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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Century Aluminum Co | NASDAQ:CENX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.95 | -4.94% | 18.27 | 18.11 | 18.87 | 19.48 | 18.185 | 19.42 | 1,094,837 | 01:00:00 |
For the fourth quarter of 2010, the company reported net income of $65.3 million ($0.65 per basic and $0.64 per diluted common share). Financial results were negatively impacted by an unrealized loss on forward contracts of $5.6 million primarily related to the mark to market of aluminum price protection options and by a contractual termination pension benefit charge of $4.6 million due to the continued curtailment of the Ravenswood facility. Changes to the Century of West Virginia retiree medical benefits program increased quarterly results by $56.7 million with an associated discrete tax benefit of $2.0 million. Cost of sales for the quarter included a $15.9 million net after-tax charge for the portion of power costs at Hawesville paid by the previous power supplier per the terms of the power agreements.
For 2011, the company reported net income of $11.3 million ($0.11 per basic and diluted common share). Financial results were negatively impacted by a $7.7 million charge in the second quarter related to the contractual impact of changes in the company's Board of Directors and the executive management team, a charge of $2.9 million related to an insurance receivable, and a charge of $0.8 million related to the early retirement of debt. Changes to the Century of West Virginia retiree medical benefits program increased results by $18.3 million with an associated discrete tax benefit of $4.2 million. An unrealized gain on forward contracts, primarily related to the mark to market of aluminum price protection options, positively impacted results by $0.8 million. Cost of sales included an $8.6 million charge related to the restart of a curtailed potline at the Hawesville, KY smelter, and a $19.8 million charge for lower of cost or market inventory adjustments.
For 2010, the company reported net income of $60.0 million ($0.59 per basic and diluted common share). Financial results were negatively impacted by an unrealized loss on forward contracts of $10.0 million primarily related to the mark to market of aluminum price protection options and by a contractual termination pension benefit charge of $4.6 million due to the continued curtailment of the Ravenswood facility. Changes to the Century of West Virginia retiree medical benefits program increased results by $56.7 million with an associated discrete tax benefit of $2.0 million. Tax benefits related to the release of tax reserves no longer required positively impacted results by $2.1 million. Cost of sales included a $63.2 million net after-tax charge for the portion of power costs at Hawesville paid by the previous power supplier per the terms of the power agreements.
Sales for the fourth quarter of 2011 were $318.2 million compared with $316.9 million for the fourth quarter of 2010. Shipments of primary aluminum for the 2011 fourth quarter were 155,649 tonnes compared with 148,923 tonnes shipped in the year-ago quarter. Sales for 2011 were $1,356 million compared with $1,169 million for 2010, and total 2011 primary aluminum shipments of 602,142 tonnes compared with 585,395 tonnes shipped in 2010.
"We continue to see generally favorable conditions in our markets," commented Michael Bless, President and Chief Executive Officer. "Trends in end customer demand remain good across a range of key segments. In the U.S., physical premiums remain supportive and interest in higher margin specialty products continues to be strong. The increase in large-user power costs, pervasive across developed economies, is a serious ongoing challenge which is threatening the long-term competitiveness of what would otherwise be very good businesses. We are spending considerable effort to address this challenge to our U.S. smelters. Broader market conditions remain volatile, and will continue to be sensitive to, amongst other developments, the environment in the Eurozone and in the Chinese economy. With this background, we plan to invest in 2012 in growing and improving our businesses, while continuing to prepare for reasonable contingencies.
"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, Hawesville returned to near full production by year-end. Key performance indicators have continued to improve, conversion costs have fallen, metal quality has improved and fourth quarter production was up 12 percent versus the third quarter. Across our businesses, we have begun to see some abatement in the recent significant increases in raw material costs. In Iceland, Grundartangi had an excellent quarter, and has fully recovered from the temporary instability caused by the power interruption in early January. In late December, we received the ruling related to the arbitration with one of the power suppliers for the new plant at Helguvik. The ruling was generally favorable to Nordural and we are now in discussions with both power suppliers aimed at reaching, over the next several months, final agreements which will allow us to recommence major project activity."
Century Aluminum Company owns primary aluminum capacity in the United States and Iceland. Century's corporate offices are located in Monterey, Calif. More information can be found at www.centuryaluminum.com.
Century Aluminum's quarterly conference call is scheduled for 5:00 p.m. Eastern time today. To listen to the conference call and to view related presentation materials, go to www.centuryaluminum.com and click on the conference call link on the homepage.
Certified Advisors for the First North market of the OMX Nordic Exchange Iceland hf. for Global Depositary Receipts in Iceland: 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, 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, Iceland smelter, including our ability to secure a reliable power supply and our ability to successfully manage and/or improve performance at each of our operating smelters. Forward-looking statements in this press release include, without limitation, statements regarding future market and economic conditions, including the continuance of demand, pricing and cost trends in the aluminum market; our plans to invest in and grow our business in 2012; and our ability reach final agreements with the power suppliers to our Helguvik, Iceland smelter and recommence major project activity. More information about these risks, uncertainties and assumptions can be found in the risk factors and forward-looking statements cautionary language contained in our Annual Report on Form 10-K and in other filings made with the Securities and Exchange Commission. We do not undertake, and specifically disclaim, any obligation to revise any forward-looking statements to reflect the occurrence of future events or circumstances.
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) 831-642-9364 Shelly Harrison (investors) 831-642-9357
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