Solutia Reports First Quarter 20...( German subsidiary obtains $74 million...)
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Solutia Reports First Quarter 2009 Results
Date:5/6/2009
German subsidiary obtains $74 million term loan
ST. LOUIS, May 6 /PRNewswire-FirstCall/ --
2009 First Quarter Highlights
- Net sales decreased to $339 million from $517 million in the first quarter of 2008
- Adjusted EBITDA decreased to $56 million from $95 million in the first quarter of 2008
- Saflex and Technical Specialties segments report improved Adjusted EBITDA margins
- The Company's cash generation in the quarter allowed for debt reduction of $50 million
- Diluted loss per share from continuing operations of $.04; Adjusted loss per share of $.05
- Maintaining Adjusted EBITDA guidance for the year of $325 million - $350 million
- Increasing 2009 target for cash from continuing operations less capital spending to $50 million - $100 million
New Term Loan
On May 5, 2009, a Solutia wholly owned German subsidiary entered into a $74 million, two-year senior unsecured term loan facility. The proceeds were used to pay down amounts under Solutia's credit facility.
Note: See reconciliation tables below for adjustments made to GAAP and discussion of items affecting results.
Consolidated Results from Continuing Operations
Solutia Inc. (NYSE: SOA) today reported a consolidated loss from continuing operations of $4 million for the first quarter of 2009, compared to income of $1,234 million for the same period in 2008. These results were impacted by certain events affecting comparability (detailed below) totaling a net gain of $1 million in 2009 and a net gain of $1,210 million in 2008. After adjusting for these items in both periods, co
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