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|For Information: Michael D. Friday||For Immediate Release|
|Telephone: (216) 910-3503||August 13, 2007|
Aleris Reports Second Quarter Results
BEACHWOOD, Ohio August 13, 2007 Aleris International, Inc. today reported results for the second quarter ended June 30, 2007.
Revenues for second quarter 2007 were $1.6 billion, compared with $1.0 billion in second quarter 2006, a 60% increase, driven primarily by the August 2006 acquisition of the downstream aluminum business of Corus Group plc (Corus Aluminum).
During the first six months of 2007, Aleris expanded its inventory hedging program, which is designed to protect the value of the Companys underlying inventory from significant changes in the LME.
EBITDA excluding special items for second quarter 2007 was $104.6 million compared with $102.7 million for the comparable period last year. Adjusting for its inventory hedging program, the Companys EBITDA excluding special items was $128.2 million for the second quarter 2007 compared with $118.7 million for the second quarter 2006.
The Company generated record free cash flow of $119.9 million compared with free cash flow of $38.0 million in the second quarter 2006 driven by the Companys continued efforts to optimize working capital.
Productivity and synergy savings of $31 million were achieved in the second quarter 2007, with the Companys Six Sigma initiative strongly contributing to total productivity savings. The Company now expects to achieve $65 million in total Corus Aluminum related synergies, an increase from its previous estimate of $45 million.
Progress continued on the Companys strategic growth initiatives as the acquisition of EKCO Products was completed on May 3, 2007 and the proposed purchase of Wabash Alloys was announced on July 5, 2007.
Year-to-date, revenues were $3.2 billion compared with $1.9 billion last year, while EBITDA excluding special items increased 23% to $222.3 million from $181.1 million.
Pro forma EBITDA excluding special items and including synergies as permitted by the Companys Revolving Credit Agreement, for the last 12 months (LTM) was $502.4 million. Net debt was $2.5 billion at quarter end. Pro forma net debt to EBITDA excluding special items and including synergies was 5.0x.
The following information was filed by Aleris International, Inc. on Monday, August 13, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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