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For the fourth quarter of 2010, the company reported net income of
For 2011, the company reported net income of
For 2010, the company reported net income of
Sales for the fourth quarter of 2011 were
"We continue to see generally favorable conditions in our markets," commented
"We are pleased with the Company's recent performance," continued Bless. "Though we always expect continuing improvement, safety trends have been gratifying these last few months; the Board and I would like to acknowledge the efforts of all employees toward this, our first priority. As forecast,
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, including, without limitation, declines in aluminum prices or increases in our operating costs; deterioration of global or local financial and economic conditions; 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 Year ended
December 31, December 31,
---------------------- ----------------------
2011 2010 2011 2010
---------- ---------- ---------- ----------
NET SALES:
Third-party customers $ 193,992 $ 205,547 $ 791,993 $ 755,863
Related parties 124,172 111,304 564,431 413,408
---------- ---------- ---------- ----------
318,164 316,851 1,356,424 1,169,271
COST OF GOODS SOLD 331,796 275,716 1,266,902 1,056,875
---------- ---------- ---------- ----------
GROSS PROFIT (LOSS) (13,632) 41,135 89,522 112,396
OTHER OPERATING EXPENSES
(INCOME) - NET 4,624 (49,591) (3,806) (37,386)
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 8,916 11,101 46,032 46,802
---------- ---------- ---------- ----------
OPERATING INCOME (LOSS) (27,172) 79,625 47,296 102,980
INTEREST EXPENSE - THIRD
PARTY - NET (5,934) (6,171) (24,791) (25,010)
INTEREST INCOME - RELATED
PARTY 61 115 303 448
NET GAIN (LOSS) ON FORWARD
CONTRACTS 3,067 (5,681) 804 (10,495)
OTHER INCOME (EXPENSE) - NET 225 (598) (1,373) (377)
---------- ---------- ---------- ----------
INCOME (LOSS) BEFORE INCOME
TAXES AND EQUITY
IN EARNINGS OF JOINT
VENTURES (29,753) 67,290 22,239 67,546
INCOME TAX EXPENSE (2,213) (2,803) (14,359) (11,133)
---------- ---------- ---------- ----------
INCOME (LOSS) BEFORE EQUITY
IN EARNINGS OF JOINT
VENTURES (31,966) 64,487 7,880 56,413
EQUITY IN EARNINGS OF JOINT
VENTURES 859 793 3,445 3,558
---------- ---------- ---------- ----------
NET INCOME (LOSS) $ (31,107) $ 65,280 $ 11,325 $ 59,971
========== ========== ========== ==========
Net Income (Loss) Allocated
to Common Shareholders $ (31,107) $ 59,939 $ 10,404 $ 55,046
EARNINGS (LOSS) PER COMMON
SHARE
Basic $ (0.35) $ 0.65 $ 0.11 $ 0.59
Diluted $ (0.35) $ 0.64 $ 0.11 $ 0.59
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING
Basic 89,352 92,742 91,854 92,676
Diluted 89,352 93,414 92,257 92,302
Century Aluminum Company
Consolidated Balance Sheets
(Dollars in Thousands)
(Unaudited)
December 31, December 31,
ASSETS 2011 2010
------------ ------------
Current Assets:
Cash and cash equivalents $ 183,401 $ 304,296
Restricted cash - 3,673
Accounts receivable - net 47,647 43,903
Due from affiliates 44,665 51,006
Inventories 171,961 155,908
Prepaid and other current assets 40,646 18,292
------------ ------------
Total current assets 488,320 577,078
Property, plant and equipment - net 1,218,225 1,256,970
Due from affiliates - less current portion - 6,054
Other assets 104,549 82,954
------------ ------------
Total $ 1,811,094 $ 1,923,056
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable, trade $ 86,172 $ 88,004
Due to affiliates 41,904 45,381
Accrued and other current liabilities 40,776 41,495
Accrued employee benefits costs - current
portion 16,698 26,682
Convertible senior notes - 45,483
Industrial revenue bonds 7,815 7,815
------------ ------------
Total current liabilities 193,365 254,860
------------ ------------
Senior notes payable 249,512 248,530
Accrued pension benefits costs - less current
portion 70,899 37,795
Accrued postretirement benefits costs - less
current portion 128,078 103,744
Other liabilities 40,005 37,612
Deferred taxes 90,958 85,999
------------ ------------
Total noncurrent liabilities 579,452 513,680
------------ ------------
Shareholders' Equity:
Series A preferred stock (one cent par value,
5,000,000 shares authorized; 80,718 and
82,515 shares issued and outstanding at
December 31, 2011 and December 31, 2010 ,
respectively) 1 1
Common stock (one cent par value, 195,000,000
shares authorized; 93,230,848 issued and
88,844,327 outstanding as of December 31,
2011 ; 92,771,864 shares issued and
outstanding as of December 31, 2010) 932 928
Additional paid-in capital 2,506,842 2,503,907
Treasury stock, at cost (45,891) -
Accumulated other comprehensive loss (134,588) (49,976)
Accumulated deficit (1,289,019) (1,300,344)
------------ ------------
Total shareholders' equity 1,038,277 1,154,516
------------ ------------
Total $ 1,811,094 $ 1,923,056
============ ============
Century Aluminum Company
Consolidated Statements of Cash Flows
(Dollars in Thousands)
(Unaudited)
Year ended
December 31,
--------------------------
2011 2010
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 11,325 $ 59,971
Adjustments to reconcile net income to net
cash provided by (used in) operating
activities:
Unrealized net (gain) loss on forward
contracts (750) 10,030
Realized benefit of contractual receivable - 55,703
Accrued and other plant curtailment costs -
net (13,928) (56,010)
Lower of cost or market inventory
adjustment 19,766 (426)
Depreciation and amortization 62,194 63,550
Debt discount amortization 1,857 3,150
Deferred income taxes 2,494 15,552
Pension and other postretirement benefits (28,757) 14,578
Stock-based compensation 2,856 1,905
Non-cash loss on early extinguishment of
debt 763 -
Non-cash contingent obligation - 13,091
Undistributed earnings of joint ventures (3,445) (3,558)
Change in operating assets and liabilities:
Accounts receivable - net (3,744) (6,197)
Due from affiliates 10,694 (38,191)
Inventories (35,819) (24,009)
Prepaid and other current assets (20,791) 13,412
Accounts payable, trade (904) 11,674
Due to affiliates (3,477) 12,685
Accrued and other current liabilities 425 (1,758)
Other - net (3,695) (13,642)
------------ ------------
Net cash provided by (used in) operating
activities (2,936) 131,510
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (20,100) (12,241)
Nordural expansion (12,882) (19,227)
Investments in and advances to joint ventures (113) (32)
Payment received on advances from joint
ventures 3,056 -
Proceeds from sale of property, plant and
equipment 1,471 823
Restricted and other cash deposits 3,673 5,206
------------ ------------
Net cash used in investing activities (24,895) (25,471)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of debt (47,067) -
Repayment of contingent obligation (189) -
Borrowing under revolving credit facility 15,900 -
Repayment under revolving credit facility (15,900) -
Repurchase of common stock (45,891) -
Issuance of common stock - net 83 23
------------ ------------
Net cash provided by (used in) financing
activities (93,064) 23
------------ ------------
CHANGE IN CASH AND CASH EQUIVALENTS (120,895) 106,062
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 304,296 198,234
------------ ------------
CASH AND CASH EQUIVALENTS, END OF YEAR $ 183,401 $ 304,296
============ ============
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
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
--------- --------- --------- --------- --------- ---------
2010
4th Quarter 83,073 183,145 $ 1.10 65,850 145,172 $ 114,513
3rd Quarter 81,693 180,102 0.99 65,523 144,454 100,231
2nd Quarter 76,521 168,700 1.04 68,058 150,043 112,523
1st Quarter 76,653 168,990 1.04 68,024 149,968 109,659
--------- --------- --------- --------- --------- ---------
Total 317,940 700,937 $ 1.04 267,455 589,637 $ 436,926
--------- --------- --------- --------- --------- ---------
(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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