EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

 

LOGO     

FMC Corporation

 

1735 Market Street

Philadelphia, PA 19103

 

215.299.6000 phone

215.299.5998 fax

News Release     
     www.fmc.com
For Release: Immediate     

Media contact: Jim Fitzwater – 215.299.6633

Investor relations contact: Brennen Arndt – 215.299.6266

FMC Corporation Announces Second Quarter 2010 Results

 

 

Second quarter 2010 earnings up 16 percent to $1.28 per diluted share before restructuring and other income and charges on revenue increase of 11 percent

 

 

Full-year 2010 outlook raised to $4.55 to $4.80 per diluted share before restructuring and other income and charges, a 13 percent increase versus prior year at midpoint of range

 

 

Third quarter 2010 earnings outlook of $1.00 to $1.15 per diluted share before restructuring and other income and charges, a 21 percent increase versus prior year at midpoint of range

PHILADELPHIA, July 28, 2010 – FMC Corporation (NYSE:FMC) today reported net income of $65.7 million, or $0.90 per diluted share, in the second quarter of 2010, versus net income of $69.3 million, or $0.94 per diluted share, in the second quarter of 2009. Net income in the current quarter included restructuring and other income and charges of $28.2 million after-tax, or charges of $0.38 per diluted share, versus restructuring and other income and charges of $11.3 million after-tax, or charges of $0.16 per diluted share, in the prior-year quarter. Excluding these items in both periods, the company earned $1.28 per diluted share in the current quarter, an increase of 16 percent versus $1.10 per diluted share in the prior-year quarter. Second quarter revenue of $776.8 million was 11 percent higher than $700.3 million in the prior year.

Pierre Brondeau, FMC president and chief executive officer, said, “We delivered another strong quarter. We realized continued strong sales growth in Agricultural Products and Specialty Chemicals and demand recovery in Industrial Chemicals. Agricultural Products’ sales growth was driven by gains in North America, Latin America and Asia. Specialty Chemicals’ sales increased as the result of strong commercial performance in BioPolymer and volume growth in lithium primaries. Industrial Chemicals’ sales benefited from higher volumes across all businesses.”

 

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Page 2/ FMC Corporation Announces Second Quarter 2010 Results

Revenue in Agricultural Products of $293.9 million increased 16 percent versus the prior-year quarter driven by sales gains in North America, Latin America, particularly Brazil, and Asia due to improved market conditions in several key crops and growth from new and recently introduced products. Sales in Europe declined as expected due to a shift in sales from the second quarter to the first quarter. Also as expected, segment earnings of $79.6 million were lower than a year ago, down 12 percent, as sales growth was more than offset by higher inventory costs, import duties in the United States, less favorable geographic mix and higher spending on growth initiatives.

Revenue in Specialty Chemicals was $214.6 million, up 11 percent versus the year-ago quarter led by a robust demand recovery in lithium primaries and higher volumes and selling prices in BioPolymer. Segment earnings of $51.1 million were 26 percent higher than the year-ago quarter driven by strong commercial performance in BioPolymer and higher volumes in lithium primaries partially offset by higher raw material costs.

Revenue in Industrial Chemicals of $269.2 million increased 5 percent from the prior-year quarter as volume gains in soda ash, particularly in export markets, peroxygens and phosphates were partially offset by reduced selling prices and lower electricity sales stemming from the sale of a Spanish cogeneration facility in 2009. Segment earnings of $29.9 million increased 121 percent relative to the year-ago quarter as a result of the broad-based demand recovery and lower raw material and energy costs.

Corporate expense was $14.9 million as compared to $10.3 million in the prior-year quarter. Interest expense, net, was $9.4 million versus $6.5 million in the year-ago quarter. On June 30, 2010, gross consolidated debt was $638.2 million, and debt, net of cash, was $475.8 million. For the quarter, depreciation and amortization was $32.6 million and capital expenditures were $28.2 million.

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Page 3/ FMC Corporation Announces Second Quarter 2010 Results

Six Months Results

Revenue was $1,533.3 million, an increase of 10 percent as compared with $1,390.8 million in the prior-year period. Net income was $143.1 million, an increase of 3 percent as compared with $138.4 million in the year-earlier period. Net income in the current period included restructuring and other income and charges of $49.2 million, versus restructuring and other income and charges of $31.5 million in the prior-year period. Excluding these charges, the company earned $192.3 million in the first half of 2010, an increase of 13 percent versus $169.9 million in the first half of 2009.

Revenue in Agricultural Products was $598.5 million, an increase of 16 percent versus the prior-year period, driven by sales gains in North America, Latin America, particularly Brazil, and Asia due to improved market conditions in several key crops and growth from new and recently introduced products. Segment earnings of $172.4 million declined 6 percent from the first half of 2009, as the sales gains were more than offset by less favorable mix, higher inventory and distribution costs, import duties in the United States and higher spending on growth initiatives.

Revenue in Specialty Chemicals was $417.2 million, a 14 percent increase above the prior-year period, led by strong commercial performance in BioPolymer and a robust demand recovery in lithium primaries. Segment earnings of $91.9 million increased 17 percent versus the year-earlier period as favorable commercial performance in BioPolymer, volume gains in lithium primaries and the benefits of productivity initiatives were partially offset by higher raw material costs.

Revenue in Industrial Chemicals was $519.3 million, an increase of 1 percent versus the prior-year period, as volume gains across all businesses were largely offset by reduced selling prices and lower electricity sales stemming from the sale of a Spanish cogeneration facility in 2009. Segment earnings of $64.4 million increased 77 percent versus the year-earlier period, driven by the strong demand recovery and lower raw material and energy costs, particularly phosphate rock, which more than offset lower selling prices across the segment.

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Page 4/ FMC Corporation Announces Second Quarter 2010 Results

Corporate expense was $27.0 million as compared to $21.6 million in the year-earlier period. Interest expense, net, was $19.4 million versus $13.5 million in the prior-year period. For the period, depreciation and amortization was $66.5 million and capital expenditures were $59.2 million.

Outlook

Regarding the outlook for 2010, Brondeau said, “For the full year 2010, we have raised our outlook for earnings before restructuring and other income and charges to $4.55 to $4.80 per diluted share, a 13 percent increase above last year at the midpoint of this range. We expect Agricultural Products to deliver its seventh straight year of record earnings, up in the mid-single digits, while increasing investment in innovation and continuing to deliver high profit margins. In Specialty Chemicals, earnings are projected to increase approximately 20 percent, as BioPolymer is expected to achieve its sixth straight year of record earnings driven by continued strong commercial performance while lithium realizes significant earnings improvement primarily through strong demand recovery in lithium primaries. In Industrial Chemicals, we expect earnings to be up 25 to 30 percent on the strength of a broad-based volume rebound and favorable raw material and energy costs.

“For the third quarter of 2010, we expect earnings before restructuring and other income and charges of $1.00 to $1.15 per diluted share with double-digit earnings growth in each segment. In Agricultural Products, we look for earnings to be up approximately 25 percent as a result of growth in Brazil and Asia. In Specialty Chemicals, we project earnings to increase approximately 15 percent driven by continued strong commercial performance in BioPolymer and higher volumes in lithium primaries. In Industrial Chemicals, earnings are expected to be up in the low teens as higher volumes and lower raw material and energy costs are partially offset by reduced selling prices and higher plant outage costs.”

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Page 5/ FMC Corporation Announces Second Quarter 2010 Results

FMC will conduct its second quarter conference call and webcast at 11:00 a.m. ET on Thursday, July 29, 2010. This event will be available live and as a replay on the web at http://www.fmc.com. Prior to the conference call, the company will also provide supplemental information on the web including its 2010 Outlook Statement, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.

FMC Corporation is a diversified chemical company serving agricultural, industrial and consumer markets globally for more than a century with innovative solutions, applications and quality products. The company employs over 4,800 people throughout the world. The company operates its businesses in three segments: Agricultural Products, Specialty Chemicals and Industrial Chemicals.

Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2009 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.

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FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in millions, except per share amounts)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2010     2009     2010     2009  

Revenue

   $ 776.8      $ 700.3      $ 1,533.3      $ 1,390.8   

Costs of sales and services

     512.2        477.3        1,001.7        931.2   

Selling, general and administrative expenses

     95.6        74.7        186.5        154.8   

Research and development expenses

     22.3        21.0        45.8        41.0   

Restructuring and other charges (income)

     15.3        30.1        32.0        52.6   
                                

Total costs and expenses

     645.4        603.1        1,266.0        1,179.6   
                                

Income from operations

     131.4        97.2        267.3        211.2   

Equity in (earnings) loss of affiliates

     —          0.2        (0.9     (1.5

Interest expense, net

     9.4        6.5        19.4        13.5   
                                

Income from continuing operations before income taxes

     122.0        90.5        248.8        199.2   

Provision (benefit) for income taxes

     33.8        13.6        74.5        47.0   
                                

Income from continuing operations

     88.2        76.9        174.3        152.2   

Discontinued operations, net of income taxes

     (19.3     (5.2     (25.0     (9.6
                                

Net income

   $ 68.9      $ 71.7      $ 149.3      $ 142.6   
                                

Less: Net income attributable to noncontrolling interests

     3.2        2.4        6.2        4.2   
                                

Net income attributable to FMC stockholders

   $ 65.7      $ 69.3      $ 143.1      $ 138.4   
                                

Amounts attributable to FMC stockholders:

        

Income from continuing operations, net of tax

   $ 85.0      $ 74.5      $ 168.1      $ 148.0   

Discontinued operations, net of tax

     (19.3     (5.2     (25.0     (9.6
                                

Net income

   $ 65.7      $ 69.3      $ 143.1      $ 138.4   
                                

Basic earnings (loss) per common share attributable to FMC stockholders:

        

Income from continuing operations

   $ 1.17      $ 1.02      $ 2.32      $ 2.04   

Discontinued operations

     (0.27     (0.07     (0.35     (0.13
                                

Basic earnings per common share

   $ 0.90      $ 0.95      $ 1.97      $ 1.91   
                                

Average number of shares used in basic earnings per share computations

     72.5        72.2        72.4        72.2   
                                

Diluted earnings (loss) per common share attributable to FMC stockholders:

        

Income from continuing operations

   $ 1.16      $ 1.01      $ 2.29      $ 2.02   

Discontinued operations

     (0.26     (0.07     (0.34     (0.13
                                

Diluted earnings per common share

   $ 0.90      $ 0.94      $ 1.95      $ 1.89   
                                

Average number of shares used in diluted earnings per share computations

     73.4        73.4        73.4        73.4   
                                

Other Data:

        

Capital expenditures

   $ 28.2      $ 40.8      $ 59.2      $ 71.8   

Depreciation and amortization expense

   $ 32.6      $ 30.9      $ 66.5      $ 61.2   

 

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FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME FROM CONTINUING OPERATIONS,

EXCLUDING RESTRUCTURING AND OTHER INCOME AND CHARGES (NON-GAAP)*

(Unaudited, in millions, except per share amounts)

 

     Three Months Ended
June 30,
   Six Months Ended
June 30,
 
     2010    2009    2010     2009  

Revenue

   $ 776.8    $ 700.3    $ 1,533.3      $ 1,390.8   

Costs of sales and services

     512.2      476.9      1,001.7        928.9   

Selling, general and administrative expenses

     95.6      74.7      186.5        154.8   

Research and development expenses

     22.3      21.0      45.8        41.0   
                              

Total costs and expenses

     630.1      572.6      1,234.0        1,124.7   

Income from operations

     146.7      127.7      299.3        266.1   

Equity in (earnings) loss of affiliates

     —        0.2      (0.9     (1.5

Interest expense, net

     9.4      6.5      19.4        13.5   
                              

Income from continuing operations before income taxes, excluding restructuring and other income and charges

     137.3      121.0      280.8        254.1   

Provision for income taxes

     40.2      38.0      82.3        80.0   
                              

After-tax income from continuing operations, excluding restructuring and other income and charges

     97.1      83.0      198.5        174.1   
                              

Less: Net income attributable to noncontrolling interests

     3.2      2.4      6.2        4.2   
                              

After-tax income from continuing operations, excluding restructuring and other income and charges, attributable to FMC stockholders*

   $ 93.9    $ 80.6    $ 192.3      $ 169.9   
                              

Basic after-tax income from continuing operations per share, excluding restructuring and other income and charges, attributable to FMC stockholders

   $ 1.29    $ 1.11    $ 2.64      $ 2.34   
                              

Average number of shares used in basic after-tax income per share computations

     72.5      72.2      72.4        72.2   
                              

Diluted after-tax income from continuing operations per share, excluding restructuring and other income and charges, attributable to FMC stockholders

   $ 1.28    $ 1.10    $ 2.62      $ 2.31   
                              

Average number of shares used in diluted after-tax income per share computations

     73.4      73.4      73.4        73.4   
                              

 

* The Company believes that the Non-GAAP financial measure “After-tax income from continuing operations, excluding restructuring and other income and charges, attributable to FMC stockholders,” and its presentation on a per share basis, provides useful information about the Company’s operating results to investors and securities analysts. The Company also believes that excluding the effect of restructuring and other income and charges from operating results allows management and investors to compare more easily the financial performance of its underlying businesses from period to period.

Please see the reconciliation of Non-GAAP financial measures to GAAP financial results.

 

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FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO AFTER-TAX INCOME FROM CONTINUING OPERATIONS,

EXCLUDING RESTRUCTURING AND OTHER INCOME AND CHARGES, ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP)

(Unaudited, in millions, except per share amounts)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2010     2009     2010     2009  

Net income attributable to FMC stockholders (GAAP)

   $ 65.7      $ 69.3      $ 143.1      $ 138.4   

Discontinued operations, net of income taxes (a)

     19.3        5.2        25.0        9.6   

Restructuring and other (income) charges, net (b)

     15.3        30.1        32.0        52.6   

Purchase accounting inventory fair value impact and other related inventory adjustments (c)

     —          0.4        —          2.3   

Tax effect of restructuring and other (income) charges and purchase accounting inventory fair value impact and other related inventory adjustments

     (5.8     (10.1     (10.8     (17.8

Tax adjustments (d)

     (0.6     (14.3     3.0        (15.2
                                

After-tax income from continuing operations, excluding restructuring and other income and charges, attributable to FMC stockholders (Non-GAAP)

   $ 93.9      $ 80.6      $ 192.3      $ 169.9   
                                

Diluted earnings per common share (GAAP)

   $ 0.90      $ 0.94      $ 1.95      $ 1.89   

Discontinued operations per diluted share

     0.26        0.07        0.34        0.13   

Restructuring and other (income) charges, net per diluted share, before tax

     0.21        0.41        0.44        0.72   

Purchase accounting inventory fair value impact and other related inventory adjustments per diluted share, before tax

     —          0.01        —          0.03   

Tax effect of restructuring and other (income) charges and purchase accounting inventory fair value impact and other related inventory adjustments

     (0.08     (0.14     (0.15     (0.25

Tax adjustments per diluted share

     (0.01     (0.19     0.04        (0.21
                                

Diluted after-tax income from continuing operations per share, excluding restructuring and other income and charges, attributable to FMC stockholders (Non-GAAP)

   $ 1.28      $ 1.10      $ 2.62      $ 2.31   
                                

Average number of shares used in diluted after-tax income from continuing operations per share computations

     73.4        73.4        73.4        73.4   
                                

 

(a) Discontinued operations for the three and six months ended June 30, 2010 and 2009, respectively, primarily includes provisions for environmental liabilities and legal reserves and expenses related to previously discontinued operations.
(b) 2010

Restructuring and other charges (income) for the three months ended June 30, 2010, include charges related to the closure of our manufacturing operations at our Barcelona, Spain, facility, which is part of our Industrial Chemicals segment ($0.9 million) and the realignment of our Alginates manufacturing operations in our Specialty Chemicals segment ($1.6 million). Offsetting these charges is the reversal of a previously recorded loss contingency as part of the restructuring at our Peroxygens facility in Santa Clara, Mexico, which is part of our Industrial Chemicals segment ($1.1 million-gain). We also incurred charges associated with continuing environmental sites as a Corporate charge ($6.1 million). Remaining restructuring and other charges (income) for the three months ended June 30, 2010, include charges associated with certain rights acquired for an herbicide compound still under development in our Agricultural Products segment ($5.7 million), charges related to a legal settlement in our Industrial Chemicals segment ($2.0 million) and other miscellaneous net charges of $0.1 million.

Restructuring and other charges (income) for the six months ended June 30, 2010, include charges related to the closure of our manufacturing operations at our Barcelona, Spain, facility, which is part of our Industrial Chemicals segment ($9.6 million) and the realignment of our Alginates manufacturing operations in our Specialty Chemicals segment ($6.2 million). Offsetting these charges is the reversal of a previously recorded loss contingency as part of the restructuring at our Peroxygens facility in Santa Clara, Mexico, which is part of our Industrial Chemicals segment ($1.1 million-gain) and a reduction of previously recorded retirement obligations at our Bayport butyllithium facility which is part of our Specialty Chemicals segment ($0.9 million-gain). We also incurred charges associated with continuing environmental sites as a Corporate charge ($8.4 million). Remaining restructuring and other charges (income) for the six months ended June 30, 2010, include charges associated with certain rights acquired for an herbicide compound still under development in our Agricultural Products segment ($5.7 million), severance charges in our Industrial Chemicals segment ($1.3 million), charges related to a legal settlement in our Industrial Chemicals segment ($2.0 million) and other miscellaneous net charges of $0.8 million.

2009

Restructuring and other charges (income) for the three months ended June 30, 2009, include charges related to the closure of our manufacturing operations at our Barcelona, Spain, facility, which is part of our Industrial Chemicals segment ($12.5 million), our Bayport butyllithium facility which is part of our Specialty Chemicals segment ($3.4 million) and continued charges related to the closure of our Baltimore agricultural chemicals facility ($0.5 million). We also incurred charges related to the realignment of our Alginates manufacturing operations in our Specialty Chemicals segment ($3.5 million). Additionally, restructuring and other charges (income) for the three months ended June 30, 2009, include severance charges in our Industrial Chemicals segment and Specialty Chemicals segment ($2.2 million and $0.8 million, respectively), asset abandonment charges of $1.2 million, primarily in our Specialty Chemicals segment, and charges associated with continuing environmental sites as a Corporate charge ($2.8 million). Remaining restructuring and other charges (income) for the three months ended June 30, 2009, of $3.2 million primarily represents settlements with state authorities for property claims and adjustments related to previously recorded restructuring reserves.

For the six months ended June 30, 2009, amounts include charges related to the closure of our manufacturing operations at our Barcelona, Spain, facility ($12.5 million) and our Peroxygens facility in Santa Clara, Mexico ($6.6 million), both of which are part of our Industrial Chemicals segment, our Bayport butyllithium facility which is part of our Specialty Chemicals segment ($7.5 million) and continued charges related to the closure of our Baltimore agricultural chemicals facility ($1.3 million). We also incurred charges related to the realignment of our Alginates manufacturing operations in our Specialty Chemicals segment ($6.3 million). Additionally, restructuring and other charges (income) for the six months ended June 30, 2009, include severance charges in our Industrial Chemicals segment and Specialty Chemicals segment ($3.8 million and $0.8 million, respectively), asset abandonment charges in our Agricultural Products segment, Industrial Chemicals segment and Specialty Chemicals segment ($2.6 million, $1.4 million and $1.1 million, respectively), charges associated with further rights acquired from a collaboration and license agreement in our Agricultural Products segment ($1.0 million) and charges associated with continuing environmental sites as a Corporate charge ($4.0 million). Remaining restructuring and other charges (income) for the six months ended June 30, 2009, of $3.7 million primarily represents settlements with state authorities for property claims and adjustments related to previously recorded restructuring reserves.

 

(c) Charges related to amortization of the inventory fair value step-up resulting from the application of purchase accounting associated with the third quarter 2008 acquisition in our Specialty Chemicals segment and the first quarter 2009 acquisition in our Agricultural Products segment. On the condensed consolidated statements of operations these charges are included in “Costs of sales and services” for the three and six months ended June 30, 2009.
(d) Tax adjustments for the three months ended June 30, 2010, are primarily related to reductions to our tax liabilities related to prior year tax matters. Tax adjustments for the six months ended June 30, 2010, are primarily the result of a charge associated with a change in the tax treatment of the Medicare Part D subsidy which was enacted as part of the recent U.S. health care reform legislation. Tax adjustments for the three and six months ended June 30, 2009, are primarily a result of a reduction in our liability for unrecognized tax benefits due to settlements of audits and expiration of statute of limitations.

 

   EX99_20100728-5168-0B1FA442    Page 1 of 1


FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES

INDUSTRY SEGMENT DATA

(Unaudited, in millions)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2010     2009     2010     2009  

Revenue

        

Agricultural Products

   $ 293.9      $ 252.4      $ 598.5      $ 513.8   

Specialty Chemicals

     214.6        192.7        417.2        367.2   

Industrial Chemicals

     269.2        256.2        519.3        512.2   

Eliminations

     (0.9     (1.0     (1.7     (2.4
                                

Total

   $ 776.8      $ 700.3      $ 1,533.3      $ 1,390.8   
                                

Income from continuing operations before income taxes

        

Agricultural Products

   $ 79.6      $ 90.5      $ 172.4      $ 183.0   

Specialty Chemicals

     51.1        40.5        91.9        78.6   

Industrial Chemicals

     29.9        13.5        64.4        36.3   

Eliminations

     (0.1     0.1        0.1        (0.1
                                

Segment operating profit

     160.5        144.6        328.8        297.8   

Corporate

     (14.9     (10.3     (27.0     (21.6

Other income (expense), net

     (2.1     (9.2     (7.8     (12.8
                                

Operating profit from continuing operations before items noted below:

     143.5        125.1        294.0        263.4   

Restructuring and other income (charges), net (a)

     (15.3     (30.1     (32.0     (52.6

Interest expense, net

     (9.4     (6.5     (19.4     (13.5

Purchase accounting inventory fair value impact and other related inventory adjustments (b)

     —          (0.4     —          (2.3

Provision for income taxes

     (33.8     (13.6     (74.5     (47.0

Discontinued operations, net of income taxes

     (19.3     (5.2     (25.0     (9.6
                                

Net income attributable to FMC stockholders

   $ 65.7      $ 69.3      $ 143.1      $ 138.4   
                                

 

(a) Amounts for the three months ended June 30, 2010, related to Agricultural Products ($6.0 million), Specialty Chemicals ($2.1 million), Industrial Chemicals ($2.1 million) and Corporate ($5.1 million). Amounts for the three months ended June 30, 2009, related to Agricultural Products ($0.6 million), Specialty Chemicals ($9.1 million), Industrial Chemicals ($15.1 million) and Corporate ($5.3 million).

Amounts for the six months ended June 30, 2010, related to Agricultural Products ($6.1 million), Specialty Chemicals ($5.8 million), Industrial Chemicals ($12.6 million) and Corporate ($7.5 million). Amounts for the six months ended June 30, 2009, related to Agricultural Products ($4.9 million), Specialty Chemicals ($15.8 million), Industrial Chemicals ($25.3 million) and Corporate ($6.6 million).

See Note (b) to the schedule “Reconciliation of Net Income Attributable to FMC Stockholders (GAAP) to After-Tax Income from Continuing Operations Excluding Restructuring and Other Income and Charges, Attributable to FMC Stockholders (Non-GAAP)” for further details on the components that make up this line item.

 

(b) See Note (c) to the schedule “Reconciliation of Net Income Attributable to FMC Stockholders (GAAP) to After-Tax Income from Continuing Operations Excluding Restructuring and Other Income and Charges, Attributable to FMC Stockholders (Non-GAAP)” for further details on the components that make up this line item.

 

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FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in millions)

 

     June 30,
2010
   December 31,
2009

Cash and cash equivalents

   $ 162.4    $ 76.6

Trade receivables, net

     830.9      749.6

Inventories

     346.0      350.5

Other current assets

     160.3      138.0

Deferred income taxes

     159.0      173.0
             

Total current assets

     1,658.6      1,487.7

Property, plant and equipment, net

     917.0      964.5

Goodwill

     184.1      209.5

Deferred income taxes

     215.7      240.7

Other long-term assets

     243.7      233.8
             

Total assets

   $ 3,219.1    $ 3,136.2
             

Short-term debt

   $ 30.7    $ 33.4

Current portion of long-term debt

     44.6      22.5

Accounts payable, trade and other

     288.8      290.5

Guarantees of vendor financing

     30.7      49.5

Accrued pensions and other post-retirement benefits, current

     9.4      9.4

Other current liabilities

     333.0      303.9
             

Total current liabilities

     737.2      709.2

Long-term debt

     562.9      588.0

Long-term liabilities

     706.4      705.9

Equity

     1,212.6      1,133.1
             

Total liabilities and equity

   $ 3,219.1    $ 3,136.2
             

 

   EX99_20100728-5168-0B1FA442    Page 1 of 1


FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in millions)

 

     Six Months Ended
June 30,
 
     2010     2009  

Cash provided (required) by operating activities

   $ 199.2      $ 173.9   
                

Cash (required) by operating activities of discontinued operations

     (11.9     (20.1
                

Cash provided (required) by investing activities:

    

Capital expenditures

     (59.2     (71.8

Other investing activities

     (6.4     (34.7
                
     (65.6     (106.5
                

Cash provided (required) by financing activities:

    

Net borrowings (repayments) under committed credit facilities

     —          (49.4

Increase (decrease) in short-term debt

     1.0        37.9   

Repayments of long-term debt

     (2.7     —     

Proceeds from borrowings of long-term debt

     —          18.9   

Distributions to noncontrolling interests

     (5.1     (8.5

Dividends paid

     (18.2     (18.2

Repurchases of common stock

     (26.4     (16.1

Issuances of common stock, net

     8.1        2.3   

Excess tax benefits from share-based compensation

     8.4        —     
                
     (34.9     (33.1
                

Effect of exchange rate changes on cash

     (1.0     0.4   
                

Increase (decrease) in cash and cash equivalents

     85.8        14.6   

Cash and cash equivalents, beginning of year

     76.6        52.4   
                

Cash and cash equivalents, end of period

   $ 162.4      $ 67.0   
                

 

   EX99_20100728-5168-0B1FA442    Page 1 of 1