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[May 2007]
Rockwood Reports Strong First Quarter Results
Rockwood Holdings Inc (Princeton, NJ, USA), a global producer of specialty chemicals and advanced materials, has reported that net sales increased 9.9% and Adjusted EBITDA increased 17.6% for the first quarter of 2007 on strong growth in several businesses. The company reported:
-- Net sales were US$796.1 million for Q1 2007, up 9.9% compared to US$724.1 million for the same period in the prior year.
-- Adjusted EBITDA was US$156.2 million for Q1 2007, up 17.6% compared to US$132.8 million for Q1 2006.
-- Excluding the positive impact of foreign currency changes, net sales were up 4.3% and Adjusted EBITDA was up 11.1%.
-- Net income was US$145.3 million, including income of US$112.9 million related to net non-recurring and other special items, primarily related to the gain on sale of Groupe Novasep of US$115.7 million (net of taxes).
-- Diluted earnings per share were US$1.93 compared to US$0.53 in Q1 2006. Diluted earnings per share in Q1 2007 included income from non-recurring and other special items related to Groupe Novasep of US$1.54, partially offset by other non-recurring and other special charges related to continuing operations of US$0.04…..Excluding net non-recurring and other special items, diluted earnings per share were US$0.43 and US$0.39 in Q1 2007 and Q1 2006, respectively.
-- On 9 January 2007, Rockwood Holdings sold its Groupe Novasep subsidiary and received net cash proceeds of US$423.3 million. The results of this business have been accounted for as a discontinued operation in the condensed consolidated financial statements for all periods presented.
Seifi Ghasemi, Chairman and CEO, said: “Our strong results in the first quarter, once again, confirm the fundamental strength of our businesses. Our diversified exposure to end markets and our geographic balance enabled us to deliver strong results despite signs of economic slowdown in North America. In addition, our continued focus on promoting growth and improving productivity enabled us to improve our margin despite increasing raw material and energy costs.
“Our first quarter has provided an excellent start to the year, with strong growth in sales and EBITDA. Despite some weak spots in our North American business, we are on track to achieve our targeted goals of five to six percent growth in sales while achieving overall EBITDA margins of 19 percent.”
In its segmental report, the company said that net sales for Advanced Ceramics increased 13.8% and Adjusted EBITDA increased 22.% in Q1 2007 compared to the same period in the prior year. Results were up primarily from increased volumes across most businesses as well as productivity improvements.
www.rocksp.com
ENDS