Acquisition of Sebree aluminum smelter (Tables)

3 Months Ended

Mar. 31, 2014

The following table summarizes the fair value of the assets acquired and the liabilities assumed as of the acquisition date:



	Acquisition Date Estimated Fair Value as of March 31, 2014
Consideration:
Cash	$	48,083
Deferred purchase price	1,910
Assets Acquired:
Inventories	59,018
Prepaid and other current assets	2,273
Property, plant and equipment – net	55,520
Total assets acquired	$	116,811
Liabilities Assumed:
Accrued and other current liabilities	$	43,316
Accrued pension benefit costs	996
Accrued post retirement benefit costs	6,544
Other liabilities	7,476
Deferred taxes	3,233
Total liabilities assumed	$	61,565
Gain on bargain purchase:	$	5,253

Sebree acquisition, pro forma information

The following unaudited pro forma financial information for the three months ended March 31, 2013 reflects our results of continuing operations as if the acquisition of Sebree had been completed on January 1, 2013. This unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of what the actual results of operations would have been had the transactions taken place on January 1, 2013, nor is it indicative of the future consolidated results of operations or financial position of the combined companies.



	Three months ended March 31,
	2013
Pro forma revenues	$	447,698
Pro forma loss from continuing operations	(1,187		)
Loss per common share, basic	(0.01		)
Loss per common share, diluted	(0.01		)

Our net income for the three months ended March 31, 2014 includes a non-recurring credit for the amortization of the deferred power contract liability of $5,534. As part of the Sebree acquisition, we recorded a $36,625 liability for an unfavorable power contract we assumed. The fair value measurement of the power contract was based on the difference between the forecasted contract rate and estimated market power rates through the contract termination date in January 2014. We amortized the power contract liability over the remaining period of the contract through January 31, 2014, resulting in a credit to our depreciation and amortization expense within cost of goods sold on the consolidated statement of operations for the three months ended March 31, 2014.