Ormet Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net income of $28,633,000 or $1.55 per share on net sales from continuing operations of $87,177,000 compared to net loss of $7,607,000 or $0.41 per share on net sales from continuing operations of $127,566,000 for the same period a year ago. The company reported operating income of $356,000 and profit before income tax and profit from continuing operations of $29,267,000 or $1.59 per share compared to operating loss of $3,533,000 and loss before income tax and loss from continuing operations of $7,375,000 or $0.40 per share for the same period a year ago. The company spent $1.6 million on capital expenditures, including $1.5 million for relining 20 pots during the period. All capital expenditures were incurred at the aluminum smelter in Hannibal, Ohio. The revolving credit agreement limits the company's ability to make capital expenditures at its facilities. The limit amount for the year 2009 is $26.4 million. The decrease in net sales is primarily attributed to a 30% reduction in operations in the 2009 period compared to the 2008 period. For the nine months, the company reported net income of $42,545,000 or $2.30 per share on net sales from continuing operations of $329,754,000 compared to net loss of $3,328,000 or $0.18 per share on net sales from continuing operations of $423,532,000 for the same period a year ago. The company reported operating income of $22,647,000 and profit before income tax and profit from continuing operations of $44,608,000 or $2.42 per share compared to operating income of $8,748,000 and loss before income tax and loss from continuing operations of $2,427,000 or $0.13 per share for the same period a year ago. Net cash provided by operating activities was $57,501,000 and capital spending was $7,162,000 compared to net cash provided by operating activities of $32,292,000 and capital spending of $17,411,000 for the same period a year ago. The decrease in net sales is primarily attributed to the absence of the tolling agreement in the first quarter of 2008 with the associated benefit of the higher LME prices realized during the first quarter of 2008 and the reduction in operations in 2009 due to the contractual dispute with Glencore and the ending of the tolling agreement with Glencore during August 2009.

Ormet Corporation announced that a power agreement between the company and American Electric Power-Ohio (AEP-Ohio) has been finalized. The agreement, entered by the Public Utilities Commission of Ohio ('PUCO'), remains in effect through December 31, 2018 and would provide electric service to Ormet's Hannibal facility at rates below applicable large user industrial tariff rates when the LME falls below a predetermined level. The support is capped at $60 million per year which will decrease beginning in 2012.

Ormet Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported net sales from continuing operations of $116.1 million compared to $133.7 million for the same period in 2008. The decrease is primarily attributed to the reduction in operations to the equivalent of approximately 4.6 potlines for the month of June and part of May 2009 and significantly lower LME prices for non toll sow sold for the three month period ended June 30, 2009 versus the same period in 2008. Toll revenue in the second quarter of 2009 totaled $106.2 million, a decline of $9.9 million from revenue of $116.1 million during the same period of 2008. The company reported an $8.2 million operating profit compared to an operating loss of $1.5 million in the same period of 2008. The resulting net income from continuing operations was $0.26 per share compared to a net loss from continuing operations for the three month period ended June 30, 2008 of $0.27 per share. Net income per share was $0.23 compared to a net loss for the three month period ended June 30, 2008 of $0.27 per share. Profit before tax was $4.8 million compared to loss before tax of $5 million for the same quarter a year ago. Profit from continuing operations was $4.7 million compared to loss from continuing operations of $5 million for the same quarter a year ago. Net income was $4.3 million compared to net loss of $5.1 million for the same quarter a year ago. For the six months, net sales from continuing operations were $242.6 million related to the tolling or sale of 126,773 metric tons compared to $296.0 million for 127,072 metric tons for the same period in 2008. The decrease is primarily attributed to the absence of the tolling agreement in the first quarter of 2008 with the associated benefit of the higher LME prices realized during the first quarter of 2008 and the reduction in operations in 2009 due to the contractual dispute with Glencore. The company reported a $22.3 million operating profit compared to an operating profit of $12.3 million in the same period of 2008. The resulting net income from continuing operations was $0.83 per share compared to net income from continuing operations for the six month period ended June 30, 2008 of $0.27 per share with an average of 18,138,499 shares outstanding. Net income per share was $0.75 and $0.23 during the six month periods ended June 30, 2009 and 2008, respectively. The net cash generated by operating activities was $42.3 million compared to $35.1 million for the same period a year ago. Profit before tax was $15.3 million compared to $4.9 million for the same period a year ago. Profit from continuing operations was $15.3 million compared to loss from continuing operations of $4.9 million for the same period a year ago. Net income was $13.9 million compared to net income of $4.3 million for the same period a year ago. Capital spending was $5.6 million compared to $12.5 million for the same period a year ago.