UCAR'S First Quarter Results Beat Street Estimates; Further Reduces Net Debt.Business Editors NASHVILLE Nashville, city (1990 pop. 487,969), state capital, coextensive with Davidson co., central Tenn., on the Cumberland River, in a fertile farm area; inc. as a city 1806, merged with Davidson co. 1963. , Tenn.--(BUSINESS WIRE)--April 26, 2001 UCAR UCAR University Corporation for Atmospheric Research UCAR Unmanned Combat Armed Rotorcraft UCAR Utility Cost Analysis Report International Inc. (NYSE NYSE See: New York Stock Exchange :UCR (Under Color Removal) A method for reducing the amount of printing ink used. It substitutes black for gray color (equal amounts of cyan, magenta and yellow). Thus black ink is used instead of the three CMY inks. See GCR and dot gain. ) -- First quarter earnings of $.07 per share beat street estimates -- Net debt reaches $659 million, lowest level since mid-1998 -- Graftech announces additional thermal management prototype products for use in computer and communications industries -- Graftech announces it will collaborate with leading chip manufacturers as an R&D technology partner for the development of thermal management solutions -- Advanced Energy Technology (AET) Division announces ten-year carbon fiber technology royalty arrangement with Conoco -- AET Division enters into a carbon fiber manufacturing tolling arrangement with Conoco -- Graphite Power Systems (GPS) Division signs joint venture with Jilin Carbon, the largest Chinese graphite electrode producer, to produce and sell graphite electrodes in China -- GPS Division completes alliance to broaden its cathode business worldwide with Pechiney -- UCAR forms strategic partnership with CGI, an information technology services firm, for the delivery of UCAR's global IT service requirements UCAR International Inc. (NYSE:UCR) today announced financial results for the quarter ended March 31, 2001. Income before extraordinary items and special charges was $3 million, or $0.07 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. This compares to $5 million, or $0.11 per diluted share, for the quarter ended March 31, 2000. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were $171 million in the 2001 first quarter, down 12 percent compared to the 2000 first quarter. The gross margin for the Company was 29 percent for the 2001 first quarter compared to 26 percent in the 2000 fourth quarter. "We are pleased that UCAR was able to reduce net debt to the lowest level since mid- mid- pref. Middle: midbrain. 1998, due to strong cash flow and continued tight working capital management. We are also pleased that we were able to increase gross margin levels by 3 percentage points versus the fourth quarter of last year," commented Gil Playford Playford may refer to:
AET After Extra Time AET Actual Evapotranspiration AET Alliance for Environmental Technology AET Alpha-Ethyltryptamine AET Applied Extrusion Technologies, Inc. Division's increased sales of technology and, in the GPS Division, the success of the graphite electrode price increases announced in 2000 for our overseas markets. ADVANCED ENERGY TECHNOLOGY DIVISION Total net sales for the Advanced Energy Technology Division for the 2001 first quarter were $35 million compared to $34 million in the 2000 first quarter. Improving growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. were realized in most product lines, but were offset by cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. declines in sealing products sold to the automotive sector. Emerging fuel cell materials sales nearly doubled in the 2001 first quarter from the 2000 first quarter. Continued success of the graphite specialties restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). , strong volume in the carbon refractory refractory Material that is not deformed or damaged by high temperatures, used to make crucibles, incinerators, insulation, and furnaces, particularly metallurgical furnaces. business and new sales of technology led to significant improvements in the Advanced Energy Technology Division's gross margins, which increased from 24 percent in the 2000 first quarter to 31 percent in 2001 first quarter. 2001 milestones for the AET Division include: revenue growth, intellectual property development and protection, expansion of strategic alliances, new prototype products, next generation products and the start up of the first advanced flexible graphite production line. Accomplishments in the 2001 first quarter against these milestones were as follows: -- Selected to collaborate with leading chip manufacturers as an R&D technology partner for the development of thermal management solutions. -- Announced additional prototype products for use in the computer and communications industries communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. validating val·i·date tr.v. val·i·dat·ed, val·i·dat·ing, val·i·dates 1. To declare or make legally valid. 2. To mark with an indication of official sanction. 3. the capability of the eGraf(TM) electronic thermal management product line beyond thermal interface materials A Thermal Interface Material (aka TIM) is used to fill the gaps between thermal transfer surfaces, such as between microprocessors and heatsinks, in order to increase thermal transfer efficiency. These gaps are normally filled with air which is a very poor conductor. to electronic thermal component applications. -- Filed 6 U.S. patent applications and 15 foreign patent applications and was issued 8 patents. -- Announced ten-year carbon fiber technology royalty arrangement with Conoco. -- Entered into a carbon fiber manufacturing tolling arrangement with Conoco. -- Completed installation of advanced flexible graphite line for fuel cell component production. Commissioning of the line is underway. -- Completed the first phase of a study to evaluate the technical and commercial feasibility of the Lac Knife graphite flake flake an epidermal scale. flake Cocaine, see there deposit in Quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. , 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 . This deposit is expected to be a major supplier of Graftech's raw material needs, including those of the new flexible graphite line. GRAPHITE POWER SYSTEMS DIVISION The Graphite Power Systems Division had net sales of $136 million in the first quarter of 2001 compared to $161 million in the first quarter of 2000. The decrease was primarily due to declines in graphite electrode demand resulting from the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. steel production. Graphite electrode volume for the first quarter of 2001 was 43.0 thousand metric tons. This compares to 51.2 thousand metric tons for the first quarter 2000 and 55.3 metric tons for the fourth quarter 2000. The average graphite electrode price per metric ton in the 2001 first quarter was $2,419, up from the 2000 fourth quarter average of $2,260. Cathode cathode, electrode through which current leaves an electric device. In electrolysis, it is the negative electrode in the electrolytic cell. cathode sales continue to be strong in the first quarter of 2001 as they have been in recent quarters. Gross margins in the Graphite Power Systems Division decreased to 28 percent in the first quarter 2001 from 30 percent in the first quarter 2000 due to lower graphite electrode volumes and prices coupled with higher energy costs. However, GPS Division gross margins improved from 26 percent in the 2000 fourth quarter to 28 percent in the 2001 first quarter due to higher average graphite electrode prices and efficiencies gained in the cathode business as a result of the global realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. of cathode capacity and cost improvements in this business. One of our major petroleum coke Petroleum coke (often abbreviated petcoke) is a carbonaceous solid derived from oil refinery coker units or other cracking processes.[1] Other coke has traditionally been derived from coal. suppliers, Conoco, experienced an explosion at its Humberside Humberside, former county, NE England. Created in the 1974 local government reorganization, the county was dissolved in 1996 and replaced by four unitary authorities: the East Riding of Yorkshire, Kingston upon Hull, North Lincolnshire, and North East Lincolnshire. , England England, the largest and most populous portion of the United Kingdom of Great Britain and Northern Ireland (1991 pop. 46,382,050), 50,334 sq mi (130,365 sq km). It is bounded by Wales and the Irish Sea on the west and Scotland on the north. plant in mid-April Noun 1. mid-April - the middle part of April period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" Apr, April - the month following March and preceding May . Conoco produces petroleum coke at two facilities, Humberside and Lake Charles, Louisiana
Lake Charles can also refer to Lake Charles, Nova Scotia a lake in the Halifax Regional Municipality, Nova Scotia Lake Charles . Conoco UK Ltd. has placed petroleum coke customers on allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as until the end of July July: see month. . UCAR is working with Conoco and other coke producers to minimize interruptions to customer deliveries. 2001 milestones for the GPS Division include: securing graphite electrode price increases, world class supply chain optimization Supply Chain Optimization is the application of processes and tools to ensure the optimal operation of a manufacturing and distribution supply chain. This includes the optimal placement of inventory within the supply chain, minimizing operating costs (including manufacturing costs, , continued focus on quality, cost reductions, progress on key alliances and continued tight working capital management. Accomplishments achieved against these milestones in the 2001 first quarter were as follows: -- Announced, effective for new orders placed after April 6, 2001, that the base price for graphite electrodes Electrodes Tiny wires in adhesive pads that are applied to the body for ECG measurement. Mentioned in: Electrocardiography in Western Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , Eastern Europe Eastern EuropeThe countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. , Middle East, North Africa and Commonwealth of Independent States Commonwealth of Independent States (CIS), community of independent nations established by a treaty signed at Minsk, Belarus, on Dec. 8, 1991, by the heads of state of Russia, Belarus, and Ukraine. Between Dec. 8 and Dec. was increased Euro 200 per metric ton. -- Completed the expansion of our cathode joint venture with Pechiney Pechiney SA was a major aluminum conglomerate based in France until it was acquired in 2003 by the Alcan corporation headquartered in Canada. Prior to its acquisition, Pechiney grew to be the world's 4th largest producer and developer of aluminum products, employing 34,000 . The expanded alliance provides for realignments in global manufacturing capacity necessary for Carbone Car´bone v. t. 1. To broil. [Obs.] "We had a calf's head carboned". Savoie Savoie (sävwä`), department (1990 pop. 351,400), SE France, bordering Italy. Chambéry is the capital. , the companies' joint venture, to meet expected growth in worldwide graphite cathode demand. -- Signed joint venture with Jilin Jilin, city, China Jilin (jē`lĭn`) or Kirin (kē`rĭn`), city (1994 est. pop. 1,117,800), central Jilin prov., China, on the Songhua River. Carbon, the largest Chinese graphite electrode producer, in April, to produce and sell graphite electrodes in China. The joint venture will utilize renovated capacity at Jilin's main facility in Jilin City and a new graphite electrode facility in Changchun, which is expected to begin production for the Chinese market in early 2002. CORPORATE Selling, general and administrative expenses were $21 million in the 2001 first quarter versus $24 million in the 2000 first quarter. Intensive efforts to control these costs have enabled the Company to reduce SG&A to an expected annual run rate of under $80 million. Other (income)/expense, net, was zero in the first quarter of 2001 and the first quarter of 2000. Interest expense fell $2 million in the 2001 first quarter compared to the 2000 first quarter, due to lower interest rates and lower average debt outstanding. The effective tax rate, excluding special charges, was 40 percent for the first quarter of 2001, compared to an average rate of 30 percent for the full year 2000, primarily due to a higher percent of earnings in higher tax jurisdictions. Income before extraordinary items and special charges was $3 million in the 2001 first quarter compared to $5 million for the 2000 first quarter and a loss of $11 million after extraordinary items and special charges, for the 2000 first quarter. Net cash generated from operations (before antitrust Antitrust The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. fines and net settlements and related expenses and restructuring payments) was $23 million in the first quarter of 2001, compared to $20 million in the first quarter of 2000. The Company continues to place a very high priority on managing its worldwide free cash flow. The effect of these initiatives was a reduction in net debt (total debt less cash, cash equivalents and short term investments) of $29 million from December 31, 2000 to $659 million at March 31, 2001. This is down from a high of $765 million at the end of the first quarter 1999. The reduction in net debt during the first quarter of 2001 was achieved after the payment of $8 million in antitrust fines and net settlements and related expenses and $4 million of cash restructuring payments. UCAR announced the signing of a ten-year contract with CGI CGI in full Common Gateway Interface. Specification by which a Web server passes data between itself and an application program. Typically, a Web user will make a request of the Web server, which in turn passes the request to a CGI application program. , an information technology services firm, whereby CGI becomes the delivery arm for UCAR's global IT service requirements. This contract is expected to result in annual cost savings of $1 million. Under the outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. components of this agreement, CGI will manage UCAR's data center services, networks, desktops, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. and legacy systems. By creating this alliance with CGI, UCAR is transforming its IT service capability into an efficient, high quality enabler for UCAR's global supply chain initiatives, as well as contributing to our cost reduction objectives. OUTLOOK Playford commented on the outlook, saying, "This year, our earnings are being impacted by deteriorating de·te·ri·o·rate v. de·te·ri·o·rat·ed, de·te·ri·o·rat·ing, de·te·ri·o·rates v.tr. To diminish or impair in quality, character, or value: macroeconomic mac·ro·ec·o·nom·ics n. (used with a sing. verb) The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. conditions and by the steep decline in the North American steel sector. While we expect no recovery in steel in the short term, recent moves by the Federal Reserve to reduce U.S. interest rates and indications of improvement in the North American automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. are encouraging signs for us. We are on track in our AET Division to achieve material progress on our 2001 milestones, especially in the areas of fuel cells and thermal management. We continue to emphasize debt reduction and the efficient allocation of capital, and we believe the best way to do this is by meeting the milestones we have set for each division." In conjunction with this earnings release, you are invited to listen to our earnings conference call being held today at 11:00 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . The dial-in number is 303/262-3310 for both international and domestic. The reservation number is 326036. If you are unable to listen to the live call, the call will be archived and available for replay within one day of the original broadcast on our website at www.ucar.com under the Investor Relations Investor relations The process by which the corporation communicates with its investors. section. UCAR International Inc. is one of the world's largest manufacturers and providers of high quality natural and synthetic graphite and carbon based This article is about the band. For the usage of this term in biochemistry, see Carbon-based life. Carbon Based is a hard dance and freeform hardcore band from Finland. The band was formed in 1996 and has been experimenting with different styles of electronica. products and services, offering energy solutions to industry-leading customers worldwide engaged in the manufacture of steel, aluminum, silicon metal, automotive products and electronics. The company has 15 manufacturing facilities in 8 countries and has the largest share of the free trading markets in all of its major product lines. UCAR produces graphite electrodes that are consumed con·sume v. con·sumed, con·sum·ing, con·sumes v.tr. 1. To take in as food; eat or drink up. See Synonyms at eat. 2. a. primarily in the production of steel in electric arc furnaces An electric arc furnace (EAF) is a furnace that heats charged material by means of an electric arc. Arc furnaces range in size from small units of approximately one ton capacity (used in foundries for producing cast iron products) up to about 400 ton units used for secondary , the steel making technology used by all "mini-mills," and for refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar steel in ladle furnaces. The company also produces carbon electrodes that are consumed in the manufacture of silicon metal and cathodes that are used in the production of aluminum. UCAR's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Graftech Inc., produces flexible graphite that is used in high temperature fluid sealing and gasket applications and is the basis for highly engineered products and solutions in fuel cell, electronics and thermal management applications. For additional information on UCAR, call 615/760-7700 or visit its website at www.ucar.com. For additional information on Graftech, call 216/529-3777 or visit its website at www.graftech.com. For news releases via fax dial 800/239-5323. NOTE: This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These include statements about such matters as future production of steel in electric arc furnaces, future prices and sales of and demand for graphite electrodes and other products, future operational and financial performance of various businesses, strategic plans and programs, impacts of regional and global economic conditions, restructuring, realignment, strategic alliance and partnership, supply chain, technology development and collaboration Working together on a project. See collaborative software. , joint venture, operating, rationalization rationalization, in psychology: see defense mechanism. , integration and capital projects, legal matters and related costs, consulting fees and related projects, potential offerings and other actions regarding common stock of Graftech Inc., and future costs, working capital, revenue, business opportunities, values, debt levels, cash flow, cost savings and reductions, margins and earnings. We have no duty to update such statements. Actual future events and circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or (including future performance, results and trends) could differ materially from those set forth in these statements due to various factors. These factors include the possibility that announced additions to capacity for producing steel in electric arc furnaces or announced reductions in graphite electrode manufacturing capacity may not occur, the possibility that increased production of steel in electric arc furnaces may not result in increased demand for or prices or sales of graphite electrodes, the occurrence of unanticipated events or circumstances relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc pending antitrust investigations or pending antitrust lawsuits, the commencement of new investigations or lawsuits relating to the same subject matter of these pending investigations or lawsuits, the occurrence of unanticipated events or circumstances relating to lawsuits initiated by us against our former parents, the occurrence of unanticipated events or circumstances relating to strategic plans or programs or realignment, strategic alliance or partnership, supply chain, technology development and collaboration, restructuring, joint venture, operating, capital, rationalization, integration or other projects, changes in currency exchange rates, changes in market interest rates, changes in the business, prospects, results of operations or financial conditions of Graftech Inc., changes in our need for or availability of funds, failure to satisfy conditions or milestones to our joint ventures, alliance or development projects with Jilin Carbon, Pechiney, Ballard or Conoco, changes in global or regional economic and competitive conditions, changes in market energy and petroleum costs, technological developments, and other risks and uncertainties, including those detailed in our filings with the SEC. The statements contained in this news release shall not be deemed to constitute an admission as to any liability in connection with any claim or lawsuit lawsuit: see procedure; tort. . This news release does not constitute an offer to sell or a solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy any securities. References to street or analyst earnings estimates mean those published by First Call, a service of the Thomson Financial Thomson Financial A major provider of information, analytical tools, and consulting services to the financial community. The firm, a division of Thomson Corporation, is best known to investors for its First Call segment, which publishes consensus earnings Network.
UCAR INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions, except per share data)
(unaudited)
December 31, March 31,
2000 2001
---- ----
Current Assets:
Cash and cash equivalents $ 47 $ 56
Notes and accounts receivable 121 98
Inventories:
Raw materials and supplies 41 37
Work in process 103 109
Finished goods 31 34
---- ----
175 180
Prepaid expenses and deferred income taxes 18 16
------ ------
Total current assets 361 350
------ ------
Property, plant and equipment 1,043 1,013
Less: accumulated depreciation 652 644
------ ------
Net fixed assets 391 369
------ ------
Other assets 156 160
------ ------
Total assets $ 908 $ 879
====== ======
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable $ 99 $ 90
Short-term debt 3 2
Payments due within one year on long-term debt 27 34
Accrued income and other taxes 41 43
Other accrued liabilities 90 84
----- -----
Total current liabilities 260 253
----- -----
Long-term debt 705 679
Other long-term obligations 209 213
Deferred income taxes 36 32
Minority stockholders' equity
in consolidated entities 14 22
Stockholders' equity (deficit):
Preferred stock, par value $.01,
10,000,000 shares authorized,
none issued -- --
Common stock, par value $.01,
100,000,000 shares authorized,
47,491,009 shares issued at
December 31, 2000, 48,156,055
shares issued at March 31, 2001 -- --
Additional paid-in capital 525 532
Accumulated other comprehensive (loss) (241) (249)
Retained earnings (deficit) (515) (512)
Treasury stock at cost, 2,319,482
shares at December 31, 2000,
2,319,482 shares at March 31, 2001 (85) (85)
Employee benefits trust, 426,400
shares at March 31, 2001 -- (6)
----- -----
Total stockholders' equity (deficit) (316) (320)
----- -----
Total liabilities and stockholders'
equity (deficit) $ 908 $ 879
===== =====
UCAR INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per share data)
(unaudited)
Three Months Ended
------------------
March 31, December 31, March 31,
2000 2000 2001
---- ---- ----
Net sales $ 195 $ 190 $ 171
Cost of sales 138 140 122
-------- -------- --------
Gross profit 57 50 49
Research and development 3 3 3
Selling, administrative
and other expenses 24 19 21
Other (income) expense, (net) -- (1) --
Graftech offering expenses -- 2 --
Restructuring charge 6 4 --
-------- -------- --------
Operating profit 24 23 25
Interest expense 21 18 19
-------- -------- --------
Income before provision
for income taxes 3 5 6
Provision for income taxes -- 1 2
-------- -------- --------
Income of consolidated entities 3 4 4
Minority stockholders' share of income 1 1 1
-------- -------- --------
Income before extraordinary item 2 3 3
Extraordinary item, net of tax 13 -- --
-------- -------- --------
Net income (loss) $ (11) $ 3 $ 3
======== ======== ========
Basic earnings (loss) per common share:
Income before extraordinary item $ 0.04 $ 0.07 $ 0.07
Extraordinary item, net of tax (0.29) -- --
-------- -------- --------
Net income (loss) per share $ (0.25) $ 0.07 $ 0.07
======== ======== ========
Weighted average common shares
outstanding (in thousands) 45,116 45,082 45,222
======== ======== ========
Diluted earnings (loss) per common share:
Income before extraordinary item $ 0.04 $ 0.07 $ 0.07
Extraordinary item, net of tax (0.28) -- --
-------- -------- --------
Net income (loss) per share $ (0.24) $ 0.07 $ 0.07
======== ======== ========
Weighted average common shares
outstanding (in thousands) 46,183 45,501 46,033
======== ======== ========
UCAR INTERNATIONAL INC. AND SUBSIDIARIES
SEGMENT DATA SUMMARY
(Dollars in millions)
(unaudited)
Three Months Ended
------------------
March 31, December 31, March 31,
2000 2000 2001
---- ---- ----
NET SALES:
Graphite Power Systems $ 161 $ 159 $ 136
Advanced Energy Technology $ 34 $ 31 $ 35
------ ------ ------
Total $ 195 $ 190 $ 171
COST OF SALES:
Graphite Power Systems $ 112 $ 118 $ 98
Advanced Energy Technology $ 26 $ 22 $ 24
------ ------ ------
Total $ 138 $ 140 $ 122
GROSS PROFIT:
Graphite Power Systems $ 49 $ 41 $ 38
Advanced Energy Technology $ 8 $ 9 $ 11
------ ------ ------
Total $ 57 $ 50 $ 49
GROSS PROFIT MARGIN:
Graphite Power Systems 30.4% 25.8% 27.9%
Advanced Energy Technology 23.5% 29.0% 31.4%
Combined 29.2% 26.3% 28.7%
UCAR INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
(unaudited)
Three Months Ended
------------------
March 31, December 31, March 31,
2000 2000 2001
---- ---- ----
Cash flow from operating activities:
Net income (loss): $ (11) $ 3 $ 3
Extraordinary item, net of tax 13 -- --
Non-cash charges to net income:
Depreciation and amortization 11 11 10
Deferred income taxes 7 (10) --
Restructuring charge 6 4 --
Securities class action and
stockholder derivative lawsuits -- (1) --
Other non-cash charges (credits) 10 (10) (5)
Working Capital(a) (16) 75 5
Long-term assets and liabilities (6) (18) (2)
----- ----- -----
Net cash provided by
operating activities 14 54 11
----- ----- -----
Cash flow from investing activities:
Capital expenditures (9) (17) (5)
Maturity of short-term investments 2 -- --
Sale of assets -- 1 1
----- ----- -----
Net cash used in
investing activities (7) (16) (4)
----- ----- -----
Cash flow from financing activities:
Short-term debt, net 5 (1) (1)
Revolving credit facility
borrowings, net 59 (3) 2
Long-term debt borrowings 641 4 --
Long-term debt reductions (689) (2) (7)
Minority interest investment -- -- 9
Sale of common stock -- 2 1
Financing costs (25) (2) --
----- ----- -----
Net cash provided by
(used in) financing
activities (9) (2) 4
----- ----- -----
Net increase in cash and cash
equivalents (2) 36 11
Effect of exchange rate changes on
cash and cash equivalents -- -- (2)
Cash and cash equivalents at
beginning of period 17 11 47
----- ----- -----
Cash and cash equivalents at
end of period $ 15 $ 47 $ 56
===== ===== =====
Supplemental disclosures of cash
flow information: Net cash paid
during the periods for:
Interest expense $ 33 $ 15 $ 17
===== ===== =====
Income taxes $-- $ 6 $ 6
===== ===== =====
(a) Net change in working capital due
to the following components:
(Increase) decrease in current assets:
Notes and accounts receivable $ 16 $ 19 $ 22
Inventories 1 25 (11)
Prepaid expenses and other current
assets (2) 4 --
Increase (decrease) in accounts
payable and accruals (25) 34 6
Antitrust investigations and
related lawsuits and claims, net (3) (6) (8)
Restructuring payments (3) (1) (4)
----- ----- -----
Working Capital $ (16) $ 75 $ 5
===== ===== =====
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