Century Reports Record Operating Income for Second Quarter
Monterey, CA, July 28, 2004 - Century Aluminum Company (NASDAQ: CENX) reported net income of $18.3 million, or $0.60 a common share, fully diluted, for the second quarter of 2004. For the second quarter of 2003, the company reported a net loss of $5.0 million, or $0.26 a share after preferred dividends.
Quarterly and Year-to-Date Highlights:
- Operating income in the recent quarter rose to a quarterly record of $41.2 million, an 11-fold increase over $3.7 million in the year-ago quarter;
- operating income in the first six months of 2004 rose to a six-month record of $72.8 million, a 10-fold increase over $7.3 million in the year-ago period
Sales were a quarterly record of $263.7 and a six-month record of $495.8 million
Aluminum shipments were a quarterly record 294.8 million pounds and a six-month record 591.6 million pounds
Price realizations were the highest in nine years
Acquisition of Nordural hf in Iceland was completed; construction began on a project to double the capacity of the plant to 180,000 metric tonnes per year by mid-2006.
Sales in the second quarter of 2004 were $263.7 million compared with $196.2 million in the second quarter of 2003. Direct shipments of primary aluminum in the 2004 quarter were 294.8 million pounds compared with 290.0 million pounds in the 2003 quarter.
Net income for the first six months of 2004 was $23.1 million, or $0.87 a share, fully diluted. This compares with a net income of $12.6 million, or $0.56 a share, fully diluted, in the year-ago period.
Sales in the first six months of 2004 were $495.8 million compared with $375.2 million in the same period of 2003. Direct shipments of primary aluminum for the 2004 period were 591.6 million pounds compared with 547.1 million pounds in the year-ago period.
Financial results for the second quarter of 2004 include Nordural hf from April 27, 2004, the date of acquisition.
Commenting on the company's performance, Craig A. Davis, Century Chairman and Chief Executive Officer, said:
"Favorable market conditions, very strong aluminum prices and the first benefits of our Nordural acquisition combined to produce an outstanding quarter for our company. The company's overall financial performance was at record levels."
Century owns 615,000 metric tons per year (mtpy) of primary aluminum capacity. The company owns and operates a 244,000-mtpy plant at Hawesville, KY, a 170,000-mtpy plant at Ravenswood, WV and a 90,000- mtpy plant at Grundartangi, Iceland. Century also owns a 49.67-percent interest in a 222,000-mtpy reduction plant at Mt. Holly, SC. Alcoa Inc. owns the remainder and is the operating partner. Century's corporate offices are located in Monterey, CA.
Century's press releases may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The company cautions that such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties. Actual results may vary materially from those expressed or implied in the forward-looking statements as a result of various factors.
A. T. Posti (831) 642-9364
Director of Corporate Communications
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