Kaiser Aluminum Extends Credit Agreement; Revises Release Date for Third-Quarter Results; Offers Comment On Third-Quarter Results
Updated: Tuesday, October 16, 2001 07:37 PM ET
HOUSTON--(BUSINESS WIRE)--Oct. 16, 2001--Kaiser Aluminum Corporation (NYSE:KLU) today announced an extension of its credit agreement, a rescheduling of its release date for third-quarter financial results, and an update on its results for the third quarter.
Kaiser said it has extended its existing $300 million credit agreement to December 15, 2001, from the previous expiration date of November 2, 2001. The extension provides the company with additional flexibility while it continues its ongoing work on a longer-term solution for near-term maturities.
Separately, Kaiser has rescheduled its third-quarter release date and conference call for October 30, 2001, as a result of the senior management changes that were announced on October 11, when the company re-elected a new chairman of the board and appointed a new chief executive officer.
Kaiser also indicated that it does not believe an earnings warning will be required for third-quarter financial results (excluding the impact of special items and adjustments). The current third-quarter consensus for Kaiser Aluminum, as reported on First Call, is a per-share loss of 26 cents to 31 cents.
Under the revised schedule, Kaiser Aluminum intends to release its financial results before the market opens on October 30, 2001. The subsequent conference call is open to members of the investment community and news media. Conference call details are provided below.
Date: Time
Dial-in number:
Confirmation code:
Tuesday, October 30, 2001 10:00 a.m. Eastern Time
719/219-0214
798758
Audio replay: Confirmation code:
719/457-0820 (available through Nov. 2) 798758
The call also will be broadcast live on the Internet via www.StreetEvents.com.
The company had originally scheduled its release date and conference call for October 18, 2001.
Kaiser Aluminum is a leading producer of alumina, primary aluminum and fabricated aluminum products. MAXXAM Inc. (AMEX:MXM) directly and indirectly holds approximately 62 percent of Kaiser Aluminum.
Company press releases may contain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The company cautions that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those expressed or implied in the forward-looking statements as a result of various factors.