Sherritt International Corp
			Symbol			S
			Shares Issued			293,051,276
			Close 2009-07-28			C$ 6.20
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Sherritt International earns $24.4-million in Q2

2009-07-29 09:28 ET - News Release

An anonymous director reports

SHERRITT REPORTS 2009 SECOND-QUARTER RESULTS

Sherritt International Corp. has released its second quarter of 2009 results.

Highlights:

• The company had net earnings of $24.4-million in the second quarter of 2009 (eight cents per share), compared with net earnings of $80.3-million (28 cents per share) for the second quarter of 2008, despite a significant decline in commodity prices. A net loss for the first six months of 2009 totalled $18.5-million (seven cents per share), compared with net earnings of $169.3-million (65 cents per share) for the first six months of 2008. First quarter of 2009 results included a $79.5-million ($57.4-million after tax) loss on disposal, in respect of the sale of certain oil and gas assets.
• Consolidated cash, cash equivalents and short-term investments were $1.0-billion at June 30, 2009, of which $29.0-million (50-per-cent basis) was held in the Moa joint venture and $341.7-million (100-per-cent basis) was held in the Ambatovy joint venture. In addition to cash generated by operations, the majority of the net increase in the balance from March 31, 2009, was due to an increase in Ambatovy project cash that was utilized to satisfy capital expenditure obligations subsequent to the end of the quarter.
• Cash flow from operations totalled $47.0-million for the second quarter of 2009, net of a non-cash working capital increase of $57.3-million. This compares with operating cash flow of $21.3-million for the second quarter of 2008, net of a non-cash working capital increase of $133.7-million.
• Capital expenditures totalled $388.2-million for the second quarter of 2009, including $326.8-million relating to the Ambatovy project (100-per-cent basis). Sherritt's share of Ambatovy capital expenditures ($130.7-million) was financed through loans provided by the Ambatovy partners.
• In May, the corporation amended and extended its $140.0-million, syndicated, 364-day, revolving-term credit facility. The amendments provide for less restrictive financial covenants, revise applicable interest rates to current market benchmarks, and extend the facility to May 10, 2010. Corresponding amendments to the covenants of two short-term facilities totalling $60.0-million were also completed.
• In June, the Ambatovy partners finalized arrangements to finance Sherritt's pro rata share of shareholder financing for the project. These arrangements create a mechanism by which the partners can provide new, non-recourse loans to Sherritt that the corporation can only use to meet its shareholder financing obligations. The arrangements also provide Sherritt additional completion guarantee protection related to the $2.1-billion (U.S.) senior project financing.
• Total debt approximated $2.7-billion at June 30, 2009, of which $1.2-billion (100-per-cent basis) was attributable to the limited-recourse Ambatovy senior project financing and $400-million to non-recourse partner loans to Sherritt.

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