Q3 Earnings Release

On Tuesday, Oct 27th, CENX released their 3rd quarter results. While quarterly profit was up, stock prices fell to a low of $8.26 on Wednesday, from a high of $10.74 on Monday. I believe this is due to the fact that even though Century reported net income from the quarter, they reported a gross loss for the quarter...the income reported was driven by a) a $6.6 million tax benefit & b) $55.6 million primarily from realized/unrealized gains on the termination of an existing power contract. COS (as a % of sales) was 101% during Q3 2009 vs. 78% in the prior year quarter...this, to me, is the reason for the fall in share price. With the reported results, I believe investor confidence fell...thus so did the stock.