Century Reports First-Quarter 2007 Earnings

Century Aluminum Company (NASDAQ: CENX) today reported net income of $64.2 million ($1.98 per basic share and $1.87 per diluted share) for the first quarter of 2007. The difference between basic and diluted EPS was primarily related to the impact of the higher stock price on the assumed conversion of convertible notes in the dilution calculation. The mark-to-market adjustment on forward contracts that do not qualify for cash flow hedge accounting was not material for the quarter, due to the relative stability of the forward market.

In the first quarter of 2006, the company reported a net loss of $141.6 million ($4.39 per basic and diluted share). Reported first-quarter 2006 results were negatively impacted by an after-tax charge of $183.5 million ($5.69 per basic and diluted share) for mark-to-market adjustments on forward contracts that did not qualify for cash flow hedge accounting.

First-quarter 2007 highlights included:

--  Revenues of $448 million and operating cash flow of $98 million were
    at record levels.
--  Primary aluminum shipments of 184,622 tonnes increased 18 percent from
    the first quarter of 2006, reflecting the fourth-quarter, 2006 completion
    of the expansion of the Nordural facility in Grundartangi, Iceland to
    220,000 tonnes.
--  The continuing expansion of the Grundartangi plant to 260,000 tonnes
    remains on budget and on schedule for a fourth-quarter 2007 completion.
    

Sales for the first quarter of 2007 were $447.7 million, an increase of 29 percent compared with $346.9 million for the first quarter of 2006. Shipments of primary aluminum for the 2007 first quarter were 184,622 metric tonnes, compared with 156,951 metric tonnes shipped in the year-ago quarter.

"Century delivered a strong first quarter, setting new records in shipments, revenues and operating cash flow," said president and chief executive officer, Logan W. Kruger. "Markets remained robust, and we are now benefiting from the capacity expansion in Iceland that was completed, on time and on budget, late last year. Our current expansion at the Grundartangi, Iceland facility, which will take annual production capacity from 220,000 tonnes to 260,000 tonnes, is proceeding well. Finally, we continued to make progress with the development of our proposed greenfield smelter project near Helguvik, Iceland."

Century Aluminum Company owns primary aluminum capacity in the United States and Iceland, as well as an ownership interest in alumina and bauxite assets in the United States and Jamaica. Century's corporate offices are located in Monterey, California.

Century Aluminum's quarterly conference call is scheduled for 5:30 p.m. Eastern time today. To listen to the conference call and to view related presentation materials, go to www.centuryaluminum.com and click on the conference call link on the homepage.

Cautionary Statement

This press release may contain "forward-looking statements" within the meaning of U.S. federal securities laws. The company has based its forward-looking statements on current expectations and projections about the future; however, these statements are subject to risks, uncertainties and assumptions, any of which could cause the company's actual results to differ materially from those expressed in its forward-looking statements. More information about these risks, uncertainties and assumptions can be found in the risk factors and forward-looking statements cautionary language contained in the company's Annual Report on Form 10-K and in other filings made with the Securities and Exchange Commission. The company does not undertake, and specifically disclaims, any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date such forward-looking statements are made.

                         Century Aluminum Company
                  Consolidated Statements of Operations
                 (in Thousands, Except Per Share Amounts)
                                (Unaudited)

                                                      Three months ended
                                                          March 31,
                                                       2007        2006
                                                    ----------  ----------
NET SALES:
     Third-party customers                          $  380,853  $  298,473
     Related parties                                    66,804      48,473
                                                    ----------  ----------
                                                       447,657     346,946

COST OF GOODS SOLD                                     337,005     270,478
                                                    ----------  ----------

GROSS PROFIT                                           110,652      76,468

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES            12,967      12,119
                                                    ----------  ----------

OPERATING INCOME                                        97,685      64,349

INTEREST EXPENSE - Net                                  (9,030)     (6,555)
NET GAIN (LOSS) ON FORWARD CONTRACTS                       390    (286,760)
OTHER EXPENSE - Net                                       (156)       (161)
                                                    ----------  ----------
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY
IN EARNINGS OF JOINT VENTURES                           88,889    (229,127)

INCOME TAX (EXPENSE) BENEFIT                           (28,087)     84,356
                                                    ----------  ----------

INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF JOINT
 VENTURES                                               60,802    (144,771)

EQUITY IN EARNINGS OF JOINT VENTURES                     3,447       3,200
                                                    ----------  ----------

NET INCOME (LOSS)                                   $   64,249  $ (141,571)
                                                    ==========  ==========


EARNINGS (LOSS) PER COMMON SHARE
    Basic - Net income (loss)                       $     1.98  $    (4.39)
    Diluted - Net income (loss)                     $     1.87  $    (4.39)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
     Basic                                              32,508      32,263
     Diluted                                            34,426      32,263



                         Century Aluminum Company
                        Consolidated Balance Sheets
                          (Dollars in Thousands)
                                (Unaudited)

                                                  March 31,   December 31,
ASSETS                                               2007         2006
                                                 -----------  ------------
Current Assets:
     Cash and cash equivalents                   $   168,124  $     96,365
     Restricted cash                                   2,011         2,011
     Accounts receivable - net                       112,924       113,371
     Due from affiliates                              22,468        37,542
     Inventories                                     163,843       145,410
     Prepaid and other current assets                 19,573        19,830
     Deferred taxes - current portion                 95,567       103,110
                                                 -----------  ------------
          Total current assets                       584,510       517,639
Property, plant and equipment - net                1,230,084     1,218,777
Intangible asset - net                                58,097        61,594
Goodwill                                              94,844        94,844
Other assets                                         280,411       292,380
                                                 -----------  ------------
          Total                                  $ 2,247,946  $  2,185,234
                                                 ===========  ============

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
     Accounts payable, trade                     $    84,471  $     64,849
     Due to affiliates                               279,318       282,282
     Accrued and other current liabilities            55,549        75,143
     Long term debt - current portion                 14,611        30,105
     Accrued employee benefits costs - current
      portion                                         11,083        11,083
     Convertible senior notes                        175,000       175,000
     Industrial revenue bonds                          7,815         7,815
                                                 -----------  ------------
          Total current liabilities                  627,847       646,277
                                                 -----------  ------------

Senior unsecured notes payable                       250,000       250,000
Nordural debt                                        325,176       309,331
Accrued pension benefit costs - less current
 portion                                              19,912        19,239
Accrued postretirement benefits costs - less
 current portion                                     210,885       206,415
Due to affiliates - less current portion             502,669       554,864
Other liabilities                                     42,974        27,811
Deferred taxes                                        47,461        41,587
                                                 -----------  ------------
          Total noncurrent liabilities             1,399,077     1,409,247
                                                 -----------  ------------

Shareholders' Equity:
     Common stock (one cent par value,
      100,000,000 shares authorized; 32,580,662
      shares outstanding at March 31, 2007 and
      32,457,670 at December 31, 2006)                   326           325
     Additional paid-in capital                      437,375       432,270
     Accumulated other comprehensive loss           (136,715)     (166,572)
     Accumulated deficit                             (79,964)     (136,313)
                                                 -----------  ------------
          Total shareholders' equity                 221,022       129,710
                                                 -----------  ------------
          Total                                  $ 2,247,946  $  2,185,234
                                                 ===========  ============


                         Century Aluminum Company
                  Consolidated Statements of Cash Flows
                          (Dollars in Thousands)
                                (Unaudited)

                                                      Three months ended
                                                          March 31,
                                                       2007        2006
                                                    ----------  ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss)                                $   64,249  $ (141,571)
   Adjustments to reconcile net income (loss) to
    net cash provided by operating activities:
     Unrealized net (gain) loss on forward
      contracts                                        (27,399)    286,138
     Depreciation and amortization                      18,905      14,897
     Deferred income taxes                               8,087     (84,356)
     Pension and other post retirement benefits          5,143       3,503
     Stock-based compensation                            1,521       2,559
     Loss on disposal of assets                            180           -
     Excess tax benefits from share-based
      compensation                                        (330)       (855)
     Change in operating assets and liabilities:
          Accounts receivable - net                        447     (15,640)
          Due from affiliates                           15,074      (3,064)
          Inventories                                  (18,433)    (16,529)
          Prepaid and other current assets              (1,217)     (3,398)
          Accounts payable, trade                       24,429       4,724
          Due to affiliates                              5,381     (11,206)
          Accrued and other current liabilities         (4,611)    (16,325)
          Other - net                                    6,692      (2,838)
                                                    ----------  ----------
     Net cash provided by operating activities          98,118      16,039
                                                    ----------  ----------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchase of property, plant and equipment            (2,438)     (2,632)
   Nordural expansion                                  (29,175)    (68,769)
   Restricted and other cash deposits                    2,600      (4,001)
                                                    ----------  ----------
     Net cash used in investing activities             (29,013)    (75,402)
                                                    ----------  ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Borrowings of long-term debt                         30,000      59,000
   Repayment of long-term debt                         (29,649)       (143)
   Net repayments under revolving credit facility            -      (2,969)
   Excess tax benefits from share-based compensation       330         855
   Issuance of common stock                              1,973       2,380
                                                    ----------  ----------
     Net cash provided by financing activities           2,654      59,123
                                                    ----------  ----------

CHANGE IN CASH AND CASH EQUIVALENTS                     71,759        (240)

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR            96,365      17,752
                                                    ----------  ----------

CASH AND CASH EQUIVALENTS, END OF PERIOD            $  168,124  $   17,512
                                                    ==========  ==========



                         Century Aluminum Company
                          Selected Operating Data
                                (Unaudited)

                       SHIPMENTS - PRIMARY ALUMINUM

                      Direct (1)                         Toll
             ----------------------------  -------------------------------
               Metric     (000)            Metric       (000)       (000)
                Tons     Pounds   $/Pound   Tons       Pounds     Revenue
             ----------  -------  -------  -------  ------------  ---------
2007
1st Quarter     131,568  290,057  $  1.15   53,054       116,964  $ 114,383

2006
1st Quarter     132,378  291,843  $  1.03   24,573        54,174  $  45,166


(1) Does not include Toll shipments from Nordural


             FORWARD PRICED SALES - As of March 31, 2007

             2007(1) (2)  2008(2)  2009(2)  2010(2)  2011-2015(2)
             ----------  -------  -------  -------  ------------
Base Volume
 Pounds (000)   262,134  240,745  231,485  231,485       826,733
 Metric Tons    118,902  109,200  105,000  105,000       375,000
 Percent of
  estimated
  capacity           21%      14%      13%      13%            9%

Potential Additional Volume(2)
  Pounds (000)   83,335  220,903  231,485  231,485       826,733
  Metric Tons    37,800  100,200  105,000  105,000       375,000
  Percent of
   estimated
   capacity           6%      12%      13%      13%            9%


  (1) The forward priced sales in 2007 exclude April 2007 shipments to
  customers that are priced based upon the prior month's market price.

  (2) Certain financial sales contracts included in the forward priced
  sales base volume for the period 2007 through 2015 contain clauses that
  trigger potential additional sales volume when the market price for a
  contract month is above the base contract ceiling price.  These contracts
  will be settled monthly and, if the market price exceeds the ceiling
  price for all contract months through 2015, the potential additional
  sales volume would be equivalent to the amounts shown above.


Contacts:

Mike Dildine (media)
831-642-9364

Shelly Lair (investors)
831-642-9357

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