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Press Release
MAR 15, 2011
Timminco Reports Financial Results for Fourth Quarter and 2010 Year
TORONTO, ONTARIO--(Marketwire - March 15, 2011) - Timminco Limited ("Timminco" or the "Company")(TSX:TIM) today reported its financial results for the fourth quarter and year ended December 31, 2010 (all figures are in Canadian dollars unless otherwise stated).
Fourth Quarter Fiscal 2010 Summary (all figures are comparable with fourth quarter fiscal 2009):
•Consolidated sales increased 22% to $31.0 million from $25.5 million;
•Sales from silicon metal product lines increased 5% to $31.0 million from $29.3 million;
•EBITDA (excluding a provision for the impairment of long-lived assets related to the purification of silicon metal and reorganization costs related to disposal of the Magnesium Group) was negative $5.2 million compared with negative $17.4 million;
•Net loss was $19.9 million, or $0.10 per share, compared with $69.4 million, or $0.48 per share;
•Completed a silicon metal production partnership with Dow Corning Corporation, known as Quebec Silicon, which generated net cash proceeds of US$40.1 million, and established a $10 million revolving line of credit facility with Dow Corning for Quebec Silicon;
•Fully repaid US$27.7 million Bank of America debt and established new $20.0 million three-year revolving credit facility; and,
•Confirmed the extension to July 2019 of a $25.0 million term loan with Investissement Quebec.
Fiscal 2010 Summary (all figures are comparable with fiscal 2009):
•Consolidated sales increased 27% to $133.0 million from $104.6 million (with fiscal 2009's total including a contribution of $30.1 million from the Magnesium Group, which was divested in July 2009);
•Sales from silicon metal product lines increased 91% to $132.7 million from $69.4 million;
•Recorded $26.0 million inventory net realizable value provision related to solar by-product and solar grade silicon inventories, a $7.5 million long-lived asset provision related to purification of silicon metal, a $2.2 million provision related to solar grade silicon supplier claims, and $0.5 million in reorganization costs related to disposal of the Magnesium Group;
•EBITDA (excluding the aforementioned items) was negative $38.9 million compared with negative $50.9 million;
•Net loss was $74.8 million, or $0.40 per share, compared with $134.2 million, or $1.09 per share;
•Signed long-term contracts to supply a significant volume of silicon metal over the next five years to a long-standing customer; and
•Announced plans to pursue opportunities to expand silicon metal capacity through a potential production facility in Iceland.
"Our financial results for both the fourth quarter and the year are demonstrative of the continued strong demand for our silicon metal products from our traditional chemicals and aluminum customers, which allowed us to run our operations at full capacity throughout 2010," said Dr. Heinz Schimmelbusch, Chairman of the Board and Chief Executive Officer of Timminco. "Sales achieved strong year-over-year growth of 22% and 27% for the quarter and the year, respectively. Profitability, however, was impacted by a number of provisions related to the strategic positioning of the Silicon Group for the future. As we look forward to 2011, silicon metal production for the year is essentially sold out and we will continue to focus on opportunities to reduce production costs."
Dr. Schimmelbusch continued, "The additional actions we undertook in 2010 to strengthen the balance sheet have positioned Timminco to capitalize on the opportunities inherent in our silicon metal operations, as well as our proprietary solar grade silicon purification process. We believe that the long-term viability of the solar photovoltaic industry will require a less energy intensive alternative to polysilicon. We continue to work on process refinements, which when applied at a commercial scale, could reduce our solar grade silicon production costs over the long term, potentially providing a cost advantage relative to polysilicon. In the interim we are developing new customer markets to enable re-establishing commercial production."
Financial Results
The Company's financial results for the fourth quarter and fiscal year ended December 31, 2010 and fourth quarter ended December 31, 2009 consist of its silicon metal and solar grade silicon operations. The results for the fiscal year ended December 31, 2009 also include the contribution from the Magnesium Group, which was divested on July 22, 2009
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