-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ar6VI/4fMFX9MxyJTrQWYKXP6u1Ke/3eYRaStqExDyI/BAhjcWE1DqFzwiQEL6Eq vVqcEXLLsmb/15Tr6WxiBQ== 0000950144-00-006886.txt : 20000517 0000950144-00-006886.hdr.sgml : 20000517 ACCESSION NUMBER: 0000950144-00-006886 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIMCALA INC CENTRAL INDEX KEY: 0000941174 STANDARD INDUSTRIAL CLASSIFICATION: PRIMARY PRODUCTION OF ALUMINUM [3334] IRS NUMBER: 341780941 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 333-53791 FILM NUMBER: 636571 BUSINESS ADDRESS: STREET 1: OHIO FERRO ALLOYS ROAD STREET 2: P O BOX 68 CITY: MT MEIGS STATE: AL ZIP: 36057 BUSINESS PHONE: 3342157560 MAIL ADDRESS: STREET 1: OHIO FERRO ALLOYS ROAD STREET 2: P O BOX 68 CITY: MT MEIGS STATE: AL ZIP: 36057 10-Q 1 SIMCALA, INC. 1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________ FORM 10-Q _________ (MARK ONE) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2000 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______________ TO __________________ COMMISSION FILE NUMBER: 333-53791 SIMCALA, INC. (Exact name of registrant as specified in its charter) DELAWARE 34-1780941 (State of incorporation) (I.R.S. Employer Identification No.) 1940 OHIO FERRO ROAD MT. MEIGS, ALABAMA 36057 (Address of principal executive offices) (334) 215-7560 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] The number of shares of the registrant's Common Stock outstanding as of May 6, 2000 was 10,889. ================================================================================ 1 2 PART I. FINANCIAL INFORMATION* 2 3 ITEM 1. FINANCIAL STATEMENTS SIMCALA, INC. CONDENSED BALANCE SHEETS
March 31, 2000 December 31, 1999 (unaudited) Current Assets ASSETS Current Assets Cash and cash equivalents $ 11,002,970 9,819,378 Restricted Cash 6,459,845 6,370,775 Accounts receivable 4,459,994 5,016,002 Inventories 3,348,150 2,561,105 Other current assets 539,987 284,172 - ---------------------------------------------------------------------------------------------------------- Total current assets $ 25,810,946 $ 24,051,432 Property, Plant and Equipment, net of accumulated depreciation of $8,340,154 and $7,259,635, at March 31, 2000 and December 31, 1999, respectively 49,855,737 50,480,712 Intangible Assets, net of accumulated amortization of $4,099,629 and $3,583,705, at March 31, 2000 and December 31, 1999, respectively 36,161,603 36,677,627 - ---------------------------------------------------------------------------------------------------------- Total Assets $ 115,716,423 $ 111,209,771 ========================================================================================================== LIABILITIES AND SHAREHOLDER'S EQUITY - ---------------------------------------------------------------------------------------------------------- Current Liabilities Accounts payable $ 4,095,570 $ 4,195,134 Accrued expenses 813,257 729,198 Accrued interest payable 3,351,927 1,566,331 Current maturities of long-term debt and capital leases 36,838 41,689 - ---------------------------------------------------------------------------------------------------------- Total current liabilities 8,297,592 6,532,352 Long Term Debt and Capital Leases - Net of Current Portion 81,014,716 81,019,955 Deferred Income Taxes 10,712,843 10,925,499 - ---------------------------------------------------------------------------------------------------------- Total Liabilities $ 100,025,151 $ 98,477,806 - ---------------------------------------------------------------------------------------------------------- Shareholder's Equity Preferred Stock (Series B preferred stock, 3,000 shares authorized, none issued and outstanding, $1.00 par value) -- -- Common stock, 20,000 shares authorized - 10,889 shares issued and outstanding, par value $.01 per share 109 109 Additional paid-in capital 18,806,891 18,806,891 Retained deficit (7,003,865) (6,075,035) - ---------------------------------------------------------------------------------------------------------- Total shareholder's equity 11,803,135 12,731,965 - ---------------------------------------------------------------------------------------------------------- Total Liabilities and Shareholder's Equity $ 111,828,286 $ 111,209,771 ==========================================================================================================
See Notes to Condensed Financial Statements. 3 4 SIMCALA, INC. CONDENSED STATEMENTS OF INCOME
Three months ended Three months ended March 31, 2000 March 31, 1999 (unaudited) (unaudited) - -------------------------------------------------------------------------------------------- Net Sales $ 12,209,277 $ 14,911,132 Cost of Goods Sold 11,079,139 13,352,675 - -------------------------------------------------------------------------------------------- Gross Profit 1,130,138 1,558,457 Selling and Administrative Expenses 618,359 687,716 - -------------------------------------------------------------------------------------------- Operating Income 511,779 870,741 Interest Expense 1,908,230 1,937,838 Other Income, Net (254,964) (195,202) - -------------------------------------------------------------------------------------------- Loss before Income Taxes (1,141,487) (871,895) Income Tax Benefit (212,656) (122,970) - -------------------------------------------------------------------------------------------- Net Loss (928,831) (748,925) ============================================================================================
See Notes to Condensed Financial Statements. 4 5 SIMCALA, INC. CONDENSED STATEMENTS OF CASH FLOW
Three Months Ended Three Months Ended March 31, 2000 March 31, 1999 Cash Flows from Operating Activities: (unaudited) (unaudited) - ----------------------------------------------------------------------------------------------------------------------------- Net loss (928,831) -748,925 Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 1,596,544 1,662,596 Deferred income taxes (212,656) -122,970 Change in certain assets and liabilities: (Increase) decrease in accounts receivable 556,008 -667,390 (Increase) decrease in inventories (787,045) 1,513,040 (Increase) in other assets (255,814) -387,192 Increase in accounts payable and accrued expenses 1,765,242 1,582,102 - --------------------------------------------------------------------------------------------------------------------------- Net cash provided by operating activities 1,733,448 2,831,261 - --------------------------------------------------------------------------------------------------------------------------- Cash Flows from Investing Activities - Purchase of property, plant and equipment (455,545) -430,140 Cash Flows from Financing Activities - Payments on non-interest-bearing debt (5,241) -7,541 Change in Cash and Cash Equivalents and Restricted Cash 1,272,662 2,393,580 Cash and Equivalents and Restricted Cash at Beginning of Period 16,190,153 14,652,789 =========================================================================================================================== Cash and Equivalents and Restricted Cash at End of Period $17,462,815 $17,046,369 =========================================================================================================================== SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid for: Interest $ 133,912 $ 184,405 =========== =========== Income taxes $ 0 $ 0 =========== ===========
See Notes to Condensed Financial Statements. 5 6 SIMCALA, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 - BASICS OF PRESENTATION The accompanying condensed financial statements of SIMCALA, Inc. have been prepared in accordance with the instructions for Form 10-Q and therefore, do not include all information on footnotes that generally accepted accounting principles require for complete financial statements. The unaudited condensed financial statements should be read in conjunction with the audited financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 1999. In the opinion of management, the unaudited condensed financial statements contain all necessary adjustments (which include only normal, recurring adjustments) for a fair presentation of the Interim period presented. Operating results for the three-months ended March 31, 2000, are not necessarily indicative of operating results for the entire fiscal year ended December 31, 2000. NOTE 2 - ORGANIZATION AND OPERATIONS On March 31, 1998, SIMCALA Holdings, Inc. ("Holdings"), through its wholly owned subsidiary, SAC Acquisition Corp. ("SAC") purchased all of the outstanding common stock of SIMCALA, Inc. ("SIMCALA" or the "Company") (the "Acquisition"). On such date, SAC was merged into SIMCALA. Holdings and SAC conducted no significant business other than in connection with the Acquisition. The term "Predecessor" refers to the Company prior to the Acquisition. The Company is a producer of silicon metal for sale to the aluminum and silicones industries. The Company sells to customers in the metal industry who are located primarily throughout the United States. Credit is extended based on an evaluation of the customer's financial condition. During the three months ended March 31, 2000 and the three months ended March 31, 1999, three customers accounted for 49%, 26%, and 10% and 37%, 31%, and 10% of net sales, respectively. At March 31, 2000 and December 31, 1999, three customers accounted for 48%, 16%, and 12% and 43%, 27% and 5%, respectively, of outstanding receivables. The Company maintains credit insurance for all customer accounts receivable. The Acquisition of the Predecessor for approximately $65.3 million in cash, including $6.1 million in expenses directly related to the Acquisition and assumption of approximately $22 million in liabilities, has been accounted for as a purchase. The Acquisition was financed through the issuance of Senior Notes in the amount of $75 million (the "Notes") and equity contributed of $22 million. The uses of cash associated with the Acquisition were as follows (in thousands of dollars): The Acquisition $ 65,291 Repayment of indebtedness 9,159 Transaction fees and expenses 6,051 General corporate purposes 16,499 --------- $ 97,000 =========
Accordingly, the purchase price has been allocated to the identifiable assets and liabilities based on fair values at the acquisition date. The excess of the purchase price over the fair value of the identifiable net assets in the amount of $34.5 million has been classified as goodwill. Additionally, the effect of the carryover basis of senior management of $3.2 million has been considered in the allocation of the purchase price. The carryover basis adjustment results from the application of Emerging Issues Task Force ("EITF") Consensus No. 88-16, Basis in Leveraged Buyout Transactions, and is allocated to property, plant, and equipment and goodwill based upon the March 31, 1998 balances. The Acquisition was financed through the issuance of senior notes in the amount of $75,000,000 and equity contributed of $22,000,000. Senior Management had an 8% ownership interest in the Predecessor, and as a result 6 7 of the Acquisition, has a 9% ownership interest in the Company. The sale of the Predecessor's stock of which 92% was not owned by Senior Management, constituted a change in control of the Predecessor. NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES For a summary of the Company's accounting policies, please refer to the Company's Form 10-K for the year ended December 31, 1999. NOTE 4 - INVENTORIES As of March 31, 2000 and December 31, 1999, inventories consisted of the following:
March 31, December 31, 2000 1999 (unaudited) -------------- ----------- Raw Materials $ 597,425 $ 1,143,075 Finished Goods 2,454,725 1,122,030 Supplies 296,000 296,000 ------------- ----------- $ 3,348,150 $ 2,561,105 ============= ===========
7 8 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. GENERAL On March 31, 1998, Holdings, through its wholly owned subsidiary, SAC, purchased all of the outstanding shares of common stock of SIMCALA. On such date, SAC was merged into SIMCALA. SIMCALA, as the surviving corporation in the Merger, became a wholly owned subsidiary of Holdings. The following is a discussion of the Company's results of operations. The discussion is based upon the three-month period ended March 31, 2000 in comparison to the three-month period ended March 31, 1999. The table below sets forth certain statement of operations information as a percentage of net sales during the quarters ended March 31, 2000 and 1999:
Three months ended Three months ended March 31, March 31, 2000 1999 ------------------ ------------------ Net sales 100.0% 100.0% Cost of goods sold 90.7 89.5 ------ ------ Gross profit 9.3 10.5 Selling and administrative expenses 5.1 4.6 ------ ------ Operating income (loss) 4.2 5.9 Interest expense 15.6 13.0 Other income, net (2.1) (1.3) ------ ------ Loss before income taxes (9.3) (5.8) Income tax benefit (1.7) (0.8) ------ ------ Net loss (7.6)% (5.0)% ====== ======
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THREE MONTHS ENDED MARCH 31, 1999 NET SALES Net sales decreased by $2.7 million in the three months ended March 31, 2000, or 18.1%, to $12.2 million from $14.9 million for the same period in 1999. This decrease was due principally to decreased sales volume in the first quarter of 2000. This volume decrease was compounded by a reduction in average selling prices for all grades of silicon metal. Production of silicon metal in the first quarter of 2000 was 10,014 metric tons, compared with 9,171 metric tons produced in the first quarter of 1999. GROSS PROFIT Gross profit decreased by $0.5 million, or 27.5%, to $1.1 million in the first quarter of 2000 as compared to $1.6 million in the same period in 1999. The gross profit margin decreased to 9.3% in the first quarter of 2000 from 10.5% in the same period in 1999. These decreases were principally due to the lower sales volumes discussed above. Average selling price per metric ton decreased to $1,400 in the first quarter of 2000 from $1,490 in the same period in 1999 due to the excess supply conditions in the secondary aluminum market which existed for most of 8 9 1999. Average production cost per metric ton decreased to $1,107 in the first quarter of 2000 from $1,171 in the same period in 1999. This decrease resulted primarily from improved production efficiencies which led to increased production volumes. SELLING AND ADMINISTRATIVE EXPENSES Selling and administrative expenses decreased $0.1 million, or 10.1%, to $0.6 million in the first quarter of 2000 as compared to $0.7 million in the same period in 1999. The decrease was primarily due to recognition of compensation expenses in the first quarter of 1999 with no corresponding costs in the first quarter of 2000. These expenses included management bonuses and management fees. OPERATING INCOME Income from operations decreased $0.4 million, or 41.2%, to $0.5 million in the first quarter of 2000 as compared to $0.9 million in the same period of 1999, while the operating margin decreased to 4.2% from 5.9% for the same period in the prior year. The decrease was primarily due to lower sales volumes in the first quarter of 2000, partially offset by lower production costs. INTEREST EXPENSE Interest expense was materially unchanged for the quarter ended March 31, 2000 when compared to the same period in 1999. OTHER INCOME - NET Other income - net increased $0.1 million, or 30.6%, to $0.3 million in the first quarter of 2000 from $0.2 million in the same period in 1999. The increase in other income was primarily due higher interest income earned on short term investments due to higher interest rates. INCOME TAX BENEFIT The income tax benefit increased $0.1 million, or 72.9%, to $0.2 million in the first quarter of 2000 as compared to $0.1 million in the same period of 1999. The increase was primarily due to a larger taxable loss in the first quarter of 2000, as compared to the same period in 1999. NET LOSS As a result of the above factors, the net loss for the three months ended March 31, 2000 was $0.9 million compared to a net loss of $0.7 million for the same period in 1999. LIQUIDITY AND CAPITAL RESOURCES The Company's primary sources of liquidity are cash flow from operations, borrowings under its secured credit facility and a portion of the net proceeds from the offering of its 9 5/8% Senior Notes due 2006 (the "Notes"). The Company's principal uses of liquidity are to fund operations, meet debt service requirements and finance the Company's planned capital expenditures, including the construction of a fourth smelting furnace, engineering work for which has already begun. The Company's cash flows from its operations are influenced by selling prices of its products and raw materials costs and are subject to moderate fluctuation due to market supply factors, including those driven by imports. The Company's silicon metal business experiences price fluctuations principally due to the competitive nature of one of its markets, the secondary aluminum market. Historically, the Company's microsilica business has been affected by the developing nature of the markets for this product. Cash and cash equivalents were $11.0 million and $10.3 million at March 31, 2000 and December 31, 1999, respectively, and restricted cash was $6.5 million and $6.4 million at March 31, 2000 and December 31, 1999, respectively. The increase in total cash and equivalents and restricted cash in the first quarter of 2000 resulted principally from cash provided by operations. 9 10 Depreciation and amortization remained relatively unchanged for the first quarter of 2000 at $1.6 million, compared to $1.7 million for the same period in 1999. In the first quarters of 2000 and 1999, net cash provided by operating activities was $1.7 million and $2.8 million, respectively. The decrease in the first quarter of 2000 resulted primarily from the building of finished goods inventory in that same period. In the first quarters of 2000 and 1999, net cash used in investing activities was $0.5 million and $0.4 million, respectively. The changes primarily reflect different levels of capital spending during the corresponding quarters of each year. In the first quarters of 2000 and 1999, net cash used in financing activities was insignificant. In connection with the Acquisition, the Company replaced its existing credit facility in the first quarter of 1999 with a new credit facility (the "Credit Facility") providing availability for revolving borrowings and letters of credit in an aggregate principal amount of up to $15.0 million (of which $6.1 million is reserved for support of a letter of credit issued in connection with the industrial revenue bond financing of the Company). As of March 31, 2000 and December 31, 1999, no drawings were outstanding under the Credit Facility. Ongoing interest payments on the Notes represent significant liquidity requirements for the Company. With respect to the $75.0 million borrowed under the Notes, the Company will be required to make semiannual interest payments of approximately $3.6 million over the life of the Notes. With respect to ongoing capital spending, the Company expects to spend approximately $2.5 million to $3.0 million annually to properly maintain its furnaces and other production facilities. In addition, the Company intends to add a fourth smelting furnace over the next two years from proceeds of the Notes, together with internally generated or borrowed cash. The Company estimates that construction of the furnace will cost approximately $25.0 million. The agreement governing the Credit Facility (the "Credit Agreement") imposes restrictions on the Company's ability to make capital expenditures, and both the Credit Agreement and the indenture governing the Notes (the "Indenture") limit the Company's ability to incur additional indebtedness. Such restrictions, together with the highly leveraged nature of the Company, could limit the Company's ability to respond to market conditions, to meet its capital spending program, to provide for unanticipated capital investments or to take advantage of business opportunities. The covenants contained in the Credit Agreement also, among other things, restrict the ability of the Company and its subsidiaries to dispose of assets, incur guarantee obligations, repay the Notes, pay dividends, create liens on assets, enter into sale and leaseback transactions, make investments, loans or advances, make acquisitions, engage in acquisitions or consolidations, make capital expenditures or engage in certain transactions with affiliates, and otherwise restrict corporate activities. At March 31, 2000, the Company was in compliance with all loan covenants, as amended. The covenants contained in the Indenture governing the Notes also impose restrictions on the operation of the Company's business. FORWARD-LOOKING STATEMENTS Certain of the matters discussed in this document, particularly regarding anticipating future financial performance, business prospects, growth and operating strategies, the effects of the Acquisition on the Company and similar matters, and those preceded by, followed by or that otherwise include the words "may," "would," "could," "will," "believes," "expects," "anticipates," "plans," "intends," "estimates," or similar expressions or variations thereof may constitute "forward-looking statements" for purposes of the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended. For those statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks and uncertainties. A variety of factors, including without limitation those discussed in "Management's Discussion and Analysis of Financial Condition and Results of Operations" herein and in Item 7 of the Company's Annual Report on Form 10-K, and in other filings by the Company with the Securities and Exchange Commission, may affect the future results of the Company and could cause those results to differ materially from those expressed in the forward-looking statements. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 10 11 The fair value of the Company's long-term debt and capital leases is affected by changes in interest rates. There have been no material changes to the Item 7A disclosure made in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1999. 11 12 PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS. Not applicable ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS. Not applicable ITEM 3. DEFAULTS UPON SENIOR SECURITIES. Not applicable ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Not applicable ITEM 5. OTHER INFORMATION. Not applicable ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. (a) Exhibits The Exhibits to this report on Form 10-Q are listed on the Exhibit Index, which immediately follows the signature page hereto (b) Reports on Form 8-K None. 12 13 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. SIMCALA, Inc. Date: May 15, 2000 /s/ R. Myles Cowan -------------------------------------------- R. Myles Cowan Vice President and Chief Financial Officer (Principal Accounting and Financial Officer) 13 14 EXHIBIT INDEX
- -------------------------------------------------------------------------------- EXHIBIT DESCRIPTION NUMBER - -------------------------------------------------------------------------------- 2.1 Stock Purchase Agreement dated as of February 10, 1998, as amended by the amendment thereto dated as of March 4, 1998, among SIMCALA, Inc., SAC Acquisition Corp. and the selling stockholders party thereto (incorporated by reference from Exhibit 2.1 to the Registrant's Registration Statement on Form S-1 (File No. 333-53791), and amendments thereto, originally filed on May 28, 1998). - -------------------------------------------------------------------------------- 2.2 Purchase Agreement dated March 24, 1998 between SAC Acquisition Corp. and NationsBanc Montgomery Securities LLC (incorporated by reference from Exhibit 2.2 to the Registrant's Registration Statement on Form S-1 (File No. 333-53791), and amendments thereto, originally filed on May 28, 1998). - -------------------------------------------------------------------------------- 2.3 Purchase Agreement Supplement dated as of March 31, 1998 between SIMCALA, Inc. and NationsBanc Montgomery Securities LLC (incorporated by reference from Exhibit 2.3 to the Registrant's Registration Statement on Form S-1 (File No. 333-53791), and amendments thereto, originally filed on May 28, 1998). - -------------------------------------------------------------------------------- 2.4 Agreement and Plan of Merger dated as of March 31, 1998 between SAC Acquisition Corp. and SIMCALA, Inc. (incorporated by reference from Exhibit 2.4 to the Registrant's Registration Statement on Form S-1 (File No. 333-53791), and amendments thereto, originally filed on May 28, 1998). - -------------------------------------------------------------------------------- 3.1 Certificate of Incorporation of the Company, as amended (incorporated by reference from Exhibit 3.1 to the Registrant's Registration Statement on Form S-1 (File No. 333-53791), and amendments thereto, originally filed on May 28, 1998). - -------------------------------------------------------------------------------- 3.2 Bylaws of the Company (incorporated by reference from Exhibit 3.2 to the Registrant's Registration Statement on Form S-1 (File No. 333-53791), and amendments thereto, originally filed on May 28, 1998). - -------------------------------------------------------------------------------- 4.1 Indenture dated as of March 31, 1998 between SAC Acquisition Corp. and IBJ Schroder Bank & Trust Company, as trustee (incorporated by reference from Exhibit 4.1 to the Registrant's Registration Statement on Form S-1 (File No. 333-53791), and amendments thereto, originally filed on May 28, 1998). - -------------------------------------------------------------------------------- 4.2 Supplemental Indenture dated as of March 31, 1998 between SIMCALA, Inc. and IBJ Schroder Bank & Trust Company, as trustee (incorporated by reference from Exhibit 4.2 to the Registrant's Registration Statement on Form S-1 (File No. 333-53791), and amendments thereto, originally filed on May 28, 1998). - -------------------------------------------------------------------------------- 4.3 Registration Rights Agreement dated as of March 31, 1998 between SAC Acquisition Corp. and NationsBanc Montgomery Securities LLC (incorporated by reference from Exhibit 4.3 to the Registrant's Registration Statement on Form S-1 (File No. 333-53791), and amendments thereto, originally filed on May 28, 1998). - -------------------------------------------------------------------------------- 4.4 Registration Rights Agreement Supplement dated as of March 31, 1998 between SIMCALA, Inc. and NationsBanc Montgomery Securities LLC (incorporated by reference from Exhibit 4.4 to the Registrant's Registration Statement on Form S-1 (File No. 333-53791), and amendments thereto, originally filed on May 28, 1998). - -------------------------------------------------------------------------------- 4.5 Form of 9 5/8% Senior Notes due 2006, Series A (included in Exhibit 4.1 as Exhibit A-1 thereto). - -------------------------------------------------------------------------------- 27 Financial Data Schedule (for SEC use only) - --------------------------------------------------------------------------------
14 EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF SIMCALA INC. FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-2000 JAN-01-2000 MAR-31-2000 17,462 0 4,460 0 3,348 25,811 58,196 8,340 111,828 8,298 81,000 0 0 18,807 (7,004) 111,828 12,209 12,209 11,079 11,079 255 0 1,908 (1,141) (213) (929) 0 0 0 (929) 0 0 Of this amount, 6,460 was Restricted Cash
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