Solutia reports first quarter earnings per share of 10 cents, excluding net charge and gain

The first quarter of 2002 was characterized by an improvement in sales volumes, raw material and energy costs and other operating cost reductions compared with the fourth quarter of 2001, as well as a challenging pricing environment Solutia sold its 50 percent interest in the Advanced Elastomer Systems joint venture for approximately $102 million, which resulted in a $3 million, or 3 cents per share, aftertax gain.

Outstanding debt was reduced to $1.23 billion, approximately $84 million below 2001 year-end levels Solutia recorded a non-cash charge of $167 million, or $1.59 per share, associated with the adoption of the recently issued accounting standard on goodwill and intangible assets (SFAS No. 142).

Refinancing is on track to be completed in the first half of 2002.

600450 Solutia reports first quarter earnings per share of 10 cents, excluding net charge and gain

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