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Document Preview Great Lakes Posts a Significant Jump in First Quarter 2004 Results Led by Productivity and Sales Growth |
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Title: |
Great Lakes Posts a Significant Jump in First Quarter 2004 Results Led by Productivity and Sales Growth |
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Date: |
2004 |
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$42 |
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#236266 |
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| news release | Great Lakes Chemical Corporation 9025 North River Road, Suite 400 Indianapolis, IN 46240 USA Telephone: (1) 317 715 3000 Facsimile: (1) 317 715 3060 www.greatlakes.com |
| Exhibit 99(i) | |
| FOR IMMEDIATE RELEASE (Issued April 21, 2004) |
| GREAT LAKES POSTS A SIGNIFICANT JUMP IN FIRST QUARTER 2004 RESULTS LED BY PRODUCTIVITY AND SALES GROWTH |
| INDIANAPOLIS, INDIANA - Great Lakes Chemical Corporation (NYSE:GLK) today announced first quarter 2004 net sales from continuing operations of $368.1 million, a 10% increase, compared to $334.0 million reported in the corresponding period in 2003. Excluding the effects of acquisitions and foreign currency translation, net sales increased 2% during first quarter 2004. Adjusted operating income for the first quarter increased to $19.5 million, a 73% increase compared to first quarter 2003, reflecting a combination of productivity gains, a stronger product mix, and higher sales volumes. |
| Great Lakes reported a loss from continuing operations of $(4.1) million, or $(.08) per share, for the first quarter 2004, compared to income of $0.9 million, or $.02 per share, for the first quarter of 2003. In first quarter 2004, the Company recognized after-tax restructuring charges and certain other significant items totaling $10.8 million, or $.21 per share. The charges relate primarily to a repositioning plan, announced in October 2003, which includes a series of manufacturing consolidations, cost reductions, and other actions. The asset impairments, restructuring charges, and certain other significant items are described in greater detail in the notes to the accompanying consolidated statements of operations. Excluding these charges, income from continuing operations amounted to $6.7 million, or $.13 per share, for first quarter 2004, compared to income of $0.9 million, or $.02 per share, for the first quarter of 2003. |
| The loss from discontinued operations amounted to $(0.9) million, or $(.02) per share, in the first quarter of 2004. Including discontinued operations, Great Lakes reported a net loss for first quarter 2004 of $(5.0) million, or $(.10) per share. This compares to a first quarter 2003 net loss of $(0.8) million, or $(.02) per share, which included after-tax charges of $3.3 million, or $(.07) per share, for the cumulative effect of a required accounting change. |
| We are encouraged by our overall progress this quarter, said Mark Bulriss, Great Lakes chairman, president, and chief executive officer. A strengthening global economy combined with our focused efforts to boost productivity, manage our assets more effectively, and satisfy specific customer and market needs are beginning to pay off. |
| Bulriss concluded, We will continue to do what needs to be done to create a business that will be successful in good economic times and bad. With many forecasts calling for continued economic growth ahead, we remain optimistic about 2004. |
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