Arch Chemicals, Inc. Reports Second Quarter Earnings Per Share of $0.60.Business Editors NORWALK Norwalk (nôr`wôk'). 1 City (1990 pop. 94,279), Los Angeles co., S Calif.; settled in the 1850s, inc. 1957. With the arrival (1875) of the Southern Pacific RR, it became a center for the dairy and logging industries, but , Conn.--(BUSINESS WIRE)--July 27, 2001 Arch Chemicals Founded in 1999, Arch Chemicals (NYSE: ARJ) is a biocides company with over a billion dollars in annual sales. It consists of four divisions:
See: New York Stock Exchange : ARJ A compression program for backup archiving from ARJ Software, Inc., Norwood, MA (www.arjsoftware.com). Introduced in the early 1990s and created by Robert Jung (the RJ in ARJ), ARJ never achieved the popularity of PKZIP, although it is considered a worthy competitor. See JAR. ) announced that earnings per share for the second quarter of 2001 were $0.60 on net income of $13.5 million compared to $0.91 per share on net income of $20.1 million in 2000. Sales increased one percent to $284.9 million in 2001, compared to $282.1 million in 2000. Segment operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $25.2 million in 2001 compared to $33.4 million in 2000. Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. E. Campbell Campbell, city, United States Campbell, city (1990 pop. 36,048), Santa Clara co., W Calif., in the fertile Santa Clara valley; founded 1885, inc. 1952. , Arch's Chairman, President and Chief Executive Officer, while commenting on the second quarter operating results, said, "The stronger performance from our Wood Protection, Coatings and Personal Care businesses did not fully offset the earnings shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. in our Microelectronic The miniaturization of electronic circuits. See chip. Materials, HTH (chat) HTH - Hope This Helps. Often used sarcastically, see HAND. Water Products and Performance Urethanes businesses. Operating results were impacted by the slowing global economy and its adverse effect on our customers' end markets, which impacted certain businesses more severely than initially expected. The sharp downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in the electronics industry more than offset the benefits resulting from restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). the Process Chemicals business." The following compares segment sales and operating income for the second quarter of 2001 and 2000 (including equity in earnings of affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. and excluding certain unallocated expenses of the corporate headquarters): Microelectronic Materials Microelectronic Materials reported sales of $41.9 million and an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $1.4 million for the second quarter of 2001 compared with sales and operating income of $57.8 million and $2.0 million, respectively, in 2000. The sales decrease was principally related to lower process chemicals sales due to the exiting of certain unprofitable product lines associated with the restructuring announced in the fourth quarter of 2000. Photoresist A film used in photolithography that temporarily holds the pattern of a circuit path or microscopic element of a chip. When exposed to light, it hardens and is resistant to the acid bath that washes away the unexposed areas. Not to be confused with photoresistor. and ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. sales were approximately 20% lower due to the downturn in the electronics industry. The operating loss as compared to operating income in the prior year was due to significantly lower profit from its joint venture Fujifilm Fujifilm Holdings Corporation or Fujifilm (富士フイルム株式会社 Arch, Planar A technique developed by Fairchild Instruments that creates transistor sublayers by forcing chemicals under pressure into exposed areas. Planar superseded the mesa process and was a major step toward creating the chip. Solutions LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control expenses incurred in connection with the commercialization of new products and lower sales. These were partially offset by lower selling and administrative expenses and lower operating and depreciation expenses as a result of the restructuring of the Process Chemicals business. HTH Water Products HTH Water Products reported sales of $94.6 million and operating income of $10.7 million for the second quarter of 2001 compared with sales and operating income of $108.3 million and $22.0 million, respectively, in 2000, excluding the results of Superior Pool Products. The 13 percent decrease in sales was primarily due to lower branded (HTH(R)) and non-branded calcium hypochlorite calcium hypochlorite n. A white crystalline solid used as a bactericide, fungicide, and bleaching agent. and branded trichlor (Pace(R)) volumes. The lower volumes were the result of lower mass merchant category sales, customer inventory de-stocking and a cooler start to the pool chemical season in the northeast and midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians U.S. markets. The decrease in operating results was due to the lower sales and higher sales promotion and advertising expenses and increased research and development costs for new product development. Treatment Products Treatment Products reported sales of $65.3 million and operating income of $9.4 million for the second quarter of 2001 compared with sales and operating income of $26.5 million and $2.3 million, respectively, in 2000. The sales and operating income increases were driven by the inclusion of Hickson's Wood Protection business and Brooks' Brooks's is a London gentlemen's club, founded in 1764 by 27 men, including four dukes. From an early date, it was the meeting place for Whigs of the highest social order. They bought Almack's Coffee House in Pall Mall for their original premises. Personal Care Products business and strong antidandruff sales. Industrial biocides sales were slightly lower due to lower custom chemicals sales as a result of the discontinuance Cessation; ending; giving up. The discontinuance of a lawsuit, also known as a dismissal or a non-suit, is the voluntary or involuntary termination of an action. DISCONTINUANCE, pleading. A chasm or interruption in the pleading. 2. of certain product lines, partially offset by higher marine antifoulant antifoulant substances used to coat marine netting in fish cages; some may cause unacceptable chemical residues in the farmed fish. paint sales. Operating income was higher primarily as a result of lower manufacturing and selling costs and favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. product mix, which more than offset the lower sales. Performance Products Performance Products reported sales of $61.7 million and operating income of $4.0 million for the second quarter of 2001 compared with sales and operating income of $41.8 million and $4.6 million, respectively, in 2000. The sales increase was due to the inclusion of Hickson's Coatings business. The operating income contribution from the Coatings business was more than offset by lower results from the Performance Urethanes business. Performance Urethanes sales were approximately 14 percent lower principally due to lower volumes of performance polyols polyols (pol´ēôlz), n.pl substances made up of two or more alcohols. See also sugar alcohols. and glycol glycol (glī`kōl), dihydric alcohol in which the two hydroxyl groups are bonded to different carbon atoms; the general formula for a glycol is (CH2)n(OH)2. products. The lower volumes were due to the dramatic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in customer demand in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. coatings, adhesives, sealants and elastomers markets and increased pressures from imports due to the strength of the U.S. dollar. Operating income was lower as a result of the lower sales, higher energy costs and higher manufacturing costs due to lower contract manufacturing. The absence of income related to the BASF BASF Bar Association of San Francisco (since 1872; San Francisco, California) BASF Badische Anilin und Soda Fabrik (German chemical products company) BASF Builders Association of South Florida contract, which was completed on December December: see month. 31, 2000, was essentially offset by a contract settlement gain related to the previously announced decision by Sunoco to terminate its contract manufacturing agreement. Other Specialty Products Other Specialty Products, which includes Arch's Hydrazine hydrazine (hī`drəzēn'), chemical compound, formula NH2NH2, m.p. 1.4°C;, b.p. 113.5°C;, specific gravity 1.011 at 15°C;. It is very soluble in water and soluble in alcohol. and Sulfuric Acid sulfuric acid, chemical compound, H2SO4, colorless, odorless, extremely corrosive, oily liquid. It is sometimes called oil of vitriol. Concentrated Sulfuric Acid businesses, reported sales of $21.4 million and operating income of $4.2 million for the second quarter of 2001 compared with sales and operating income of $19.0 million and $3.5 million, respectively, in 2000. Hydrazine sales increased 12 percent primarily due to higher propellant pro·pel·lant also pro·pel·lent n. 1. Something, such as an explosive charge or a rocket fuel, that propels or provides thrust. 2. revenues associated with the new contract with the U.S. government and higher hydrazine hydrate hydrate (hī`drāt), chemical compound that contains water. A common hydrate is the familiar blue vitriol, a crystalline form of cupric sulfate. Chemically, it is cupric sulfate pentahydrate, CuSO4·5H2O. pricing, partially offset by lower hydrazine hydrate volumes due to reduced shipments in Asian markets where pricing was not advantageous. Operating income was higher primarily due to the higher sales and lower selling and administrative expenses, partially offset by unfavorable fixed cost absorption, higher energy costs and unrealized losses Unrealized Loss A loss that results from holding onto an asset rather than cashing it in and officially taking the loss. Notes: Let's say you own a stock that is down 50%, but you haven't sold it to realize the loss yet. This is said to be an unrealized loss. related to natural gas futures contracts Futures Contract An exchange traded agreement to buy or sell a particular type and grade of commodity for delivery at an agreed upon place and time in the future. Futures contracts are transferable between parties. . Sulfuric Acid sales increased 13 percent as a result of higher pricing. Operating income was higher primarily due to the higher sales. Interest Expense Interest expense for 2001 increased due to higher debt levels directly related to the Hickson Hickson is a surname, and may refer to
Six Month Results For the first half of 2001, sales were $540.5 million compared to $510.8 million in 2000. Segment operating income was $44.3 million compared to $55.4 million in 2000. Earnings per share for the first half of 2001 were $1.00 per share on $22.4 million of net income, compared to $1.48 per share on net income of $33.0 million in 2000. 2001 Outlook The Company anticipates that results for the third quarter of 2001 will be in the range of a $0.10 loss per share to breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations compared to $0.18 earnings per share, excluding special items reported in the third quarter of 2000. The decrease in expected results as compared to 2000 is due primarily to the slowing global economy and its adverse effect on our customers' end markets and a planned extended shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down of our HTH Water Products' production facility. For the full-year 2001, earnings per share are expected to be in the $1.00 to $1.25 range, as compared to the $1.66 reported in 2000. In addition, EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become is expected to be in the $115 to $125 million range and capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. is expected to be in the $50 to $55 million range. Commenting on the estimate, Mr. Campbell added, "While we see indications that we have reached the trough Trough The stage of the economy's business cycle that marks the end of a period of declining business activity and the transition to expansion. of the slowdown in several of our markets, it is now evident that the timing of the economic recovery has been delayed. We now expect that a significant recovery in our customers' global end markets will not materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. until at least the first quarter of 2002." The Company continues to expect improved year-over-year operating performance from the Treatment and Other Specialty Products segments, as well as softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. energy costs. However, these positive trends are expected to be more than offset by the significant slowdown and delayed recovery in the global electronics markets and lower domestic HTH Water Products and Performance Urethanes sales. Note: All references to earnings per share above reflect diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of . About Arch With sales of approximately $1 billion, Arch Chemicals, Inc., (NYSE: ARJ) headquartered in Norwalk, Conn., is a global specialty chemicals A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. company with leadership positions in four core segments - Microelectronic Materials, HTH Water Products, Treatment Products and Performance Products. Arch Chemicals serves world leaders For a list of heads of state, see . World leaders is a MMORPG. The game involves creating a state, joining an alliance and going into war. It is mostly played by players from Israel, China, USA, Britain, Brazil and Saudi-Arabia. in these key markets with forward-looking solutions to meet their chemical needs, employing a global workforce and manufacturing facilities in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , Europe, Asia and Africa. For more information, visit the company's web site at www.archchemicals.com. -- Listen in live to Arch Chemicals' second quarter 2001 earnings conference call on Friday, July 27, 2001 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: (800) 634-1567 in the United States or (212) 346-6383 outside the United States. -- A telephone replay will be available from 1:00 p.m. on Friday, July 27, until 6:00 p.m. (ET) on Friday, August 3. The replay number is (800) 633-8284, passcode 19208408; from outside the United States, please call (858) 812-6440, passcode 19208408. Except for historical information contained herein, the information set forth in this communication contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are based on management's beliefs, certain assumptions made by management and management's current expectations, estimates and projections about the markets and economy in which Arch and its various businesses operate. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "opines Opines are low molecular weight compounds found in plant crown gall tumors produced by the parasitic bacterium Agrobacterium. Opine biosynthesis is catalyzed by specific enzymes encoded by genes contained in a small segment of DNA (known as the T-DNA, for 'transfer DNA') ," "plans," "predicts," "projects," "should," "targets," "will," 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, except as required by law, 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; lack of moderate growth in the U.S. or European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. economies; increases in interest rates; economic conditions in Asia; strengthening of the U.S. dollar against the euro; customer acceptance of new products, efficacy of new technology, changes in U.S. laws and regulations, increased competitive and/or customer pressure; the Company's ability to maintain chemical price increases; higher-than-expected raw material costs for certain chemical product lines; increased foreign competition in the calcium hypochlorite markets; continued slowdown or lack of recovery in the semiconductor industry; unfavorable court, arbitration arbitration Process of resolving a dispute or a grievance outside a court system by presenting it for decision to an impartial third party. Both sides in the dispute usually must agree in advance to the choice of arbitrator and certify that they will abide by the or jury decisions, the supply/demand balance for the Company's products, including the impact of excess industry capacity; failure to achieve targeted cost reduction programs; unsuccessful entry into new markets for electronic chemicals; capital expenditures in excess of those scheduled; environmental costs in excess of those projected; the occurrence of unexpected manufacturing interruptions/outages at the customer's or company plants; unfavorable weather conditions for swimming pool use; the unsuccessful restructuring of the process chemicals business; gains or losses on derivative instruments Derivative instruments Contracts such as options and futures whose price is derived from the price of an underlying financial asset. ; the inability of the Company to sell the Hickson organics division at its desired price; and the unsuccessful integration of acquired businesses.
Arch Chemicals, Inc.
Condensed Consolidated Statements of Income (a)
(In millions, except per share amounts)
----------------------------------------------------------------------
Three Months Six Months
Ended June 30, Ended June 30,
2001 2000 2001 2000
----------------------------------------------------------------------
Sales $ 284.9 $ 282.1 $ 540.5 $ 510.8
Cost of Goods Sold 195.0 202.3 377.4 366.8
Selling and Administration 56.5 43.2 102.1 82.2
Amortization of Intangibles 2.5 1.2 5.0 2.3
Research and Development 6.0 3.7 12.4 7.7
Restructuring (b) (0.2) - 0.6 -
Equity In (Earnings) of
Affiliated Companies (0.1) (1.7) (1.3) (3.6)
----------------------------------------------------------------------
Income Before Interest
and Taxes and Cumulative
Effect of Accounting Change 25.2 33.4 44.3 55.4
Interest Expense, net 5.0 2.9 10.4 5.4
----------------------------------------------------------------------
Income Before Taxes
and Cumulative Effect of
Accounting Change 20.2 30.5 33.9 50.0
Income Tax Provision 6.7 10.4 11.3 17.0
----------------------------------------------------------------------
Income Before Cumulative
Effect of Accounting Change 13.5 20.1 22.6 33.0
Cumulative Effect of
Accounting Change, net of tax (c) - - (0.2) -
----------------------------------------------------------------------
Net Income $ 13.5 $ 20.1 $ 22.4 $ 33.0
======================================================================
Basic Income Per Share:
Before Cumulative Effect of
Accounting Change $ 0.60 $ 0.91 $ 1.02 $ 1.48
Cumulative Effect of
Accounting Change (c) - - (0.01) -
----------------------------------------------------------------------
Basic Income Per Share $ 0.60 $ 0.91 $ 1.01 $ 1.48
======================================================================
Diluted Income Per Share:
Before Cumulative Effect of
Accounting Change $ 0.60 $ 0.91 $ 1.01 $ 1.48
Cumulative Effect of
Accounting Change (c) - - (0.01) -
----------------------------------------------------------------------
Diluted Income Per Share $ 0.60 $ 0.91 $ 1.00 $ 1.48
======================================================================
Weighted Average Common Stock
Outstanding - Basic 22.3 22.2 22.3 22.3
Weighted Average Common Stock
Outstanding - Diluted 22.4 22.2 22.3 22.4
----------------------------------------------------------------------
EBITDA $ 39.1 $ 43.8 $ 73.6 $ 76.0
----------------------------------------------------------------------
(a) Unaudited. Certain prior year amounts have been restated to
conform with the current year's presentation, including Sales
and Cost of Goods Sold, which were restated to reflect the
adoption of EITF 00-10, "Accounting for Shipping and Handling
Fees and Costs," during the fourth quarter of 2000.
(b) Second quarter restructuring includes the reimbursement of
certain severance costs, which were previously recorded in the
fourth quarter of 2000. The six-month period also includes
retention payments made to employees as a result of the
Company's restructuring of the process chemicals business
announced in the fourth quarter of 2000.
(c) Reflects the adoption of SFAS No. 133, "Accounting for
Derivative Instruments and Hedging Activities."
-0-
Arch Chemicals, Inc.
Condensed Consolidated Balance Sheets
(In millions, except per share amounts)
----------------------------------------------------------------------
June 30, December 31,
2001 (a) 2000
----------------------------------------------------------------------
Assets:
Cash & Cash Equivalents $ 7.6 $ 19.1
Accounts Receivable, Net 230.6 212.7
Inventories, Net 137.5 164.7
Other Current Assets 34.7 39.2
Assets Held For Sale 67.2 80.1
----------------------------------------------------------------------
Total Current Assets 477.6 515.8
Investments and Advances -
Affiliated Companies at Equity 27.6 32.6
Property, Plant and Equipment, Net 321.8 330.8
Goodwill 177.2 172.8
Other Assets 21.5 21.6
----------------------------------------------------------------------
Total Assets $1,025.7 $1,073.6
----------------------------------------------------------------------
Liabilities and Shareholders' Equity:
Short-Term Borrowings $ 218.0 $ 95.8
Accounts Payable 119.7 143.5
Accrued Liabilities 83.4 104.2
----------------------------------------------------------------------
Total Current Liabilities 421.1 343.5
Long-Term Debt 113.7 247.6
Other Liabilities 71.2 62.7
Commitments and Contingencies
Shareholders' Equity:
Common Stock, Par Value $1 Per Share,
Authorized 100.0 Shares: 22.2 Shares
Issued and Outstanding in 2001
(22.1 in 2000) 22.2 22.1
Additional Paid-in Capital 424.1 423.3
Retained Earnings 20.0 6.5
Accumulated Other Comprehensive Loss (46.6) (32.1)
----------------------------------------------------------------------
Total Shareholders' Equity 419.7 419.8
----------------------------------------------------------------------
Total Liabilities and Shareholders' Equity $1,025.7 $1,073.6
----------------------------------------------------------------------
(a) Unaudited.
-0-
Arch Chemicals, Inc.
Condensed Consolidated Statements of Cash Flows (a)
(In millions)
----------------------------------------------------------------------
Six Months Ended June 30, 2001 2000
----------------------------------------------------------------------
Operating Activities:
Net Income $ 22.4 $ 33.0
Adjustments to Reconcile Net Income to Net Cash
and Cash Equivalents Provided by Operating
Activities Net of Business Acquired:
Equity in Earnings of Affiliates (1.3) (3.6)
Depreciation 24.3 23.1
Amortization of Intangibles 5.0 2.3
Deferred Taxes 4.1 -
Deferred Income - (4.8)
Restructuring Payments (11.1) -
Changes in Assets and Liabilities:
Receivables (23.6) (58.2)
Inventories 24.0 15.8
Other Current Assets 0.4 0.3
Accounts Payable and Accrued Liabilities (27.8) (1.1)
Noncurrent Liabilities 6.9 4.8
Other Operating Activities 0.8 (3.2)
----------------------------------------------------------------------
Net Operating Activities from Continuing
Operations 24.1 8.4
Change in Net Assets Held for Sale 4.4 -
----------------------------------------------------------------------
Net Operating Activities 28.5 8.4
----------------------------------------------------------------------
Investing Activities:
Capital Expenditures (18.8) (26.1)
Disposition of Property, Plant and Equipment - 6.3
Investments and Advances - Affiliated Companies
at Equity - (3.4)
Business Acquired in Purchase Transaction (2.0) -
Other Investing Activities (0.1) (0.3)
----------------------------------------------------------------------
Net Investing Activities (20.9) (23.5)
----------------------------------------------------------------------
Financing Activities:
Long-Term Debt Repayments, net (13.6) (1.7)
Short-Term Borrowings, net 3.5 29.2
Dividends Paid (8.9) (8.9)
Purchases of Arch Common Stock - (9.5)
Other Financing Activities 1.5 0.4
----------------------------------------------------------------------
Net Financing Activities (17.5) 9.5
----------------------------------------------------------------------
Effect of Exchange Rate Changes on Cash and
Cash Equivalents (1.6) (0.2)
----------------------------------------------------------------------
Net Decrease in Cash and Cash Equivalents (11.5) (5.8)
Cash and Cash Equivalents, Beginning of Year 19.1 12.1
----------------------------------------------------------------------
Cash and Cash Equivalents, End of Period $ 7.6 $ 6.3
----------------------------------------------------------------------
(a) Unaudited. Certain prior year amounts have been reclassified to
conform with the current year's presentation.
-0-
Arch Chemicals, Inc.
Segment Information (a)
(in millions)
----------------------------------------------------------------------
Three Months Six Months
Ended June 30, Ended June 30,
2001 2000 2001 2000
----------------------------------------------------------------------
Sales:
Microelectronic
Materials $ 41.9 $ 57.8 $ 96.7 $ 114.9
HTH Water Products 94.6 108.3 153.6 182.0
Treatment Products (b) 65.3 26.5 126.5 49.5
Performance Products (b) 61.7 41.8 125.4 80.9
Other Specialty Products 21.4 19.0 38.3 38.0
----------------------------------------------------------------------
284.9 253.4 540.5 465.3
Superior Pool
Products (c) - 28.7 - 45.5
----------------------------------------------------------------------
Total Sales $ 284.9 $ 282.1 $ 540.5 $ 510.8
----------------------------------------------------------------------
Operating Income (Loss):
Microelectronic
Materials (d) $ (1.4) $ 2.0 $ 2.5 $ 3.6
HTH Water Products 10.7 22.0 19.4 36.4
Treatment Products (b) 9.4 2.3 17.1 4.8
Performance Products (b) 4.0 4.6 4.7 9.8
Other Specialty Products 4.2 3.5 4.6 4.8
----------------------------------------------------------------------
26.9 34.4 48.3 59.4
Superior Pool
Products (c) - 2.2 - 2.4
General Corporate
Expenses (e) (1.7) (3.2) (4.0) (6.4)
----------------------------------------------------------------------
Total Operating
Income $ 25.2 $ 33.4 $ 44.3 $ 55.4
----------------------------------------------------------------------
(a) Unaudited. Sales for 2000 have been restated to reflect the
adoption of EITF 00-10, "Accounting for Shipping and Handling
Fees and Costs," during the fourth quarter of 2000.
(b) Includes the results of Hickson and Brooks from the dates of
acquisition (August 22, 2000 and November 30, 2000,
respectively).
(c) Superior Pool Products, Inc. was sold on July 31, 2000.
(d) Year-to-date includes retention payments made to employees as a
result of the Company's restructuring of the process chemicals
business announced in the fourth quarter of 2000.
(e) Includes certain general expenses of the corporate headquarters
that are not allocated to the business segments.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion