Delaware
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1-34474
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13-3070826
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(State or other jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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2511 Garden Road
Building A, Suite 200
Monterey, California
(Address of principal executive offices)
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93940
(Zip Code)
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(831) 642-9300
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(Registrant's telephone number, including area code)
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N/A
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(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit Number
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Description
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99.1
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Press Release, dated May 3, 2011.
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CENTURY ALUMINUM COMPANY
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|||
Date:
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May 3, 2011
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By:
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/s/ William J. Leatherberry
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Name: William J. Leatherberry
Title: Executive Vice President, General Counsel and Secretary
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Exhibit Number
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Description
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99.1
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Press Release, dated May 3, 2011.
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Contacts: | |
Mike Dildine (media) | 831-642-9364 |
Shelly Lair (investors) | 831-642-9357 |
Three months ended
March 31,
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||||||||
2011
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2010
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|||||||
NET SALES:
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||||||||
Third-party customers
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$ | 188,312 | $ | 192,932 | ||||
Related parties
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138,025 | 92,457 | ||||||
326,337 | 285,389 | |||||||
COST OF GOODS SOLD
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284,021 | 251,413 | ||||||
GROSS PROFIT
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42,316 | 33,976 | ||||||
OTHER OPERATING EXPENSES (INCOME) - NET
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(5,884 | ) | 4,465 | |||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
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10,609 | 12,251 | ||||||
OPERATING INCOME
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37,591 | 17,260 | ||||||
INTEREST EXPENSE – THIRD PARTY - Net
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(6,622 | ) | (6,297 | ) | ||||
INTEREST INCOME – RELATED PARTY
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113 | 109 | ||||||
NET LOSS ON FORWARD CONTRACTS
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(4,809 | ) | (1,972 | ) | ||||
OTHER INCOME – Net
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677 | 408 | ||||||
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES
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26,950 | 9,508 | ||||||
INCOME TAX EXPENSE
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(3,123 | ) | (4,281 | ) | ||||
INCOME BEFORE EQUITY IN EARNINGS OF JOINT VENTURES
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23,827 | 5,227 | ||||||
EQUITY IN EARNINGS OF JOINT VENTURES
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1,219 | 1,105 | ||||||
NET INCOME
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$ | 25,046 | $ | 6,332 | ||||
Net Income Allocated to Common Shareholders
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$ | 23,005 | $ | 5,808 | ||||
INCOME PER COMMON SHARE
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||||||||
Basic
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$ | 0.25 | $ | 0.06 | ||||
Diluted
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$ | 0.25 | $ | 0.06 | ||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
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||||||||
Basic
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92,965 | 92,550 | ||||||
Diluted
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93,297 | 93,103 | ||||||
March 31,
2011
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December 31,
2010
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|||||||
ASSETS
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||||||||
Current Assets:
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||||||||
Cash and cash equivalents
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$ | 293,487 | $ | 304,296 | ||||
Restricted cash
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3,673 | 3,673 | ||||||
Accounts receivable – net
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36,383 | 43,903 | ||||||
Due from affiliates
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39,240 | 51,006 | ||||||
Inventories
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163,971 | 155,908 | ||||||
Prepaid and other current assets
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45,520 | 18,292 | ||||||
Total current assets
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582,274 | 577,078 | ||||||
Property, plant and equipment – net
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1,246,530 | 1,256,970 | ||||||
Due from affiliates – less current portion
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7,172 | 6,054 | ||||||
Other assets
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85,205 | 82,954 | ||||||
Total
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$ | 1,921,181 | $ | 1,923,056 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
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||||||||
Current Liabilities:
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||||||||
Accounts payable, trade
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$ | 83,134 | $ | 88,004 | ||||
Due to affiliates
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42,660 | 45,381 | ||||||
Accrued and other current liabilities
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46,535 | 41,495 | ||||||
Accrued employee benefits costs – current portion
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15,985 | 26,682 | ||||||
Convertible senior notes
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46,068 | 45,483 | ||||||
Industrial revenue bonds
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7,815 | 7,815 | ||||||
Total current liabilities
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242,197 | 254,860 | ||||||
Senior notes payable
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248,765 | 248,530 | ||||||
Accrued pension benefits costs – less current portion
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36,881 | 37,795 | ||||||
Accrued postretirement benefits costs - less current portion
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103,712 | 103,744 | ||||||
Other liabilities
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34,942 | 37,612 | ||||||
Deferred taxes
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85,992 | 85,999 | ||||||
Total noncurrent liabilities
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510,292 | 513,680 | ||||||
Shareholders’ Equity:
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||||||||
Series A preferred stock (one cent par value, 5,000,000 shares authorized; 81,255 and 82,515 shares issued and outstanding at March 31, 2011 and December 31, 2010, respectively)
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1 | 1 | ||||||
Common stock (one cent par value, 195,000,000 shares authorized; 93,094,226 and 92,771,864 shares issued and outstanding at March 31, 2011 and December 31, 2010, respectively)
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931 | 928 | ||||||
Additional paid-in capital
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2,504,391 | 2,503,907 | ||||||
Accumulated other comprehensive loss
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(61,333 | ) | (49,976 | ) | ||||
Accumulated deficit
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(1,275,298 | ) | (1,300,344 | ) | ||||
Total shareholders’ equity
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1,168,692 | 1,154,516 | ||||||
Total
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$ | 1,921,181 | $ | 1,923,056 |
Three months ended
March 31,
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||||||||
2011
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2010
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|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
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||||||||
Net income
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$ | 25,046 | $ | 6,332 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
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||||||||
Unrealized net loss on forward contracts
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4,715 | 1,853 | ||||||
Unrealized gain on contractual receivable
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- | (88 | ) | |||||
Realized benefit of contractual receivable
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- | 15,368 | ||||||
Accrued and other plant curtailment costs – net
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(9,624 | ) | (2,272 | ) | ||||
Debt discount amortization
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821 | 766 | ||||||
Depreciation
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15,930 | 15,778 | ||||||
Lower of cost or market inventory adjustment
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(139 | ) | (57 | ) | ||||
Deferred income taxes
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- | 4,319 | ||||||
Pension and other postretirement benefits
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(11,064 | ) | 3,666 | |||||
Stock-based compensation
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488 | 1,284 | ||||||
Undistributed earnings of joint ventures
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(1,219 | ) | (1,105 | ) | ||||
Change in operating assets and liabilities:
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||||||||
Accounts receivable – net
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7,520 | 2,314 | ||||||
Due from affiliates
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8,766 | (20,760 | ) | |||||
Inventories
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(7,924 | ) | (9,140 | ) | ||||
Prepaid and other current assets
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(29,901 | ) | 3,692 | |||||
Accounts payable, trade
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(4,730 | ) | (2,223 | ) | ||||
Due to affiliates
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(2,722 | ) | 6,601 | |||||
Accrued and other current liabilities
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3,405 | 1,423 | ||||||
Other – net
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(2,998 | ) | (6,093 | ) | ||||
Net cash provided by (used in) operating activities
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(3,630 | ) | 21,658 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES:
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||||||||
Purchase of property, plant and equipment
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(3,128 | ) | (972 | ) | ||||
Nordural expansion
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(4,051 | ) | (4,678 | ) | ||||
Investments in and advances to joint ventures
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- | (10 | ) | |||||
Restricted and other cash deposits
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- | (493 | ) | |||||
Net cash used in investing activities
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(7,179 | ) | (6,153 | ) | ||||
CHANGE IN CASH AND CASH EQUIVALENTS
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(10,809 | ) | 15,505 | |||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
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304,296 | 198,234 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
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$ | 293,487 | $ | 213,739 |
Direct (1)
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Toll
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||||||
Metric Tons
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(000)
Pounds
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$/Pound
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Metric Tons
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(000)
Pounds
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(000)
Revenue
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2011
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|||||||
1st Quarter
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80,479
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177,426
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$1.17
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63,699
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140,432
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$117,658
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|||||||
2010
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|||||||
1st Quarter
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76,653
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168,990
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$1.04
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68,024
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149,968
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$109,659
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(1)
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Does not include Toll shipments from Nordural Grundartangi
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