NOTE: First quarter results include a previously
disclosed
pre-tax gain of $14 million, or $.11 per share after tax, to
reflect mark-to-market adjustments on certain aluminum hedging
contract positions.
First Call/Thomson Financial estimate was $0.08.
HOUSTON, April 18 (Reuters) -
KAISER ALUMINUM CORP.
AND SUBSIDIARY COMPANIES
STATEMENTS
OF CONSOLIDATED INCOME (LOSS)
(Unaudited) (In millions of dollars, except share amounts)
Quarter
Ended
March
31,
2000 1999
Net sales $565.7 $479.4
Costs and expenses:
Cost of products
sold 480.7 459.9
Depreciation and
amortization 19.6 24.4
Selling, administrative,
research and development,
and general 28.5 28.1
Total cost and expenses 528.8 512.4
Operating income (loss) 36.9 (33.0)
Other income (expense)
Interest expense (28.4) (27.7)
Other -- net 10.1 1.3
Income (loss) before income
taxes and minority interests 18.6 (59.4)
(Provision) benefit for
income taxes (7.3) 20.2
Minority interests .4 1.0
Net income (loss) 11.7 (38.2)
Earnings (loss) per share:
Basic .15 (.48)
Diluted .15 (.48)
Weighted average shares
outstanding (000):
Basic 79,407 79,154
Diluted 79,407 79,154
SELECTED OPERATIONAL AND FINANCIAL INFORMATION
(Unaudited)
(In millions of dollars, except share amounts)
Quarter Ended
March 31,
2000 1999
Shipments: (000 tons)
Alumina
Third Party 437.5 (1) 487.0
Intersegment 277.6 (1) 150.3
Total Alumina 715.1 673.3
Primary Aluminum
Third Party 79.4 62.9
Intersegment 47.9 39.5
Total Primary Aluminum 127.3 102.4
Flat-Rolled Products 51.8 52.5
Engineered Products 47.3 41.4
Average Realised Third Party
Sales Price: (2)
Alumina (per ton) $203 $172
Primary Aluminum (per pound) .72 .64
Net Sales:
Bauxite and Alumina
Third Party (includes net
sales of bauxite) 100.8 (1) $89.7
Intersegment 56.8 (1) 23.0
Total Bauxite & Alumina 157.6 112.7
Primary Aluminum
Third Party 127.1 89.1
Intersegment 82.1 49.1
Total Primary Aluminum 209.2 138.2
Flat-Rolled Products 153.7 148.3
Engineered Products 159.5 133.5
Minority Interests 24.6 18.8
Eliminations (138.9) (72.1)
Total Net Sales 565.7 479.4
Operating Income (Loss):
Bauxite & Alumina 16.4 (3) $(7.8)
Primary Aluminum 25.5 (22.1) (4)
Flat-Rolled Products 3.1 7.4
Engineered Products 13.3 6.9
Micromill (5) (.6) (3.3)
Eliminations (4.1) 3.6
Corporate and other (16.7) (6) (17.7)
Total Operating Income (Loss) 36.9 (33.0)
Net Income (Loss) 11.7 (38.2)
Capital Expenditures 16.7 16.5
NOTE: First quarter results include a previously disclosed
pre-tax gain of $14 million, or $.11 per share after tax, to
reflect mark-to-market adjustments on certain aluminum hedging
contract positions.
Net sales for the quarter ended March 31, 2000, included
about 77,000 tons of alumina purchased from third parties and
resold to certain unaffiliated customers, and 39,000 tons of
alumina purchased from third parties and transferred to the
company's primary aluminum business unit.
Average realised prices for the company's flat-rolled
products and engineered products segments are not presented as
such prices are subject to fluctuations due to changes in
product mix. Average realised third party sales prices for
alumina and primary aluminum include the impact of hedging
activities.
Operating income (loss) for the quarter ended March 31,
2000, included estimated business interruption insurance
recoveries totalling $25.3. Additionally, depreciation was
suspended for the Gramercy facility for the last six months of
1999 and the first quarter of 2000, as a result of the July 5,
1999, incident. Depreciation expense for the Gramercy facility
for the six months ended June 30, 1999, was approximately
$6.0.
Operating income (loss) for the quarter ended March 31,
1999, included potline restart costs of $7.1.
KACC's Micromill assets and technology were sold to a third
party in February 2000.
Operating income (loss) for the quarter ended March 31,
2000, included approximately $2.0 of non-recurring expenses
related to corporate staff cost reduction and efficiency
initiatives.