CF Industries Holdings, Inc. Reports Best-Ever Net Income of $135.4 Million, or $2.38 per Diluted Common Share, for Fourth Quarter 2007.Strong Operating Performance Capitalized on Robust Demand and Delivered Substantial Increases in Volumes, Sales, and Earnings Company Announces Increase in Regular Quarterly Dividend to $0.10 DEERFIELD, Ill. -- CF Industries Holdings, Inc. (NYSE NYSE See: New York Stock Exchange : CF): Fourth Quarter Highlights: * Sales and net income highest for any quarter since company's August 2005 IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. * Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight rose to $852.5 million, up 62 percent from fourth quarter 2006, driven by substantially higher prices and increased nitrogen volumes * Operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before totaled $214.2 million, compared to $10.9 million in fourth quarter 2006 * Net income totaled $135.4 million, or $2.38 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $8.0 million, or $0.14 per share, in fourth quarter 2006 * Fourth quarter results included $12.9 million in non-cash, pre-tax unrealized gains Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. , or $0.15 per diluted share on an after-tax basis After-tax basis The comparison basis used to analyze the net after-tax returns on a corporate taxable bond and a municipal tax-free bond. , from mark-to-market adjustments on natural gas derivatives. The gains compare to $9.4 million in non-cash, pre-tax 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. , or $0.10 per diluted share on an after-tax basis, for mark-to-market adjustments included in fourth quarter 2006 results Full-Year Highlights: * Improved pricing and volumes pushed net sales to nearly $2.76 billion, up 36 percent from $2.03 billion in 2006 * Net earnings totaled $372.7 million, or $6.57 per diluted share, up substantially from $33.3 million, or $0.60 per diluted share, in 2006 * Full-year results included $17.0 million in non-cash, pre-tax unrealized gains, or $0.19 per diluted share on an after-tax basis, from mark-to-market adjustments on natural gas derivatives. The gains compare to $30.7 million in non-cash, pre-tax unrealized losses, or $0.34 per diluted share on an after-tax basis, for mark-to-market adjustments included in 2006 results Dividend Increase * Board approves increase in regular quarterly dividend to $0.10, up from $0.02 per share Outlook: * Record grain prices and robust worldwide demand for fertilizer fertilizer, organic or inorganic material containing one or more of the nutrients—mainly nitrogen, phosphorus, and potassium, and other essential elements required for plant growth. point to strong spring season * Company's forward bookings substantially higher than levels a year ago CF Industries Holdings, Inc. (NYSE: CF) today reported net earnings of $135.4 million, or $2.38 per diluted share, for the fourth quarter of 2007. The earnings, highest for any quarter since the company's August 2005 Initial Public Offering (IPO), compare to net earnings of $8.0 million, or $0.14 per diluted share, in 2006's fourth quarter. Net sales totaled nearly $852.5 million for the quarter, a 62 percent increase compared to the year-earlier quarter and also the highest ever for any quarter since the IPO. Gross margin increased more than five-fold from the fourth quarter 2006 level to $236.0 million. "I'm extremely pleased by the results we delivered for both the fourth quarter and the year. Strong domestic and international grain markets have produced exceptionally high global demand for fertilizer. Tightness in this demand-driven market pushed fertilizer prices sharply higher for all of our products. In this environment, effective execution of our operating and sales plans delivered our best-ever public company sales and earnings performance," commented Stephen R. Wilson, chairman and chief executive officer, CF Industries Holdings, Inc. "The weather cooperated perfectly during the fall season, and the combination of good levels of fall fertilizer application and normal customer inventory stocking for the spring season helped us ship nearly 2.5 million tons of nitrogen and phosphate fertilizer during the fourth quarter, almost 170,000 tons more than in the year-earlier quarter," Wilson added. Pricing for nitrogen and phosphate products reflected these favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. market conditions, as average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. improved substantially both from year-earlier levels and from those in 2007's excellent third quarter. Nitrogen Fertilizer Business Fourth quarter 2007 saw strong volumes and sales for all of the company's nitrogen products, as a combination of a robust fall ammonia ammonia, chemical compound, NH3, colorless gas that is about one half as dense as air at ordinary temperatures and pressures. It has a characteristic pungent, penetrating odor. application season and customer inventory building for expected spring planting pushed demand and pricing to high levels. Net sales for nitrogen totaled $630.7 million, up 58 percent from $399.3 million in fourth quarter 2006. During the quarter, the company sold nearly 1.93 million tons of nitrogen fertilizer, up 10 percent from the nearly 1.75 million tons in 2006's fourth quarter. Gross margin on nitrogen sales was $153.1 million for the quarter, up significantly from the $31.8 million in the year-earlier period and $80.2 million in third quarter 2007. In 2007, fourth quarter nitrogen gross margin represented 24.3 percent of sales, up from both the 8.0 percent reported in the year-earlier period and 20.6 percent in 2007's third quarter. Product prices increased substantially for all of the company's nitrogen products compared to both the fourth quarter of 2006 and the third quarter of 2007. The average selling price for ammonia was $410 per ton in the fourth quarter, up from $314 in the year-earlier period and $370 in 2007's third quarter. For urea, the average selling price was $357 per ton, up from $239 in 2006's fourth quarter and $334 in 2007's third quarter. For urea ammonium nitrate ammonium nitrate, chemical compound, NH4NO3, that exists as colorless, rhombohedral crystals at room temperature but changes to monoclinic crystals when heated above 32°C;. solution (UAN UAN - User Action Notation. A notation from VPI for representation of activity in a graphical user interface. [H. Hartson et al, ACM Trans on Info Sys, July 1990]. ), the average selling price was $239 per ton, up from $162 in the year-earlier period and $230 in 2007's third quarter. The impact of stronger nitrogen selling prices was partially offset by higher purchased product and realized natural gas costs. Purchased product costs were driven by an increased level of sales volume supported by purchases as well as by higher nitrogen fertilizer prices. During the fourth quarter, CF Industries completed a turnaround on an ammonia plant at its Donaldsonville nitrogen complex, which included installation of a distributed control system A distributed control system (DCS) refers to a control system usually of a manufacturing system, process or any kind of dynamic system, in which the controller elements are not central in location (like the brain) but are distributed throughout the system with each component and improvements to reduce natural gas consumption. The company's two nitrogen complexes operated at 96 percent of capacity during the quarter. "Maintaining high operating rates Operating rate The percentage of total production capacity of a company, industry, or country that is being used. operating rate The portion of capacity at which a business operates. , coupled with the ability of our extensive distribution system to move high volumes of fertilizer quickly and efficiently, were important factors in delivering the nitrogen segment's excellent fourth quarter performance," CF Industries' Wilson explained. "The very strong fall ammonia season was largely concentrated in the month of November, and our ammonia logistics and distribution system met the challenge, effectively meeting customer needs in a compressed season," he added. Nitrogen sales under CF Industries' Forward Pricing Forward pricing Practice mandated by the SEC that open-end investment companies establish all incoming buy and sell orders on the next net asset valuation of fund shares. forward pricing Program (FPP FPP Florida Professional Photographers FPP First Past the Post FPP Farmland Protection Program (now Farm and Ranch Lands Protection Program) FPP First Person Perspective FPP Floating Point Processor FPP Focal Plane Package ) totaled 1.53 million tons during the fourth quarter and accounted for 80 percent of segment sales. These totals were up substantially from 770,000 tons and 44 percent sold under the FPP during the 2006 fourth quarter. For calendar year 2007, total nitrogen sales were $2.04 billion, up substantially from $1.52 billion in 2006. Volume totaled 6.94 million tons, up 10 percent from 6.31 million in 2006. Gross margin was $446.8 million, up substantially from $98.5 million in 2006. Additional full-year statistics are found on the attached Nitrogen Fertilizer Business segment data table. Phosphate Fertilizer Business In the fourth quarter, the company's phosphate fertilizer business recorded substantial increases in average selling prices, sales, and gross margin compared to the year-earlier period, reflecting the tight worldwide supply/demand balance for phosphate. Net sales totaled $221.8 million, up 75 percent from $127.1 million in the year-earlier quarter. Sales volume of 526,000 tons was comparable to the 537,000 tons sold in the 2006 fourth quarter. Gross margin on phosphate sales was $82.9 million, up substantially from $11.1 million in fourth quarter 2006 and from third quarter 2007, when gross margin was $71.1 million. Gross margin represented 37.4 percent of sales, improved from 8.7 percent in the year-earlier quarter and 36.6 percent in this year's third quarter. Prices for phosphate products increased substantially, with diammonium phosphate Diammonium phosphate (DAP) (chemical formula (NH4)2HPO4 ) is one of a series of water-soluble ammonium phosphate salts which can be produced when ammonia reacts with phosphoric acid. DAP is used as a fertilizer and a fire retardant. (DAP) at $420 per ton, compared to $235 in the fourth quarter of 2006 and $388 in 2007's third quarter, and monoammonium phosphate (MAP) at $431 per ton, compared to $243 in the year-earlier quarter and $403 in 2007's third quarter. The impact of higher phosphate fertilizer prices was somewhat offset by increased sulfur and phosphate rock phosphate rock n. Any of various rocks composed largely of phosphate minerals, especially apatite, used as fertilizer and as a source of phosphorous compounds. costs. The company's Plant City Phosphate Complex operated at 102 percent of rated capacity during the fourth quarter. "As in nitrogen, our excellent operating performance took good advantage of the strongest global demand for phosphate in recent memory," Wilson noted. Phosphate fertilizer sales under the company's FPP totaled 206,000 tons, representing 39 percent of total phosphate volume. In 2006's fourth quarter, FPP sales were 64,000 tons, or 12 percent of the quarter's total segment sales. For calendar year 2007, total phosphate sales were $714.8 million, up substantially from $511.0 million in 2006. Volume totaled 2.0 million tons, down modestly from 2.1 million tons in 2006. Gross margin was $223.2 million, also up substantially from $48.7 million in 2006. Additional full-year statistics are found on the attached Phosphate Fertilizer Business segment data table. Liquidity and Financial Position At December 31, 2007, the company's cash, cash equivalents, and short-term investments totaled $861.0 million, and its negative net debt (i.e., net cash) defined as total debt minus cash, cash equivalents and short-term investments, plus customer advances totaled $550.3 million. At December 31, 2006, the company reported cash, cash equivalents, and short-term investments of $325.6 million and negative net debt (net cash) of $218.7 million. Dividend Increase Earlier this week the company's Board of Directors approved an increase in the regular quarterly dividend from $0.02 to $0.10 per common share. The dividend will be paid on February 29, 2008 to stockholders of record on February 22, 2008. Mark-to-Market and ARO Impacts The company's reported results for the fourth quarters of 2007 and 2006 and for both full years include certain items that affected comparability. Fourth quarter 2007 results included $12.9 million in non-cash, pre-tax unrealized gains, or $0.15 per diluted share on an after-tax basis, from mark-to-market adjustments. This compares to $9.4 million in non-cash, pre-tax unrealized losses, representing $0.10 per diluted share on an after-tax basis, in 2006's fourth quarter. Mark-to-market adjustments on natural gas derivatives are included in the company's nitrogen segment gross margin. The company conducts periodic reviews of its asset retirement obligations Asset Retirement Obligations provide for future disposal of assets as required by SFAS 143 [1]. Firms must recognize the ARO liability in the period it was acquired, generally acquisition. (AROs) to ascertain whether changes have occurred in cost estimates that impact the magnitude of the liability. Operating earnings in the fourth quarter of 2007 included a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $0.7 million for adjustments to AROs equivalent to $0.01 per diluted share on an after-tax basis. This compares to a $20.3 million non-cash charge in the fourth quarter of 2006 for adjustments to AROs. The $20.3 million charge in 2006, equivalent to $0.22 per diluted share on an after-tax basis, was primarily related to revised cost estimates for water treatment, storm water management, phosphogypsum stack closure costs, and demolition costs at the company's closed Bartow, Florida Bartow is a city located in the U.S. State of Florida in Central Florida east of the Tampa Bay area. The population was 15,340 at the 2000 census. According to the U.S Census estimates of 2005, the city had a population of 16,278. [2] It is the county seat of Polk County. phosphate complex. For full year 2007, results include $17.0 million in non-cash, pre-tax unrealized gains, or $0.19 per diluted share on an after-tax basis, from mark-to-market adjustments on natural gas derivatives. This compares to $30.7 million in non-cash, pre-tax unrealized losses on natural gas derivatives, representing $0.34 per diluted share on an after-tax basis, in 2006. Other Fourth Quarter Developments As previously announced, in October of 2007 CF Industries completed its acquisition of a 50 percent interest in KEYTRADE AG, a global fertilizer trading company headquartered near Zurich, Switzerland for $25.9 million. The company also acquired certain non-voting preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. of KEYTRADE for $0.9 million and contributed an additional $12.8 million in subordinated financing. In December, KEYTRADE became the exclusive marketer of CF Industries' phosphate fertilizer exports. Results for KEYTRADE are included in "Equity in earnings of unconsolidated affiliates-net of taxes." In November, the company announced that it had received notification that its bid for a natural gas supply from Peru's Camisea gas fields had been accepted. Safety Performance CF Industries completed the fourth quarter without a lost-time accident (LTA LTA Land Transport Authority LTA Land Trust Alliance LTA Lawn Tennis Association LTA Lost Time Accident LTA Lighter-Than-Air LTA Lieutenant (Singapore military) LTA Lipoteichoic Acid LTA Lymphotoxin-Alpha ) at any of its facilities. "This achievement, during a quarter when our facilities were operating at high levels to meet customer demand, reflects our commitment to the safety and well-being of our employees," Wilson commented, noting that the no-LTA streak has continued into the first quarter of 2008. Strategic Update The company also provided updates on a number of strategic initiatives. * Uranium Enrichment: NUKEM, Inc., the company's marketing partner in a proposed venture to supply uranium oxide Uranium oxide is an oxide of the element uranium. The metal uranium forms several oxides:
* Peru Nitrogen Complex: CF Industries is moving ahead on a number of fronts on its proposed venture to build a world-scale ammonia and urea complex in Peru to serve markets in that nation and in Central and South American countries List of American countries Nations:
* Gasification gas·i·fy tr. & intr.v. gas·i·fied, gas·i·fy·ing, gas·i·fies To convert into or become gas. gas : The company has completed the pre-FEED (Front End Engineering and Development) study on a proposed gasification project at its Donaldsonville, Louisiana The city of Donaldsonville is the parish seat of Ascension Parish in the US state of Louisiana, and is located on the west bank of the Mississippi River. The population was 7,605 at the 2000 census. nitrogen complex. The preliminary cost of the design upon which the pre-FEED study was done was substantially higher than expected. Consequently, the company is currently investigating alternative design configurations and technologies to improve the economics of the project. * Trinidad Joint Venture: The term sheet for the natural gas contract to support a proposed joint venture nitrogen complex in Trinidad expired on December 31, 2007. CF Industries and its partners in the project have previously reported that the inability to obtain a suitable site in Trinidad made proceeding on the project unlikely. The partners have requested that the government of the Republic of Trinidad and Tobago Trinidad and Tobago (trĭn`ĭdăd, təbā`gō), officially Republic of Trinidad and Tobago, republic (2005 est. pop. 1,088,000), 1,980 sq mi (5,129 sq km), West Indies. The capital is Port of Spain. extend the term sheet but, to date, the government has not agreed to an extension. Outlook "Looking to the spring planting season, the fundamentals that drove our strong 2007 performance look even better for the farm economy and the company in 2008," CF Industries' Wilson noted. "Prices for most major crops remain at record or near-record levels, providing an incentive for farmers to maximize planted acreage and to optimize fertilizer application this spring. And despite today's high Today's High The intra-day high trading price. Notes: In other words, this is the highest price that a stock traded at during the course of the day. More often than not this is higher than the closing price. See also: Today's Low fertilizer prices, these crop prices clearly should support excellent farm economics in 2008, coming on the heels of 2007's record farm income," he commented. Predictions from some agricultural economists point toward lower corn acreage in 2008, with expectations generally for 88 million to 89 million acres, down from the near-record 93.6 million acres planted in 2007. Putting that into perspective, the planned acreage would still be well above the 79.1 million acre average planted during the 1997-2006 period. Wilson also noted that the United States Department of Agriculture United States Department of Agriculture (USDA), n.pr established in 1862, USDA is responsible for the safety of meat, poultry, and egg products. It conducts ongoing research in areas from human nutrition to new crop technologies and also helps ensure open is predicting increased acreage for other nitrogen-consuming crops such as wheat and sorghum sorghum, tall, coarse annual (Sorghum vulgare) of the family Gramineae (grass family), somewhat similar in appearance to corn (but having the grain in a panicle rather than an ear) and used for much the same purposes. in 2008. Both crops are enjoying strong prices, and increased acreage for them could reduce any negative effect on nitrogen demand caused by the expected reduction in corn acreage. Strong crop prices are also expected to push up nitrogen application rates for corn and other crops as farmers attempt to maximize yields. Wilson added that corn demand for ethanol production is expected to increase by 30 percent from 2007 levels this year, with much of the increase required to meet federal mandates under the Renewable Fuels Renewable fuels are alternative fuel sources such as ethanol, biodiesel (e.g. soy, vegetable oils, animal fats, or recycled restaurant greases) or hydrogen, in contrast to non-renewable fuels such as natural gas, LPG (propane). Standard. Margins on ethanol production are currently below the record levels achieved last year, but they remain positive. In phosphate, the worldwide supply/demand balance is expected to remain extremely tight over the next several years, suggesting strong demand and pricing for phosphate fertilizers. CF Industries, along with other phosphate producers, is facing significantly increased input costs, especially for sulfur. Increased sulfur demand from the phosphate and metals industries, coupled with outages at several major Gulf Coast refineries that produce sulfur, have tightened the market. The company believes the supply/demand balance for sulfur could become more favorable to users later in 2008 when refineries are expected to be producing sulfur at higher rates. "Looking ahead to the first half of 2008, questions remain regarding corn acreage, sulfur cost, and the strength of the general economy. However, taken against the backdrop of low grain stocks worldwide, high grain prices, record farm economics, and robust global markets for nitrogen and phosphate fertilizers, we're looking at the first half of 2008 with excitement and optimism. We're well positioned to serve our customers in this strong agricultural market," Wilson added. As in any year, weather, natural gas costs, and other factors could affect the company's performance. FPP Update As of February 5, 2008, FPP bookings for the remainder of 2008 stood at 2.6 million tons, compared to 1.9 million tons at the comparable point last year. Conference Call CF Industries will hold a conference call to discuss fourth quarter and 2007 results at 10:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy on Friday, February 8, 2008. Investors can access the call through the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the company's Web site (www.cfindustries.com), as well as find call-in information there. Company Information CF Industries Holdings, Inc., headquartered in Deerfield, Illinois Deerfield is a village in Lake County, Illinois, United States. A portion of the village is in Cook County, Illinois, United States. The population was 18,420 at the 2000 census. It is one of the predominant suburbs that make up Chicago's North Shore region. , is the holding company for the operations of CF Industries, Inc. CF Industries, Inc. is a major producer and distributor of nitrogen and phosphate fertilizer products. CF Industries operates world-scale nitrogen fertilizer plants in Donaldsonville, Louisiana and Medicine Hat, Alberta Medicine Hat, known to locals as "The Hat", is a city located in the southeastern part of the province of Alberta, Canada. It is situated on the Trans-Canada Highway, the eastern terminus of the Crowsnest Highway, and the South Saskatchewan River. , Canada; conducts phosphate mining and manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. in Central Florida
Central Florida is the central region of the United States state of Florida, on the East Coast. ; and distributes fertilizer products through a system of terminals, warehouses, and associated transportation equipment located primarily in the midwestern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The company also owns a 50 percent interest in KEYTRADE AG, a global fertilizer trading organization headquartered near Zurich, Switzerland. Note Regarding Non-GAAP Financial Measures The company reports its financial results in accordance with U.S. generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ). Management believes that certain non-GAAP financial measures provide additional meaningful information regarding the company's performance, liquidity, financial strength and capital structure. The non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company's reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, the non-GAAP financial measures included in this earnings release may not be comparable to similarly titled measures of other companies. Reconciliations of the non-GAAP financial measures to GAAP are provided in tables accompanying this news release. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain statements contained in this release may constitute "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. " within the meaning of federal securities laws. All statements in this release, other than those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc historical information or current condition, are forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such statements. These risks and uncertainties include: the relatively expensive and volatile cost of North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. natural gas; the cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. nature of our business; changes in global fertilizer supply and demand and its impact on markets and selling prices; the nature of our products as global commodities; intense global competition in the consolidating markets in which we operate; conditions in the U.S. agricultural industry; our history of losses; weather conditions; our inability to accurately predict seasonal demand for our products; the concentration of our sales with certain large customers; the impact of changing market conditions on our forward pricing program; the reliance of our operations on a limited number of key facilities; the significant risks and hazards against which we may not be fully insured; reliance on third party transportation providers; unanticipated consequences related to the expansion of our business, including risks associated with international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. and trading; expenditures on strategic initiatives that may not ultimately be implemented; our inability to expand our business, including the significant resources that could be required; potential liabilities and expenditures related to environmental and health and safety laws and regulations; our inability to obtain or maintain required permits and governmental approvals; acts of terrorism; difficulties in securing the raw materials we use; loss of key members of management and professional staff; and the other risks and uncertainties included from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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