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[February 2002]
Millennium Chemicals Reports Q4 and Full Year 2001 Operating Results
Millennium Chemicals (Red Bank, NJ, USA) has announced a fourth quarter 2001 EPS loss (US$0.53) excluding unusual items compared to EPS of US$0.22 in the fourth quarter last year. Millennium reported Q4 2001 pro forma EBITDA of US$37 million compared to Q4 2000 pro forma EBITDA of US$94 million.Q4 pro forma sales were US$684 million compared to US$960 million last year. Full year 2001 pro forma sales were US$3.3 billion compared to US$4 billion last time round.
Chairman and CEO William Landuyt said: "Continued sluggish demand and lower pricing in all businesses negatively impacted fourth quarter results. On a positive note, selling, development and administrative costs in the fourth quarter declined 30 per cent from last year's fourth quarter. Millennium's SD&A costs for the year were $54 million lower than 2000. Difficult market conditions continue in our businesses, and we expect overall financial results in the first quarter of 2002 similar to results in the fourth quarter of 2001 due to industry over capacity and the weak global economy".
Millennium Chemicals was formed in 1996 as a result of a demerger from UK-based Hanson PLC.
ENDS