Solutia Reports First Quarter 2010 Results

Date: 27 April 2010
Source: Solutia
ST. LOUIS, April 26, 2010 /PRNewswire via COMTEX/ --First Quarter Highlights Net sales of $466 million; an increase of 37% over the same period last year Loss per share from continuing operations of $.49 Adjusted diluted EPS from continuing operations of $.33 Record Adjusted EBITDA of $120 million; an increase of 114% over the same period last year Increasing Adjusted EBITDA guidance for the year to a range of $480 million to $500 million, cash from continuing operations less capital spending to a range of $150 million to $175 million, and providing full year Adjusted EPS from continuing operations guidance of a range from $1.40 to $1.50. Note: See reconciliation tables below for adjustments made to GAAP financial measures and discussion of items affecting results.  "Solutia's strong revenue and record Adjusted EBITDA in the first quarter are a direct result of the successful implementation of the cost containment and restructuring efforts we commenced at the end of 2008 coupled with moderate recovery in several of the global end-markets we serve," said Jeffry N.

Quinn, chairman, president and chief executive officer of Solutia Inc. "As sales volumes escalate, we are realizing the benefit of the significant operating leverage which we have created in our businesses. This gives us confidence in our ability to deliver record Adjusted EBITDA and Adjusted EPS for 2010 while maintaining our industry leading margins."
Consolidated Results from Continuing Operations
Solutia Inc. (NYSE: SOA) today reported a loss from continuing operations of $58 million for the first quarter 2010, compared to a loss of $4 million for the same period in 2009. These results were impacted by certain events affecting comparability (detailed below) which sum to a net charge of $98 million in 2010 and a net gain of $1 million in 2009. As described further in the table below, the 2010 events were primarily related to the write-off of $80 million of unamortized debt issuance costs and a $9 million prepayment penalty associated with the early extinguishment of our term loan and revolver and certain charges related to previously announced cost reduction and restructuring activities. After adjusting for these items, income from continuing operations was $40 million in the first quarter of 2010 or an increase of $45 million as compared to the first quarter of 2009. This significant year over year improvement was primarily due to increased sales volumes and lower raw material and manufacturing costs.
Consolidated EBITDA for the first quarter increased to $105 million from $51 million for the same period in 2009. After taking into consideration adjustments in both periods (as detailed below in the consolidated and segment sales, EBITDA and Adjusted EBITDA table), Adjusted EBITDA increased to $120 million from $56 million in the first quarter of 2009.
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600450 Solutia Reports First Quarter 2010 Results

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