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Article: Phelps Dodge Reports First Quarter Net Income of $333.8 Million, or $1.64 Per Share (Includes Mark-to-Market Charges on Copper Price Protection Program of $1.46 Per Share and Net Special Charges of 22 Cents Per Share); Cash from Operating Activities of $533.3 Million.
- Article from:
- PR Newswire
- Article date:
- April 27, 2006
CopyrightCOPYRIGHT 2006 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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2006 First Quarter Highlights ------------------------------
* First quarter net income was $333.8 million ($1.64 per share); 2005 first quarter net income was $386.7 million ($1.92 per share)
* First quarter net income was negatively impacted by an after-tax charge of $298.4 million ($1.46 per share) for mark-to-market adjustments on 2006 and 2007 copper collars and copper put options
* First quarter net income included after-tax, net special charges of $44.9 million (22 cents per share); 2005 first quarter net income included after-tax, net special gains of $0.1 million (see Note 1)
* The London Metal Exchange (LME) copper price ...