Kaiser Aluminum Corp. reported net income of $11.9 million in its fourth quarter, and net income of $3.2 billion in the full year, the company said Wednesday.
In the fourth quarter, the company reported net sales of $336 million, up 23 percent from $274 million in the year-ago period. Net income was $11.9 million, or 59 cents a share, up from a net loss of $1.12 billion, or a loss of $14.36 a share, in the fourth quarter of 2005. In the current quarter, the company recorded an income tax provision of $15.4 million, about $13 million of which is non-cash. The loss in the year-ago period primarily reflects non-cash charges of $1.14 billion related to commodity subsidiary claims that were resolved when the company emerged from Chapter 11 in July 2006.
For the full fiscal year, the company reported net sales of $1.4 billion, up 25 percent from $1.1 billion in the year-ago period. Net income was $3.2 billion, which includes a $3.1 billion non-cash gain associated with its plan of reorganization and fresh-start accounting.
Foothill Ranch-based Kaiser Aluminum produces fabricated aluminum products for aerospace and high-strength, general engineering, and automotive and custom industrial applications.
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