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For Information: Michael D. Friday
Telephone: (216) 910-3503
For Immediate Release
March 30, 2007
Aleris Reports Fourth Quarter and Full Year Results
BEACHWOOD, OhioMarch 30, 2007Aleris International, Inc. today reported results for the fourth quarter of 2006 and the year ended December 31, 2006.
On December 19, 2006, Aleris was acquired by TPG (the Acquisition) for a purchase price of approximately $1.7 billion plus the assumption of approximately $1.6 billion of debt. TPG financed the transaction with equity contributions from affiliated funds, certain co-investors and cash on hand at the Company, along with an amended and restated $1.2 billion senior secured loan facility, an amended and restated senior secured asset-based revolving credit facility with a maximum availability of $750.0 million, a $600.0 million offering of senior notes and a $400.0 million offering of senior subordinated notes.
Fourth quarter net income was $10.9 million compared with a reported net loss of $5.2 million in the fourth quarter of 2005. EBITDA was $97.5 million in the fourth quarter of 2006 compared with $18.1 million in the fourth quarter of 2005.
Special items recorded during the quarter reduced net income by an aggregate amount of $4.0 million and included $39.6 million of restructuring and other charges, $12.9 million of charges for the impact of recording acquired assets at fair value, and $0.7 million of charges related to refinancing debt for the acquisition of the downstream business of Corus Group plc (Corus Aluminum); partially offset by $35.4 million of unrealized gains on derivative financial instruments and a $13.8 million gain on the sale of the Carson, California property.
EBITDA excluding special items for fourth quarter 2006 was $101.5 million compared with $55.4 million for the comparable period last year.
Full year 2006 net income was $70.3 million compared with a reported net income of $74.3 million for full year 2005. EBITDA was $308.7 million in 2006 compared with $170.5 million in 2005.
Special items recorded during 2006 reduced net income by an aggregate amount of $89.9 million and included $54.4 million of charges related to refinancing debt for the Corus Aluminum acquisition, $45.5 million related to the impact of recording assets at fair value, and $41.9 million of restructuring and other charges; partially offset by $28.3 million of unrealized gains on derivatives, a $13.8 million gain on the sale of the Carson, California
The following information was filed by Aleris International, Inc. on Friday, March 30, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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