MIDLAND, Mich., Aug. 4 /PRNewswire-FirstCall/ -- Dow Corning
Corp. today reported consolidated net income of $220.7 million for the second quarter of
2010, an increase of 91 percent from consolidated net income of
$115.4 million reported for the
second quarter of 2009. Adjusted net income for the second
quarter of 2010 was $214.9 million
and $115.5 million in 2009. For
the first half of 2010, consolidated net income was $439.0 million, an increase of 252 percent from
consolidated net income of $124.8
million reported in the first half of last year. Dow
Corning reported adjusted net income of $387.5 million for the first half of 2010.
Adjusted net income was $182.2 million for the first half of 2009.
For 2010, adjusted net income excluded the tax benefit
related to the U.S. Advanced Energy Manufacturing Tax Credits.
The 2009 results were adjusted for a charge related to
restructuring activities.
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Dow Corning reported record sales of $1.54 billion in the second quarter of 2010,
30 percent higher than sales of $1.19 billion in the same quarter of 2009.
Sales in the first half of 2010 were $2.90 billion, 31 percent higher than
sales of $2.22 billion reported
in the first half of 2009.
"Dow Corning's second quarter sales marked a record for the
company as we continue to put the global recession behind us," said
Dow Corning's Executive Vice President and Chief Financial Officer
J. Donald Sheets.
"Demand for Dow Corning's silicones products strengthened over
the previous quarter with outstanding growth in Latin America and Asia. Dow Corning's Hemlock
Semiconductor Group saw increased sales from new manufacturing
capacity that began to come on line in the second quarter."
About Dow Corning
Dow Corning (www.dowcorning.com) provides performance-enhancing
solutions to serve the diverse needs of more than 25,000 customers
worldwide. A global leader in silicones, silicon-based technology
and innovation, Dow Corning offers more than 7,000 products and
services via the company's Dow Corning® and XIAMETER®
brands. Dow Corning is equally owned by The Dow Chemical Company
(NYSE: DOW) and Corning, Incorporated (NYSE: GLW). More than half
of Dow Corning's annual sales are outside the United States.
About Hemlock Semiconductor Group
The Hemlock Semiconductor Group (Hemlock Semiconductor) is
comprised of two joint ventures: Hemlock Semiconductor
Corporation and Hemlock Semiconductor, L.L.C. The companies
are joint ventures among Dow Corning Corporation, Shin-Etsu
Handotai and Mitsubishi Materials Corporation. Hemlock
Semiconductor is a leading provider of polycrystalline silicon and
other silicon-based products used in the manufacturing of
semiconductor devices, and solar cells and modules. Hemlock
Semiconductor Corporation began its Michigan operations in 1961 and Hemlock
Semiconductor, L.L.C. broke ground at its Tennessee location in 2009.
Dow Corning
Corporation
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Selected Financial
Information
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(in millions of U. S.
dollars)
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(Unaudited)
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Consolidated Income Statement
Data
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Three Months Ended June
30,
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Six Months Ended June
30,
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2010
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2009
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2010
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2009
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Net Sales
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$
1,544.6
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$
1,191.3
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$
2,898.3
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$
2,215.9
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Net Income
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Attributable to Dow
Corning
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$
220.7
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$
115.4
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$
439.0
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$
124.8
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Adjustment for AEMC
(1),
net
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$
(5.8)
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$
-
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$
(51.5)
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$
-
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Adjustment for Restructuring
(2),
net
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$
-
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$
0.1
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$
-
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$
57.4
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Adjusted Net Income
(3)
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$
214.9
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$
115.5
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$
387.5
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$
182.2
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1 The three
and six month periods ended June 30, 2010 included a tax benefit
related to Advanced Energy Manufacturing Credits, net
of
the noncontrolling interests'
share.
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2 The three
and six month periods ended June 30, 2009 included charges related
to the Company's restructuring program.
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3 Adjusted Net
Income is a non-GAAP financial measure which excludes certain
unusual items and which reconciles to Net Income as
shown.
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Consolidated Balance Sheet
Data
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June 30, 2010
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December 31, 2009
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Assets
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Current Assets
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$
3,921.8
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$
3,569.7
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Property, Plant and Equipment,
Net
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5,458.7
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5,018.5
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Other Assets
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1,998.0
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2,251.5
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$
11,378.5
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$
10,839.7
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Liabilities and
Equity
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Current
Liabilities
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$
2,088.9
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$
1,926.0
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Other Liabilities
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6,068.0
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5,885.7
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Equity
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3,221.6
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3,028.0
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$
11,378.5
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$
10,839.7
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SOURCE Dow Corning
Copyright g. 4 PR Newswire