Home / Knowledge / News / Textiles / Decrease in revenues at Huntsman Textile Effects
Decrease in revenues at Huntsman Textile Effects
08
May '09
Revenues for the first quarter of 2009 were $1,693 million, a decrease of 33% compared to $2,540 million for the first quarter of 2008 and a decrease of 17% compared to $2,048 million for the fourth quarter of 2008.

As of March 31, 2009, we had $1,115 million of combined cash and unused borrowing capacity consisting of $473 million cash and $642 million available borrowings under our credit facilities. We generated positive cash flow through aggressive management of our primary working capital. This available liquidity uniquely positions our business during these challenging economic times.

Net loss attributable to Huntsman Corporation for the first quarter of 2009 was $290 million or $1.24 loss per diluted share compared to net income attributable to Huntsman Corporation of $7 million or $0.03 per diluted share for the same period in 2008 and net income attributable to Huntsman Corporation of $598 million or $2.53 per diluted share for the fourth quarter of 2008. Adjusted net loss from continuing operations attributable to Huntsman Corporation for the first quarter of 2009 was $274 million or $1.17 loss per diluted share including tax expense of $146 million or $0.62 per diluted share due to the establishment of a tax valuation allowance in the U.K.

Excluding the tax valuation allowance the first quarter 2009 loss from continuing operations attributable to Huntsman Corporation was $128 million or $0.55 loss per diluted share. This adjusted net loss reflects a decrease compared to adjusted net income from continuing operations attributable to Huntsman Corporation of $17 million or $0.07 per diluted share for the same period in 2008 and adjusted net loss from continuing operations attributable to Huntsman Corporation of $91 million or $0.38 loss per diluted share for the fourth quarter of 2008.

On April 16, 2009, we announced that as a matter of precautionary planning our wholly owned subsidiary Huntsman International LLC entered into a credit agreement waiver with lenders of its $650 million revolving credit facility. Among other things the waiver relaxed the senior secured leverage ratio covenant from 3.75 to 1.00 to 5.00 to 1.00 for the measurement periods between June 30, 2009 and June 30, 2010.

On January 22, 2009, we announced a company-wide initiative to reduce costs across all divisions and functions. Including steps begun in the fourth quarter of 2008, we intend to reduce our full-time employment by approximately 1,250 positions – nearly 10% of all employees. In addition, full-time contractor positions will be reduced by 490. Annualized operating cost savings from all elements of the initiative are estimated to be $150 million.

Adjusted EBITDA from continuing operations for the first quarter of 2009 was $50 million compared to $188 million for the same period in 2008 and $51 million for the fourth quarter of 2008.

We continue to pursue our multi-billion dollar fraud and tortious interference claims against Credit Suisse and Deutsche Bank. The court in Montgomery County, Texas has ordered mediation to begin on May 13, 2009 and trial to commence on June 8, 2009.

Must ReadView All

Textiles | On 7th Dec 2016

New Texprocil chairman bats for increased UPI adoption

Ujwal Lahoti, the new Cotton Textile Export Promotion Council...

RBI Governor Urjit Patel addressing a press conference. Courtesy: Youtube

Textiles | On 7th Dec 2016

Defying expectations, RBI keeps repo rate unchanged

Defying market expectations, the Monetary Policy Committee (MPC) of...

The new OJ 59/1 B. Courtesy: Karl Mayer

Textiles | On 7th Dec 2016

Karl Mayer unveils new LACE.EXPRESS model for apparel

Germany’s leading textile machinery firm, Karl Mayer, has launched a...

Interviews View All

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search