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Solutia Reports First Quarter 2009 Results
Date:5/6/2009

ng and bolster liquidity."

Segment Data

In order to aid understanding of Solutia's business performance, the results of Solutia's business segments are presented on an adjusted basis and reconciled to the comparable GAAP measures in the below tables.

Saflex(R) Segment

Saflex's first quarter 2009 net sales were $133 million, down $60 million or 31% from the same period in 2008. Adjusted EBITDA decreased to $24 million for the first quarter of 2009 compared to $31 million in the prior year period primarily due to sales volume declines in all world markets, partially offset by lower raw material and SG&A costs, and higher selling prices. Adjusted EBITDA margins expanded to 18% in the first quarter in comparison to 16% in the same period in 2008.

CPFilms(R) Segment

CPFilms' first quarter 2009 net sales were $34 million, down $28 million or 45% from the same period in 2008. Adjusted EBITDA decreased to $2 million for the first quarter of 2009 compared to $16 million in the same period in 2008, primarily due to lower window films revenue, partially offset by reduced SG&A costs.

Technical Specialties Segment

Technical Specialties' first quarter 2009 net sales were $167 million, down $85 million or 34% compared to the same period in 2008. Adjusted EBITDA decreased to $46 million for the first quarter of 2009 compared to $59 million in the prior year period, primarily due to lower volumes partially offset by improved selling prices and lower SG&A costs. Adjusted EBITDA margins expanded to 28% in the first quarter in comparison to 23% in the prior year period.

Unallocated and Other

Unallocated and other losses increased $5 million to $16 million compared to the first quarter 2008, primarily attributable to year over year changes with currency transaction gains and losses an
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SOURCE Solutia Inc.
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