(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) | ||||
(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: | |||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class: | Trading Symbol(s) | Name of each exchange on which registered: | ||||||
(Nasdaq Global Select Market) |
Exhibit Number | Description | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
CENTURY ALUMINUM COMPANY | ||||||||||||||
Date: | August 5, 2020 | By: | /s/ Craig Conti | |||||||||||
Name: | Craig Conti | |||||||||||||
Title: | Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
$MM (except shipments and per share data) | |||||||||||||||||
Q1 2020 | Q2 2020 | ||||||||||||||||
Shipments (tonnes) | 202,905 | 210,309 | |||||||||||||||
Net sales | $ | 421.2 | $ | 401.9 | |||||||||||||
Net income (loss) | $ | (2.7) | $ | (26.9) | |||||||||||||
Diluted earnings (loss) per share | $ | (0.03) | $ | (0.30) | |||||||||||||
Adjusted net income (loss)(1) | $ | 1.0 | $ | (18.4) | |||||||||||||
Adjusted earnings (loss) per share(1) | $ | 0.01 | $ | (0.19) | |||||||||||||
Adjusted EBITDA(1) | $ | 28.1 | $ | 4.7 | |||||||||||||
Notes: | |||||||||||||||||
(1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures |
CENTURY ALUMINUM COMPANY | |||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three months ended | |||||||||||||||||
June 30, | March 31 | June 30, | |||||||||||||||
2019 | 2020 | 2020 | |||||||||||||||
NET SALES: | |||||||||||||||||
Related parties | $ | 305.0 | $ | 271.0 | $ | 285.6 | |||||||||||
Other customers | 168.1 | 150.2 | 116.3 | ||||||||||||||
Total net sales | 473.1 | 421.2 | 401.9 | ||||||||||||||
Cost of goods sold | 477.2 | 416.4 | 414.9 | ||||||||||||||
Gross profit (loss) | (4.1) | 4.8 | (13.0) | ||||||||||||||
Selling, general and administrative expenses | 11.9 | 8.9 | 11.8 | ||||||||||||||
Other operating (income) expense - net | 0.3 | 0.3 | 0.2 | ||||||||||||||
Operating income (loss) | (16.3) | (4.4) | (25.0) | ||||||||||||||
Interest expense - term loan | (0.6) | (0.7) | (0.5) | ||||||||||||||
Interest expense | (5.8) | (6.0) | (5.9) | ||||||||||||||
Interest income | 0.2 | 0.1 | 0.4 | ||||||||||||||
Net gain (loss) on forward and derivative contracts | 6.1 | 3.8 | 3.7 | ||||||||||||||
Other income (expense) - net | (1.7) | 1.7 | 1.3 | ||||||||||||||
Income (loss) before income taxes and equity in earnings of joint ventures | (18.1) | (5.5) | (26.0) | ||||||||||||||
Income tax (expense) benefit | 1.6 | 2.8 | (0.9) | ||||||||||||||
Income (loss) before equity in earnings of joint ventures | (16.5) | (2.7) | (26.9) | ||||||||||||||
Loss on sale of BHH | (4.3) | — | — | ||||||||||||||
Equity in earnings (losses) of joint ventures | 0.1 | — | — | ||||||||||||||
Net income (loss) | $ | (20.7) | $ | (2.7) | $ | (26.9) | |||||||||||
Net income (loss) allocated to common stockholders | $ | (20.7) | $ | (2.7) | $ | (26.9) | |||||||||||
EARNINGS (LOSS) PER COMMON SHARE: | |||||||||||||||||
Basic and Diluted | $ | (0.23) | $ | (0.03) | $ | (0.30) | |||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||||
Basic and Diluted | 88.8 | 89.3 | 89.5 | ||||||||||||||
CENTURY ALUMINUM COMPANY | |||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
(in millions, except per share amounts) | |||||||||||
(Unaudited) | |||||||||||
Six months ended June 30, | |||||||||||
2019 | 2020 | ||||||||||
NET SALES: | |||||||||||
Related parties | $ | 616.4 | $ | 556.6 | |||||||
Other customers | 346.8 | 266.5 | |||||||||
Total net sales | 963.2 | 823.1 | |||||||||
Cost of goods sold | 980.1 | 831.3 | |||||||||
Gross profit (loss) | (16.9) | (8.2) | |||||||||
Selling, general and administrative expenses | 26.6 | 20.7 | |||||||||
Other operating (income) expense - net | 0.6 | 0.5 | |||||||||
Operating income (loss) | (44.1) | (29.4) | |||||||||
Interest expense - term loan | (0.6) | (1.2) | |||||||||
Interest expense | (11.7) | (11.9) | |||||||||
Interest income | 0.4 | 0.5 | |||||||||
Net gain (loss) on forward and derivative contracts | 0.4 | 7.5 | |||||||||
Other income (expense) - net | (0.5) | 3.0 | |||||||||
Income (loss) before income taxes and equity in earnings of joint ventures | (56.1) | (31.5) | |||||||||
Income tax (expense) benefit | 4.4 | 1.9 | |||||||||
Income (loss) before equity in earnings of joint ventures | (51.7) | (29.6) | |||||||||
Loss on sale of BHH | (4.3) | — | |||||||||
Equity in earnings (losses) of joint ventures | 0.7 | — | |||||||||
Net income (loss) | $ | (55.3) | $ | (29.6) | |||||||
Net income (loss) allocated to common stockholders | $ | (55.3) | $ | (29.6) | |||||||
EARNINGS (LOSS) PER COMMON SHARE: | |||||||||||
Basic and Diluted | $ | (0.63) | $ | (0.33) | |||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||
Basic and Diluted | 88.5 | 89.4 |
CENTURY ALUMINUM COMPANY | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
(in millions, except per share amounts) | |||||||||||
(Unaudited) | |||||||||||
December 31, 2019 | June 30, 2020 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 38.9 | $ | 174.1 | |||||||
Restricted cash | 0.8 | 3.7 | |||||||||
Accounts receivable - net | 70.1 | 35.9 | |||||||||
Due from affiliates | 30.1 | 9.8 | |||||||||
Inventories | 320.6 | 275.0 | |||||||||
Derivative assets | 14.6 | 18.3 | |||||||||
Prepaid and other current assets | 12.2 | 14.6 | |||||||||
Total current assets | 487.3 | 531.4 | |||||||||
Property, plant and equipment - net | 949.2 | 919.0 | |||||||||
Due from affiliates - less current portion | 0.5 | 3.9 | |||||||||
Other assets | 62.7 | 69.7 | |||||||||
TOTAL | $ | 1,499.7 | $ | 1,524.0 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
LIABILITIES: | |||||||||||
Accounts payable, trade | $ | 97.1 | $ | 87.7 | |||||||
Due to affiliates | 32.9 | 1.8 | |||||||||
Accrued and other current liabilities | 61.5 | 76.9 | |||||||||
Accrued employee benefits costs | 10.4 | 10.4 | |||||||||
Hawesville term loan | 20.0 | 20.0 | |||||||||
U.S. revolving credit facility | 4.0 | 45.0 | |||||||||
Industrial revenue bonds | 7.8 | 7.8 | |||||||||
Total current liabilities | 233.7 | 249.6 | |||||||||
Senior notes payable | 249.2 | 249.5 | |||||||||
Hawesville term loan - less current portion | 20.0 | 10.0 | |||||||||
Iceland revolving credit facility | — | 45.0 | |||||||||
Accrued pension benefits costs - less current portion | 60.8 | 57.7 | |||||||||
Accrued postretirement benefits costs - less current portion | 100.7 | 99.3 | |||||||||
Other liabilities | 42.4 | 47.8 | |||||||||
Leases - right of use liabilities | 22.8 | 21.7 | |||||||||
Deferred taxes | 95.1 | 94.7 | |||||||||
Total noncurrent liabilities | 591.0 | 625.7 | |||||||||
SHAREHOLDERS’ EQUITY: | |||||||||||
Series A Preferred stock (one cent par value, 5,000,000 shares authorized; 160,000 issued and 67,323 outstanding at December 31, 2019; 160,000 issued and 66,039 outstanding at June 30, 2020) | 0.0 | 0.0 | |||||||||
Common stock (one cent par value, 195,000,000 authorized; 96,372,182 issued and 89,185,661 outstanding at December 31, 2019; 96,671,355 issued and 89,484,834 outstanding at June 30, 2020) | 1.0 | 1.0 | |||||||||
Additional paid-in capital | 2,526.5 | 2,527.6 | |||||||||
Treasury stock, at cost | (86.3) | (86.3) | |||||||||
Accumulated other comprehensive loss | (109.8) | (107.6) | |||||||||
Accumulated deficit | (1,656.4) | (1,686.0) | |||||||||
Total shareholders’ equity | 675.0 | 648.7 | |||||||||
TOTAL | $ | 1,499.7 | $ | 1,524.0 |
CENTURY ALUMINUM COMPANY | |||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(in millions) | |||||||||||
(Unaudited) | |||||||||||
Six months ended June 30, | |||||||||||
2019 | 2020 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | $ | (55.3) | $ | (29.6) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Loss on sale of BHH | 4.3 | — | |||||||||
Unrealized (gains) losses on forward and derivative contracts | (0.8) | (3.6) | |||||||||
Lower of cost or NRV inventory adjustment | 13.4 | 37.1 | |||||||||
Depreciation and amortization | 43.1 | 40.4 | |||||||||
Other non-cash items - net | (5.1) | 1.9 | |||||||||
Change in operating assets and liabilities: | |||||||||||
Accounts receivable - net | 0.7 | 34.1 | |||||||||
Due from affiliates | 1.6 | 21.6 | |||||||||
Inventories | (8.9) | 8.4 | |||||||||
Prepaid and other current assets | 2.1 | (1.1) | |||||||||
Accounts payable, trade | (23.1) | (10.0) | |||||||||
Due to affiliates | 2.9 | (31.0) | |||||||||
Accrued and other current liabilities | (1.6) | 0.1 | |||||||||
Other - net | 1.1 | 3.3 | |||||||||
Net cash provided by (used in) operating activities | (25.6) | 71.6 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchase of property, plant and equipment | (23.3) | (9.6) | |||||||||
Proceeds from sale of property, plant and equipment | — | 0.1 | |||||||||
Proceeds from sale of joint venture | 10.5 | — | |||||||||
Net cash provided by (used in) investing activities | (12.8) | (9.5) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Borrowings on term loan | 40.0 | — | |||||||||
Repayments on term loan | — | (10.0) | |||||||||
Borrowings under revolving credit facilities | 288.2 | 122.4 | |||||||||
Repayments under revolving credit facilities | (303.3) | (36.4) | |||||||||
Other short-term borrowings | 3.4 | — | |||||||||
Repayment on other short-term borrowings | (3.4) | — | |||||||||
Issuance of common stock | 0.3 | — | |||||||||
Net cash provided by (used in) financing activities | 25.2 | 76.0 | |||||||||
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (13.2) | 138.1 | |||||||||
Cash, cash equivalents and restricted cash, beginning of year | 39.7 | 39.7 | |||||||||
Cash, cash equivalents and restricted cash, end of year | $ | 26.5 | $ | 177.8 | |||||||
Supplemental Cash Flow Information: | |||||||||||
Cash paid for: | |||||||||||
Interest | $ | 10.6 | $ | 11.0 | |||||||
Taxes | 0.3 | 0.1 | |||||||||
Non-cash investing activities: | |||||||||||
Capital expenditures | 2.1 | 0.6 |
SHIPMENTS - PRIMARY ALUMINUM(1) | ||||||||||||||||||||||||||||||||||||||
United States | Iceland | Total | ||||||||||||||||||||||||||||||||||||
Tonnes | Sales $ | Tonnes | Sales $ | Tonnes | Sales $ | |||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||||||||
2nd Quarter | 130,645 | $ | 246.6 | 79,664 | $ | 145.9 | 210,309 | $ | 392.5 | |||||||||||||||||||||||||||||
1st Quarter | 129,114 | $ | 273.8 | 73,791 | $ | 141.0 | 202,905 | $ | 414.8 | |||||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||||||||
2nd Quarter | 125,154 | $ | 295.0 | 78,226 | $ | 157.7 | 203,380 | $ | 452.7 | |||||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
March 31, 2020 | June 30, 2020 | |||||||||||||||||||||||||
$MM | EPS | $MM | EPS | |||||||||||||||||||||||
Net income (loss) as reported | $ | (2.7) | $ | (0.03) | $ | (26.9) | $ | (0.30) | ||||||||||||||||||
Lower of cost or NRV inventory adjustment, net of tax | 12.1 | 0.13 | 6.4 | 0.07 | ||||||||||||||||||||||
Unrealized (gain) loss on derivative instruments, net of tax | (8.3) | (0.09) | 2.7 | 0.03 | ||||||||||||||||||||||
Sebree equipment failure, net of insurance proceeds | (0.1) | 0.00 | (0.6) | (0.01) | ||||||||||||||||||||||
Impact of preferred shares | — | 0.00 | — | 0.02 | ||||||||||||||||||||||
Adjusted net income (loss) | $ | 1.0 | $ | 0.01 | $ | (18.4) | $ | (0.19) |
Three months ended | ||||||||||||||
March 31, 2020 | June 30, 2020 | |||||||||||||
Net Income (loss) as reported | $ | (2.7) | $ | (26.9) | ||||||||||
Interest expense | 6.0 | 5.9 | ||||||||||||
Interest expense - term loan | 0.7 | 0.5 | ||||||||||||
Interest income | (0.1) | (0.4) | ||||||||||||
Net (gain) loss on forward and derivative contracts | (3.8) | (3.7) | ||||||||||||
Other (income) expense - net | (1.7) | (1.3) | ||||||||||||
Income tax expense (benefit) | (2.8) | 0.9 | ||||||||||||
Operating income (loss) | $ | (4.4) | $ | (25.0) | ||||||||||
Lower of cost or NRV inventory adjustment | 12.1 | 7.5 | ||||||||||||
Sebree equipment failure, net of insurance proceeds | (0.1) | (0.6) | ||||||||||||
Depreciation and amortization | 20.5 | 22.8 | ||||||||||||
Adjusted EBITDA | $ | 28.1 | $ | 4.7 |
Document and Entity Information Document |
Aug. 05, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 05, 2020 |
Entity Registrant Name | Century Aluminum Company |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-34474 |
Entity Tax Identification Number | 13-3070826 |
Entity Address, Address Line One | One South Wacker Drive |
Entity Address, Address Line Two | Suite 1000 |
Entity Address, City or Town | Chicago |
Entity Address, State or Province | IL |
Entity Address, Postal Zip Code | 60606 |
City Area Code | (312) |
Local Phone Number | 696-3101 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 par value per share |
Trading Symbol | CENX |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000949157 |
Amendment Flag | false |
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