| | | Nine months ended September 30, | |
| | | 2008 | | | 2007 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | |
Net income (loss) | | $ | (198,164 | ) | | $ | 11,054 | |
Adjustments to reconcile net income (loss) to net cash provided by ( used in ) operating activities: | | | | | | | | |
Unrealized net loss on forward contracts | | | 605,105 | | | | 201,999 | |
Depreciation and amortization | | | 62,912 | | | | 57,735 | |
Deferred income taxes | | | (198,352 | ) | | | (38,822 | ) |
Pension and other post retirement benefits | | | 11,677 | | | | 6,499 | |
Stock-based compensation | | | 12,034 | | | | 3,765 | |
Excess tax benefits from share based compensation | | | (657 | ) | | | (516 | ) |
(Gain) loss on disposal of assets | | | 248 | | | | (49 | ) |
Non-cash loss on early extinguishment of debt | | | - | | | | 2,461 | |
Purchase of short-term trading securities | | | (97,532 | ) | | | (645,909 | ) |
Sale of short-term trading securities | | | 348,416 | | | | 387,182 | |
Undistributed earnings of joint ventures | | | (12,466 | ) | | | (11,351 | ) |
Change in operating assets and liabilities: | | | | | | | | |
Accounts receivable - net | | | (22,403 | ) | | | 13,244 | |
Due from affiliates | | | (9,771 | ) | | | 9,849 | |
Inventories | | | (36,119 | ) | | | (20,990 | ) |
Prepaid and other current assets | | | (389 | ) | | | (1,988 | ) |
Accounts payable, trade | | | 15,266 | | | | 11,849 | |
Due to affiliates | | | ( 215,522 | ) | | | 12,018 | |
Accrued and other current liabilities | | | (28,523 | ) | | | (52,289 | ) |
Other - net | | | (5,001 | ) | | | 13,519 | |
Net cash provided by ( used ) in operating activities | | | 230,759 | | | | (40,740 | ) |
| | | | | | | | | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | |
Purchase of property, plant and equipment | | | (26,738 | ) | | | (13,693 | ) |
Nordural expansion | | | (53,397 | ) | | | (79,560 | ) |
Investments in and advances to joint ventures | | | (36,973 | ) | | | - | |
Proceeds from sale of property, plant and equipment | | | 47 | | | | 543 | |
Restricted cash deposits | | | (9,710 | ) | | | 3,744 | |
Net cash used in investing activities | | | (126,771 | ) | | | (88,966 | ) |
| | | | | | | | | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | |
Borrowings of long-term debt | | | - | | | | 30,000 | |
Repayment of long-term debt | | | - | | | | (349,436 | ) |
| Repayment of long-term debt - related parties | | | (480,198) | | | | - | |
Excess tax benefits from share based compensation | | | 657 | | | | 516 | |
Issuance of common stock - net of issuance costs | | | 443,646 | | | | 417,037 | |
Net cash provided by (used in) financing activities | | | (35,895) | | | | 98,117 | |
| | | | | | | | | |
| NET INCREASE (DECREASE) IN CASH | | | 68,093 | | | | (31,589 | ) |
| | | | | | | | | |
| CASH, BEGINNING OF PERIOD | | | 60,962 | | | | 96,365 | |
| | | | | | | | | |
| CASH, END OF PERIOD | | $ | 129,055 | | | $ | 64,776 | |
