Tuesday, November 10, 2009

Quarterly Report Filed

On Monday, Nov 9, Century filed their quarterly report. Noted in the quarterly report was the commencement of an exchange offer that occurred on Oct 28, which they issued 11,365,693 shares of C/S in exchange for $127.9 million debt. Net income for the quarter was reported at $40.1 million, on sales of $228.7 million...net income was a result of a $57 million gain associated with the exit of their long-term power contract at the Hawesville plant. Even though this wasn't anything new, CENX stock ended on a good note...closing at $9.48 after closing the prior week at $8.99 (5.5%). The increase was more than likely not related to the filing of the Q, but due to market conditions, Alcoa also closed Monday on a high note at $13.34 after closing the prior week at $12.89 (3.5%).

2 comments:

  1. Am I interpreting this correctly -- did they issue stock to pay back debt?

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  2. Yes, the actual agreement was finally executed last Friday (Nov 13th).

    ReplyDelete