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Century Aluminum Co (CENX) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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Century Aluminum Co

CIK: 949157 Ticker: CENX


Exhibit 99.1


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Century Aluminum Company Reports First Quarter 2020 Results

Chicago, April 30, 2020 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its first quarter 2020 results.

First Quarter 2020 Financial Results

Shipments of 202,905 tonnes
Net sales of $421.2 million, a 3% decrease over prior quarter due to lower regional premiums
Net loss of $(2.7) million, or $(0.03) per share
Adjusted net income(1) of $1.0 million, or $0.01 per share
Adjusted EBITDA(1) of $28.1 million

$MM (except shipments and per share data)
 
 
 
Q4 2019
 
Q1 2020
 
Shipments (tonnes)
 
202,870

 
202,905

 
Net sales
 
$
435.5

 
$
421.2

 
Net income (loss)
 
$
(4.8
)
 
$
(2.7
)
 
Diluted earnings (loss) per share
 
$
(0.05
)
 
$
(0.03
)
 
Adjusted net income (loss)(1)
 
$
(9.0
)
 
$
1.0

 
Adjusted earnings (loss) per share(1)
 
$
(0.09
)
 
$
0.01

 
Adjusted EBITDA(1)
 
$
13.3

 
$
28.1

 
 
 
 
 
 
 
Notes:
 
 
 
 
 
(1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures
 

In the first quarter of 2020, shipments of primary aluminum were 202,905 tonnes compared with 202,870 tonnes shipped in the fourth quarter of 2019. Net sales for the first quarter of 2020 were $421.2 million compared with $435.5 million for the fourth quarter of 2019, reflecting a 3% decrease over prior quarter due to lower regional premiums.
Century reported a net loss of $(2.7) million for the first quarter of 2020 and $1.0 million net income on an adjusted basis. First quarter results were negatively impacted by $3.7 million of non-cash exceptional items, including a $12.1 million lower of cost or net realizable value inventory adjustment (net of tax), offset by $8.3 million of unrealized gains on forward derivative contracts. This result compares to a net loss of $(4.8) million for the fourth quarter of 2019, or $(9.0) million on an adjusted basis.
Adjusted EBITDA for the first quarter of 2020 was $28.1 million, an increase of $14.8 million sequentially driven by favorable raw material prices, partially offset by falling regional premiums.
Century's cash position at quarter end was $147.6 million and revolver availability was $55.5 million.
“It is with great sadness that we report the loss of a colleague in a workplace incident in the anode production facility at Sebree on April 8th,” commented Michael Bless, President and CEO. “This loss of life has profoundly impacted our entire community, and has caused us to rededicate ourselves to our most critical responsibility to return each of our colleagues home safely at the end of his or her shift. Our late colleague’s family remains firmly in our thoughts and prayers.”
Mr. Bless continued, “We have taken a number of actions to protect the health of our employees and sustain our operations in this unprecedented environment. Thus far we have recorded only one confirmed case of COVID-19, and have had a further handful of employees quarantined due to contact with infected persons. Our plants remain fully operational. We are grateful to



The following information was filed by Century Aluminum Co (CENX) on Thursday, April 30, 2020 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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Inside Century Aluminum Co's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders??? Equity
Commitments And Contingencies
Commitments And Contingencies (Details)
Components Of Accumulated Other Comprehensive Loss
Components Of Accumulated Other Comprehensive Loss (Details)
Components Of Accumulated Other Comprehensive Loss (Tables)
Components Of Accumulated Other Comprehensive Loss - Reclassifications Out Of Aoci (Details)
Components Of Net Periodic Benefit Cost
Components Of Net Periodic Benefit Cost (Details)
Components Of Net Periodic Benefit Cost (Tables)
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information (Tables)
Condensed Consolidating Financial Information - Balance Sheet (Details)
Condensed Consolidating Financial Information - Cash Flows (Details)
Condensed Consolidating Financial Information - Statement Of Comprehensive Income (Loss) (Details)
Debt
Debt (Details)
Debt (Tables)
Debt - Credit Facility (Details)
Derivatives
Derivatives (Details)
Derivatives (Tables)
Derivatives - Assets And Liabilities (Details)
Derivatives - Net Gain (Loss) (Details)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Details)
Earnings (Loss) Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Fair Value Measurements - Level 3 Reconciliation (Details)
Fair Value Measurements - Significant Unobservable Inputs (Details)
General
General (Policies)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Narrative (Details)
Related Party Transactions - Summary Of Related Party Transactions (Details)
Revenue
Revenue (Details)
Revenue (Tables)
Shareholders??? Equity
Shareholders??? Equity (Details)
Shareholders??? Equity (Tables)

Material Contracts, Statements, Certifications & more

Century Aluminum Co provided additional information to their SEC Filing as exhibits

Ticker: CENX
CIK: 949157
Form Type: 10-Q Quarterly Report
Accession Number: 0000949157-20-000061
Submitted to the SEC: Mon May 04 2020 4:09:10 PM EST
Accepted by the SEC: Mon May 04 2020
Period: Tuesday, March 31, 2020
Industry: Primary Production Of Aluminum

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