Kaiser Aluminum Corporation Reports Second Quarter and First Half 2012 Financial Results

　　Second Quarter 2012 Results:

　　Net Sales $345 Million; Value Added Revenue $185 Million, Up 16%

　　Operating Income $40 Million; Adjusted EBITDA $46 Million, Up 51%

　　Net Income $21 Million; Adjusted Net Income $20 Million, Up 70%

　　Diluted EPS $1.09; Adjusted EPS $1.06, Up 68%

　　Record First Half 2012 Results: Value Added Revenue, Adjusted EBITDA and EBITDA Margin, Adjusted Net Income, and Adjusted EPS

　　FOOTHILL RANCH, Calif., July 25, 2012 (GLOBE NEWSWIRE) -- Kaiser Aluminum Corporation (Nasdaq:KALU) today reported net income of $21 million or $1.09 earnings per diluted share for the second quarter 2012 compared to $4 million, or $0.21 earnings per diluted share for the second quarter 2011. Excluding the impact of non-run-rate items, adjusted net income was $20 million or $1.06 per diluted share for the second quarter 2012, reflecting a significant improvement from adjusted net income of $12 million or $0.63 per diluted share in the second quarter 2011. Record first half 2012 adjusted net income of $41 million and adjusted earnings per share of $2.16 reflected a 108% improvement over the prior year period.

　　Value added revenue of $185 million for the second quarter 2012 was up 16% over the prior year period. For the first six months of 2012, value added revenue was a record $380 million, up 20% from the comparable 2011 period, reflecting strong year-over-year aerospace demand growth and an improved pricing environment.

　　Adjusted consolidated EBITDA was $46 million compared to $30 million for the prior year period. Record first half 2012 adjusted consolidated EBITDA of $90 million was up 69% from the prior year period. Adjusted EBITDA margin on first half 2012 value added revenue was 24% compared to 17% for the first half of 2011, driven by higher volume, improved pricing and greater operating leverage from capacity and efficiency improvements.

　　Summary

　　"We are very pleased with our second quarter results which, combined with our first quarter results, produced record value added revenue and earnings for the first half of 2012. These results reflect higher volume driven by strong aerospace and automotive demand, improved pricing and greater overall operating leverage. Solid execution, especially at our Trentwood facility that is undergoing a Phase 4 heat treat plate expansion, also contributed to the record results," said Jack A. Hockema, President, CEO and Chairman. "Overall, we continue to realize benefits from the growth initiatives and investments we have made to increase capacity, improve efficiency and quality, and expand our product offering, and our record first half 2012 and last twelve months results demonstrate significant progress toward achieving the long-term potential of our platform."

　　"As we look forward, we believe we are well positioned and have the financial flexibility to support future capacity expansion initiatives as needed to keep pace with expected demand growth for aerospace and automotive applications," added Mr. Hockema.