Cytec Updates Fourth Quarter Earnings Per Share Outlook.Business Editors WEST PATERSON West Paterson (păt`ərsən), borough (1990 pop. 10,982), Passaic co., NE N.J., a suburb of Paterson; inc. 1914. Electric, electronic, and photographic products are made in the borough. , N.J.--(BUSINESS WIRE)--Jan. 8, 2002 Cytec Industries Inc. (NYSE NYSE See: New York Stock Exchange :CYT) announced today a revision to its previous estimate of earnings per share for the fourth quarter of 2001. The revised estimate Revised estimate The third estimate of GDP released about three months after the measurement period. for earnings per share for the fourth quarter is a range of $0.15 to $0.20. The revision is due primarily to reduced demand in December in the Performance Products segment and reduced demand and further margin pressure in the Building Block Chemicals segment. Previous guidance was for earnings per share to be in a range of $0.25 to $0.30. Based on the above Cytec's full-year normalized earnings Normalized Earnings 1. Earnings adjusted for cyclical ups and downs in the economy. 2. On the balance sheet, earnings adjusted to remove unusual or one-time influences. Notes: An example would be removing a land sale in which a large capital gain was realized. per share is now a range of $1.70 to $1.75, excluding special items. Cytec will report fourth quarter results on January 22, 2002 at which time the Company will also provide an estimate for 2002 earnings per share. Forward-Looking and Cautionary Statements Except for the historical information and discussions contained herein, statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Achieving the results described in these statements involves a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in Cytec's filings with the Securities and Exchange Commission. Corporate Profile Cytec Industries is a specialty chemicals and materials technology company with sales in 2000 of $1.5 billion and 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 of $2.85 (excluding special items). Its growth strategies are based on developing technologically advanced customer solutions for global markets, including: aerospace, plastics, industrial coatings, mining, and water treatment. Cytec is in the S & P Mid-cap 400 index. |
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