| Attached files | ||||||
| File | Filename | |||||
|---|---|---|---|---|---|---|
| 8-K - CURRENT REPORT FORM 8-K - Chemtura CORP | v243186_8k.htm | |||||
Exhibit 99.1
|
CHEMTURA CORPORATION
|
||
|
Index of Financial Schedules
|
||
|
Page
|
||
|
GAAP and Managed Basis Segment Net Sales and Operating Profit (Loss) (Unaudited):
|
||
|
Quarters ended March 31, 2007 and June 30, 2007
|
1
|
|
|
Quarters ended September 30, 2007 and December 31, 2007
|
2
|
|
|
Year ended December 31, 2007
|
3
|
|
|
Quarters ended March 31, 2008 and June 30, 2008
|
4
|
|
|
Quarters ended September 30, 2008 and December 31, 2008
|
5
|
|
|
Year ended December 31, 2008
|
6
|
|
|
Quarters ended March 31, 2009 and June 30, 2009
|
7
|
|
|
Quarters ended September 30, 2009 and December 31, 2009
|
8
|
|
|
Year ended December 31, 2009
|
9
|
|
|
Quarters ended March 31, 2010 and June 30, 2010
|
10
|
|
|
Quarters ended September 30, 2010 and December 31, 2010
|
11
|
|
|
Year ended December 31, 2010
|
12
|
|
|
Quarters ended March 31, 2011 and June 30, 2011
|
13
|
|
|
Quarter and Nine months ended September 30, 2011
|
14
|
CHEMTURA CORPORATION
GAAP and Managed Basis Segment Sales and Operating Profit (Loss) (Unaudited)
(In millions of dollars)
|
Quarter Ended March 31, 2007
|
Quarter Ended June 30, 2007
|
|||||||||||||||||||||||
|
GAAP
|
Managed Basis
|
GAAP
|
Managed Basis
|
|||||||||||||||||||||
|
Historical
|
Adjustments
|
Managed Basis
|
Historical
|
Adjustments
|
Managed Basis
|
|||||||||||||||||||
|
NET SALES
|
||||||||||||||||||||||||
|
Industrial Performance Products
|
$ | 376 | $ | - | $ | 376 | $ | 395 | $ | - | $ | 395 | ||||||||||||
|
Industrial Engineered Products
|
229 | - | 229 | 246 | - | 246 | ||||||||||||||||||
|
Consumer Products
|
116 | - | 116 | 201 | - | 201 | ||||||||||||||||||
|
Chemtura AgroSolutions
|
81 | - | 81 | 97 | - | 97 | ||||||||||||||||||
|
Total net sales
|
$ | 802 | $ | - | $ | 802 | $ | 939 | $ | - | $ | 939 | ||||||||||||
|
OPERATING PROFIT (LOSS)
|
||||||||||||||||||||||||
|
Industrial Performance Products
|
$ | 35 | $ | 3 | $ | 38 | $ | 35 | $ | 3 | $ | 38 | ||||||||||||
|
Industrial Engineered Products
|
18 | - | 18 | 23 | - | 23 | ||||||||||||||||||
|
Consumer Products
|
(2 | ) | - | (2 | ) | 38 | - | 38 | ||||||||||||||||
|
Chemtura AgroSolutions
|
14 | - | 14 | 15 | - | 15 | ||||||||||||||||||
|
Segment operating profit
|
65 | 3 | 68 | 111 | 3 | 114 | ||||||||||||||||||
|
General corporate expense, including amortization
|
(28 | ) | - | (28 | ) | (29 | ) | 1 | (28 | ) | ||||||||||||||
|
Change in useful life of property, plant and equipment
|
(14 | ) | 14 | - | (22 | ) | 22 | - | ||||||||||||||||
|
Facility closures, severance and related costs
|
(3 | ) | 3 | - | (21 | ) | 21 | - | ||||||||||||||||
|
Antitrust costs
|
(12 | ) | 12 | - | (18 | ) | 18 | - | ||||||||||||||||
|
Loss on sale of business
|
- | - | - | (15 | ) | 15 | - | |||||||||||||||||
|
Impairment charges
|
- | - | - | (7 | ) | 7 | - | |||||||||||||||||
|
Total operating profit (loss)
|
$ | 8 | $ | 32 | $ | 40 | $ | (1 | ) | $ | 87 | $ | 86 | |||||||||||
|
Managed Basis Adjustments consist of the following:
|
||||||||||||||||||||||||
|
Accelerated depreciation of property, plant and equipment
|
$ | 14 | $ | 22 | ||||||||||||||||||||
|
Facility closures, severance and related costs
|
3 | 21 | ||||||||||||||||||||||
|
Antitrust costs
|
12 | 18 | ||||||||||||||||||||||
|
Loss on sale of business
|
- | 15 | ||||||||||||||||||||||
|
Impairment charges
|
- | 7 | ||||||||||||||||||||||
|
Other operational adjustments
|
3 | 4 | ||||||||||||||||||||||
| $ | 32 | $ | 87 | |||||||||||||||||||||
|
DEPRECIATION AND AMORTIZATION
|
||||||||||||||||||||||||
|
Industrial Performance Products
|
$ | 10 | $ | - | $ | 10 | $ | 12 | $ | - | $ | 12 | ||||||||||||
|
Industrial Engineered Products
|
13 | - | 13 | 19 | - | 19 | ||||||||||||||||||
|
Consumer Products
|
6 | - | 6 | 1 | - | 1 | ||||||||||||||||||
|
Chemtura AgroSolutions
|
1 | - | 1 | 1 | - | 1 | ||||||||||||||||||
|
General corporate expense
|
32 | (14 | ) | 18 | 30 | (22 | ) | 8 | ||||||||||||||||
|
Total depreciation and amortization
|
$ | 62 | $ | (14 | ) | $ | 48 | $ | 63 | $ | (22 | ) | $ | 41 | ||||||||||
|
NON-CASH STOCK-BASED COMPENSATION EXPENSE
|
||||||||||||||||||||||||
|
Industrial Performance Products
|
$ | 1 | $ | 1 | ||||||||||||||||||||
|
Industrial Engineered Products
|
1 | - | ||||||||||||||||||||||
|
Consumer Products
|
- | 1 | ||||||||||||||||||||||
|
Chemtura AgroSolutions
|
- | - | ||||||||||||||||||||||
|
General corporate expense
|
1 | - | ||||||||||||||||||||||
|
Total non-cash stock-based compensation expense
|
$ | 3 | $ | 2 | ||||||||||||||||||||
|
Adjusted EBITDA by Segment:
|
||||||||||||||||||||||||
|
Industrial Performance Products
|
$ | 49 | $ | 51 | ||||||||||||||||||||
|
Industrial Engineered Products
|
32 | 42 | ||||||||||||||||||||||
|
Consumer Products
|
4 | 40 | ||||||||||||||||||||||
|
Chemtura AgroSolutions
|
15 | 16 | ||||||||||||||||||||||
|
General corporate expense
|
(9 | ) | (20 | ) | ||||||||||||||||||||
|
Adjusted EBITDA
|
$ | 91 | $ | 129 | ||||||||||||||||||||
-1-
CHEMTURA CORPORATION
GAAP and Managed Basis Segment Sales and Operating Profit (Unaudited)
(In millions of dollars)
|
Quarter Ended September 30, 2007
|
Quarter Ended December 31, 2007
|
|||||||||||||||||||||||
|
GAAP
|
Managed Basis
|
GAAP
|
Managed Basis
|
|||||||||||||||||||||
|
Historical
|
Adjustments
|
Managed Basis
|
Historical
|
Adjustments
|
Managed Basis
|
|||||||||||||||||||
|
NET SALES
|
||||||||||||||||||||||||
|
Industrial Performance Products
|
$ | 380 | $ | - | $ | 380 | $ | 362 | $ | - | $ | 362 | ||||||||||||
|
Industrial Engineered Products
|
232 | - | 232 | 231 | - | 231 | ||||||||||||||||||
|
Consumer Products
|
139 | - | 139 | 111 | - | 111 | ||||||||||||||||||
|
Chemtura AgroSolutions
|
83 | - | 83 | 91 | - | 91 | ||||||||||||||||||
|
Total net sales
|
$ | 834 | $ | - | $ | 834 | $ | 795 | $ | - | $ | 795 | ||||||||||||
|
OPERATING PROFIT
|
||||||||||||||||||||||||
|
Industrial Performance Products
|
$ | 31 | $ | 1 | $ | 32 | $ | 39 | $ | - | $ | 39 | ||||||||||||
|
Industrial Engineered Products
|
2 | 8 | 10 | (4 | ) | 22 | 18 | |||||||||||||||||
|
Consumer Products
|
20 | - | 20 | 6 | - | 6 | ||||||||||||||||||
|
Chemtura AgroSolutions
|
11 | - | 11 | 18 | - | 18 | ||||||||||||||||||
|
Segment operating profit
|
64 | 9 | 73 | 59 | 22 | 81 | ||||||||||||||||||
|
General corporate expense, including amortization
|
(29 | ) | - | (29 | ) | (24 | ) | (3 | ) | (27 | ) | |||||||||||||
|
Change in useful life of property, plant and equipment
|
(1 | ) | 1 | - | (3 | ) | 3 | - | ||||||||||||||||
|
Facility closures, severance and related costs
|
(8 | ) | 8 | - | (2 | ) | 2 | - | ||||||||||||||||
|
Antitrust costs
|
(2 | ) | 2 | - | (3 | ) | 3 | - | ||||||||||||||||
|
Gain (loss) on sale of business
|
1 | (1 | ) | - | (1 | ) | 1 | - | ||||||||||||||||
|
Impairment charges
|
(9 | ) | 9 | - | (3 | ) | 3 | - | ||||||||||||||||
|
Total operating profit
|
$ | 16 | $ | 28 | $ | 44 | $ | 23 | $ | 31 | $ | 54 | ||||||||||||
|
Managed Basis Adjustments consist of the following:
|
||||||||||||||||||||||||
|
Accelerated depreciation of property, plant and equipment
|
$ | 10 | $ | 24 | ||||||||||||||||||||
|
Facility closures, severance and related costs
|
8 | 2 | ||||||||||||||||||||||
|
Antitrust costs
|
2 | 3 | ||||||||||||||||||||||
|
(Gain) loss on sale of business
|
(1 | ) | 1 | |||||||||||||||||||||
|
Impairment charges
|
9 | 3 | ||||||||||||||||||||||
|
Other operational adjustments
|
- | (2 | ) | |||||||||||||||||||||
| $ | 28 | $ | 31 | |||||||||||||||||||||
|
DEPRECIATION AND AMORTIZATION
|
||||||||||||||||||||||||
|
Industrial Performance Products
|
$ | 9 | $ | - | $ | 9 | $ | 16 | $ | - | $ | 16 | ||||||||||||
|
Industrial Engineered Products
|
18 | (8 | ) | 10 | 40 | (22 | ) | 18 | ||||||||||||||||
|
Consumer Products
|
3 | - | 3 | 3 | - | 3 | ||||||||||||||||||
|
Chemtura AgroSolutions
|
1 | - | 1 | 1 | - | 1 | ||||||||||||||||||
|
General corporate expense
|
25 | (2 | ) | 23 | 13 | (2 | ) | 11 | ||||||||||||||||
|
Total depreciation and amortization
|
$ | 56 | $ | (10 | ) | $ | 46 | $ | 73 | $ | (24 | ) | $ | 49 | ||||||||||
|
NON-CASH STOCK-BASED COMPENSATION EXPENSE
|
||||||||||||||||||||||||
|
Industrial Performance Products
|
$ | - | $ | 1 | ||||||||||||||||||||
|
Industrial Engineered Products
|
1 | - | ||||||||||||||||||||||
|
Consumer Products
|
- | - | ||||||||||||||||||||||
|
Chemtura AgroSolutions
|
1 | - | ||||||||||||||||||||||
|
General corporate expense
|
1 | 1 | ||||||||||||||||||||||
|
Total non-cash stock-based compensation expense
|
$ | 3 | $ | 2 | ||||||||||||||||||||
|
Adjusted EBITDA by Segment:
|
||||||||||||||||||||||||
|
Industrial Performance Products
|
$ | 41 | $ | 56 | ||||||||||||||||||||
|
Industrial Engineered Products
|
21 | 36 | ||||||||||||||||||||||
|
Consumer Products
|
23 | 9 | ||||||||||||||||||||||
|
Chemtura AgroSolutions
|
13 | 19 | ||||||||||||||||||||||
|
General corporate expense
|
(5 | ) | (15 | ) | ||||||||||||||||||||
|
Adjusted EBITDA
|
$ | 93 | $ | 105 | ||||||||||||||||||||
-2-
GAAP and Managed Basis Segment Sales and Operating Profit (Unaudited)
(In millions of dollars)
|
Year ended December 31, 2007
|
||||||||||||
|
GAAP
|
Managed Basis
|
|||||||||||
|
Historical
|
Adjustments
|
Managed Basis
|
||||||||||
|
NET SALES
|
||||||||||||
|
Industrial Performance Products
|
$ | 1,513 | $ | - | $ | 1,513 | ||||||
|
Industrial Engineered Products
|
938 | - | 938 | |||||||||
|
Consumer Products
|
567 | - | 567 | |||||||||
|
Chemtura AgroSolutions
|
352 | - | 352 | |||||||||
|
Total net sales
|
$ | 3,370 | $ | - | $ | 3,370 | ||||||
|
OPERATING PROFIT
|
||||||||||||
|
Industrial Performance Products
|
$ | 140 | $ | 7 | $ | 147 | ||||||
|
Industrial Engineered Products
|
39 | 30 | 69 | |||||||||
|
Consumer Products
|
62 | - | 62 | |||||||||
|
Chemtura AgroSolutions
|
58 | - | 58 | |||||||||
|
Segment operating profit
|
299 | 37 | 336 | |||||||||
|
|
||||||||||||
|
General corporate expense, including amortization
|
(110 | ) | (2 | ) | (112 | ) | ||||||
|
Change in useful life of property, plant and equipment
|
(40 | ) | 40 | - | ||||||||
|
Facility closures, severance and related costs
|
(34 | ) | 34 | - | ||||||||
|
Antitrust costs
|
(35 | ) | 35 | - | ||||||||
|
Loss on sale of business
|
(15 | ) | 15 | - | ||||||||
|
Impairment charges
|
(19 | ) | 19 | - | ||||||||
|
Total operating profit
|
$ | 46 | $ | 178 | $ | 224 | ||||||
|
Managed Basis Adjustments consist of the following:
|
||||||||||||
|
Accelerated depreciation of property, plant and equipment
|
$ | 70 | ||||||||||
|
Facility closures, severance and related costs
|
34 | |||||||||||
|
Antitrust costs
|
35 | |||||||||||
|
Loss on sale of business
|
15 | |||||||||||
|
Impairment charges
|
19 | |||||||||||
|
Other operational adjustments
|
5 | |||||||||||
| $ | 178 | |||||||||||
|
DEPRECIATION AND AMORTIZATION
|
||||||||||||
|
Industrial Performance Products
|
$ | 47 | $ | - | $ | 47 | ||||||
|
Industrial Engineered Products
|
90 | (30 | ) | 60 | ||||||||
|
Consumer Products
|
13 | - | 13 | |||||||||
|
Chemtura AgroSolutions
|
4 | - | 4 | |||||||||
|
General corporate expense
|
100 | (40 | ) | 60 | ||||||||
|
Total depreciation and amortization
|
$ | 254 | $ | (70 | ) | $ | 184 | |||||
|
NON-CASH STOCK-BASED COMPENSATION EXPENSE
|
||||||||||||
|
Industrial Performance Products
|
$ | 3 | ||||||||||
|
Industrial Engineered Products
|
2 | |||||||||||
|
Consumer Products
|
1 | |||||||||||
|
Chemtura AgroSolutions
|
1 | |||||||||||
|
General corporate expense
|
3 | |||||||||||
|
Total non-cash stock-based compensation expense
|
$ | 10 | ||||||||||
|
Adjusted EBITDA by Segment:
|
||||||||||||
|
Industrial Performance Products
|
$ | 197 | ||||||||||
|
Industrial Engineered Products
|
131 | |||||||||||
|
Consumer Products
|
76 | |||||||||||
|
Chemtura AgroSolutions
|
63 | |||||||||||
|
General corporate expense
|
(49 | ) | ||||||||||
|
Adjusted EBITDA
|
$ | 418 | ||||||||||
-3-
GAAP and Managed Basis Segment Sales and Operating Profit (Loss) (Unaudited)
(In millions of dollars)
|
Quarter Ended March 31, 2008
|
Quarter Ended June 30, 2008
|
|||||||||||||||||||||||
|
GAAP
|
Managed Basis
|
GAAP
|
Managed Basis
|
|||||||||||||||||||||
|
Historical
|
Adjustments
|
Managed Basis
|
Historical
|
Adjustments
|
Managed Basis
|
|||||||||||||||||||
|
NET SALES
|
||||||||||||||||||||||||
|
Industrial Performance Products
|
$ | 386 | $ | - | $ | 386 | $ | 391 | $ | - | $ | 391 | ||||||||||||
|
Industrial Engineered Products
|
222 | - | 222 | 213 | - | 213 | ||||||||||||||||||
|
Consumer Products
|
107 | - | 107 | 194 | - | 194 | ||||||||||||||||||
|
Chemtura AgroSolutions
|
89 | - | 89 | 114 | - | 114 | ||||||||||||||||||
|
Total net sales
|
$ | 804 | $ | - | $ | 804 | $ | 912 | $ | - | $ | 912 | ||||||||||||
|
OPERATING PROFIT (LOSS)
|
||||||||||||||||||||||||
|
Industrial Performance Products
|
$ | 31 | $ | 3 | $ | 34 | $ | 34 | $ | - | $ | 34 | ||||||||||||
|
Industrial Engineered Products
|
2 | 14 | 16 | 27 | - | 27 | ||||||||||||||||||
|
Consumer Products
|
1 | - | 1 | 32 | - | 32 | ||||||||||||||||||
|
Chemtura AgroSolutions
|
21 | - | 21 | 24 | - | 24 | ||||||||||||||||||
|
Segment operating profit
|
55 | 17 | 72 | 117 | - | 117 | ||||||||||||||||||
|
General corporate expense, including amortization
|
(35 | ) | - | (35 | ) | (20 | ) | (10 | ) | (30 | ) | |||||||||||||
|
Change in useful life of property, plant and equipment
|
(7 | ) | 7 | - | (9 | ) | 9 | - | ||||||||||||||||
|
Facility closures, severance and related costs
|
- | - | - | - | - | - | ||||||||||||||||||
|
Antitrust costs
|
- | - | - | (11 | ) | 11 | - | |||||||||||||||||
|
Loss on sale of business
|
(23 | ) | 23 | - | (1 | ) | 1 | - | ||||||||||||||||
|
Impairment charges
|
- | - | - | (320 | ) | 320 | - | |||||||||||||||||
|
Total operating (loss) profit
|
$ | (10 | ) | $ | 47 | $ | 37 | $ | (244 | ) | $ | 331 | $ | 87 | ||||||||||
|
Managed Basis Adjustments consist of the following:
|
||||||||||||||||||||||||
|
Accelerated depreciation of property, plant and equipment
|
$ | 22 | $ | 9 | ||||||||||||||||||||
|
Facility closures, severance and related costs
|
- | - | ||||||||||||||||||||||
|
Antitrust costs
|
- | 11 | ||||||||||||||||||||||
|
Loss on sale of business
|
23 | 1 | ||||||||||||||||||||||
|
Impairment charges
|
- | 320 | ||||||||||||||||||||||
|
Pension curtailment / settlement
|
- | (7 | ) | |||||||||||||||||||||
|
Other operational adjustments
|
2 | (3 | ) | |||||||||||||||||||||
| $ | 47 | $ | 331 | |||||||||||||||||||||
|
DEPRECIATION AND AMORTIZATION
|
||||||||||||||||||||||||
|
Industrial Performance Products
|
$ | 10 | $ | (1 | ) | $ | 9 | $ | 13 | $ | - | $ | 13 | |||||||||||
|
Industrial Engineered Products
|
31 | (14 | ) | 17 | 14 | - | 14 | |||||||||||||||||
|
Consumer Products
|
3 | - | 3 | 3 | - | 3 | ||||||||||||||||||
|
Chemtura AgroSolutions
|
2 | - | 2 | 2 | - | 2 | ||||||||||||||||||
|
General corporate expense
|
19 | (7 | ) | 12 | 21 | (9 | ) | 12 | ||||||||||||||||
|
Total depreciation and amortization
|
$ | 65 | $ | (22 | ) | $ | 43 | $ | 53 | $ | (9 | ) | $ | 44 | ||||||||||
|
NON-CASH STOCK-BASED COMPENSATION EXPENSE
|
||||||||||||||||||||||||
|
Industrial Performance Products
|
$ | 1 | $ | - | ||||||||||||||||||||
|
Industrial Engineered Products
|
- | 1 | ||||||||||||||||||||||
|
Consumer Products
|
- | 1 | ||||||||||||||||||||||
|
Chemtura AgroSolutions
|
- | - | ||||||||||||||||||||||
|
General corporate expense
|
1 | - | ||||||||||||||||||||||
|
Total non-cash stock-based compensation expense
|
$ | 2 | $ | 2 | ||||||||||||||||||||
|
Adjusted EBITDA by Segment:
|
||||||||||||||||||||||||
|
Industrial Performance Products
|
$ | 44 | $ | 47 | ||||||||||||||||||||
|
Industrial Engineered Products
|
33 | 42 | ||||||||||||||||||||||
|
Consumer Products
|
4 | 36 | ||||||||||||||||||||||
|
Chemtura AgroSolutions
|
23 | 26 | ||||||||||||||||||||||
|
General corporate expense
|
(22 | ) | (18 | ) | ||||||||||||||||||||
|
Adjusted EBITDA
|
$ | 82 | $ | 133 | ||||||||||||||||||||
-4-
CHEMTURA CORPORATION
GAAP and Managed Basis Segment Sales and Operating Profit (Loss) (Unaudited)
(In millions of dollars)
|
Quarter Ended September 30, 2008
|
Quarter Ended December 31, 2008
|
|||||||||||||||||||||||
|
GAAP
|
Managed Basis
|
GAAP
|
Managed Basis
|
|||||||||||||||||||||
|
Historical
|
Adjustments
|
Managed Basis
|
Historical
|
Adjustments
|
Managed Basis
|
|||||||||||||||||||
|
NET SALES
|
||||||||||||||||||||||||
|
Industrial Performance Products
|
$ | 389 | $ | - | $ | 389 | $ | 299 | $ | - | $ | 299 | ||||||||||||
|
Industrial Engineered Products
|
209 | - | 209 | 135 | - | 135 | ||||||||||||||||||
|
Consumer Products
|
121 | - | 121 | 94 | - | 94 | ||||||||||||||||||
|
Chemtura AgroSolutions
|
103 | - | 103 | 88 | - | 88 | ||||||||||||||||||
|
Total net sales
|
$ | 822 | $ | - | $ | 822 | $ | 616 | $ | - | $ | 616 | ||||||||||||
|
OPERATING PROFIT (LOSS)
|
||||||||||||||||||||||||
|
Industrial Performance Products
|
$ | 30 | $ | - | $ | 30 | $ | 10 | $ | 1 | $ | 11 | ||||||||||||
|
Industrial Engineered Products
|
20 | - | 20 | (6 | ) | - | (6 | ) | ||||||||||||||||
|
Consumer Products
|
16 | - | 16 | 1 | - | 1 | ||||||||||||||||||
|
Chemtura AgroSolutions
|
18 | - | 18 | 15 | - | 15 | ||||||||||||||||||
|
Segment operating profit
|
84 | - | 84 | 20 | 1 | 21 | ||||||||||||||||||
|
General corporate expense, including amortization
|
(27 | ) | 2 | (25 | ) | (31 | ) | (1 | ) | (32 | ) | |||||||||||||
|
Change in useful life of property, plant and equipment
|
(8 | ) | 8 | - | (8 | ) | 8 | - | ||||||||||||||||
|
Facility closures, severance and related costs
|
- | - | - | (23 | ) | 23 | - | |||||||||||||||||
|
Antitrust costs
|
(1 | ) | 1 | - | - | - | - | |||||||||||||||||
|
Loss on sale of business
|
(1 | ) | 1 | - | - | - | - | |||||||||||||||||
|
Impairment charges
|
(1 | ) | 1 | - | (665 | ) | 665 | - | ||||||||||||||||
|
Total operating profit (loss)
|
$ | 46 | $ | 13 | $ | 59 | ||||||||||||||||||