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8-K - FORM 8-K - OM GROUP INC | l41950e8vk.htm |
Exhibit 99
PRESS RELEASE
OM GROUP REPORTS STRONG REVENUE, INCOME GROWTH
IN FOURTH-QUARTER AND FULL-YEAR 2010
IN FOURTH-QUARTER AND FULL-YEAR 2010
Recent acquisition and solid organic growth drive fourth-quarter net sales up 21 percent
Fourth-quarter income from continuing operations increases to $0.77 per diluted share
Financial discipline leads to robust cash generation and healthy balance sheet
Fourth-quarter income from continuing operations increases to $0.77 per diluted share
Financial discipline leads to robust cash generation and healthy balance sheet
CLEVELAND February 24, 2011 OM Group, Inc. (NYSE: OMG) today announced financial
results for the fourth quarter and full year ended December 31, 2010.
Fourth-quarter net sales were $293.1 million, 21 percent higher than a year ago. The increase was
driven primarily by net sales of $31.2 million in Battery Technologies due to the acquisition of
EaglePicher Technologies in January of 2010. Excluding the acquisition, sales rose 9 percent on
higher cobalt volume and metal resale in Advanced Materials and volume growth in Specialty
Chemicals. 2010 fourth-quarter net income was $23.8 million, or $0.78 per diluted share, compared
with $14.3 million, or $0.47 per diluted share, during the fourth quarter of 2009. Income from
continuing operations in the fourth quarter of 2010 was $0.77 per diluted share, compared with
$0.48 per diluted share last year.
Gross profit grew 14 percent due primarily to higher volumes and the EaglePicher Technologies
acquisition. Gross margin declined to 24.1 percent of sales from 25.7 percent last year, as the
benefit from volume growth was offset by lower pricing and a compression in Advanced Materials
gross margin due to timing and direction of changes in raw material costs in the fourth quarter of
2010. SG&A increased due to the acquisition, higher sales and higher performance-based employee
annual incentive compensation. As a result of the lower gross margin and higher SG&A, operating
margin fell to 8.7 percent of sales compared with 12.1 percent in the fourth quarter of 2009.
The fourth quarter income tax benefit of $2.1 million includes a net discrete tax benefit of $0.7
million primarily due to changes in uncertain tax positions (company portion is $1.5 million). The
full-year effective tax rate excluding discrete items fell to 22.6 percent due primarily to the
movement of foreign exchange rates and their impact on tax expense. This reduced income taxes
provided in the fourth quarter by $6.3 million.
Cash used for operating activities during the fourth quarter was $35.0 million. This included $68.1
million of payments into a deposit account related to a legal injunction against payment to our
joint venture partner for raw materials. The companys cash balance at the end of the quarter was
$400.6 million.
BUSINESS SEGMENT RESULTS (all comparisons with the fourth quarter of 2009)
Advanced Materials
| Net sales were $152.0 million, up 14 percent | ||
| Excluding metal resale and by-product sales, product volumes fell 7 percent, as growth in powder metallurgy, ceramics and chemical was offset by a decrease in battery materials | ||
| Operating profit was $20.7 million (13.6 percent of sales), down 20 percent on higher SG&A and lower gross margin |
Specialty Chemicals
| Net sales were $110.0 million, up 1 percent | ||
| Demand was higher in electronic technologies end markets, while volumes fell in Advanced Organics due to the closure of the Manchester, England facility | ||
| Operating profit was $11.6 million (10.5 percent of sales), up $0.5 million due primarily to higher volumes in electronic technologies |
Battery Technologies
| Net sales were $31.2 million | ||
| Operating profit was $3.1 million | ||
| Note: This segment is comprised of EaglePicher Technologies, which was acquired on January 29, 2010. Comparison to previous year not provided. |
FULL-YEAR RESULTS
For the full year, consolidated net sales increased 37 percent to $1,196.6 million and income from
continuing operations was $82.6 million, or $2.70 per diluted share, compared with a loss of $19.4
million, or $0.64 per diluted share in 2009. Net cash provided by operating activities for the year
was $126.6 million.
2010 was a very good year for OM Group from both a financial results and operational execution
standpoint, said Joseph Scaminace, chairman and chief executive officer. During the fourth
quarter, we continued to build on the positive momentum we have been generating for the company. I
am particularly pleased with how well all of our businesses are contributing to our financial
performance. Similarly, I am proud of the way our people have responded to the continued increase
in demand across our various end markets, while maintaining the financial discipline we have
instituted throughout the organization. As a result, we have been able to efficiently translate the
increasing net sales into earnings growth and excellent cash flow generation.
Scaminace noted that the companys ability to generate strong cash flow is critical to its growth
and transformation strategy because it enables OM Group to continue to fund its organic growth
through product innovation and capital investment, as well as remain active in identifying growth
opportunities in adjacent, value-added technologies and solutions.
OUTLOOK
As we begin 2011, we expect to continue to produce profitable growth and steadily increasing value
creation for our shareholders, thanks to our truly global footprint and market-leading positions in
fast-growing end markets, said Scaminace. Assuming macroeconomic conditions remain relatively
steady, we expect to see continued growth across our various end markets. In particular, within our
growth platforms of portable power and electronic chemicals, we anticipate continued strong demand
for battery materials, semiconductor, memory disk and printed circuit board products. Similarly, at
this point in time, we expect industrial and automotive production to remain strong, which bodes
well for powder metallurgy. We also believe growing demand for portable power and energy storage
solutions from the defense, aerospace and medical sectors will benefit our specialized Battery
Technologies businesses.
For purposes of this release, discussions related to income (loss) from continuing
operations or net income (loss) pertain to amounts attributable to OM Group, Inc. common
stockholders.
PRESENTATION OF NON-GAAP FINANCIAL INFORMATION
The Company is including certain non-GAAP financial measures, including Income (loss) from
continuing operations attributable to OM Group, Inc. and Earnings per common share assuming
dilution, both as adjusted for special items. Income (loss) from continuing operations
attributable to OM Group, Inc. as adjusted for special items is a non-GAAP measure used in this
release. It is defined and reconciled to what management believes to be the most comparable U.S.
GAAP measure in a schedule attached to this release. The Company believes that the non-GAAP
financial measure facilitates a comparative assessment of the
Companys operating performance and will enhance investors understanding of the performance of the Companys operations during 2010
and of the comparability of the 2010 results to the results of the relevant prior period. Such
non-GAAP financial measures are unique to the Company and may not be employed by other companies.
The non-GAAP financial information should not be construed as an alternative to reported results
determined in accordance with U.S. GAAP.
WEBCAST INFORMATION
OM Group has scheduled a conference call and live audio broadcast on the Web for 10 a.m. Eastern
time today. Investors may access the live audio broadcast by logging on to
http://investor.omgi.com. A copy of managements presentation materials will be available on OMGs
website at the time of the call. The company recommends visiting the website at least 15 minutes
prior to the webcast to download and install any necessary software. A webcast audio replay will be
available on the Investor Relations Presentations page of the companys website three hours
after the call.
ABOUT OM GROUP, INC.
OM Group, Inc. is a leading global solutions provider of specialty chemicals, advanced materials,
electrochemical energy storage and unique technologies crucial to enabling our customers to meet
increasingly stringent market and application requirements. The company serves a wide variety of
sectors, including rechargeable batteries, electronic devices, cutting tools, petrochemical
catalysts, electronics manufacturing, industrial coatings, defense, aerospace, and medical devices.
Headquartered in Cleveland, Ohio, OM Group operates manufacturing facilities in the Americas,
Europe, Asia and Africa. For more information, visit the companys Web site at http://www.omgi.com.
# # #
For more information, contact: Troy Dewar, director, investor relations, at +1-216-263-7765.
FORWARD-LOOKING STATEMENTS
The foregoing discussion may include forward-looking statements for purposes of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements
are based upon specific assumptions and are subject to uncertainties
and factors relating to the companys operations and business environment, all of which are
difficult to predict and many of which are beyond the control of the company. These uncertainties
and factors could cause actual results of the company to differ materially from those expressed or
implied in the forward-looking statements contained in the foregoing discussion. Such uncertainties
and factors include: the potential impact that global economic and financial market crisis may have
on our business and operations, including future goodwill impairments; the direction and pace of
our strategic transformation, including identification of and the ability to finance potential
acquisitions; the operation of our critical business facilities without interruption; the speed and
sustainability of price changes in cobalt; the potential for lower of cost or market write-downs of
the carrying value of inventory necessitated by decreases in the market price of cobalt or the
selling prices of the Companys finished products; the availability of competitively priced
supplies of raw materials, particularly cobalt; the demand for metal-based specialty chemicals and
products in the Companys markets; the impact of environmental regulations on our operating
facilities and the impact of new or changes to current environmental, health and safety laws on our
products and their use by our customers; the effect of fluctuations in currency exchange rates on
the Companys international operations; the effect of non-currency risks of investing and
conducting operations in foreign countries, including political, social, economic and regulatory
factors; the effect of changes in domestic or international tax laws; and the general level of
global economic activity and demand for the Companys products.
OM Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets
December 31, | December 31, | |||||||
(In thousands, except share data) | 2010 | 2009 | ||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ | 400,597 | $ | 355,383 | ||||
Restricted cash on deposit |
68,096 | | ||||||
Accounts receivable, less allowances |
155,465 | 123,641 | ||||||
Inventories |
293,625 | 287,096 | ||||||
Refundable and prepaid income taxes |
40,740 | 44,474 | ||||||
Other current assets |
44,602 | 32,394 | ||||||
Total current assets |
1,003,125 | 842,988 | ||||||
Property, plant and equipment, net |
256,098 | 227,115 | ||||||
Goodwill |
306,888 | 234,189 | ||||||
Intangible assets |
153,390 | 79,229 | ||||||
Notes receivable from joint venture partner, less allowance |
13,915 | 13,915 | ||||||
Other non-current assets |
39,292 | 46,700 | ||||||
Total assets |
$ | 1,772,708 | $ | 1,444,136 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities |
||||||||
Current portion of long-term debt |
$ | 30,000 | $ | | ||||
Accounts payable |
105,900 | 139,173 | ||||||
Liability related to joint venture partner injunction |
68,096 | | ||||||
Accrued income taxes |
8,321 | 7,522 | ||||||
Accrued employee costs |
37,932 | 18,168 | ||||||
Other current liabilities |
34,075 | 24,099 | ||||||
Total current liabilities |
284,324 | 188,962 | ||||||
Long-term debt |
90,000 | | ||||||
Deferred income taxes |
23,499 | 27,453 | ||||||
Uncertain tax positions |
14,796 | 15,733 | ||||||
Pension liabilities |
58,107 | 15,799 | ||||||
Other non-current liabilities |
25,364 | 20,057 | ||||||
Total liabilities |
496,090 | 268,004 | ||||||
Stockholders equity: |
||||||||
Total OM Group, Inc. stockholders equity |
1,236,784 | 1,131,305 | ||||||
Noncontrolling interests |
39,834 | 44,827 | ||||||
Total equity |
1,276,618 | 1,176,132 | ||||||
Total liabilities and equity |
$ | 1,772,708 | $ | 1,444,136 | ||||
OM Group, Inc. and Subsidiaries
Condensed Statements of Consolidated Operations
Condensed Statements of Consolidated Operations
Three Months Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
(In thousands, except per share data) | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Net sales |
$ | 293,128 | $ | 241,372 | $ | 1,196,646 | $ | 871,669 | ||||||||
Cost of products sold (excluding restructuring charges) |
222,582 | 178,640 | 910,094 | 693,832 | ||||||||||||
Restructuring charges |
(49 | ) | 677 | 1,864 | 12,054 | |||||||||||
Gross profit |
70,595 | 62,055 | 284,688 | 165,783 | ||||||||||||
Selling, general and administrative expenses |
44,905 | 32,760 | 161,806 | 133,302 | ||||||||||||
Goodwill impairment, net |
| | | 37,504 | ||||||||||||
Restructuring charges |
95 | 103 | 236 | 654 | ||||||||||||
Gain on termination of retiree medical plan |
| | | (4,693 | ) | |||||||||||
Operating profit (loss) |
25,595 | 29,192 | 122,646 | (984 | ) | |||||||||||
Other income (expense): |
||||||||||||||||
Interest expense |
(1,461 | ) | (81 | ) | (5,255 | ) | (689 | ) | ||||||||
Interest income |
267 | 202 | 908 | 928 | ||||||||||||
Foreign exchange gain (loss) |
(2,591 | ) | (671 | ) | (10,679 | ) | (21 | ) | ||||||||
Other, net |
(95 | ) | (57 | ) | (305 | ) | (292 | ) | ||||||||
(3,880 | ) | (607 | ) | (15,331 | ) | (74 | ) | |||||||||
Income (loss) from continuing operations before income tax expense |
21,715 | 28,585 | 107,315 | (1,058 | ) | |||||||||||
Income tax (expense) benefit |
2,135 | (14,249 | ) | (29,656 | ) | (20,899 | ) | |||||||||
Income (loss) from continuing operations, net of tax |
23,850 | 14,336 | 77,659 | (21,957 | ) | |||||||||||
Income (loss) from discontinued operations, net of tax |
104 | (289 | ) | 726 | 1,496 | |||||||||||
Consolidated net income (loss) |
23,954 | 14,047 | 78,385 | (20,461 | ) | |||||||||||
Net (income) loss attributable to noncontrolling interests |
(170 | ) | 279 | 4,989 | 2,604 | |||||||||||
Net income (loss) attributable to OM Group, Inc. common stockholders |
$ | 23,784 | $ | 14,326 | $ | 83,374 | $ | (17,857 | ) | |||||||
Earnings per common share basic: |
||||||||||||||||
Income (loss) from continuing operations attributable to OM Group, Inc.
common stockholders |
$ | 0.78 | $ | 0.48 | $ | 2.72 | $ | (0.64 | ) | |||||||
Income (loss) from discontinued operations attributable to OM Group, Inc.
common stockholders |
| (0.01 | ) | 0.02 | 0.05 | |||||||||||
Net income (loss) attributable to OM Group, Inc. common
stockholders |
$ | 0.78 | $ | 0.47 | $ | 2.74 | $ | (0.59 | ) | |||||||
Earnings per common share assuming dilution: |
||||||||||||||||
Income (loss) from continuing operations attributable to OM Group, Inc.
common stockholders |
$ | 0.77 | $ | 0.48 | $ | 2.70 | $ | (0.64 | ) | |||||||
Income (loss) from discontinued operations attributable to OM Group, Inc.
common stockholders |
0.01 | (0.01 | ) | 0.03 | 0.05 | |||||||||||
Net income (loss) attributable to OM Group, Inc. common
stockholders |
$ | 0.78 | $ | 0.47 | $ | 2.73 | $ | (0.59 | ) | |||||||
Weighted average shares outstanding basic |
30,481 | 30,267 | 30,433 | 30,244 | ||||||||||||
Weighted average shares outstanding assuming dilution |
30,653 | 30,487 | 30,565 | 30,244 | ||||||||||||
Amounts attributable to OM Group, Inc. common stockholders: |
||||||||||||||||
Income (loss) from continuing operations, net of tax |
$ | 23,680 | $ | 14,615 | $ | 82,648 | $ | (19,353 | ) | |||||||
Income (loss) from discontinued operations, net of tax |
104 | (289 | ) | 726 | 1,496 | |||||||||||
Net income (loss) |
$ | 23,784 | $ | 14,326 | $ | 83,374 | $ | (17,857 | ) | |||||||
OM Group, Inc. and Subsidiaries
Condensed Statements of Consolidated Cash Flows
Condensed Statements of Consolidated Cash Flows
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
(in thousands) | 2010 | 2009 | 2010 | 2009 | ||||||||||||
OPERATING ACTIVITIES |
||||||||||||||||
Consolidated net income (loss) |
$ | 23,954 | $ | 14,047 | $ | 78,385 | $ | (20,461 | ) | |||||||
Adjustments to reconcile consolidated net income (loss) to net cash
provided by (used for) operating activities: |
||||||||||||||||
(Income)/loss from discontinued operations |
(104 | ) | 289 | (726 | ) | (1,496 | ) | |||||||||
Depreciation and amortization |
13,911 | 12,655 | 54,097 | 53,765 | ||||||||||||
Share-based compensation expense |
1,191 | 1,440 | 5,342 | 6,026 | ||||||||||||
Foreign exchange loss |
2,591 | 671 | 10,679 | 21 | ||||||||||||
Goodwill impairment charges, net |
| | | 37,504 | ||||||||||||
Gain on termination of retiree medical plan |
| | | (4,693 | ) | |||||||||||
Restructuring charges |
46 | 780 | 2,100 | 12,708 | ||||||||||||
Allowance on GTL prepaid tax asset |
| | 11,465 | | ||||||||||||
Impairment of cost method investment |
2,000 | | 2,000 | | ||||||||||||
Other non-cash items |
6,630 | (12,145 | ) | (4,352 | ) | (6,670 | ) | |||||||||
Changes in operating assets and liabilities, excluding the effect of business
acquisitions |
||||||||||||||||
Accounts receivable |
986 | 2,556 | (21,668 | ) | 6,739 | |||||||||||
Inventories |
(9,462 | ) | (23,662 | ) | 20,931 | 17,142 | ||||||||||
Accounts payable |
(69,685 | ) | 38,592 | (39,558 | ) | 49,703 | ||||||||||
Other, net |
(7,101 | ) | 25,667 | 7,936 | 15,158 | |||||||||||
Net cash provided by (used for) operating activities |
(35,043 | ) | 60,890 | 126,631 | 165,446 | |||||||||||
INVESTING ACTIVITIES |
||||||||||||||||
Expenditures for property, plant and equipment |
(10,427 | ) | (3,558 | ) | (26,430 | ) | (25,686 | ) | ||||||||
Acquisition |
| | (171,979 | ) | | |||||||||||
Other, net |
(641 | ) | (2,346 | ) | (1,418 | ) | (4,797 | ) | ||||||||
Net cash used for investing activities |
(11,068 | ) | (5,904 | ) | (199,827 | ) | (30,483 | ) | ||||||||
FINANCING ACTIVITIES |
||||||||||||||||
Payments of long-term debt and revolving line of credit |
| | (125,000 | ) | (26,141 | ) | ||||||||||
Proceeds from the revolving line of credit |
| | 245,000 | | ||||||||||||
Debt issuance costs |
| | (2,596 | ) | | |||||||||||
Other, net |
227 | 424 | 2,913 | (524 | ) | |||||||||||
Net cash provided by (used for) financing activities |
227 | 424 | 120,317 | (26,665 | ) | |||||||||||
Effect of exchange rate changes on cash |
(255 | ) | (104 | ) | (1,854 | ) | 2,697 | |||||||||
CASH AND CASH EQUIVALENTS |
||||||||||||||||
Increase (decrease) in cash and cash equivalents |
(46,139 | ) | 55,306 | 45,267 | 110,995 | |||||||||||
Discontinued operations net cash used for operating activities |
(20 | ) | (397 | ) | (53 | ) | (397 | ) | ||||||||
Balance at the beginning of the period |
446,756 | 300,474 | 355,383 | 244,785 | ||||||||||||
Balance at end of the period |
$ | 400,597 | $ | 355,383 | $ | 400,597 | $ | 355,383 | ||||||||
OM Group, Inc. and Subsidiaries
Non-GAAP Financial Measure
Non-GAAP Financial Measure
Three Months Ended | Three Months Ended | |||||||||||||||
December 31, 2010 | December 31, 2009 | |||||||||||||||
(in thousands, except per share data) | $ | Diluted EPS | $ | Diluted EPS | ||||||||||||
Net income attributable to OM Group, Inc. as reported |
$ | 23,784 | $ | 0.78 | $ | 14,326 | $ | 0.47 | ||||||||
Less: |
||||||||||||||||
Income (loss) from discontinued operations, net of tax |
104 | 0.01 | (289 | ) | (0.01 | ) | ||||||||||
Income from continuing operations attributable
to OM Group, Inc. as reported |
$ | 23,680 | $ | 0.77 | $ | 14,615 | $ | 0.48 | ||||||||
Special items income (expense): |
||||||||||||||||
Restructuring charges, net of tax |
(46 | ) | | (780 | ) | (0.02 | ) | |||||||||
Discrete tax items OMG portion |
1,487 | 0.05 | (4,449 | ) | (0.15 | ) | ||||||||||
Intangible asset impairment charge |
| | (163 | ) | (0.01 | ) | ||||||||||
Income from continuing operations attributable
to OM Group, Inc. as adjusted for special items |
$ | 22,239 | $ | 0.72 | $ | 20,007 | $ | 0.66 | ||||||||
Weighted average shares outstanding diluted |
30,653 | 30,487 |
Year Ended | Year Ended | |||||||||||||||
December 31, 2010 | December 31, 2009 | |||||||||||||||
(in thousands, except per share data) | $ | Diluted EPS | $ | Diluted EPS | ||||||||||||
Net income (loss) attributable to OM Group, Inc. as reported |
$ | 83,374 | $ | 2.73 | $ | (17,857 | ) | $ | (0.59 | ) | ||||||
Less: |
||||||||||||||||
Income from discontinued operations, net of tax |
726 | 0.03 | 1,496 | $ | 0.05 | |||||||||||
Income (loss) from continuing operations attributable
to OM Group, Inc. as reported |
$ | 82,648 | $ | 2.70 | $ | (19,353 | ) | $ | (0.64 | ) | ||||||
Special items income (expense): |
||||||||||||||||
Restructuring charges, net of tax |
(2,002 | ) | (0.07 | ) | (10,808 | ) | (0.36 | ) | ||||||||
Discrete tax items OMG portion |
(618 | ) | (0.02 | ) | (6,128 | ) | (0.20 | ) | ||||||||
EaglePicher inventory (COGS) and deferred revenue (sales) valuation, net of tax |
(2,748 | ) | (0.09 | ) | | | ||||||||||
Intangible asset impairment charge |
| | (1,550 | ) | (0.05 | ) | ||||||||||
Goodwill impairment charge |
| | (37,504 | ) | (1.23 | ) | ||||||||||
Gain on termination of retiree medical plan |
| | 4,693 | 0.15 | ||||||||||||
Income from continuing operations attributable
to OM Group, Inc. as adjusted for special items |
$ | 88,016 | $ | 2.88 | $ | 31,944 | $ | 1.05 | ||||||||
Weighted average shares outstanding diluted |
30,565 | 30,395 |
Non-GAAP Financial Measures: | ||
The Company is including certain non-GAAP financial measures, including Income (loss) from continuing operations attributable to OM Group, Inc. and Earnings per common share assuming dilution, both as adjusted for special items. Income (loss) from continuing operations attributable to OM Group, Inc. as adjusted for special items is a non-GAAP financial measure that the Companys management uses as an important metric in evaluating the performance of the Companys business. The table above presents a reconciliation of the Companys U.S. GAAP results, as reported (both net income (loss) attributable to OM Group, Inc. and income (loss) from continuing operations attributable to OM Group, Inc.), to its non-GAAP results after adjusting for the special items shown. The Company believes that the non-GAAP financial measure presented in the table above facilitates a comparative assessment of the Companys operating performance and will enhance investors understanding of the performance of the Companys operations during 2010 and of the comparability of the 2010 results to the results of the relevant prior period. Such non-GAAP financial measures are unique to the Company and may not be employed by other companies. The non-GAAP financial information set forth in the table above should not be construed as an alternative to reported results determined in accordance with U.S. GAAP. |
OM Group, Inc. and Subsidiaries
Segment Information
Segment Information
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
(In thousands) | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Net Sales |
||||||||||||||||
Advanced Materials |
$ | 151,953 | $ | 132,762 | $ | 620,638 | $ | 472,412 | ||||||||
Specialty Chemicals |
109,957 | 109,137 | 462,743 | 401,801 | ||||||||||||
Battery Technologies (a) |
31,218 | | 113,941 | | ||||||||||||
Intersegment items |
| (527 | ) | (676 | ) | (2,544 | ) | |||||||||
$ | 293,128 | $ | 241,372 | $ | 1,196,646 | $ | 871,669 | |||||||||
Operating profit (loss) |
||||||||||||||||
Advanced Materials |
$ | 20,708 | $ | 25,915 | $ | 95,633 | $ | 53,301 | ||||||||
Specialty Chemicals (b) (c) |
11,597 | 11,116 | 59,558 | (26,981 | ) | |||||||||||
Battery Technologies (a) |
3,087 | | 5,061 | | ||||||||||||
Corporate (d) (e) |
(9,797 | ) | (7,839 | ) | (37,606 | ) | (27,304 | ) | ||||||||
$ | 25,595 | $ | 29,192 | $ | 122,646 | $ | (984 | ) | ||||||||
(a) | Includes activity since the acquisition of EaglePicher Technologies on January 29, 2010. | |
(b) | Specialty Chemicals includes a $37.5 million non-cash goodwill impairment charge in the year ended December 31, 2009. | |
(c) | Specialty Chemicals includes a $2.1 million restructuring charge in the year ended December 31, 2010, and a $12.7 million restructuring charge in the year ended December 31, 2009. | |
(d) | Corporate includes $2.2 million of fees related to the EaglePicher Technologies acquisition in the year ended December 31, 2010,and $1.3 million of fees related to the EaglePicher Technologies acquisition in the year ended December 31, 2009. | |
(e) | Corporate includes a $4.7 million gain on the termination of the Companys retiree medical plan in the year ended December 31, 2009. |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Volumes |
||||||||||||||||
Advanced Materials |
||||||||||||||||
Product sales volume metric tons* |
3,468 | 3,714 | 14,246 | 13,517 | ||||||||||||
Other sales volume (cobalt metal resale and
by-product sales) |
2,879 | 2,975 | 11,186 | 13,556 | ||||||||||||
Cobalt refining volume metric tons |
2,562 | 2,344 | 9,413 | 8,962 | ||||||||||||
*excludes cobalt metal resale and by-product sales. |
||||||||||||||||
Specialty Chemicals |
||||||||||||||||
Advanced Organics sales volume metric tons |
4,579 | 5,003 | 22,002 | 21,787 | ||||||||||||
Electronic Chemicals sales volume gallons (thousands) |
2,751 | 2,720 | 11,081 | 8,994 | ||||||||||||
Ultra Pure Chemicals sales volume gallons (thousands) |
1,648 | 1,230 | 5,973 | 4,564 | ||||||||||||
Photomasks number of masks |
8,431 | 6,989 | 30,632 | 27,065 |