Century Reports 2008 Financial Results
Thursday February 19, 4:00 pm ET
MONTEREY, CA--(MARKET WIRE)--Feb 19, 2009 -- Century Aluminum Company (NasdaqGS:CENX - News) today reported a net loss of $700.2 million ($14.27 per basic and diluted share) for the fourth quarter of 2008. Reported fourth quarter results were impacted by a charge for goodwill impairment of $94.8 million ($1.93 per basic and diluted share), a tax charge of $522.9 million ($10.66 per basic and diluted share) related to the recording of a valuation allowance on deferred tax assets and an inventory write down to market value of $55.9 million ($1.14 per basic and diluted share).
For the fourth quarter of 2007, the company reported a net loss of $112.3 million ($2.74 per basic and diluted share). Reported results for this quarter were impacted by an after-tax charge of $147.7 million ($3.61 per basic share) for mark-to-market adjustments on forward contracts that do not qualify for cash flow hedge accounting and by a tax benefit of $4.0 million ($0.10 per basic share) related to the increase in the carrying amount of deferred tax assets as a result of a state tax law change. The dilutive effect of the options, convertible notes and service-based awards would reduce basic EPS by $0.05 per share.
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