-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ElpibUA2pBk/5amPasEttzBz317HtsCiIi66YjAKoRnJYo763zbQuv6XwPBokW1Z rxxkpfHYQHM/feVwn6tvWQ== 0001104659-03-006887.txt : 20030421 0001104659-03-006887.hdr.sgml : 20030421 20030421161401 ACCESSION NUMBER: 0001104659-03-006887 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030417 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030421 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREAT LAKES CHEMICAL CORP CENTRAL INDEX KEY: 0000043362 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS CHEMICAL PRODUCTS [2890] IRS NUMBER: 951765035 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06450 FILM NUMBER: 03657017 BUSINESS ADDRESS: STREET 1: 500 EAST 96TH STREET STREET 2: SUITE 500 CITY: INDIANAPOLIS STATE: IN ZIP: 46240 BUSINESS PHONE: 3177153000 MAIL ADDRESS: STREET 1: 500 EAST 96TH STREET STREET 2: SUITE 500 CITY: INDIANAPOLIS STATE: IN ZIP: 46240 FORMER COMPANY: FORMER CONFORMED NAME: MCCLANAHAN OIL CO DATE OF NAME CHANGE: 19700925 FORMER COMPANY: FORMER CONFORMED NAME: GREAT LAKES OIL & CHEMICAL CO DATE OF NAME CHANGE: 19700925 8-K 1 j9672_8k.htm 8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Act of 1934

 

Date of Report: April 21, 2003

Date of Earliest Event Reported: April 17, 2003

 

Commission file number 1-6450

 

GREAT LAKES CHEMICAL CORPORATION

(Exact name of registrant as specified in its charter)

 

DELAWARE

 

95-1765035

(State or other jurisdiction of
incorporation or organization)

 

(IRS Employer
Identification No.)

 

500 EAST 96TH STREET, SUITE 500
INDIANAPOLIS, INDIANA 46240

(Address of principal executive offices)  (Zip Code)

 

Registrant’s telephone number, including area code 317-715-3000

 

 

 

Item 7. Financial Statements and Exhibits

 

(c.) Exhibit 99(i)  Press release dated April 17, 2003.

 

Item 9. Regulation FD Disclosure

 

The following information is being furnished pursuant to Item 12 of Form 8-K, “Results of Operations and Financial Condition” and should not be deemed to be “filed” under the Securities Exchange Act of 1934.

 

On April 17, 2003, Great Lakes Chemical Corporation issued a press release stating that it changed its financial reporting segments effective January 1, 2003 and the revised segment results for 2002, 2001 and 2000.  A copy of this release has been included as Exhibit 99(i).

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

Date:

April 21, 2003

 

By:

/s/

William L. Sherwood

 

William L. Sherwood

 

Vice President and
Corporate Controller

 

2

 EX-99.I 3 j9672_ex99di.htm EX-99.I

Exhibit 99(i)

 

news release

 

Great Lakes Chemical Corporation
500 E 96th Street, Suite 500
Indianapolis, IN 46240-3759 USA

 

 

 

 

 

Telephone: (1) 317 715 3000
Facsimile: (1) 317 715 3050
www.greatlakes.com

 

 

FOR IMMEDIATE RELEASE

(Issued April 17, 2003)

 

GREAT LAKES CHANGES FINANCIAL REPORTING SEGMENTS

 

INDIANAPOLIS, INDIANA—Great Lakes Chemical Corporation (NYSE:GLK) today announced that effective January 1, 2003, it changed its financial reporting segments to reflect the way the company is now organized and how it manages and measures the performance of its businesses.

 

Previously, Great Lakes segmented its financial results into “Polymer Additives,” “Water Treatment,” and “Performance Chemicals.” Under the revised reporting structure, Brominated Performance Products will be reclassified from the Performance Chemicals segment to the Polymer Additives segment. The remaining components of the Performance Chemicals segment are unaffected. In addition, the Water Treatment segment has been renamed Specialty Products to include the company’s recent acquisition of a line of specialty household cleaning products, which joins Great Lakes’ swimming pool and industrial water sanitizers and related products.

 

Revised segment results by quarter and full year for the years 2002, 2001, and 2000, respectively, are included with this release. The tables that follow show the reclassification of net sales and profit of reportable segments under the revised segment format and also on an adjusted basis, which excludes special charges and other one-time items. The adjusted financial information should not be construed as an alternative to the revised segment results determined in accordance with accounting principles generally accepted in the United States, rather the information is provided solely to help investors understand the impact of special charges and other one-time items on the company’s results of operations.

 

Forward Looking Statement

This press release contains forward-looking statements involving risk and uncertainties that affect the company’s operations as discussed in Great Lakes Chemical Corporation’s Annual Report on Form 10-K filed with the Securities and Exchange Commission. Accordingly, there is no assurance the company’s expectations will be realized.

 

# # #

 

Great Lakes Chemical Corporation is the world’s leading producer of certain specialty chemicals for such applications as water treatment, household cleaners, flame retardants, polymer stabilizers, fire suppressants, and performance chemicals. The stock of the company is traded on the New York Stock Exchange. For more information please visit the Great Lakes web site at www.greatlakes.com.

 

CONTACT:                                 Jeff Potrzebowski - Analysts
Wendy Chance - Media
(1) 317 715 3027

 

 

Great Lakes Chemical Corporation
Segment Results – Continuing Operations
Year Ended December 31, 2002, 2001 and 2000

(millions)

 

 

 

Year Ended
December 31, 2002

 

Year Ended
December 31, 2001

 

Year Ended
December 31, 2000

 

 

 

Revised

 

Adjustments (A)

 

Adjusted

 

Revised

 

Adjustments (B)

 

Adjusted

 

Revised

 

Adjustments (C)

 

Adjusted

 

Net Sales to External Customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

745.5

 

$

—

 

$

745.5

 

$

700.1

 

$

—

 

$

700.1

 

$

805.4

 

$

—

 

$

805.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

543.0

 

—

 

543.0

 

507.0

 

—

 

507.0

 

474.5

 

—

 

474.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Chemicals

 

114.9

 

—

 

114.9

 

141.3

 

—

 

141.3

 

167.1

 

—

 

167.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Sales of Reportable Segments

 

1,403.4

 

—

 

1,403.4

 

1,348.4

 

—

 

1,348.4

 

1,447.0

 

—

 

1,447.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

(1.9

)

—

 

(1.9

)

4.4

 

—

 

4.4

 

2.8

 

—

 

2.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Net Sales to External Customers

 

$

1,401.5

 

$

—

 

$

1,401.5

 

$

1,352.8

 

$

—

 

$

1,352.8

 

$

1,449.8

 

$

—

 

$

1,449.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Profit (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

42.4

 

$

—

 

$

42.4

 

$

(52.2

)

$

49.1

 

$

(3.1

)

$

85.8

 

$

—

 

$

85.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

83.1

 

(1.0

)

82.1

 

54.1

 

10.7

 

64.8

 

85.0

 

—

 

85.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Chemicals

 

26.6

 

—

 

26.6

 

42.3

 

1.3

 

43.6

 

66.8

 

—

 

66.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Profits of Reportable Segments

 

152.1

 

(1.0

)

151.1

 

44.2

 

61.1

 

105.3

 

237.6

 

—

 

237.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

(35.8

)

—

 

(35.8

)

(37.0

)

—

 

(37.0

)

(37.1

)

—

 

(37.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Special Charges

 

(5.1

)

5.1

 

—

 

(148.6

)

148.6

 

—

 

(54.3

)

54.3

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Income (Loss)

 

$

111.2

 

$

4.1

 

$

115.3

 

$

(141.4

)

$

209.7

 

$

68.3

 

$

146.2

 

$

54.3

 

$

200.5

 

 

The Net Adjusted Sales and Operating Income (Loss) information above for the twelve months ended December 31, 2002, 2001 and 2000 excludes the following items detailed below.

 

(A)                              Included in cost of products sold for the year ended December 31, 2002 are $1.0 million of reversals of previously recorded reserves for contract cancellation and other costs.

 

Included in 2002 are net repositioning charges of $5.1 million.

 

(B)                                Included in cost of products sold in 2001 are inventory write-downs of $25.7 million ($15.6 million for Polymer Additives, $8.9 million for Specialty Products and $1.2 million for Performance Chemicals), environmental remediation costs of $24.5 million ($23.9 million for Polymer Additives, $0.5 million for Specialty Products and $0.1 million for Performance Chemicals), $7.4 million of announced plant shutdown operating inefficiencies for Polymer Additives, $1.0 million of Specialty Products contract cancellation costs and a $1.1 million adjustment to reflect the cumulative pension liabilty for U.K. pension plans ($0.9 million for Polymer Additives and $0.2 million for Specialty Products.)

 

Included in selling, general and administrative expenses in 2001 are $0.9 million of accounts receivable write-offs and a $0.5 million adjustment to reflect the cumulative pension liability for U.K pension plans ($0.4 million for Polymer Additives and $0.1 million for Specialty Products.)

 

Included in 2001 are net repositioning charges of $148.6 million.

 

(C)                                Included in 2000 are net repositioning charges of $54.3 million.

 

2

 

Great Lakes Chemical Corporation
Segment Results - Continuing Operations
Quarterly Results -2002

(millions)
(Unaudited)

 

 

 

March 31, 2002

 

June 30, 2002

 

 

 

Revised

 

Adjustments

 

Adjusted

 

Revised

 

Adjustments

 

Adjusted

 

Net Sales to External Customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

164.8

 

$

—

 

$

164.8

 

$

191.8

 

$

—

 

$

191.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

111.8

 

—

 

111.8

 

191.6

 

—

 

191.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Chemicals

 

28.1

 

—

 

28.1

 

28.3

 

—

 

28.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Sales of Reportable Segments

 

304.7

 

—

 

304.7

 

411.7

 

—

 

411.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

0.3

 

—

 

0.3

 

(3.2

)

—

 

(3.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Net Sales to External Customers

 

$

305.0

 

$

—

 

$

305.0

 

$

408.5

 

$

—

 

$

408.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Profit (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

4.1

 

$

—

 

$

4.1

 

$

13.2

 

$

—

 

$

13.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

15.0

 

—

 

15.0

 

38.3

 

—

 

38.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Chemicals

 

6.3

 

—

 

6.3

 

7.1

 

—

 

7.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Profits of Reportable Segments

 

25.4

 

—

 

25.4

 

58.6

 

—

 

58.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

(8.6

)

—

 

(8.6

)

(12.8

)

—

 

(12.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Special Charges

 

—

 

—

 

—

 

(1.7

)

1.7

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Income (Loss)

 

$

16.8

 

$

—

 

$

16.8

 

$

44.1

 

$

1.7

 

$

45.8

 

 

 

 

September 30, 2002

 

December 31, 2002

 

 

 

Revised

 

Adjustments

 

Adjusted

 

Revised

 

Adjustments

 

Adjusted

 

Net Sales to External Customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

194.2

 

$

—

 

$

194.2

 

$

194.7

 

$

—

 

$

194.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

140.0

 

—

 

140.0

 

99.6

 

—

 

99.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Chemicals

 

25.4

 

—

 

25.4

 

33.1

 

—

 

33.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Sales of Reportable Segments

 

359.6

 

—

 

359.6

 

327.4

 

—

 

327.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

1.0

 

—

 

1.0

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Net Sales to External Customers

 

$

360.6

 

$

—

 

$

360.6

 

$

327.4

 

$

—

 

$

327.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Profit (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

11.6

 

$

—

 

$

11.6

 

$

13.5

 

$

—

 

$

13.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

19.8

 

—

 

19.8

 

10.0

 

(1.0

)

9.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Chemicals

 

5.7

 

—

 

5.7

 

7.5

 

—

 

7.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Profits of Reportable Segments

 

37.1

 

—

 

37.1

 

31.0

 

(1.0

)

30.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

(7.4

)

—

 

(7.4

)

(7.0

)

—

 

(7.0

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Special Charges

 

0.4

 

(0.4

)

—

 

(3.8

)

3.8

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Income (Loss)

 

$

30.1

 

$

(0.4

)

$

29.7

 

$

20.2

 

$

2.8

 

$

23.0

 

 

3

 

Great Lakes Chemical Corporation
Segment Results - Continuing Operations
Quarterly Results -2001

(millions)
(Unaudited)

 

 

 

March 31, 2001

 

June 30, 2001

 

 

 

Revised

 

Adjustments

 

Adjusted

 

Revised

 

Adjustments

 

Adjusted

 

Net Sales to External Customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

190.4

 

$

—

 

$

190.4

 

$

178.1

 

$

—

 

$

178.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

110.1

 

—

 

110.1

 

175.6

 

—

 

175.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Chemicals

 

38.9

 

—

 

38.9

 

52.3

 

—

 

52.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Sales of Reportable Segments

 

339.4

 

—

 

339.4

 

406.0

 

—

 

406.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

2.7

 

—

 

2.7

 

0.3

 

—

 

0.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Net Sales to External Customers

 

$

342.1

 

$

—

 

$

342.1

 

$

406.3

 

$

—

 

$

406.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Profit (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

9.6

 

$

—

 

$

9.6

 

$

(7.0

)

$

5.8

 

$

(1.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

15.2

 

—

 

15.2

 

28.3

 

—

 

28.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Chemicals

 

12.7

 

—

 

12.7

 

19.3

 

0.4

 

19.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Profits of Reportable Segments

 

37.5

 

—

 

37.5

 

40.6

 

6.2

 

46.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

(10.1

)

—

 

(10.1

)

(10.4

)

—

 

(10.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Special Charges

 

—

 

—

 

—

 

(72.7

)

72.7

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Income (Loss)

 

$

27.4

 

$

—

 

$

27.4

 

$

(42.5

)

$

78.9

 

$

36.4

 

 

 

 

September 30, 2001

 

December 31, 2001

 

 

 

Revised

 

Adjustments

 

Adjusted

 

Revised

 

Adjustments

 

Adjusted

 

Net Sales to External Customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

170.3

 

$

—

 

$

170.3

 

$

161.3

 

$

—

 

$

161.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

127.7

 

—

 

127.7

 

93.6

 

—

 

93.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Chemicals

 

23.7

 

—

 

23.7

 

26.4

 

—

 

26.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Sales of Reportable Segments

 

321.7

 

—

 

321.7

 

281.3

 

—

 

281.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

(0.6

)

—

 

(0.6

)

2.0

 

—

 

2.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Net Sales to External Customers

 

$

321.1

 

$

—

 

$

321.1

 

$

283.3

 

$

—

 

$

283.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Profit (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

(39.8

)

$

34.5

 

$

(5.3

)

$

(15.0

)

$

8.8

 

$

(6.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

10.1

 

4.7

 

14.8

 

0.5

 

6.0

 

6.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Chemicals

 

4.7

 

0.1

 

4.8

 

5.6

 

0.8

 

6.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Profits of Reportable Segments

 

(25.0

)

39.3

 

14.3

 

(8.9

)

15.6

 

6.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

(10.0

)

—

 

(10.0

)

(6.5

)

—

 

(6.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Special Charges

 

(71.4

)

71.4

 

—

 

(4.5

)

4.5

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Income (Loss)

 

$

(106.4

)

$

110.7

 

$

4.3

 

$

(19.9

)

$

20.1

 

$

0.2

 

 

4

 

Great Lakes Chemical Corporation
Segment Results - Continuing Operations
Quarterly Results -2000

(millions)
(Unaudited)

 

 

 

March 31, 2000

 

June 30, 2000

 

 

 

Revised

 

Adjustments

 

Adjusted

 

Revised

 

Adjustments

 

Adjusted

 

Net Sales to External Customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

208.4

 

$

—

 

$

208.4

 

$

201.2

 

$

—

 

$

201.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

106.1

 

—

 

106.1

 

158.1

 

—

 

158.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Chemicals

 

37.2

 

—

 

37.2

 

38.0

 

—

 

38.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Sales of Reportable Segments

 

351.7

 

—

 

351.7

 

397.3

 

—

 

397.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

—

 

—

 

—

 

(0.5

)

—

 

(0.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Net Sales to External Customers

 

$

351.7

 

$

—

 

$

351.7

 

$

396.8

 

$

—

 

$

396.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Profit (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

23.0

 

$

—

 

$

23.0

 

$

24.0

 

$

—

 

$

24.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

17.4

 

—

 

17.4

 

38.1

 

—

 

38.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Chemicals

 

15.1

 

—

 

15.1

 

15.3

 

—

 

15.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Profits of Reportable Segments

 

55.5

 

—

 

55.5

 

77.4

 

—

 

77.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

(9.2

)

—

 

(9.2

)

(9.9

)

—

 

(9.9

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Special Charges

 

—

 

—

 

—

 

(56.5

)

56.5

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Income (Loss)

 

$

46.3

 

$

—

 

$

46.3

 

$

11.0

 

$

56.5

 

$

67.5

 

 

 

 

September 30, 2000

 

December 31, 2000

 

 

 

Revised

 

Adjustments

 

Adjusted

 

Revised

 

Adjustments

 

Adjusted

 

Net Sales to External Customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

207.6

 

$

—

 

$

207.6

 

$

188.2

 

$

—

 

$

188.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

112.3

 

—

 

112.3

 

98.0

 

—

 

98.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Chemicals

 

43.4

 

—

 

43.4

 

48.5

 

—

 

48.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Sales of Reportable Segments

 

363.3

 

—

 

363.3

 

334.7

 

—

 

334.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

1.9

 

—

 

1.9

 

1.4

 

—

 

1.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Net Sales to External Customers

 

$

365.2

 

$

—

 

$

365.2

 

$

336.1

 

$

—

 

$

336.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Profit (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

25.4

 

$

—

 

$

25.4

 

$

13.4

 

$

—

 

$

13.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

17.0

 

—

 

17.0

 

12.5

 

—

 

12.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Chemicals

 

17.3

 

—

 

17.3

 

19.1

 

—

 

19.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Profits of Reportable Segments

 

59.7

 

—

 

59.7

 

45.0

 

—

 

45.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

(9.6

)

—

 

(9.6

)

(8.4

)

—

 

(8.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Special Charges

 

—

 

—

 

—

 

2.2

 

(2.2

)

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Income (Loss)

 

$

50.1

 

$

—

 

$

50.1

 

$

38.8

 

$

(2.2

)

$

36.6

 

 

5

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