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ALCAN ALUMINIUM LIMITED REPORTS 1993 FIRST QUARTER RESULTS

 MONTREAL, April 14 /PRNewswire/ -- Alcan Aluminium Limited (NYSE: AL) today reported a loss of $20 million for the quarter ended March 31, 1993, compared to a loss of $15 million for the year-ago quarter. After preference share dividends, the loss per common share for the quarter was 11 cents, vs. a loss per common share of 9 cents in the first quarter of 1992.
 Included in the results for the first quarter of 1993 were net after-tax charges of $6 million, or 3 cents per common share, for the rationalization and restructuring of certain operations in Europe and North America.
 "The first quarter saw a continuation of the good progress that has been made on the cost front. This, however, was offset by poor results from an equity-accounted company in Japan," stated David Morton, chairman and chief executive officer. He added, "With aluminum likely to remain in oversupply in the near term and prices at depressed levels, we will continue to focus our efforts on reducing costs and increasing productivity."
 Sales and operating revenues for the first quarter of 1993 were 6 percent lower than in the same quarter last year, mainly reflecting the impact of weaker prices for fabricated products.
 First Quarter
 1993 1992
 Sales and operating revenues (US$ millions) 1,731 1,836
 Gross profit (US$ millions) 203 202
 Shipments (thousands of tonnes):
 Ingot products 188 209
 Fabricated products 365 327
 Fabrication of customer-owned metal 24 73
 Total 577 609
 Realizations (US$ per tonne):
 Ingot products - own 1,376 1,294
 Fabricated products 3,085 3,495
 Total fabricated product volumes, at 389 kt, were 3 percent lower than in the year-ago quarter. The average realized price on shipments of fabricated products declined by $410 per tonne, or 12 percent, largely due to lower prices and changes in product mix.
 Ingot product shipments, at 188 kt in the first quarter of 1993, were 21 kt lower than one year ago. The average realized price on shipments of Alcan's own primary ingot products in the 1993 first quarter was $82 per tonne higher than in the comparable quarter of 1992.
 While sales and operating revenues were $105 million lower than in the same quarter of 1992, cost reductions of $120 million, before interest and taxes, more than offset the decline. Reflecting this and reduced interest expense, Alcan's loss before income taxes was reduced to $16 million, from $42 million in last year's quarter.
 Alcan's share of the results of equity-accounted companies was a loss of $2 million compared to a profit of $22 million in the year-ago quarter. The deterioration was attributable to business conditions affecting Alcan's related companies in Japan.
 First Quarter
 1993 1992
 Net income (loss) (US$ millions):
 Canada (3) (41)
 United States (15) 1
 South America -- (8)
 Europe (2) 4
 Pacific (1) 21
 Other (including eliminations) 1 8
 Total (20) (15)
 In Canada, cost reduction programs and better ingot product realizations were responsible for the substantial reduction in losses from the year-ago quarter. U.S. operations posted a loss in the first quarter compared to a slight profit in last year's quarter, largely reflecting the impact of lower prices for flat-rolled and other products. Results in South America were better than a year earlier, due to the cumulative impact of cost reduction efforts and somewhat improved business conditions in Brazil.
 For Europe as a whole, Alcan's operations posted lower results than one year ago, as business conditions worsened, most notably in Italy and France. In the Pacific area, results from operations were $22 million lower than in the year-ago quarter, due to poor results from Alcan's related company in Japan, Nippon Light Metal.
 The average number of common shares outstanding during the first quarter of 1993 was 223.8 million compared to 223.5 million in the same quarter last year.
 NOTE:
 All dollar amounts are stated in U.S. dollars.
 All tonnages are stated in metric tonnes of 2204.6 pounds each.
 All figures are unaudited.
 ALCAN ALUMINIUM LIMITED
 Interim Consolidated Statement of Income
 (Unaudited)
 (In millions of US$, except per share amounts)
 Three months (first quarter) ended March 31 1993 1992
 Revenues
 Sales and operating revenues $1,731 $1,836
 Other income 19 19
 Total 1,750 1,855
 Costs and expenses:
 Cost of sales and operating expenses 1,424 1,532
 Depreciation 109 109
 Selling, administrative and general expenses 133 150
 Research and development expenses 28 30
 Interest 55 66
 Other expenses 17 10
 Total 1,766 1,897
 Income (loss) before income taxes
 and other items (16) (42)
 Income taxes 1 (6)
 Income (loss) before other items (17) (36)
 Equity income (loss) (2) 22
 Minority interests (1) (1)
 Net income (loss) $ (20) $ (15)
 Dividends on preference shares 5 4
 Net income (loss) attributable
 to common shareholders (25) (19)
 Net income (loss) per common share $(0.11) $(0.09)
 Dividends per common share $0.075 $ 0.15
 ALCAN ALUMINIUM LIMITED
 Interim Consolidated Balance Sheet
 (Unaudited for 1993)
 (In millions of US$)
 3/31/93 12/31/92
 Assets
 Current assets $ 2,704 $ 2,655
 Property, plant and equipment - net 6,170 6,256
 Investments 955 923
 Other assets - net 340 312
 Total assets $10,169 $10,146
 Liabilities and Shareholders' Equity
 Current liabilities
 Short-term debt $ 407 $ 499
 Other 1,020 1,046
 Debt not maturing within one year 2,432 2,287
 Deferred income taxes 927 955
 Other liabilities 789 740
 Preference shares 353 353
 Common shareholders' equity 4,241 4,266
 Total liabilities and shareholders' equity $10,169 $10,146
 Common shareholders' equity per com. share 18.94 19.06
 Ratio of total borrowings to equity 38:62 37:63
 ALCAN ALUMINIUM LIMITED
 Interim Consolidated Statement of Cash Flows
 (Unaudited)
 (In millions of US$)
 Three months (first quarter) ended March 31 1993 1992
 Net income (loss) $ (20) $ (15)
 Adjustments:
 Depreciation 109 109
 Deferred income taxes (19) (28)
 Changes in operating working capital (68) 3
 Changes in deferred charges and credits 19 (37)
 Other (15) (63)
 Cash from (used for) operating activities 6 (31)
 Financing activities:
 Borrowings 70 99
 Equity 1 (5)
 Dividends (21) (38)
 Cash used for investment activities (49) (54)
 Effect of exchange rate changes on
 cash and time deposits -- (2)
 Increase in cash and time deposits $ 7 $ (31)
 -0- 4/14/93
 /CONTACT: Jacques Dubuc of Alcan Aluminium, 514-848-8114/
 (AL)


CO: Alcan Aluminium Limited ST: Quebec IN: MNG SU: ERN

GK -- NY076 -- 5787 04/14/93 14:06 EDT
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