XXXXXX ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES
Q U A R T E R L Y F I N A N C I A L D A T A ( U N A U D I T E D )
Quarter Ended
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(In millions of dollars, except share amounts) March 31, June 30, September 30, December 31,
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1998
Net sales $ 597.0 $ 614.8 $ 541.6 $ 503.0
Operating income (loss) 44.8 55.3 30.8 (40.3)
Net income (loss) 12.0 16.7 10.8 (1) (38.9)(2)
Earnings (loss) per share:
Basic/Diluted .15 .21 .14 (.49)(2)
Common stock market price:
High 11 11-5/8 9-5/8 7-3/4
Low 8-1/8 8-7/8 5-5/8 4-5/8
1997
Net sales $ 547.4 $ 597.1 $634.1 $594.6
Operating income 31.3 35.3 54.5 46.9
Net income 2.6 13.7 (3) 17.5 14.2
Earnings per share:
Basic/Diluted .01 .16 .22 .18
Common stock market price:
High 13-5/8 12-1/4 16 14-7/8
Low 10-7/8 10-1/8 11-5/8 8-3/8
(1) Includes two essentially offsetting non-recurring items, a favorable $8.3
non-cash tax provision benefit resulting from the
resolution of certain matters and an approximate $10.0 unfavorable gross
profit impact of preparing for a strike by employees
represented by the USWA at five locations.
(2) Includes an unfavorable pre-tax strike-related gross profit impact of
approximately $50.0, and a non-cash pre-tax charge of
$45.0 related to impairment of the Company's Micromill assets.
Excluding these items basic earnings per share would have
been approximately $.29.
(3) Includes a $19.7 pre-tax charge for restructuring of operations, an
offsetting after-tax benefit of $12.5 related to the
settlement of certain tax matters and a $5.8 pre-tax charge for
litigation matters.
XXXXXX ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES
F I V E - Y E A R F I N A N C I A L D A T A
C O N S O L I D A T E D B A L A N C E S H E E T S
December 31,
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(In millions of dollars) 1998 1997 1996 1995 1994
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ASSETS
Current assets:
Cash and cash equivalents $ 98.3 $ 15.8 $ 81.3 $ 21.9 $ 17.6
Receivables 282.7 340.2 252.4 308.6 199.2
Inventories 543.5 568.3 562.2 525.7 468.0
Prepaid expenses and other current assets 105.5 121.3 127.8 76.6 158.0
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Total current assets 1,030.0 1,045.6 1,023.7 932.8 842.8
Investments in and advances to unconsolidated
affiliates 128.3 148.6 168.4 178.2 169.7
Property, plant, and equipment - net 1,108.7 1,171.8 1,168.7 1,109.6 1,133.2
Deferred income taxes 377.9 330.6 264.5 269.1 271.2
Other assets 346.0 317.3 308.7 323.5 281.2
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Total $ 2,990.9 $ 3,013.9 $ 2,934.0 $ 2,813.2 $ 2,698.1
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Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accruals $ 432.7 $ 457.3 $ 453.4 $ 451.2 $ 439.3
Accrued postretirement medical benefit
obligation - current portion 48.2 45.3 50.1 46.8 47.0
Payable to affiliates 77.1 82.7 97.0 94.2 85.3
Long-term debt - current portion .4 8.8 8.9 8.9 11.5
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Total current liabilities 558.4 594.1 609.4 601.1 583.1
Long-term liabilities 532.9 491.9 458.1 548.5 495.5
Accrued postretirement medical benefit obligation 694.3 720.3 722.5 734.0 734.9
Long-term debt 962.6 962.9 953.0 749.2 751.1
Minority interests 123.5 127.7 121.7 122.7 116.2
Stockholders' equity:
Preferred stock - - .4 .4 .6
Common stock .8 .8 .7 .7 .6
Additional capital 535.4 533.8 531.1 530.3 527.8
Retained earnings (accumulated deficit) (417.0) (417.6) (460.1) (459.9) (502.6)
Accumulated other comprehensive income - - (2.8) (13.8) (9.1)
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Total stockholders' equity 119.2 117.0 69.3 57.7 17.3
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Total $ 2,990.9 $ 3,013.9 $ 2,934.0 $ 2,813.2 $ 2,698.1
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Debt-to-capital ratio(1) 76.9 77.8 81.2 78.1 82.4
(1) Total of long-term debt - current portion and long-term debt
(collectively "total debt") as a ratio of total debt, deferred income
tax liabilities, minority interests, and stockholders' equity.
XXXXXX ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES
F I V E - Y E A R F I N A N C I A L D A T A
S T A T E M E N T S O F C O N S O L I D A T E D I N C O M E
( L O S S )
Year Ended December 31,
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(In millions of dollars, except share amounts) 1998 1997 1996 1995 1994
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Net sales $ 2,256.4 $ 2,373.2 $ 2,190.5 $ 2,237.8 $ 1,781.5
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Costs and expenses:
Cost of products sold 1,906.2 1,951.2 1,857.5 1,787.0 1,613.9
Depreciation and amortization 99.1 102.5 107.6 105.7 107.0
Selling, administrative, research and
development, and general 115.5 131.8 127.6 134.5 116.8
Impairment of Micromill(TM) assets/
restructuring of operations 45.0 19.7 - - -
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Total costs and expenses 2,165.8 2,205.2 2,092.7 2,027.2 1,837.7
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Operating income (loss) (1) 90.6 168.0 97.8 210.6 (56.2)
Other income (expense):
Interest expense (110.0) (110.7) (93.4) (93.9) (88.6)
Other - net 3.5 3.0 (2.7) (14.1) (7.3)
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Income (loss) before income taxes, minority
interests, and extraordinary loss (15.9) 60.3 1.7 102.6 (152.1)
Benefit (provision) for income taxes 16.4 (8.8) 9.3 (37.2) 53.8
Minority interests .1 (3.5) (2.8) (5.1) (3.1)
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Income (loss) before extraordinary loss .6 48.0 8.2 60.3 (101.4)
Extraordinary loss on early extinguishments of
debt, net of tax benefit of $2.9 - - - - (5.4)
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Net income (loss) .6 48.0 8.2 60.3 (106.8)
Preferred stock dividends - (5.5) (8.4) (17.6) (20.1)
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Net income (loss) available to common
shareholders $ .6 $ 42.5 $ (.2) $ 42.7 $ (126.9)
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Earnings (loss) per share:
Basic/Diluted $ .01 $ .57 $ .00 $ .69 $ (2.18)
Weighted average shares outstanding (000):
Basic 79,115 74,221 71,644 62,000 58,139
Diluted 79,156 74,382 71,644 62,264 58,139
(1) 1998 includes an adverse strike-related impact of approximately $60.0.
