Ormet had net income of $39.8 million with earnings per share of $2.15 for the year ended December 31, 2010. These results included a $36.5 million ($1.97 per share) non-cash income tax benefit associated with reversal of a portion of Ormet’s fully reserved accumulated deferred income tax assets.
Ormet Corporation, an independent U.S. producer of aluminum, announced its results of operations for 2010. Net income for the year ended December 31, 2010 totaled $39.8 million compared to $32.8 million for the same period of 2009. The 2010 results include a non-cash income tax benefit of $36.5 million plus non-recurring other income of $3.2 million associated with a litigation settlement, partially offset by one-time charges of $5.0 million associated with the March 2, 2010 refinancing of the long term debt and credit facility (“ABL”).
The 2009 results include the $31.1 million arbitration settlement with Glencore, Ltd. received in August 2009. Exclusive of these one-time effects, Ormet’s results reflected a profit of $5.1 million in 2010 versus $1.7 million in 2009. The 2010 results compared favorably to 2009 taking into account that molten production in 2010 was 17% below that of 2009.
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