Delaware
|
1-34474
|
13-3070826
|
(State or other jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
2511 Garden Road
Building A, Suite 200
Monterey, California
(Address of principal executive offices)
|
93940
(Zip Code)
|
(831) 642-9300
|
|
(Registrant's telephone number, including area code)
|
|
N/A
|
|
(Former name or former address, if changed since last report)
|
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:
|
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Exhibit Number
|
Description
|
|
99.1
|
Press Release, dated February 23, 2012, announcing the Company’s results of operations for the quarter ended December 31, 2011.
|
CENTURY ALUMINUM COMPANY
|
|||
Date:
|
February 23, 2012
|
By:
|
/s/ William J. Leatherberry
|
Name: William J. Leatherberry
Title: Executive Vice President, General Counsel and Secretary
|
Exhibit Number
|
Description
|
|
99.1
|
Press Release, dated February 23, 2012, announcing the Company’s results of operations for the quarter ended December 31, 2011.
|
Lindsey Berryhill (media) | 831-642-9364 |
Shelly Harrison (investors) | 831-642-9357 |
Three months ended
December 31,
|
Year ended
December 31,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
NET SALES
|
||||||||||||||||
Third-party customers
|
$ | 193,992 | $ | 205,547 | $ | 791,993 | $ | 755,863 | ||||||||
Related parties
|
124,172 | 111,304 | 564,431 | 413,408 | ||||||||||||
318,164 | 316,851 | 1,356,424 | 1,169,271 | |||||||||||||
COST OF GOODS SOLD
|
331,796 | 275,716 | 1,266,902 | 1,056,875 | ||||||||||||
GROSS PROFIT (LOSS)
|
(13,632 | ) | 41,135 | 89,522 | 112,396 | |||||||||||
OTHER OPERATING EXPENSES (INCOME) – NET
|
4,624 | (49,591 | ) | (3,806 | ) | (37,386 | ) | |||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
8,916 | 11,101 | 46,032 | 46,802 | ||||||||||||
OPERATING INCOME (LOSS)
|
(27,172 | ) | 79,625 | 47,296 | 102,980 | |||||||||||
INTEREST EXPENSE – THIRD PARTY – NET
|
(5,934 | ) | (6,171 | ) | (24,791 | ) | (25,010 | ) | ||||||||
INTEREST INCOME – RELATED PARTY
|
61 | 115 | 303 | 448 | ||||||||||||
NET GAIN (LOSS) ON FORWARD CONTRACTS
|
3,067 | (5,681 | ) | 804 | (10,495 | ) | ||||||||||
OTHER INCOME (EXPENSE) - NET
|
225 | (598 | ) | (1,373 | ) | (377 | ) | |||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES
|
(29,753 | ) | 67,290 | 22,239 | 67,546 | |||||||||||
INCOME TAX EXPENSE
|
(2,213 | ) | (2,803 | ) | (14,359 | ) | (11,133 | ) | ||||||||
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF JOINT VENTURES
|
(31,966 | ) | 64,487 | 7,880 | 56,413 | |||||||||||
EQUITY IN EARNINGS OF JOINT VENTURES
|
859 | 793 | 3,445 | 3,558 | ||||||||||||
NET INCOME (LOSS)
|
$ | (31,107 | ) | $ | 65,280 | $ | 11,325 | $ | 59,971 | |||||||
Net Income (Loss) Allocated to Common Shareholders
|
$ | (31,107 | ) | $ | 59,939 | $ | 10,404 | $ | 55,046 | |||||||
EARNINGS (LOSS) PER COMMON SHARE
|
||||||||||||||||
Basic
|
$ | (0.35 | ) | $ | 0.65 | $ | 0.11 | $ | 0.59 | |||||||
Diluted
|
$ | (0.35 | ) | $ | 0.64 | $ | 0.11 | $ | 0.59 | |||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
|
||||||||||||||||
Basic
|
89,352 | 92,742 | 91,854 | 92,676 | ||||||||||||
Diluted
|
89,352 | 93,414 | 92,257 | 92,302 |
December 31, 2011
|
December 31, 2010
|
|||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$ | 183,401 | $ | 304,296 | ||||
Restricted cash
|
- | 3,673 | ||||||
Accounts receivable - net
|
47,647 | 43,903 | ||||||
Due from affiliates
|
44,665 | 51,006 | ||||||
Inventories
|
171,961 | 155,908 | ||||||
Prepaid and other current assets
|
40,646 | 18,292 | ||||||
Total current assets
|
488,320 | 577,078 | ||||||
Property, plant and equipment – net
|
1,218,225 | 1,256,970 | ||||||
Due from affiliates – less current portion
|
- | 6,054 | ||||||
Other assets
|
104,549 | 82,954 | ||||||
Total
|
$ | 1,811,094 | $ | 1,923,056 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable, trade
|
$ | 86,172 | $ | 88,004 | ||||
Due to affiliates
|
41,904 | 45,381 | ||||||
Accrued and other current liabilities
|
40,776 | 41,495 | ||||||
Accrued employee benefits costs – current portion
|
16,698 | 26,682 | ||||||
Convertible senior notes
|
- | 45,483 | ||||||
Industrial revenue bonds
|
7,815 | 7,815 | ||||||
Total current liabilities
|
193,365 | 254,860 | ||||||
Senior notes payable
|
249,512 | 248,530 | ||||||
Accrued pension benefits costs – less current portion
|
70,899 | 37,795 | ||||||
Accrued postretirement benefits costs – less current portion
|
128,078 | 103,744 | ||||||
Other liabilities
|
40,005 | 37,612 | ||||||
Deferred taxes
|
90,958 | 85,999 | ||||||
Total noncurrent liabilities
|
579,452 | 513,680 | ||||||
Shareholders’ Equity:
|
||||||||
Series A Preferred stock (one cent par value, 5,000,000 shares authorized; 80,718 and 82,515 shares issued and outstanding at December 31, 2011 and December 31, 2010, respectively)
|
1 | 1 | ||||||
Common stock (one cent par value, 195,000,000 shares authorized; 93,230,848 issued and 88,844,327 outstanding as of December 31, 2011; 92,771,864 shares issued and outstanding as of December 31, 2010)
|
932 | 928 | ||||||
Additional paid-in capital
|
2,506,842 | 2,503,907 | ||||||
Treasury stock, at cost
|
(45,891 | ) | - | |||||
Accumulated other comprehensive loss
|
(134,588 | ) | (49,976 | ) | ||||
Accumulated deficit
|
(1,289,019 | ) | (1,300,344 | ) | ||||
Total shareholders’ equity
|
1,038,277 | 1,154,516 | ||||||
Total
|
$ | 1,811,094 | $ | 1,923,056 |
Year ended December 31,
|
||||||||
2011
|
2010
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$ | 11,325 | $ | 59,971 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
||||||||
Unrealized net (gain) loss on forward contracts
|
(750 | ) | 10,030 | |||||
Realized benefit of contractual receivable
|
- | 55,703 | ||||||
Accrued and other plant curtailment costs – net
|
(13,928 | ) | (56,010 | ) | ||||
Lower of cost or market inventory adjustment
|
19,766 | (426 | ) | |||||
Depreciation and amortization
|
62,194 | 63,550 | ||||||
Debt discount amortization
|
1,857 | 3,150 | ||||||
Deferred income taxes
|
2,494 | 15,552 | ||||||
Pension and other postretirement benefits
|
(28,757 | ) | 14,578 | |||||
Stock-based compensation
|
2,856 | 1,905 | ||||||
Non-cash loss on early extinguishment of debt
|
763 | - | ||||||
Non-cash contingent obligation
|
- | 13,091 | ||||||
Undistributed earnings of joint ventures
|
(3,445 | ) | (3,558 | ) | ||||
Change in operating assets and liabilities:
|
||||||||
Accounts receivable – net
|
(3,744 | ) | (6,197 | ) | ||||
Due from affiliates
|
10,694 | (38,191 | ) | |||||
Inventories
|
(35,819 | ) | (24,009 | ) | ||||
Prepaid and other current assets
|
(20,791 | ) | 13,412 | |||||
Accounts payable, trade
|
(904 | ) | 11,674 | |||||
Due to affiliates
|
(3,477 | ) | 12,685 | |||||
Accrued and other current liabilities
|
425 | (1,758 | ) | |||||
Other – net
|
(3,695 | ) | (13,642 | ) | ||||
Net cash provided by (used in) operating activities
|
(2,936 | ) | 131,510 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchase of property, plant and equipment
|
(20,100 | ) | (12,241 | ) | ||||
Nordural expansion
|
(12,882 | ) | (19,227 | ) | ||||
Investments in and advances to joint ventures
|
(113 | ) | (32 | ) | ||||
Payment received on advances from joint ventures
|
3,056 | - | ||||||
Proceeds from sale of property, plant and equipment
|
1,471 | 823 | ||||||
Restricted and other cash deposits
|
3,673 | 5,206 | ||||||
Net cash used in investing activities
|
(24,895 | ) | (25,471 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Repayment of debt
|
(47,067 | ) | - | |||||
Repayment of contingent obligation
|
(189 | ) | - | |||||
Borrowing under revolving credit facility
|
15,900 | - | ||||||
Repayment under revolving credit facility
|
(15,900 | ) | - | |||||
Repurchase of common stock
|
(45,891 | ) | - | |||||
Issuance of common stock – net
|
83 | 23 | ||||||
Net cash provided by (used in) financing activities
|
(93,064 | ) | 23 | |||||
CHANGE IN CASH AND CASH EQUIVALENTS
|
(120,895 | ) | 106,062 | |||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
|
304,296 | 198,234 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR
|
$ | 183,401 | $ | 304,296 |
Direct (1)
|
Toll
|
|||||||||||||||||||||||
Metric Tons
|
(000)
Pounds
|
$/Pound
|
Metric Tons
|
(000)
Pounds
|
(000)
Revenue
|
|||||||||||||||||||
2011
|
||||||||||||||||||||||||
4th Quarter
|
87,665 | 193,269 | $ | 1.06 | 67,984 | 149,877 | $ | 112,411 | ||||||||||||||||
3rd Quarter
|
82,236 | 181,299 | 1.19 | 68,596 | 151,229 | 129,369 | ||||||||||||||||||
2nd Quarter
|
84,509 | 186,310 | 1.26 | 66,974 | 147,652 | 132,113 | ||||||||||||||||||
1st Quarter
|
80,479 | 177,426 | 1.17 | 63,699 | 140,432 | 117,658 | ||||||||||||||||||
Total
|
334,889 | 738,304 | $ | 1.17 | 267,253 | 589,190 | $ | 491,551 | ||||||||||||||||
2010
|
||||||||||||||||||||||||
4th Quarter
|
83,073 | 183,145 | $ | 1.10 | 65,850 | 145,172 | $ | 114,513 | ||||||||||||||||
3rd Quarter
|
81,693 | 180,102 | 0.99 | 65,523 | 144,454 | 100,231 | ||||||||||||||||||
2nd Quarter
|
76,521 | 168,700 | 1.04 | 68,058 | 150,043 | 112,523 | ||||||||||||||||||
1st Quarter
|
76,653 | 168,990 | 1.04 | 68,024 | 149,968 | 109,659 | ||||||||||||||||||
Total
|
317,940 | 700,937 | $ | 1.04 | 267,455 | 589,637 | $ | 436,926 | ||||||||||||||||
(1) Does not include Toll shipments from Nordural Grundartangi
|
#_`/@Z;P5I>H7$9^SZGXH\7RI)_%RC+D;5).,G'E@
MN5M:C**?L/J/U_PHV'U'Z_X5\`?I@RBG[#ZC]?\`"C8?4?K_`(4`,HI^P^H_
M7_"C8?4?K_A0`RBG[#ZC]?\`"C8?4?K_`(4`,I02.E.V'U'Z_P"%&P^H_7_"
M@!E%/V'U'Z_X4;#ZC]?\*`&44_8?4?K_`(4;#ZC]?\*`&=.!T]**?L/J/U_P
MHV'U'Z_X4`,HI^P^H_7_``HV'U'Z_P"%`#**?L/J/U_PHV'U'Z_X4`,HI^P^
MH_7_``HV'U'Z_P"%`#**?L/J/U_PHV'U'Z_X4`1X&