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For Information: Michael D. Friday
|For Immediate Release|
Telephone: (216) 910-3503
|November 9, 2007|
Aleris Reports Third Quarter Results
BEACHWOOD, Ohio November 9, 2007 Aleris International, Inc. today reported results for the third quarter ended September 30, 2007.
Revenues for third quarter 2007 were $1.7 billion, compared with $1.4 billion in third quarter 2006, a 19% increase, driven primarily by the 2006 acquisition of the downstream aluminum business of Corus Group plc (Corus Aluminum) and the 2007 acquisitions of Wabash Alloys L.L.C. (Wabash Alloys) and EKCO Products.
EBITDA, excluding special items, for third quarter 2007 was $127.5 million compared with $123.0 million for the comparable period last year.
The Company generated free cash flow of $102.4 million in the third quarter 2007 compared with $87.1 million in the comparable period of 2006 and $277.5 million in the first nine months of 2007 compared with $163.6 million in the prior year-to-date period.
Progress continued on the Companys strategic growth initiatives as the acquisitions of Wabash Alloys and Alumox Holding AS were completed in September 2007.
Productivity and synergy savings of $32.0 million were achieved in the third quarter 2007 and total $88.0 million year-to-date.
Year-to-date, revenues were $4.9 billion compared with $3.3 billion last year, while EBITDA, excluding special items, increased 15% to $349.8 million from $304.1 million.
Pro forma EBITDA, excluding special items, and including the acquisitions of Wabash Alloys and EKCO Products as if they had occurred on October 1, 2006 and synergies as permitted by the Companys Term Loan Agreement, for the last 12 months (Pro Forma Adjusted EBITDA) was $527.8 million. Net debt was $2.8 billion at quarter end. Net debt to Pro Forma Adjusted EBITDA, was 5.2x. Pro Forma Adjusted EBITDA does not include approximately $19.0 million of expected synergies as our Term Loan Agreement limits expected synergies to $40.0 million.
European industrial activity remains strong while demand from the North American building & construction and transportation end-uses is expected to remain soft for the rest of 2007.
The following information was filed by Aleris International, Inc. on Friday, November 9, 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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