<PAGE> 1
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________
FORM 10-Q
_________
(MARK ONE)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______________
TO __________________
COMMISSION FILE NUMBER: 333-53791
SIMCALA, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 34-1780941
(State of incorporation) (I.R.S. Employer Identification No.)
1940 OHIO FERRO ROAD
MT. MEIGS, ALABAMA 36057
(Address of principal executive offices)
(334) 215-7560
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant: (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]
The number of shares of the registrant's Common Stock outstanding as of
May 6, 2000 was 10,889.
================================================================================
1
<PAGE> 2
PART I. FINANCIAL INFORMATION*
2
<PAGE> 3
ITEM 1. FINANCIAL STATEMENTS
SIMCALA, INC.
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, 2000 December 31, 1999
(unaudited)
Current Assets
ASSETS
<S> <C> <C>
Current Assets
Cash and cash equivalents $ 11,002,970 9,819,378
Restricted Cash 6,459,845 6,370,775
Accounts receivable 4,459,994 5,016,002
Inventories 3,348,150 2,561,105
Other current assets 539,987 284,172
- ----------------------------------------------------------------------------------------------------------
Total current assets $ 25,810,946 $ 24,051,432
Property, Plant and Equipment, net of accumulated
depreciation of $8,340,154 and $7,259,635, at
March 31, 2000 and December 31, 1999, respectively 49,855,737 50,480,712
Intangible Assets, net of accumulated amortization of
$4,099,629 and $3,583,705, at March 31, 2000
and December 31, 1999, respectively 36,161,603 36,677,627
- ----------------------------------------------------------------------------------------------------------
Total Assets $ 115,716,423 $ 111,209,771
==========================================================================================================
LIABILITIES AND SHAREHOLDER'S EQUITY
- ----------------------------------------------------------------------------------------------------------
Current Liabilities
Accounts payable $ 4,095,570 $ 4,195,134
Accrued expenses 813,257 729,198
Accrued interest payable 3,351,927 1,566,331
Current maturities of long-term debt and capital leases 36,838 41,689
- ----------------------------------------------------------------------------------------------------------
Total current liabilities 8,297,592 6,532,352
Long Term Debt and Capital Leases - Net of Current Portion 81,014,716 81,019,955
Deferred Income Taxes 10,712,843 10,925,499
- ----------------------------------------------------------------------------------------------------------
Total Liabilities $ 100,025,151 $ 98,477,806
- ----------------------------------------------------------------------------------------------------------
Shareholder's Equity
Preferred Stock (Series B preferred stock, 3,000 shares authorized,
none issued and outstanding, $1.00 par value) -- --
Common stock, 20,000 shares authorized - 10,889 shares
issued and outstanding, par value $.01 per share 109 109
Additional paid-in capital 18,806,891 18,806,891
Retained deficit (7,003,865) (6,075,035)
- ----------------------------------------------------------------------------------------------------------
Total shareholder's equity 11,803,135 12,731,965
- ----------------------------------------------------------------------------------------------------------
Total Liabilities and Shareholder's Equity $ 111,828,286 $ 111,209,771
==========================================================================================================
</TABLE>
See Notes to Condensed Financial Statements.
3
<PAGE> 4
SIMCALA, INC.
CONDENSED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three months ended Three months ended
March 31, 2000 March 31, 1999
(unaudited) (unaudited)
- --------------------------------------------------------------------------------------------
<S> <C> <C>
Net Sales $ 12,209,277 $ 14,911,132
Cost of Goods Sold 11,079,139 13,352,675
- --------------------------------------------------------------------------------------------
Gross Profit 1,130,138 1,558,457
Selling and Administrative Expenses 618,359 687,716
- --------------------------------------------------------------------------------------------
Operating Income 511,779 870,741
Interest Expense 1,908,230 1,937,838
Other Income, Net (254,964) (195,202)
- --------------------------------------------------------------------------------------------
Loss before Income Taxes (1,141,487) (871,895)
Income Tax Benefit (212,656) (122,970)
- --------------------------------------------------------------------------------------------
Net Loss (928,831) (748,925)
============================================================================================
</TABLE>
See Notes to Condensed Financial Statements.
4
<PAGE> 5
SIMCALA, INC.
CONDENSED STATEMENTS OF CASH FLOW
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended
March 31, 2000 March 31, 1999
Cash Flows from Operating Activities: (unaudited) (unaudited)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net loss (928,831) -748,925
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization 1,596,544 1,662,596
Deferred income taxes (212,656) -122,970
Change in certain assets and liabilities:
(Increase) decrease in accounts receivable 556,008 -667,390
(Increase) decrease in inventories (787,045) 1,513,040
(Increase) in other assets (255,814) -387,192
Increase in accounts payable and accrued expenses 1,765,242 1,582,102
- ---------------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities 1,733,448 2,831,261
- ---------------------------------------------------------------------------------------------------------------------------
Cash Flows from Investing Activities - Purchase of property, plant and equipment (455,545) -430,140
Cash Flows from Financing Activities -
Payments on non-interest-bearing debt (5,241) -7,541
Change in Cash and Cash Equivalents and Restricted Cash 1,272,662 2,393,580
Cash and Equivalents and Restricted Cash at Beginning of Period 16,190,153 14,652,789
===========================================================================================================================
Cash and Equivalents and Restricted Cash at End of Period $17,462,815 $17,046,369
===========================================================================================================================
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for:
Interest $ 133,912 $ 184,405
=========== ===========
Income taxes $ 0 $ 0
=========== ===========
</TABLE>
See Notes to Condensed Financial Statements.
5
<PAGE> 6
SIMCALA, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 - BASICS OF PRESENTATION
The accompanying condensed financial statements of SIMCALA, Inc. have been
prepared in accordance with the instructions for Form 10-Q and therefore, do not
include all information on footnotes that generally accepted accounting
principles require for complete financial statements. The unaudited condensed
financial statements should be read in conjunction with the audited financial
statements and related notes included in the Company's Annual Report on Form
10-K for the year ended December 31, 1999. In the opinion of management, the
unaudited condensed financial statements contain all necessary adjustments
(which include only normal, recurring adjustments) for a fair presentation of
the Interim period presented. Operating results for the three-months ended March
31, 2000, are not necessarily indicative of operating results for the entire
fiscal year ended December 31, 2000.
NOTE 2 - ORGANIZATION AND OPERATIONS
On March 31, 1998, SIMCALA Holdings, Inc. ("Holdings"), through its wholly owned
subsidiary, SAC Acquisition Corp. ("SAC") purchased all of the outstanding
common stock of SIMCALA, Inc. ("SIMCALA" or the "Company") (the "Acquisition").
On such date, SAC was merged into SIMCALA. Holdings and SAC conducted no
significant business other than in connection with the Acquisition. The term
"Predecessor" refers to the Company prior to the Acquisition.
The Company is a producer of silicon metal for sale to the aluminum and
silicones industries. The Company sells to customers in the metal industry who
are located primarily throughout the United States. Credit is extended based on
an evaluation of the customer's financial condition. During the three months
ended March 31, 2000 and the three months ended March 31, 1999, three customers
accounted for 49%, 26%, and 10% and 37%, 31%, and 10% of net sales,
respectively. At March 31, 2000 and December 31, 1999, three customers accounted
for 48%, 16%, and 12% and 43%, 27% and 5%, respectively, of outstanding
receivables. The Company maintains credit insurance for all customer accounts
receivable.
The Acquisition of the Predecessor for approximately $65.3 million in cash,
including $6.1 million in expenses directly related to the Acquisition and
assumption of approximately $22 million in liabilities, has been accounted for
as a purchase. The Acquisition was financed through the issuance of Senior Notes
in the amount of $75 million (the "Notes") and equity contributed of $22
million. The uses of cash associated with the Acquisition were as follows (in
thousands of dollars):
<TABLE>
<S> <C>
The Acquisition $ 65,291
Repayment of indebtedness 9,159
Transaction fees and expenses 6,051
General corporate purposes 16,499
---------
$ 97,000
=========
</TABLE>
Accordingly, the purchase price has been allocated to the identifiable assets
and liabilities based on fair values at the acquisition date. The excess of the
purchase price over the fair value of the identifiable net assets in the amount
of $34.5 million has been classified as goodwill. Additionally, the effect of
the carryover basis of senior management of $3.2 million has been considered in
the allocation of the purchase price. The carryover basis adjustment results
from the application of Emerging Issues Task Force ("EITF") Consensus No. 88-16,
Basis in Leveraged Buyout Transactions, and is allocated to property, plant, and
equipment and goodwill based upon the March 31, 1998 balances.
The Acquisition was financed through the issuance of senior notes in the amount
of $75,000,000 and equity contributed of $22,000,000. Senior Management had an
8% ownership interest in the Predecessor, and as a result
6
<PAGE> 7
of the Acquisition, has a 9% ownership interest in the Company. The sale of the
Predecessor's stock of which 92% was not owned by Senior Management, constituted
a change in control of the Predecessor.
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
For a summary of the Company's accounting policies, please refer to the
Company's Form 10-K for the year ended December 31, 1999.
NOTE 4 - INVENTORIES
As of March 31, 2000 and December 31, 1999, inventories consisted of the
following:
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
(unaudited)
-------------- -----------
<S> <C> <C>
Raw Materials $ 597,425 $ 1,143,075
Finished Goods 2,454,725 1,122,030
Supplies 296,000 296,000
------------- -----------
$ 3,348,150 $ 2,561,105
============= ===========
</TABLE>
7
<PAGE> 8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
GENERAL
On March 31, 1998, Holdings, through its wholly owned subsidiary, SAC, purchased
all of the outstanding shares of common stock of SIMCALA. On such date, SAC was
merged into SIMCALA. SIMCALA, as the surviving corporation in the Merger, became
a wholly owned subsidiary of Holdings.
The following is a discussion of the Company's results of operations. The
discussion is based upon the three-month period ended March 31, 2000 in
comparison to the three-month period ended March 31, 1999.
The table below sets forth certain statement of operations information as a
percentage of net sales during the quarters ended March 31, 2000 and 1999:
<TABLE>
<CAPTION>
Three months ended Three months ended
March 31, March 31,
2000 1999
------------------ ------------------
<S> <C> <C>
Net sales 100.0% 100.0%
Cost of goods sold 90.7 89.5
------ ------
Gross profit 9.3 10.5
Selling and administrative expenses 5.1 4.6
------ ------
Operating income (loss) 4.2 5.9
Interest expense 15.6 13.0
Other income, net (2.1) (1.3)
------ ------
Loss before income taxes (9.3) (5.8)
Income tax benefit (1.7) (0.8)
------ ------
Net loss (7.6)% (5.0)%
====== ======
</TABLE>
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THREE MONTHS ENDED MARCH 31, 1999
NET SALES
Net sales decreased by $2.7 million in the three months ended March 31, 2000, or
18.1%, to $12.2 million from $14.9 million for the same period in 1999. This
decrease was due principally to decreased sales volume in the first quarter of
2000. This volume decrease was compounded by a reduction in average selling
prices for all grades of silicon metal. Production of silicon metal in the first
quarter of 2000 was 10,014 metric tons, compared with 9,171 metric tons produced
in the first quarter of 1999.
GROSS PROFIT
Gross profit decreased by $0.5 million, or 27.5%, to $1.1 million in the first
quarter of 2000 as compared to $1.6 million in the same period in 1999. The
gross profit margin decreased to 9.3% in the first quarter of 2000 from 10.5% in
the same period in 1999. These decreases were principally due to the lower sales
volumes discussed above.
Average selling price per metric ton decreased to $1,400 in the first quarter of
2000 from $1,490 in the same period in 1999 due to the excess supply conditions
in the secondary aluminum market which existed for most of
8
<PAGE> 9
1999. Average production cost per metric ton decreased to $1,107 in the first
quarter of 2000 from $1,171 in the same period in 1999. This decrease resulted
primarily from improved production efficiencies which led to increased
production volumes.
SELLING AND ADMINISTRATIVE EXPENSES
Selling and administrative expenses decreased $0.1 million, or 10.1%, to $0.6
million in the first quarter of 2000 as compared to $0.7 million in the same
period in 1999. The decrease was primarily due to recognition of compensation
expenses in the first quarter of 1999 with no corresponding costs in the first
quarter of 2000. These expenses included management bonuses and management fees.
OPERATING INCOME
Income from operations decreased $0.4 million, or 41.2%, to $0.5 million in the
first quarter of 2000 as compared to $0.9 million in the same period of 1999,
while the operating margin decreased to 4.2% from 5.9% for the same period in
the prior year. The decrease was primarily due to lower sales volumes in the
first quarter of 2000, partially offset by lower production costs.
INTEREST EXPENSE
Interest expense was materially unchanged for the quarter ended March 31, 2000
when compared to the same period in 1999.
OTHER INCOME - NET
Other income - net increased $0.1 million, or 30.6%, to $0.3 million in the
first quarter of 2000 from $0.2 million in the same period in 1999. The increase
in other income was primarily due higher interest income earned on short term
investments due to higher interest rates.
INCOME TAX BENEFIT
The income tax benefit increased $0.1 million, or 72.9%, to $0.2 million in the
first quarter of 2000 as compared to $0.1 million in the same period of 1999.
The increase was primarily due to a larger taxable loss in the first quarter of
2000, as compared to the same period in 1999.
NET LOSS
As a result of the above factors, the net loss for the three months ended March
31, 2000 was $0.9 million compared to a net loss of $0.7 million for the same
period in 1999.
LIQUIDITY AND CAPITAL RESOURCES
The Company's primary sources of liquidity are cash flow from operations,
borrowings under its secured credit facility and a portion of the net proceeds
from the offering of its 9 5/8% Senior Notes due 2006 (the "Notes"). The
Company's principal uses of liquidity are to fund operations, meet debt service
requirements and finance the Company's planned capital expenditures, including
the construction of a fourth smelting furnace, engineering work for which has
already begun.
The Company's cash flows from its operations are influenced by selling prices of
its products and raw materials costs and are subject to moderate fluctuation due
to market supply factors, including those driven by imports. The Company's
silicon metal business experiences price fluctuations principally due to the
competitive nature of one of its markets, the secondary aluminum market.
Historically, the Company's microsilica business has been affected by the
developing nature of the markets for this product.
Cash and cash equivalents were $11.0 million and $10.3 million at March 31, 2000
and December 31, 1999, respectively, and restricted cash was $6.5 million and
$6.4 million at March 31, 2000 and December 31, 1999, respectively. The increase
in total cash and equivalents and restricted cash in the first quarter of 2000
resulted principally from cash provided by operations.
9
<PAGE> 10
Depreciation and amortization remained relatively unchanged for the first
quarter of 2000 at $1.6 million, compared to $1.7 million for the same period in
1999.
In the first quarters of 2000 and 1999, net cash provided by operating
activities was $1.7 million and $2.8 million, respectively. The decrease in the
first quarter of 2000 resulted primarily from the building of finished goods
inventory in that same period. In the first quarters of 2000 and 1999, net cash
used in investing activities was $0.5 million and $0.4 million, respectively.
The changes primarily reflect different levels of capital spending during the
corresponding quarters of each year. In the first quarters of 2000 and 1999, net
cash used in financing activities was insignificant.
In connection with the Acquisition, the Company replaced its existing credit
facility in the first quarter of 1999 with a new credit facility (the "Credit
Facility") providing availability for revolving borrowings and letters of credit
in an aggregate principal amount of up to $15.0 million (of which $6.1 million
is reserved for support of a letter of credit issued in connection with the
industrial revenue bond financing of the Company). As of March 31, 2000 and
December 31, 1999, no drawings were outstanding under the Credit Facility.
Ongoing interest payments on the Notes represent significant liquidity
requirements for the Company. With respect to the $75.0 million borrowed under
the Notes, the Company will be required to make semiannual interest payments of
approximately $3.6 million over the life of the Notes.
With respect to ongoing capital spending, the Company expects to spend
approximately $2.5 million to $3.0 million annually to properly maintain its
furnaces and other production facilities. In addition, the Company intends to
add a fourth smelting furnace over the next two years from proceeds of the
Notes, together with internally generated or borrowed cash. The Company
estimates that construction of the furnace will cost approximately $25.0
million.
The agreement governing the Credit Facility (the "Credit Agreement") imposes
restrictions on the Company's ability to make capital expenditures, and both the
Credit Agreement and the indenture governing the Notes (the "Indenture") limit
the Company's ability to incur additional indebtedness. Such restrictions,
together with the highly leveraged nature of the Company, could limit the
Company's ability to respond to market conditions, to meet its capital spending
program, to provide for unanticipated capital investments or to take advantage
of business opportunities. The covenants contained in the Credit Agreement also,
among other things, restrict the ability of the Company and its subsidiaries to
dispose of assets, incur guarantee obligations, repay the Notes, pay dividends,
create liens on assets, enter into sale and leaseback transactions, make
investments, loans or advances, make acquisitions, engage in acquisitions or
consolidations, make capital expenditures or engage in certain transactions with
affiliates, and otherwise restrict corporate activities. At March 31, 2000, the
Company was in compliance with all loan covenants, as amended. The covenants
contained in the Indenture governing the Notes also impose restrictions on the
operation of the Company's business.
FORWARD-LOOKING STATEMENTS
Certain of the matters discussed in this document, particularly regarding
anticipating future financial performance, business prospects, growth and
operating strategies, the effects of the Acquisition on the Company and similar
matters, and those preceded by, followed by or that otherwise include the words
"may," "would," "could," "will," "believes," "expects," "anticipates," "plans,"
"intends," "estimates," or similar expressions or variations thereof may
constitute "forward-looking statements" for purposes of the Securities Act of
1933, as amended (the "Securities Act"), and the Securities Exchange Act of
1934, as amended. For those statements, the Company claims the protection of the
safe harbor for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve a number of
risks and uncertainties. A variety of factors, including without limitation
those discussed in "Management's Discussion and Analysis of Financial Condition
and Results of Operations" herein and in Item 7 of the Company's Annual Report
on Form 10-K, and in other filings by the Company with the Securities and
Exchange Commission, may affect the future results of the Company and could
cause those results to differ materially from those expressed in the
forward-looking statements.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
10
<PAGE> 11
The fair value of the Company's long-term debt and capital leases is affected by
changes in interest rates. There have been no material changes to the Item 7A
disclosure made in the Company's Annual Report on Form 10-K for the fiscal year
ended December 31, 1999.
11
<PAGE> 12
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
Not applicable
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS.
Not applicable
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
Not applicable
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable
ITEM 5. OTHER INFORMATION.
Not applicable
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits
The Exhibits to this report on Form 10-Q are listed on the
Exhibit Index, which immediately follows the signature page hereto
(b) Reports on Form 8-K
None.
12
<PAGE> 13
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SIMCALA, Inc.
Date: May 15, 2000 /s/ R. Myles Cowan
--------------------------------------------
R. Myles Cowan
Vice President and Chief Financial Officer
(Principal Accounting and Financial Officer)
13
<PAGE> 14
EXHIBIT INDEX
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
EXHIBIT DESCRIPTION
NUMBER
- --------------------------------------------------------------------------------
<S> <C>
2.1 Stock Purchase Agreement dated as of February 10, 1998, as
amended by the amendment thereto dated as of March 4, 1998,
among SIMCALA, Inc., SAC Acquisition Corp. and the selling
stockholders party thereto (incorporated by reference from
Exhibit 2.1 to the Registrant's Registration Statement on Form
S-1 (File No. 333-53791), and amendments thereto, originally
filed on May 28, 1998).
- --------------------------------------------------------------------------------
2.2 Purchase Agreement dated March 24, 1998 between SAC
Acquisition Corp. and NationsBanc Montgomery Securities LLC
(incorporated by reference from Exhibit 2.2 to the
Registrant's Registration Statement on Form S-1 (File No.
333-53791), and amendments thereto, originally filed on May
28, 1998).
- --------------------------------------------------------------------------------
2.3 Purchase Agreement Supplement dated as of March 31, 1998
between SIMCALA, Inc. and NationsBanc Montgomery Securities
LLC (incorporated by reference from Exhibit 2.3 to the
Registrant's Registration Statement on Form S-1 (File No.
333-53791), and amendments thereto, originally filed on May
28, 1998).
- --------------------------------------------------------------------------------
2.4 Agreement and Plan of Merger dated as of March 31, 1998
between SAC Acquisition Corp. and SIMCALA, Inc. (incorporated
by reference from Exhibit 2.4 to the Registrant's Registration
Statement on Form S-1 (File No. 333-53791), and amendments
thereto, originally filed on May 28, 1998).
- --------------------------------------------------------------------------------
3.1 Certificate of Incorporation of the Company, as amended
(incorporated by reference from Exhibit 3.1 to the
Registrant's Registration Statement on Form S-1 (File No.
333-53791), and amendments thereto, originally filed on May
28, 1998).
- --------------------------------------------------------------------------------
3.2 Bylaws of the Company (incorporated by reference from Exhibit
3.2 to the Registrant's Registration Statement on Form S-1
(File No. 333-53791), and amendments thereto, originally filed
on May 28, 1998).
- --------------------------------------------------------------------------------
4.1 Indenture dated as of March 31, 1998 between SAC Acquisition
Corp. and IBJ Schroder Bank & Trust Company, as trustee
(incorporated by reference from Exhibit 4.1 to the
Registrant's Registration Statement on Form S-1 (File No.
333-53791), and amendments thereto, originally filed on May
28, 1998).
- --------------------------------------------------------------------------------
4.2 Supplemental Indenture dated as of March 31, 1998 between
SIMCALA, Inc. and IBJ Schroder Bank & Trust Company, as
trustee (incorporated by reference from Exhibit 4.2 to the
Registrant's Registration Statement on Form S-1 (File No.
333-53791), and amendments thereto, originally filed on May
28, 1998).
- --------------------------------------------------------------------------------
4.3 Registration Rights Agreement dated as of March 31, 1998
between SAC Acquisition Corp. and NationsBanc Montgomery
Securities LLC (incorporated by reference from Exhibit 4.3 to
the Registrant's Registration Statement on Form S-1 (File No.
333-53791), and amendments thereto, originally filed on May
28, 1998).
- --------------------------------------------------------------------------------
4.4 Registration Rights Agreement Supplement dated as of March 31,
1998 between SIMCALA, Inc. and NationsBanc Montgomery
Securities LLC (incorporated by reference from Exhibit 4.4 to
the Registrant's Registration Statement on Form S-1 (File No.
333-53791), and amendments thereto, originally filed on May
28, 1998).
- --------------------------------------------------------------------------------
4.5 Form of 9 5/8% Senior Notes due 2006, Series A (included in
Exhibit 4.1 as Exhibit A-1 thereto).
- --------------------------------------------------------------------------------
27 Financial Data Schedule (for SEC use only)
- --------------------------------------------------------------------------------
</TABLE>
14
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF SIMCALA INC. FOR THE THREE MONTHS ENDED MARCH 31, 2000
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 17,462<F1>
<SECURITIES> 0
<RECEIVABLES> 4,460
<ALLOWANCES> 0
<INVENTORY> 3,348
<CURRENT-ASSETS> 25,811
<PP&E> 58,196
<DEPRECIATION> 8,340
<TOTAL-ASSETS> 111,828
<CURRENT-LIABILITIES> 8,298
<BONDS> 81,000
0
0
<COMMON> 18,807
<OTHER-SE> (7,004)
<TOTAL-LIABILITY-AND-EQUITY> 111,828
<SALES> 12,209
<TOTAL-REVENUES> 12,209
<CGS> 11,079
<TOTAL-COSTS> 11,079
<OTHER-EXPENSES> 255
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,908
<INCOME-PRETAX> (1,141)
<INCOME-TAX> (213)
<INCOME-CONTINUING> (929)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (929)
<EPS-BASIC> 0
<EPS-DILUTED> 0
<FN>
<F1>Of this amount, 6,460 was Restricted Cash
</FN>
</TABLE>
