(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) | ||||
(Registrant's telephone number, including area code) | |||||
N/A | |||||
(Former Name or Former Address, if Changed Since Last Report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class: | Trading Symbol(s) | Name of each exchange on which registered: | ||||||
(Nasdaq Global Select Market) |
Exhibit Number | Description | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
CENTURY ALUMINUM COMPANY | ||||||||||||||
Date: | August 9, 2023 | By: | /s/ GERALD C. BIALEK | |||||||||||
Name: | Gerald C. Bialek | |||||||||||||
Title: | Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
$MM (except shipments and per share data) | ||||||||||||||
Q1 2023 | Q2 2023 | |||||||||||||
Aluminum shipments (tonnes) | 181,165 | 173,649 | ||||||||||||
Net sales | $ | 552.4 | $ | 575.5 | ||||||||||
Net (loss) income attributable to Century stockholders | $ | (38.6) | $ | 7.5 | ||||||||||
Diluted (loss) income per share attributable to Century stockholders | $ | (0.42) | $ | 0.07 | ||||||||||
Adjusted net (loss) income attributable to Century stockholders(1) | $ | (11.3) | $ | 15.5 | ||||||||||
Adjusted (loss) income per share attributable to Century stockholders(1) | $ | (0.11) | $ | 0.16 | ||||||||||
Adjusted EBITDA attributable to Century stockholders(1) | $ | 24.1 | $ | 29.5 | ||||||||||
Notes: | ||||||||||||||
(1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures. |
CENTURY ALUMINUM COMPANY | ||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
(in millions, except per share amounts) | ||||||||||||||
(Unaudited) | ||||||||||||||
Three months ended | ||||||||||||||
March 31, | June 30, | |||||||||||||
2023 | 2023 | |||||||||||||
NET SALES: | ||||||||||||||
Related parties | $ | 412.2 | $ | 427.2 | ||||||||||
Other customers | 140.2 | 148.3 | ||||||||||||
Total net sales | 552.4 | 575.5 | ||||||||||||
Cost of goods sold | 504.3 | 559.6 | ||||||||||||
Gross profit | 48.1 | 15.9 | ||||||||||||
Selling, general and administrative expenses | 13.4 | 12.0 | ||||||||||||
Other operating expense - net | 7.2 | 4.6 | ||||||||||||
Operating income (loss) | 27.5 | (0.7) | ||||||||||||
Interest expense | (8.7) | (8.7) | ||||||||||||
Interest income | 0.3 | 0.4 | ||||||||||||
Net (loss) gain on forward and derivative contracts | (57.6) | 9.1 | ||||||||||||
Other expense - net | (0.3) | (3.5) | ||||||||||||
Loss before income taxes | (38.8) | (3.4) | ||||||||||||
Income tax benefit | 0.2 | 10.0 | ||||||||||||
(Loss) income before equity in earnings of joint ventures | (38.6) | 6.6 | ||||||||||||
Equity in losses of joint ventures | — | 0.0 | ||||||||||||
Net (loss) income | (38.6) | 6.6 | ||||||||||||
Net loss attributable to noncontrolling interests | — | (0.9) | ||||||||||||
Net (loss) income attributable to Century stockholders | (38.6) | 7.5 | ||||||||||||
Less: net income allocated to participating securities | — | 0.4 | ||||||||||||
Net (loss) income allocated to common stockholders | $ | (38.6) | $ | 7.1 | ||||||||||
(LOSS) INCOME ATTRIBUTABLE TO CENTURY STOCKHOLDERS PER COMMON SHARE: | ||||||||||||||
Basic | $ | (0.42) | $ | 0.08 | ||||||||||
Diluted | (0.42) | 0.07 | ||||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||||||||
Basic | 92.3 | 92.3 | ||||||||||||
Diluted | 92.3 | 93.2 |
CENTURY ALUMINUM COMPANY | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
(in millions, except per share amounts) | |||||||||||
(Unaudited) | |||||||||||
December 31, 2022 | June 30, 2023 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 54.3 | $ | 50.6 | |||||||
Restricted cash | 1.2 | 10.9 | |||||||||
Accounts receivable - net | 66.9 | 48.8 | |||||||||
Due from affiliates | 4.8 | 18.2 | |||||||||
Inventories | 398.8 | 510.8 | |||||||||
Derivative assets | 127.3 | 34.5 | |||||||||
Prepaid and other current assets | 24.5 | 26.2 | |||||||||
Total current assets | 677.8 | 700.0 | |||||||||
Property, plant and equipment - net | 744.4 | 860.8 | |||||||||
Deferred tax assets | 0.2 | 110.8 | |||||||||
Other assets | 49.6 | 75.7 | |||||||||
TOTAL | $ | 1,472.0 | $ | 1,747.3 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
LIABILITIES: | |||||||||||
Accounts payable, trade | $ | 167.3 | $ | 191.2 | |||||||
Accrued compensation and benefits | 33.0 | 42.3 | |||||||||
Due to affiliates | 17.0 | 13.8 | |||||||||
Accrued and other current liabilities | 37.6 | 66.6 | |||||||||
Derivative liabilities | 9.7 | 3.6 | |||||||||
Deferred credit - preliminary bargain purchase gain | — | 103.3 | |||||||||
Iceland term facility | 13.3 | 8.6 | |||||||||
U.S. revolving credit facility | 90.0 | 63.2 | |||||||||
Iceland revolving credit facility | 35.0 | 73.0 | |||||||||
Industrial revenue bonds | 7.8 | 7.8 | |||||||||
Total current liabilities | 410.7 | 573.4 | |||||||||
Senior notes payable | 246.6 | 247.0 | |||||||||
Convertible senior notes payable | 84.4 | 84.5 | |||||||||
Grundartangi casthouse debt facility | 49.4 | 69.3 | |||||||||
Iceland term facility, net of current portion | 1.2 | — | |||||||||
Accrued benefit costs - less current portion | 118.0 | 116.8 | |||||||||
Other liabilities | 10.5 | 11.1 | |||||||||
Leases - right of use liabilities | 20.9 | 21.8 | |||||||||
Due to affiliates - less current portion | 8.3 | 1.5 | |||||||||
Deferred tax liability | 103.1 | 93.0 | |||||||||
Asset retirement obligation | 19.6 | 124.1 | |||||||||
Total noncurrent liabilities | 662.0 | 769.1 | |||||||||
CENTURY ALUMINUM COMPANY | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
(in millions, except per share amounts) | |||||||||||
(Unaudited) | |||||||||||
SHAREHOLDERS’ EQUITY: | |||||||||||
Series A Preferred stock (one cent par value, 5,000,000 shares authorized; 160,000 issued and 53,854 outstanding at December 31, 2022 and 160,000 issued; 53,706 outstanding at June 30, 2023) | 0.0 | 0.0 | |||||||||
Common stock (one cent par value, 195,000,000 authorized; 99,510,499 issued and 92,323,978 outstanding at December 31, 2022; 99,545,070 issued and 92,358,549 outstanding June 30, 2023) | 1.0 | 1.0 | |||||||||
Additional paid-in capital | 2,539.6 | 2,541.0 | |||||||||
Treasury stock, at cost | (86.3) | (86.3) | |||||||||
Accumulated other comprehensive loss | (94.0) | (90.7) | |||||||||
Accumulated deficit | (1,961.0) | (1,992.1) | |||||||||
Total Century shareholders’ equity | 399.3 | 372.9 | |||||||||
Noncontrolling interest | — | 31.9 | |||||||||
Total equity | 399.3 | 404.8 | |||||||||
TOTAL | $ | 1,472.0 | $ | 1,747.3 |
CENTURY ALUMINUM COMPANY | |||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(in millions) | |||||||||||
(Unaudited) | |||||||||||
Six months ended June 30, | |||||||||||
2022 | 2023 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | $ | 55.1 | $ | (32.0) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Unrealized (gain) loss on derivative instruments | (217.5) | 66.3 | |||||||||
Lower of cost or NRV adjustment | 52.8 | — | |||||||||
Depreciation and amortization | 42.1 | 31.5 | |||||||||
Deferred tax provision (benefit) | 41.9 | (12.6) | |||||||||
Asset impairment charge | 159.4 | — | |||||||||
Other non-cash items - net | (9.0) | 3.7 | |||||||||
Change in operating assets and liabilities, net of acquisition: | |||||||||||
Accounts receivable - net | (41.6) | 26.0 | |||||||||
Due from affiliates | (8.7) | (12.2) | |||||||||
Inventories | (43.0) | (18.5) | |||||||||
Prepaid and other current assets | 1.1 | 7.7 | |||||||||
Accounts payable, trade | 47.5 | (72.9) | |||||||||
Due to affiliates | (28.8) | 7.7 | |||||||||
Accrued and other current liabilities | 16.6 | 3.0 | |||||||||
Other - net | 0.7 | 0.4 | |||||||||
Net cash provided by (used in) operating activities | 68.6 | (1.9) | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchase of property, plant and equipment | (51.8) | (36.6) | |||||||||
Proceeds from sale of property, plant and equipment | 0.1 | — | |||||||||
Acquisition of subsidiary net of cash acquired | — | 19.4 | |||||||||
Net cash used in investing activities | (51.7) | (17.2) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Borrowings under revolving credit facilities | 596.4 | 407.8 | |||||||||
Repayments under revolving credit facilities | (660.0) | (396.6) | |||||||||
Debt issuance costs | (1.5) | — | |||||||||
Repayments of Iceland term facility | — | (6.1) | |||||||||
Borrowings under Grundartangi casthouse debt facility | 40.0 | 20.0 | |||||||||
Net cash (used in) provided by financing activities | (25.1) | 25.1 | |||||||||
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (8.2) | 6.0 | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | 40.7 | 55.5 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 32.5 | $ | 61.5 | |||||||
Supplemental Cash Flow Information: | |||||||||||
Cash paid for: | |||||||||||
Interest | $ | 13.1 | $ | 17.9 | |||||||
Taxes, net of refunds | 1.2 | (0.3) | |||||||||
Non-cash investing activities: | |||||||||||
Capital expenditures | 2.6 | 7.8 | |||||||||
Capitalized Interest | 2.9 | 2.3 |
SHIPMENTS - PRIMARY ALUMINUM(1) | ||||||||||||||||||||||||||||||||||||||
United States | Iceland | Total | ||||||||||||||||||||||||||||||||||||
Tonnes | Sales $ | Tonnes | Sales $ | Tonnes | Sales $ | |||||||||||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||||||||||||||
2nd Quarter | 97,224 | $ | 296.4 | 76,425 | $ | 212.3 | 173,649 | $ | 508.7 | |||||||||||||||||||||||||||||
1st Quarter | 102,430 | 317.6 | 78,735 | 210.1 | 181,165 | 527.7 | ||||||||||||||||||||||||||||||||
2022 | ||||||||||||||||||||||||||||||||||||||
2nd Quarter | 139,630 | $ | 564.8 | 74,454 | $ | 273.2 | 214,084 | $ | 838.0 | |||||||||||||||||||||||||||||
1st Quarter | 134,953 | 494.8 | 76,458 | 247.5 | 211,411 | 742.3 |
Three months ended | ||||||||||||||||||||||||||
March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||
$MM | EPS | $MM | EPS | |||||||||||||||||||||||
Net (loss) income attributable to Century stockholders(1) | $ | (38.6) | $ | (0.42) | $ | 6.9 | $ | 0.07 | ||||||||||||||||||
Lower of cost or NRV inventory adjustment, net of tax | (25.6) | (0.28) | 6.6 | 0.06 | ||||||||||||||||||||||
Unrealized loss (gain) on derivative contracts, net of tax | 47.8 | 0.52 | (4.3) | (0.04) | ||||||||||||||||||||||
Hawesville curtailment costs | 5.4 | 0.06 | 3.6 | 0.04 | ||||||||||||||||||||||
Share-based compensation | 2.2 | 0.02 | 1.6 | 0.02 | ||||||||||||||||||||||
Litigation settlement | (2.5) | (0.03) | — | — | ||||||||||||||||||||||
Jamalco acquisition costs | — | — | 0.7 | 0.01 | ||||||||||||||||||||||
Impact of preferred and convertible shares | — | 0.02 | 0.4 | — | ||||||||||||||||||||||
Adjusted net (loss) income attributable to Century stockholders | $ | (11.3) | $ | (0.11) | $ | 15.5 | $ | 0.16 | ||||||||||||||||||
Notes: | ||||||||||||||||||||||||||
(1) In periods of positive earnings, this represents earnings allocated to participating dilutive shares. For the three months ended June 30, 2023, this includes earnings allocated to common stockholders reduced by $0.2 million in share-based compensation related to the equity classified awards. |
Three months ended | ||||||||||||||
March 31, 2023 | June 30, 2023 | |||||||||||||
Net (loss) income attributable to Century stockholders, as reported | $ | (38.6) | $ | 7.5 | ||||||||||
Add: Net loss attributable to noncontrolling interests | — | (0.9) | ||||||||||||
Net (loss) income | (38.6) | 6.6 | ||||||||||||
Interest expense | 8.7 | 8.7 | ||||||||||||
Interest income | (0.3) | (0.4) | ||||||||||||
Net gain (loss) on forward and derivative contracts | 57.6 | (9.1) | ||||||||||||
Other income - net | 0.3 | 3.5 | ||||||||||||
Income tax benefit | (0.2) | (10.0) | ||||||||||||
Operating income (loss) | 27.5 | (0.7) | ||||||||||||
Lower of cost or NRV inventory adjustment | (26.2) | 6.4 | ||||||||||||
Hawesville curtailment costs | 5.4 | 3.6 | ||||||||||||
Share-based compensation | 2.2 | 1.4 | ||||||||||||
Litigation settlement | (2.5) | — | ||||||||||||
Jamalco acquisition costs | — | 0.7 | ||||||||||||
Depreciation and amortization | 17.7 | 17.2 | ||||||||||||
Adjusted EBITDA | 24.1 | 28.6 | ||||||||||||
Less: Adjusted EBITDA attributable to noncontrolling interests | — | (0.9) | ||||||||||||
Adjusted EBITDA attributable to Century stockholders | $ | 24.1 | 29.5 |
Document and Entity Information |
Aug. 09, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 09, 2023 |
Entity Registrant Name | Century Aluminum Company |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-34474 |
Entity Tax Identification Number | 13-3070826 |
Entity Address, Address Line One | One South Wacker Drive |
Entity Address, Address Line Two | Suite 1000 |
Entity Address, City or Town | Chicago |
Entity Address, State or Province | IL |
Entity Address, Postal Zip Code | 60606 |
City Area Code | (312) |
Local Phone Number | 696-3101 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 par value per share |
Trading Symbol | CENX |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000949157 |
Amendment Flag | false |
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