Acquisition of Sebree aluminum smelter (Tables)

9 Months Ended

Sep. 30, 2013

The following table summarizes the preliminary estimates of fair value of the assets acquired and the liabilities assumed as of the acquisition date:



	Acquisition Date Estimated Fair Value as of June 1, 2013		Measurement Period Adjustments			Acquisition Date Estimated Fair Value as of September 30, 2013
Consideration:
Cash (1)	$	47,373	$	710		$	48,083
Assets Acquired:
Inventories	58,496		522			59,018
Prepaid and other current assets	363		—			363
Property, plant and equipment – net	55,520		—			55,520
Total assets acquired	$	114,379	$	522		$	114,901
Liabilities Assumed:
Accrued and other current liabilities	$	44,121	$	(805	)	$	43,316
Accrued pension benefit costs	5,039		(4,043		)	996
Accrued post retirement benefit costs	6,544		—			6,544
Other liabilities	8,003		(527		)	7,476
Deferred taxes	1,257		1,976			3,233
Total liabilities assumed	$	64,964	$	(3,399	)	$	61,565
Gain on bargain purchase:	$	2,042	$	3,211		$	5,253


(1)	This amount represents our preliminary estimate of consideration based on our expectation of the working capital adjustments. The working capital adjustments have not yet been finalized.

Sebree Revenue and Net loss since Acquisition Date

Through September 30, 2013, the actual revenue and net loss of Sebree since the acquisition date of June 1, 2013 included in the consolidated statement of operations is as follows:



	Three months ended September 30, 2013			Nine months ended September 30, 2013
Sebree revenue	$	101,531		$	140,284
Sebree net loss	(1,800		)	(2,044		)

Business Acquisition, Pro Forma Information

The following unaudited pro forma financial information for the nine months ended September 30, 2013 and three and nine months ended September 30, 2012 reflects our results of continuing operations as if the acquisition of Sebree had been completed on January 1, 2012. This unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of what the actual results of operations would have been had the transactions taken place on January 1, 2012, nor is it indicative of the future consolidated results of operations or financial position of the combined companies.



	Three months ended September 30,			Nine months ended September 30,
	2012			2013			2012
Pro forma revenues	$	410,009		$	1,261,533		$	1,300,869
Pro forma loss from continuing operations	(12,620		)	(57,853		)	(16,951		)
Loss per common share, basic	(0.14		)	(0.65		)	(0.19		)
Loss per common share, diluted	(0.14		)	(0.65		)	(0.19		)