Solutia Reports Third Quarter 20...(et'_blank' title'SOA'SOA ) today reporte...)

Date:10/26/2009

et='_blank' title='SOA'>SOA) today reported income from continuing operations attributable to Solutia of $29 million for the third quarter of 2009, compared to $21 million for the same period in 2008. These results were impacted by certain events affecting comparability (detailed below) totaling a net loss of $15 million in 2009. After adjusting for these items, income from continuing operations attributable to Solutia of $44 million in the third quarter of 2009 increased $23 million versus the third quarter of 2008. This improvement was primarily due to cost reductions, lower raw material and energy costs, and lower interest expense, partially offset by weakened demand and lower selling prices. For the quarter, Solutia posted basic and diluted earnings per share from continuing operations attributable to Solutia of $0.24, and, as adjusted, earnings per share of $0.37.

Consolidated EBITDA from continuing operations for the third quarter decreased to $99 million on net sales of $448 million from $108 million in the third quarter of 2008 on net sales of $587 million. After taking into consideration adjustments (as detailed below in the consolidated and segment EBITDA and Adjusted EBITDA table), Adjusted EBITDA increased to $119 million from $111 million.

Segment Data

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

Saflex® Segment

Saflex's third quarter 2009 net sales were $182 million, down $39 million or 18 percent from the same period in 2008. Adjusted EBITDA increased to $47 million for the third quarter of 2009 compared to $36 million in the prior year period primarily due to lower raw material and SG&A costs, and improved manufacturing performance, partially offset by volume declines and lower selling prices. A
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SOURCE Solutia Inc. Copyright©2009 PR Newswire. All rights reserved

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