Highlights:
-
Earnings per share from continuing operations were $0.27 for the
first quarter of 2010, compared to $0.19 for the prior year
quarter; both periods exclude the results of the industrial
coatings business.
-
The Company completed the divestiture of the industrial coatings
business.
-
Sales increased 14 percent from the prior year quarter.
-
Second quarter earnings per share from continuing operations are
expected to be in the $1.50 to $1.65 range.
-
The Company anticipates its full-year 2010 earnings will be
towards the high end of its previous guidance.
Arch Chemicals, Inc. (NYSE:ARJ) announced sales for the first
quarter of 2010 of $298.7 million compared to $262.2 million for
the first quarter of 2009. Earnings per share from continuing
operations for 2010 were $0.27 per share on $6.7 million of income,
compared to $0.19 per share on $4.8 million of income in 2009.
The Company completed the sale of the industrial coatings
business to The Sherwin-Williams Company on March 31, 2010.
The operating results of the divested business are reflected
as discontinued operations in the accompanying financial statements
for all periods presented. These results were a net loss of
$0.5 million for the first quarter of 2010, or $0.02 per share, and
a net loss of $1.6 million for the first quarter of 2009, or $0.06
per share. Including these results, Arch Chemicals reported
income for the first quarter of 2010 of $6.2 million, or $0.25 per
share, and income of $3.2 million, or $0.13 per share, for the
first quarter of 2009.
Segment operating income was $13.1 million in 2010 compared to
$11.1 million in 2009.
Commenting on the first quarter performance, Arch Chemicals'
Chairman, President and CEO Michael E. Campbell said, "I am
extremely pleased with our stronger-than-expected start to the
year, led by personal care and industrial biocides. In fact,
these businesses generated record quarterly operating income,
driven by strong demand for biocides across all market segments,
but particularly for those used in antidandruff shampoos and
building products." Mr. Campbell added: "In addition, we
completed the divestiture of the industrial coatings business
consistent with our ongoing strategy to focus our portfolio on
Biocides businesses and redeploy resources from non-core businesses
into this key growth platform."
Segment operating results for prior periods have been adjusted
as the Company has reallocated certain historical centralized
service costs that were previously allocated to the industrial
coatings business.
The following compares segment sales and operating income (loss)
for the first quarters of 2010 and 2009 (including equity in
earnings of affiliated companies and excluding restructuring and
impairment):
Biocides Products (formerly Treatment
Products)
Biocides Products reported sales of $254.6 million and operating
income of $21.8 million in 2010 compared with sales of $217.5
million and operating income of $17.1 million in 2009.
HTH Water Products
HTH water products reported sales of $116.0 million and
operating income of $4.2 million for 2010 compared to sales of
$102.7 million and operating income of $9.3 million for 2009.
Sales increased $13.3 million, or 13 percent, due to favorable
foreign exchange and higher volumes. The increased volumes
principally related to North America and were primarily due to the
branded distribution, surface water and repacker businesses, which
more than offset lower volumes to the Company's mass retail
customers. The lower mass retail volumes were due to timing as
a result of our customers' replenishment strategies to manage
inventory levels closer to peak seasonal demand.
As expected, operating income for the quarter was lower than
prior year. Operating income decreased $5.1 million as
improved volumes and favorable foreign exchange were more than
offset by higher raw material costs and unfavorable sales mix.
Personal Care and Industrial
Biocides
Personal care and industrial biocides reported sales of $80.9
million and operating income of $18.5 million compared to sales and
operating income of $68.1 million and $11.1 million, respectively,
in 2009.
Sales increased $12.8 million, or 19 percent, due to higher
volumes. Favorable foreign exchange offset lower
pricing. The higher volumes were primarily due to strong
demand across all market sectors, particularly for biocides used in
antidandruff products and biocides used in building products, as
the global construction markets saw modest improvement from the
first quarter of 2009.
Operating income increased $7.4 million as the higher volumes,
lower raw material and plant costs and favorable foreign currency
gains more than offset the lower pricing and higher freight
costs.
Wood Protection
Wood protection reported sales of $57.7 million and an operating
loss of $0.9 million compared to sales and an operating loss of
$46.7 million and $3.3 million, respectively, in 2009.
Sales increased $11.0 million, or 24 percent, as higher volumes
and favorable foreign exchange more than offset lower
pricing. The higher volumes were primarily related to
increased demand in North America and Europe for residential and
industrial wood preservatives, principally due to new
accounts. The lower pricing primarily related to unfavorable
customer mix in Europe.
Operating results improved $2.4 million due to higher volumes
and lower raw material costs, which more than offset the impact of
lower pricing.
Performance Products
Performance Products reported sales of $44.1 million and an
operating loss of $1.8 million compared with sales and operating
income of $44.7 million and $2.6 million, respectively, in
2009.
Performance urethanes sales decreased $1.3 million, or three
percent. Volumes decreased principally due to lower demand for
propylene glycol products resulting from the downturn in the U.S.
economy as well as the conclusion of a long-term contract
manufacturing arrangement at the end of 2009. The decrease in
volumes was partially offset by higher pricing, driven by increased
raw material costs. Operating results decreased by $4.5
million as the conclusion of the contract manufacturing
arrangement, higher raw material costs, and the lower volumes more
than offset the higher pricing.
Hydrazine sales and operating income were consistent with
2009.
General Corporate Expenses
Unallocated corporate expenses decreased principally due to
favorable foreign exchange gains in 2010 associated with loans with
the Company's foreign subsidiaries.
Sale of Industrial Coatings Business/Discontinued
Operations
On March 31, 2010, the Company completed the sale of the
industrial coatings business. Total proceeds, net of expenses,
from the sale are expected to be approximately $43 million, which
includes an estimated post-closing working capital
adjustment. As a result of the sale, the Company recorded an
after-tax gain of $5.6 million. The gain and the results of
operations through the date of sale are reflected in Discontinued
Operations.
2010 Outlook
For the second quarter, the Company anticipates earnings per
share from continuing operations to be in the $1.50 to $1.65 per
share range, compared to earnings per share from continuing
operations of $1.23 during the second quarter of 2009. Higher
results are expected from The Biocides Products segment. The
improvement from HTH water products assumes increased volumes in
North America. The Company also expects improved operating
results for the personal care and industrial biocides businesses
due to higher volumes from favorable market conditions, as well as
lower raw material and sourcing costs. Further, wood
protection results are forecast to improve principally as a result
of a moderate recovery in the U.S. housing and construction
markets. These improvements will be partially offset by
higher general corporate expenses as prior year benefitted from
favorable foreign exchange gains associated with loans with the
Company's foreign subsidiaries.
As the Company enters its peak seasonal earnings period, it is
maintaining its full-year 2010 sales guidance of an eight to ten
percent increase over 2009. In addition, its guidance of 2010
full-year earnings from continuing operations remains in the $1.90
to $2.10 range, although the Company now anticipates earnings to be
towards the high end of this range. The Company will update
its full-year guidance after the second quarter. The Company
now expects depreciation and amortization to be in the $40 to $45
million range and capital spending to be in the $30 to $35 million
range, reflecting the sale of the industrial coatings
business. The effective tax rate from continuing operations
is estimated to be in the 34 to 35 percent range, compared to its
previous guidance in the 35 to 36 percent range.
Commenting on the Company's 2010 outlook, Mr. Campbell said, "I
am very encouraged by the strong global demand improvement we
experienced for our biocides products in the first quarter as well
as by the positive economic indicators pointing to a gradual,
global economic recovery. These improving business trends have
me extremely excited about Arch's earnings growth
potential. We remain committed to enhancing shareholder value
by increasing margins, maximizing cash generation, optimizing our
portfolio and maintaining an attractive dividend."
Note: All references to earnings per share above reflect
diluted earnings per share.
About Arch
Headquartered in Norwalk, Connecticut (USA), Arch Chemicals,
Inc. is a global Biocides company with annual sales of over $1
billion. Arch and its subsidiaries provide innovative,
chemistry-based and related solutions to selectively destroy and
control the growth of harmful microbes. The Company's
concentration is in water treatment, hair and skin care products,
wood treatment,preservation and protection applications such as for
paints and building products, and health and hygiene
applications. Arch Chemicals operates in two segments:
Biocides Products and Performance Products. Together with its
subsidiaries, Arch has approximately 3,000 employees and
manufacturing and customer-support facilities in North and South
America, Europe, Asia, Australia and Africa. For more information,
visit the Company's Web site at http://www.archchemicals.com.
-
Listen in live to Arch Chemicals' first quarter 2010 earnings
conference call on Thursday, May 6, 2010 at 11:00 a.m. (ET) at
http://www.archchemicals.com.
-
If members of the public wish to access Arch's live earnings
call in a listen-only mode, dial: (877) 219-9854, passcode
67911110, in the United States, or (408) 940-3878, passcode
67911110, outside the United States.
-
A telephone replay will be available from 1:00 p.m. on Thursday,
May 6, 2010 until 11:00 p.m. (ET) on Thursday, May 13,
2010. The replay number is (800) 642-1687, passcode 67911110;
from outside the United States, please call (706) 645-9291,
passcode 67911110.
Except for historical information contained herein, the
information set forth in this communication contains
forward-looking statements that are based on management's beliefs,
certain assumptions made by management and management's current
expectations, outlook, estimates and projections about the markets
and economy in which the Company and its various businesses
operate. Words such as "anticipates," "believes," "estimates,"
"expects," "forecasts," "intends," "opines," "plans," "predicts,"
"projects," "should," "targets" and variations of such words and
similar expressions are intended to identify such forward-looking
statements. These statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions ("Future Factors"), which are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expected or forecasted in such forward-looking statements.
The Company undertakes no obligation to update publicly any
forward-looking statements, whether as a result of future events,
new information or otherwise. Future Factors which could cause
actual results to differ materially from those discussed include
but are not limited to: general economic and business and market
conditions; no improvement or weakening in U.S., European and Asian
economies; increases in interest rates; changes in foreign
currencies against the U.S. dollar; customer acceptance of new
products; efficacy of new technology; changes in U.S. or foreign
laws and regulations; increased competitive and/or customer
pressure; loss of key customers; the Company's ability to maintain
chemical price increases or achieve targeted price increases;
higher-than-expected raw material and energy costs and availability
for certain chemical product lines; unexpected changes in the
antidumping duties on certain products; increased foreign
competition in the calcium hypochlorite markets; inability to
obtain transportation for our chemicals; unfavorable court
decisions, including unfavorable decisions in appeals of
antidumping rulings, arbitration or jury decisions or tax matters;
the supply/demand balance for the Company's products, including the
impact of excess industry capacity; failure to achieve targeted
cost-reduction programs; capital expenditures in excess of those
scheduled; environmental costs in excess of those projected; the
occurrence of unexpected manufacturing interruptions/outages at
customer or Company plants; a decision by the Company not to start
up the hydrates manufacturing facility; unfavorable weather
conditions for swimming pool use; inability to expand sales in the
professional pool dealer market; the impact of global weather
changes; changes in the Company's stock price; ability to obtain
financing at attractive rates; financial market disruptions that
impact our customers or suppliers; and gains or losses on
derivative instruments.
|
|
|
|
|
|
|
|
Arch Chemicals, Inc.
|
|
Condensed Consolidated Statements of Income
(a)
(In millions, except per share amounts)
|
|
|
Three Months
|
|
Ended March 31,
|
|
2010
|
2009
|
Sales
|
$ 298.7
|
$ 262.2
|
Cost of Goods Sold
|
212.4
|
181.5
|
Selling and Administration
|
68.9
|
65.5
|
Research and Development
|
4.5
|
4.2
|
Interest Expense, Net
|
3.0
|
3.9
|
Income from Continuing Operations Before Equity
in Earnings of Affiliated Companies and
Taxes
|
9.9
|
7.1
|
Equity in Earnings of Affiliated Companies
|
0.2
|
0.1
|
Income Tax Expense
|
3.4
|
2.4
|
Income from Continuing Operations
|
$ 6.7
|
$ 4.8
|
Loss from Discontinued Operations, Net of Tax
(b)
|
(0.5)
|
(1.6)
|
Gain on Sale of Discontinued Operations, Net of Tax
(c)
|
5.6
|
--
|
Net Income
|
$ 11.8
|
$ 3.2
|
|
|
|
Basic Income (Loss) Per Share:
|
|
|
Continuing Operations
|
$ 0.27
|
$ 0.19
|
Loss from Discontinued Operations, Net of Tax
(b)
|
(0.02)
|
(0.06)
|
Gain on Sale of Discontinued Operations, Net of Tax
(c)
|
0.22
|
--
|
Basic Income (Loss) Per Share
|
$ 0.47
|
$ 0.13
|
|
|
|
Diluted Income (Loss) Per Share:
|
|
|
Continuing Operations
|
$ 0.27
|
$ 0.19
|
Loss from Discontinued Operations, Net of Tax
(b)
|
(0.02)
|
(0.06)
|
Gain on Sale of Discontinued Operations, Net of Tax
(c)
|
0.22
|
--
|
Diluted Income (Loss) Per Share
|
$ 0.47
|
$ 0.13
|
|
|
|
|
|
|
Weighted Average Common Stock Outstanding -
Basic
|
25.0
|
24.9
|
Weighted Average Common Stock Outstanding -
Diluted
|
25.2
|
25.0
|
|
|
|
(a) Unaudited. As a result of the sale of the
industrial coatings business, the Company has
adjusted
|
prior period results to include the results of
operations of this business as discontinued
operations.
|
(b) Represents the results of operations, net of tax,
for the industrial coatings business through
|
the date of sale, March 31, 2010.
|
|
|
(c) Represents the gain on the sale of the industrial
coatings business, net of tax.
|
|
Arch Chemicals, Inc.
|
|
|
Condensed Consolidated Balance
Sheets (a)
|
|
|
(In millions, except per share amounts)
|
|
|
|
March 31,
|
December 31,
|
|
2010
|
2009
|
Assets:
|
|
|
Cash & Cash Equivalents
|
$ 112.1
|
$ 70.1
|
Accounts Receivable, Net (b)
|
133.3
|
126.3
|
Securitization-Related Receivable (b)
|
66.7
|
76.0
|
Inventories, Net
|
197.4
|
145.9
|
Other Current Assets
|
15.1
|
14.4
|
Assets Held For Sale
|
--
|
125.1
|
Total Current Assets
|
524.6
|
557.8
|
Investments and Advances - Affiliated Companies at
Equity
|
2.1
|
2.0
|
Property, Plant and Equipment,
Net
|
171.4
|
176.1
|
Goodwill
|
203.0
|
205.8
|
Other Intangibles
|
149.7
|
156.1
|
Other Assets
|
109.2
|
112.7
|
Total Assets
|
$ 1,160.0
|
$ 1,210.5
|
|
|
|
Liabilities and Shareholders' Equity:
|
|
|
Short-Term Borrowings
|
$ 8.7
|
$ 11.1
|
Current Portion of Long-Term
Debt
|
21.9
|
21.9
|
Accounts Payable
|
169.7
|
116.9
|
Accrued Liabilities
|
70.4
|
75.8
|
Liabilities Associated with Assets Held For
Sale
|
--
|
57.7
|
Total Current Liabilities
|
270.7
|
283.4
|
Long-Term Debt
|
260.9
|
257.7
|
Other Liabilities
|
257.3
|
264.5
|
Total Liabilities
|
788.9
|
805.6
|
Commitments and Contingencies
|
|
|
Shareholders' Equity:
|
|
|
Common Stock, Par Value $1 Per Share, Authorized
100.0 Shares:
25.0 Shares Issued and Outstanding (25.0 in
2009)
|
25.0
|
25.0
|
Additional Paid-in Capital
|
462.3
|
461.4
|
Retained Earnings
|
98.0
|
91.2
|
Accumulated Other Comprehensive
Loss
|
(214.2)
|
(172.7)
|
Total Shareholders' Equity
|
371.1
|
404.9
|
Total Liabilities and Shareholders' Equity
|
$ 1,160.0
|
$ 1,210.5
|
|
|
|
(a) Unaudited. As a result of the sale of the
industrial coatings business, the Company has adjusted its
historical financial statements to reflect this business as an
asset held for sale.
|
(b) The Company sold certain accounts receivable through
an accounts receivable securitization program (see Form 10-K for
additional information). As a result, accounts receivable have
been reduced, and amounts not yet collected from customers
have been reflected as a securitization-related
receivable.
|
|
|
|
|
Arch Chemicals, Inc.
|
|
|
Condensed Consolidated Statements of Cash Flows
(a)
|
|
(In millions)
|
|
|
Three Months Ended March 31,
|
2010
|
2009
|
Operating Activities:
|
|
|
Net Income
|
$ 11.8
|
$ 3.2
|
Adjustments to Reconcile Net Income to Net Cash
and Cash Equivalents Provided by (Used in) Operating
Activities:
|
|
|
Loss from Discontinued Operations
|
0.5
|
1.6
|
Gain on Sale of Discontinued Operations
|
(5.6)
|
--
|
Equity in Earnings of Affiliated Companies
|
(0.2)
|
(0.1)
|
Depreciation and Amortization
|
10.1
|
10.2
|
Deferred Taxes
|
1.5
|
0.1
|
Changes in Assets and Liabilities, Net of Purchase
and Sale of Businesses:
|
|
|
Accounts Receivable Securitization Program
|
47.3
|
33.4
|
Receivables
|
(48.1)
|
(39.5)
|
Inventories
|
(53.7)
|
(39.8)
|
Other Current Assets
|
(3.5)
|
(0.9)
|
Accounts Payable and Accrued Liabilities
|
45.6
|
1.8
|
Noncurrent Liabilities
|
(0.1)
|
(3.7)
|
Other Operating Activities
|
(0.1)
|
1.9
|
Net Operating Activities from Continuing
Operations
|
5.5
|
(31.8)
|
Cash Flows of Discontinued Operations
|
(2.4)
|
(1.4)
|
Net Operating Activities
|
3.1
|
(33.2)
|
Investing Activities:
|
|
|
Capital Expenditures
|
(5.2)
|
(6.1)
|
Businesses Acquired in Purchase Transaction
|
--
|
0.3
|
Proceeds from Sale of a Business
|
53.2
|
0.5
|
Cash Flows of Discontinued Operations
|
(0.4)
|
(1.0)
|
Net Investing Activities
|
47.6
|
(6.3)
|
Financing Activities:
|
|
|
Long-Term Debt Borrowings
|
64.0
|
114.8
|
Long-Term Debt Repayments
|
(60.7)
|
(76.4)
|
Short-Term (Repayments) Borrowings, Net
|
(2.5)
|
(0.6)
|
Dividends Paid
|
(5.0)
|
(5.0)
|
Other Financing Activities
|
0.2
|
(4.4)
|
Cash Flows of Discontinued Operations
|
--
|
--
|
Net Financing Activities
|
(4.0)
|
28.4
|
Effect of Exchange Rate Changes on Cash and Cash
Equivalents
|
(4.7)
|
(0.9)
|
Net Increase (Decrease) in Cash and Cash
Equivalents
|
42.0
|
(12.0)
|
Cash and Cash Equivalents, Beginning of
Year
|
70.1
|
50.8
|
Cash and Cash Equivalents, End of Period
|
$ 112.1
|
$ 38.8
|
|
|
|
(a) Unaudited. As a result of the sale of the
industrial coatings business, the Company has
adjusted
|
|
|
prior period results to include the results of
operations of this business as discontinued
operations.
|
|
|
|
|
|
|
|
|
Arch Chemicals, Inc.
|
Segment Information (a)
|
(In millions)
|
|
Three Months
|
|
Ended March 31,
|
|
2010
|
2009
|
Sales:
|
|
|
Biocides Products:
|
|
|
- HTH Water Products
|
$ 116.0
|
$ 102.7
|
- Personal Care and Industrial Biocides
|
80.9
|
68.1
|
- Wood Protection
|
57.7
|
46.7
|
Total Biocides Products
|
254.6
|
217.5
|
Performance Products:
|
|
|
- Performance Urethanes
|
39.7
|
41.0
|
- Hydrazine
|
4.4
|
3.7
|
Total Performance Products
|
44.1
|
44.7
|
Total Sales
|
$ 298.7
|
$ 262.2
|
Operating Income (Loss) (b):
|
|
|
Biocides Products:
|
|
|
- HTH Water Products
|
$ 4.2
|
$ 9.3
|
- Personal Care and Industrial Biocides
|
18.5
|
11.1
|
- Wood Protection
|
(0.9)
|
(3.3)
|
Total Biocides Products
|
21.8
|
17.1
|
Performance Products:
|
|
|
- Performance Urethanes
|
(2.6)
|
1.9
|
- Hydrazine
|
0.8
|
0.7
|
Total Performance Products
|
(1.8)
|
2.6
|
|
20.0
|
19.7
|
General Corporate Expenses (c)
|
(6.9)
|
(8.6)
|
Total Segment Operating Income including
|
|
|
Equity in Earnings of Affiliated
Companies
|
13.1
|
11.1
|
Equity in Earnings of Affiliated Companies
|
(0.2)
|
(0.1)
|
Total Operating Income
|
12.9
|
11.0
|
Interest Expense, net
|
(3.0)
|
(3.9)
|
Income from Continuing Operations before
|
|
|
Taxes and Equity in Earnings of Affiliated
Companies
|
$ 9.9
|
$ 7.1
|
|
|
|
(a) Unaudited. Adjusted to reflect the sale of the
industrial coatings business, including a reallocation
of certain centralized service costs, which were
previously allocated to the industrial coatings
business, to the Company's other
businesses.
|
(b) Includes equity in earnings of affiliated
companies.
|
|
|
(c) Includes certain general expenses of the corporate
headquarters that are not allocated to the business segments,
including costs associated with the Company's accounts
receivable securitization program and certain pension
expenses.
|
|
|
|
|
Arch Chemicals, Inc.
|
Segment Information (a)
|
(In millions)
|
|
|
|
|
|
|
|
2009
|
|
First
|
Second
|
Third
|
Fourth
|
Total
|
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Year
|
Sales:
|
|
|
|
|
|
Biocides Products:
|
|
|
|
|
|
- HTH Water Products
|
$ 102.7
|
$ 202.5
|
$ 128.1
|
$ 117.8
|
$ 551.1
|
- Personal Care and Industrial Biocides
|
68.1
|
73.5
|
77.8
|
75.6
|
295.0
|
- Wood Protection
|
46.7
|
62.7
|
65.5
|
56.9
|
231.8
|
Total Biocides Products
|
217.5
|
338.7
|
271.4
|
250.3
|
1,077.9
|
Performance Products:
|
|
|
|
|
|
- Performance Urethanes
|
41.0
|
34.3
|
35.8
|
39.1
|
150.2
|
- Hydrazine
|
3.7
|
4.0
|
5.0
|
4.0
|
16.7
|
Total Performance Products
|
44.7
|
38.3
|
40.8
|
43.1
|
166.9
|
Total Sales
|
$ 262.2
|
$ 377.0
|
$ 312.2
|
$ 293.4
|
$ 1,244.8
|
|
|
|
|
|
|
Segment Operating Income (Loss) (b):
|
|
|
|
|
|
Biocides Products:
|
|
|
|
|
|
- HTH Water Products (c)
|
$ 9.3
|
$ 45.1
|
$ 8.4
|
$ --
|
$ 62.8
|
- Personal Care and Industrial Biocides
|
11.1
|
7.2
|
13.2
|
10.5
|
42.0
|
- Wood Protection
|
(3.3)
|
0.5
|
2.0
|
(0.7)
|
(1.5)
|
Total Biocides Products
|
17.1
|
52.8
|
23.6
|
9.8
|
103.3
|
Performance Products:
|
|
|
|
|
|
- Performance Urethanes
|
1.9
|
0.7
|
2.3
|
3.4
|
8.3
|
- Hydrazine
|
0.7
|
0.5
|
1.0
|
1.1
|
3.3
|
Total Performance Products
|
2.6
|
1.2
|
3.3
|
4.5
|
11.6
|
|
19.7
|
54.0
|
26.9
|
14.3
|
114.9
|
General Corporate Expenses (d)
|
(8.6)
|
(5.0)
|
(8.2)
|
(10.4)
|
(32.2)
|
Total Segment Operating Income, including
Equity in Earnings of Affiliated Companies
|
11.1
|
49.0
|
18.7
|
3.9
|
82.7
|
Equity In Earnings of Affiliated Companies
|
(0.1)
|
(0.1)
|
(0.2)
|
(0.2)
|
(0.6)
|
Total Operating Income
|
11.0
|
48.9
|
18.5
|
3.7
|
82.1
|
Interest Expense, net
|
(3.9)
|
(2.4)
|
(2.8)
|
(3.0)
|
(12.1)
|
Total Income from Continuing Operations
before
|
|
|
|
|
|
Equity in Earnings of Affiliated Companies and
Taxes
|
$ 7.1
|
$ 46.5
|
$ 15.7
|
$ 0.7
|
$ 70.0
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Unaudited. Prior year segment information has
been adjusted to reflect the sale of the industrial coatings
business, including a reallocation of certain historical
centralized service costs, which were previously allocated to the
industrial coatings business, to the Company's other
businesses.
|
(b) Includes equity in earnings of affiliated companies
and excludes restructuring and impairment.
|
|
|
(c) Fourth quarter and year-to-date 2009 include a
benefit related to the antidumping duty ruling for the period of
review from June 1, 2007 through May 31, 2008 of $1.0
million.
|
(d) Includes certain general expenses of the corporate
headquarters that are not allocated to the business segments,
including costs associated with the Company's accounts
receivable securitization program and certain pension
expenses. In addition, third quarter and year-to-date 2009
include $1.1 million of executive severance.
|
|
|
|
|
|
|
|
CONTACT: Arch Chemicals, Inc.
Investor Contact:
Mark E. Faford
(203) 229-3820
mefaford@archchemicals.com
Press Contact:
Dale N. Walter
(203) 229-3033
dnwalter@archchemicals.com
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