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please, please...
MBOT
LOL!
wanna be assistant?
hey how about a little respect here....?
MBOT
admin slow this eve, only took a few min on salz one today...
MBOT
Authorized Shares: 400,000,000
Common Shares: 74,061,000 (Dec 31, 2008)
BUSINESS SUMMARY: Rockwood Holdings, Inc. engages in the development, manufacture, and marketing of specialty chemicals and advanced materials for industrial and commercial purposes worldwide. It operates in five segments: Specialty Chemicals, Performance Additives, Titanium Dioxide Pigments, Advanced Ceramics, and Specialty Compounds. The Specialty Chemicals segment offers lithium compounds and chemicals; metal surface treatment chemicals, including corrosion protection/prevention oils; synthetic metal sulfides; and maintenance chemicals. This segment serves automotive pre-coating, steel and metal working, life sciences, aerospace, batteries, disc brakes, and aircraft industries. The Performance Additives segment provides iron oxide pigments, wood protection products, inorganic chemicals, synthetic and organic thickeners, specialty pools, spa performance chemicals, algaecides, and aquatic herbicides for residential and commercial construction, coatings and plastics, personal care, paper manufacturing, and pool product markets. The Titanium Dioxide Pigments segment offers titanium dioxide pigments, barium compounds, zinc compounds, and flocculants for synthetic fibers, plastics, paper, and paints and coatings markets. The Advanced Ceramics segment provides ceramic-on-ceramic ball head and liner components used in hip joint prostheses systems; ceramic tapes; cutting tools; and other ceramic components. This segment serves pharmaceutical contrast media, water treatment, medical, mechanical systems, electronics, and automotive markets. The Specialty Compounds segment offers specification compounds, such as polyvinyl chloride and thermoplastic elastomer for voice and data transmission cables, food and beverage, packaging, medical applications, footwear, and automotive markets.
US Subsidizing Domestic Lithium Production
Email Print
Wed, Jul 14, 2010 Feature Articles, Lithium Articles
0
diggs
digg Share By Dave Brown – Exclusive to LithiumInvestingNews.com
The US Department of Energy (DOE) will be providing a $28.4 million grant to expand the Silver Peak lithium production facility operated by the Chemetall Foote subsidiary of Rockwood Holdings (NYSE: ROC). The funding grant represents 50 percent of the estimated project development upgrading costs.
The DOE grant is partially being used to install a geothermal power plant which the company expects will make the operation self-sufficient for electric power. The company believes that the reduced energy costs will increase the global competitiveness of the operation and that the combination of solar and geothermal energy should supply more than 98 percent of the energy requirements at the site. In the next few months the project expectations include the addition of a well drilling program that will double the capacity of its lithium carbonate production.
The Silver Peak plant, which is currently the only operating domestic lithium resource in the US, extracts lithium salts by brine evaporation in the Clayton Valley. The brine is pumped from salt-rich aquifers beneath the desert and evaporated in large ponds on the desert surface. The concentrated brine is then pumped to a production plant where it is converted into lithium carbonate, the basic raw material for lithium compounds.
Lithium investors will already be aware that there is growing consensus that energy storage is the next big investment opportunity because cost-efficient storage can significantly improve the profit potential and reliability of every alternative power technology. While some observers remain critical of potential system costs and safety risks, this most recent grant from the DOE to Rockwood seems to underscore a bullish investment thesis and indicates a further commitment to clean technology and alternative fuel sources that the current administration is demonstrating.
World’s Largest Lithium Iron Phosphate Plant to be Built in Quebec
Sud-Chemie AG (ETR: SUC) , a specialty chemical company based in Germany, has announced plans to invest $80 million for the construction of a new production facility in southern Quebec, to make lithium iron phosphate used in electric vehicle battery technology. Michel Parent, Director of Sales and marketing for Phostech Lithium was extremely optimistic about the recent announcement, “This will revolutionize the market for batteries”.
The German group is constructing the first industrial production plant for lithium iron phosphate using a new, proprietary production process based-on wet chemistry, on the site of its wholly-owned Canadian subsidiary, Phostech Lithium Inc. Performance, cost, chemistry and safety characteristics vary across lithium ion battery types. Depending on the selection of materials, the voltage, capacity, life, and safety of lithium ion batteries can range significantly. Efforts in lithium ion battery research have focused on nanotechnologies with improvement in both capacity and rate characteristics. The capacity of the battery to store energy can be improved through the ability to insert/extract more lithium ions from the electrode.
The company plans on launching commercial production in 2012, with sufficient output to supply batteries for 50,000 completely electric automobiles, or 500,000 electric hybrids vehicles on an annual basis.
Quebec is quickly making a compelling case to be considered as a primary location for global investment and industrial production, as it has already established itself as the number one jurisdiction for mining by the Fraser Institute annual survey based on how mineral endowment and public policy factors, such as taxation and regulation, affect mining and exploration investment.
Earlier this year, Hydro-Québec partnered with Mitsubishi Motor Sales of Canada and the city of Boucherville, Que., on the largest pilot project in Canada testing electric vehicles in practical driving situations. The $4.5 million test will use 50 Mitsubishi i-Miev cars, starting this fall.
The utility has also entered into a memorandum of understanding (MOU) with Nissan (PINK: NSANY), the Government of Québec, the City of Montréal, Québec City, and the Agence de l’efficacité énergétique du Québec to advance zero-emission mobility in Québec. The objective of this strategic allegiance is to work together to plan the necessary charging infrastructure and to promote the use of zero-emission vehicles in Québec.
Nothing really new to post other then this is still one of my favorite monsters. Waiting for additional information/filings to be posted since 8K in Dec.
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 23, 2009
Rockwood Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-32609
52-2277366
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification Number)
100 Overlook Center
Princeton, New Jersey 08540
(Address of registrant’s principal executive offices,
including zip code)
(609) 514-0300
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.03.
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On November 23, 2009, the Board of Directors (the “Board”) of Rockwood Holdings, Inc. (the “Company”) adopted resolutions amending and restating the bylaws of the Company (the “By-laws”), effective immediately.
The amendments to the By-laws under Article I, Meetings of Stockholders, Section 1:
(i) set forth the procedures pursuant to which a stockholder of the Company (“Stockholder(s)”) may: (A) nominate persons for election to the Board (“Nomination”); and (B) propose other business at the annual meeting of Stockholders, provided such business is a proper matter for Stockholder action (“Proposal”);
(ii) set forth the requirements pursuant to which a Stockholder must provide notice to the Company of a Nomination or Proposal (“Notice”), including providing:
a.
all information required by Regulation 14A under the Securities Exchange Act of 1934 for any director nominee;
b.
a brief description of the Proposal and whether the Stockholder or any beneficial owner has a financial interest in the Proposal;
c.
the name and address of the Stockholder and any beneficial owner and the class or series and number of shares directly and indirectly owned by them, a representation that such Stockholder intends to appear in person or by proxy at the annual meeting to present the Nomination or Proposal and whether such Stockholder or any beneficial owner intends or is part of a group which intends to (1) deliver a proxy statement to a number of Stockholders sufficient to approve the Nomination or Proposal or (2) otherwise solicit proxies in support of the Nomination or Proposal;
d.
a description of any agreement between Stockholders, any beneficial owner and any of their respective affiliates or associates with respect to the Nomination, Proposal and/or voting of shares; and
e.
a description of any agreement, arrangement or understanding which would: (1) effect a transfer of any economic interest of a proponent persons’ (“Proponent Person”) Company securities; (2) affect the voting power of the Proponent Person; and/or (3) provide the Proponent Person with economic benefit from a change in value in any securities of the Company;
2
(iii) require a Stockholder who submits a Notice to be a Stockholder as of the annual meeting date;
(iv) specify that postponement of an annual meeting or the public announcement of an adjournment or postponement thereof does not reset the time period for the tendering of a Notice; and
(v) require a Stockholder who submits a Notice to deliver to the secretary of the Company within five days after the record date and not later than ten days prior to the annual meeting any update to the Notice necessary to make the information therein true and correct as of the record date for the annual meeting and 15 days prior to the annual meeting or any adjournment or postponement thereof.
Under Article V, Indemnification, of the By-laws, the Company is required to advance indemnification-related expenses to its directors, officers, and employees.
The preceding summary is qualified in its entirety by reference to the Third Amended and Restated By-laws of the Company, which is filed as Exhibit 3.2 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01.
Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
3.2
Third Amended and Restated By-laws of Rockwood Holdings, Inc.
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ROCKWOOD HOLDINGS INC.
Date: November 24, 2009
By:
/s/ Michael W. Valente
Michael W. Valente
Assistant Secretary
4
Q3 Adj EPS 19c vs 45c Beats 15c Est
Monday , October 26, 2009 08:25ET
QUARTER RESULTS
Rockwood Holdings, Incorporated (ROC) reported Q3 results ended September 2009. Q3 Revenues were $786.20M; -10.74% vs yr-ago; BEATING revenue consensus by +4.97%. Q3 EPS was 13c. Adjusted Q3 EPS was 19c; -57.78% vs yr-ago; BEATING earnings consensus by +26.67%.
Q3 RESULTS Reported Year-Ago Y/Y Chg Estimate SURPRISEORIGINAL EARNINGS RELEASE ~ http://www.rockwoodspecialties.com/rock_english/news/pr_10_09a.asp
---------- ------------ ------------ ---------- ------------ ----------
Revenues: $786.20M $880.80M -10.74% $748.98M +4.97%
---------- ------------ ------------ ---------- ------------ ----------
EPS: 13c N/A N/A N/A N/A
Adj EPS: 19c 45c -57.78% 15c +26.67%
---------- ------------ ------------ ---------- ------------ ----------
Analyst Downgrades for October 1st
Thursday , October 01, 2009 09:03ET
Rockwood Holdings (NYSE:ROC) downgraded to Neutral, $22 target, at Credit Suisse
http://www.knobias.com/story.htm?eid=3.1.da00f6a6e518d8741d5bee6e0f5449e7d3cd97fc268b73ac134624e26660c094
Date Open High Low Close Volume Adj Close
2009/10/01 19.23 19.51 16.48 16.60 6,449,007 16.60
2009/09/30 20.83 21.25 20.07 20.57 470,971 20.57
2009/09/29 21.17 21.33 20.60 20.71 776,845 20.71
2009/09/28 20.75 21.52 20.68 21.07 375,361 21.07
2009/09/25 21.37 21.55 20.40 20.53 745,493 20.53
2009/09/24 22.43 22.43 21.22 21.55 919,628 21.55
2009/09/23 22.48 22.85 22.04 22.19 392,443 22.19
2009/09/22 21.92 22.69 21.75 22.38 276,581 22.38
2009/09/21 21.86 21.98 21.17 21.56 312,561 21.56
2009/09/18 22.43 22.43 21.70 22.18 781,764 22.18
2009/09/17 22.05 22.59 21.72 22.25 325,764 22.25
2009/09/16 22.33 22.35 21.90 22.07 857,465 22.07
2009/09/15 21.94 22.37 21.73 22.12 448,969 22.12
Slideshow presentation for industry conference use.
8-K: http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6514245
Yeppers Stock Amo, only a glance though.
I’m not a fan of S-8’s but hey, without earnings guess this is how various employment/payroll expenses must be met? Review indicates the only other time ROC S-8’ed was approx 6 months after going public in August 2005?
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001315695&type=S-8&dateb=2009-08-26&owner=include&count=40
glty!
Scov.
ROC's Lithium Business Awarded $28.4 million in Stimulus Funds for the Production of Advanced Materials for Lithium Ion Batteries in the U.S.
Monday , August 10, 2009 16:30ET
PRINCETON, N.J., Aug 10, 2009 (BUSINESS WIRE) -- Rockwood Holdings, Inc. (NYSE:ROC) today announced that the U.S. Department of Energy has awarded its Chemetall Foote Corp. subsidiary $28.4 million in Recovery and Reinvestment Act funds to expand and upgrade the production of lithium materials for advanced transportation batteries.
The funds will be used by Rockwood to expand and upgrade the production of lithium carbonate at the company's Silver Peak, Nevada, site and add the production of very high purity lithium hydroxide to the company's Kings Mountain, North Carolina, facility. Rockwood and its Chemetall business are the only U.S. domestic source of lithium raw material and the largest global producer of lithium and lithium compounds used in batteries, pharmaceuticals and many other industries.
Commenting on the award, Seifi Ghasemi, chairman and chief executive officer, said, "The current dependence of the US and Western Europe on imported oil is a major national security issue. The practical and environmentally beneficial way to reduce this unsustainable dependence is the electrification of the transportation system. The key enabling technology to achieve this worthwhile goal is further development of lithium ion batteries as the most effective means of storing energy in all-electric or plug-in hybrid vehicles. We are very pleased to see the U.S. government taking the initiative and providing major support toward the commercialization of these technologies.
"Rockwood and its subsidiary Chemetall are proud to be among the awardees from this highly competitive process, and to be an important part of this national program. We are committed to use our global leadership position to support the eventual electrification of the transport system in the US and across the globe."
The Department of Energy's $2.4 billion program under the Recovery and Reinvestment Act is the single largest investment in advanced battery technology for hybrid and electric-drive vehicles ever made, and the award to Rockwood's business ranks, in dollar amount, as third highest among advanced material grants. Together, the awarded projects are expected to accelerate the development of manufacturing capacity for batteries in the U.S. and electric drive components as well as the deployment of electric vehicles.
Rockwood Holdings, Inc. is a leading global specialty chemicals and advanced materials company. Rockwood has a worldwide employee base of approximately 10,000 people and annual net sales of approximately $3.0 billion. Rockwood focuses on global niche segments of the specialty chemicals, pigments and additives and advanced materials markets. For more information on Rockwood, please visit www.rocksp.com.
This really has been a ROC monster. hahaha
10Q out :http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=6739170
Shows a very insignificant increase in the OS:
As of August 3, 2009, there were 74,096,119 outstanding
As of May 4, 2009, there were 74,080,651 outstanding
As of December 31, 2008, there were 74,060,917 outstanding
Q2 Adj EPS 13c vs 65c Misses 16c Est
Wednesday, July 29, 2009 09:02ET
QUARTER RESULTS
Rockwood Holdings, Incorporated (ROC) reported Q2 results ended June 2009. Q2 Revenues were $730.40M; -20.88% vs yr-ago; MISSING revenue consensus by -2.78%. Q2 EPS was 1c. Adjusted Q2 EPS was 13c; -80.00% vs yr-ago; MISSING earnings consensus by -18.75%.
Q2 RESULTS Reported Year-Ago Y/Y Chg Estimate SURPRISE
---------- ------------ ------------ ---------- ------------ ----------
Revenues: $730.40M $923.20M -20.88% $751.30M -2.78%
---------- ------------ ------------ ---------- ------------ ----------
EPS: 1c N/A N/A N/A N/A
Adj EPS: 13c 65c -80.00% 16c -18.75%
---------- ------------ ------------ ---------- ------------ ----------
Halliburton Names Nance Dicciani to Board of Directors
Wednesday, July 22, 2009 16:00ET
HOUSTON, Jul 22, 2009 (BUSINESS WIRE) -- Halliburton (NYSE: HAL) announced today that Nance Dicciani has been named to the company's board of directors. The appointment is effective July 16, 2009, and Dicciani will be confirmed by the stockholders at the annual meeting in May 2010.
Dicciani serves on the board of directors for Rockwood Holdings, Inc. (NYSE: ROC), and Praxair, Inc. (NYSE: PX). She also currently serves on the board of trustees of Villanova University and was appointed by President George W. Bush to the President's Council of Advisors on Science and Technology.
Before retiring in 2008, Dicciani was the president and chief executive officer of Specialty Materials, a $4.9 billion strategic business group of Honeywell. Prior to that, she was senior vice president and business group executive of Chemical Specialties and the director of the European Region for Rohm and Haas. During Dicciani's tenure at Rohm and Haas, she also served as vice president of the Petroleum Chemicals Division and headed the company's worldwide monomers business. Before joining Rohm and Haas, Dicciani held positions of increasing responsibility in research, engineering and research management at Air Products and Chemicals, Inc. (NYSE: APD).
Dicciani earned a bachelor of science degree in chemical engineering from Villanova University, a master of science degree in chemical engineering from the University of Virginia, and a Ph.D. in chemical engineering from the University of Pennsylvania. She also earned a master's degree in business administration from the Wharton School of the University of Pennsylvania.
Ranked twice as one of the "World's 100 Most Powerful Women" by Forbes magazine, Dicciani was also named as one of the "Top 40 Most Important People in the Chemical Industry" in 2006 by Chemical Business. She has received the "Achievement Award" of the Society of Women Engineers.
Rockwood Holdings, Inc. Announces 2nd Quarter Conference Call and Webcast
PRINCETON, N.J., Jun 29, 2009 (BUSINESS WIRE) -- Rockwood Holdings, Inc. (NYSE: ROC), a global producer of specialty chemicals and advanced materials, will host a conference call and webcast to discuss the results of operations for the second quarter ended June 30, 2009 on Wednesday, July 29th at 11:00 am Eastern Daylight Time.
The dial-in number to access the conference call in the U.S. is (888) 428-4472, and the international dial-in number is (612) 288-0337. No access code is needed for either call. A replay of the conference call will be available through August 12, 2009 at (800) 475-6701 in the U.S., access code: 105662, and internationally at (320) 365-3844, access code: 105662.
A listen-only, live webcast of the conference call will be available at www.rocksp.com. Materials for the call, including a PowerPoint file detailing the results, will be available for download on the company's website on the morning of the call. The webcast and PowerPoint file will be archived on Rockwood's website.
Rockwood Holdings, Inc. is a leading global specialty chemicals and advanced materials company. Rockwood has a worldwide employee base of approximately 10,000 people and annual net sales of approximately $3 billion. The company focuses on global niche segments of the specialty chemicals, pigments and additives and advanced materials markets. For more information on Rockwood, please visit www.rocksp.com.
ROC has been a monster! Alot of recent news out with a CC/Web cast Aug 12 coming
ROC C.C. at Deutsche Bank 2009 Alternative Energy/Clean Tech Conference @ 10:40 ET Today
Wednesday, June 10, 2009 07:40ET
Rockwood Holdings, Incorporated (NYSE : ROC) will host a conference call regarding Rockwood Holdings, Inc., to Present at Deutsche Bank 2009 Alternative Energy/Clean Tech Conference.
Call Details
When : Wednesday, June 10, 2009
Webcast : Click Here to Listen ~ http://www.rockwoodspecialties.com/rock_english/news/pr_6_09c.asp
Source: Company Press Release
Misc Information: The webcast and PowerPoint file will be archived on Rockwood's website.
http://www.knobias.com/story.htm?eid=3.1.b65e7acb85db23b9fdb2da571350a9b17aac93aca5c3c4974b1421ea58f8deb6
ROC to Present at Goldman-Sachs Basic Materials Conference, Presentation Webcast
Power Point Presentation... http://www.rockwoodspecialties.com/rock_english/media/ppt_files/Rockwood_GoldmanSachs_6_4_09.ppt
Tuesday , June 02, 2009 07:00ET
PRINCETON, N.J., Jun 02, 2009 (BUSINESS WIRE) -- Rockwood Holdings, Inc. (NYSE: ROC), a global producer of specialty chemicals and advanced materials, will participate in the Goldman Sachs Basic Materials Conference on Thursday, June 4. Seifi Ghasemi, chairman and chief executive officer of Rockwood, will make a presentation on the company's strategy and diversified portfolio of businesses at 8:30 AM that morning.
A listen-only, live webcast link for the presentation along with the PowerPoint file will be available at www.rocksp.com. Following the conference, the webcast and PowerPoint file will be archived on Rockwood's website. ~ http://www.rockwoodspecialties.com/rock_english/
Rockwood Holdings, Inc. is a leading global specialty chemicals and advanced materials company. Rockwood has a worldwide employee base of approximately 10,000 people and annual net sales of approximately $3 billion. The company focuses on global niche segments of the specialty chemicals, pigments and additives and advanced materials markets. For more information on Rockwood, please visit www.rocksp.com.
There are People on the Planet called Gappers
that would argue each Gap is most likely to be filled.
Last Gap I see...5/18 close $12.93 ~ 5/19 open & low $13.08
Hummm, I’m wondering if that $12.93 might get filled?
Onward Thru the Fog!!
Scov.
I find it wild that no one is on this company. From its low $3.36 in march to the HOD of $15.21 today, its been a monster!
8K on may 14th :The senior management of Rockwood Holdings, Inc. is using the presentation attached as Exhibit 99.1 to this Current Report on Form 8-K at a specialty chemical conference.
http://pinksheets.com/edgar/GetFilingHtml?FilingID=6603280
Rockwood Specialties Group, Inc. Purchases 7.625% Senior Subordinated Notes
PRINCETON, N.J., May 15, 2009 (BUSINESS WIRE) -- Rockwood Specialties Group, Inc. has today purchased EUR 89,462,000 ($122,017,222 based on an exchange rate of EUR 1.00 = $1.3639 on May 14, 2009) aggregate principal amount of its outstanding 7.625% Senior Subordinated Notes due 2014 (the "Notes") at a purchase price of EUR 980.00 per EUR 1,000 principal amount of Notes, or EUR 87,672,760 ($119,576,877) aggregate principal amount of Notes, in settlement of a tender offer in Europe pursuant to a modified Dutch auction. The purchased Notes were then cancelled by the trustee of the Notes, The Bank of New York Mellon. As a result of this cancellation, there are EUR 258,858,000 ($353,056,426) aggregate principal amount of Notes outstanding.
Rockwood Holdings, Inc. is a leading global specialty chemicals and advanced materials company. Rockwood has a worldwide employee base of approximately 10,000 people and annual net sales of approximately $3.4 billion. The company focuses on global niche segments of the specialty chemicals, pigments and additives and advanced materials markets. For more information on Rockwood, please visit www.rocksp.com.
SOURCE: Rockwood Specialties Group, Inc.
CONTACT:
Rockwood Specialties Group, Inc. Timothy McKenna, 609-734-6430 tmckenna@rocksp.com
Zacks Sell List Highlights:
Wednesday, May 06, 2009 09:00ET
CHICAGO, May 06, 2009 (BUSINESS WIRE) -- Zacks.com releases details on a group of stocks that are currently members of the exclusive Zacks #5 Rank List - Stocks to Sell Now. These stocks are currently rated as a Zacks Rank #5 (Strong Sell): Bunge Ltd (NYSE: BG) and Rockwood Holdings Inc (NYSE: ROC). Further, Zacks announced #4 Rankings (Sell) on two other widely held stocks: AptarGroup Inc (NYSE: ATR) and Total System Services Inc (NYSE: TSS). To see the full Zacks #5 Rank List - Stocks to Sell Now visit: http://at.zacks.com/?id=92
Rockwood Holdings Inc (NYSE: ROC) reported a first-quarter loss of 2 cents per share in April while analysts expected earnings of 12 cents. Sales dipped 21.8% year-over-year to $660 million due to a steep fall in demand amid the global downturn. Four out of 7 covering analysts reduced their expectations over the past month, sending the full-year average estimate down to $1 from $1.20 per share. In the last 7 days, the consensus for 2010 dropped to $1.48 from $1.61 per share as 2 analysts out of 5 cut back on forecasts.
http://www.knobias.com/story.htm?eid=3.1.5f4391405f6313fd02b518584e7359d9f8e020c737c0014d0baffe142f874351
Q1 Adj EPS (2c) vs 59c Misses 11c Est
Wednesday, April 29, 2009 06:30ET
QUARTER RESULTS
Rockwood Holdings, Incorporated (ROC) reported Q1 results ended March 2009. Q1 Revenues were $660.00M; -21.78% vs yr-ago; MISSING revenue consensus by -12.47%. Q1 EPS was (5c). Adjusted Q1 EPS was (2c); -103.39% vs yr-ago; MISSING earnings consensus by -118.18%.
Q1 RESULTS Reported Year-Ago Y/Y Chg Estimate SURPRISEORIGINAL EARNINGS RELEASE ~ http://www.knobias.com/story.htm?eid=3.1.fa4e9d3ad0aee453d8788f1727fdcc8ddc63947ebf867f5f6c47339c75a2f7a9
---------- ------------ ------------ ---------- ------------ ----------
Revenues: $660.00M $843.80M -21.78% $754.00M -12.47%
---------- ------------ ------------ ---------- ------------ ----------
EPS: (5c) N/A N/A N/A N/A
Adj EPS: (2c) 59c -103.39% 11c -118.18%
---------- ------------ ------------ ---------- ------------ ----------
10-K Mar 2, 2009 link: http://pinksheets.com/edgar/GetFilingHtml?FilingID=6448057
Rockwood Reports Fourth Quarter and Full Year Results
PRINCETON, N.J., Feb 18, 2009 (BUSINESS WIRE) -- Rockwood Holdings, Inc. (NYSE: ROC), a global producer of specialty chemicals and advanced materials, today announced results for the fourth quarter and full year 2008.
The highlights from continuing operations for the fourth quarter and year ended December 31, 2008 are as follows:
-- Net sales were $732.3 million for the fourth quarter of 2008, down 6.6% compared to $784.1 million for the same period in the prior year. Net sales were $3,380.1 million for the year ended December 31, 2008, up 10.3% compared to $3,065.2 million for the same period in the prior year.
-- Adjusted EBITDA from continuing operations was $131.4 million for the fourth quarter of 2008, down 14.2% compared to $153.1 million for the same period in the prior year. Adjusted EBITDA from continuing operations was $638.9 million for the year ended December 31, 2008, up 6.1% compared to $602.4 million last year.
-- On a constant-currency basis, net sales were up 0.6% and Adjusted EBITDA from continuing operations was down 8.0% for the fourth quarter of 2008, and were up 6.3% and 1.1%, respectively, for the year ended December 31, 2008.
-- Net loss from continuing operations for the fourth quarter of 2008 was $(734.1) million, including after-tax net non-recurring and other special charges of $748.4 primarily related to goodwill impairment charges recorded within several businesses. Net income from continuing operations for the fourth quarter of 2007 was $14.7 million, including after-tax net non-recurring and other special charges of $15.5 million.
-- Net loss from continuing operations for the year ended December 31, 2008 was $(634.6) million, including after-tax net non-recurring and other special charges of $778.5 million primarily related to the goodwill impairment charges recorded in the fourth quarter of 2008. Net income from continuing operations for the year ended December 31, 2007 was $81.5 million, including after-tax net non-recurring and other special charges of $36.1 million.
-- Diluted loss per share from continuing operations for the fourth quarter of 2008 was $(9.91), including after-tax net non-recurring and other special charges of $10.10. Excluding net non-recurring and other special charges, diluted earnings per share from continuing operations were $0.19 in the fourth quarter of 2008. Diluted earnings per share from continuing operations for the fourth quarter of 2007 were $0.19, including after-tax net non-recurring and other special charges of $0.20. Excluding net non-recurring and other special charges, diluted earnings per share from continuing operations were $0.39 in the fourth quarter of 2007.
-- Diluted loss per share from continuing operations for the full year 2008 was $(8.58), including after-tax net non-recurring and other special charges of $10.47. Excluding net non-recurring and other special charges, diluted earnings per share from continuing operations were $1.89 for the full year 2008. Diluted earnings per share from continuing operations for the full year 2007 were $1.07, including after-tax net non-recurring and other special charges of $0.47. Excluding net non-recurring and other special charges, diluted earnings per share from continuing operations were $1.54 in the full year 2007.
-- As previously announced, we completed the sale of our Pool and Spa Chemicals business in October 2008 and recorded a gain on sale, net of taxes of $40.5 million. The results of this business have been accounted for as a discontinued operation in the consolidated financial statements for all periods presented.
Commenting on Rockwood's performance, Seifi Ghasemi, Chairman and Chief Executive Officer, said, "The significant slowdown in global business activity affected our revenues but our proactive cost control measures enabled us to achieve Adjusted EBITDA margins at the 18% level during the fourth quarter despite the poor economic climate. We have been focused on consolidating facilities, reducing work hours and headcount, controlling discretionary expenses, and maintaining our pricing. Recognizing that we are in a global recession, we will remain intensely focused on the items we can control. With cash and cash equivalents at year end of approximately $469 million, we will also continue to focus on maintaining our strong liquidity position. We are confident that this proactive stance, combined with the strength of our portfolio, our major market positions and the diversity of our customer base, will enable us to perform up to our high expectations."
Fourth quarter results, as compared with the same period a year ago, are summarized below:
-- Specialty Chemicals: Net sales decreased 5.9% in part due to the impact of currency changes, while Adjusted EBITDA was up 3.2% primarily from higher selling prices, partially offset by lower volumes and higher raw material costs. -- In our Fine Chemicals business, higher selling prices of lithium products were partially offset by lower volumes of lithium products and metal sulfide applications.
-- In our Surface Treatment business, lower volumes, particularly in automotive applications, were partially offset by increased selling prices, the impact from bolt-on acquisitions and cost control measures.
-- In both businesses, higher raw material costs and the impact of currency changes had a negative impact on results.
-- Performance Additives: Net sales and Adjusted EBITDA decreased 23.5% and 75.6%, respectively. -- Results were negatively impacted by lower volumes of construction-related products.
-- Higher raw material costs, primarily in our Color Pigments and Services business, also had a negative impact on Adjusted EBITDA, partially offset by increased selling prices and the impact of a bolt-on acquisition.
-- Titanium Dioxide Pigments: Net sales and Adjusted EBITDA increased 42.3% and 5.0%, respectively. However, net sales and Adjusted EBITDA declined significantly excluding the impact of the venture with Kemira that was completed in September 2008. -- Market conditions, including current industry overcapacity particularly serving the construction industry, have continued to negatively impact this segment.
-- Lower volumes for functional additives and titanium dioxide products, primarily commodity grade, as well as higher energy and raw material costs, had a negative effect on results.
-- Advanced Ceramics: Net sales and Adjusted EBITDA decreased 13.5% and 20.1%, respectively. -- Lower volumes in most applications were partially offset by increased volumes of medical products.
-- Higher raw material and energy costs also had a negative impact on Adjusted EBITDA.
-- Specialty Compounds: Net sales and Adjusted EBITDA decreased 23.6% and 18.0%, respectively. -- Results were down primarily from lower volumes in wire and cable applications, partially offset by increased selling prices.
-- Higher raw material costs also had a negative impact on Adjusted EBITDA.
-- Corporate and other: Corporate costs were down due to lower compensation-related costs and lower professional fees recorded in the fourth quarter of 2008, as well as other cost control measures.
-- Other Items: -- Impairment charges. As a result of the significant drop in global stock valuations, the substantial reduction in the market valuation of Rockwood and comparable companies, and the continuing negative global economic and market outlook, we recorded a non-cash charge of $809.5 million in the fourth quarter of 2008 to write-down the carrying value of goodwill within several businesses. The write-down had no impact on the Company's debt, Adjusted EBITDA or calculation of lender covenants.
-- Restructuring and other severance costs of $29.6 million were recorded in the fourth quarter of 2008 primarily related to miscellaneous headcount reductions throughout the Company.
-- Interest expense increased $30.7 million in the fourth quarter of 2008 compared to the same period in the prior year. The fourth quarter of 2008 and 2007 included non-cash losses of $44.7 million and $16.8 million, respectively, representing the movement in the mark-to-market valuation of our interest rate hedges. Excluding the impact of these losses, interest expense increased $2.8 million primarily due to debt incurred related to the Titanium Dioxide Pigments venture with Kemira.
-- Gain on early extinguishment of debt. In the fourth quarter of 2008, we redeemed 11.0 million Euros of our senior subordinated notes due in 2014 and recorded a gain of $4.0 million.
-- Foreign exchange loss of $20.1 million for the fourth quarter of 2008 was primarily due to the impact of the weaker pound sterling as of December 31, 2008 versus September 30, 2008, in connection with non-operating euro-denominated transactions.
-- Income taxes. The effective tax rate for the fourth quarter of 2008 of 8.4% was primarily impacted by the impairment losses on non-deductible goodwill. The effective tax rate for the full year 2008, after excluding non-recurring items, was approximately 31%.
-- Minority interest in continuing operations, net of tax in the fourth quarter of 2008 primarily relates to the goodwill impairment charge recorded in the Titanium Dioxide Pigments venture.
-- Free cash flow was an inflow of $89.9 million for the year ended December 31, 2008. This amount consists of net cash provided by operating activities from continuing operations of $290.8 million plus non-recurring items and other, net of $17.9 million and proceeds on the sale of property, plant and equipment of $5.2 million, less capital expenditures of $224.0 million.
-- Net debt, which is total debt less cash and cash equivalents, was $2,342.5 million as of December 31, 2008 compared to $2,231.3 million as of December 31, 2007. The increase in net debt was primarily due to increased debt levels related to the Titanium Dioxide Pigments venture with Kemira, partially offset by the impact of currency changes.
Conference Call and Webcast
We will host a conference call and webcast to discuss the results of operations for the fourth quarter and full year ended December 31, 2008, on Wednesday, February 18, 2009 at 11:00 am Eastern Standard Time. The dial-in number to access the conference call in the U.S. is (800) 230-1059 and the international dial-in number is (612) 332-0637. No access code is needed for either call. A replay of the conference call will be available through March 4, 2009 at (800) 475-6701 in the U.S., access code: 980859, and internationally at (320) 365-3844, access code: 980859.
A listen only, live webcast of the conference call will be available at www.rocksp.com. Materials for the call, including a PowerPoint file detailing the results, will be available for download on the site on the morning of the call. The webcast and PowerPoint file will be archived on Rockwood's website.
Non-GAAP Financial Measures
This press release includes "non-GAAP financial measures," such as, a discussion of Adjusted EBITDA, free cash flow, net income (loss)/diluted earnings (loss) per share from continuing operations excluding certain items. Adjusted EBITDA is not intended to be an alternative to net income (loss) as an indicator of operating performance or to cash flows from operating activities as a measure of liquidity. Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. All presentations of consolidated Adjusted EBITDA are calculated using the definition set forth in the senior secured credit agreement as a basis and reflects management's interpretations thereof. Adjusted EBITDA, which is referred to under the senior secured credit agreement as "Consolidated EBITDA," is defined in the senior secured credit agreement as consolidated earnings (which, as defined in the senior secured credit agreement, equals income (loss) before the deduction of income taxes of Rockwood Specialties Group, Inc. and the Restricted Subsidiaries (as such term is defined in the senior secured credit agreement), excluding extraordinary items) plus certain items including interest expense, depreciation expense, amortization expense, extraordinary losses and non-recurring charges, losses on asset sales, less certain items including extraordinary gains and non-recurring gains, non-cash gains and gains on asset sales. We use Adjusted EBITDA on a consolidated basis to assess our operating performance, to calculate performance-based cash bonuses and determine whether certain performance-based options vest (as both such bonuses and options are tied to Adjusted EBITDA), and as a liquidity measure. In addition, we use Adjusted EBITDA to determine compliance with our debt covenants. We also use Adjusted EBITDA on a segment basis as the primary measure used by our chief operating decision maker to evaluate the ongoing performance of our business segments and reporting units. A reconciliation of Adjusted EBITDA to net income (loss) is contained in the press release. We strongly urge you to review the reconciliation. In addition, we discuss sales growth in terms of nominal (actual) and net change (nominal less constant currency impacts). Free cash flow is not intended to be an alternative to cash flows from operating activities as a measure of liquidity. Our presentation of free cash flow is defined as net cash from operating activities from continuing operations, plus non-recurring items and other, net and proceeds on the sale of property, plant and equipment (excludes sales of property, plant and equipment related to sales of businesses) less capital expenditures. Management believes that free cash flow is meaningful to investors because it provides an additional measure of liquidity. Neither net income (loss) from continuing operations excluding certain items nor diluted earnings per share from continuing operations excluding certain items is intended to be an alternative for net income (loss) or diluted earnings (loss) per share. Management believes that net income (loss) and diluted earnings (loss) per share from continuing operations excluding certain items is meaningful to investors because it provides a view of the Company with respect to ongoing operating results. Reconciliations of these non-GAAP financial measures are included herein. These non-GAAP measures should not be viewed as an alternative to GAAP measures of performance. Furthermore, these measures may not be consistent with similar measures provided by other companies.
Rockwood Holdings, Inc. is a leading global specialty chemicals and advanced materials company. Rockwood has a worldwide employee base of approximately 10,000 people and annual net sales of approximately $3.4 billion. Rockwood focuses on global niche segments of the specialty chemicals, pigments and additives and advanced materials markets. For more information on Rockwood, please visit www.rocksp.com.
The information set forth in this press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the business, operations and financial condition of Rockwood Holdings, Inc. and its subsidiaries and affiliates ("Rockwood"). Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "predicts" and variations of such words or expressions are intended to identify forward-looking statements. Although Rockwood believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, there can be no assurance that its expectations will be realized. "Forward-looking statements" consist of all non-historical information, including any statements referring to the prospects and future performance of Rockwood. Actual results could differ materially from those projected in Rockwood's forward-looking statements due to numerous known and unknown risks and uncertainties, including, among other things, the "Risk Factors" described in Rockwood's filings with the Securities and Exchange Commission. Rockwood does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
Rockwood Holdings, Inc. and Subsidiaries
Consolidated Statements of Operations
(Dollars in millions, except per share amounts; shares in
thousands)
Three Months Ended Year Ended
December 31, December 31,
2008 2007 2008 2007
Net sales $ 732.3 $ 784.1 $ 3,380.1 $ 3,065.2
Cost of products sold 531.3 539.9 2,365.8 2,089.1
Gross profit 201.0 244.2 1,014.3 976.1
Selling, general and administrative expenses 148.6 155.9 661.3 597.6
Goodwill impairment charges 809.5 - 809.5 -
Restructuring and other severance costs 29.6 3.1 35.3 12.0
(Gain) loss on sale of assets and other (0.6 ) 0.6 (2.4 ) (4.7 )
Operating (loss) income (786.1 ) 84.6 (489.4 ) 371.2
Other income (expenses):
Interest expense (91.4 ) (60.7 ) (231.1 ) (219.3 )
Interest income 1.8 1.4 6.0 11.5
Gain (loss) on early extinguishment of debt 4.0 - 4.0 (18.6 )
Refinancing expenses - - - (0.9 )
Foreign exchange (loss) gain, net (20.1 ) (3.5 ) (32.3 ) 7.8
Other, net - 0.1 0.7 -
Other expenses, net (105.7 ) (62.7 ) (252.7 ) (219.5 )
(Loss) income from continuing operations before taxes and
minority interest (891.8 ) 21.9 (742.1 ) 151.7
Income tax (benefit) provision (74.5 ) 5.5 (23.9 ) 62.3
(Loss) income from continuing operations before minority interest (817.3 ) 16.4 (718.2 ) 89.4
Minority interest in continuing operations, net of tax 83.2 (1.7 ) 83.6 (7.9 )
Net (loss) income from continuing operations (734.1 ) 14.7 (634.6 ) 81.5
Income from discontinued operations, net of tax 0.4 9.7 3.3 25.3
Gain on sale of discontinued operations, net of tax 42.9 94.7 42.9 210.4
Minority interest in discontinued operations, net of tax - - - (0.1 )
Net (loss) income $ (690.8 ) $ 119.1 $ (588.4 ) $ 317.1
Basic (loss) earnings per share:
(Loss) earnings from continuing operations $ (9.91 ) $ 0.20 $ (8.58 ) $ 1.10
Earnings from discontinued operations, net of tax 0.58 1.41 0.63 3.20
Basic (loss) earnings per share $ (9.33 ) $ 1.61 $ (7.95 ) $ 4.30
Diluted (loss) earnings per share:
(Loss) earnings from continuing operations $ (9.91 ) $ 0.19 $ (8.58 ) $ 1.07
Earnings from discontinued operations, net of tax 0.58 1.37 0.63 3.09
Diluted (loss) earnings per share $ (9.33 ) $ 1.56 $ (7.95 ) $ 4.16
Weighted average number of basic shares outstanding 74,059 73,865 73,983 73,817
Weighted average number of diluted shares outstanding 74,059 76,523 73,983 76,279
(a) Interest expense includes:
Interest expense on debt $ (44.2 ) $ (41.6 ) $ (170.0 ) $ (177.9 )
Mark-to-market losses on interest rate swaps (44.7 ) (16.8 ) (51.5 ) (32.2 )
Deferred financing costs (2.5 ) (2.3 ) (9.6 ) (9.2 )
Total $ (91.4 ) $ (60.7 ) $ (231.1 ) $ (219.3 )
Rockwood Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets
(Dollars in millions, except per share amounts; shares in
thousands)
December 31,
2008 2007
ASSETS
Current assets:
Cash and cash equivalents $ 468.7 $ 350.1
Accounts receivable, net 464.6 460.3
Inventories 641.0 526.9
Deferred income taxes 20.3 22.6
Prepaid expenses and other current assets 65.9 69.7
Assets of discontinued operations - 75.1
Total current assets 1,660.5 1,504.7
Property, plant and equipment, net 1,752.2 1,508.5
Goodwill 917.8 1,730.0
Other intangible assets, net 754.8 675.9
Deferred debt issuance costs, net of accumulated amortization
of $39.2 and $31.2, respectively 39.1 41.1
Deferred income taxes 11.3 15.5
Other assets 39.5 39.2
Total assets $ 5,175.2 $ 5,514.9
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 260.8 $ 285.5
Income taxes payable 4.1 9.5
Accrued compensation 92.6 81.5
Restructuring liability 18.9 14.0
Accrued expenses and other current liabilities 198.4 164.3
Deferred income taxes 9.8 7.2
Long-term debt, current portion 90.9 107.4
Liabilities of discontinued operations - 17.0
Total current liabilities 675.5 686.4
Long-term debt 2,720.3 2,474.0
Pension and related liabilities 352.0 327.5
Deferred income taxes 94.7 112.6
Other liabilities 191.7 165.7
Total liabilities 4,034.2 3,766.2
Minority interest 315.4 175.3
Restricted stock units 2.1 1.8
Stockholders' equity:
Common stock ($0.01 par value, 400,000 shares authorized, 74,155
shares issued and 74,061 shares outstanding at December 31, 2008;
400,000 shares authorized, 73,989 shares issued and 73,895
shares outstanding at December 31, 2007) 0.7 0.7
Paid-in capital 1,163.5 1,156.2
Accumulated other comprehensive income 204.0 371.0
Retained (deficit) earnings (543.3 ) 45.1
Treasury stock, at cost (1.4 ) (1.4 )
Total stockholders' equity 823.5 1,571.6
Total liabilities and stockholders' equity $ 5,175.2 $ 5,514.9
Rockwood Holdings, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Dollars in millions)
Year ended
December 31,
2008 2007
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income $ (588.4 ) $ 317.1
Adjustments to reconcile net (loss) income to net cash provided by
operating activities:
Income from discontinued operations, net of tax (3.3 ) (25.3 )
Gain on sale of discontinued operations, net of tax (42.9 ) (210.4 )
Minority interest in discontinued operations, net of tax - 0.1
Depreciation and amortization 258.9 211.7
Deferred financing costs amortization 9.6 9.2
(Gain) loss on early extinguishment of debt (including $4.1 of
noncash write-offs on deferred
financing costs for the year ended December 31, 2007) (4.0 ) 18.6
Foreign exchange loss (gain) 32.3 (7.8 )
Fair value adjustment of derivatives 51.5 32.2
Bad debt provision 3.4 (1.3 )
Acquired in-process research and development 2.9 -
Stock-based compensation 4.1 3.9
Deferred income taxes (64.5 ) 28.4
Goodwill impairment charges 809.5 -
Loss (gain) on sale of assets and other 0.7 (4.7 )
Minority interest in continuing operations (83.6 ) 7.9
Changes in assets and liabilities, net of the effect of foreign
currency translation and acquisitions:
Accounts receivable 36.8 7.1
Inventories, including inventory write-up charges (66.8 ) (34.5 )
Prepaid expenses and other assets 12.6 (18.5 )
Accounts payable (52.1 ) 1.6
Income taxes payable (1.4 ) (5.8 )
Accrued expenses and other liabilities (24.5 ) 0.7
Net cash provided by operating activities of continuing operations 290.8 330.2
Net cash provided by operating activities of discontinued operations 12.0 38.3
Net cash provided by operating activities 302.8 368.5
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions, including transaction fees paid, net of cash acquired (232.7 ) (240.1 )
Post closing purchase price consideration 29.8 -
Capital expenditures, excluding capital leases (224.0 ) (193.2 )
Proceeds from formation of Viance joint venture, net - 73.0
Proceeds on sale of assets 7.0 14.2
Net cash used in investing activities of continuing operations (419.9 ) (346.1 )
Net cash provided by investing activities of discontinued
operations, including net sale proceeds
of $122.0 and $731.7 in 2008 and 2007, respectively 116.3 723.7
Net cash (used in) provided by investing activities (303.6 ) 377.6
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock, net of fees 2.3 1.5
Titanium Dioxide Pigments venture financing 362.5 -
Payment of assumed debt to Titanium Dioxide Pigments venture (141.4 ) -
minority shareholder
Repayment of 2011 Notes - (273.4 )
Repayment of 2014 Notes (10.2 ) -
Repayment of senior secured credit facilities (68.7 ) (57.1 )
Repayment of senior secured credit facilities revolver - (37.0 )
Payments on other long-term debt (30.9 ) (24.1 )
Deferred financing costs (5.0 ) -
Payments related to early extinguishment of debt - (14.5 )
Distribution to minority shareholder (3.9 ) (7.2 )
Net cash provided by (used in) financing activities of continuing 104.7 (411.8 )
operations
Net cash used in financing activities of discontinued operations - -
Net cash provided by (used in) financing activities 104.7 (411.8 )
Effect of exchange rate changes on cash and cash equivalents 14.7 (10.3 )
Net increase in cash and cash equivalents 118.6 324.0
Less increase in cash and cash equivalents from discontinued - (1.6 )
operations, net (a)
Increase in cash and cash equivalents from continuing operations 118.6 322.4
Cash and cash equivalents of continuing operations, beginning of 350.1 27.7
period
Cash and cash equivalents of continuing operations, end of period $ 468.7 $ 350.1
(a) Excludes net sale proceeds of $122.0 and intercompany
transfers of $6.3 for the year ended December 31, 2008.
Excludes
net sale proceeds of $731.7 and intercompany transfers of $28.7 in
2007.
Supplemental disclosures of cash flow information:
Interest paid $ 167.3 $ 174.4
Income taxes paid, net of refunds $ 41.9 $ 39.8
Non-cash investing activities:
Titanium Dioxide Pigments venture formation, net $ 246.0 $ -
Acquisition of capital equipment $ 22.7 $ 24.7
Rockwood Holdings, Inc. and Subsidiaries
Net Sales and Adjusted EBITDA
Net Sales
Three Months Ended
December 31,
($ in millions) 2008 2007 % Change
Specialty Chemicals $ 265.9 $ 282.7 (5.9 ) %
Performance Additives 158.8 207.7 (23.5 )
Titanium Dioxide Pigments 154.0 108.2 42.3
Advanced Ceramics 101.0 116.7 (13.5 )
Specialty Compounds 50.7 66.4 (23.6 )
Corporate and other 1.9 2.4 (20.8 )
Total (a) $ 732.3 $ 784.1 (6.6 ) %
Adjusted EBITDA
Three Months Ended
December 31,
($ in millions) 2008 2007 % Change
Specialty Chemicals $ 71.6 $ 69.4 3.2 %
Performance Additives 7.6 31.2 (75.6 )
Titanium Dioxide Pigments 22.9 21.8 5.0
Advanced Ceramics 28.7 35.9 (20.1 )
Specialty Compounds 7.3 8.9 (18.0 )
Corporate and other (6.7 ) (14.1 ) 52.5
Adjusted EBITDA from continuing operations 131.4 153.1 (14.2 )
Discontinued operations - Pool and Spa Chemicals 0.3 6.1 (95.1 )
Total Adjusted EBITDA $ 131.7 $ 159.2 (17.3 ) %
(a) - Excludes net sales of $2.9 million and $23.1 million for the
three months ended December 31, 2008 and 2007, respectively, from
the Pool and Spa Chemicals business that was sold in October 2008.
The results of this business have been accounted for as a
discontinued operation in the consolidated financial statements for
all periods presented.
Rockwood Holdings, Inc. and Subsidiaries
Net Sales and Adjusted EBITDA
Net Sales
Year Ended
December 31,
($ in millions) 2008 2007 % Change
Specialty Chemicals $ 1,232.6 $ 1,082.9 13.8 %
Performance Additives 835.6 798.5 4.6
Titanium Dioxide Pigments 534.8 442.9 20.7
Advanced Ceramics 505.9 452.5 11.8
Specialty Compounds 261.5 276.6 (5.5 )
Corporate and other 9.7 11.8 (17.8 )
Total (a) $ 3,380.1 $ 3,065.2 10.3 %
Adjusted EBITDA
Year Ended
December 31,
($ in millions) 2008 2007 % Change
Specialty Chemicals $ 313.0 $ 262.2 19.4 %
Performance Additives 107.1 150.7 (28.9 )
Titanium Dioxide Pigments 83.1 82.7 0.5
Advanced Ceramics 150.2 128.1 17.3
Specialty Compounds 34.0 34.3 (0.9 )
Corporate and other (48.5 ) (55.6 ) 12.8
Adjusted EBITDA from continuing operations 638.9 602.4 6.1
Discontinued operations - Pool and Spa Chemicals 5.4 12.0 (55.0 )
Total Adjusted EBITDA $ 644.3 $ 614.4 4.9 %
(a) - Excludes net sales of $54.9 million and $71.2 million for
the year ended December 31, 2008 and 2007, respectively, from the
Pool and Spa Chemicals business that was sold in October 2008. The
results of this business have been accounted for as a discontinued
operation in the consolidated financial statements for all periods
presented.
Rockwood Holdings, Inc. and Subsidiaries
Reconciliation of Segment Net Sales and Adjusted EBITDA
Three Months Ended
December 31, Total Total
($ in millions) 2008 2007 Change in $ Change in %
Net Sales:
Specialty Chemicals $ 265.9 $ 282.7 $ (16.8 ) (5.9 ) %
Performance Additives 158.8 207.7 (48.9 ) (23.5 )
Titanium Dioxide Pigments 154.0 108.2 45.8 42.3
Advanced Ceramics 101.0 116.7 (15.7 ) (13.5 )
Specialty Compounds 50.7 66.4 (15.7 ) (23.6 )
Corporate and other 1.9 2.4 (0.5 ) (20.8 )
Total $ 732.3 $ 784.1 $ (51.8 ) (6.6 ) %
Constant Constant Currency Basis
Currency Net Net
($ in millions) Effect in $ Change in $ Change in %
Net Sales:
Specialty Chemicals $ (23.1 ) $ 6.3 2.2 %
Performance Additives (11.0 ) (37.9 ) (18.2 )
Titanium Dioxide Pigments (8.5 ) 54.3 50.2
Advanced Ceramics (8.7 ) (7.0 ) (6.0 )
Specialty Compounds (4.7 ) (11.0 ) (16.6 )
Corporate and other (0.2 ) (0.3 ) (12.5 )
Total $ (56.2 ) $ 4.4 0.6 %
Three Months Ended
December 31, Total Total
($ in millions) 2008 2007 Change in $ Change in %
Adjusted EBITDA:
Specialty Chemicals $ 71.6 $ 69.4 $ 2.2 3.2 %
Performance Additives 7.6 31.2 (23.6 ) (75.6 )
Titanium Dioxide Pigments 22.9 21.8 1.1 5.0
Advanced Ceramics 28.7 35.9 (7.2 ) (20.1 )
Specialty Compounds 7.3 8.9 (1.6 ) (18.0 )
Corporate and other (6.7 ) (14.1 ) 7.4 52.5
Adjusted EBITDA from continuing operations 131.4 153.1 (21.7 ) (14.2 )
Discontinued operations - Pool and Spa Chemicals 0.3 6.1 (5.8 ) (95.1 )
Total Adjusted EBITDA $ 131.7 $ 159.2 $ (27.5 ) (17.3 ) %
Constant Constant Currency Basis
Currency Net Net
($ in millions) Effect in $ Change in $ Change in %
Adjusted EBITDA:
Specialty Chemicals $ (4.2 ) $ 6.4 9.2 %
Performance Additives (1.0 ) (22.6 ) (72.4 )
Titanium Dioxide Pigments (1.2 ) 2.3 10.6
Advanced Ceramics (2.7 ) (4.5 ) (12.5 )
Specialty Compounds (0.5 ) (1.1 ) (12.4 )
Corporate and other 0.1 7.3 51.8
Adjusted EBITDA from continuing operations (9.5 ) (12.2 ) (8.0 )
Discontinued operations - Pool and Spa Chemicals - (5.8 ) (95.1 )
Total Adjusted EBITDA $ (9.5 ) $ (18.0 ) (11.3 ) %
Rockwood Holdings, Inc. and Subsidiaries
Reconciliation of Segment Net Sales and Adjusted EBITDA
Year Ended
December 31, Total Total
($ in millions) 2008 2007 Change in $ Change in %
Net Sales:
Specialty Chemicals $ 1,232.6 $ 1,082.9 $ 149.7 13.8 %
Performance Additives 835.6 798.5 37.1 4.6
Titanium Dioxide Pigments 534.8 442.9 91.9 20.7
Advanced Ceramics 505.9 452.5 53.4 11.8
Specialty Compounds 261.5 276.6 (15.1 ) (5.5 )
Corporate and other 9.7 11.8 (2.1 ) (17.8 )
Total $ 3,380.1 $ 3,065.2 $ 314.9 10.3 %
Constant Constant Currency Basis
Currency Net Net
($ in millions) Effect in $ Change in $ Change in %
Net Sales:
Specialty Chemicals $ 53.0 $ 96.7 8.9 %
Performance Additives 3.8 33.3 4.2
Titanium Dioxide Pigments 32.9 59.0 13.3
Advanced Ceramics 35.7 17.7 3.9
Specialty Compounds (3.1 ) (12.0 ) (4.3 )
Corporate and other 0.7 (2.8 ) (23.7 )
Total $ 123.0 $ 191.9 6.3 %
Year Ended
December 31, Total Total
($ in millions) 2008 2007 Change in $ Change in %
Adjusted EBITDA:
Specialty Chemicals $ 313.0 $ 262.2 $ 50.8 19.4 %
Performance Additives 107.1 150.7 (43.6 ) (28.9 )
Titanium Dioxide Pigments 83.1 82.7 0.4 0.5
Advanced Ceramics 150.2 128.1 22.1 17.3
Specialty Compounds 34.0 34.3 (0.3 ) (0.9 )
Corporate and other (48.5 ) (55.6 ) 7.1 12.8
Adjusted EBITDA from continuing operations 638.9 602.4 36.5 6.1
Discontinued operations - Pool and Spa Chemicals 5.4 12.0 (6.6 ) (55.0 )
Total Adjusted EBITDA $ 644.3 $ 614.4 $ 29.9 4.9 %
Constant Constant Currency Basis
Currency Net Net
($ in millions) Effect in $ Change in $ Change in %
Adjusted EBITDA:
Specialty Chemicals $ 11.7 $ 39.1 14.9 %
Performance Additives 2.0 (45.6 ) (30.3 )
Titanium Dioxide Pigments 5.2 (4.8 ) (5.8 )
Advanced Ceramics 12.0 10.1 7.9
Specialty Compounds - (0.3 ) (0.9 )
Corporate and other (0.8 ) 7.9 14.2
Adjusted EBITDA from continuing operations 30.1 6.4 1.1
Discontinued operations - Pool and Spa Chemicals - (6.6 ) (55.0 )
Total Adjusted EBITDA $ 30.1 $ (0.2 ) - %
Rockwood Holdings, Inc. and Subsidiaries
Reconciliation of Income (loss) from Continuing Operations
before Taxes and
Minority Interest to Adjusted EBITDA by Segment
Titanium
Specialty Performance Dioxide Advanced
($ in millions) Chemicals Additives Pigments Ceramics
Three months ended December 31, 2008
Income (loss) from continuing operations
before taxes and minority interest $ 17.8 $ (483.7 ) $ (257.3 ) $ 2.1
Interest expense 15.2 7.8 11.3 7.8
Interest income (0.3 ) 0.2 (0.1 ) (0.1 )
Depreciation and amortization 18.7 16.3 17.0 11.4
Goodwill impairment charges - 456.6 247.7 -
Acquisition related expenses 2.2 6.2 3.9 1.6
Restructuring and other severance costs 15.7 3.0 0.2 3.6
Gain on early extinguishment of debt - - - -
(Gain) loss on sale of assets and other (0.8 ) - 0.3 (0.1 )
Foreign exchange loss (gain), net 2.9 0.2 (0.2 ) 2.3
Other 0.2 1.0 0.1 0.1
Adjusted EBITDA from continuing operations 71.6 7.6 22.9 28.7
Discontinued operations - Pool and Spa Chemicals - 0.3 - -
Total Adjusted EBITDA $ 71.6 $ 7.9 $ 22.9 $ 28.7
Specialty Corporate and
($ in millions) Compounds other Consolidated
Three months ended December 31, 2008
Income (loss) from continuing operations
before taxes and minority interest $ (103.6 ) $ (67.1 ) $ (891.8 )
Interest expense 2.4 46.9 91.4
Interest income (0.1 ) (1.4 ) (1.8 )
Depreciation and amortization 3.0 1.9 68.3
Goodwill impairment charges 105.2 - 809.5
Acquisition related expenses 0.4 0.2 14.5
Restructuring and other severance costs - 2.0 24.5
Gain on early extinguishment of debt - (4.0 ) (4.0 )
(Gain) loss on sale of assets and other - - (0.6 )
Foreign exchange loss (gain), net - 14.9 20.1
Other - (0.1 ) 1.3
Adjusted EBITDA from continuing operations 7.3 (6.7 ) 131.4
Discontinued operations - Pool and Spa Chemicals - - 0.3
Total Adjusted EBITDA $ 7.3 $ (6.7 ) $ 131.7
Titanium
Specialty Performance Dioxide Advanced
($ in millions) Chemicals Additives Pigments Ceramics
Three months ended December 31, 2007
Income (loss) from continuing operations
before taxes and minority interest $ 39.8 $ 1.0 $ (0.3 ) $ 15.6
Interest expense 11.5 7.8 8.5 8.6
Interest income 2.9 (1.0 ) (0.2 ) 0.4
Depreciation and amortization 14.5 17.2 12.5 10.7
Acquisition related expenses 0.1 5.6 0.5 1.0
Restructuring and other severance costs 0.7 0.5 - 0.3
(Gain) loss on sale of assets and other 0.2 (0.1 ) 0.4 -
Foreign exchange gain, net (0.3 ) - 0.4 (0.8 )
Other - 0.2 - 0.1
Adjusted EBITDA from continuing operations 69.4 31.2 21.8 35.9
Discontinued operations - Pool and Spa Chemicals - 6.1 - -
Total Adjusted EBITDA $ 69.4 $ 37.3 $ 21.8 $ 35.9
Specialty Corporate and
($ in millions) Compounds other Consolidated
Three months ended December 31, 2007
Income (loss) from continuing operations
before taxes and minority interest $ 2.8 $ (37.0 ) $ 21.9
Interest expense 2.4 21.9 60.7
Interest income 0.2 (3.7 ) (1.4 )
Depreciation and amortization 2.8 1.4 59.1
Acquisition related expenses 0.7 (1.6 ) 6.3
Restructuring and other severance costs - 0.1 1.6
(Gain) loss on sale of assets and other - 0.1 0.6
Foreign exchange gain, net - 4.2 3.5
Other - 0.5 0.8
Adjusted EBITDA from continuing operations 8.9 (14.1 ) 153.1
Discontinued operations - Pool and Spa Chemicals - - 6.1
Total Adjusted EBITDA $ 8.9 $ (14.1 ) $ 159.2
Rockwood Holdings, Inc. and Subsidiaries
Reconciliation of Income (loss) from Continuing Operations
before Taxes and
Minority Interest to Adjusted EBITDA by Segment
Titanium
Specialty Performance Dioxide Advanced
($ in millions) Chemicals Additives Pigments Ceramics
Year ended December 31, 2008
Income (loss) from continuing operations
before taxes and minority interest $ 166.5 $ (470.6 ) $ (266.3 ) $ 61.3
Interest expense 56.2 30.4 37.9 34.2
Interest income (1.2 ) 1.3 (0.2 ) (0.2 )
Depreciation and amortization 69.7 67.2 56.3 47.0
Goodwill impairment charges - 456.6 247.7 -
Acquisition related expenses 4.6 17.0 6.7 2.4
Restructuring and other severance costs 16.1 3.4 0.2 4.0
Gain on early extinguishment of debt - - - -
(Gain) loss on sale of assets and other (1.3 ) - 1.1 0.1
Foreign exchange loss (gain), net 2.9 0.3 (0.3 ) 1.4
Other (0.5 ) 1.5 - -
Adjusted EBITDA from continuing operations 313.0 107.1 83.1 150.2
Discontinued operations - Pool and Spa Chemicals - 5.4 - -
Total Adjusted EBITDA $ 313.0 $ 112.5 $ 83.1 $ 150.2
Specialty Corporate and
($ in millions) Compounds other Consolidated
Year ended December 31, 2008
Income (loss) from continuing operations
before taxes and minority interest $ (92.8 ) $ (140.2 ) $ (742.1 )
Interest expense 9.3 63.1 231.1
Interest income (0.5 ) (5.2 ) (6.0 )
Depreciation and amortization 11.3 7.4 258.9
Goodwill impairment charges 105.2 - 809.5
Acquisition related expenses 1.5 1.4 33.6
Restructuring and other severance costs - 2.4 26.1
Gain on early extinguishment of debt - (4.0 ) (4.0 )
(Gain) loss on sale of assets and other - (2.3 ) (2.4 )
Foreign exchange loss (gain), net - 28.0 32.3
Other - 0.9 1.9
Adjusted EBITDA from continuing operations 34.0 (48.5 ) 638.9
Discontinued operations - Pool and Spa Chemicals - - 5.4
Total Adjusted EBITDA $ 34.0 $ (48.5 ) $ 644.3
Titanium
Specialty Performance Dioxide Advanced
($ in millions) Chemicals Additives Pigments Ceramics
Year ended December 31, 2007
Income (loss) from continuing operations
before taxes and minority interest $ 165.4 $ 62.5 $ 6.0 $ 50.9
Interest expense 42.0 19.5 32.4 33.8
Interest income - (1.6 ) (0.2 ) 0.3
Depreciation and amortization 54.4 57.6 42.4 40.5
Acquisition related expenses (0.2 ) 9.1 1.6 2.5
Restructuring and other severance costs 2.6 1.5 - 1.2
Loss on early extinguishment of debt - 1.4 - -
Refinancing expenses - - - -
(Gain) loss on sale of assets and other (0.2 ) 0.2 0.5 -
Foreign exchange gain, net (0.6 ) (0.2 ) - (1.2 )
Other (1.2 ) 0.7 - 0.1
Adjusted EBITDA from continuing operations 262.2 150.7 82.7 128.1
Discontinued operations - Pool and Spa Chemicals - 12.0 - -
Total Adjusted EBITDA $ 262.2 $ 162.7 $ 82.7 $ 128.1
Specialty Corporate and
($ in millions) Compounds other Consolidated
Year ended December 31, 2007
Income (loss) from continuing operations
before taxes and minority interest $ 11.8 $ (144.9 ) $ 151.7
Interest expense 9.4 82.2 219.3
Interest income (0.3 ) (9.7 ) (11.5 )
Depreciation and amortization 11.2 5.6 211.7
Acquisition related expenses 1.1 0.6 14.7
Restructuring and other severance costs - 4.2 9.5
Loss on early extinguishment of debt 1.1 16.1 18.6
Refinancing expenses - 0.9 0.9
(Gain) loss on sale of assets and other - (5.2 ) (4.7 )
Foreign exchange gain, net - (5.8 ) (7.8 )
Other - 0.4 -
Adjusted EBITDA from continuing operations 34.3 (55.6 ) 602.4
Discontinued operations - Pool and Spa Chemicals - - 12.0
Total Adjusted EBITDA $ 34.3 $ (55.6 ) $ 614.4
Rockwood Holdings, Inc. and Subsidiaries
Consolidated Reconciliation of Net Income (Loss) to Adjusted
EBITDA
($ in millions)
Three Months Ended Year Ended
December 31, December 31,
2008 2007 2008 2007
Net (loss) income $ (690.8 ) $ 119.1 $ (588.4 ) $ 317.1
Income from discontinued operations, net of tax (0.4 ) (9.7 ) (3.3 ) (25.3 )
Gain on sale of discontinued operations, net of tax (42.9 ) (94.7 ) (42.9 ) (210.4 )
Minority interest in discontinued operations, net of tax - - - 0.1
Net (loss) income from continuing operations (734.1 ) 14.7 (634.6 ) 81.5
Income tax (benefit) provision (74.5 ) 5.5 (23.9 ) 62.3
Minority interest in continuing operations, net of tax (83.2 ) 1.7 (83.6 ) 7.9
(Loss) income from continuing operations before taxes and minority (891.8 ) 21.9 (742.1 ) 151.7
interest
Interest expense 91.4 60.7 231.1 219.3
Interest income (1.8 ) (1.4 ) (6.0 ) (11.5 )
Depreciation and amortization 68.3 59.1 258.9 211.7
Goodwill impairment charges 809.5 - 809.5 -
Acquisition-related expenses (a) 14.5 6.3 33.6 14.7
Restructuring and other severance costs 24.5 1.6 26.1 9.5
(Gain) loss on early extinguishment of debt (4.0 ) - (4.0 ) 18.6
Refinancing expenses - - - 0.9
(Gain) loss on sale of assets and other (0.6 ) 0.6 (2.4 ) (4.7 )
Foreign exchange loss (gain), net 20.1 3.5 32.3 (7.8 )
Other 1.3 0.8 1.9 -
Adjusted EBITDA from continuing operations 131.4 153.1 638.9 602.4
Discontinued operations - Pool and Spa Chemicals 0.3 6.1 5.4 12.0
Total Adjusted EBITDA $ 131.7 $ 159.2 $ 644.3 $ 614.4
(a) - Primarily related to integration and restructuring costs,
inventory write-up charges and acquired in-process research and
development costs related to the Kemira venture formation, the
Holliday Pigments and Elementis acquisitions in the Performance
Additives segment and other acquisitions.
Rockwood Holdings, Inc. and Subsidiaries
Consolidated Reconciliation of Net Income (Loss)/Diluted Earnings
(Loss) Per Share from Continuing Operations as Reported to Net
Income/Diluted Earnings Per Share from Continuing Operations as
Adjusted
(Dollars in millions, except per share amounts; shares in
thousands)
Three Months Ended Three Months Ended
December 31, 2008 December 31, 2007
Net Income Diluted EPS Net Income Diluted EPS
from from from from
Continuing Continuing Continuing Continuing
Operations Operations Operations Operations
As reported $ (734.1 ) $ (9.91 ) $ 14.7 $ 0.19
Anti-dilution adjustment - 0.02 (a) - -
Adjustments to expenses from continuing operations:
Goodwill impairment charges 675.7 9.11 - -
Mark-to-market swap loss 42.9 0.58 16.8 0.22
Foreign exchange losses on financing activities 35.6 0.48 8.1 0.11
Restructuring and other severance costs 18.3 0.24 1.2 0.02
Acquisition-related expenses 10.4 0.14 5.1 0.07
Other 0.8 0.01 1.2 0.01
Subtotal 783.7 10.56 32.4 0.43
Adjustments to income from continuing operations:
Tax allocation from discontinued operations/other comprehensive (27.3 ) (0.37 ) (7.1 ) (0.10 )
income
Gain on early extinguishment of debt (4.0 ) (0.05 ) - -
Impact of tax rate changes (3.6 ) (0.05 ) (9.7 ) (0.13 )
Gain on asset sales and other (0.4 ) (0.01 ) (0.1 ) -
Subtotal (35.3 ) (0.48 ) (16.9 ) (0.23 )
Total adjustments 748.4 10.10 (b) 15.5 0.20
As adjusted $ 14.3 $ 0.19 $ 30.2 $ 0.39
Weighted average number of normalized diluted shares outstanding 74,209 76,523
(a) The effect of stock-based awards is excluded from as reported
diluted EPS as it is anti-dilutive. However, on an as adjusted
basis, these awards are dilutive; normalized diluted shares
outstanding were 74,209 compared to as reported diluted shares
outstanding of 74,059.
(b) Includes anti-dilution adjustment. See (a).
Rockwood Holdings, Inc. and Subsidiaries
Consolidated Reconciliation of Net Income (loss)/Diluted
Earnings (loss) Per Share from Continuing Operations as Reported
to Net Income/Diluted Earnings Per Share from Continuing
Operations as Adjusted
(Dollars in millions, except per share amounts; shares in
thousands)
Year Ended Year Ended
December 31, 2008 December 31, 2007
Net Income Diluted EPS Net Income Diluted EPS
from from from from
Continuing Continuing Continuing Continuing
Operations Operations Operations Operations
As reported $ (634.6 ) $ (8.58 ) $ 81.5 $ 1.07
Anti-dilution adjustment - 0.24 (a) - -
Adjustments to expenses from continuing operations:
Goodwill impairment charges 675.7 8.88 - -
Foreign exchange losses on financing activities 53.1 0.70 1.7 0.02
Mark-to-market swap loss 49.4 0.65 26.2 0.34
Restructuring and other severance costs 19.4 0.25 6.5 0.09
Acquisition-related expenses 24.6 0.32 10.4 0.14
Loss on early extinguishment of debt - - 11.9 0.16
Other 1.4 0.02 0.8 -
Subtotal 823.6 10.82 57.5 0.75
Adjustments to income from continuing operations:
Tax allocation from discontinued operations/other comprehensive (35.2 ) (0.46 ) (7.1 ) (0.09 )
income
Gains on asset sales and other (2.3 ) (0.03 ) (3.1 ) (0.04 )
Gain on early extinguishment of debt (4.0 ) (0.05 ) - -
Impact of tax rate changes (3.6 ) (0.05 ) (11.2 ) (0.15 )
Subtotal (45.1 ) (0.59 ) (21.4 ) (0.28 )
Total adjustments 778.5 10.47 (b) 36.1 0.47
As adjusted $ 143.9 $ 1.89 $ 117.6 $ 1.54
Weighted average number of diluted shares outstanding 76,092 76,279
(a) The effect of stock-based awards is excluded from as reported
diluted EPS as it is anti-dilutive. However, on an as adjusted
basis, these awards are dilutive; normalized diluted shares
outstanding were 76,092 compared to as reported diluted shares
outstanding of 73,983.
(b) Includes anti-dilution adjustment. See (a).
SOURCE: Rockwood Holdings, Inc.
CONTACT:
Rockwood Holdings, Inc. Timothy McKenna, 609-734-6430 tmckenna@rocksp.com
Copyright Business Wire 2009
Rockwood Holdings, Inc. Announces 4th Quarter and Full Year Conference Call and Webcast
PRINCETON, N.J., Jan 12, 2009 (BUSINESS WIRE) -- Rockwood Holdings, Inc. (NYSE: ROC), a global producer of specialty chemicals and advanced materials, will host a conference call and webcast to discuss the results of operations for the fourth quarter and full year ended December 31, 2008 on Wednesday, February 18, 2009 at 11:00 am Eastern Standard Time.
The dial-in number to access the conference call in the U.S. is (800) 230-1059, and the international dial-in number is (612) 332-0637. No access code is needed for either call. A replay of the conference call will be available through March 4, 2009 at (800) 475-6701 in the U.S., access code: 980859, and internationally at (320) 365-3844, access code: 980859.
A listen-only, live webcast of the conference call will be available at www.rocksp.com. Materials for the call, including a PowerPoint file detailing the results, will be available for download on the company's website on the morning of the call. The webcast and PowerPoint file will be archived on Rockwood's website.
Rockwood Holdings, Inc. is a leading global specialty chemicals and advanced materials company. Rockwood has a worldwide employee base of approximately 10,500 people and annual net sales of approximately $3 billion. The company focuses on global niche segments of the specialty chemicals, pigments and additives and advanced materials markets. For more information on Rockwood, please visit www.rocksp.com.
The information set forth in this press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the business, operations and financial condition of Rockwood Holdings, Inc. and its subsidiaries and affiliates ("Rockwood"). Words such as, "anticipates," "believes," "estimates," "expects," "forecasts," "predicts" and variations of such words or expressions are intended to identify forward-looking statements. Although Rockwood believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, there can be no assurance that its expectations will be realized. "Forward-looking statements" consist of all non-historical information, including any statements referring to the prospects and future performance of Rockwood. Actual results could differ materially from those projected in Rockwood's forward-looking statements due to numerous known and unknown risks and uncertainties, including, among other things, the "Risk Factors" described in Rockwood's 2007 Form 10-K and subsequent filings on file with the Securities and Exchange Commission. Rockwood does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
SOURCE: Rockwood Holdings, Inc.
CONTACT:
Rockwood Holdings, Inc. Timothy McKenna, 609-734-6430 tmckenna@rocksp.com
Copyright Business Wire 2009
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BUSINESS SUMMARY: Rockwood Holdings, Inc. engages in the development, manufacture, and marketing of specialty chemicals and advanced materials for industrial and commercial purposes worldwide. It operates in five segments: Specialty Chemicals, Performance Additives, Titanium Dioxide Pigments, Advanced Ceramics, and Specialty Compounds. The Specialty Chemicals segment offers lithium compounds and chemicals; metal surface treatment chemicals, including corrosion protection/prevention oils; synthetic metal sulfides; and maintenance chemicals. This segment serves automotive pre-coating, steel and metal working, life sciences, aerospace, batteries, disc brakes, and aircraft industries. The Performance Additives segment provides iron oxide pigments, wood protection products, inorganic chemicals, synthetic and organic thickeners, specialty pools, spa performance chemicals, algaecides, and aquatic herbicides for residential and commercial construction, coatings and plastics, personal care, paper manufacturing, and pool product markets. The Titanium Dioxide Pigments segment offers titanium dioxide pigments, barium compounds, zinc compounds, and flocculants for synthetic fibers, plastics, paper, and paints and coatings markets. The Advanced Ceramics segment provides ceramic-on-ceramic ball head and liner components used in hip joint prostheses systems; ceramic tapes; cutting tools; and other ceramic components. This segment serves pharmaceutical contrast media, water treatment, medical, mechanical systems, electronics, and automotive markets. The Specialty Compounds segment offers specification compounds, such as polyvinyl chloride and thermoplastic elastomer for voice and data transmission cables, food and beverage, packaging, medical applications, footwear, and automotive markets.
A leader, or #2 in many of its niches, the firm was created in 2000 when Kohlberg Kravis Roberts (KKR) bought several Laporte divisions; it added parts of Dynamit Nobel to its collection in 2004. Sales to Germany outpace those to any other nation. KKR still owns 42% of Rockwood.
As of August 3, 2009, there were 74,096,119 outstanding
Authorized Shares: 400,000,000
Common Shares: 74,061,000 (Dec 31, 2008)
CIK #: 0001315695
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8-K: 4th Qtr 2008 overview and CC slideshow ?
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