Exhibit 99.1

 

CHEMTURA CORPORATION

Index of Financial Schedules

 

	Page
GAAP and Managed Basis Consolidated Statements of Operations (Unaudited):
Quarters ended March 31, 2011 and June 30, 2011	1
Quarters ended September 30, 2011 and December 31, 2011	2
Year ended December 31, 2011	3
Quarters ended March 31, 2012 and June 30, 2012	4
Quarters ended September 30, 2012 and December 31, 2012	5
Year ended December 31, 2012	6
GAAP and Managed Basis Segment Net Sales and Operating Profit (Loss) (Unaudited):
Quarters ended March 31, 2011 and June 30, 2011	7
Quarters ended September 30, 2011 and December 31, 2011	8
Year ended December 31, 2011	9
Quarters ended March 31, 2012 and June 30, 2012	10
Quarters ended September 30, 2012 and December 31, 2012	11
Year ended December 31, 2012	12

 

 

CHEMTURA CORPORATION

GAAP and Managed Basis Consolidated Statements of Operations (Unaudited)

(In millions, except per share data)

 

		Quarter ended March 31, 2011												Quarter ended June 30, 2011
						Managed Basis												Managed Basis
		GAAP				Adjustments				Managed Basis				GAAP				Adjustments				Managed Basis
Net sales		$	598			$	-			$	598			$	758			$	-			$	758
Cost of goods sold			449				-				449				550				1				551
Gross profit			149				-				149				208				(1	)			207
Gross profit %			25	%							25	%			27	%							27	%
Selling, general and administrative			77								77				88				-				88
Depreciation and amortization			33				(1	)			32				30				-				30
Research and development			10								10				10				-				10
Facility closures, severance and related costs			-				-				-				-				-				-
Gain on sale of business			-				-				-				-				-				-
Impairment charges			2				(2	)			-				1				(1	)			-
Changes in estimates related to expected allowable claims			-				-				-				1				(1	)			-
Equity loss			1				-				1				(1	)			-				(1	)
Operating income			26				3				29				79				1				80
Interest expense			(16	)							(16	)			(16	)			-				(16	)
Loss on early extinguishment of debt			-				-				-				-				-				-
Other income, net			1								1				-								-
Reorganization items, net			(7	)			7				-				(6	)			6				-
Earnings from continuing operations before income taxes			4				10				14				57				7				64
Income tax expense			(2	)			(2	)			(4	)			7				(25	)			(18	)
Earnings from continuing operations			2				8				10				64				(18	)			46
(Loss) earnings from discontinued operations, net of tax			5				(5	)			-				6				(6	)			-
Net earnings			7				3				10				70				(24	)			46
Less: Net loss attributable to non-controlling interests			-				-				-				(1	)			1				-
Net earnings attributable to Chemtura		$	7			$	3			$	10			$	69			$	(23	)		$	46
Basic and diluted per share information - attributable to Chemtura:
Earnings from continuing operations, net of tax		$	0.02							$	0.10			$	0.64							$	0.46
(Loss) earnings from discontinued operations, net of tax			0.05								-				0.05								-
Net earnings		$	0.07							$	0.10			$	0.69							$	0.46
Weighted average shares outstanding - Basic			100.1								100.1				100.3								100.3
Weighted average shares outstanding - Diluted			100.1								100.1				100.5								100.5
Managed Basis Adjustments consist of the following:
Accelerated recognition of asset retirement obligations						$	-											$	(1	)
UK pension benefit matter							-												-
Loss on disposal of assets							-												-
Accelerated depreciation of property, plant and equipment							1												-
Facility closures, severance and related costs							-												-
Gain on sale of business							-												-
Impairment charges							2												1
Changes in estimates related to expected allowable claims							-												1
Loss on early extinguishment of debt							-												-
Release of translation adjustments from liquidation of entities							-												-
Reorganization items, net							7												6
Pre-tax							10												7
Adjustment to apply a Managed Basis effective tax rate							(2	)											(25	)
Loss (earnings) from discontinued operations, net of tax							(5	)											(6	)
Non-controlling interests - Discontinued Operations							-												1
After-tax						$	3											$	(23	)
Adjusted EBITDA consists of the following:
Operating income - GAAP										$	26											$	79
Accelerated recognition of asset retirement obligations											-												(1	)
UK pension benefit matter											-												-
Loss on disposal of assets											-												-
Accelerated depreciation of property, plant and equipment											1												-
Facility closures, severance and related costs											-												-
Gain on sale of business											-												-
Impairment charges											2												1
Changes in estimates related to expected allowable claims											-												1
Operating income - Managed Basis											29												80
Depreciation and amortization - Managed Basis											32												30
Non-cash stock-based compensation expense											8												7
Adjusted EBITDA										$	69											$	117

 

 

CHEMTURA CORPORATION

GAAP and Managed Basis Consolidated Statements of Operations (Unaudited)

(In millions, except per share data)

 

		Quarter ended September 30, 2011												Quarter ended December 31, 2011
						Managed Basis												Managed Basis
		GAAP				Adjustments				Managed Basis				GAAP				Adjustments				Managed Basis
Net sales		$	672			$	-			$	672			$	578			$	-			$	578
Cost of goods sold			512				-				512				428				(1	)			427
Gross profit			160				-				160				150				1				151
Gross profit %			24	%							24	%			26	%							26	%
Selling, general and administrative			81				(1	)			80				80				(8	)			72
Depreciation and amortization			31				-				31				29				(1	)			28
Research and development			10				-				10				8				-				8
Facility closures, severance and related costs			-				-				-				3				(3	)			-
Gain on sale of business			-				-				-				(27	)			27				-
Impairment charges			-				-				-				1				(1	)			-
Changes in estimates related to expected allowable claims			-				-				-				2				(2	)			-
Equity loss			-				-				-				1				-				1
Operating income			38				1				39				53				(11	)			42
Interest expense			(16	)			-				(16	)			(15	)			-				(15	)
Loss on early extinguishment of debt			-				-				-				-				-				-
Other income, net			(1	)			-				(1	)			-				-				-
Reorganization items, net			(6	)			6				-				-				-				-
Earnings from continuing operations before income taxes			15				7				22				38				(11	)			27
Income tax expense			(11	)			5				(6	)			(14	)			6				(8	)
Earnings from continuing operations			4				12				16				24				(5	)			19
(Loss) earnings from discontinued operations, net of tax			5				(5	)			-				10				(10	)			-
Net earnings			9				7				16				34				(15	)			19
Less: Net loss attributable to non-controlling interests			-				-				-				-				-				-
Net earnings attributable to Chemtura		$	9			$	7			$	16			$	34			$	(15	)		$	19
Basic and diluted per share information - attributable to Chemtura:
Earnings from continuing operations, net of tax		$	0.04							$	0.16			$	0.24							$	0.19
(Loss) earnings from discontinued operations, net of tax			0.05								-				0.10								-
Net earnings		$	0.09							$	0.16			$	0.34							$	0.19
Weighted average shares outstanding - Basic			100.3								100.3				99.6								99.6
Weighted average shares outstanding - Diluted			100.5								100.5				100.1								100.1
Managed Basis Adjustments consist of the following:
Accelerated recognition of asset retirement obligations						$	-											$	1
UK pension benefit matter							-												8
Loss on disposal of assets							1												-
Accelerated depreciation of property, plant and equipment							-												1
Facility closures, severance and related costs							-												3
Gain on sale of business							-												(27	)
Impairment charges							-												1
Changes in estimates related to expected allowable claims							-												2
Loss on early extinguishment of debt							-												-
Release of translation adjustments from liquidation of entities							-												-
Reorganization items, net							6												-
Pre-tax							7												(11	)
Adjustment to apply a Managed Basis effective tax rate							5												6
Loss (earnings) from discontinued operations, net of tax							(5	)											(10	)
Non-controlling interests - Discontinued Operations							-												-
After-tax						$	7											$	(15	)
Adjusted EBITDA consists of the following:
Operating income - GAAP										$	38											$	53
Accelerated recognition of asset retirement obligations											-												1
UK pension benefit matter											-												8
Loss on disposal of assets											1												-
Accelerated depreciation of property, plant and equipment											-												1
Facility closures, severance and related costs											-												3
Gain on sale of business											-												(27	)
Impairment charges											-												1
Changes in estimates related to expected allowable claims											-												2
Operating income - Managed Basis											39												42
Depreciation and amortization - Managed Basis											31												28
Non-cash stock-based compensation expense											6												4
Adjusted EBITDA										$	76											$	74

 

 

 

CHEMTURA CORPORATION

GAAP and Managed Basis Consolidated Statements of Operations (Unaudited)

(In millions, except per share data)

 

		Year ended December 31, 2011
						Managed Basis
		GAAP				Adjustments				Managed Basis
Net sales		$	2,606			$	-			$	2,606
Cost of goods sold			1,939				-				1,939
Gross profit			667				-				667
Gross profit %			26	%							26	%
Selling, general and administrative			326				(9	)			317
Depreciation and amortization			123				(2	)			121
Research and development			38				-				38
Facility closures, severance and related costs			3				(3	)			-
Gain on sale of business			(27	)			27				-
Impairment charges			4				(4	)			-
Changes in estimates related to expected allowable claims			3				(3	)			-
Equity loss			1				-				1
Operating income			196				(6	)			190
Interest expense			(63	)			-				(63	)
Loss on early extinguishment of debt			-				-				-
Other income, net			-				-				-
Reorganization items, net			(19	)			19				-
Earnings from continuing operations before income taxes			114				13				127
Income tax expense			(20	)			(16	)			(36	)
Earnings from continuing operations			94				(3	)			91
(Loss) earnings from discontinued operations, net of tax			26				(26	)			-
Net earnings			120				(29	)			91
Less: Net loss attributable to non-controlling interests			(1	)			1				-
Net earnings attributable to Chemtura		$	119			$	(28	)		$	91
Basic and diluted per share information - attributable to Chemtura:
Earnings from continuing operations, net of tax		$	0.94							$	0.91
(Loss) earnings from discontinued operations, net of tax			0.25								-
Net earnings		$	1.19							$	0.91
Weighted average shares outstanding - Basic			100.1								100.1
Weighted average shares outstanding - Diluted			100.3								100.3
Managed Basis Adjustments consist of the following:
Accelerated recognition of asset retirement obligations						$	-
UK pension benefit matter							8
Loss on disposal of assets							1
Accelerated depreciation of property, plant and equipment							2
Facility closures, severance and related costs							3
Gain on sale of business							(27	)
Impairment charges							4
Changes in estimates related to expected allowable claims							3
Loss on early extinguishment of debt							-
Release of translation adjustments from liquidation of entities							-
Reorganization items, net							19
Pre-tax							13
Adjustment to apply a Managed Basis effective tax rate							(16	)
Loss (earnings) from discontinued operations, net of tax							(26	)
Non-controlling interests - Discontinued Operations							1
After-tax						$	(28	)
Adjusted EBITDA consists of the following:
Operating income - GAAP										$	196
Accelerated recognition of asset retirement obligations											-
UK pension benefit matter											8
Loss on disposal of assets											1
Accelerated depreciation of property, plant and equipment											2
Facility closures, severance and related costs											3
Gain on sale of business											(27	)
Impairment charges											4
Changes in estimates related to expected allowable claims											3
Operating income - Managed Basis											190
Depreciation and amortization - Managed Basis											121
Non-cash stock-based compensation expense											25
Adjusted EBITDA										$	336

 

 

CHEMTURA CORPORATION

GAAP and Managed Basis Consolidated Statements of Operations (Unaudited)

(In millions, except per share data)

 

		Quarter ended March 31, 2012												Quarter ended June 30, 2012
						Managed Basis												Managed Basis
		GAAP				Adjustments				Managed Basis				GAAP				Adjustments				Managed Basis
Net sales		$	618			$	-			$	618			$	741			$	-			$	741
Cost of goods sold			455				-				455				542				-				542
Gross profit			163				-				163				199				-				199
Gross profit %			26	%							26	%			27	%							27	%
Selling, general and administrative			79								79				72				-				72
Depreciation and amortization			29								29				30				-				30
Research and development			12								12				11				-				11
Facility closures, severance and related costs			-				-				-				7				(7	)			-
Gain on sale of business			-				-				-				-				-				-
Impairment charges			-				-				-				-				-				-
Changes in estimates related to expected allowable claims			2				(2	)			-				-				-				-
Equity loss			1				-				1				1				-				1
Operating income			40				2				42				78				7				85
Interest expense			(14	)							(14	)			(16	)			-				(16	)
Loss on early extinguishment of debt			-				-				-				-				-				-
Other income, net			(3	)							(3	)			5								5
Reorganization items, net			(2	)			2				-				(1	)			1				-
Earnings from continuing operations before income taxes			21				4				25				66				8				74
Income tax expense			1				(8	)			(7	)			(13	)			(8	)			(21	)
Earnings from continuing operations			22				(4	)			18				53				-				53
(Loss) earnings from discontinued operations, net of tax			-				-				-				(2	)			2				-
Net earnings			22				(4	)			18				51				2				53
Less: Net loss attributable to non-controlling interests			-				-				-				(1	)			1				-
Net earnings attributable to Chemtura		$	22			$	(4	)		$	18			$	50			$	3			$	53
Basic and diluted per share information - attributable to Chemtura:
Earnings from continuing operations, net of tax		$	0.22							$	0.18			$	0.53							$	0.53
(Loss) earnings from discontinued operations, net of tax			-								-				(0.03	)							-
Net earnings		$	0.22							$	0.18			$	0.50							$	0.53
Weighted average shares outstanding - Basic			98.3								98.3				98.9								98.9
Weighted average shares outstanding - Diluted			99.1								99.1				99.1								99.1
Managed Basis Adjustments consist of the following:
Accelerated recognition of asset retirement obligations						$	-											$	-
UK pension benefit matter							-												-
Accelerated depreciation of property, plant and equipment							-												-
Facility closures, severance and related costs							-												7
Gain on sale of business							-												-
Impairment charges							-												-
Changes in estimates related to expected allowable claims							2												-
Loss on early extinguishment of debt							-												-
Release of translation adjustments from liquidation of entities							-												-
Reorganization items, net							2												1
Pre-tax							4												8
Adjustment to apply a Managed Basis effective tax rate							(8	)											(8	)
Loss (earnings) from discontinued operations, net of tax							-												2
Non-controlling interests - Discontinued Operations							-												1
After-tax						$	(4	)										$	3
Adjusted EBITDA consists of the following:
Operating income - GAAP										$	40											$	78
Accelerated recognition of asset retirement obligations											-												-
UK pension benefit matter											-												-
Accelerated depreciation of property, plant and equipment											-												-
Facility closures, severance and related costs											-												7
Gain on sale of business											-												-
Impairment charges											-												-
Changes in estimates related to expected allowable claims											2												-
Operating income - Managed Basis											42												85
Depreciation and amortization - Managed Basis											29												30
Non-cash stock-based compensation expense											7												3
Adjusted EBITDA										$	78											$	118

 

 

CHEMTURA CORPORATION

GAAP and Managed Basis Consolidated Statements of Operations (Unaudited)

(In millions, except per share data) 

 

		Quarter ended September 30, 2012												Quarter ended December 31, 2012
						Managed Basis												Managed Basis
		GAAP				Adjustments				Managed Basis				GAAP				Adjustments				Managed Basis
Net sales		$	648			$	-			$	648			$	622			$	-			$	622
Cost of goods sold			471				-				471				470				-				470
Gross profit			177				-				177				152				-				152
Gross profit %			27	%							27	%			24	%							24	%
Selling, general and administrative			72				-				72				76				-				76
Depreciation and amortization			31				-				31				30				-				30
Research and development			11				-				11				10				-				10
Facility closures, severance and related costs			2				(2	)			-				3				(3	)			-
Gain on sale of business			-				-				-				-				-				-
Impairment charges			-				-				-				-				-				-
Changes in estimates related to expected allowable claims			(1	)			1				-				-				-				-
Equity loss			1				-				1				1				-				1
Operating income			61				1				62				32				3				35
Interest expense			(17	)			-				(17	)			(17	)			-				(17	)
Loss on early extinguishment of debt			-				-				-				(1	)			1				-
Other income, net			(5	)			-				(5	)			24				(21	)			3
Reorganization items, net			(1	)			1				-				(1	)			1				-
Earnings from continuing operations before income taxes			38				2				40				37				(16	)			21
Income tax expense			(6	)			(5	)			(11	)			(10	)			4				(6	)
Earnings from continuing operations			32				(3	)			29				27				(12	)			15
(Loss) earnings from discontinued operations, net of tax			(25	)			25				-				(7	)			7				-
Net earnings			7				22				29				20				(5	)			15
Less: Net loss attributable to non-controlling interests			2				(2	)			-				-				-				-
Net earnings attributable to Chemtura		$	9			$	20			$	29			$	20			$	(5	)		$	15
Basic and diluted per share information - attributable to Chemtura:
Earnings from continuing operations, net of tax		$	0.32							$	0.30			$	0.27							$	0.15
(Loss) earnings from discontinued operations, net of tax			(0.23	)							-				(0.07	)							-
Net earnings		$	0.09							$	0.30			$	0.20							$	0.15
Weighted average shares outstanding - Basic			97.9								97.9				97.9								97.9
Weighted average shares outstanding - Diluted			98.2								98.2				99.0								99.0
Managed Basis Adjustments consist of the following:
Accelerated recognition of asset retirement obligations						$	-											$	-
UK pension benefit matter							-												-
Accelerated depreciation of property, plant and equipment							-												-
Facility closures, severance and related costs							2												3
Gain on sale of business							-												-
Impairment charges							-												-
Changes in estimates related to expected allowable claims							(1	)											-
Loss on early extinguishment of debt							-												1
Release of translation adjustments from liquidation of entities							-												(21	)
Reorganization items, net							1												1
Pre-tax							2												(16	)
Adjustment to apply a Managed Basis effective tax rate							(5	)											4
Loss (earnings) from discontinued operations, net of tax							25												7
Non-controlling interests - Discontinued Operations							(2	)											-
After-tax						$	20											$	(5	)
Adjusted EBITDA consists of the following:
Operating income - GAAP										$	61											$	32
Accelerated recognition of asset retirement obligations											-												-
UK pension benefit matter											-												-
Accelerated depreciation of property, plant and equipment											-												-
Facility closures, severance and related costs											2												3
Gain on sale of business											-												-
Impairment charges											-												-
Changes in estimates related to expected allowable claims											(1	)											-
Operating income - Managed Basis											62												35
Depreciation and amortization - Managed Basis											31												30
Non-cash stock-based compensation expense											3												10
Adjusted EBITDA										$	96											$	75

 

 

CHEMTURA CORPORATION

GAAP and Managed Basis Consolidated Statements of Operations (Unaudited)

(In millions, except per share data) 

 

		Year ended December 31, 2012
						Managed Basis
		GAAP				Adjustments				Managed Basis
Net sales		$	2,629			$	-			$	2,629
Cost of goods sold			1,938				-				1,938
Gross profit			691				-				691
Gross profit %			26	%							26	%
Selling, general and administrative			299				-				299
Depreciation and amortization			120				-				120
Research and development			44				-				44
Facility closures, severance and related costs			12				(12	)			-
Gain on sale of business			-				-				-
Impairment charges			-				-				-
Changes in estimates related to expected allowable claims			1				(1	)			-
Equity loss			4				-				4
Operating income			211				13				224
Interest expense			(64	)			-				(64	)
Loss on early extinguishment of debt			(1	)			1				-
Other income, net			21				(21	)			-
Reorganization items, net			(5	)			5				-
Earnings from continuing operations before income taxes			162				(2	)			160
Income tax expense			(28	)			(17	)			(45	)
Earnings from continuing operations			134				(19	)			115
(Loss) earnings from discontinued operations, net of tax			(34	)			34				-
Net earnings			100				15				115
Less: Net loss attributable to non-controlling interests			1				(1	)			-
Net earnings attributable to Chemtura		$	101			$	14			$	115
Basic and diluted per share information - attributable to Chemtura:
Earnings from continuing operations, net of tax		$	1.35							$	1.16
(Loss) earnings from discontinued operations, net of tax			(0.33	)							-
Net earnings		$	1.02							$	1.16
Weighted average shares outstanding - Basic			98.2								98.2
Weighted average shares outstanding - Diluted			98.8								98.8
Managed Basis Adjustments consist of the following:
Accelerated recognition of asset retirement obligations						$	-
UK pension benefit matter							-
Accelerated depreciation of property, plant and equipment							-
Facility closures, severance and related costs							12
Gain on sale of business							-
Impairment charges							-
Changes in estimates related to expected allowable claims							1
Loss on early extinguishment of debt							1
Release of translation adjustments from liquidation of entities							(21	)
Reorganization items, net							5
Pre-tax							(2	)
Adjustment to apply a Managed Basis effective tax rate							(17	)
Loss (earnings) from discontinued operations, net of tax							34
Non-controlling interests - Discontinued Operations							(1	)
After-tax						$	14
Adjusted EBITDA consists of the following:
Operating income - GAAP										$	211
Accelerated recognition of asset retirement obligations											-
UK pension benefit matter											-
Accelerated depreciation of property, plant and equipment											-
Facility closures, severance and related costs											12
Gain on sale of business											-
Impairment charges											-
Changes in estimates related to expected allowable claims											1
Operating income - Managed Basis											224
Depreciation and amortization - Managed Basis											120
Non-cash stock-based compensation expense											23
Adjusted EBITDA										$	367

 

 

 

CHEMTURA CORPORATION

GAAP and Managed Basis Segment Sales and Operating Profit (Loss) (Unaudited)

(In millions of dollars)

 

		Quarter Ended March 31, 2011												Quarter Ended June 30, 2011
						Managed Basis												Managed Basis
		GAAP				Adjustments				Managed Basis				GAAP				Adjustments				Managed Basis
NET SALES
Industrial Performance Products		$	235			$	-			$	235			$	252			$	-			$	252
Industrial Engineered Products			209				-				209				244				-				244
Consumer Products			79				-				79				152				-				152
Chemtura AgroSolutions			75				-				75				110				-				110
Total net sales		$	598			$	-			$	598			$	758			$	-			$	758
OPERATING PROFIT (LOSS)
Industrial Performance Products		$	27			$				$	27			$	34			$	-			$	34
Industrial Engineered Products			33				1				34				42				(1	)			41
Consumer Products			(3	)							(3	)			22				-				22
Chemtura AgroSolutions			2								2				12				-				12
Segment operating profit			59				1				60				110				(1	)			109
General corporate expense, including
amortization			(31	)			-				(31	)			(29	)			-				(29	)
Facility closures, severance and related costs							-				-				-				-				-
Gain on sale of business							-				-				-				-				-
Impairment charges			(2	)			2				-				(1	)			1				-
Changes in estimates related to expected allowable claims							-				-				(1	)			1				-
Total operating (loss) profit		$	26			$	3			$	29			$	79			$	1			$	80
Managed Basis Adjustments consist of the following:
UK pension benefit matter						$												$	-
Accelerated recognition of asset retirement obligations																			(1	)
Loss on disposal of assets																			-
Accelerated depreciation of property, plant and equipment							1												-
Facility closures, severance and related costs							-												-
Gain on sale of business							-												-
Impairment charges							2												1
Changes in estimates related to expected allowable claims							-												1
						$	3											$	1
DEPRECIATION AND AMORTIZATION
Industrial Performance Products		$	7			$				$	7			$	5			$	-			$	5
Industrial Engineered Products			11				(1	)			10				11				-				11
Consumer Products			2								2				3				-				3
Chemtura AgroSolutions			2								2				3				-				3
General corporate expense			11								11				8				-				8
Total depreciation and amortization		$	33			$	(1	)		$	32			$	30			$	-			$	30
NON-CASH STOCK-BASED COMPENSATION EXPENSE
Industrial Performance Products										$	1											$	-
Industrial Engineered Products											1												-
Consumer Products											-												1
Chemtura AgroSolutions											-												1
General corporate expense											6												5
Total non-cash stock-based compensation expense										$	8											$	7
Adjusted EBITDA by Segment:
Industrial Performance Products										$	35											$	39
Industrial Engineered Products											45												52
Consumer Products											(1	)											26
Chemtura AgroSolutions											4												16
General corporate expense											(14	)											(16	)
Adjusted EBITDA										$	69											$	117

 

 

CHEMTURA CORPORATION

GAAP and Managed Basis Segment Sales and Operating Profit (Loss) (Unaudited)

(In millions of dollars)

 

		Quarter Ended September 30, 2011												Quarter Ended December 31, 2011
						Managed Basis												Managed Basis
		GAAP				Adjustments				Managed Basis				GAAP				Adjustments				Managed Basis
NET SALES
Industrial Performance Products		$	241			$	-			$	241			$	211			$	-			$	211
Industrial Engineered Products			222				-				222				194				-				194
Consumer Products			104				-				104				87				-				87
Chemtura AgroSolutions			105				-				105				86				-				86
Total net sales		$	672			$	-			$	672			$	578			$	-			$	578
OPERATING PROFIT (LOSS)
Industrial Performance Products		$	27			$				$	27			$	28			$	1			$	29
Industrial Engineered Products			25								25				30				-				30
Consumer Products			6								6				1				-				1
Chemtura AgroSolutions			11								11				5				1				6
Segment operating profit			69				-				69				64				2				66
General corporate expense, including
amortization			(31	)			1				(30	)			(32	)			8				(24	)
Facility closures, severance and related costs			-								-				(3	)			3				-
Gain on sale of business			-								-				27				(27	)			-
Impairment charges			-								-				(1	)			1				-
Changes in estimates related to expected allowable claims			-								-				(2	)			2				-
Total operating profit (loss)		$	38			$	1			$	39			$	53			$	(11	)		$	42
Managed Basis Adjustments consist of the following:
UK pension benefit matter						$	-											$	8
Accelerated recognition of asset retirement obligations																			1
Loss on disposal of assets							1												-
Accelerated depreciation of property, plant and equipment							-												1
Facility closures, severance and related costs							-												3
Gain on sale of business							-												(27	)
Impairment charges							-												1
Changes in estimates related to expected allowable claims							-												2
						$	1											$	(11	)
DEPRECIATION AND AMORTIZATION
Industrial Performance Products		$	7			$				$	7			$	7			$				$	7
Industrial Engineered Products			10								10				10								10
Consumer Products			2								2				2								2
Chemtura AgroSolutions			2								2				3				(1	)			2
General corporate expense			10								10				7								7
Total depreciation and amortization		$	31			$	-			$	31			$	29			$	(1	)		$	28
NON-CASH STOCK-BASED COMPENSATION EXPENSE
Industrial Performance Products										$	1											$	-
Industrial Engineered Products											1												-
Consumer Products											-												-
Chemtura AgroSolutions											-												1
General corporate expense											4												3
Total non-cash stock-based compensation expense										$	6											$	4
Adjusted EBITDA by Segment:
Industrial Performance Products										$	35											$	36
Industrial Engineered Products											36												40
Consumer Products											8												3
Chemtura AgroSolutions											13												9
General corporate expense											(16	)											(14	)
Adjusted EBITDA										$	76											$	74

 

 

 

CHEMTURA CORPORATION

GAAP and Managed Basis Segment Sales and Operating Profit (Loss) (Unaudited)

(In millions of dollars)

 

		Year ended December 31, 2011
						Managed Basis
		GAAP				Adjustments				Managed Basis
NET SALES
Industrial Performance Products		$	939			$	-			$	939
Industrial Engineered Products			869				-				869
Consumer Products			422				-				422
Chemtura AgroSolutions			376				-				376
Total net sales		$	2,606			$	-			$	2,606
OPERATING PROFIT (LOSS)
Industrial Performance Products		$	116			$	1			$	117
Industrial Engineered Products			130				-				130
Consumer Products			26				-				26
Chemtura AgroSolutions			30				1				31
Segment operating profit			302				2				304
General corporate expense, including amortization			(123	)			9				(114	)
Facility closures, severance and related costs			(3	)			3				-
Gain on sale of business			27				(27	)			-
Impairment charges			(4	)			4				-
Changes in estimates related to expected allowable claims			(3	)			3				-
Total operating (loss) profit		$	196			$	(6	)		$	190
Managed Basis Adjustments consist of the following:
UK pension benefit matter						$	8
Loss on disposal of assets							1
Accelerated depreciation of property, plant and equipment							2
Facility closures, severance and related costs							3
Gain on sale of business							(27	)
Impairment charges							4
Changes in estimates related to expected allowable claims							3
						$	(6	)
DEPRECIATION AND AMORTIZATION
Industrial Performance Products		$	26			$	-			$	26
Industrial Engineered Products			42				(1	)			41
Consumer Products			9				-				9
Chemtura AgroSolutions			10				(1	)			9
General corporate expense			36				-				36
Total depreciation and amortization		$	123			$	(2	)		$	121
NON-CASH STOCK-BASED COMPENSATION EXPENSE
Industrial Performance Products										$	2
Industrial Engineered Products											2
Consumer Products											1
Chemtura AgroSolutions											2
General corporate expense											18
Total non-cash stock-based compensation expense										$	25
Adjusted EBITDA by Segment:
Industrial Performance Products										$	145
Industrial Engineered Products											173
Consumer Products											36
Chemtura AgroSolutions											42
General corporate expense											(60	)
Adjusted EBITDA										$	336

 

 

CHEMTURA CORPORATION

GAAP and Managed Basis Segment Sales and Operating Profit (Loss) (Unaudited)

(In millions of dollars)

 

		Quarter Ended March 31, 2012												Quarter Ended June 30, 2012
						Managed Basis												Managed Basis
		GAAP				Adjustments				Managed Basis				GAAP				Adjustments				Managed Basis
NET SALES
Industrial Performance Products		$	223			$	-			$	223			$	235			$	-			$	235
Industrial Engineered Products			226				-				226				236				-				236
Consumer Products			84				-				84				158				-				158
Chemtura AgroSolutions			85				-				85				112				-				112
Total net sales		$	618			$	-			$	618			$	741			$	-			$	741
OPERATING PROFIT (LOSS)
Industrial Performance Products		$	26			$				$	26			$	28			$	-			$	28
Industrial Engineered Products			44								44				38				-				38
Consumer Products			(5	)							(5	)			20				-				20
Chemtura AgroSolutions			10								10				23				-				23
Segment operating profit			75				-				75				109				-				109
General corporate expense, including amortization			(33	)			-				(33	)			(24	)			-				(24	)
Change in useful life of property, plant and equipment			-				-				-				-				-				-
Facility closures, severance and related costs			-				-				-				(7	)			7				-
Gain on sale of business			-				-				-				-				-				-
Impairment charges			-				-				-				-				-				-
Changes in estimates related to expected allowable claims			(2	)			2				-				-				-				-
Total operating (loss) profit		$	40			$	2			$	42			$	78			$	7			$	85
Managed Basis Adjustments consist of the following:
Accelerated depreciation of property, plant and equipment						$	-											$	-
Facility closures, severance and related costs							-												7
Gain on sale of business							-												-
Impairment charges							-												-
Changes in estimates related to expected allowable claims							2												-
Other operational adjustments
						$	2											$	7
DEPRECIATION AND AMORTIZATION
Industrial Performance Products		$	6			$				$	6			$	6			$				$	6
Industrial Engineered Products			10								10				10								10
Consumer Products			2								2				3								3
Chemtura AgroSolutions			2								2				5								5
General corporate expense			9								9				6								6
Total depreciation and amortization		$	29			$	-			$	29			$	30			$	-			$	30
NON-CASH STOCK-BASED COMPENSATION EXPENSE
Industrial Performance Products										$	1											$	-
Industrial Engineered Products											1												-
Consumer Products											-												-
Chemtura AgroSolutions											-												1
General corporate expense											5												2
Total non-cash stock-based compensation expense										$	7											$	3
Adjusted EBITDA by Segment:
Industrial Performance Products										$	33											$	34
Industrial Engineered Products											55												48
Consumer Products											(3	)											23
Chemtura AgroSolutions											12												29
General corporate expense											(19	)											(16	)
Adjusted EBITDA										$	78											$	118

 

 

CHEMTURA CORPORATION

GAAP and Managed Basis Segment Sales and Operating Profit (Loss) (Unaudited)

(In millions of dollars)

 

		Quarter Ended September 30, 2012												Quarter Ended December 31, 2012
						Managed Basis												Managed Basis
		GAAP				Adjustments				Managed Basis				GAAP				Adjustments				Managed Basis
NET SALES
Industrial Performance Products		$	219			$	-			$	219			$	214			$	-			$	214
Industrial Engineered Products			213				-				213				221				-				221
Consumer Products			102				-				102				89				-				89
Chemtura AgroSolutions			114				-				114				98				-				98
Total net sales		$	648			$	-			$	648			$	622			$	-			$	622
OPERATING PROFIT (LOSS)
Industrial Performance Products		$	28			$	-			$	28			$	20			$	-			$	20
Industrial Engineered Products			30				-				30				28				-				28
Consumer Products			10				-				10				5				-				5
Chemtura AgroSolutions			21				-				21				11				-				11
Segment operating profit			89				-				89				64				-				64
General corporate expense, including amortization			(27	)							(27	)			(29	)			-				(29	)
Facility closures, severance and related costs			(2	)			2				-				(3	)			3				-
Gain on sale of business			-				-				-				-				-				-
Impairment charges			-				-				-				-				-				-
Changes in estimates related to expected allowable claims			1				(1	)			-				-				-				-
Total operating profit (loss)		$	61			$	1			$	62			$	32			$	3			$	35
Managed Basis Adjustments consist of the following:
Accelerated depreciation of property, plant and equipment						$	-											$	-
Facility closures, severance and related costs							2												3
Gain on sale of business							-												-
Impairment charges							-												-
Changes in estimates related to expected allowable claims							(1	)											-
Other operational adjustments																			-
						$	1											$	3
DEPRECIATION AND AMORTIZATION
Industrial Performance Products		$	6			$	-			$	6			$	7			$				$	7
Industrial Engineered Products			12								12				11								11
Consumer Products			2								2				3								3
Chemtura AgroSolutions			3								3				3								3
General corporate expense			8								8				6								6
Total depreciation and amortization		$	31			$	-			$	31			$	30			$	-			$	30
NON-CASH STOCK-BASED COMPENSATION EXPENSE
Industrial Performance Products										$	-											$	1
Industrial Engineered Products											-												1
Consumer Products											1												-
Chemtura AgroSolutions											-												-
General corporate expense											2												8
Total non-cash stock-based compensation expense										$	3											$	10
Adjusted EBITDA by Segment:
Industrial Performance Products										$	34											$	28
Industrial Engineered Products											42												40
Consumer Products											13												8
Chemtura AgroSolutions											24												14
General corporate expense											(17	)											(15	)
Adjusted EBITDA										$	96											$	75

 

 

CHEMTURA CORPORATION

GAAP and Managed Basis Segment Sales and Operating Profit (Unaudited)

(In millions of dollars)

 

		Year ended December 31, 2012
						Managed Basis
		GAAP				Adjustments				Managed Basis
NET SALES
Industrial Performance Products		$	891			$	-			$	891
Industrial Engineered Products			896				-				896
Consumer Products			433				-				433
Chemtura AgroSolutions			409				-				409
Total net sales		$	2,629			$	-			$	2,629
OPERATING PROFIT
Industrial Performance Products		$	102			$	-			$	102
Industrial Engineered Products			140				-				140
Consumer Products			30				-				30
Chemtura AgroSolutions			65				-				65
Segment operating profit			337				-				337
General corporate expense, including amortization			(113	)			-				(113	)
Facility closures, severance and related costs			(12	)			12				-
Gain on sale of business			-				-				-
Impairment charges			-				-				-
Changes in estimates related to expected allowable claims			(1	)			1				-
Total operating profit		$	211			$	13			$	224
Managed Basis Adjustments consist of the following:
Accelerated depreciation of property, plant and equipment						$	-
Facility closures, severance and related costs							12
Gain on sale of business							-
Impairment charges							-
Changes in estimates related to expected allowable claims							1
Other operational adjustments							-
						$	13
DEPRECIATION AND AMORTIZATION
Industrial Performance Products		$	25			$	-			$	25
Industrial Engineered Products			43				-				43
Consumer Products			10				-				10
Chemtura AgroSolutions			13				-				13
General corporate expense			29				-				29
Total depreciation and amortization		$	120			$	-			$	120
NON-CASH STOCK-BASED COMPENSATION EXPENSE
Industrial Performance Products										$	2
Industrial Engineered Products											2
Consumer Products											1
Chemtura AgroSolutions											1
General corporate expense											17
Total non-cash stock-based compensation expense										$	23
Adjusted EBITDA by Segment:
Industrial Performance Products										$	129
Industrial Engineered Products											185
Consumer Products											41
Chemtura AgroSolutions											79
General corporate expense											(67	)
Adjusted EBITDA										$	367