Delicious
Digg
Facebook
LinkedIn
Twitter
For the first quarter of 2011, Century reported net income of
Sales for the first quarter of 2012 were
"The macroeconomic picture continues to defy a simple characterization," commented
"Century has executed well in this environment," continued Bless. "Our safety performance has been good; importantly, we are making progress on changing the manner in which we think about safe and environmentally sound operations.
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; 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,
--------------------------
2012 2011
------------ ------------
NET SALES:
Third-party customers $ 188,839 $ 188,312
Related parties 137,351 138,025
------------ ------------
326,190 326,337
COST OF GOODS SOLD 304,973 284,021
------------ ------------
GROSS PROFIT 21,217 42,316
OTHER OPERATING EXPENSES (INCOME) - NET 3,721 (5,884)
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 8,459 10,609
------------ ------------
OPERATING INCOME 9,037 37,591
INTEREST EXPENSE - THIRD PARTY - NET (5,840) (6,622)
INTEREST INCOME - RELATED PARTY 60 113
NET LOSS ON FORWARD CONTRACTS (5,159) (4,809)
OTHER INCOME - NET 306 677
------------ ------------
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY
IN EARNINGS OF JOINT VENTURES (1,596) 26,950
INCOME TAX EXPENSE (2,933) (3,123)
------------ ------------
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF JOINT
VENTURES (4,529) 23,827
EQUITY IN EARNINGS OF JOINT VENTURES 641 1,219
------------ ------------
NET INCOME (LOSS) $ (3,888) $ 25,046
============ ============
Net Income (Loss) Allocated to Common
Shareholders $ (3,888) $ 23,005
EARNINGS (LOSS) PER COMMON SHARE
Basic and Diluted $ (0.04) $ 0.25
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic 88,727 92,965
Diluted 88,727 93,297
Century Aluminum Company
Consolidated Balance Sheets
(Dollars in Thousands)
(Unaudited)
March 31, December 31,
ASSETS 2012 2011
------------ ------------
Current Assets:
Cash and cash equivalents $ 182,545 $ 183,401
Accounts receivable - net 50,531 47,647
Due from affiliates 39,217 44,665
Inventories 170,302 171,961
Prepaid and other current assets 43,850 40,646
------------ ------------
Total current assets 486,445 488,320
Property, plant and equipment - net 1,206,731 1,218,225
Other assets 104,875 104,549
------------ ------------
Total $ 1,798,051 $ 1,811,094
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable, trade $ 74,986 $ 86,172
Due to affiliates 41,544 41,904
Accrued and other current liabilities 48,917 40,776
Accrued employee benefits costs - current
portion 16,188 16,698
Industrial revenue bonds 7,815 7,815
------------ ------------
Total current liabilities 189,450 193,365
------------ ------------
Senior notes payable 249,769 249,512
Accrued pension benefits costs - less current
portion 68,271 70,899
Accrued postretirement benefits costs - less
current portion 128,919 128,078
Other liabilities 39,466 40,005
Deferred taxes 90,919 90,958
------------ ------------
Total noncurrent liabilities 577,344 579,452
------------ ------------
Shareholders' Equity:
Series A preferred stock (one cent par value,
5,000,000 shares authorized; 80,696 and
80,718 shares issued and outstanding at March
31, 2012 and December 31, 2011, respectively) 1 1
Common stock (one cent par value, 195,000,000
shares authorized; 93,236,177 issued and
88,449,656 outstanding as of March 31, 2012 ;
93,230,848 shares issued and 88,844,327
outstanding as of December 31, 2011) 932 932
Additional paid-in capital 2,506,987 2,506,842
Treasury stock, at cost (49,924) (45,891)
Accumulated other comprehensive loss (133,832) (134,588)
Accumulated deficit (1,292,907) (1,289,019)
------------ ------------
Total shareholders' equity 1,031,257 1,038,277
------------ ------------
Total $ 1,798,051 $ 1,811,094
============ ============
Century Aluminum Company
Consolidated Statements of Cash Flows
(Dollars in Thousands)
(Unaudited)
Three months ended
March 31,
--------------------------
2012 2011
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ (3,888) $ 25,046
Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating
activities:
Unrealized net loss on forward contracts 4,955 4,715
Accrued and other plant curtailment costs -
net 1,374 (9,624)
Lower of cost or market inventory adjustment (17,051) (139)
Depreciation and amortization 15,027 15,930
Debt discount amortization 256 821
Pension and other postretirement benefits (1,138) (11,064)
Stock-based compensation 145 488
Undistributed earnings of joint ventures (641) (1,219)
Change in operating assets and liabilities:
Accounts receivable - net (2,884) 7,520
Due from affiliates (249) 8,766
Inventories 18,710 (7,924)
Prepaid and other current assets (5,366) (29,901)
Accounts payable, trade (11,442) (4,730)
Due to affiliates (360) (2,722)
Accrued and other current liabilities 7,003 3,405
Other - net 447 (2,998)
------------ ------------
Net cash provided by (used in) operating
activities 4,898 (3,630)
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (2,899) (3,128)
Nordural expansion (1,946) (4,051)
Investments in and advances to joint ventures (100) -
Payment received on advances from joint
ventures 3,166 -
Proceeds from sale of property, plant and
equipment 58 -
------------ ------------
Net cash used in investing activities (1,721) (7,179)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowing under revolving credit facility 18,076 -
Repayment under revolving credit facility (18,076) -
Repurchase of common stock (4,033) -
------------ ------------
Net cash used in financing activities (4,033) -
------------ ------------
CHANGE IN CASH AND CASH EQUIVALENTS (856) (10,809)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 183,401 304,296
------------ ------------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 182,545 $ 293,487
============ ============
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
1st Quarter 94,087 207,426 1.06 65,880 145,240 106,416
2011
1st Quarter 80,479 177,426 1.17 63,699 140,432 117,658
(1) Does not include Toll shipments from Nordural Grundartangi
Contacts:Lindsey Berryhill (media) 831-642-9364Shelly Harrison (investors) 831-642-9357
Source:
News Provided by Acquire Media
Yahoo! Buzz