Sherritt International Corporation announced that its Board of Directors has approved a quarterly dividend of $0.036 per share, payable on January 14, 2010 to shareholders of record as of December 31, 2009.

Sherritt International Corporation reported unaudited earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net earnings for third-quarter 2009 were $55.9 million or $0.19 per share, compared to net earnings of $133.1 million or $0.45 per share for third-quarter 2008. Cash flow from operations was $198.5 million for third-quarter 2009, after a working capital decrease of $78.5 million. This compares to operating cash flow of $42.5 million for third-quarter 2008, net of a working capital increase of $112.5 million. Capital expenditures were $397.0 million for third-quarter 2009, of which 84% ($330.9 million) related to the Ambatovy Project (100% basis), compared to $479.7 million for third-quarter 2008. The company reported EBITDA of $136.5 million, operating earnings of $70.2 million on revenue of $389.6 million, compared to EBITDA of $214.1 million, operating earnings of $143.7 million on revenue of $478.3 million for the same period last year. For the first nine months of 2009, the company reported net earnings of $37.4 million or $0.13 per share, compared to $302.4 million or $1.11 per share, fully diluted in the prior-year period. The company reported EBITDA of $344.4 million, operating earnings of $149.6 million on revenue of $1,097.7 million, compared to EBITDA of $579.5 million, operating earnings of $405.3 million on revenue of $1,236.2 million for the same period last year. Capital expenditure was $1,202.1 million, compared to $1,561.2 million for the same period last year.

Sherritt International Corporation, Q3 2009 Earnings Call, Oct 28 2009