undistributed earnings of joint ventures (2,623) (3,445)
Change in operating assets and liabilities:
Accounts receivable - net (2,537) (3,744)
Due from affiliates 2,202 10,694
Inventories 31,854 (35,819)
Prepaid and other current assets 4,946 (20,791)
Accounts payable, trade (12,114) (904)
Due to affiliates (2,167) (3,477)
Accrued and other current liabilities (5,746) 425
Other - net 1,604 (3,695)
------------ ------------
Net cash provided by (used in) operating
activities 37,139 (2,936)
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (17,677) (20,100)
Nordural expansion - Helguvik (7,317) (12,882)
Purchase of carbon anode assets (13,814) -
Investments in and advances to joint ventures (275) (113)
Dividends and payments received on advances
from joint ventures 6,622 3,056
Proceeds from sale of property, plant and
equipment 188 1,471
Restricted and other cash deposits (258) 3,673
------------ ------------
Net cash used in investing activities (32,531) (24,895)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of debt - (47,067)
Repayment of contingent obligation - (189)
Borrowings under revolving credit facility 18,076 15,900
Repayments under revolving credit facility (18,076) (15,900)
Repurchase of common stock (4,033) (45,891)
Issuance of common stock - net - 83
------------ ------------
Net cash used in financing activities (4,033) (93,064)
------------ ------------
CHANGE IN CASH AND CASH EQUIVALENTS 575 (120,895)
Cash and cash equivalents, beginning of year 183,401 304,296
------------ ------------
Cash and cash equivalents, end of year $ 183,976 $ 183,401
============ ============
Century Aluminum Company
Selected Operating Data
(Unaudited)
SHIPMENTS - PRIMARY ALUMINUM
Direct (1) Toll
-------------------------- --------------------------
(000) (000) $ (000)
Tonnes Pounds $/Pound Tonnes Pounds Revenue
-------- -------- -------- -------- -------- --------
2012
----------------------
4th Quarter 93,649 206,461 $ 1.03 68,654 151,355 $105,668
3rd Quarter 95,747 211,086 0.98 67,684 149,217 97,939
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
-------- -------- -------- -------- -------- --------
Total 377,314 831,835 $ 1.03 269,215 593,516 $415,779
======== ======== ======== ======== ======== ========
2011
----------------------
4th Quarter 87,665 193,269 $ 1.06 67,984 149,877 $112,411
3rd Quarter 82,236 181,299 1.19 68,596 151,229 129,369
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
-------- -------- -------- -------- -------- --------
Total 334,889 738,304 $ 1.17 267,253 589,190 $491,551
======== ======== ======== ======== ======== ========
(1) Does not include Toll shipments from Nordural Grundartangi
ContactsMike Dildine (media) 831-642-9364Shelly Harrison (investors) 831-642-9357
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