Century Reports Fourth Quarter 2000 Net Income of $0.41 a Share.Business Editors MONTEREY Monterey (mŏntərā`), city (1990 pop. 31,954), Monterey co., W Calif., a port on Monterey Bay; founded 1770, inc. 1850. It is a popular resort, the home of many artists and writers, and one of California's oldest cities. , Calif.--(BUSINESS WIRE)--Feb. 20, 2001 Century Aluminum Company (Nasdaq:CENX) reported net income of $8.4 million, or $0.41 a common share, for the fourth quarter of 2000. This compares with a net loss of $3.5 million, or $0.17 a share, for the fourth quarter of 1999. The 2000 quarter includes 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 $3.1 million, or $0.15 a share, for marking aluminum contracts to market, and after-tax income of $2.4 million, or $0.12 a share, principally from a partial settlement of an insurance claim related to an illegal strike in 1999 at the company's Ravenswood Ravenswood may refer to: Film & Literature
Net income for all of 2000 was $25.3 million, or $1.25 a share, compared with $3.9 million, or $0.19 a share, in 1999. Sales in the 2000 fourth quarter were $112 million, compared with $80.9 million in the year earlier quarter. Sales for all of 2000 were $428.6 million, compared with $566.3 million in 1999. Shipments of primary aluminum in the 2000 fourth quarter were 152.8 million pounds versus 116.0 million pounds in the 1999 quarter. Shipments of primary aluminum for all of 2000 totaled 581.6 million pounds, compared with 485.8 million pounds for 1999. Century's financial results in 1999 include the operations of the aluminum fabricating businesses that were sold in September September: see month. 1999. The results in 2000 include the additional 23-percent share in the Mt. Holly holly, common name for members of the Aquifoliaceae, a family of widely distributed trees and shrubs, most numerous in Central and South America. The evergreen English holly (Ilex aquifolium , SC reduction plant acquired by the company in April 2000. Century operates 168,000-mtpy of primary aluminum capacity at Ravenswood, WV, and holds a 49.67-percent share in the 215,000-mtpy reduction plant at Mt. Holly, SC. Century is based in Monterey, CA.
Century Aluminum Company
Consolidated Statements of Operations
(in Thousands, Except Per Share Amounts)
(Unaudited)
Three months ended Year ended
December 31 December 31
-------------------- -----------------------
2000 1999 2000 1999
--------- --------- ---------- ----------
NET SALES:
Third-party
customers $ 76,132 $ 68,518 $ 299,277 $ 497,475
Related parties 35,848 12,348 129,320 68,801
--------- --------- --------- ---------
111,980 80,866 428,597 566,276
COST OF GOODS SOLD 103,639 81,098 396,139 572,921
--------- --------- --------- ---------
GROSS PROFIT (LOSS) 8,341 (232) 32,458 (6,645)
SELLING, GENERAL
AND ADMINISTRATIVE
EXPENSES 4,106 4,887 13,931 18,884
--------- --------- --------- ---------
OPERATING INCOME
(LOSS) 4,235 (5,119) 18,527 (25,529)
GAIN ON SALE OF
FABRICATING
BUSINESSES -- -- 5,156 41,130
INTEREST INCOME
(EXPENSE) - Net 380 1,825 2,267 (3,535)
NET GAIN (LOSS) ON
FORWARD CONTRACTS 4,836 (2,105) 4,195 (5,368)
OTHER INCOME
(EXPENSE) 3,723 (116) 6,461 (789)
--------- --------- --------- ---------
INCOME (LOSS)
BEFORE INCOME
TAXES 13,174 (5,515) 36,606 5,909
INCOME TAX
(EXPENSE) BENEFIT (4,742) 1,985 (11,301) (628)
--------- --------- --------- ---------
INCOME (LOSS)
BEFORE
EXTRAORDINARY ITEM 8,432 (3,530) 25,305 5,281
EXTRAORDINARY
ITEM - WRITE-OFF
OF DEFERRED
BANK FEES, NET OF
INCOME TAX
BENEFIT OF $766 -- -- -- (1,362)
--------- --------- --------- ---------
NET INCOME (LOSS) $ 8,432 $ (3,530) $ 25,305 $ 3,919
========= ========= ========= =========
EARNINGS (LOSS)
PER COMMON SHARE
Basic
Earnings (loss)
before
extraordinary
item $ 0.41 $ (0.17) $ 1.25 $ 0.26
Extraordinary
item $ -- $ -- $ -- $ (0.07)
Earnings (loss) $ 0.41 $ (0.17) $ 1.25 $ 0.19
Diluted
Earnings (loss)
before
extraordinary
item $ 0.41 $ (0.17) $ 1.24 $ 0.26
Extraordinary
item $ -- $ -- $ -- $ (0.07)
Earnings (loss) $ 0.41 $ (0.17) $ 1.24 $ 0.19
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING
Basic 20,339 20,203 20,308 20,202
Diluted 20,480 20,431 20,477 20,357
DIVIDENDS PER
COMMON SHARE $ 0.05 $ 0.05 $ 0.20 $ 0.20
Century Aluminum Company
Consolidated Balance Sheets
(Dollars in Thousands)
December 31, December 31,
2000 1999
------------ -----------
(unaudited)
ASSETS
CURRENT ASSETS:
Cash $ 32,962 $ 85,187
Restricted cash equivalents -- 5,642
Accounts receivable, trade net 31,119 38,499
Due from affiliates 15,672 15,991
Inventories 44,081 44,936
Prepaid and other assets 9,487 6,379
-------- --------
Total current assets 133,321 196,634
PROPERTY, PLANT AND EQUIPMENT NET 184,526 105,158
OTHER ASSETS 15,923 9,010
-------- --------
TOTAL $333,770 $310,802
-------- --------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable, trade $ 30,072 $ 29,134
Due to affiliates 3,985 10,737
Accrued and other current liabilities 17,739 27,770
Accrued employee benefits costs -
current portion 4,824 4,602
-------- --------
Total current liabilities 56,620 72,243
ACCRUED PENSION BENEFITS COSTS -
Less current portion 3,656 3,589
ACCRUED POSTRETIREMENT BENEFITS COSTS -
Less current portion 42,170 39,391
OTHER LIABILITIES 6,560 9,073
DEFERRED TAXES 22,125 6,778
-------- --------
Total noncurrent liabilities 74,511 58,831
SHAREHOLDERS' EQUITY:
Common Stock (one cent par value,
50,000,000 shares authorized; 20,339,203
shares issued and outstanding at
December 31, 2000 and 20,202,538 at
December 31, 1999) 203 202
Additional paid-in capital 166,184 164,409
Retained earnings 36,252 15,117
-------- --------
Total shareholders' equity 202,639 179,728
-------- --------
TOTAL $333,770 $310,802
-------- --------
Century Aluminum Company
Consolidated Statements of Cash Flow
(Dollars in Thousands)
(Unaudited)
Year Ended
December 31
---------------------
2000 1999
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 25,305 $ 3,919
Adjustments to reconcile net income to
net cash provided by
(used in) operating activities:
Depreciation and amortization 14,395 18,749
Deferred income taxes 12,448 22,022
Pension and other postretirement benefits 797 (16,656)
Workers' compensation (1,604) (150)
Inventory market adjustment 1,631 1,389
Gain on sale of fabricating businesses (5,156) (41,130)
Gain on sale of assets (337) --
Change in operating assets and liabilities:
Accounts receivable, trade net 7,380 (42,803)
Due from affiliates 4,790 (467)
Inventories 3,086 26,843
Prepaids and other assets (5,391) (9,224)
Accounts payable, trade (712) 8,519
Due to affiliates 409 (1,518)
Accrued and other current liabilities 1,621 (15,944)
Other net (559) 2,261
--------- ---------
Net cash provided by (used in)
operating activities 58,103 (44,190)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (17,631) (22,983)
Disposal of property, plant and equipment 565 --
Purchase price adjustment related to
business acquisitions -- 296
Proceeds from sale of fabricating businesses -- 245,400
Acquisition (94,734) --
Restricted cash deposits 5,642 173
--------- ---------
Net cash (used in)provided by investing
activities (106,158) 222,886
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings -- 340,708
Repayment of borrowings -- (430,097)
Dividends (4,170) (4,132)
--------- ---------
Net cash used in financing activities (4,170) (93,521)
--------- ---------
NET (DECREASE) INCREASE IN CASH (52,225) 85,175
CASH, BEGINNING OF PERIOD 85,187 12
--------- ---------
CASH, END OF PERIOD $ 32,962 $ 85,187
========= =========
Century Aluminum Company
Selected Operating Data
(in Thousands, Except Dollars per Pound)
(Unaudited)
Three months ended Year ended
December 31, December 31,
----------------------------------------------
2000 1999 2000 1999
---------- ---------- ---------- ----------
SEGMENT INFORMATION
PRIMARY ALUMINUM
NET SALES
Third-Party
Customers $ 76,132 $ 68,518 $ 299,277 $ 111,721
Related Party
Customers 35,848 12,348 129,320 68,801
Intersegment -- -- -- 136,848
--------- --------- --------- ---------
Total $ 111,980 $ 80,866 $ 428,597 $ 317,370
GROSS PROFIT
(LOSS) (1) $ 8,341 $ (232) $ 32,458 $ (17,418)
SHEET & PLATE
PRODUCTS (2)
NET SALES
Third-Party
Customers $ -- $ -- $ -- $ 385,754
GROSS PROFIT $ -- $ -- $ -- $ 10,773
SHIPMENTS
Direct
-----------------------------
Pounds $/Pound
------------ -----------
PRIMARY ALUMINUM
2000
----
4th Quarter 152,787 $ 0.73
3rd Quarter 151,219 $ 0.73
2nd Quarter 149,530 $ 0.73
1st Quarter 128,082 $ 0.75
------------ -----------
Total 581,618 $ 0.74
1999
----
4th Quarter 115,991 $ 0.70
3rd Quarter 116,583 $ 0.66
2nd Quarter 131,018 $ 0.63
1st Quarter 122,250 $ 0.63
------------ -----------
Total 485,842 $ 0.65
(1) Gross profit includes a non-cash charge of $1,631 in the year
ended December 31, 2000 for lower of cost or market inventory
reserves. Gross profit for the three months and year ended
December 31, 1999 includes a non-cash credit of $3,318 and a
non-cash charge of $4,623, respectively, for inventory writedowns
and LIFO adjustments.
(2) The sheet and plate business was sold on September 21, 1999.
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