Century Aluminum Reports Second Quarter 2008 Results

MONTEREY, CA--(Marketwire - July 24, 2008) - Century Aluminum Company reported a net loss of $2.3 million ($0.06 per basic and diluted share) for the second quarter of 2008. Reported second quarter results were negatively impacted by an after-tax charge of $129.9 million ($3.16 per basic share) for mark-to-market adjustments on forward contracts that do not qualify for cash flow hedge accounting. Quarterly results were positively impacted by a $15.5 million tax benefit ($0.38 per basic share) resulting principally from a reduction in non-U.S. corporate tax rates. The dilutive effect of the convertible notes, options and service-based awards would reduce basic EPS by $0.21. Cash used to settle forward contracts that do not qualify for cash flow hedge accounting was $62.8 million. In the second quarter of 2007, the company... [read full story]