res during the third quarter," said Robert M. Patterson, executive vice president and chief financial officer. "We are in a strong position to acquire ColorMatrix and still have substantial cash and liquidity to fund organic initiatives, additional bolt-on acquisitions as well as return cash to shareholders. On October 11, 2011, our Board increased our share repurchase authorization to ten million shares after we purchased two million during the third quarter."
The Company's third quarter ending cash balance was $410 million and it had $157 million of availability under its accounts receivable sale facility.
To facilitate a comparison of current period results with prior-year amounts, net income and earnings per share have been adjusted to exclude special items, tax adjustments and equity income from the now divested OxyVinyls and SunBelt joint ventures. The chart below identifies the adjustments related to the third quarter of 2011 and 2010, respectively. In millions (except per share amounts)Q3 2011EPSQ3 2010EPSNet Income
$ 21.6$ 0.23$
3.6$ 0.04SunBelt equity income, after tax
--(6.1)(0.07)Special items, after tax
(0.3)-3.60.04Adjusted net income / EPS
$ 24.40.26$ 22.90.24Special items for the third quarter of 2011 primarily related to environmental remediation costs, while third quarter 2010 special items of $34.9 million ($21.8 million after tax) include a $29.4 million charge for the early retirement of long-term debt. Tax adjustments in both periods principally relate to deferred tax asset valuation allowance changes.
Third Quarter 2011 Conference CallPolyOne will host a conference call at 8 a.m. Eastern Time on Tuesday, October 25, 2011. The conference dial-in number is 866-543-6403 (domestic) or 617-213-8896 (international), pass code 61367465, conference topic: Third Quarter 2011 PolyOne Earnings ConfPage: 1 2 3 4 5 6 7 8 9 10 11 12 13 Related medicine technology :1
. PolyOne GLS Selected as Healthcare Industry Marketing Specialist for Santoprene™ TPV Medical Grades2
. PolyOne Announces Sale of SunBelt Investment3
. PolyOne Features Non-Lead Radiation Protection at Medical Design and Manufacturing East Exhibition4
. PolyOnes Healthcare Solutions and Distribution Network Showcased at Medtec China5
. Dendreon Announces Publication of Phase 1 Study Highlighting Immunologic and Clinical Activity of Lapuleucel-T (Neuvenge(R)) in Advanced Breast Cancer Patients6
. EDAP Announces Launch of Clinical Study Combining HIFU and Chemotherapy for Localized Aggressive High Risk Prostate Cancer7
. Cephalon Announces Positive Results from a Pivotal Study of FENTORA in Opioid-tolerant Patients with Non-cancer Breakthrough Pain8
. ADVENTRX Announces Fast Track Designation Granted By the FDA For CoFactor For the Treatment of Metastatic Colorectal Cancer9
. DOV Pharmaceutical, Inc. Announces Successful Phase Ib Results for DOV 21,94710
. Phosphagenics Announces Positive Phase 1b Transdermal Insulin Clinical Trial Results11
. Xenomics Announces Implementation of its First Diagnostic Test for Acute Myeloid Leukemia Into Clinical Practice