Third Quarter Highlights:
- Value Added Revenue of $161 Million on Improving
Demand
- Adjusted EBITDA of $28 Million; 17% of Value Added
Revenue
- Continued Strong Order Book for Aerospace
Applications
- Increased Revolving Credit Facility to $300 million and
Maturity to 5 years
Kaiser Aluminum Corporation (Nasdaq:KALU) today reported net income
of $4 million or $0.23 earnings per diluted share for the third
quarter 2011 compared to $5 million, or $0.24 per diluted share for
the second quarter 2011 and $6 million or $0.29 earnings per
diluted share for the prior year third quarter. Excluding the
impact of non-run-rate items, adjusted net income was $12 million
or $0.63 per diluted share for the third quarter 2011, which was
flat with the second quarter and higher than adjusted net income of
$8 million or $0.44 per diluted share in the prior year third
quarter.
Value added revenue of $161 million for the third quarter 2011
was comparable to the second quarter and increased $23 million or
17% from the prior year third quarter, reflecting the favorable
impact of recent acquisitions and stronger year-over-year demand.
Adjusted consolidated EBITDA was $28 million or 17% of value added
revenue compared to adjusted consolidated EBITDA of $30 million or
19% of value added revenue for the second quarter 2011 and
reflected significant improvement compared to adjusted consolidated
EBITDA of $19 million or 14% of value added revenue for the prior
year quarter. Adjusted consolidated EBITDA and EBITDA margin
for the third quarter 2011 reflect improved pass through of metal
costs on certain products but also higher underlying costs as
rapidly changing volume levels impacted the ability to flex
operating costs during the quarter.
Summary
"Third quarter value added revenue, adjusted EBITDA and EBITDA
margin, as indicated in our prior quarter outlook, were similar to
the first half 2011 pace as strong aerospace demand offset the
impact of normal seasonal weakness," said Jack A. Hockema,
President, CEO and Chairman. "As we look forward, our aerospace
order book remains strong and we expect robust aerospace demand to
continue in 2012. We are well positioned to meet the growing demand
with our previous investments in plate capacity at our Trentwood
facility, the expansion of our Kaiser Alexco aerospace extrusion
facility scheduled to be completed at year-end, and the further
expansion of plate capacity which we expect will come on stream in
2013."
"In addition, in the third quarter we amended our revolving
credit facility, providing more favorable terms and conditions,
extending the maturity to 2016, and increasing the size of the
facility from $200 million to $300 million. This financing further
strengthens our liquidity position and provides us with enhanced
flexibility for the next five years," concluded Mr. Hockema.
Third Quarter 2011
Consolidated Results |
(Non GAAP,
Unaudited)* |
($mm, except shipments,
realized price and per share amounts) |
|
|
|
|
|
|
|
Quarter |
Year-to-date |
|
3Q11 |
2Q11 |
3Q10 |
2011 |
2010 |
|
|
|
|
|
|
Net Sales |
$322 |
$339 |
$263 |
$984 |
$813 |
Shipments (mm
lbs) |
135 |
145 |
129 |
424 |
390 |
Value Added
Revenue1 |
$161 |
$160 |
$138 |
$477 |
$422 |
|
|
|
|
|
|
Realized Price per Pound
($/lb) |
|
|
|
|
|
Contained
Metal |
$1.20 |
$1.23 |
$0.98 |
$1.19 |
$1.00 |
Value Added
Revenue |
$1.19 |
$1.10 |
$1.06 |
$1.13 |
$1.08 |
Total |
$2.39 |
$2.33 |
$2.04 |
$2.32 |
$2.08 |
|
|
|
|
|
|
Adjusted EBITDA2 |
$28 |
$30 |
$19 |
$81 |
$69 |
Depreciation and Amortization |
$(6) |
$(6) |
$(5) |
$(19) |
$(14) |
|
|
|
|
|
|
Operating Income before
NRR3 |
$22 |
$24 |
$14 |
$62 |
$55 |
|
|
|
|
|
|
Non-Run-Rate
Items |
$(16) |
$(9) |
$(1) |
$(21) |
$(23) |
Reported Operating
Income4 |
$6 |
$15 |
$13 |
$41 |
$32 |
Net Income |
$4 |
$5 |
$6 |
$20 |
$14 |
|
|
|
|
|
|
EPS (diluted,
GAAP) |
$0.23 |
$0.24 |
$0.29 |
$1.06 |
$0.74 |
Adjusted EPS5 |
$0.63 |
$0.63 |
$0.44 |
$1.68 |
$1.56 |
|
|
|
|
|
|
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 excluding the impact of
non-run-rate items was $22 million for the third quarter 2011,
compared to $24 million in the second quarter and $14 million in
the third quarter 2010, with higher value added revenue across end
market segments and the benefit of acquisitions more than
offsetting higher depreciation, higher energy related and currency
costs, and an increase in operating costs to support higher demand
levels and market growth. Consolidated operating income as reported
in the third quarter 2011 included approximately $15 million of
non-cash, mark-to-market losses on metal hedging positions
reflecting a sequential decline in underlying metal prices compared
to the second quarter.
Year-to-date 2011, total value added revenue increased 13% to
$477 million from the prior year level of $422 million, reflecting
stronger demand and the benefit of acquisitions. Adjusted
consolidated operating income for the nine months ended September
30, 2011 increased to $62 million from $55 million for the
prior-year period, and year-to-date adjusted consolidated EBITDA of
$81 million was a 17% increase over the comparable period of
2010. With higher value added revenue partially offset by
higher underlying costs, adjusted consolidated EBITDA as a
percentage of value added revenue improved to 17% for the nine
months ended September 30, 2011 as compared to 16% in the
prior-year period.
Cash flow remains strong, with adjusted consolidated EBITDA on a
year-to-date basis funding cash requirements for operations and
internal growth. Total capital spending for 2011 is
anticipated to be approximately $30 million to $40 million as the
company continues the expansion of its Alexco facility, commences
plate capacity expansion at its Trentwood facility, and makes
ongoing investments to improve quality and efficiency throughout
its operations. Total liquidity at September 30, 2011 was in excess
of $300 million, including cash of $24 million and borrowing
availability under the recently amended revolving credit facility
of $281 million.
Outlook
"We remain very optimistic about the long-term growth prospects
for aerospace and high strength applications, and we expect robust
long-term demand for our products driven by increasing build rates,
larger airframes, and monolithic design. We expect fourth quarter
value added revenue for these applications will be similar to the
third quarter, reflecting a strong second half order rate that
should offset normal seasonal weakness," said Mr.
Hockema.
"We also continue to be optimistic regarding our automotive
opportunities as we have seen significant growth year-over-year
driven by higher build rates and increasing aluminum extrusion
content. With respect to our general engineering applications, real
demand continues to be modest, and cautionary destocking has kept
service center inventory at historically low levels. Overall, we
expect year-end seasonal weakness in the fourth quarter for
automotive and general engineering applications, in line with the
trends we experienced in 2010."
"Although the fourth quarter outlook always carries some
year-end uncertainty, we expect that total value added revenue and
consolidated adjusted EBITDA margins will be similar to third
quarter levels as our strong order book for aerospace applications
should offset normal seasonal weakness across our end market
segments," concluded Mr. Hockema.
Conference Call
Kaiser Aluminum Corporation will host a conference call on
October 25, 2011, at 10:00am (Pacific Time); 12:00pm (Central
Time); 1:00pm (Eastern Time), to discuss third quarter 2011
results. To participate, the conference call can be directly
accessed from the U.S. and Canada at (888) 670-2254, and accessed
internationally at (913) 312-1472. 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 nine month
period ended September 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 |
Nine Months
Ended |
|
September
30, |
September
30, |
|
2011 |
2010 |
2011 |
2010 |
|
(Unaudited) |
|
(In millions of
dollars, except share and per share amounts) |
Net sales |
$322.3 |
$263.4 |
$983.7 |
$813.3 |
Costs and expenses: |
|
|
|
|
Cost of products sold: |
|
|
|
|
Cost of products sold, excluding
depreciation, amortization and other items |
297.7 |
229.3 |
878.6 |
717.2 |
Restructuring benefits |
(0.3) |
(0.4) |
(0.3) |
(0.9) |
Depreciation and amortization |
6.2 |
4.8 |
18.9 |
13.8 |
Selling, administrative, research and
development, and general |
13.1 |
16.5 |
45.3 |
49.2 |
Other operating charges (benefits),
net |
0.1 |
— |
(0.2) |
2.0 |
Total costs and expenses |
316.8 |
250.2 |
942.3 |
781.3 |
Operating income |
5.5 |
13.2 |
41.4 |
32.0 |
Other (expense) income: |
|
|
|
|
Interest expense |
(4.3) |
(3.7) |
(13.2) |
(7.2) |
Other (expense) income, net |
3.9 |
(3.6) |
2.2 |
(2.7) |
Income before income taxes |
5.1 |
5.9 |
30.4 |
22.1 |
Income tax provision |
(0.7) |
(0.4) |
(10.2) |
(7.7) |
Net income |
$4.4 |
$5.5 |
$20.2 |
$14.4 |
Earnings per share, Basic2 |
|
|
|
|
Net income per share |
$0.23 |
$0.29 |
$1.06 |
$0.74 |
Earnings per share, Diluted2 |
|
|
|
|
Net income per share |
$0.23 |
$0.29 |
$1.06 |
$0.74 |
Weighted-average number of common shares
outstanding (000): |
|
|
|
|
Basic |
18,999 |
18,941 |
18,971 |
19,499 |
Diluted |
18,999 |
18,941 |
18,971 |
19,499 |
|
|
|
|
|
1 Please refer to the
Company's Form 10-Q for the quarter ended September 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 |
Nine Months
Ended |
|
September
30, |
September
30, |
|
2011 |
2010 |
2011 |
2010 |
Shipments (mm lbs): |
|
|
|
|
Fabricated Products |
134.8 |
129.3 |
424.1 |
389.9 |
All Other2 |
— |
— |
— |
0.4 |
|
134.8 |
129.3 |
424.1 |
390.3 |
Average Realized Third-Party Sales Price (per
pound): |
|
|
|
|
Fabricated Products3 |
$2.39 |
$2.04 |
$2.32 |
$2.08 |
All Other2 |
— |
— |
— |
$0.92 |
Net Sales: |
|
|
|
|
Fabricated Products |
$322.3 |
$263.4 |
$983.7 |
$813.0 |
All Other 2 |
— |
— |
— |
0.3 |
Total Net Sales |
$322.3 |
$263.4 |
$983.7 |
$813.3 |
Segment Operating Income (Loss):4 |
|
|
|
|
Fabricated Products5,6 |
$25.8 |
$5.3 |
$82.4 |
$59.6 |
All Other7 |
(20.3) |
7.9 |
(41.0) |
(27.6) |
Total Operating Income |
$5.5 |
$13.2 |
$41.4 |
$32.0 |
Income tax provision |
$(0.7) |
$(0.4) |
$(10.2) |
$(7.7) |
Net Income |
$4.4 |
$5.5 |
$20.2 |
$14.4 |
Capital Expenditures |
$8.8 |
$8.2 |
$22.9 |
$34.9 |
|
|
|
|
|
1 Please refer to the
Company's Form 10-Q for the quarter ended September 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 $0.6 million and $2.4
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 nine months ended September 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 nine months ended September 30,
2011 include non-cash mark-to-market losses on natural gas,
electricity and foreign currency hedging activities totaling $2.0
million and $0.6 million, respectively. Fabricated Products segment
results for the quarter and nine months ended September 30, 2010
include non-cash mark-to-market losses on natural gas, electricity
and foreign currency hedging activities of $2.4 million and $5.2
million, respectively. |
|
|
|
|
|
6 Fabricated Products
segment operating results for the quarter and nine months ended
September 30, 2011 include non cash last-in, first-out ("LIFO")
inventory (benefits) charge of $(7.1) million and $12.8 million,
respectively, and metal losses(gains) of approximately $8.7 million
and $(9.7) million, respectively. Fabricated Products segment
operating results for the quarter and nine months ended September
30, 2010 include LIFO inventory (benefits) charges of $(2.0)
million and $6.2 million, respectively, and metal losses (gains) of
approximately $4.0 million and $(3.3) 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 $2.1 million and $6.5 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 nine months ended September 30, 2011,
respectively, as compared to $0.4 million and $1.3 million of net
periodic pension benefit expense for the quarter and nine months
ended September 30, 2010, respectively. In addition, for the
quarter and nine months ended September 30, 2011, non-cash
mark-to-market losses on primary aluminum hedging activities were
$14.8 million and $21.4 million, respectively, as compared to
non-cash mark-to-market gains on primary aluminum of $17.1 million
and $1.1 million for the quarter and nine months ended September
30, 2010, respectively. |
|
KAISER ALUMINUM
CORPORATION AND SUBSIDIARY COMPANIES |
CONSOLIDATED BALANCE
SHEETS (1) |
(Unaudited) |
(In millions of
dollars, except share and per share amounts) |
|
|
|
|
September 30,
2011 |
December 31,
2010 |
ASSETS |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$23.6 |
$135.6 |
Receivables: |
|
|
Trade, less allowance for doubtful
receivables of $0.7 at September 30, 2011 and $0.6 at
December 31, 2010 |
129.1 |
83.0 |
Other |
1.9 |
5.2 |
Inventories |
194.6 |
167.5 |
Prepaid expenses and other current
assets |
58.9 |
80.1 |
Total current assets |
408.1 |
471.4 |
Property, plant, and equipment – net |
363.8 |
354.1 |
Net asset in respect of VEBAs |
267.8 |
195.7 |
Deferred tax assets – net |
201.8 |
231.1 |
Intangible assets – net |
37.8 |
4.0 |
Goodwill |
37.2 |
3.1 |
Other assets |
64.8 |
83.0 |
Total |
$1,381.3 |
$1,342.4 |
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable |
$62.3 |
$50.8 |
Accrued salaries, wages, and related
expenses |
28.5 |
31.1 |
Other accrued liabilities |
41.0 |
42.0 |
Payable to affiliate |
20.4 |
17.1 |
Current portion of secured debt and
credit facilities |
1.3 |
1.3 |
Total current liabilities |
153.5 |
142.3 |
Long-term liabilities |
115.7 |
134.7 |
Cash convertible senior notes |
146.3 |
141.4 |
Long-term secured debt and credit
facilities |
3.7 |
11.8 |
Total liabilities |
419.2 |
430.2 |
Commitments and contingencies |
|
|
Stockholders' equity: |
|
|
Common stock, par value $0.01, 90,000,000
shares authorized at both September 30, 2011 and at
December 31, 2010; 19,291,721 shares issued and outstanding at
September 30, 2011 and 19,214,451 shares issued and
outstanding at December 31, 2010 |
0.2 |
0.2 |
Additional capital |
999.1 |
987.1 |
Retained earnings |
86.2 |
80.1 |
Common stock owned by Union VEBA subject to
transfer restrictions, at reorganization value, 2,202,495 shares at
September 30, 2011 and 3,523,980 shares at December 31,
2010 |
(52.9) |
(84.6) |
Treasury stock, at cost, 1,724,606 shares at
September 30, 2011 and December 31, 2010 |
(72.3) |
(72.3) |
Accumulated other comprehensive income |
1.8 |
1.7 |
Total stockholders' equity |
962.1 |
912.2 |
Total |
$1,381.3 |
$1,342.4 |
|
|
|
1 Please refer to the
Company's Form 10-Q for the quarter ended September 30, 2011 for
additional detail regarding the items in the table. |
|
Reconciliation of
Non-GAAP Measures - Consolidated |
(Unaudited) |
|
|
|
|
Quarter
Ended |
|
September
30, |
|
2011 |
2010 |
|
(Unaudited) |
|
(In millions of
dollars, except share and per share amounts) |
GAAP operating income |
$5.5 |
$13.2 |
Mark-to-market (losses) gains |
$(16.8) |
$14.7 |
Other operating
NRR income (expense) items1,2 |
$0.7 |
$(15.6) |
|
|
|
Operating income, excluding operating NRR
items |
$21.6 |
$14.1 |
Depreciation and Amortization |
$6.2 |
$4.8 |
|
|
|
Adjusted EBITDA3 |
$27.8 |
$18.9 |
|
|
|
GAAP net income |
$4.4 |
$5.5 |
Operating NRR Adjustments (net of
tax) |
10.0 |
0.6 |
|
|
|
Net income, excluding operating NRR
adjustments (net of tax) |
$14.4 |
$6.1 |
NRR convertible note adjustment (net of
tax)4 |
(2.5) |
2.2 |
|
|
|
Net income, excluding Total NRR Items (net of
tax) |
$11.9 |
$8.3 |
|
|
|
Earnings per diluted share (GAAP) |
$0.23 |
$0.29 |
Earnings per diluted share, excluding
operating NRR Items |
$0.76 |
$0.32 |
Earnings per diluted share, excluding Total
NRR items4 |
$0.63 |
$0.44 |
|
|
|
1 Other operating non-run-rate
items primarily 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
operating non-run-rate items, depreciation and amortization. |
|
4 Previously reported adjusted
earnings per diluted share for the quarter ended September 30,
2010, did not exclude 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
FTI Consulting
(646) 421-5341
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