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[February 2010]
Momentive Performance Materials Announces Preliminary Q4 2009 Results
Momentive Performance Materials Inc (Albany, NY, USA) has announced its preliminary results for the fourth quarter ended 31 December 2009.
Momentive expects to post fourth quarter 2009 net sales of approximately $600 million to $610 million, GAAP operating income of approximately $50 to $60 million and Adjusted EBITDA of approximately $101 to $111 million. Last year in the fourth quarter, Momentive recorded net sales of approximately $545.3 million, GAAP operating loss of approximately $933.2 million (including a goodwill impairment charge of approximately $857.5 million) and Adjusted EBITDA of approximately $39.2 million (reflecting pro-forma effects of certain estimated cost savings as described in Momentive’s Form 10-K for the year ended 31 December 2008).
Momentive also estimates that as of 31 December 2009 its total debt, net of cash and cash equivalents, will be between $2.825 billion and $2.850 billion, up slightly from the third quarter, primarily due to Momentive’s semi-annual interest payments on its notes made in December.
“Demand in the fourth quarter continued to improve on a sequential basis, in line with our previous guidance, but remained well below normalized historical levels,” said Jonathan Rich, President and CEO. He added: “Our strong year-over-year fourth quarter comparisons reflect a modest recovery in our business from last year’s depressed levels and the significant cost actions we implemented in 2009.”
Momentive has also announced that it repaid $25 million of borrowings under its revolving credit facility on 11 January 2010, leaving $75 million of borrowings outstanding under this facility.
Momentive expects to file a more detailed press release regarding its fourth quarter 2009 results on Form 8-K as well as filing its Form 10-K for the fiscal year ended 31 December 2009 later in 2010 with an accompanying investor conference call to follow shortly thereafter.
ENDS