Algoma Steel Announces Report for the Quarter and Year Ended December 31, 1995 (Part II of II).SAULT STE. MARIE Sault Sainte Marie — pronounced "Soo Saint Marie" (IPA /su seɪnt məˈɹi/) — is the name of two cities on the Saint Marys River, which forms part of the boundary between the United States and Canada. , Ontario--(BUSINESS WIRE)--Feb. 6, 1996-- Algoma Steel ''See also Algoma (Disambiguation) Algoma Steel Corporation (TSX: AGA) was founded in 1902 by Francis Clergue, an American entrepreneur who had settled in Sault Ste. Marie, Ontario. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ALGSF)(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ALG ALG antilymphocyte globulin. ALG antilymphocyte globulin. ALG Antilymphocyte globulin, see there ) today announced its financial results for the quarter and year ended December December: see month. 31, 1995. -0- ALGOMA STEEL INC. CONSOLIDATED FINANCIAL STATEMENTS (Expressed in millions of Canadian dollars) (Unaudited)
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31 DECEMBER 31
1995 1994 1995 1994
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CONSOLIDATED STATEMENTS OF (NOTE 1) (NOTE 1)
INCOME AND RETAINED
EARNINGS (DEFICIT)
SALES $ 292.0 $ 285.5 $1,207.7 $1,090.9
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OPERATING, ADMINISTRATIVE
AND SELLING EXPENSE 253.0 216.4 969.6 880.0
DEPRECIATION AND AMORTIZATION 9.7 11.0 47.4 49.5
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262.7 227.4 1,017.0 929.5
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INCOME FROM OPERATIONS 29.3 58.1 190.7 161.4
NET FINANCIAL EXPENSE 10.9 3.4 21.2 6.8
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INCOME BEFORE THE FOLLOWING 18.4 54.7 169.5 154.6
LOSS ON RETIREMENT OF PREFERRED SHARES
OF SUBSIDIARY (10.1) - (3.5) -
GAIN ON EARLY RETIREMENT OF
LONG-TERM DEBT - - - 4.9
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INCOME BEFORE INCOME TAXES 8.3 54.7 166.0 159.5
PROVISION FOR INCOME
TAXES - CURRENT (3.8) 2.1 28.1 5.7
- DEFERRED 10.3 0.8 19.9 9.8
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6.5 2.9 48.0 15.5
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INCOME BEFORE DIVIDENDS ON
PREFERRED SHARES OF
SUBSIDIARY 1.8 51.8 118.0 144.0
DIVIDENDS ON PREFERRED SHARES
OF SUBSIDIARY - 4.1 8.4 16.7
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NET INCOME $ 1.8 $ 47.7 $ 109.6 $ 127.3
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NET INCOME PER COMMON SHARE $ 0.04 $ 1.82 $ 3.14 $ 4.85
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WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING - MILLIONS
(NOTE 2) 45.84 26.25 34.85 26.25
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RETAINED EARNINGS (DEFICIT)
BALANCE, BEGINNING
OF PERIOD $ 168.1 $ 12.6 $ 60.3 $ (67.0)
NET INCOME 1.8 47.7 109.6 127.3
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BALANCE, END OF PERIOD $ 169.9 $ 60.3 $ 169.9 $ 60.3
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OPERATIONS
RAW STEEL
PRODUCTION (000'S) N.T. 468 604 2,232 2,338
STEEL
SHIPMENTS (000'S) N.T. 489 480 2,009 2,017
AS AT DECEMBER 31
1995 1994
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (NOTE 1)
FINANCIAL POSITION
CURRENT ASSETS
ACCOUNTS RECEIVABLE $ 142.2 $ 158.4
NOTE RECEIVABLE - 10.0
INVENTORIES 371.3 334.5
PREPAID EXPENSES 6.3 6.0
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519.8 508.9
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OTHER ASSETS
DEPOSITS IN ESCROW 176.4 -
FIXED ASSETS, NET 428.8 316.8
UNAMORTIZED BLAST FURNACE LINING 56.5 5.7
DEFERRED CHARGES 25.5 -
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687.2 322.5
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TOTAL ASSETS 1,207.0 831.4
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CURRENT LIABILITIES
BANK INDEBTEDNESS 3.4 66.5
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 171.2 138.0
CONTINGENT VALUE RIGHTS 24.5 -
DIVIDENDS PAYABLE - 2.8
INCOME AND OTHER TAXES PAYABLE 35.3 16.7
REDEMPTIONS OF PREFERRED SHARES
OF SUBSIDIARY - 39.2
CURRENT PORTION OF LONG-TERM DEBT 3.1 2.9
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237.5 266.1
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OTHER LIABILITIES
LONG-TERM DEBT 388.7 17.1
ACCRUAL FOR PENSIONS AND OTHER
POST-EMPLOYMENT BENEFITS 328.3 294.0
OTHER LONG-TERM LIABILITIES 4.9 2.8
DEFERRED INCOME TAXES 28.1 9.8
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750.0 323.7
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PREFERRED SHARES OF SUBSIDIARY - 262.4
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SHAREHOLDERS' EQUITY (DEFICIENCY)
COMMON SHARES 130.7 -
SHAREHOLDERS' DEFICIENCY ON RESTRUCTURING (81.1) (81.1)
RETAINED EARNINGS 169.9 60.3
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219.5 (20.8)
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TOTAL LIABILITIES, PREFERRED SHARES
AND SHAREHOLDERS' EQUITY (DEFICIENCY) $1,207.0 $ 831.4
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ALGOMA STEEL INC. CONSOLIDATED STATEMENT OF CASH FLOW (EXPRESSED IN MILLIONS OF CANADIAN DOLLARS) (UNAUDITED)
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31 DECEMBER 31
1995 1994 1995 1994
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CASH PROVIDED FROM (USED FOR)
OPERATING ACTIVITIES
CASH FROM OPERATIONS (XX)$ 37.4 $ 46.4 $ 222.2 $ 165.5
DECREASE (INCREASE) IN
OPERATING WORKING CAPITAL 39.6 (7.0) 49.4 (53.2)
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77.0 39.4 271.6 112.3
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INVESTING ACTIVITIES
NET ADDITIONS TO FIXED ASSETS
- DIRECT STRIP PRODUCTION
COMPLEX (58.6) - (69.6) -
- BLAST FURNACE RELINE (38.8) (0.7) (64.6) (1.4)
- OTHER (28.7) (16.9) (75.1) (51.3)
DEPOSITS IN ESCROW 48.8 - (176.4) -
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(77.3) (17.6) (385.7) (52.7)
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FINANCING ACTIVITIES
DIVIDENDS ON PREFERRED SHARES
OF SUBSIDIARY - (4.1) (11.1) (16.8)
REPAYMENT OF
LONG-TERM DEBT (2.9) (0.7) (5.1) (4.3)
PROCEEDS FROM
LONG-TERM DEBT - 1.3 374.1 3.2
NET PROCEEDS FROM COMMON
SHARE ISSUE - - 129.0 -
FINANCING EXPENSES 0.3 - (24.7) -
PROCEEDS FROM NOTE
RECEIVABLE - - 10.0 10.0
RETIREMENT OF PREFERRED
SHARES OF SUBSIDIARY - - (295.0) (7.7)
REDUCTION OF OTHER
LONG-TERM LIABILITIES - (3.5) - (7.6)
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(2.6) (7.0) 177.2 (23.2)
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BANK INDEBTEDNESS
CHANGE DURING PERIOD (2.9) 14.8 63.1 36.4
BALANCE, BEGINNING
OF PERIOD (0.5) (81.3) (66.5) (102.9)
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BALANCE, END OF PERIOD $ (3.4) $(66.5) $ (3.4) $(66.5)
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(XX) CASH FROM OPERATIONS
PER COMMON SHARE $ 0.82 $ 1.76 $ 6.38 $ 6.30
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NOTE 1. CERTAIN COMPARATIVE FIGURES HAVE BEEN RECLASSIFIED TO CONFORM TO THE PRESENTATION ADOPTED IN THE CURRENT PERIOD. NOTE 2. DURING THE THIRD QUARTER OF 1995, 19.6 MILLION COMMON SHARES WERE ISSUED RESULTING IN 45.8 MILLION SHARES OUTSTANDING AT DECEMBER 31, 1995. CONTACT: Algoma Steel, Inc. Jim Garner, 416/864-1524 |
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