- Third quarter 2009 earnings of $0.89 per diluted share before
restructuring and other income and charges - Full-year 2009 outlook
narrowed to $4.05 to $4.15 per diluted share before restructuring
and other income and charges PHILADELPHIA, October 28
/PRNewswire-FirstCall/ -- FMC Corporation (NYSE: FMC) today
reported net income of $28.0 million, or $0.38 per diluted share,
in the third quarter of 2009, versus net income of $80.0 million,
or $1.05 per diluted share, in the third quarter of 2008. Net
income in the current quarter included restructuring and other
income and charges of $37.3 million after-tax, or charges of $0.51
per diluted share, versus restructuring and other income and
charges of $5.6 million after-tax, or charges of $0.08 per diluted
share, in the prior-year quarter. Excluding these items in both
periods, the company earned $0.89 per diluted share in the current
quarter, a decrease of 21 percent versus $1.13 per diluted share in
the prior-year quarter. Third quarter revenue of $713.3 million was
13 percent lower than $820.8 million in the prior year. William G.
Walter, FMC chairman, president and chief executive officer, said,
"Our third quarter results were consistent with our expectations.
We realized continued strong performance in our businesses serving
end markets less sensitive to the economy. And in our businesses
with end markets more sensitive to the economy, though volumes were
lower than a year ago, demand in each improved on a sequential
basis relative to the second quarter with further improvement
expected in the fourth quarter. Agricultural Products' results were
driven by strong Latin American performance and lower raw material
costs. Specialty Chemicals' earnings growth was the result of
outstanding commercial performance in BioPolymer. Industrial
Chemicals' results were impacted by lower volumes across its
businesses and reduced selling prices in phosphates. As we complete
2009, we are confident that most impacts of the global recession
are behind us." Revenue in Agricultural Products of $268.3 million
increased 2 percent versus the prior-year quarter, as sales gains
in Brazil, driven by growth in planted acres in key crops, and in
non-crop markets were partially offset by lower volumes in North
America and Europe. Segment earnings of $59.2 million increased 34
percent versus the year-ago quarter, reflecting the sales growth in
Brazil, lower raw material costs and favorable currency comparisons
relative to the prior-year quarter. Revenue in Specialty Chemicals
was $191.7 million, down 3 percent versus year ago quarter. Strong
commercial performance and the benefit of acquisitions in
BioPolymer were more than offset by lower lithium volumes. Segment
earnings of $40.9 million were 14 percent higher than the year-ago
quarter, driven by revenue gains in BioPolymer partially offset by
lower lithium volumes. Revenue in Industrial Chemicals of $254.4
million declined 29 percent from the prior-year quarter, as lower
volumes across the segment and reduced phosphate selling prices
more than offset higher selling prices in most product lines.
Segment earnings of $20.7 million were 69 percent lower than the
year-ago quarter, driven by the lower sales partially offset by
lower raw material costs, primarily phosphate rock, and energy
costs. Corporate expense was $10.3 million, down from $12.5 million
in the prior-year quarter. Interest expense, net, was $6.2 million,
as compared to $7.5 million in the year-ago quarter. On September
30, 2009, gross consolidated debt was $613.6 million, and debt, net
of cash, was $553.7 million. For the quarter, depreciation and
amortization was $32.3 million and capital expenditures were $35.0
million. Nine Months Results Revenue was $2,104.1 million, a
decrease of 12 percent as compared with $2,377.6 million in the
prior-year period. Net income was $166.4 million, 36 percent lower
than $258.3 million in the year-earlier period. Net income in the
current period included restructuring and other income and charges
of $68.8 million, versus restructuring and other income and charges
of $17.4 million in the prior-year period. Excluding these charges,
the company earned $235.2 million in the first nine months of 2009,
a decrease of 15 percent versus $275.7 million in the first nine
months of 2008. Revenue in Agricultural Products was $782.1
million, a decrease of 4 percent versus the prior-year period, as
sales gains in North America were more than offset by lower sales
in Latin America, primarily Brazil, and unfavorable currency
impacts in Europe and Asia. Segment earnings were $242.2 million,
an increase of 15 percent from the first nine months of 2008, as a
result of higher selling prices, lower raw material costs,
continued global supply chain productivity improvements and lower
selling and administrative expenses. Revenue in Specialty Chemicals
was $558.9 million, 3 percent lower than the prior-year period, as
strong commercial performance in BioPolymer was more than offset by
lower lithium volumes. Segment earnings of $119.5 million increased
2 percent versus the year-earlier period as favorable commercial
performance in BioPolymer and the benefits of productivity
initiatives and acquisitions were partially offset by lower lithium
volumes, temporary plant curtailments taken to reduce inventories
and unfavorable currency translation. Revenue in Industrial
Chemicals was $766.6 million, a decrease of 22 percent versus the
prior-year period, as lower volumes across the segment more than
offset higher selling prices in most businesses. Segment earnings
of $57.0 million declined 62 percent versus the year-earlier
period, driven by lower volumes, higher raw material costs,
particularly phosphate rock, and lower phosphate selling prices.
Corporate expense was $31.9 million, down from $37.4 million in the
year-earlier period. Interest expense, net, was $19.7 million, as
compared to $24.5 million in the prior-year period. For the period,
depreciation and amortization was $93.5 million and capital
expenditures were $106.8 million. Outlook Regarding the outlook for
2009, Walter said, "For the full year 2009, we have narrowed our
outlook for earnings before restructuring and other income and
charges to $4.05 to $4.15 per diluted share." Walter added, "For
the fourth quarter of 2009, we expect earnings before restructuring
and other income and charges of $0.85 to $0.95 per diluted share.
As compared to the prior-year quarter, in Agricultural Products we
look for earnings to increase 35 to 40 percent driven by improved
market conditions in Brazil, lower raw material costs and further
manufacturing productivity improvements. In Specialty Chemicals, we
expect earnings to be up approximately 20 percent with continued
strong performance in BioPolymer. In Industrial Chemicals, earnings
are expected to be down 30 to 40 percent as reduced selling prices
in phosphates and modestly lower volumes across the segment more
than offset favorable raw material costs." FMC will conduct its
third quarter conference call and webcast at 11:00 a.m. ET on
Thursday, October 29, 2009. This event will be available live and
as a replay on the web at http://www.fmc.com/. Prior to the
conference call, the company will also provide supplemental
information on the web including its 2009 Outlook Statement,
definitions of non-GAAP terms and reconciliations of non-GAAP
figures to the nearest available GAAP term. FMC Corporation is a
diversified chemical company serving agricultural, industrial and
consumer markets globally for more than a century with innovative
solutions, applications and quality products. The company employs
over 5,000 people throughout the world. The company operates its
businesses in three segments: Agricultural Products, Specialty
Chemicals and Industrial Chemicals. Safe Harbor Statement under the
Private Securities Act of 1995: Statements in this news release
that are forward-looking statements are subject to various risks
and uncertainties concerning specific factors described in FMC
Corporation's 2008 Form 10-K and other SEC filings. Such
information contained herein represents management's best judgment
as of the date hereof based on information currently available. FMC
Corporation does not intend to update this information and
disclaims any legal obligation to the contrary. Historical
information is not necessarily indicative of future performance.
FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
--------------------------------------------- CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
----------------------------------------------- (Unaudited, in
millions, except per share amounts) Three Months Ended Nine Months
Ended September 30,(a) September 30,(a) ----------------
---------------- 2009 2008 2009 2008 ---- ---- ---- ---- Revenue
$713.3 $820.8 $2,104.1 $2,377.6 Costs of sales and services 510.0
580.8 1,441.2 1,616.4 Selling, general and administrative expenses
79.8 81.9 234.6 255.6 Research and development expenses 23.2 23.4
64.2 68.2 Restructuring and other charges (income) 32.3 15.6 84.9
18.0 ---- ---- ---- ---- Total costs and expenses 645.3 701.7
1,824.9 1,958.2 ----- ----- ------- ------- Income from operations
68.0 119.1 279.2 419.4 Equity in (earnings) loss of affiliates
(0.9) (2.3) (2.4) (2.9) Interest expense, net 6.2 7.5 19.7 24.5 ---
--- ---- ---- Income from continuing operations before income taxes
62.7 113.9 261.9 397.8 Provision (benefit) for income taxes 27.2
23.3 74.2 108.0 ---- ---- ---- ----- Income from continuing
operations 35.5 90.6 187.7 289.8 Discontinued operations, net of
income taxes (6.1) (5.9) (15.7) (20.1) ---- ---- ----- ----- Net
income $29.4 $84.7 $172.0 $269.7 ----- ----- ------ ------ Less:
Net income attributable to noncontrolling interests 1.4 4.7 5.6
11.4 --- --- --- ---- Net income attributable to FMC stockholders
$28.0 $80.0 $166.4 $258.3 ===== ===== ====== ====== Amounts
attributable to FMC stockholders: Income from continuing
operations, net of tax $34.1 $85.9 $182.1 $278.4 Discontinued
operations, net of tax (6.1) (5.9) (15.7) (20.1) ---- ---- -----
----- Net income $28.0 $80.0 $166.4 $258.3 ===== ===== ======
====== Basic earnings (loss) per common share attributable to FMC
stockholders: Income from continuing operations $0.47 $1.15 $2.52
$3.72 Discontinued operations (0.08) (0.08) (0.22) (0.27) -----
----- ----- ----- Basic earnings per common share $0.39 $1.07 $2.30
$3.45 ===== ===== ===== ===== Average number of shares used in
basic earnings per share computations 72.1 74.2 72.2 74.5 ==== ====
==== ==== Diluted earnings (loss) per common share attributable to
FMC stockholders: Income from continuing operations $0.46 $1.13
$2.48 $3.65 Discontinued operations (0.08) (0.08) (0.21) (0.26)
----- ----- ----- ----- Diluted earnings per common share $0.38
$1.05 $2.27 $3.39 ===== ===== ===== ===== Average number of shares
used in diluted earnings per share computations 73.1 76.0 73.3 76.3
==== ==== ==== ==== ----------- Other Data: ----------- Capital
expenditures $35.0 $59.5 $106.8 $125.9 Depreciation and
amortization expense $32.3 $32.6 $93.5 $94.3
----------------------------- ----- ----- ----- ----- (a) On
January 1, 2009, FMC adopted new accounting guidance which changes
the accounting and reporting for minority interests. This guidance
requires that minority interests be recharacterized as
noncontrolling interests and that we present a consolidated net
income that includes the amount attributable to the noncontrolling
interests for all periods presented. FMC CORPORATION AND
CONSOLIDATED SUBSIDIARIES
--------------------------------------------- CONDENSED
CONSOLIDATED STATEMENTS OF INCOME FROM CONTINUING OPERATIONS,
-----------------------------------------------------------------------
EXCLUDING RESTRUCTURING AND OTHER INCOME AND CHARGES (NON-GAAP)*
----------------------------------------------------------------
(Unaudited, in millions, except per share amounts) Three Months
Ended Nine Months Ended September 30, September 30, -------------
------------- 2009 2008 2009 2008 ---- ---- ---- ---- Revenue
$713.3 $820.8 $2,104.1 $2,377.6 Costs of sales and services 507.6
579.8 1,436.5 1,615.4 Selling, general and administrative expenses
79.8 81.9 234.6 255.6 Research and development expenses 23.2 23.4
64.2 68.2 ---- ---- ---- ---- Total costs and expenses 610.6 685.1
1,735.3 1,939.2 Income from operations 102.7 135.7 368.8 438.4
Equity in (earnings) loss of affiliates (0.9) (2.3) (2.4) (2.9)
Interest expense, net 6.2 7.5 19.7 24.5 --- --- ---- ---- Income
from continuing operations before income taxes, excluding
restructuring and other income and charges 97.4 130.5 351.5 416.8
Provision for income taxes 30.7 40.2 110.7 129.7 ---- ---- -----
----- After-tax income from continuing operations, excluding
restructuring and other income and charges 66.7 90.3 240.8 287.1
---- ---- ----- ----- Less: Net income attributable to
noncontrolling interests 1.4 4.7 5.6 11.4 --- --- --- ----
After-tax income from continuing operations, excluding
restructuring and other income and charges, attributable to FMC
stockholders* $65.3 $85.6 $235.2 $275.7 ===== ===== ====== ======
Basic after-tax income from continuing operations per share,
excluding restructuring and other income and charges, attributable
to FMC stockholders $0.90 $1.15 $3.25 $3.69 ===== ===== ===== =====
Average number of shares used in basic after-tax income per share
computations 72.1 74.2 72.2 74.5 ==== ==== ==== ==== Diluted
after-tax income from continuing operations per share, excluding
restructuring and other income and charges, attributable to FMC
stockholders $0.89 $1.13 $3.21 $3.61 ===== ===== ===== =====
Average number of shares used in diluted after-tax income per share
computations 73.1 76.0 73.3 76.3 ==== ==== ==== ==== * The Company
believes that the Non-GAAP financial measure "After-tax income from
continuing operations, excluding restructuring and other income and
charges, attributable to FMC stockholders," and its presentation on
a per share basis, provides useful information about the Company's
operating results to investors and securities analysts. The Company
also believes that excluding the effect of restructuring and other
income and charges from operating results allows management and
investors to compare more easily the financial performance of its
underlying businesses from period to period. Please see the
reconciliation of Non-GAAP financial measures to GAAP financial
results. FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
--------------------------------------------- RECONCILIATION OF NET
INCOME ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP)
--------------------------------------------------------------------
TO AFTER-TAX INCOME FROM CONTINUING OPERATIONS, EXCLUDING
RESTRUCTURING
-----------------------------------------------------------------------
AND OTHER INCOME AND CHARGES, ATTRIBUTABLE TO FMC STOCKHOLDERS
(NON-GAAP)
-------------------------------------------------------------------------
(Unaudited, in millions, except per share amounts) Three Months
Ended Nine Months Ended September 30, September 30, -------------
------------- 2009 2008 2009 2008 ---- ---- ---- ---- Net income
attributable to FMC stockholders (GAAP) $28.0 $80.0 $166.4 $258.3
Discontinued operations, net of income taxes (a) 6.1 5.9 15.7 20.1
Restructuring and other (income) charges, net (b) 32.3 15.6 84.9
18.0 Purchase accounting inventory fair value impact and other
related inventory adjustments (c) 2.4 1.0 4.7 1.0 Tax effect of
restructuring and other (income) charges and purchase accounting
inventory fair value impact and other related inventory adjustments
(3.8) (5.7) (21.6) (10.5) Tax adjustments (d) 0.3 (11.2) (14.9)
(11.2) --- ----- ----- ----- After-tax income from continuing
operations, excluding restructuring and other income and charges,
attributable to FMC stockholders (Non-GAAP) $65.3 $85.6 $235.2
$275.7 ===== ===== ====== ====== Diluted earnings per common share
(GAAP) $0.38 $1.05 $2.27 $3.39 Discontinued operations per diluted
share 0.08 0.08 0.21 0.26 Restructuring and other (income) charges,
net per diluted share, before tax 0.44 0.21 1.16 0.24 Purchase
accounting inventory fair value impact and other related inventory
adjustments per diluted share, before tax 0.03 0.01 0.06 0.01 Tax
effect of restructuring and other (income) charges and purchase
accounting inventory fair value impact and other related inventory
adjustments (0.05) (0.07) (0.29) (0.14) Tax adjustments per diluted
share 0.01 (0.15) (0.20) (0.15) ---- ----- ----- ----- Diluted
after-tax income from continuing operations per share, excluding
restructuring and other income and charges, attributable to FMC
stockholders (Non-GAAP) $0.89 $1.13 $3.21 $3.61 ===== ===== =====
===== Average number of shares used in diluted after-tax income
from continuing operations per share computations 73.1 76.0 73.3
76.3 ==== ==== ==== ==== (a) Discontinued operations for the three
and nine months ended September 30, 2009 and 2008, respectively,
primarily includes provisions for environmental liabilities and
legal reserves and expenses related to previously discontinued
operations. (b) 2009 Restructuring and other charges (income) for
the three months ended September 30, 2009, include charges related
to the closure of our manufacturing operations at our Barcelona,
Spain facility, which is part of our Industrial Chemicals segment
($5.5 million), our Bayport butyllithium facility which is part of
our Specialty Chemicals segment ($0.1 million) and continued
charges related to the closure of our Baltimore agricultural
chemicals facility ($0.2 million). We also incurred charges related
to the realignment of our Alginates manufacturing operations in our
Specialty Chemicals segment ($3.6 million). Additionally,
restructuring and other charges (income) for the three months ended
September 30, 2009, include severance charges in our Industrial
Chemicals segment and Specialty Chemicals segment ($5.8 million and
$1.3 million, respectively), asset abandonment charges in our
Industrial Chemicals segment and Specialty Chemicals segment ($1.1
million and $0.5 million, respectively) and charges associated with
a collaboration and license agreement in our Agricultural Products
segment ($1.0 million). We also recorded approximately $21.0
million in connection with the resolution of a regulatory matter in
our Industrial Chemicals Segment. Remaining restructuring and other
charges (income) for the three months ended September 30, 2009,
include a $4.9 million net gain representing recoveries related to
continuing environmental sites as a Corporate item, recognition of
a net deferred gain of $2.3 million associated with our Princeton
facility as a result of exiting the leases and a $0.6 million gain
primarily related to an asset sale in our Industrial Chemicals
segment. For the nine months ended September 30, 2009, amounts
include charges related to the closure of our manufacturing
operations at our Barcelona, Spain facility ($18.0 million) and our
Peroxygens facility in Santa Clara, Mexico ($6.6 million), both of
which are part of our Industrial Chemicals segment, our Bayport
butyllithium facility which is part of our Specialty Chemicals
segment ($7.6 million) and continued charges related to the closure
of our Baltimore agricultural chemicals facility ($1.5 million). We
also incurred charges related to the realignment of our Alginates
manufacturing operations in our Specialty Chemicals segment ($9.9
million). Additionally, restructuring and other charges (income)
for the nine months ended September 30, 2009, include severance
charges in our Industrial Chemicals segment and Specialty Chemicals
segment ($9.5 million and $2.1 million, respectively), asset
abandonment charges in our Agricultural Products segment,
Industrial Chemicals segment and Specialty Chemicals segment ($2.6
million, $2.6 million and $1.6 million, respectively) and charges
associated with a collaboration and license agreement in our
Agricultural Products segment ($2.0 million). We also recorded
approximately $21.0 million in connection with the resolution of a
regulatory matter in our Industrial Chemicals Segment. Remaining
restructuring and other charges (income) for the nine months ended
September 30, 2009, include $0.9 million net gain representing
recoveries related to continuing environmental sites as a Corporate
item, recognition of a net deferred gain of $2.3 million associated
with our Princeton facility as a result of exiting the leases and
$3.1 million of other charges primarily represented settlements
with state authorities for property claims and adjustments related
to previously recorded restructuring reserves. 2008 Restructuring
and other charges (income) for the three months ended September 30,
2008, include continued charges related to the closure of our
Baltimore agricultural chemicals facility ($0.6 million) and our
Jacksonville, Florida agricultural formulation plant ($2.3
million). Both of these charges are associated with our
Agricultural Products segment. Additionally, restructuring and
other charges (income) for the three months ended September 30,
2008, primarily include restructuring related severance charges in
our Agricultural Products segment, Industrial Chemicals segment and
Specialty Chemicals segment ($1.6 million, $0.8 million and $0.3
million, respectively), asset abandonment charges in our
Agricultural Products segment, Industrial Chemicals segment and
Specialty Chemicals segment ($0.6 million, $0.3 million and $3.3
million, respectively) and charges associated with a collaboration
and license agreement in our Agricultural Products segment ($1.0
million). Remaining restructuring and other charges (income) for
the three months ended September 30, 2008, included $0.5 million of
other charges primarily related to our Industrial Chemicals segment
and charges associated with continuing environmental sites as a
Corporate charge ($4.3 million). For the nine months ended
September 30, 2008, restructuring and other charges (income)
include a net gain associated with the sale of our major research
and development facility in Princeton, New Jersey ($29.6
million-gain) and a gain associated with the sale of our sodium
sulfate assets in Foret which is part of our Industrial Chemicals
segment ($3.6 million-gain). Fully offsetting these gains were
continued charges related to the closure of our Baltimore
agricultural chemicals facility ($22.2 million) and Jacksonville
agricultural formulation facility ($4.9 million). We also incurred
charges associated with continuing environmental sites as a
Corporate charge ($10.3 million), restructuring related severance
charges in our Agricultural Products segment, Industrial Chemicals
segment and Specialty Chemicals segment ($3.4 million, $2.8 million
and $0.5 million, respectively) and asset abandonment charges in
our Agricultural Products segment, Industrial Chemicals segment and
Specialty Chemicals segment ($0.6 million, $0.7 million and $3.3
million, respectively). Remaining restructuring and other charges
(income) for the nine months ended September 30, 2008, included
$1.5 million of other charges primarily related to our Industrial
Chemicals segment and charges associated with a collaboration and
license agreement in our Agricultural Products segment ($1.0
million). (c) Charges related to amortization of the inventory fair
value step-up resulting from the application of purchase accounting
associated with the third quarter 2008 acquisition in our Specialty
Chemicals segment and the first quarter 2009 acquisition in our
Agricultural Products segment. In 2009, we also recorded inventory
adjustments related to the third quarter 2008 acquisition in our
Specialty Chemicals segment and subsequent alginates business
restructuring. On the condensed consolidated statements of
operations these charges are included in "Costs of sales and
services" for the three and nine months ended September 30, 2009
and 2008. (d) Tax adjustments for the three months ended September
30, 2009, are primarily a result of adjustments related to prior
year tax matters. Tax adjustments for the nine months ended
September 30, 2009, are primarily a result of a reduction in our
liability for unrecognized tax benefits due to settlements of
audits and the expiration of statute of limitations. Tax
adjustments for the three and nine months ended September 30, 2008,
are primarily related to adjustments to our tax liabilities for
unrecognized tax benefits due to favorable conclusions to tax
audits. FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
--------------------------------------------- INDUSTRY SEGMENT DATA
--------------------- (Unaudited, in millions) Three Months Ended
Nine Months Ended September 30, September 30, -------------
------------- 2009 2008 2009 2008 ---- ---- ---- ---- Revenue
------- Agricultural Products $268.3 $263.8 $782.1 $817.9 Specialty
Chemicals 191.7 198.0 558.9 574.2 Industrial Chemicals 254.4 359.6
766.6 988.9 Eliminations (1.1) (0.6) (3.5) (3.4) ---- ---- ----
---- Total $713.3 $820.8 $2,104.1 $2,377.6 ====== ====== ========
======== Income from continuing operations before income taxes
------------------------------- Agricultural Products $59.2 $44.1
$242.2 $211.5 Specialty Chemicals 40.9 35.9 119.5 116.9 Industrial
Chemicals 20.7 67.3 57.0 148.1 Eliminations - 0.2 (0.1) (0.1) ---
--- ---- ---- Segment operating profit 120.8 147.5 418.6 476.4
Corporate (10.3) (12.5) (31.9) (37.4) Other income (expense), net
(8.3) (1.7) (21.1) (9.1) ---- ---- ----- ---- Operating profit from
continuing operations before items noted below: 102.2 133.3 365.6
429.9 Restructuring and other income (charges), net (a) (32.3)
(15.6) (84.9) (18.0) Interest expense, net (6.2) (7.5) (19.7)
(24.5) Purchase accounting inventory fair value impact and other
related inventory adjustments (b) (2.4) (1.0) (4.7) (1.0) Provision
for income taxes (27.2) (23.3) (74.2) (108.0) Discontinued
operations, net of income taxes (6.1) (5.9) (15.7) (20.1) ---- ----
----- ----- Net income attributable to FMC stockholders $28.0 $80.0
$166.4 $258.3 ===== ===== ====== ====== (a) Amounts for the three
months ended September 30, 2009, related to Industrial Chemicals
($32.8 million), Agricultural Products ($1.2 million), Specialty
Chemicals ($5.5 million) and Corporate ($7.2 million - gain).
Amounts for the three months ended September 30, 2008, related to
Agricultural Products ($6.1 million), Industrial Chemicals ($1.6
million), Specialty Chemicals ($3.6 million) and Corporate ($4.3
million). Amounts for the nine months ended September 30, 2009,
related to Industrial Chemicals ($58.1 million), Agricultural
Products ($6.1 million), Specialty Chemicals ($21.3 million) and
Corporate ($0.6 million - gain). Amounts for the nine months ended
September 30, 2008, related to Agricultural Products ($32.3
million), Industrial Chemicals ($1.0 million), Specialty Chemicals
($3.9 million) and Corporate ($19.2 million - gain). See Note (b)
to the schedule "Reconciliation of Net Income Attributable to FMC
Stockholders (GAAP) to After-Tax Income from Continuing Operations
Excluding Restructuring and Other Income and Charges (Non-GAAP)"
for further details on the components that make up this line item.
(b) See Note (c) to the schedule "Reconciliation of Net Income
Attributable to FMC Stockholders (GAAP) to After-Tax Income from
Continuing Operations Excluding Restructuring and Other Income and
Charges (Non-GAAP)" for further details on the components that make
up this line item. FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
--------------------------------------------- CONDENSED
CONSOLIDATED BALANCE SHEETS -------------------------------------
(Unaudited, in millions) September 30, December 31, 2009 2008 ----
---- Cash and cash equivalents $59.9 $52.4 Trade receivables, net
715.4 687.7 Inventories 380.6 380.8 Other current assets 145.2
135.0 Deferred income taxes 134.0 176.9 ----- ----- Total current
assets 1,435.1 1,432.8 Property, plant and equipment, net 948.8
939.2 Goodwill 212.8 197.0 Deferred income taxes 221.8 243.6 Other
long-term assets 227.0 181.3 ----- ----- Total assets $3,045.5
$2,993.9 ======== ======== Short-term debt $69.8 $28.6 Current
portion of long-term debt 1.9 2.1 Accounts payable, trade and other
262.5 372.3 Guarantees of vendor financing 44.2 20.3 Accrued
pensions and other post-retirement benefits, current 10.2 10.2
Other current liabilities 376.6 325.6 ----- ----- Total current
liabilities 765.2 759.1 Long-term debt 541.9 592.9 Long-term
liabilities 616.7 675.5 Equity (a) 1,121.7 966.4 ------- -----
Total liabilities and equity $3,045.5 $2,993.9 ======== ========
(a) On January 1, 2009, FMC adopted new accounting guidance which
changes the accounting and reporting for minority interests. This
guidance requires that minority interests be recharacterized as
noncontrolling interests and classified as a component of equity.
FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
--------------------------------------------- CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
---------------------------------------------- (Unaudited, in
millions) Nine Months Ended September 30, ------------- 2009 2008
---- ---- Cash provided (required) by operating activities $274.3
$317.2 ------ ------ Cash (required) by operating activities of
discontinued operations (31.1) (37.8) ----- ----- Cash provided
(required) by investing activities: Capital expenditures (106.8)
(125.9) Other investing activities (34.4) (15.4) ----- -----
(141.2) (141.3) ------ ------ Cash provided (required) by financing
activities: Net borrowings (repayments) under committed credit
facilities (81.3) 126.0 Increase (decrease) in short-term debt 34.5
(12.5) Proceeds from borrowings of long-term debt 21.4 - Repayments
of long-term debt - (77.7) Distributions to noncontrolling
interests (13.4) (12.5) Dividends paid (27.3) (25.1) Repurchases of
common stock (36.4) (126.6) Issuances of common stock, net 6.0 12.8
--- ---- (96.5) (115.6) ----- ------ Effect of exchange rate
changes on cash 2.0 (3.0) --- ---- Increase (decrease) in cash and
cash equivalents 7.5 19.5 Cash and cash equivalents, beginning of
year 52.4 75.5 ---- ---- Cash and cash equivalents, end of period
$59.9 $95.0 ===== ===== DATASOURCE: FMC Corporation CONTACT: Media,
Jim Fitzwater, +1-215-299-6633, or Investor relations, Brennen
Arndt, +1-215-299-6266, both of FMC Corporation Web Site:
http://www.fmc.com/
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