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[August 2009]
Momentive Performance Materials Reports Q2 2009 Results
Momentive Performance Materials Inc (Albany, NY, USA) has reported its consolidated results for the fiscal three-month period ended 28 June 2009. Highlights include:
- Net sales of $490.0 million compared to $737.5 million in the fiscal three-month period ended 29 June 2008 (Q2 2008), a decrease of 33.6%.
- Adjusted EBITDA of $63.6 million compared to Adjusted EBITDA of $112.7 million in Q2 2008, a decrease of 43.6%.
- Operating income of $3.6 million versus operating income of $36.9 million in Q2 2008.
- Net income attributable to Momentive Performance Materials Inc of $102.8 million compared to net loss of $46.1 million in Q2 2008. Net income attributable to Momentive Performance Materials Inc in Q2 2009 included a gain on exchange of debt of $178.7 million in connection with the company’s debt exchange consummated on 15 June 2009.
“Second quarter 2009 results benefited from modest improvements in demand compared to the first quarter and from cost reduction efforts but the recession continued to significantly impact year-over-year comparisons,” said Jonathan Rich, President and CEO. “As we look forward to the second half of the year, sales and EBITDA visibility remains limited.”
Momentive Performance Materials Inc is a premier specialty materials company, providing high technology materials solutions to the silicones, quartz and ceramics markets. The company claims a robust product portfolio, an enduring tradition of service excellence and industry-leading research and development capabilities. Momentive Performance Materials Inc is controlled by an affiliate of Apollo Management LP.
www.momentive.com
ENDS