Full Year Highlights:
- Value Added Revenue and Adjusted EBITDA Increased on
Strong Aerospace and Automotive Demand
- Continued Organic Investments in Growth
Platform
- Strengthened Liquidity and Financial
Flexibility
Kaiser Aluminum Corporation (Nasdaq:KALU) today reported
preliminary, unaudited net income of $27 million or $1.40 earnings
per diluted share for the full year 2011 compared to $14 million,
or $0.72 per diluted share for the full year 2010. Excluding the
impact of non-run-rate items, adjusted net income was $42 million
or $2.20 per diluted share for the year ended 2011, compared to
adjusted net income of $30 million or $1.56 per diluted share in
the prior year.
Value added revenue of $644 million increased $88 million or 16%
from the prior year, reflecting strong demand for aerospace and
automotive applications and strong performance from the acquired
Alexco and Nichols Wire businesses. Adjusted consolidated EBITDA of
$112 million or 17% of value added revenue reflected significant
year-over-year improvement compared to adjusted consolidated EBITDA
of $85 million or 15% of value added revenue for the year ended
2010.
Summary
"We are pleased with solid year-over-year improvement and strong
2011 results," said Jack A. Hockema, President, CEO and Chairman.
"Our aerospace and automotive applications achieved record value
added revenue. In addition, stronger demand and shipments across
our end use categories led to significant improvement in our
adjusted EBITDA and our EBITDA margin. We continued to invest in
our growth platform commencing capacity expansions for our
aerospace extruded products and heat treat plate that will come on
stream later this year and in 2013. We also have made good progress
in the ramp up of our Kalamazoo rod and bar facility. Although the
ramp up has been slower than anticipated, as a low cost producer
for these products the Kalamazoo facility is expected to fully
achieve its investment potential over the longer-term."
"As we look forward, we expect robust aerospace demand to
continue in 2012 and anticipate steady improvement in automotive
and general industrial demand. Importantly, we are well-positioned
to capitalize on this increasing demand and to realize the
potential of the sizable, strategic investments we have made in our
business. In addition, our solid balance sheet and enhanced
financial flexibility due in part due to a larger and more
favorable revolving credit facility allow us to continue to pursue
other organic and acquisition growth opportunities," concluded Mr.
Hockema.
Preliminary Fourth
Quarter and Full Year 2011 Consolidated Results |
(Unaudited)* |
($mm, except shipments,
realized price and per share amounts) |
|
|
Quarter |
Full
Year |
|
4Q11 |
3Q11 |
4Q10 |
2011 |
2010 |
|
|
|
|
|
|
Net Sales |
$318 |
$322 |
$266 |
$1,301 |
$1,079 |
Shipments (mm lbs) |
137 |
135 |
124 |
561 |
514 |
Value Added Revenue1 |
$167 |
$161 |
$134 |
$644 |
$556 |
|
|
|
|
|
|
Realized Price per Pound
($/lb) |
|
|
|
|
|
Contained Metal |
$1.10 |
$1.20 |
$1.07 |
$1.17 |
$1.02 |
Value Added
Revenue |
$1.22 |
$1.19 |
$1.07 |
$1.15 |
$1.08 |
Total |
$2.32 |
$2.39 |
$2.14 |
$2.32 |
$2.10 |
|
|
|
|
|
|
Adjusted EBITDA2 |
$30 |
$28 |
$16 |
$112 |
$85 |
Depreciation and
Amortization |
$(6) |
$(6) |
$(6) |
$(25) |
$(20) |
|
|
|
|
|
|
Operating Income before
NRR3 |
$24 |
$22 |
$10 |
$86 |
$65 |
|
|
|
|
|
|
Operating Non-Run-Rate
Items |
$(8) |
$(16) |
$3 |
$(29) |
$(21) |
Reported Operating
Income4 |
$16 |
$6 |
$12 |
$58 |
$44 |
Net Income |
$6 |
$4 |
$— |
$27 |
$14 |
|
|
|
|
|
|
EPS (diluted, GAAP) |
$0.34 |
$0.23 |
$(0.02) |
$1.40 |
$0.72 |
Adjusted EPS5 |
$0.52 |
$0.63 |
$— |
$2.20 |
$1.56 |
|
1 Value added revenue is a
non-GAAP measure equal to Fabricated Products net sales less hedged
cost of alloyed metal |
2 Adjusted EBITDA is a non-GAAP
measure equal to Operating Income (before non-run-rate items) plus
depreciation and amortization |
3 NRR = Non-run-rate |
4 Totals may not sum due to
rounding |
5 Adjusted EPS is a non-GAAP
measure equal to estimated 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 $24 million for the fourth quarter 2011,
compared to $22 million for the third quarter and more than double
the fourth quarter 2010, driven by stronger demand and shipments
across end market uses. Preliminary consolidated operating income
as reported in the fourth quarter 2011 included approximately $5
million of non-cash, mark-to-market losses on metal hedging
positions due to a decline in underlying metal.
For the full year 2011, consolidated operating income excluding
the impact of non-run-rate items was $86 million, up 33% compared
to $65 million for the year ended 2010. Preliminary consolidated
operating income as reported for the year ended 2011 of $58 million
included approximately $29 million of non-cash, non-run-rate items
primarily related to mark-to-market losses on metal hedging
positions.
Cash flow in 2011 remained strong as adjusted consolidated
EBITDA funded cash requirements for operations and internal
growth. Capital spending during the year was approximately $31
million as the Company commenced capacity expansions of its Alexco
and Trentwood facilities to meet growing aerospace demand and
funded other capital projects to improve quality and efficiency
throughout its manufacturing platform. The Company's balance sheet
remained strong, and total liquidity at December 31, 2011 was in
excess of $300 million, including cash of $50 million and borrowing
availability under its revolving credit facility.
Outlook
"We remain very optimistic about the long-term growth
opportunities for aerospace and high strength applications driven
by increasing build rates, larger airframes, and monolithic design.
We also anticipate further solid growth for our automotive
applications as light vehicle build rates and aluminum extrusion
content per vehicle both continue to increase. Demand for our
general engineering applications reflects an ongoing, slow but
steady economic recovery. Service center inventory for these
applications remains at historically low levels, however we do not
anticipate significant restocking until the industrial economy
demonstrates stronger and more consistent growth," said Mr.
Hockema.
"Overall, we anticipate that total value added revenue growth
for the first half of 2012 will be driven by strong market demand
for aerospace applications. In addition, value added revenue in the
first half is anticipated to reflect improving demand and normal
seasonal strength for our automotive and general engineering
applications. With higher sales volume and improving manufacturing
efficiencies, we expect continued growth in our consolidated
adjusted EBITDA and EBITDA margin," concluded Mr.
Hockema.
Preliminary Results Subject to Final
Audit
Final audited results are subject to change pending the final
year-end actuarial valuation of the union voluntary employee
beneficiary association (VEBA) accumulated postretirement
obligation as a result of additional information received from the
VEBA administrators for the 2011 and 2010 years. If the final
valuations are materially different from those reflected in the
preliminary 2011 full year and/or reported prior period financial
statements, it is possible that the Company will have adjustments
affecting the 2011 full year and/or prior periods.
VEBA-related income or expense is non-cash and considered a
non-run-rate item. Accordingly, any VEBA-related change to income
in any period will have no impact to the Company's adjusted
(excluding non-run-rate items) consolidated operating income,
EBITDA, net income or EPS.
Conference Call
Kaiser Aluminum Corporation will host a conference call on
February 16, 2012, at 10:00am (Pacific Time); 12:00pm (Central
Time); 1:00pm (Eastern Time), to discuss fourth quarter and full
year 2011 results. To participate, the conference call can be
directly accessed from the U.S. and Canada at (888) 539-3679, and
accessed internationally at (719) 325-2418. 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 Small
Cap 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, in each case 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.
Forward-Looking Statements
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) the Company's inability to achieve
the level of growth or other benefits anticipated by management,
including those anticipated from the Company's acquisitions and
other strategic investments and the integration of acquired
businesses; (c) increases in the Company's costs, including the
cost of energy, raw materials and freight costs, which the Company
is unable to pass through to its 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 the
Company's 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; and
(j) other risk factors summarized in the Company's reports filed
with the SEC, including the Company's most recent Annual Report on
Form 10-K. 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.
Without limiting the generality of the foregoing, the Company
cautions that results for the fourth quarter and full year ended
2011 contained in this press release are preliminary in nature and
that statements in this press release including such results
constitute forward-looking statements involving uncertainties that
could cause such results, when final and set forth in the Company's
Annual Report on Form 10-K for the year ended December 31, 2011, to
vary, perhaps materially, from those contained in this press
release. The factors that may cause final results to vary from
the preliminary results contained in this press release include,
among others, (i) the completion of the audit of the financial
statements as of and for the year ended December 31, 2011 and (ii)
the completion of the valuation of postretirement obligations of
the VEBA.
|
KAISER ALUMINUM
CORPORATION AND SUBSIDIARY COMPANIES |
PRELIMINARY STATEMENTS
OF CONSOLIDATED INCOME (1) |
(Unaudited) |
(In millions of dollars
except share and per share amounts) |
|
|
Quarter
Ended |
Year
Ended |
|
December 31, |
December 31, |
|
2011 |
2010 |
2011 |
2010 |
|
(Unaudited) |
|
(In millions of
dollars, except share and per share amounts) |
Net sales |
$317.6 |
$265.8 |
$1,301.3 |
$1,079.1 |
Costs and expenses: |
|
|
|
|
Cost of products sold: |
|
|
|
|
Cost of products sold, excluding
depreciation, amortization and other items |
280.3 |
229.6 |
1,158.9 |
946.8 |
Restructuring benefits |
— |
0.6 |
(0.3) |
(0.3) |
Depreciation and amortization |
6.3 |
6.0 |
25.2 |
19.8 |
Selling, administrative, research and
development, and general |
14.6 |
15.2 |
59.9 |
64.4 |
Other operating charges (benefits),
net |
— |
2.0 |
(0.2) |
4.0 |
Total costs and expenses |
301.2 |
253.4 |
1,243.5 |
1,034.7 |
Operating income |
16.4 |
12.4 |
57.8 |
44.4 |
Other income (expense): |
|
|
|
|
Interest expense |
(4.8) |
(4.6) |
(18.0) |
(11.8) |
Other income (expense), net |
2.1 |
(1.5) |
4.3 |
(4.2) |
Income before income taxes |
13.7 |
6.3 |
44.1 |
28.4 |
Income tax provision |
(7.3) |
(6.6) |
(17.5) |
(14.3) |
Net income (loss) |
$6.4 |
$(0.3) |
$26.6 |
$14.1 |
Earnings (loss) per share, Basic2 |
|
|
|
|
Net income (loss) per share |
$0.34 |
$(0.02) |
$1.40 |
$0.72 |
Earnings (loss) per share, Diluted2 |
|
|
|
|
Net income (loss) per share |
$0.34 |
$(0.02) |
$1.40 |
$0.72 |
Weighted-average number of common shares
outstanding (000): |
|
|
|
|
Basic |
19,026 |
18,945 |
18,979 |
19,377 |
Diluted |
19,026 |
18,945 |
18,979 |
19,377 |
|
1 Please refer to the
Company's Annual Report on Form 10-K for the year ended December
31, 2011 (when filed). |
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 |
PRELIMINARY SELECTED
OPERATIONAL AND FINANCIAL INFORMATION (1) |
(Unaudited) |
(In millions of dollars
except shipments and average realized third-party sales
price) |
|
|
Quarter Ended
December 31, |
Year Ended
December 31, |
|
2011 |
2010 |
2011 |
2010 |
Shipments (mm lbs): |
|
|
|
|
Fabricated Products |
136.8 |
124.3 |
560.9 |
514.2 |
All Other2 |
— |
— |
— |
0.4 |
|
136.8 |
124.3 |
560.9 |
514.6 |
Average Realized Third-Party Sales Price (per
pound): |
|
|
|
|
Fabricated Products3 |
$2.32 |
$2.14 |
$2.32 |
$2.10 |
All Other2 |
— |
— |
— |
$0.92 |
Net Sales: |
|
|
|
|
Fabricated Products |
$317.6 |
$265.8 |
$1,301.3 |
$1,078.8 |
All Other 2 |
— |
— |
— |
0.3 |
Total Net Sales |
$317.6 |
$265.8 |
$1,301.3 |
$1,079.1 |
Segment Operating Income (Loss):4 |
|
|
|
|
Fabricated Products5,6 |
$26.2 |
$19.0 |
$108.6 |
$78.6 |
All Other7 |
(9.8) |
(6.6) |
(50.8) |
(34.2) |
Total Operating Income |
$16.4 |
$12.4 |
$57.8 |
$44.4 |
Income tax provision |
$(7.3) |
$(6.6) |
$(17.5) |
$(14.3) |
Net Income (Loss) |
$6.4 |
$(0.3) |
$26.6 |
$14.1 |
Capital Expenditures |
$8.3 |
$4.0 |
$31.2 |
$38.9 |
|
1 Please refer to the
Company's Annual Report on Form 10-K for the year ended December
31, 2011 (when filed). |
2 Shipments, averaged
realized prices and net sales in All Other in 2010 represent
activity involving primary aluminum purchased by us from Anglesey
while it continued its smelting operations (prior to
September 30, 2009) and resold by us. |
3 Average realized prices
for our Fabricated Products segment are subject to fluctuations due
to changes in product mix and underlying primary aluminum prices,
and are not necessarily indicative of changes in underlying
profitability. |
4 Operating results in the
Fabricated Products segment for the quarter and year ended December
31, 2011 included non-cash LIFO inventory benefits of $19.9
million and $7.1 million, respectively. Operating results in the
Fabricated Products segment for the quarter and year ended December
31, 2010 included non-cash LIFO inventory charges of $10.3
million and $16.5 million, respectively. Also included in the
Fabricated Products segment operating results for the quarter and
year ended December 31, 2011 were $1.1 million and $1.7 million,
respectively, of environmental expense. Included in the Fabricated
Products segment operating results for the quarter and year ended
December 31, 2010 were $0.1 million and $13.6 million,
respectively, of environmental expense. In addition, Fabricated
Products segment operating results for 2010 included a $3.9 million
asset impairment charge relating to certain Property, plant and
equipment. |
5 Fabricated Products
segment results for the quarter and year ended December 31, 2011
included non-cash mark-to-market losses on natural gas, electricity
and foreign currency hedging activities totaling $2.8 million and
$3.4 million, respectively. Fabricated Products segment results for
the quarter and year ended December 31, 2010 included non-cash
mark-to-market gains (losses) on natural gas, electricity and
foreign currency hedging activities totaling $0.8 million and
$(4.3) million, respectively. |
6 Operating results of the
Fabricated Products segment and All Other include gains and losses
on intercompany hedging activities related to metal. At the time
the Fabricated Products segment enters into a firm-price customer
contract, the Hedging business unit and Fabricated Products segment
enter into an "internal hedge" so that metal price risk resides in
the Hedging business unit under All Other. The Hedging business
unit uses third-party hedging instruments to limit exposure to
metal price risks related to firm-price customer sales contracts.
Results from internal hedging activities between the Fabricated
Products segment and Hedging business unit eliminate in
consolidation. Internal hedging gains (losses) in the
Fabricated Products segment were $(3.4) million and $8.1 million
for the quarter and year ended December 31, 2011, respectively.
Internal hedging gains (losses) in the Fabricated Products
segment were $2.5 million and $(0.1) million for the quarter and
year ended December 31, 2010, respectively. All Other included the
same internal hedging amounts as (losses) gains for the
respective periods. |
7 The changes in preliminary
operating income in All Other were primarily driven by the Hedging
business unit operating results. For the quarter and year ended
December 31, 2011, non-cash mark-to-market losses on primary
aluminum hedging activities were $5.1 million and $26.5 million,
respectively. For the quarter and year ended December 31, 2010,
non-cash mark-to-market gains on primary aluminum hedging
activities were $2.5 million and $3.6 million, respectively. |
|
|
KAISER ALUMINUM
CORPORATION AND SUBSIDIARY COMPANIES |
PRELIMINARY
CONSOLIDATED BALANCE SHEETS (1) |
(Unaudited) |
(In millions of
dollars, except share and per share amounts) |
|
|
December 31,
2011 |
December 31,
2010 |
ASSETS |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$49.8 |
$135.6 |
Receivables: |
|
|
Trade, less allowance for doubtful
receivables of $0.9 at December 31, 2011 and $0.6 at
December 31, 2010, respectively |
98.9 |
83.0 |
Other |
1.2 |
5.2 |
Inventories |
205.7 |
167.5 |
Prepaid expenses and other current
assets |
78.9 |
80.1 |
Total current assets |
434.5 |
471.4 |
Property, plant, and equipment — net |
367.8 |
354.1 |
Net asset in respect of VEBA |
111.4 |
195.7 |
Deferred tax assets — net |
239.6 |
231.1 |
Intangible assets, net |
37.2 |
4.0 |
Goodwill |
37.2 |
3.1 |
Other assets |
72.4 |
83.0 |
Total |
$1,300.1 |
$1,342.4 |
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable |
$62.2 |
$50.8 |
Accrued salaries, wages, and related
expenses |
30.9 |
31.1 |
Other accrued liabilities |
41.0 |
42.0 |
Payable to affiliate |
14.4 |
17.1 |
Long-term debt-current portion |
1.3 |
1.3 |
Total current liabilities |
149.8 |
142.3 |
Net liability in respect of VEBA |
20.6 |
— |
Long-term liabilities |
126.0 |
134.7 |
Cash convertible senior notes |
148.0 |
141.4 |
Other long-term debt |
3.4 |
11.8 |
Total liabilities |
447.8 |
430.2 |
Commitments and contingencies |
|
|
Stockholders' equity: |
|
|
Preferred stock, 5,000,000 shares authorized
at both December 31, 2011 and December 31, 2010, none issued and
outstanding at December 31, 2011 and December 31 2010 |
— |
— |
Common stock, par value $0.01, 90,000,000
shares authorized at both December 31, 2011 and at
December 31, 2010; 19,253,185 shares issued and outstanding at
December 31, 2011 and 19,214,451 shares issued and outstanding
at December 31, 2010 |
0.2 |
0.2 |
Additional capital |
998.4 |
987.1 |
Retained earnings |
87.9 |
80.1 |
Common stock owned by Union VEBA subject to
transfer restrictions, at reorganization value, 2,202,495 shares at
December 31, 2011 and 3,523,980 shares at December 31,
2010 |
(52.9) |
(84.6) |
Treasury stock, at cost, 1,724,606 shares at
December 31, 2011 and December 31, 2010 |
(72.3) |
(72.3) |
Accumulated other comprehensive (loss)
income |
(109.0) |
1.7 |
Total stockholders' equity |
852.3 |
912.2 |
Total |
$1,300.1 |
$1,342.4 |
|
1 Please refer to the Company's
Annual Report on Form 10-K for the year ended December 31, 2011
(when filed). |
|
|
Preliminary
Reconciliation of Non-GAAP Measures - Consolidated |
(Unaudited) |
|
|
Quarter
Ended |
Year
Ended |
|
December 31, |
December 31, |
|
2011 |
2010 |
2011 |
2010 |
|
(In millions of
dollars, except share and per share amounts) |
GAAP operating income |
$16.4 |
$12.4 |
$57.8 |
$44.4 |
Mark-to-market (losses) gains |
$(7.9) |
$3.3 |
$(29.9) |
$(0.7) |
Other operating NRR income (expense)
items1,2 |
$0.2 |
$(0.7) |
$1.4 |
$(20.0) |
Operating income, excluding operating NRR
items |
$24.1 |
$9.8 |
$86.3 |
$65.1 |
Depreciation and Amortization |
$6.3 |
$6.0 |
$25.2 |
$19.8 |
Adjusted EBITDA3 |
$30.4 |
$15.8 |
$111.5 |
$84.9 |
|
|
|
|
|
GAAP net income (loss) |
$6.4 |
$(0.3) |
$26.6 |
$14.1 |
Operating NRR Items |
7.7 |
(2.6) |
28.5 |
20.7 |
NRR mark-to-market (gains) losses on
convertible bond and related call option |
(1.8) |
2.0 |
(4.0) |
4.9 |
Tax impact of Total NRR Items |
$(2.4) |
$0.9 |
$(9.4) |
$(9.4) |
Net income, excluding Total NRR Items (net of
tax) |
9.9 |
— |
41.7 |
30.3 |
|
|
|
|
|
Earnings (loss) per diluted share (GAAP) |
$0.34 |
$(0.02) |
$1.40 |
$0.72 |
Earnings (loss) per diluted share, excluding
Total NRR items4 |
$0.52 |
$— |
$2.20 |
$1.56 |
|
1 Other operating
non-run-rate items primarily represent environmental expenses,
adjustments to plant-level LIFO in the Fabricated Products segment,
preliminary non-cash net periodic benefit income (expense) related
to the VEBAs in All Other, and workers' compensation discount rate
effect. |
2 NRR is an abbreviation for
Non-Run-Rate; NRR items are pre-tax. |
3 Adjusted EBITDA equals
preliminary Operating Income excluding operating non-run-rate
items, plus depreciation and amortization. |
4 Previously reported
adjusted earnings per diluted share for the quarter and year ended
December 31, 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
(917) 434-9429
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