Huntsman Releases First Quarter 2010 Results
First Quarter 2010 Highlights
• Revenues for the first quarter of 2010 were $2,094 million, an increase of 25% compared to $1,680 million for the same period in 2009 and an increase of 1% compared to $2,065 million for the fourth quarter of 2009.
• Adjusted EBITDA for the first quarter of 2010 was $123 million compared to $57 million for the same period in 2009 and $174 million for the fourth quarter of 2009 (adjusted to account for the reclassification of results from our Australian styrenics business into discontinued operations).
• Net loss attributable to Huntsman Corporation for the first quarter of 2010 was $172 million or $0.73 loss per diluted share, including charges related to the early extinguishment of debt of $155 million. This compares to net loss attributable to Huntsman Corporation of $290 million or $1.24 loss per diluted share for the same period in 2009 and net income attributable to Huntsman Corporation of $66 million or $0.26 per diluted share for the fourth quarter of 2009 which was impacted favorably by year end accounting for taxes of approximately $79 million.
• Adjusted net loss for the first quarter of 2010 was $16 million or $0.07 loss per diluted share. This compares to an adjusted net loss of $267 million or $1.14 loss per diluted share for the same period in 2009 and adjusted net income of $79 million or $0.31 per diluted share for the fourth quarter of 2009 which was impacted favorably by year end accounting for taxes of approximately $79 million.
Recent Highlights
• On January 11, 2010, we repurchased all of our outstanding 7% convertible notes due 2018 for approximately $382 million. These notes were convertible into approximately 31.8 million shares of common stock.
• On February 27, 2010, we announced the completion of our ethyleneamines joint venture plant in Jubail, Saudi Arabia with our partner the Zamil Group Holding Company. The plant commissioning is almost complete and will soon begin deliveries of product. Results from this operation will be consolidated in our financial statements within our Performance Products division.
• On March 9, 2010, we entered into an amendment of our existing bank credit facilities. Among other things, the amendment extends the maturity of the revolving credit facility to March 9, 2014.
• On March 17, 2010, we completed a $350 million offering of senior subordinated notes due 2020 through our wholly owned subsidiary, Huntsman International LLC. We used the net proceeds of the notes to refinance approximately euro 184 million of senior subordinated notes due 2013 and approximately euro 59 million of senior subordinated notes due 2015.
• Effective March 24, 2010, Dr. Patrick Harker was appointed as a new independent director to our Board of Directors. Dr. Harker, age 51, is President of the University of Delaware. He has been the Dean of the Wharton School of the University of Pennsylvania and has served as a Professor at the University of Pennsylvania.