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For the first quarter of 2010, Century reported net income of
Sales for the first quarter of 2011 were
"Over the last several months we have witnessed a continuation of the
generally attractive market conditions with which the year began," remarked
"We made good progress this quarter," continued Mr. Kruger. "The team at
Atli B. Gudmundsson , Senior Manager -- Corporate Finance, NBI hf. Steingrimur Helgason, Director -- Corporate Finance, NBI hf.
Cautionary Statement
This press release and comments made by Century management on the quarterly
conference call contain "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; increasing inflation or other worsening of global
financial and economic conditions; increases in global aluminum inventories
and the addition of new or restarted 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
March 31,
--------------------
2011 2010
--------- ---------
NET SALES:
Third-party customers $ 188,312 $ 192,932
Related parties 138,025 92,457
--------- ---------
326,337 285,389
COST OF GOODS SOLD 284,021 251,413
--------- ---------
GROSS PROFIT 42,316 33,976
OTHER OPERATING EXPENSES (INCOME) - NET (5,884) 4,465
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 10,609 12,251
--------- ---------
OPERATING INCOME 37,591 17,260
INTEREST EXPENSE - THIRD PARTY - Net (6,622) (6,297)
INTEREST INCOME - RELATED PARTY 113 109
NET LOSS ON FORWARD CONTRACTS (4,809) (1,972)
OTHER INCOME - Net 677 408
--------- ---------
INCOME BEFORE INCOME TAXES AND EQUITY
IN EARNINGS OF JOINT VENTURES 26,950 9,508
INCOME TAX EXPENSE (3,123) (4,281)
--------- ---------
INCOME BEFORE EQUITY IN EARNINGS OF JOINT VENTURES 23,827 5,227
EQUITY IN EARNINGS OF JOINT VENTURES 1,219 1,105
--------- ---------
NET INCOME $ 25,046 $ 6,332
========= =========
Net Income Allocated to Common Shareholders $ 23,005 $ 5,808
INCOME PER COMMON SHARE
Basic $ 0.25 $ 0.06
Diluted $ 0.25 $ 0.06
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic 92,965 92,550
Diluted 93,297 93,103
Century Aluminum Company
Consolidated Balance Sheets
(Dollars in Thousands)
(Unaudited)
March 31, December 31,
ASSETS 2011 2010
----------- ------------
Current Assets:
Cash and cash equivalents $ 293,487 $ 304,296
Restricted cash 3,673 3,673
Accounts receivable - net 36,383 43,903
Due from affiliates 39,240 51,006
Inventories 163,971 155,908
Prepaid and other current assets 45,520 18,292
----------- ------------
Total current assets 582,274 577,078
Property, plant and equipment - net 1,246,530 1,256,970
Due from affiliates - less current portion 7,172 6,054
Other assets 85,205 82,954
----------- ------------
Total $ 1,921,181 $ 1,923,056
=========== ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable, trade $ 83,134 $ 88,004
Due to affiliates 42,660 45,381
Accrued and other current liabilities 46,535 41,495
Accrued employee benefits costs - current
portion 15,985 26,682
Convertible senior notes 46,068 45,483
Industrial revenue bonds 7,815 7,815
----------- ------------
Total current liabilities 242,197 254,860
----------- ------------
Senior notes payable 248,765 248,530
Accrued pension benefit costs - less current
portion 36,881 37,795
Accrued postretirement benefits costs - less
current portion 103,712 103,744
Other liabilities 34,942 37,612
Deferred taxes 85,992 85,999
----------- ------------
Total noncurrent liabilities 510,292 513,680
----------- ------------
Shareholders' Equity:
Series A preferred stock (one cent par
value, 5,000,000 shares authorized;
81,255 and 82,515 shares issued and
outstanding at March 31, 2011
and December 31, 2010, respectively) 1 1
Common stock (one cent par value,
195,000,000 shares authorized; 93,094,226
and 92,771,864 shares issued and
outstanding at March 31, 2011
and December 31, 2010, respectively) 931 928
Additional paid-in capital 2,504,391 2,503,907
Accumulated other comprehensive loss (61,333) (49,976)
Accumulated deficit (1,275,298) (1,300,344)
----------- ------------
Total shareholders' equity 1,168,692 1,154,516
----------- ------------
Total $ 1,921,181 $ 1,923,056
=========== ============
Century Aluminum Company
Consolidated Statements of Cash Flows
(Dollars in Thousands)
(Unaudited)
Three months ended
March 31,
--------------------
2011 2010
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 25,046 $ 6,332
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Unrealized net loss on forward contracts 4,715 1,853
Unrealized gain on contractual receivable - (88)
Realized benefit of contractual receivable - 15,368
Accrued and other plant curtailment costs - net (9,624) (2,272)
Debt discount amortization 821 766
Depreciation 15,930 15,778
Lower of cost or market inventory adjustment (139) (57)
Deferred income taxes - 4,319
Pension and other postretirement benefits (11,064) 3,666
Stock-based compensation 488 1,284
Undistributed earnings of joint ventures (1,219) (1,105)
Change in operating assets and liabilities:
Accounts receivable - net 7,520 2,314
Due from affiliates 8,766 (20,760)
Inventories (7,924) (9,140)
Prepaid and other current assets (29,901) 3,692
Accounts payable, trade (4,730) (2,223)
Due to affiliates (2,722) 6,601
Accrued and other current liabilities 3,405 1,423
Other - net (2,998) (6,093)
--------- ---------
Net cash provided by (used in) operating
activities (3,630) 21,658
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (3,128) (972)
Nordural expansion (4,051) (4,678)
Investments in and advances to joint ventures - (10)
Restricted and other cash deposits - (493)
--------- ---------
Net cash used in investing activities (7,179) (6,153)
--------- ---------
CHANGE IN CASH AND CASH EQUIVALENTS (10,809) 15,505
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 304,296 198,234
--------- ---------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 293,487 $ 213,739
========= =========
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
1st Quarter 80,479 177,426 $ 1.17 63,699 140,432 $ 117,658
2010
1st Quarter 76,653 168,990 $ 1.04 68,024 149,968 $ 109,659
(1) Does not include Toll shipments from Nordural Grundartangi
Contacts:Mike Dildine (media) 831-642-9364Shelly Lair (investors) 831-642-9357
Source:
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