ISH posts '03 earnings of $42m, up from '02 $105m loss

26 February 2004 15:23  [Source: ICIS news]

HOUSTON (CNI)--Privately-held specialty chemicals manufacturer International Specialty Holdings (ISH) said Thursday its 2003 net income minus special charges rose to $42.4m (Euro34.2m) from a 2002 loss of $104.7m with the firm citing higher sales.

Wayne, New Jersey-based ISH, a wholly owned subsidiary of International Specialty Products (ISP), said its results for the year ended 31 December include a $155.4m goodwill impairment charge.

Operating income for 2003 was $128.8m, up slightly from $127.6m in 2002. Excluding gains and charges, 2003 operating income was $132.4 versus $123m the year before.

Said ISH in a statement: "The higher operating income for 2003 includes improved results in the company's specialty chemicals segment, partially offset by losses in the industrial chemicals segment and lower results in the mineral products segment."

Net sales for 2003 rose 6% to $892.9m on higher volumes in the industrial chemicals and mineral products segments, the company said.

Interest expense for 2003 declined 11% to $75.8m from $84.9m in 2002 on lower borrowings and lower interest rates. Investment income in 2003 was $14.9m compared with $48.1m in 2002.

International Specialty Holdings is a leading multinational manufacturer of specialty chemicals and mineral products.

By: Mike Sheridan
+1 713 525 2653

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