Second Quarter 2014 Highlights and Recent Events
• On July 29, 2014, Noranda joined consumer groups that represent all Missouri electricity consumers in support of a Missouri Office of Public Counsel compromise proposal to reduce the smelter`s electricity rates; this proposal, if approved, would provide first year rate relief of approximately $30 million, a reduction in net cash cost of approximately $0.05 per pound
• Excluding special items, earnings per share ("EPS") was a $0.10 loss in second quarter 2014 and reported EPS was an $0.11 loss
• Average realized Midwest transaction price per pound shipped was $0.99, compared to $0.95 in first quarter 2014; $0.95 in second quarter 2013
• Net Cash Cost was $0.84 per pound, compared to $0.90 per pound, or $0.79 per pound excluding weather-related impact in first quarter 2014; second quarter 2013 Net Cash Cost was $0.83 per pound
• Total segment profit was $30.4 million, compared to $10.7 million in first quarter 2014 and $25.0 million in second quarter 2013
• Cash and cash equivalents totaled $32.9 million and total available liquidity was $179.3 million as of June 30, 2014
I've been watching for awhile, and bought a few shares yesterday. I see the report as "moving in the right direction, but some serious boulders in the road ahead". if they can navigate the rate change, and keep pricing/profits moving in the right direction, this should turn into a nice gain. If they don't, not good. Time will tell.