EX-99.(I) 2 a04-11542_1ex99di.htm EX-99.(I)

Exhibit 99(i)

 

news release

 

Great Lakes Chemical Corporation

 

 

9025 North River Road, Suite 400

 

 

Indianapolis, IN 46240 USA

 

 

 

 

 

Telephone: (1) 317 715 3000

 

 

Facsimile: (1) 317 715 3050

 

 

www.greatlakes.com

 

 

 

 

 

 

FOR IMMEDIATE RELEASE

(Issued October 11, 2004)

 

 

GREAT LAKES REALIGNS FINANCIAL REPORTING SEGMENTS DUE TO SALE OF WIL RESEARCH LABORATORIES

 

 

INDIANAPOLIS, INDIANA—Great Lakes Chemical Corporation (NYSE:GLK) today announced that effective September 30, 2004, it changed its financial reporting segments to reflect the way the company is now organized following the sale of its toxicological services business, WIL Research Laboratories, to Behrman Capital.

 

Previously, Great Lakes segmented its financial results as “Polymer Additives,” “Specialty Products,” and “Performance Chemicals.” The new reporting structure will include two segments:  Polymer Additives and Specialty Products. The Fire Suppression and Fluorine Specialties businesses will be reclassified from the Performance Chemicals segment to the Polymer Additives segment. WIL Research Laboratories, formerly reported under Performance Chemicals, will now be reported as discontinued operations. The Specialty Products segment is unaffected.

 

Income from continuing operations for Great Lakes Chemical Corporation for the three and nine months ended September 30, 2004, will exclude sales of $12.0 million and $32.7 million, and earnings of $1.4 million, or $0.03 per share, and $4.4 million, or $0.09 per share, respectively. The operating results of WIL Research Laboratories are being reported as discontinued operations effective third quarter 2004 and for all periods presented.

 

Revised segment results by quarter and full year for the years 2003, 2002, and 2001, respectively, are included with this release. Results for the first half 2004 are also included. 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 asset impairments, restructuring charges, and certain other significant items.

 

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.

 

This release also contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission, including adjusted operating income (loss).  Included with this release is a reconciliation of the differences between these non-GAAP financial measures and the most directly comparable financial measures calculated in accordance with GAAP.

 

# # #

 


 

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 suppression, and performance chemicals. The stock of the company is traded on the New York Stock Exchange (NYSE:GLK). For more information please visit the Great Lakes web site at www.greatlakes.com.

 

 

Analyst contact:

Jeff Potrzebowski  +1 317 715 3027 / investorinfo@glcc.com

 

Media contact:

Wendy Chance +1 317 715 3027 / wchance@glcc.com

 

2


 

Great Lakes Chemical Corporation

Segment Results - Continuing Operations

Six Months Ended June 30, 2004

Year Ended December 31, 2003, 2002 and 2001

(millions)

 

 

 

Six Months Ended
June 30, 2004

 

Year Ended
December 31, 2003

 

Year Ended
December 31, 2002

 

Year Ended
December 31, 2001

 

 

 

Revised
GAAP
Basis

 

Charges (A)

 

Adjusted

 

Revised
GAAP
Basis

 

Charges (A)

 

Adjusted

 

Revised
GAAP
Basis

 

Charges (A)

 

Adjusted

 

Revised
GAAP
Basis

 

Charges (A)

 

Adjusted

 

Net Sales to External Customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

439.8

 

$

—

 

$

439.8

 

$

814.0

 

$

—

 

$

814.0

 

$

824.3

 

$

—

 

$

824.3

 

$

807.1

 

$

—

 

$

807.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

361.5

 

—

 

361.5

 

611.9

 

—

 

611.9

 

543.0

 

—

 

543.0

 

507.0

 

—

 

507.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Sales of Reportable Segments

 

801.3

 

—

 

801.3

 

1,425.9

 

—

 

1,425.9

 

1,367.3

 

—

 

1,367.3

 

1,314.1

 

—

 

1,314.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

—

 

—

 

—

 

—

 

—

 

—

 

(1.9

)

—

 

(1.9

)

4.4

 

—

 

4.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Net Sales to External Customers

 

$

801.3

 

$

—

 

$

801.3

 

$

1,425.9

 

$

—

 

$

1,425.9

 

$

1,365.4

 

$

—

 

$

1,365.4

 

$

1,318.5

 

$

—

 

$

1,318.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Profit (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

9.9

 

$

13.3

 

$

23.2

 

$

(85.6

)

$

95.7

 

$

10.1

 

$

53.1

 

$

5.4

 

$

58.5

 

$

(165.5

)

$

196.0

 

$

30.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

46.9

 

2.7

 

49.6

 

72.7

 

4.2

 

76.9

 

83.1

 

(1.0

)

82.1

 

53.6

 

11.2

 

64.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Profits of Reportable Segments

 

56.8

 

16.0

 

72.8

 

(12.9

)

99.9

 

87.0

 

136.2

 

4.4

 

140.6

 

(111.9

)

207.2

 

95.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

(30.8

)

14.2

 

(16.6

)

(49.3

)

11.8

 

(37.5

)

(35.5

)

(0.3

)

(35.8

)

(39.5

)

2.5

 

(37.0

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Income (Loss)

 

$

26.0

 

$

30.2

 

$

56.2

 

$

(62.2

)

$

111.7

 

$

49.5

 

$

100.7

 

$

4.1

 

$

104.8

 

$

(151.4

)

$

209.7

 

$

58.3

 

 

(A)      Asset impairments, restructuring charges and certain other significant items have been excluded from Reported (GAAP basis) Income (Loss) from Continuing Operations to provide Adjusted Income (Loss) from Continuing Operations. The impacts of these excluded charges (credits) are summarized below.

 

 

 

 

2004

 

2003

 

2002

 

2001

 

Asset impairments (all segments)

 

$

4.9

 

$

69.1

 

$

6.0

 

$

106.1

 

Restructuring charges (all segments)

 

9.3

 

28.7

 

—

 

42.5

 

Change in useful life of enterprise software (Corporate)

 

12.6

 

10.0

 

—

 

—

 

Litigation settlement (Polymer Additives)

 

—

 

(3.1

)

—

 

—

 

Joint venture contract settlement costs (Polymer Additives)

 

—

 

2.6

 

—

 

 

 

Pricing settlement - purchase contract (Polymer Additives)

 

—

 

1.4

 

—

 

 

 

Severance and lease costs (Specialty Products)

 

—

 

0.8

 

—

 

—

 

Business interruption costs - facility fires (Specialty Products)

 

1.5

 

 

 

 

 

 

 

External consulting fees - restructuring related (Corporate)

 

1.0

 

0.8

 

—

 

 

 

Inventory impairments

 

—

 

—

 

—

 

25.7

 

Environmental remediation costs

 

—

 

—

 

—

 

24.5

 

Operating inefficiencies incurred after plant shutdown announcement

 

—

 

—

 

—

 

7.4

 

Headquarter relocation (Specialty Products and Corporate)

 

—

 

0.5

 

—

 

—

 

Contract cancellation costs (Specialty Products)

 

—

 

—

 

(1.0

)

1.0

 

U.K. cumulative pension liability adjustment

 

—

 

—

 

—

 

1.6

 

Adjustments to restructuring reserves for charges taken in prior years

 

—

 

(0.1

)

(0.9

)

—

 

Other

 

0.9

 

1.0

 

—

 

0.9

 

Charges excluded from operating income (loss)

 

$

30.2

 

$

111.7

 

$

4.1

 

$

209.7

 

 


 

Great Lakes Chemical Corporation

Segment Results - Continuing Operations

Quarterly Results -2004

(millions)

(Unaudited)

 

 

 

March 31, 2004

 

June 30, 2004

 

 

 

Revised
GAAP Basis

 

Charges

 

Adjusted

 

Revised
GAAP Basis

 

Charges

 

Adjusted

 

Net Sales to External Customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

213.3

 

$

—

 

$

213.3

 

$

226.5

 

$

—

 

$

226.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

144.8

 

—

 

144.8

 

216.7

 

—

 

216.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Sales of Reportable Segments

 

358.1

 

—

 

358.1

 

443.2

 

—

 

443.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Net Sales to External Customers

 

$

358.1

 

$

—

 

$

358.1

 

$

443.2

 

$

—

 

$

443.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Profit (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

2.8

 

$

7.0

 

$

9.8

 

$

7.1

 

$

6.3

 

$

13.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

14.0

 

1.5

 

15.5

 

32.9

 

1.2

 

34.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Profits of Reportable Segments

 

16.8

 

8.5

 

25.3

 

40.0

 

7.5

 

47.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

(13.9

)

5.8

 

(8.1

)

(16.9

)

8.4

 

(8.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Income (Loss)

 

$

2.9

 

$

14.3

 

$

17.2

 

$

23.1

 

$

15.9

 

$

39.0

 

 


 

Great Lakes Chemical Corporation

Segment Results - Continuing Operations

Quarterly Results -2003

(millions)

(Unaudited)

 

 

 

March 31, 2003

 

June 30, 2003

 

 

 

Revised
GAAP Basis

 

Charges

 

Adjusted

 

Revised
GAAP Basis

 

Charges

 

Adjusted

 

Net Sales to External Customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

203.0

 

$

—

 

$

203.0

 

$

202.2

 

$

—

 

$

202.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

121.7

 

—

 

121.7

 

204.6

 

—

 

204.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Sales of Reportable Segments

 

324.7

 

—

 

324.7

 

406.8

 

—

 

406.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Net Sales to External Customers

 

$

324.7

 

$

—

 

$

324.7

 

$

406.8

 

$

—

 

$

406.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Profit (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

3.8

 

$

—

 

$

3.8

 

$

4.1

 

$

(3.1

)

$

1.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

15.4

 

—

 

15.4

 

35.4

 

1.1

 

36.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Profits of Reportable Segments

 

19.2

 

—

 

19.2

 

39.5

 

(2.0

)

37.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

(10.2

)

—

 

(10.2

)

(10.3

)

0.5

 

(9.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Income (Loss)

 

$

9.0

 

$

—

 

$

9.0

 

$

29.2

 

$

(1.5

)

$

27.7

 

 

 

 

 

September 30, 2003

 

December 31, 2003

 

 

 

Revised
GAAP Basis

 

Charges

 

Adjusted

 

Revised
GAAP Basis

 

Charges

 

Adjusted

 

Net Sales to External Customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

199.7

 

$

—

 

$

199.7

 

$

209.1

 

$

—

 

$

209.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

166.0

 

—

 

166.0

 

119.6

 

—

 

119.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Sales of Reportable Segments

 

365.7

 

—

 

365.7

 

328.7

 

—

 

328.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Net Sales to External Customers

 

$

365.7

 

$

—

 

$

365.7

 

$

328.7

 

$

—

 

$

328.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Profit (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

(59.5

)

$

56.4

 

$

(3.1

)

$

(34.0

)

$

42.4

 

$

8.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

17.3

 

0.9

 

18.2

 

4.6

 

2.2

 

6.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Profits of Reportable Segments

 

(42.2

)

57.3

 

15.1

 

(29.4

)

44.6

 

15.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

(14.2

)

5.0

 

(9.2

)

(14.6

)

6.3

 

(8.3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Income (Loss)

 

$

(56.4

)

$

62.3

 

$

5.9

 

$

(44.0

)

$

50.9

 

$

6.9

 

 


 

Great Lakes Chemical Corporation

Segment Results - Continuing Operations

Quarterly Results -2002

(millions)

(Unaudited)

 

 

 

March 31, 2002

 

June 30, 2002

 

 

 

Revised
GAAP Basis

 

Charges

 

Adjusted

 

Revised
GAAP Basis

 

Charges

 

Adjusted

 

Net Sales to External Customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

183.7

 

$

—

 

$

183.7

 

$

211.6

 

$

—

 

$

211.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

111.8

 

—

 

111.8

 

191.6

 

—

 

191.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Sales of Reportable Segments

 

295.5

 

—

 

295.5

 

403.2

 

—

 

403.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

0.3

 

—

 

0.3

 

(3.2

)

—

 

(3.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Net Sales to External Customers

 

$

295.8

 

$

—

 

$

295.8

 

$

400.0

 

$

—

 

$

400.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Profit (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

8.0

 

$

—

 

$

8.0

 

$

16.1

 

$

2.0

 

$

18.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

15.0

 

—

 

15.0

 

38.3

 

—

 

38.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Profits of Reportable Segments

 

23.0

 

—

 

23.0

 

54.4

 

2.0

 

56.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

(8.6

)

—

 

(8.6

)

(12.5

)

(0.3

)

(12.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Income (Loss)

 

$

14.4

 

$

—

 

$

14.4

 

$

41.9

 

$

1.7

 

$

43.6

 

 

 

 

 

September 30, 2002

 

December 31, 2002

 

 

 

Revised GAAP Basis

 

Charges

 

Adjusted

 

Revised GAAP Basis

 

Charges

 

Adjusted

 

Net Sales to External Customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

210.8

 

$

—

 

$

210.8

 

$

218.2

 

$

—

 

$

218.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

140.0

 

—

 

140.0

 

99.6

 

—

 

99.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Chemicals

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Sales of Reportable Segments

 

350.8

 

—

 

350.8

 

317.8

 

—

 

317.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

1.0

 

—

 

1.0

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Net Sales to External Customers

 

$

351.8

 

$

—

 

$

351.8

 

$

317.8

 

$

—

 

$

317.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Profit (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

15.2

 

$

(0.4

)

$

14.8

 

$

13.8

 

$

3.8

 

$

17.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

19.8

 

—

 

19.8

 

10.0

 

(1.0

)

9.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Profits of Reportable Segments

 

35.0

 

(0.4

)

34.6

 

23.8

 

2.8

 

26.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

(7.4

)

—

 

(7.4

)

(7.0

)

—

 

(7.0

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Income (Loss)

 

$

27.6

 

$

(0.4

)

$

27.2

 

$

16.8

 

$

2.8

 

$

19.6

 

 


 

Great Lakes Chemical Corporation

Segment Results - Continuing Operations

Quarterly Results -2001

(millions)

(Unaudited)

 

 

 

March 31, 2001

 

June 30, 2001

 

 

 

Revised
GAAP Basis

 

Charges

 

Adjusted

 

Revised
GAAP Basis

 

Charges

 

Adjusted

 

Net Sales to External Customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

222.1

 

$

—

 

$

222.1

 

$

220.4

 

$

—

 

$

220.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

110.1

 

—

 

110.1

 

175.6

 

—

 

175.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Sales of Reportable Segments

 

332.2

 

—

 

332.2

 

396.0

 

—

 

396.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

2.7

 

—

 

2.7

 

0.3

 

—

 

0.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Net Sales to External Customers

 

$

334.9

 

$

—

 

$

334.9

 

$

396.3

 

$

—

 

$

396.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Profit (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

21.0

 

$

—

 

$

21.0

 

$

(63.2

)

$

78.1

 

$

14.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

15.2

 

—

 

15.2

 

28.1

 

0.2

 

28.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Profits of Reportable Segments

 

36.2

 

—

 

36.2

 

(35.1

)

78.3

 

43.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

(10.1

)

—

 

(10.1

)

(11.0

)

0.6

 

(10.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Income (Loss)

 

$

26.1

 

$

—

 

$

26.1

 

$

(46.1

)

$

78.9

 

$

32.8

 

 

 

 

 

September 30, 2001

 

December 31, 2001

 

 

 

Revised
GAAP Basis

 

Charges

 

Adjusted

 

Revised
GAAP Basis

 

Charges

 

Adjusted

 

Net Sales to External Customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

185.7

 

$

—

 

$

185.7

 

$

178.9

 

$

—

 

$

178.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

127.7

 

—

 

127.7

 

93.6

 

—

 

93.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Sales of Reportable Segments

 

313.4

 

—

 

313.4

 

272.5

 

—

 

272.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

(0.6

)

—

 

(0.6

)

2.0

 

—

 

2.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Net Sales to External Customers

 

$

312.8

 

$

—

 

$

312.8

 

$

274.5

 

$

—

 

$

274.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Profit (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polymer Additives

 

$

(107.3

)

$

104.3

 

$

(3.0

)

$

(16.0

)

$

13.5

 

$

(2.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

9.8

 

5.0

 

14.8

 

0.5

 

6.0

 

6.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Profits of Reportable Segments

 

(97.5

)

109.3

 

11.8

 

(15.5

)

19.5

 

4.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

(11.3

)

1.4

 

(9.9

)

(7.1

)

0.6

 

(6.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Income (Loss)

 

$

(108.8

)

$

110.7

 

$

1.9

 

$

(22.6

)

$

20.1

 

$

(2.5

)