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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Chemtura Corp. (delisted) | NYSE:CHMT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 33.50 | 0 | 01:00:00 |
Chemtura Corporation, (NYSE: CHMT) (the “Company,” “Chemtura,” “Registrant,” “We,” “Us” and “Our”) reports a net loss from continuing operations attributable to Chemtura on a GAAP basis of $367 million, or $2.25 per share, for the fourth quarter of 2010 and net earnings on a managed basis of $7 million, or $0.04 per share.
Fourth Quarter 2010 Financial Results
The discussion below includes financial information on both a GAAP and managed basis. We present managed basis financial information as management uses this information internally to evaluate and direct the performance of our operations and believes that the managed basis financial information provides useful information to investors. A reconciliation of GAAP and managed basis financial information is provided in the supplemental schedules included in this release.
The following is a summary of fourth quarter financial results on a GAAP basis:
(In millions, except per share data) Fourth quarter 2010 2009 % change Net sales $ 680 $ 598 14 % Operating loss $ (29 ) $ (31 ) 6 % Loss from continuing operations, net of tax $ (367 ) $ (94 ) NMLoss from continuing operations, net of tax - per
share
$ (2.25 ) $ (0.38 ) NMNM = Not Meaningful
The following is a summary of fourth quarter financial results on a managed basis:
(In millions, except per share data) Fourth quarter 2010 2009 % change Net sales $ 680 $ 598 14 % Operating profit $ 34 $ 45 (24 %) Net earnings attributable to Chemtura $ 7 $ 15 (53 %) Net earnings attributable to Chemtura - per share $ 0.04 $ 0.06 (33 %)CEO Quote
“Chemtura has successfully emerged from its Chapter 11 reorganization, leaner, fitter and with a much stronger balance sheet, fulfilling the goals we set for this process,” commented Craig A. Rogerson, Chairman, President and CEO. “We are focused on innovation, profitable growth, particularly from those regions that offer the highest growth rates, execution with an emphasis on meeting customer needs, and active portfolio management. These strategies, together with cyclical recovery in some of the industries we serve, enabled us to exceed our financial targets for 2010 and lay the foundation for further improvement in 2011.”
Mr. Rogerson further noted, “With our focus on innovation, in 2010, we commercialized new products in all of our segments and we expanded our sales to the Asia Pacific region by 52%. As a result, this region grew to 19% of our total revenues in 2010. We focused our portfolio with the divestiture of the PVC Additives business in the second quarter of 2010 and continued to improve operating efficiency through a number of restructuring initiatives, raw material including the launch of our operational improvement plan in El Dorado, Arkansas. We exceeded our financial targets in 2010 despite the difficulties faced by our Chemtura AgroSolutionsTM business and the headwinds of rapidly inflating raw material costs. In the fourth quarter, we improved our execution on recovering raw material cost increases with the net deficit between input cost and selling price increases declining to $5 million, compared to the $15 million we experienced in the third quarter of 2010. This remains an intense area of focus as we enter 2011.”
Mr. Rogerson concluded, “All connected with Chemtura enter 2011 invigorated by all we have achieved in 2010 and all the many opportunities we have ahead of us. Our solid operating performance in 2010, which included exceeding our fourth quarter and full year projections, reflected in these financial results lays the foundation for further significant improvement in 2011. Our performance targets for 2011 are appropriately aggressive and we have plans and actions in place to achieve them.”
Fourth Quarter 2010 Significant Events
Fourth Quarter 2010 Business Segment Highlights
Fourth Quarter 2010 Results - GAAP
Fourth Quarter 2010 Results - Managed Basis
Cash Flows - GAAP
Fourth Quarter and Full Year Earnings Q&A Teleconference
Copies of this release, as well as informational slides, will be available on the Investor Relations section on our Web site at www.chemtura.com. We will host a teleconference to review these results on Tuesday, March 8, 2011 at 10 a.m. EST. Interested parties are asked to dial in approximately 10 minutes prior to the start time. The call-in number is (404) 665-9523 and the conference ID code is 38225213. Replay of the call will be available for two weeks, starting at noon EST on Tuesday, March 8, 2011. To access the replay, call (800) 642-1687 or (706) 645-9291 and enter access code 38225213.
Live Internet access to the 2010 fourth quarter and full year conference call will be available through the Investor Relations section of our Web site.
Chemtura Corporation, with 2010 sales of $2.8 billion, is a global manufacturer and marketer of specialty chemicals, agrochemicals and pool, spa and home care products. Additional information concerning us is available at www.chemtura.com.
Managed Basis Financial Measures
The information presented in this press release and in the attached financial tables includes financial measures that are not calculated or presented in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). Our managed basis financial measures consist of adjusted results of operations that exclude certain expenses, gains and losses that may not be indicative of our core operations. Excluded items include costs associated with the bankruptcy reorganization; facility closures, severance and related costs; antitrust costs; gains and losses on sale of business; increased depreciation due to the change in useful life of assets; unusual and non-recurring settlements; accelerated recognition of asset retirement obligations and impairment charges. In addition to the managed basis financial measures discussed above, we have applied a managed basis effective income tax rate to our managed basis income before taxes. Our managed basis tax rate of 35% represents a standard tax rate for our core operations to simplify comparison of underlying operating performance used in 2009 and 2010. We are evaluating the rate that should be used in 2011 and the rate is therefore subject to change. Reconciliations of these managed basis financial measures to their most directly comparable GAAP financial measures are provided in the attached financial tables. We believe that such managed basis financial measures provide useful information to investors and may assist them in evaluating our underlying performance and identifying operating trends. In addition, management uses these managed basis financial measures internally to allocate resources and evaluate the performance of our operations. While we believe that such measures are useful in evaluating our performance, investors should not consider them to be a substitute for financial measures prepared in accordance with GAAP. In addition, these managed basis financial measures may differ from similarly titled managed basis financial measures used by other companies and do not provide a comparable view of our performance relative to other companies in similar industries.
Forward-Looking Statements
This document includes forward-looking statements within the meaning of Section 27(a) of the Securities Act of 1933, as amended and Section 21(e) of the Exchange Act of 1934, as amended. These forward-looking statements are identified by terms and phrases such as “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will” and similar expressions and include references to assumptions and relate to our future prospects, developments and business strategies.
Factors that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements include, but are not limited to:
These statements are based on our estimates and assumptions and on currently available information. Our forward-looking statements include information concerning possible or assumed future results of operations, and our actual results may differ significantly from the results discussed. Forward-looking information is intended to reflect opinions as of the date this press release was issued. We undertake no duty to update any forward-looking statements to conform the statements to actual results or changes in our operations.
CHEMTURA CORPORATION Index of Financial Statements and Schedules Page Financial Statements Consolidated Statements of Operations (Unaudited) -Quarters and Years Ended ended December 31, 2010 and 2009
9
Consolidated Balance Sheets - December 31, 2010 and December 31, 2009
10 Condensed Consolidated Statements of Cash Flows (Unaudited) -Years Ended ended December 31, 2010 and 2009
11
Segment Net Sales and Operating Profit (Loss) (Unaudited) -Quarters and Years Ended ended December 31, 2010 and 2009
12
Supplemental Schedules Major Factors Affecting Net Sales and Operating Results (Unaudited) - Quarters and Years Ended ended December 31, 2010 versus 2009 13 GAAP and Managed Basis Consolidated Statements of Operations (Unaudited) - Quarters ended December 31, 2010 and 2009 14 GAAP and Managed Basis Consolidated Statements of Operations (Unaudited) - Years Ended ended December 31, 2010 and 2009 15 GAAP and Managed Basis Segment Net Sales and Operating Profit (Loss) (Unaudited) - Quarters ended December 31, 2010 and 2009 16 GAAP and Managed Basis Segment Net Sales and Operating Profit (Loss) (Unaudited) - Years Ended ended December 31, 2010 and 2009 17 CHEMTURA CORPORATION Consolidated Statements of Operations (Unaudited) (In millions, except per share data) Quarters Ended December 31,Years Ended December 31,
2010 2009 2010 2009 Net sales $ 680 $ 598 $ 2,760 $ 2,300 Cost of goods sold 516 432 2,103 1,721 Gross profit 164 166 657 579 Gross profit % 24% 28% 24% 25% Selling, general and administrative 83 73 315 289 Depreciation and amortization 41 40 175 162 Research and development 11 9 42 35 Facility closures, severance and related costs - - 1 3 Antitrust costs - - - 10 Gain on sale of business - - (2) - Impairment charges 57 2 57 39 Changes in estimates related to expected allowable claims 2 73 35 73 Equity income (1) - (4) - Operating (loss) profit (29) (31) 38 (32) Interest expense (27) (17) (191) (70) Loss on early extinguishment of debt (75) - (88) - Other expense, net (4) (6) (6) (17) Reorganization items, net (223) (31) (303) (97)Loss from continuing operations before income taxes
(358) (85) (550) (216) Income tax provision (8) (9) (22) (10) Loss from continuing operations (366) (94) (572) (226) Earnings (loss) from discontinued operations, net of tax - 4 (1) (63) Gain (loss) on sale of discontinued operations, net of tax - 1 (12) (3) Net loss (366) (89) (585) (292) Less: Net earnings attributed to non-controlling interests (1) - (1) (1) Net loss attributable to Chemtura $ (367) $ (89) $ (586) $ (293) Basic and diluted per share information - attributable to Chemtura Corporation: Loss from continuing operations, net of tax $ (2.25) $ (0.38) $ (2.58) $ (0.93) Earnings (loss) from discontinued operations, net of tax - 0.02 - (0.26) Gain (loss) on sale of discontinued operations, net of tax - - (0.05) (0.01) Net loss attributable to Chemtura $ (2.25) $ (0.36) $ (2.63) $ (1.20) Weighted average shares outstanding - Basic and Diluted 163.7 242.9 223.0 242.9Amounts attributable to Chemtura Corporation stockholders:
Loss from continuing operations, net of tax $ (367) $ (94) $ (573) $ (227) Earnings (loss) from discontinued operations, net of tax - 4 (1) (63) Gain (loss) on sale of discontinued operations, net of tax - 1 (12) (3) Net loss attributable to Chemtura $ (367) $ (89) $ (586) $ (293) CHEMTURA CORPORATION Consolidated Balance Sheets (In millions) December 31, December 31, 2010 2009 ASSETS CURRENT ASSETS Cash and cash equivalents $ 201 $ 236 Restricted cash 32 - Accounts receivable 489 442 Inventories 528 489 Other current assets 171 227 Assets of discontinued operations - 85 Total current assets 1,421 1,479 NON-CURRENT ASSETS Property, plant and equipment, net 716 750 Goodwill 175 235 Intangible assets, net 429 474 Non-current restricted cash 6 - Other assets 166 180 Total Assets $ 2,913 $ 3,118 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Short-term borrowings $ 3 $ 252 Accounts payable 191 126 Accrued expenses 281 178 Income taxes payable 14 5 Liabilities of discontinued operations - 37 Total current liabilities 489 598 NON-CURRENT LIABILITIES Long-term debt 748 3 Pension and post-retirement health care liabilities 498 151 Other liabilities 207 197 Total liabilities not subject to compromise 1,942 949 LIABILITIES SUBJECT TO COMPROMISE - 1,997 STOCKHOLDERS' EQUITY Common stock 1 3 Additional paid-in capital 4,305 3,039 Accumulated deficit (3,068) (2,482) Accumulated other comprehensive loss (276) (234) Treasury stock at cost - (167) Total Chemtura stockholders' equity 962 159 Non-controlling interest 9 13 Total stockholders' equity 971 172 Total Liabilities and Stockholders' Equity $ 2,913 $ 3,118 CHEMTURA CORPORATION Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Years Ended December 31,Increase (decrease) to cash
2010 2009 CASH FLOWS FROM OPERATING ACTIVITIES Net loss attributable to Chemtura $ (586) $ (293) Adjustments to reconcile net loss attributable to Chemtura to net cash (used in) provided by operating activities: Gain on sale of business (2) - Loss on sale of discontinued operations 12 3 Impairment charges 60 104 Loss on early extinguishment of debt 88 - Depreciation and amortization 175 173 Stock-based compensation expense 10 3 Reorganization items, net 186 35 Changes in estimates related to expected allowable claims 35 73 Non-cash contractual post-petition interest expense 113 - Equity income (4) - Changes in assets and liabilities, net (291) (49) Net cash (used in) provided by operating activities (204) 49 CASH FLOWS FROM INVESTING ACTIVITIES Net proceeds from divestments 43 3 Payments for acquisitions, net of cash acquired - (5) Capital expenditures (124) (56) Net cash used in investing activities (81) (58) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from Senior Notes 452 - Proceeds from Term Loan 292 - Proceeds from Amended DIP Credit Facility 299 - Payments on Amended DIP Credit Facility (300) - (Payments on) proceeds from DIP Credit Facility, net (250) 250 Repayments of 6.875% Notes due 2016 (75) - Repayments of 6.875% Debentures due 2026 (19) - Repayments of 7% Notes due 2009 (44) - Payments on 2007 Credit Facility, net (54) (28) Proceeds from long term borrowings - 1 Payments on long term borrowings - (18) Payments on short term borrowings, net - (2) Payments for debt issuance and refinancing costs (40) (30) Payments for make-whole and no-call premiums (10) - Net cash provided by financing activities 251 173 CASH Effect of exchange rates on cash and cash equivalents (1) 4 Change in cash and cash equivalents (35) 168 Cash and cash equivalents at beginning of period 236 68 Cash and cash equivalents at end of period $ 201 $ 236 CHEMTURA CORPORATION Segment Net Sales and Operating Profit (Loss) (Unaudited) (In millions) Quarters Ended December 31,Years Ended December 31,
2010 2009 2010 2009 NET SALES Consumer Products $ 89 $ 89 $ 458 $ 457 Industrial Performance Products 303 279 1,223 999 Chemtura AgroSolutions™ 97 86 351 332 Industrial Engineered Products 191 144 728 512 Total net sales $ 680 $ 598 $ 2,760 $ 2,300 OPERATING PROFIT (LOSS) Consumer Products $ 9 $ 12 $ 67 $ 63 Industrial Performance Products 29 36 119 91 Chemtura AgroSolutions™ 9 9 21 42 Industrial Engineered Products 13 7 25 3 Segment operating profit 60 64 232 199General corporate expense, including amortization
(29) (20) (102) (106) Change in useful life of property, plant and equipment (1) - (1) - Facility closures, severance and related costs - - (1) (3)Antitrust costs
- - - (10) Gain on sale of business - - 2 - Impairment charges (57) (2) (57) (39) Changes in estimates related to expected allowable claims (2) (73) (35) (73) Total operating (loss) profit $ (29) $ (31) $ 38 $ (32) CHEMTURA CORPORATION Major Factors Affecting Net Sales and Operating Results (Unaudited) Quarter and Year Ended December 31, 2010 versus 2009 (In millions) The following table summarizes the major factors contributing to the changes in operating results versus the prior year: Quarter Ended December 31, Year Ended December 31, Pre-tax Pre-tax Net Earnings Net Earnings Sales (Loss) Sales (Loss) 2009 $ 598 $ (85) $ 2,300 $ (216)2009 Other operational adjustments
- - - 22009 Accelerated depreciation of property, plant and equipment
- 1 - 5 2009 Facility closures, severance and related costs - - - 3 2009 Antitrust costs - - - 10 2009 Impairment charges - 2 - 39 2009 Changes in estimates related to expected allowable claims - 73 - 73 2009 Reorganization items, net - 31 - 97 598 22 2,300 13 Changes in selling prices 25 25 52 52 Unit volume and mix 65 18 422 86 Foreign currency impact - operating profit (loss) (2) (1) (6) (4) Divestitures (6) (2) (8) (2) Manufacturing cost impacts - (2) - 61 Higher distribution costs - (1) - (18) Higher REACh costs - (2) - (7) Higher raw materials and energy costs - (30) - (79) Changes in SGA&R, excluding foreign exchange impact - (11) - (27) Lower depreciation and amortization expense - 2 - 12 Higher equity income - 1 - 4 (Higher) lower interest expense (excluding post-petition interest on allowable claims) - (2) - 16Foreign currency impact - other expense, net
- - - 10 Lower interest income - (3) (5) Fees associated with sale of accounts receivable - - - 2 Other - (3) - (7) 680 11 2,760 1072009 Other operational adjustments
- - - (8) 2010 Accelerated depreciation of property, plant and equipment - (4) - (30) 2010 Facility closures, severance and related costs - - - (1) 2010 Gain on sale of business - - - 2 2010 Impairment charges - (57) (57) 2010 Changes in estimates to expected allowable claims - (2) - (35) 2010 Loss on early extinguishment of debt - (75) - (88) 2010 Post-petition interest expense on allowable claims - (8) - (137) 2010 Reorganization items, net - (223) - (303) 2010 $ 680 $ (358) $ 2,760 $ (550) CHEMTURA CORPORATION GAAP and Managed Basis Consolidated Statements of Operations (Unaudited) (In millions, except per share data) Quarter Ended December 31, 2010 Quarter Ended December 31, 2009 GAAPManaged Basis
Adjustments
Managed Basis
GAAP
Managed Basis
Adjustments
Managed Basis Net sales $ 680 $ - $ 680 $ 598 $ - $ 598 Cost of goods sold 516 - 516 432 - 432 Gross profit 164 - 164 166 - 166 Gross profit % 24% 24% 28% 28% Selling, general and administrative 83 - 83 73 - 73 Depreciation and amortization 41 (4) 37 40 (1) 39 Research and development 11 - 11 9 - 9 Impairment charges 57 (57) - 2 (2) - Changes in estimates related to expected allowable claims 2 (2) - 73 (73) - Equity income (1) - (1) - - - Operating (loss) profit (29) 63 34 (31) 76 45 Interest expense (27) 8 (19) (17) - (17) Loss on early extinguishment of debt (75) 75 - - - - Other expense, net (4) - (4) (6) - (6) Reorganization items, net (223) 223 - (31) 31 -(Loss) earnings from continuing operations before income taxes
(358) 369 11 (85) 107 22 Income tax provision (8) 5 (3) (9) 2 (7) (Loss) earnings from continuing operations (366) 374 8 (94) 109 15 Earnings from discontinued operations, net of tax - - - 4 (4) - Gain on sale of discontinued operations, net of tax - - - 1 (1) - Net (loss) earnings (366) 374 8 (89) 104 15 Less: Net earnings attributed to non-controlling interest (1) - (1) - - - Net (loss) earnings attributable to Chemtura $ (367) $ 374 $ 7 $ (89) $ 104 $ 15 Basic and diluted per share information - attributable to Chemtura Corporation: (Loss) earnings from continuing operations $ (2.25) $ 0.04 $ (0.38) $ 0.06 Earnings from discontinued operations - - 0.02 - Gain on sale of discontinued operations - - - - Net (loss) earnings attributable to Chemtura Corporation $ (2.25) $ 0.04 $ (0.36) $ 0.06 Weighted average shares outstanding - Basic and Diluted 163.7 163.7 242.9 242.9 Managed Basis Adjustments consist of the following: Accelerated depreciation of property, plant and equipment $ 4 $ 1 Impairment charges 57 2 Changes in estimates related to expected allowable claims 2 73 Post-petition interest expense on allowable claims 8 - Loss on early extinguishment of debt 75 - Reorganization items, net 223 31 Pre-Tax 369 107 Adjustment to apply a Managed Basis effective tax rate 5 2 After-tax 374 109 Earnings from discontinued operations, net of tax - (4) Gain on sale of discontinued operations, net of tax - (1) $ 374 $ 104 Adjusted EBITDA consists of the following: Operating (loss) profit $ (29) $ 63 34 $ (31) $ 76 45 Plus: Depreciation and Amortization 41 (4) 37 40 (1) 39 Plus: Impairment charges 57 (57) - 2 (2) - Plus: Changes in estimates related to expected allowable claims 2 (2) - 73 (73) -Plus: Non-cash stock-based compensation for post-confirmation awards
8 - 8 - - - Adjusted EBITDA $ 79 $ - $ 79 $ 84 $ - $ 84 CHEMTURA CORPORATION GAAP and Managed Basis Consolidated Statements of Operations (Unaudited) (In millions, except per share data) Year Ended December 31, 2010Year Ended December 31, 2009
GAAPManaged Basis
Adjustments
Managed Basis GAAPManaged Basis
Adjustments
Managed Basis Net sales $ 2,760 $ - $ 2,760 $ 2,300 $ - $ 2,300 Cost of goods sold 2,103 (3) 2,100 1,721 (1) 1,720 Gross profit 657 3 660 579 1 580 Gross profit % 24% 24% 25% 25% Selling, general and administrative 315 (5) 310 289 (1) 288 Depreciation and amortization 175 (30) 145 162 (5) 157 Research and development 42 - 42 35 - 35 Facility closures, severance and related costs 1 (1) - 3 (3) - Antitrust costs - - - 10 (10) - Gain on sale of business (2) 2 - - - - Impairment charges 57 (57) - 39 (39) - Changes in estimates related to expected allowable claims 35 (35) - 73 (73) - Equity income (4) - (4) - - - Operating profit (loss) 38 129 167 (32) 132 100 Interest expense (191) 137 (54) (70) - (70) Loss on early extinguishment of debt (88) 88 - - - - Other expense, net (6) - (6) (17) - (17) Reorganization items, net (303) 303 - (97) 97 -(Loss) earnings from continuing operations before income taxes
(550) 657 107 (216) 229 13 Income tax provision (22) (15) (37) (10) 6 (4) (Loss) earnings from continuing operations (572) 642 70 (226) 235 9 Loss from discontinued operations, net of tax (1) 1 - (63) 63 - Loss on sale of discontinued operations, net of tax (12) 12 - (3) 3 - Net (loss) earnings (585) 655 70 (292) 301 9 Less: Net earnings attributed to non-controlling interest (1) - (1) (1) - (1) Net (loss) earnings attributable to Chemtura $ (586) $ 655 $ 69 $ (293) $ 301 $ 8 Basic and diluted per share information - attributable to Chemtura Corporation: (Loss) earnings from continuing operations $ (2.58) $ 0.31 $ (0.93) $ 0.03 Loss from discontinued operations - - (0.26) - Loss on sale of discontinued operations (0.05) - (0.01) - Net (loss) earnings attributable to Chemtura Corporation $ (2.63) $ 0.31 $ (1.20) $ 0.03 Weighted average shares outstanding - Basic and Diluted 223.0 223.0 242.9 242.9 Managed Basis Adjustments consist of the following: Other operational adjustments $ 8 $ 2 Accelerated depreciation of property, plant and equipment 30 5 Facility closures, severance and related costs 1 3 Antitrust costs - 10 Gain on sale of business (2) - Impairment charges 57 39 Changes in estimates related to expected allowable claims 35 73 Post-petition interest expense on allowable claims 137 - Loss on early extinguishment of debt 88 - Reorganization items, net 303 97 Pre-Tax 657 229 Adjustment to apply a Managed Basis effective tax rate (15) 6 After-tax 642 235 Loss from discontinued operations, net of tax 1 63 Loss on sale of discontinued operations, net of tax 12 3 $ 655 $ 301 Adjusted EBITDA consists of the following: Operating profit (loss) $ 38 $ 129 167 $ (32) $ 132 100 Plus: Other operational adjustments 8 (8) - 2 (2) - Plus: Depreciation and Amortization 175 (30) 145 162 (5) 157 Plus: Facility closures, severance and related costs 1 (1) - 3 (3) - Plus: Antitrust costs - - - 10 (10) - Plus: Gain on sale of business (2) 2 - - - - Plus: Impairment charges 57 (57) - 39 (39) - Plus: Changes in estimates related to expected allowable claims 35 (35) - 73 (73) -Plus: Non-cash stock-based compensation for post-confirmation awards
8 - 8 - - - Adjusted EBITDA $ 320 $ - $ 320 $ 257 $ - $ 257 CHEMTURA CORPORATION GAAP and Managed Basis Segment Sales and Operating Profit (Loss) (Unaudited) (In millions of dollars) Quarter Ended December 31, 2010 Quarter Ended December 31, 2009GAAP
Historical
Managed Basis
Adjustments
Managed BasisGAAP
Historical
Managed Basis
Adjustments
Managed Basis NET SALES Consumer Products $ 89 $ - $ 89 $ 89 $ - $ 89 Industrial Performance Products 303 - 303 279 - 279 Chemtura AgroSolutions™ 97 - 97 86 - 86 Industrial Engineered Products 191 - 191 144 - 144 Total net sales $ 680 $ - $ 680 $ 598 $ - $ 598 OPERATING PROFIT Consumer Products $ 9 $ - $ 9 $ 12 $ 1 $ 13 Industrial Performance Products 29 - 29 36 - 36 Chemtura AgroSolutions™ 9 - 9 9 - 9 Industrial Engineered Products 13 4 17 7 - 7 Segment operating profit 60 4 64 64 1 65General corporate expense, including amortization
(29) (1) (30) (20) - (20) Change in useful life of property, plant and equipment (1) 1 - - - - Impairment charges (57) 57 - (2) 2 - Changes in estimates related to expected allowable claims (2) 2 - (73) 73 - Total operating (loss) profit $ (29) $ 63 $ 34 $ (31) $ 76 $ 45 DEPRECIATION AND AMORTIZATION Consumer Products $ 3 $ - $ 3 $ 4 $ (2) $ 2 Industrial Performance Products 9 - 9 10 - 10 Chemtura AgroSolutions™ 3 - 3 2 - 2 Industrial Engineered Products 17 (4) 13 15 - 15General corporate expense, including amortization
9 - 9 9 1 10 Total depreciation and amortization $ 41 $ (4) $ 37 $ 40 $ (1) $ 39 Managed Basis Adjustments consist of the following: Accelerated depreciation of property, plant and equipment $ 4 $ 1 Impairment charges 57 2 Changes in estimates related to expected allowable claims 2 73 $ 63 $ 76 NON-CASH STOCK-BASED COMPENSATION EXPENSE Consumer Products $ - $ - $ - $ - $ - $ - Industrial Performance Products 1 - 1 - - - Chemtura AgroSolutions™ - - - - - - Industrial Engineered Products 1 - 1 - - -General corporate expense, including amortization
6 - 6 - - - Total stock-based compensation expense $ 8 $ - $ 8 $ - $ - $ - CHEMTURA CORPORATION GAAP and Managed Basis Segment Sales and Operating Profit (Loss) (Unaudited) (In millions of dollars) Year Ended December 31, 2010Year Ended December 31, 2009
GAAP
Historical
Managed Basis
Adjustment
Managed BasisGAAP
Historical
Managed Basis
Adjustment
Managed Basis NET SALES Consumer Products $ 458 $ - $ 458 $ 457 $ - $ 457 Industrial Performance Products 1,223 - 1,223 999 - 999 Chemtura AgroSolutions™ 351 - 351 332 - 332 Industrial Engineered Products 728 - 728 512 - 512 Total net sales $ 2,760 $ - $ 2,760 $ 2,300 $ - $ 2,300 OPERATING PROFIT (LOSS) Consumer Products $ 67 $ 1 $ 68 $ 63 $ 3 $ 66 Industrial Performance Products 119 - 119 91 3 94 Chemtura AgroSolutions™ 21 3 24 42 - 42 Industrial Engineered Products 25 29 54 3 - 3 Segment operating profit 232 33 265 199 6 205General corporate expense, including amortization
(102) 4 (98) (106) 1 (105) Change in useful life of property, plant and equipment (1) 1 - - - - Facility closures, severance and related cost (1) 1 - (3) 3 - Antitrust costs - - - (10) 10 - Gain on sale of business 2 (2) - - - - Impairment charges (57) 57 - (39) 39 - Changes in estimates related to expected allowable claims (35) 35 - (73) 73 - Total operating profit (loss) $ 38 $ 129 $ 167 $ (32) $ 132 $ 100 DEPRECIATION AND AMORTIZATION Consumer Products $ 11 $ (2) $ 9 $ 13 $ (3) $ 10 Industrial Performance Products 35 - 35 41 (2) 39 Chemtura AgroSolutions™ 9 - 9 8 - 8 Industrial Engineered Products 79 (27) 52 57 - 57General corporate expense, including amortization
41 (1) 40 43 - 43 Total depreciation and amortization $ 175 $ (30) $ 145 $ 162 $ (5) $ 157 Managed Basis Adjustments consist of the following: Other operational adjustments $ 8 $ 2 Accelerated depreciation of property, plant and equipment 30 5 Facility closures, severance and related costs 1 3 Antitrust costs - 10 Gain on sale of business (2) - Impairment charges 57 39 Changes in estimates related to expected allowable claims 35 73 $ 129 $ 132 NON-CASH STOCK-BASED COMPENSATION EXPENSE Consumer Products $ - $ - $ - $ - $ - $ - Industrial Performance Products 1 - 1 - - - Chemtura AgroSolutions™ - - - - - - Industrial Engineered Products 1 - 1 - - -General corporate expense, including amortization
6 - 6 - - - Total stock-based compensation expense $ 8 $ - $ 8 $ - $ - $ -
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