ALUMAX FIRST QUARTER 1996 NET EARNINGS $95.4 MILLION, $2.04 PER COMMON SHARE.NORCROSS Norcross can refer to any of the following: Places United States
See: New York Stock Exchange :AMX AMX American Motors Experimental AMX Aeromexico Aerovias de Mexico (ICAO code) AMX Air Mobility Express AMX Amberjacks (FAO fish species code) AMX Alabama Motor eXpress ; Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing :AXI AXI Automated X-Ray Inspection (electronics) AXI Association Xpertise Inc (Calgary, AB, Canada) AXI Ada to X-Window System Interface ) today reported first quarter 1996 net earnings of $95.4 million, or $2.04 per common share after preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) , which include an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. gain of $48.6 million ($1.07 per common share) on the sale of a 23 percent interest in the Mt. Holly primary aluminum production plant. The 1995 first quarter net earnings were $110.4 million, or $2.41 per common share, and included an after-tax gain of $81.3 million ($1.81 per common share) on the sale of a 14 percent interest in each of the Intalco and Eastalco primary aluminum production plants. Sales revenues rose 15 percent to $802.6 million in the first quarter of 1996 from $698.6 million in the comparable 1995 period. Aluminum shipments totaled 274,300 tonnes during the quarter versus 249,700 tonnes in the comparable period last year. The increase in revenues and shipments is substantially related to the company's primary and extrusion operations. Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. Born, chairman and chief executive officer of Alumax, said: "The $430 million acquisition of Cressona Aluminum Company on January January: see month. 31, 1996 is already resulting in increased revenues, earnings, and shipments. The acquisition has moved us a major step closer to becoming a larger and much more profitable player in the transportation market." The 1996 first quarter results include an $18.6 million dividend from investments in mining operations. The 1995 first quarter earnings benefitted from the reversal of a $13.4 million income tax asset valuation allowance. Alumax Inc. is a world leader in aluminum with 1995 year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 0ssets of more than $3.1 billion and 1995 revenues of more than $2.9 billion. The company produces and markets primary aluminum ingot ingot Mass of metal cast into a size and shape such as a bar, plate, or sheet convenient to store, transport, and work into a semifinished or finished product. The term also refers to a mold in which metal is so cast. , billet and slab and is a major fabricator fab·ri·cate tr.v. fab·ri·cat·ed, fab·ri·cat·ing, fab·ri·cates 1. To make; create. 2. To construct by combining or assembling diverse, typically standardized parts: of value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: aluminum products for the building and construction, transportation, packaging and consumer durables Consumer durables Consumer products that are expected to last three years or more, such as an automobile or a home appliance. consumer durables See durable goods. industries. Alumax employs 15,500 people in more than 100 plants and facilities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of and Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). . -0-
ALUMAX INC.
CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
Three Months Ended
March 31,
--------------------
1996 1995
------ ------
(In Millions, Except
Per Share Amounts)
Net sales $ 802.6 $ 698.6
------- -------
Cost and expenses:
Cost of goods sold 630.8 561.2
Selling and general 63.7 56.1
Depreciation and amortization 33.0 29.8
-------- --------
727.5 647.1
-------- --------
Earnings from operations 75.1 51.5
Gain on sale of aluminum reduction assets 78.4 128.8
Other income (expense), net(1) 14.1 (.6)
Interest expense, net (17.2) (20.2)
-------- --------
Earnings before income tax provision 150.4 159.5
Income tax provision(2) (55.0) (49.1)
-------- --------
Net earnings 95.4 110.4
Less preferred dividends (2.3) (2.3)
-------- --------
Earnings applicable to common shares $ 93.1 $ 108.1
-------- --------
Earnings per common share:
Primary $ 2.04 $ 2.41
-------- --------
Fully diluted $ 1.73 $ 2.03
-------- --------
Shares (in millions):
Primary 45.5 44.9
-------- --------
Fully diluted 55.2 54.5
-------- --------
(1) The three months ended March 31, 1996 include an $18.6 million
dividend from investments in mining operations.
(2) The three months ended March 31, 1995 include a $13.4 million
benefit from reversal of an income tax asset valuation allowance.
ALUMAX INC.
KEY OPERATING DATA
(Unaudited)
Three Months Ended
March 31,
----------------------
1996 1995
------ ------
Net sales (millions of dollars)
Primary aluminum products $ 197.2 $ 153.2
Semi-fabricated products 353.6 271.4
Fabricated products 251.8 274.0
-------- --------
$ 802.6 $ 698.6
-------- --------
Earnings from operations
(millions of dollars)
Aluminum processing $ 84.7 $ 59.7
Corporate (9.6) (8.2)
-------- --------
$ 75.1 $ 51.5
-------- --------
Production and shipments
(thousands of tonnes)
Sources of metal
Primary aluminum production 173.4 175.6
Aluminum purchases 108.3 88.6
-------- --------
281.7 264.2
-------- --------
Metal shipments (including tolling)
Primary aluminum products 112.1 99.6
Semi-fabricated products 122.6 105.0
Fabricated products(1) 39.6 45.1
-------- --------
274.3 249.7
-------- --------
(1) Included in Fabricated products' metal shipments for the
quarters ended March 31, 1996 and 1995 are billet shipments of
6.6 and 9.6 thousand tonnes, respectively.
CONTACT: Alumax Tom Hagley Hagley is a large village on the northern boundary of Worcestershire, England, near to the towns of Kidderminster and Stourbridge. It has a population of about 5,600, of which about 1,300 actually live in the adjacent parish of Clent. (Media), 770/246-6642 Fax: 770/246-6691 R. Daniel Loh (Investors), 770/246-6752 Fax: 770/246-6691 |
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