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Name | Symbol | Market | Type |
---|---|---|---|
AltaGas Ltd (PK) | USOTC:AGEEF | OTCMarkets | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.69 | 0.0033 | 31.00 | 0.00 | 01:00:00 |
Delaware | 001-34827 | 27-2301797 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
5619 Denver Tech Center Parkway, Suite 1000, Greenwood Village, CO | 80111 | |
(Address of principal executive offices) | (Zip Code) |
Exhibit Number | Description | ||
99.1 | Press Release issued by Molycorp, Inc. on May 7, 2015 |
MOLYCORP, INC. | ||
By: | /s/ Michael F. Doolan | |
Name: | Michael F. Doolan | |
Title: | Chief Financial Officer | |
Date: May 7, 2015 |
Exhibit Number | Description | ||
99.1 | Press Release issued by Molycorp, Inc. on May 7, 2015 |
• | The Company reported higher production volumes in the first quarter of 2015 at its Mountain Pass, California rare earth facility of 1,479 metric tons ("mt") of rare earth oxide ("REO") equivalent. This was an 11% increase over the fourth quarter 2014 production of 1,328 mt. |
• | The Company reported first quarter 2015 product sales volume of 3,436 mt on a consolidated basis, a 9% increase over the fourth quarter of 2014. The Company achieved an average selling price ("ASP") of $30.97 per kilogram in the first quarter of 2015, versus an ASP of $36.91 in the preceding quarter, a 16% decline. |
• | Net revenues for the quarter were $106 million, an 8% decrease from the fourth quarter of 2014. |
• | The Company reported a net loss of $0.42 per share for the quarter. The Company also reported a net loss of $0.28 per share for the quarter on an adjusted non-GAAP basis, which compares to an adjusted non-GAAP loss of $0.39 in the fourth quarter of 2014. |
• | The Company was selected by Siemens AG to supply rare earths over the next 10 years for high-power, sintered rare earth permanent magnets used in Siemens' wind turbine generators. |
March 31, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 133,599 | $ | 211,685 | |||
Trade accounts receivable, net | 47,697 | 44,575 | |||||
Inventory | 180,810 | 169,323 | |||||
Prepaid expenses and other current assets | 36,013 | 29,332 | |||||
Total current assets | 398,119 | 454,915 | |||||
Non-current assets: | |||||||
Deposits | 31,213 | 31,078 | |||||
Property, plant and equipment, net | 1,691,051 | 1,707,970 | |||||
Inventory | 24,724 | 25,127 | |||||
Intangible assets, net | 211,726 | 215,871 | |||||
Investments | 7,793 | 8,801 | |||||
Goodwill | 102,808 | 102,808 | |||||
Other non-current assets | 27,350 | 29,416 | |||||
Total non-current assets | 2,096,665 | 2,121,071 | |||||
Total assets | $ | 2,494,784 | $ | 2,575,986 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Trade accounts payable | $ | 35,102 | $ | 40,842 | |||
Accrued expenses | 30,718 | 33,666 | |||||
Interest payable | 28,184 | 18,300 | |||||
Debt and capital lease obligations | 13,953 | 12,560 | |||||
Other current liabilities | 5,691 | 4,686 | |||||
Total current liabilities | 113,648 | 110,054 | |||||
Non-current liabilities: | |||||||
Asset retirement obligation | 17,876 | 17,799 | |||||
Deferred tax liabilities | 63,731 | 63,802 | |||||
Debt and capital lease obligations | 1,570,801 | 1,559,781 | |||||
Other non-current liabilities | 20,140 | 20,247 | |||||
Total non-current liabilities | 1,672,548 | 1,661,629 | |||||
Total liabilities | $ | 1,786,196 | $ | 1,771,683 | |||
Stockholders’ equity: | |||||||
Common stock, $0.001 par value; 700,000,000 shares authorized at March 31, 2015 and December 31, 2014 | 278 | 260 | |||||
Additional paid-in capital | 2,247,199 | 2,245,478 | |||||
Accumulated other comprehensive loss | 1,466 | (3,323 | ) | ||||
Accumulated deficit | (1,547,742 | ) | (1,445,408 | ) | |||
Total Molycorp stockholders’ equity | 701,201 | 797,007 | |||||
Noncontrolling interests | 7,387 | 7,296 | |||||
Total stockholders’ equity | 708,588 | 804,303 | |||||
Total liabilities and stockholders’ equity | $ | 2,494,784 | $ | 2,575,986 |
First Quarter | Fourth Quarter | First Quarter | |||||||||
2015 | 2014 | 2014 | |||||||||
Revenues | $ | 106,424 | $ | 116,242 | $ | 118,526 | |||||
Costs of sales: | |||||||||||
Costs excluding depreciation and amortization | (105,874 | ) | (122,912 | ) | (125,473 | ) | |||||
Depreciation and amortization | (25,280 | ) | (38,174 | ) | (16,147 | ) | |||||
Gross loss | (24,730 | ) | (44,844 | ) | (23,094 | ) | |||||
Operating expenses: | |||||||||||
Selling, general and administrative | (21,457 | ) | (14,204 | ) | (17,956 | ) | |||||
Depreciation, amortization and accretion | (5,573 | ) | (7,327 | ) | (7,201 | ) | |||||
Research and development | (3,141 | ) | (3,662 | ) | (2,766 | ) | |||||
Impairment of goodwill and other long-lived assets | — | (231,650 | ) | — | |||||||
Operating loss | (54,901 | ) | (301,687 | ) | (51,017 | ) | |||||
Other income (expense) | 2,123 | (6,399 | ) | 474 | |||||||
Interest expense, net of capitalized interest | (46,300 | ) | (55,008 | ) | (35,639 | ) | |||||
Gain on extinguishment of convertible notes, net | — | 19,719 | — | ||||||||
Loss before income taxes and equity earnings | (99,078 | ) | (343,375 | ) | (86,182 | ) | |||||
Income tax (expense) benefit | (2,968 | ) | 16,832 | 1,907 | |||||||
Equity in loss of affiliates | (224 | ) | (21,395 | ) | (1,723 | ) | |||||
Net loss | (102,270 | ) | (347,938 | ) | (85,998 | ) | |||||
Net (income) loss attributable to noncontrolling interests | (64 | ) | 18,142 | (63 | ) | ||||||
Net loss attributable to Molycorp stockholders | $ | (102,334 | ) | $ | (329,796 | ) | $ | (86,061 | ) | ||
Earnings per share of common stock: | |||||||||||
Net loss attributable to Molycorp stockholders | $ | (102,334 | ) | $ | (329,796 | ) | $ | (86,061 | ) | ||
Dividends on Convertible Preferred Stock | — | — | (2,846 | ) | |||||||
Loss attributable to common stockholders | $ | (102,334 | ) | $ | (329,796 | ) | $ | (88,907 | ) | ||
Weighted average common shares outstanding—basic | 245,808,011 | 229,960,050 | 221,374,589 | ||||||||
Basic loss per share: | $ | (0.42 | ) | $ | (1.43 | ) | $ | (0.40 | ) | ||
Weighted average common shares outstanding—diluted | 245,808,011 | 229,960,050 | 221,374,589 | ||||||||
Diluted loss per share: | $ | (0.42 | ) | $ | (1.43 | ) | $ | (0.40 | ) | ||
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Cash flows from operating activities: | |||||||
Net loss | (102,270 | ) | $ | (85,998 | ) | ||
Adjustments to reconcile net loss to net cash from operating activities: | |||||||
Depreciation, amortization and accretion | 30,853 | 23,348 | |||||
Deferred income tax (benefit) expense | 231 | (6,097 | ) | ||||
Inventory write-downs | 28,868 | 17,371 | |||||
Stock-based compensation | 1,503 | 822 | |||||
Equity in results of affiliates | 224 | 1,723 | |||||
PIK interest | 3,106 | — | |||||
Other operating adjustments | 3,963 | 831 | |||||
Net change in operating assets and liabilities | (39,363 | ) | 2,215 | ||||
Net cash used in operating activities | (72,885 | ) | (45,785 | ) | |||
Cash flows from investing activities: | |||||||
Capital expenditures | (6,333 | ) | (29,752 | ) | |||
Other investing activities | 947 | 493 | |||||
Net cash used in investing activities | (5,386 | ) | (29,259 | ) | |||
Cash flows from financing activities: | |||||||
Repayments of debt | 979 | (489 | ) | ||||
Payments of preferred dividends | — | (2,846 | ) | ||||
Dividend paid to noncontrolling interests | (40 | ) | (435 | ) | |||
Other financing activities | (781 | ) | 1,323 | ||||
Net cash used in financing activities | 158 | (2,447 | ) | ||||
Effect of exchange rate changes on cash | 27 | (776 | ) | ||||
Net change in cash and cash equivalents | (78,086 | ) | (78,267 | ) | |||
Cash and cash equivalents at beginning of the period | 211,685 | 314,317 | |||||
Cash and cash equivalents at end of period | $ | 133,599 | $ | 236,050 |
Three months ended March 31, 2015 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Corporate and other | Eliminations | Total Molycorp, Inc. | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||
External | $ | 2,514 | $ | 37,288 | $ | 50,508 | $ | 16,114 | $ | — | $ | 106,424 | |||||||||||||||
Inter-segment | 8,315 | 5,508 | 1,616 | 15 | (15,454 | ) | — | ||||||||||||||||||||
Total revenues | $ | 10,829 | $ | 42,796 | $ | 52,124 | $ | 16,129 | $ | (15,454 | ) | $ | 106,424 | ||||||||||||||
OIBDA | $ | (34,848 | ) | $ | 5,737 | $ | 12,247 | $ | 1,594 | ||||||||||||||||||
Depreciation, amortization and accretion | (21,954 | ) | (2,283 | ) | (4,156 | ) | (2,405 | ) | |||||||||||||||||||
Operating (loss) income | $ | (56,802 | ) | $ | 3,454 | $ | 8,091 | $ | (811 | ) | $ | (12,079 | ) | $ | 3,246 | $ | (54,901 | ) | |||||||||
Other expense | 2,123 | ||||||||||||||||||||||||||
Interest expense | (46,300 | ) | |||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (99,078 | ) |
Quarter ended December 31, 2014 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Corporate and other | Eliminations | Total Molycorp, Inc. | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||
External | $ | 4,145 | $ | 36,844 | $ | 53,535 | $ | 21,718 | $ | — | $ | 116,242 | |||||||||||||||
Inter-segment | 4,510 | 5,918 | 3,865 | — | (14,293 | ) | — | ||||||||||||||||||||
Total revenues | $ | 8,655 | $ | 42,762 | $ | 57,400 | $ | 21,718 | $ | (14,293 | ) | $ | 116,242 | ||||||||||||||
OIBDA | (48,327 | ) | (214,975 | ) | 13,762 | (1,706 | ) | ||||||||||||||||||||
Depreciation, amortization and accretion | (31,307 | ) | (5,797 | ) | (4,226 | ) | (4,116 | ) | |||||||||||||||||||
Operating (loss) income | $ | (79,634 | ) | $ | (220,772 | ) | $ | 9,536 | $ | (5,822 | ) | $ | (7,936 | ) | $ | 2,941 | $ | (301,687 | ) | ||||||||
Other expense | (3,615 | ) | |||||||||||||||||||||||||
Foreign exchange loss, net | (2,784 | ) | |||||||||||||||||||||||||
Interest expense, net of capitalized interest | (55,008 | ) | |||||||||||||||||||||||||
Gain on extinguishment of convertible notes, net | 19,719 | ||||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (343,375 | ) |
Three months ended March 31, 2014 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Corporate and other | Eliminations | Total Molycorp, Inc. | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||
External | $ | 3,111 | $ | 40,271 | $ | 54,720 | $ | 20,424 | $ | — | $ | 118,526 | |||||||||||||||
Inter-segment | 12,453 | 6,285 | 1,218 | — | (19,956 | ) | — | ||||||||||||||||||||
Total revenues | $ | 15,564 | $ | 46,556 | $ | 55,938 | $ | 20,424 | $ | (19,956 | ) | $ | 118,526 | ||||||||||||||
OIBDA | $ | (36,445 | ) | $ | 3,299 | $ | 13,676 | $ | (70 | ) | |||||||||||||||||
Depreciation, amortization and accretion | (13,091 | ) | (3,872 | ) | (4,237 | ) | (2,093 | ) | |||||||||||||||||||
Operating (loss) income | $ | (49,536 | ) | $ | (573 | ) | $ | 9,439 | $ | (2,163 | ) | $ | (7,109 | ) | $ | (1,075 | ) | $ | (51,017 | ) | |||||||
Other expense | 474 | ||||||||||||||||||||||||||
Interest expense | (35,639 | ) | |||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (86,182 | ) |
First Quarter | Fourth Quarter | First Quarter | |||||||||
Revenues (in thousands) | 2015 | 2014 | 2014 | ||||||||
Resources (1) | $ | 10,829 | $ | 8,655 | $ | 15,564 | |||||
Chemicals and Oxides (2) | 42,796 | 42,762 | 46,556 | ||||||||
Magnetic Materials and Alloys (3) | 52,124 | 57,400 | 55,938 | ||||||||
Rare Metals (4) | 16,129 | 21,718 | 20,424 | ||||||||
Inter-segment eliminations | (15,454 | ) | (14,293 | ) | (19,956 | ) | |||||
Total Net Revenues | $ | 106,424 | $ | 116,242 | $ | 118,526 | |||||
Sales volume (in metric tons) | |||||||||||
Resources | 1,269 | 898 | 988 | ||||||||
Chemicals and Oxides | 1,800 | 1,446 | 1,926 | ||||||||
Magnetic Materials and Alloys (a) | 1,444 | 1,440 | 1,374 | ||||||||
Rare Metals | 92 | 126 | 101 | ||||||||
Inter-segment eliminations | (1,169 | ) | (761 | ) | (871 | ) | |||||
(a) Includes magnetic powders and rare earth alloys. | |||||||||||
ASP per kilogram | |||||||||||
Resources | $ | 8.56 | $ | 9.64 | $ | 15.75 | |||||
Chemicals and Oxides | 23.78 | 29.57 | 24.17 | ||||||||
Magnetic Materials and Alloys | 36.10 | 39.86 | 40.71 | ||||||||
Rare Metals | 175.29 | 172.38 | 202.21 | ||||||||
1. The Resources segment includes operations at our Mountain Pass facility where we conduct rare earth minerals extraction and processing to produce: purified unseparated light rare earth concentrates, or LREC; separated rare earth oxides, including lanthanum, cerium and neodymium/praseodymium; heavy rare earth concentrates, which include samarium, europium, gadolinium, terbium, dysprosium and others; and a line of proprietary rare earth-based water treatment products, including SorbX® and PhosFIX®. | |||||||||||
2. The Chemicals and Oxides segment includes: production of rare earths at our operations at Molycorp Silmet; separated heavy rare earth oxides and other custom engineered materials from our facilities in Jiangyin, Jiangsu Province, China; and production of rare earths, salts of REEs, zirconium-based engineered materials and mixed rare earth/zirconium oxides from our facilities in Zibo, Shandong Province, China. Rare earths and zirconium applications from products made in this segment include catalytic converters, computers, television display panels, optical lenses, mobile phones, electronic chips, and many others. | |||||||||||
3. The Magnetic Materials and Alloys segment includes the production of Neo Powders™ through our wholly-owned manufacturing facilities in Tianjin, China, and Korat, Thailand, under the Molycorp Magnequench brand. This operating segment also includes manufacturing of neodymium and samarium magnet alloys, other specialty alloy products and rare earth metals at our MMA facility in Tolleson, Arizona. Neo Powders™ are used in the production of high performance, bonded NdFeB permanent magnets, which are found in micro-motors, precision motors, sensors, and other applications requiring high levels of magnetic strength, flexibility, small size, reduced weight, and energy efficient performance. | |||||||||||
4. The Rare Metals segment produces, reclaims, refines and markets high value niche metals and their compounds that include gallium, indium, rhenium, tantalum, and niobium. Operations in this segment are distributed in several locations: Quapaw, Oklahoma; Blanding, Utah; Peterborough, Ontario, Canada; Sagard, Germany; Hyeongok Industrial Zone in South Korea; and Sillamäe, Estonia. Applications from products made in this segment include wireless technologies, LEDs, flat panel displays, turbines, solar power catalysts, steel additives, electronics applications, and many others. |
Adjusted Net Loss | |||||||||||
First Quarter | Fourth Quarter | First Quarter | |||||||||
2015 | 2014 | 2014 | |||||||||
Net loss attributable to Molycorp stockholders | $ | (102,334 | ) | $ | (329,795 | ) | $ | (86,061 | ) | ||
Certain non-cash and other items: | |||||||||||
Stock-based compensation | 1,503 | 1,476 | 822 | ||||||||
Inventory write-downs (Mountain Pass) | 27,640 | 26,803 | 15,693 | ||||||||
Impact of purchase accounting on cost of inventory sold | — | 252 | 577 | ||||||||
Impairment of goodwill and other long-lived assets | — | 231,356 | — | ||||||||
Write-down of investments and related receivables | — | 22,986 | — | ||||||||
Gain on debt conversion | — | (21,683 | ) | — | |||||||
Out-of-ordinary items: | |||||||||||
Water removal costs | 3,352 | 551 | 8,102 | ||||||||
Income tax effect of above adjustments | (12 | ) | (20,972 | ) | (160 | ) | |||||
Adjusted net loss | (69,851 | ) | (89,026 | ) | (61,027 | ) | |||||
Dividends on Convertible Preferred Stock | — | — | (2,846 | ) | |||||||
Adjusted net loss attributed to common stockholders | $ | (69,851 | ) | $ | (89,026 | ) | $ | (63,873 | ) | ||
Weighted average common shares outstanding | 245,808,011 | 229,960,050 | 221,374,589 | ||||||||
Adjusted net loss per share | $ | (0.28 | ) | $ | (0.39 | ) | $ | (0.29 | ) |
OIBDA and Adjusted OIBDA | |||||||||||
First Quarter | Fourth Quarter | First Quarter | |||||||||
Consolidated | 2015 | 2014 | 2014 | ||||||||
Operating loss | $ | (54,901 | ) | $ | (301,687 | ) | $ | (51,017 | ) | ||
Depreciation and amortization included in costs of sales | 25,280 | 38,174 | 16,147 | ||||||||
Depreciation, amortization and accretion | 5,573 | 7,327 | 7,201 | ||||||||
OIBDA | (24,048 | ) | (256,186 | ) | (27,669 | ) | |||||
Adjusted OIBDA by Segment | |||||||||||
Resources | |||||||||||
OIBDA | $ | (34,848 | ) | $ | (48,327 | ) | $ | (36,445 | ) | ||
Stock-based compensation | 235 | 180 | 234 | ||||||||
Inventory write-downs | 27,640 | 26,803 | 15,693 | ||||||||
Impairment of long-lived assets | — | 13,567 | — | ||||||||
Water removal costs | 3,352 | 551 | 8,102 | ||||||||
Adjusted OIBDA - Resources | $ | (3,621 | ) | $ | (7,226 | ) | $ | (12,416 | ) | ||
Chemicals and Oxides | |||||||||||
OIBDA | $ | 5,737 | $ | (214,975 | ) | $ | 3,299 | ||||
Stock-based compensation | 207 | 223 | 193 | ||||||||
Impact of purchase accounting on cost of inventory sold | — | 252 | 25 | ||||||||
Impairment of goodwill and other long-lived assets | — | 215,567 | — | ||||||||
Adjusted OIBDA - Chemicals and Oxides | $ | 5,944 | $ | 1,067 | $ | 3,517 | |||||
Magnetic Materials and Alloys | |||||||||||
OIBDA | $ | 12,247 | $ | 13,762 | $ | 13,676 | |||||
Stock-based compensation | 165 | 168 | 144 | ||||||||
Impact of purchase accounting on cost of inventory sold | — | — | (45 | ) | |||||||
Impairment of long-lived assets | — | 144 | — | ||||||||
Adjusted OIBDA - Magnetic Materials and Alloys | $ | 12,412 | $ | 14,074 | $ | 13,775 | |||||
Rare Metals | |||||||||||
OIBDA | $ | 1,594 | $ | (1,706 | ) | $ | (70 | ) | |||
Stock-based compensation | 40 | 28 | 22 | ||||||||
Impact of purchase accounting on cost of inventory sold | — | — | 598 | ||||||||
Impairment of goodwill and other long-lived assets | — | 2,077 | — | ||||||||
Adjusted OIBDA - Rare Metals | 1,634 | 399 | 550 | ||||||||
Corporate and other | (11,168 | ) | (7,004 | ) | (6,823 | ) | |||||
Eliminations | 3,246 | 2,941 | (1,075 | ) | |||||||
Adjusted OIBDA - Consolidated | $ | 8,447 | $ | 4,251 | $ | (2,472 | ) |
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