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Ormet Reports Second Quarter and First Half 2011 Earnings
Edited by : AL CIRCLE
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Ormet announces a $94.9 million and $100.5 million net profit for the second quarter of 2011 and first half of 2011, respectively. Net income per common share outstanding was $5.10 for the quarter and $5.41 the first half of 2011. These results were significantly influenced by:
--Gain on sale of land and marine terminal assets in Louisiana in the second quarter of 2011 totaling $22.9 million (before provision for income taxes).
-- The non-cash favorable effect of the reversal of tax valuation allowances of $75.2 million, partially offset by tax provisions of $7.7 million on income from continuing operations and $5.9 million on income from discontinued operations, all recorded in the second quarter of 2011.
-- Burnside alumina refinery expenses of $5.8 million in the second quarter of 2011 associated with the restart of the facility.
Excluding these events, the results would have been net income of $16.2 million ($0.87 per share) and $21.8 million ($1.17 per share) for the quarter and first half, respectively.
--Gain on sale of land and marine terminal assets in Louisiana in the second quarter of 2011 totaling $22.9 million (before provision for income taxes).
-- The non-cash favorable effect of the reversal of tax valuation allowances of $75.2 million, partially offset by tax provisions of $7.7 million on income from continuing operations and $5.9 million on income from discontinued operations, all recorded in the second quarter of 2011.
-- Burnside alumina refinery expenses of $5.8 million in the second quarter of 2011 associated with the restart of the facility.
Excluding these events, the results would have been net income of $16.2 million ($0.87 per share) and $21.8 million ($1.17 per share) for the quarter and first half, respectively.
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