On Friday, Shares of Century Aluminum Co. (NASDAQ:CENX), lost -36.98% to $5.18, hitting its lowest level.
Century Aluminum stated a net loss of $33.9 million ($0.39 per common share) for the second quarter of 2015. Results comprise a $30.9 million impairment charge ($0.35 per common share) related to the permanent closure of our Ravenswood smelter and a $25.7 million charge ($0.30 per common share) for lower of cost or market inventory adjustments. Results were also negatively influenced by $11.7 million ($0.13 per common share) in costs related to the labor disruption at our Hawesville smelter. Lastly, results comprise a $10.3 million ($0.12 per common share) unrealized gain on the fair value of contingent consideration related to the acquisition of the remaining 50.3% interest of Mt. Holly. After consideration of these items, the company stated adjusted net income of $24.1 million and adjusted earnings per share of $0.25.
Sales for the second quarter of 2015 were $523.5 million contrast with $458.3 million for the second quarter of 2014. Shipments of primary aluminum for the second quarter of 2015 were 233,950 tonnes contrast with 216,044 tonnes shipped in the second quarter of 2014.
Net cash used by operating activities in the second quarter of 2015 was $6.0 million contrast to net cash offered of $19.3 million in the second quarter of 2014. Cash and cash equivalents reduced $59.0 million during the second quarter of 2015 contrast to an enhance in cash and cash equivalents of $8.9 million in the second quarter of 2014. During the second quarter of 2015, Century attained 1.2 million shares of common stock for a total cost of $16.9 million and paid $38.2 million related to the Mt. Holly acquisition, primarily for pension funding obligations per the terms of the acquisition agreement.
Century Aluminum Company, together with its auxiliaries, produces primary aluminum in the United States and Iceland. It produces standard grade and value-added primary aluminum products; and carbon products, such as anodes and cathodes. The company was founded in 1995 and is headquartered in Chicago, Illinois.
Shares of The Bank of New York Mellon Corporation (NYSE:BK), inclined 1.06% to $44.75, during its last trading session.
BNY Mellon, has been designated by Banco Santander Chile as the successor depositary bank for its American depositary receipt (ADR) program. Each ADR represents 400 ordinary shares and trades on the New York Stock Exchange under the symbol ‘BSAC.’ Santander Chile’s ordinary shares trade on the Santiago Stock Exchange under the code ‘BSANTANDER.’
“The U.S. is a key planned market for Santander Chile in terms of our investor relations effort,” said Robert Moreno, managing director of Investor Relations at Banco Santander Chile. “Santander Chile, one of Chile’s most liquid stocks, has a long history of working with U.S. investors and is looking forward to taking this to the next level by ongoing to build a successful ADR program in conjunction with BNY Mellon.”
“As successor depositary, we look forward to working closely with Santander Chile to assist them achieve their investor outreach aims,” said Christopher M. Kearns, CEO of BNY Mellon’s Depositary Receipts business. “BNY Mellon has been in the Chilean market for over 25 years, having established the first ADR program there in 1990. Our deep roots in the Chilean market give us a strong foundation to assist Santander Chile in making the transition to BNY Mellon as seamlessly as possible.”
BNY Mellon acts as depositary for more than 2,700 American and global depositary receipt programs as of June 30, 2015. Acting in partnership with leading companies from over 65 countries, BNY Mellon is committed to assisting securities issuers access the world’s rapidly evolving financial markets and delivers a comprehensive suite of depositary receipt services.
The Bank of New York Mellon Corporation, an investment company, provides financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally.
Finally, C&J Energy Services, Ltd. (NYSE:CJES), ended its last trade with -14.98% loss, and closed at $7.72, hitting its lowest level.
C&J Energy Services stated net loss of ($65.1 million), or ($0.56) per diluted share, on revenue of $511.2 million for the second quarter of 2015, and Adjusted Net Loss(1) of ($53.8 million), or ($0.46) per diluted share(1). Adjusted Net Loss excludes a $5.4 million, or $0.05 per diluted share, after-tax charge related to costs associated with the March 2015 combination of C&J Energy Services, Inc. with the completion and production services business of Nabors Industries Ltd.; in addition to severance costs of $1.2 million, or $0.01 per diluted share; customer settlement/bad debt write-off charges of $2.9 million, or $0.02 per diluted share; and an inventory write-down of $1.8 million, or $0.02 per diluted share. Adjusted EBITDA(1) was $20.3 million for the second quarter of 2015.
Founder, Chairman and Chief Executive Officer Josh Comstock commented, “The second quarter marked our first full quarter as an operationally integrated company following the March 24th combination of C&J with Nabors Industries’ completion and production services business. I am proud of how we managed our business and advanced our integration initiatives despite the persistently difficult market environment. We successfully fought through the headwinds facing all of us in the oil and gas industry, and did so with the additional challenge of integrating an organization several times larger than Legacy C&J with diverse service lines. We achieved an immediate and relatively seamless integration of our operations, implementing C&J’s operating philosophy and high efficiency culture across our expanded operations without a loss in service quality or efficiency. We have also made noteworthy progress toward integrating our corporate and administrative structures. Our aim is to be fully integrated and to have accomplished the transition services with Nabors by August 31, 2015, which we believe is an incredible accomplishment in only five months. These achievements are a testament to the strength of our administration team and further prove our ability to successfully integrate as we grow through acquisitions, big or small.
C&J Energy Services, Ltd. provides completion and production services for oil and gas industry primarily in North America. The company provides a range of well services involved in the completion, life-of-well maintenance, and plugging and abandonment of a well to oil and natural gas drilling and production companies.
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