MIDLAND, Mich., April 29 /PRNewswire-FirstCall/ -- Dow Corning
Corp. today reported consolidated net income of $218.3 million for the first quarter of
2010, compared to consolidated net income of $9.4 million in the first quarter of 2009.
Dow Corning reported adjusted net income of $172.6 million for the first quarter of 2010.
Adjusted net income excluded the tax benefit related to the
U.S. Advanced Energy Manufacturing Tax Credits. In 2009
consolidated adjusted net income was $66.7 million for the first quarter.
The 2009 results were adjusted for a charge related to
restructuring activities.
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Sales were $1.35 billion in
the first quarter of 2010, 31 percent higher than sales of
$1.03 billion in the same
quarter of 2009.
Dow Corning and Hemlock Semiconductor each received a portion of
the U.S. Advanced Energy Manufacturing Tax Credits awarded to the
companies in January. The tax credits were designed to
support job-creating investment in manufacturing projects linked
with growing industries such as solar technology.
Comments from Dow Corning's Executive Vice President and Chief
Financial Officer J. Donald Sheets:
- "Dow Corning's silicones business is returning to the peak
performance we experienced prior to the global recession. It
is encouraging that we're seeing this recovery in demand in nearly
every industry and geography we serve. Our customers are
again focusing on innovation and are looking to silicones from Dow
Corning and its XIAMETER® brand to help them create differentiated,
high-value products."
- "Hemlock Semiconductor continues to run at full capacity, and
will bring new capacity online sometime in the second quarter. Both
the solar and semiconductor industries indicated signs of growth in
the first quarter."
- "The Advanced Energy Manufacturing Tax Credits support our
recent investments in solar materials manufacturing and research
and development efforts as Dow Corning and Hemlock Semiconductor
seek to help make solar energy a viable energy option
worldwide."
About Dow Corning
Dow Corning (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 equally owned by The Dow Chemical Company
(NYSE: DOW) and Corning, Incorporated (NYSE: GLW). 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 Corporation began its Michigan operations in 1961 and Hemlock
Semiconductor, L.L.C. broke ground at its Tennessee location in 2009.
Dow Corning
Corporation
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Selected Financial
Information
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(in millions of U.
S. dollars)
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(Unaudited)
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Consolidated
Income Statement Data
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Three Months Ended
March 31,
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2010
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2009
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Net Sales
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$
1,353.7
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$
1,024.6
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Net Income Attributable to Dow
Corning
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$
218.3
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$
9.4
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Adjustment for AEMC(1),
net
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$
(45.7)
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$
-
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Adjustment for Restructuring(2),
net
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$
-
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$
57.3
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Adjusted Net Income(3)
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$
172.6
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$
66.7
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(1) The period ending March 31, 2010
included a tax benefit related to Advanced Energy Manufacturing
Credits, net of the noncontrolling interests' share.
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(2) The period ending March 31, 2009
included charges related to the Company's restructuring
program.
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(3) Adjusted Net Income is a non-GAAP
financial measure which excludes certain unusual items and which
reconciles to Net Income as shown.
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Consolidated
Balance Sheet Data
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March 31,
2010
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December 31,
2009
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Assets
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Current Assets
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$
3,662.5
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$
3,569.7
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Property, Plant and Equipment,
Net
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5,240.5
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5,018.5
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Other Assets
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2,219.4
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2,251.5
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$
11,122.4
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$
10,839.7
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Liabilities and
Equity
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Current Liabilities
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$
1,911.2
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$
1,926.0
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Other Liabilities
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6,105.5
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5,885.7
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Equity
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3,105.7
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3,028.0
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$
11,122.4
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$
10,839.7
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SOURCE Dow Corning