Dow Corning Reports Sales and Profits for the Second Quarter of 2009
31 Julho 2009 - 9:30AM
PR Newswire (US)
MIDLAND, Mich., July 31 /PRNewswire-FirstCall/ -- Dow Corning Corp.
today reported consolidated adjusted net income of $115.5 million
for the second quarter of 2009, a decrease of 38 percent from net
income of $187.7 million reported in the second quarter of 2008.
For the first half of 2009, adjusted net income was $182.2 million,
a decline of 48 percent from net income of $348.1 million reported
in the first half of last year. The 2009 adjusted net income
excluded restructuring charges. The 2008 results were not adjusted
for any unusual items. Including all items, Dow Corning reported
consolidated net income of $115.4 million for the second quarter
and $124.8 million for the first half of 2009. (Logo:
http://www.newscom.com/cgi-bin/prnh/20081030/CLTH022LOGO) Sales
were $1.19 billion in the second quarter of 2009, 14 percent lower
than sales of $1.38 billion in the same quarter of 2008. Sales in
the first half of 2009 were $2.22 billion, 17 percent lower than
sales of $2.66 billion reported in the first half of 2008. "While
the global economic recession continues to dampen demand for Dow
Corning silicone-based products, we did see some improvement in the
second quarter," said Dow Corning's Vice President and Chief
Financial Officer J. Donald Sheets. "Hemlock Semiconductor Group,
which manufactures polysilicon for the solar and semiconductor
industries, continues to run at full capacity and sell all of its
output." "In the second quarter, we announced a transformation of
our business strategy to help customers to be more efficient,
innovative and sustainable," said Sheets. "This includes a
significant expansion in Dow Corning's XIAMETER brand - a
Web-enabled business for selling standard silicone products at
market-driven prices." About Dow Corning Dow Corning (NYSE:GLW)
(http://www.dowcorning.com/) provides performance-enhancing
solutions to serve the diverse needs of more than 25,000 customers
worldwide. A global leader in silicones, silicon-based technology
and innovation, Dow Corning offers more than 7,000 products and
services via the company's Dow Corning and XIAMETER brands. Dow
Corning is a joint venture equally owned by The Dow Chemical
Company (NYSE:DOW) and Corning, Incorporated. More than half of Dow
Corning's annual sales are outside the United States. About Hemlock
Semiconductor Group The Hemlock Semiconductor Group (Hemlock
Semiconductor) is comprised of two joint ventures: Hemlock
Semiconductor Corporation and Hemlock Semiconductor, L.L.C. The
companies are joint ventures among Dow Corning Corporation,
Shin-Etsu Handotai, and Mitsubishi Materials Corporation. Hemlock
Semiconductor is a leading provider of polycrystalline silicon and
other silicon-based products used in the manufacturing of
semiconductor devices, and solar cells and modules. Hemlock
Semiconductor began its Michigan operations in 1961 and broke
ground at its Tennessee location in 2009. Dow Corning Corporation
Selected Financial Information (in millions of U.S. dollars)
(Unaudited) Consolidated Income Statement Data Three Months Ended
Six Months Ended June 30, June 30, 2009 2008 2009 2008 ---- ----
---- ---- Net Sales $1,191.3 $1,384.1 $2,215.9 $2,659.1 Net Income
Attributable to Dow Corning $115.4 $187.7 $124.8 $348.1 Adjustment
for Restructuring (1), net $0.1 $- $57.4 $- ---- -- ----- --
Adjusted Net Income (2) $115.5 $187.7 $182.2 $348.1 (1) The six
months ended June 30, 2009 included charges related to the
Company's restructuring program. (2) Adjusted Net Income is a
non-GAAP financial measure which excludes certain unusual items and
which reconciles to Net Income as shown. Consolidated Balance Sheet
Data June 30, 2009 December 31, 2008 -------------
----------------- Assets Current Assets $2,584.4 $3,212.6 Property,
Plant and Equipment, Net 4,342.0 3,755.9 Other Assets 2,204.1
2,253.7 ------- ------- $9,130.5 $9,222.2 ======== ========
Liabilities and Stockholders' Equity Current Liabilities $1,786.0
$2,007.8 Other Liabilities 4,948.5 4,475.0 Equity 2,396.0 2,739.4
------- ------- $9,130.5 $9,222.2 ======== ========
http://www.newscom.com/cgi-bin/prnh/20081030/CLTH022LOGODATASOURCE:
Dow Corning Corp. CONTACT: Jarrod Erpelding, Dow Corning,
+1-989-496-1582, Web Site: http://www.dowcorning.com/
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