US PET maker Wellman reports $7.9m Q4 op loss

17 March 2008 16:01  [Source: ICIS news]

HOUSTON (ICIS news)--Bankrupt US firm Wellman reported an operating loss of $7.9m (€5.1m) for the fourth quarter of 2007, compared with a loss of $8.6m reported for the same time in 2006, the polyethylene terephthalate (PET) producer reported on Monday.

Once an impairment charge is included, Wellman reported a net loss of $307.6m for the quarter, compared with a loss of $38.2m for the fourth quarter of 2006, the company said.

The charge arose after the company determined that the fair-market value of some of its assets was lower than their cost.

Net sales were $244.2m for the fourth quarter, down from $289.1m reported for the same time in 2006, Wellman said.

Gross profit was $2.6m for the fourth quarter, compared with $3.9m reported for 2006, the company said. Expenses were $10.5m, compared with $12.5m for the same time in 2006.

For the full year, net sales were $1.1bn, down from $1.2bn reported for 2006, the company said. Gross profit was $14m for 2007, compared with $34.4m for 2006.

The company reported an operating loss of $29m for 2007, compared with $13.6m for 2006. Overall, the company reported a net loss of $361.3m for 2007, compared with a net loss of $112.4m for 2006.

($1 = €0.64)

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By: Al Greenwood
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