- Value Added Revenue of $160 Million on Improving
Demand
- Adjusted EBITDA of $30 Million; 19% of Value Added
Revenue
- Strong Order Book for Aerospace
Applications
Kaiser Aluminum Corporation (Nasdaq:KALU) today reported net income
of $5 million or $0.24 earnings per diluted share for the second
quarter 2011 compared sequentially to $11 million, or $0.59 per
diluted share for the first quarter 2011 and $0 million or $0.01
earnings per diluted share for the prior year second quarter.
Excluding the impact of non-run-rate items, adjusted net income and
earnings per diluted share were $12 million and $0.63 for the
second quarter 2011, a sequential improvement from adjusted net
income and earnings per diluted share of $8 million and $0.42 in
the first quarter of 2011 and slightly lower than $13 million and
$0.68 in the prior year quarter.
Value added revenue of $160 million for the second quarter 2011
was comparable to the first quarter 2011 and increased $12 million
or 8% from the prior year second quarter reflecting the favorable
impact of recent acquisitions and improving demand. Adjusted
consolidated EBITDA increased sequentially to $30 million or 19% of
value added revenue compared to $23 million or 15% of value added
revenue in the first quarter reflecting a sequential improvement in
manufacturing efficiencies and improved pass through of metal costs
on certain products. Adjusted consolidated EBITDA and margin for
the second quarter 2011 was comparable to the second quarter
2010.
Summary
"We are pleased with the improvement and progress we made during
the quarter. Solid demand across our end market applications
combined with the benefit of our recent acquisitions continued to
drive higher sales and higher adjusted EBITDA," said Jack A.
Hockema, President, CEO and Chairman. "In addition, our adjusted
EBITDA margin as a percentage of value added revenue improved as we
were able to recapture a significant portion of the margin squeeze
that arose from sharply rising aluminum and alloying costs on spot
sales of our high value added products as we discussed in our prior
quarter earnings release."
"As we look to the future we are very optimistic about our
prospects for growth. We have a strong aerospace order book and are
well positioned to meet the growing demand with previous
investments in plate capacity and with the recently announced
expansion of our Kaiser Alexco aerospace extrusion facility. In
addition, the ramp-up of our Kalamazoo, Michigan extrusion facility
continues to gain momentum, and we expect that EBITDA margins will
continue to improve as we realize price increases and improving
cost benefits from Kalamazoo," concluded Mr. Hockema.
Second Quarter 2011
Consolidated Results |
(Non GAAP,
Unaudited)* |
($mm, except shipments,
realized price and per share amounts) |
|
|
|
|
Quarter |
First
Half |
|
2Q11 |
1Q11 |
2Q10 |
2011 |
2010 |
|
|
|
|
|
|
Net Sales |
$339 |
$323 |
$282 |
$661 |
$550 |
Shipments (mm
lbs) |
145 |
144 |
133 |
289 |
261 |
Value Added
Revenue1 |
$160 |
$157 |
$148 |
$316 |
$285 |
|
|
|
|
|
|
Realized Price per Pound
($/lb) |
|
|
|
|
|
Contained
Metal |
$1.23 |
$1.15 |
$1.02 |
1.20 |
1.02 |
Value Added
Revenue |
$1.10 |
$1.09 |
$1.11 |
1.09 |
1.09 |
Total |
$2.33 |
2.24 |
2.13 |
2.29 |
2.11 |
|
|
|
|
|
|
Adjusted EBITDA2 |
$30 |
$23 |
$30 |
53 |
50 |
Depreciation and Amortization |
$(6) |
$(6) |
$(5) |
$(13) |
$(9) |
|
|
|
|
|
|
Operating Income before
NRR3 |
$24 |
$17 |
$26 |
$41 |
$41 |
|
|
|
|
|
|
Non-Run-Rate
Items |
$(9) |
$4 |
$(22) |
$(5) |
$(22) |
Reported Operating
Income4 |
$15 |
$21 |
$4 |
$36 |
$19 |
Net Income |
$5 |
$11 |
$-- |
$16 |
$9 |
|
|
|
|
|
|
EPS (diluted,
GAAP) |
$0.24 |
$0.59 |
$0.01 |
$0.83 |
$0.45 |
Adjusted EPS5 |
$0.63 |
$0.42 |
$0.68 |
$1.05 |
$1.13 |
|
1Value added revenue = Fabricated
Products net sales less hedged cost of alloyed metal |
2Operating Income (before
non-run-rate items) plus depreciation and amortization |
3NRR = Non-run-rate |
4Totals may not sum due to
rounding |
5Estimated EPS excluding Total
NRR items (net of tax) |
*Please refer to GAAP financial
statements |
Consolidated operating income was $15 million in the second
quarter 2011, down $6 million from the first quarter 2011 and up
$11 million compared to the prior year quarter. Excluding the
impact of non-run-rate items, adjusted consolidated operating
income was $24 million for the second quarter 2011, a sequential
improvement from $17 million in the first quarter on favorable
manufacturing efficiencies and improved pass through of metal costs
on certain products. The second quarter adjusted operating income
of $24 million was down slightly compared to $26 million in the
second quarter 2010 as the impact of higher value added revenue,
including the benefit of acquisitions, was more than offset by
higher depreciation, higher energy related and currency costs, and
an increase in operating costs to support higher demand levels and
market growth.
Six month results reflect year-over-year top-line improvement,
with total value added revenue increasing approximately 11%
compared to the first half of 2010, reflecting the benefit from
stronger demand and the Alexco and Nichols Wire acquisitions,
partially offset by the margin squeeze from higher metal and
alloying costs. While consolidated operating income of $36
million was approximately $17 million higher than the prior-year
six month period, excluding the impact of non-run-rate items,
adjusted consolidated operating income of $41 million for the
year-to-date 2011 period was comparable to the prior-year period as
higher depreciation, energy and currency costs, and an increase in
operating costs to support higher demand largely offset the impact
of stronger value added revenue during the first half of 2011.
Adjusted consolidated EBITDA for the six months ended June 30,
2011 was $53 million, a 6% increase over the comparable period of
2010, on higher value added revenue as previously noted, partially
offset by higher costs. Adjusted consolidated EBITDA as a
percentage of value added revenue of 17% for the six months ended
June 30, 2011 was comparable to the average EBITDA margin of the
prior-year period.
Outlook
"We remain very optimistic about the long-term growth prospects
for aerospace and high strength applications driven by increasing
build rates, larger airframes, and monolithic design. We have
continued to gain visibility and clarification of the airframe
manufacturers' position regarding plate inventory, and we have seen
a shift in focus from destocking initiatives to an emphasis on
supply chain readiness as production levels for all aircraft
platforms ramp up in 2012 and beyond," said Mr. Hockema. "We are
well positioned to meet this growing demand. We have a very strong
order book for aerospace applications in the second half of 2011
and expect this strength to continue in 2012."
"Our general engineering and automotive applications continue to
experience slowly improving underlying demand, and growth in new
aluminum extrusion automotive programs. We expect that normal
seasonal weakness for these applications will negatively impact
shipments in the second half of 2011.
"Overall, we expect that value added revenue in the second half
of 2011 will be similar to the first half, as the strong order book
for aerospace applications is expected to offset the typical
seasonal weakness we experience in the second half of the year. We
also expect that our adjusted EBITDA margin as a percentage of
value added revenue will benefit from improved pricing to recover
higher contained metal costs and from improving operating
efficiencies at Kalamazoo and other facilities. These benefits will
be partially offset by higher major maintenance expenses in the
second half of 2011," concluded Mr. Hockema.
Conference Call
Kaiser Aluminum Corporation will host a conference call on July
28, 2011, at 10:00am (Pacific Time); 12:00pm (Central Time); 1:00pm
(Eastern Time), to discuss second quarter 2011 results. To
participate, the conference call can be directly accessed from the
U.S. and Canada at (888) 820-9418, and accessed internationally at
(913) 312-0822. A link to the simultaneous webcast can be accessed
on the Company's website at
http://investors.kaiseraluminum.com/events.cfm. A copy of a
presentation will be available for download prior to the call and
an audio archive will be available on the Company's website
following the call.
Company Description
Kaiser Aluminum Corporation, headquartered in Foothill Ranch,
Calif., is a leading producer of semi-fabricated specialty aluminum
products, serving customers worldwide with highly-engineered
solutions for aerospace and high-strength, general engineering, and
custom automotive and industrial applications. The Company's North
American facilities produce value-added sheet, plate, extrusions,
rod, bar, tube and wire products, adhering to traditions of
quality, innovation and service that have been key components of
our culture since the Company was founded in 1946. The Company's
stock is included in the Russell 2000® index and the S&P
SmallCap 600® index.
The Kaiser Aluminum Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6081
Available Information
For more information, please visit the Company's website at
www.kaiseraluminum.com. The website includes a section for investor
relations under which the Company provides notifications of news or
announcements regarding its financial performance, including
Securities and Exchange Commission (SEC) filings, investor events,
and earnings and other press releases. In addition, all Company
filings submitted to the SEC are available through a link to the
section of the SEC's website at www.sec.gov which includes:
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q,
Current Reports on Form 8-K and Proxy Statements for the Company's
annual stockholders' meetings and other information statements as
filed with the SEC. In addition, the Company provides a webcast of
its quarterly earnings calls and certain events in which management
participates or hosts with members of the investment community.
Non-GAAP Financial Measures
This earnings release contains certain non-GAAP financial
measures. A "non-GAAP financial measure" is defined as a numerical
measure of a company's financial performance that excludes or
includes amounts so as to be different than the most directly
comparable measure calculated and presented in accordance with GAAP
in the statements of income, balance sheets or statements of cash
flow of the company. Pursuant to the requirements of Regulation G,
the Company has provided a reconciliation of non-GAAP financial
measures to the most directly comparable financial measure in the
accompanying tables.
The non-GAAP financial measures used within this earnings
release are operating income, EBITDA, net income and earnings per
diluted share, excluding non-run-rate items. These measures are
presented because management uses this information to monitor and
evaluate financial results and trends and believes this information
to also be useful for investors.
This press release contains statements based on management's
current expectations, estimates and projections that constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 involving known and
unknown risks and uncertainties that may cause actual results,
performance or achievements of the Company to be materially
different from those expressed or implied. Kaiser Aluminum cautions
that such forward-looking statements are not guarantees of future
performance or events and involve significant risks and
uncertainties and actual events may vary materially from those
expressed or implied in the forward-looking statements as a result
of various factors. These factors include: (a) material adverse
changes in economic or industry conditions generally, including
global financial markets; (b) our inability to achieve the level of
growth or other benefits anticipated by management, including those
anticipated from our acquisitions and other strategic investments
and the integration of acquired businesses; (c) increases in our
costs, including the cost of energy, raw materials and freight
costs, which we are unable to pass through to our customers; (d)
pressure to reduce defense spending and demand for the Company's
products used in defense applications as the U.S. and other
governments are faced with competing national priorities; (e)
changes in the markets served by the Company, including aerospace,
defense, general engineering, automotive, distribution and other
markets, including changes impacting the volume, price or mix of
products sold by the Company and the Company's ability to flex
production consistent with changing demand levels; (f) the
Company's ability to lower energy costs, realize manufacturing
efficiencies and complete its expansion and organic growth
projects, equipment and facility upgrades to improve manufacturing
and cost efficiencies and product expansions as planned and by
targeted completion dates; (g) unfavorable changes in laws or
regulations that impact our operations and results; (h) the outcome
of contingencies, including legal proceedings, government
investigations and environmental remediation; (i) changes in
accounting that affect the Company's reported earnings, operating
income or results; (j) the completion of the review of the
financial statements as of and for the quarter and six month period
ended June 30, 2011; and (k) other risk factors summarized in the
Company's reports filed with the Securities and Exchange
Commission, including the Company's Form 10-K for the year ended
December 31, 2010. As more fully described in these reports,
"non-run-rate" items are items that, while they may occur from
period to period, are particularly material to results, impact
costs primarily as a result of external market factors and may not
occur in future periods if the same level of underlying performance
were to occur. All information in this release is as of the date of
the release. The Company undertakes no duty to update any
forward-looking statement to conform the statement to actual
results or changes in the Company's expectations.
KAISER ALUMINUM
CORPORATION AND SUBSIDIARY COMPANIES |
STATEMENTS OF
CONSOLIDATED INCOME (1) |
(Unaudited) |
(In millions of dollars
except share and per share amounts) |
|
STATEMENTS OF
CONSOLIDATED INCOME |
|
Quarter
Ended |
Six Months
Ended |
|
June
30, |
June
30, |
|
2011 |
2010 |
2011 |
2010 |
|
|
|
|
|
Net sales |
$338.8 |
$282.4 |
$661.4 |
$549.9 |
Costs and expenses: |
|
|
|
|
Cost of products sold: |
|
|
|
|
Cost of products sold, excluding
depreciation, amortization and other items |
300.0 |
255.9 |
580.9 |
487.9 |
Restructuring costs and other
benefits |
-- |
0.1 |
-- |
(0.5) |
Depreciation and amortization |
6.4 |
5.0 |
12.7 |
9.0 |
Selling, administrative, research and
development, and general |
17.3 |
15.4 |
32.2 |
32.7 |
Other operating (benefits) charges, net
|
(0.3) |
2.0 |
(0.3) |
2.0 |
Total costs and expenses |
323.4 |
278.4 |
625.5 |
531.1 |
Operating income |
15.4 |
4.0 |
35.9 |
18.8 |
Other (expense) income: |
|
|
|
|
Interest expense |
(4.4) |
(3.5) |
(8.9) |
(3.5) |
Other (expense) income, net |
(3.4) |
0.7 |
(1.7) |
0.9 |
Income before income taxes |
7.6 |
1.2 |
25.3 |
16.2 |
Income tax provision |
(3.1) |
(1.1) |
(9.5) |
(7.3) |
Net income |
$4.5 |
$0.1 |
$15.8 |
$8.9 |
Earnings per share, Basic2 |
|
|
|
|
Net income per share |
$0.24 |
$0.01 |
$0.83 |
$0.45 |
Earnings per share, Diluted2 |
|
|
|
|
Net income per share |
$0.24 |
$0.01 |
$0.83 |
$0.45 |
Weighted-average number of common shares
outstanding (000): |
|
|
|
|
Basic |
18,984 |
18,917 |
18,962 |
19,710 |
Diluted |
18,984 |
18,917 |
18,962 |
19,710 |
|
1 Please refer to the
Company's Form 10-Q for the quarter ended June 30, 2011, for
additional detail regarding the items in the table. |
2 All of the Company's
unvested share-based payment awards that contain non-forfeitable
rights to dividends or dividend equivalents (whether paid or
unpaid) are treated as participating securities and affect the
computation of net income available to common stockholders and
earnings per share pursuant to the two-class method. |
|
|
KAISER ALUMINUM
CORPORATION AND SUBSIDIARY COMPANIES |
SELECTED OPERATIONAL
AND FINANCIAL INFORMATION (1) |
(Unaudited) |
(In millions of dollars
except shipments and average realized third-party sales
price) |
|
|
Quarter
Ended |
Six Months
Ended |
|
June
30, |
June
30, |
|
2011 |
2010 |
2011 |
2010 |
Shipments (mm lbs): |
|
|
|
|
Fabricated Products |
145.2 |
132.7 |
289.3 |
260.6 |
All Other2 |
-- |
-- |
-- |
0.4 |
|
145.2 |
132.7 |
289.3 |
261.0 |
Average Realized Third-Party Sales Price (per
pound): |
|
|
|
|
Fabricated Products3 |
$2.33 |
$2.13 |
$2.29 |
$2.11 |
All Other2 |
$-- |
$-- |
$-- |
$0.92 |
|
|
|
|
|
Net Sales: |
|
|
|
|
Fabricated Products |
$338.8 |
$282.4 |
$661.4 |
$549.6 |
All Other 2 |
$-- |
$-- |
$-- |
0.3 |
Total Net Sales |
$338.8 |
$282.4 |
$661.4 |
$549.9 |
|
|
|
|
|
Segment Operating Income (Loss):4 |
|
|
|
|
Fabricated Products5,6 |
$32.9 |
$32.2 |
$56.6 |
$54.3 |
All Other7 |
$(17.5) |
$(28.2) |
$(20.7) |
$(35.5) |
Total Operating Income |
$15.4 |
$4.0 |
$35.9 |
$18.8 |
Income tax provision |
$(3.1) |
$(1.1) |
$(9.5) |
$(7.3) |
Net Income |
$4.5 |
$0.1 |
$15.8 |
$8.9 |
|
|
|
|
|
Capital Expenditures |
$7.9 |
$12.8 |
$14.1 |
$26.7 |
|
|
|
|
|
|
1 Please refer to the
Company's Form 10-Q for the quarter ended June 30, 2011, for
additional detail regarding the items in the table. |
2 Shipments, averaged
realized prices and net sales in All Other in 2010 represent
residual activity involving primary aluminum purchased by us from
Anglesey while it continued its smelting operations (prior to
September 30, 2009) and resold by us in the first quarter of
2010. |
3 Average realized prices
for our Fabricated Products segment are subject to fluctuations due
to changes in product mix as well as underlying primary aluminum
prices and are not necessarily indicative of changes in underlying
profitability. |
4 We periodically reassess
the methodologies used to allocate costs among our business units
to assess segment profitability. In the fourth quarter of
2010, we modified the allocation of incentive compensation expense
relating to both our long-term incentive plans and certain
short-term incentive plans to our business units. These
reclassifications have no impact on our segment or consolidated Net
sales, or our consolidated operating income. All interim period
results of 2010 have been retrospectively adjusted for consistency
with such cost allocation. As a result, an additional $0.9 million
and $1.8 million of charges relating to our long-term incentive
plans and certain short-term employee incentive plans are reflected
in the operating results of the Fabricated Products segment in the
quarter and six months ended June 30, 2010, respectively;
accordingly, such costs have been excluded from the operating
results of All Other for the corresponding periods. |
5 Fabricated Products
segment results for the quarter and six months ended June 30, 2011
include non-cash mark-to-market gains on natural gas, electricity
and foreign currency hedging activities totaling $0.2 million and
$1.4 million, respectively. Fabricated Products segment
results for the quarter and six months ended June 30, 2010 include
non-cash mark-to-market gains (losses) on natural gas and foreign
currency hedging activities of $0.4 million and $(2.8) million,
respectively. |
6 Fabricated Products
segment operating results for the quarter and six months ended June
30, 2011 include non-cash last-in, first-out ("LIFO") inventory
charges of $5.0 million and $19.9 million, respectively, and metal
gains of approximately $6.0 million and $18.4 million,
respectively. Fabricated Products segment operating results for the
quarter and six months ended June 30, 2010 include LIFO inventory
(benefit) charge of $(1.0) million and $8.2 million, respectively,
and metal (losses) gains of approximately $(0.9) million and $7.3
million, respectively. |
7 The changes in operating
income in All Other were driven by the Corporate and Other and the
Hedging business unit operating results. Included in the operating
results of Corporate and Other were $2.2 million and $4.4 million
of net periodic pension benefit income relating to certain
voluntary employees' beneficiary associations for the benefit of
certain retirees, their surviving spouses and eligible dependents
(the "VEBAs") for the quarter and six months ended June 30, 2011,
respectively, as compared to $0.5 million and $0.9 million of net
periodic pension benefit expense for the quarter and six months
ended June 30, 2010, respectively. In addition, for the quarter and
six months ended June 30, 2011, non-cash mark-to-market losses on
primary aluminum hedging activities were $9.7 million and $6.6
million, respectively, as compared to non-cash mark-to-market
losses on primary aluminum of $19.4 million and $16.0 million for
the quarter and six months ended June 30, 2010, respectively. |
|
KAISER ALUMINUM
CORPORATION AND SUBSIDIARY COMPANIES |
CONSOLIDATED BALANCE
SHEETS (1) |
(Unaudited) |
(In millions of
dollars, except share and per share amounts) |
|
|
June 30, |
December 31, |
|
2011 |
2010 |
ASSETS |
Current assets: |
|
|
Cash and cash equivalents |
$59.8 |
$135.6 |
Receivables: |
|
|
Trade, less allowance for doubtful
receivables of $0.6 at June 30, 2011 and December 31, 2010 |
119.1 |
83.0 |
Other |
3.8 |
5.2 |
Inventories |
178.2 |
167.5 |
Prepaid expenses and other current
assets |
78.8 |
80.1 |
Total current assets |
439.7 |
471.4 |
Property, plant, and equipment - net |
360.4 |
354.1 |
Net asset in respect of VEBAs |
265.6 |
195.7 |
Deferred tax assets - net |
197.7 |
231.1 |
Intangible assets - net |
38.3 |
4.0 |
Goodwill |
37.2 |
3.1 |
Other assets |
80.9 |
83.0 |
Total |
$1,419.8 |
$1,342.4 |
LIABILITIES AND
STOCKHOLDERS' EQUITY |
Current liabilities: |
|
|
Accounts payable |
$73.7 |
$50.8 |
Accrued salaries, wages, and related
expenses |
26.9 |
31.1 |
Other accrued liabilities |
34.4 |
42.0 |
Payable to affiliate |
25.1 |
17.1 |
Current portion of secured debt and
credit facilities |
4.8 |
1.3 |
Total current liabilities |
164.9 |
142.3 |
Long-term liabilities |
141.8 |
134.7 |
Cash convertible senior
notes |
144.6 |
141.4 |
Long-term secured debt and credit
facilities |
7.6 |
11.8 |
Total liabilities |
458.9 |
430.2 |
Commitments and
contingencies |
|
|
Stockholders' equity: |
|
|
Common stock, par value $0.01,
90,000,000 shares authorized at both June 30, 2011 and at
December 31, 2010; 19,285,825 shares issued and outstanding at June
30, 2011 and 19,214,451 shares issued and outstanding at
December 31, 2010 |
0.2 |
0.2 |
Additional capital |
997.9 |
987.1 |
Retained earnings |
86.6 |
80.1 |
Common stock owned by Union VEBA
subject to transfer restrictions, at reorganization value,
2,202,495 shares at June 30, 2011 and 3,523,980 shares at December
31, 2010 |
(52.9) |
(84.6) |
Treasury stock, at cost,
1,724,606 shares at June 30, 2011 and December 31, 2010 |
(72.3) |
(72.3) |
Accumulated other comprehensive
income |
1.4 |
1.7 |
Total stockholders'
equity |
960.9 |
912.2 |
Total |
$1,419.8 |
$1,342.4 |
|
1Please refer to the Company's
Form 10-Q for the quarter ended June 30, 2011 for additional detail
regarding the items in the table. |
|
|
|
|
Reconciliation of
Non-GAAP Measures - Quarter Ended June 30, 2011 |
|
|
|
The following table presents a
reconciliation of non-GAAP measures presented in the earnings
release for the quarter ended June 30, 2011 (in millions of dollars
except share and per share amounts): |
|
|
|
Consolidated |
|
|
GAAP operating income |
$15.4 |
|
Mark to market gains |
(9.5) |
|
Restructuring costs and other operating
benefits, net |
0.3 |
|
Other NRR items1,2 |
0.7 |
|
|
|
|
Operating income, excluding operating NRR
items |
23.9 |
|
Depreciation and Amortization |
6.4 |
|
|
|
|
Adjusted EBITDA 3 |
$30.3 |
|
|
|
|
GAAP net income |
$4.5 |
|
Operating NRR adjustments (net of
tax) |
5.3 |
|
|
|
|
Net income, excluding operating NRR
adjustments (net of tax) |
9.8 |
|
NRR convertible note adjustment
(net of tax)4 |
2.2 |
|
|
|
|
Net income, excluding Total NRR
items (net of tax) |
$12.0 |
|
Earnings per diluted share (GAAP) |
$0.24 |
|
Earnings per diluted share, excluding
operating NRR items |
$0.52 |
|
Earnings per diluted share, excluding
Total NRR items |
$0.63 |
|
|
|
|
1 Other operating
non-run-rate items represent environmental expenses, non-cash LIFO
charges and metal gains in the Fabricated Products segment and
non-cash net periodic benefit income related to the VEBAs in All
Other |
|
2 NRR is an abbreviation for
Non-Run-Rate; NRR items are pre-tax |
|
3 Operating Income excluding
non-run-rate items, depreciation and amortization |
|
4 Previously reported
adjusted earnings per diluted share did not reflect the
unrealized mark-to-market impact of the derivatives relating
to the convertible debt and related call options |
|
|
|
Reconciliation of
Non-GAAP Measures - Quarter Ended June 30, 2010 |
|
The following table presents a
reconciliation of non-GAAP measures presented in the earnings
release for the quarter ended June 30, 2010 (in millions of dollars
except share and per share amounts): |
|
|
|
Consolidated |
|
|
GAAP operating income |
$ 4.0 |
|
Mark to market gains |
(19.0) |
|
Restructuring costs and other operating
benefits, net |
(2.1) |
|
Other NRR items1,2 |
(0.4) |
|
|
|
|
Operating income, excluding operating NRR
items |
25.5 |
|
Depreciation and Amortization |
5.0 |
|
|
|
|
Adjusted EBITDA 3 |
$30.5 |
|
|
|
|
GAAP net income |
$0.1 |
|
Operating NRR adjustments (net of
tax) |
13.4 |
|
|
|
|
Net income, excluding operating NRR
adjustments (net of tax) |
13.5 |
|
NRR convertible note adjustment
(net of tax)4 |
(0.6) |
|
|
|
|
Net income, excluding Total NRR
items (net of tax) |
$12.9 |
|
Earnings per diluted share (GAAP) |
$0.01 |
|
Earnings per diluted share, excluding
operating NRR items |
$0.71 |
|
Earnings per diluted share, excluding
Total NRR items |
$0.68 |
|
|
|
1 Other operating non-run-rate
items represent environmental expenses, non-cash LIFO benefits and
metal losses in the Fabricated Products segment and non-cash net
periodic benefit expense related to the VEBAs in All Other |
|
2 NRR is an abbreviation for
Non-Run-Rate; NRR items are pre-tax |
|
3 Operating
Income excluding non-run-rate items, depreciation and
amortization |
|
4 Previously reported
adjusted earnings per diluted share calculations did not reflect
the unrealized mark-to-market impact of the derivatives
relating to the convertible debt and related call options |
|
CONTACT: Investor Relations Contact:
Melinda C. Ellsworth
Kaiser Aluminum
(949) 614-1757
Public Relations Contact:
Dave Quast
Financial Dynamics
(646) 421-5341
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