Rockwood has Q4 loss of $691m, cites goodwill impairment

18 February 2009 14:22  [Source: ICIS news]

TORONTO (ICIS news)--Rockwood posted a fourth-quarter net loss of $691m (€546m), compared with a profit of $119m in the year-ago period, as it took $810m in goodwill impairment charges, the US specialty chemicals producer said on Wednesday.

Net sales for the three months ended 31 December dropped 6.6%, to $732m from $784m in the 2007 fourth quarter. With the exception of titanium dioxide pigments, Rockwood recorded sales decreases in all its business segments.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) from continuing operations were down 14.2% to $131m, from $153m in the 2007 fourth quarter.

“We have been focused on consolidating facilities, reducing work hours and headcount, controlling discretionary expenses, and maintaining our pricing,” CEO Seifi Ghasemi said.

“Recognising that we are in a global recession, we will remain intensely focused on the items we can control,” he said.

A key focus was a strong liquidity position, he said, adding that Rockwood’s cash and cash equivalents at year end were about $469m.

($1 = €0.79)

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By: Stefan Baumgarten
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