Interviews
News Flash
Decrease in revenues at Huntsman Textile Effects
08 May '09
4 min read
Peter R. Huntsman, our President and CEO, stated:
"Our results for the first quarter of 2009 reflect decreased demand in all our businesses resulting from the worldwide economic slowdown. Although average demand for the quarter was soft, in fact it was softer than the fourth quarter, we did see positive order patterns within the first quarter and left the quarter with stronger demand than we entered.
We have taken aggressive action to manage those business elements within our control. We are ahead of target and schedule to eliminate in excess of $150 million from our cost structure. We are actively managing our working capital for improvements to provide additional liquidity and we have obtained a waiver to our credit agreement that relaxes certain covenants and preserves our ability to access our $650 million revolver.”
He added, “With our strong liquidity and lower cost structure we are well positioned for the current recession and to prosper as we see a return to normal market conditions."
Three Months Ended March 31, 2009 Compared to Three Months Ended March 31, 2008
Revenues for the three months ended March 31, 2009 decreased to $1,693 million from $2,540 million during the same period in 2008. Revenues decreased due to lower sales volumes and lower average selling prices in all of our segments.
For the three months ended March 31, 2009, EBITDA was $30 million compared to $170 million in the same period in 2008. Adjusted EBITDA from continuing operations for the three months ended March 31, 2009 was $50 million compared to $188 million for the same period in 2008.
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"Our results for the first quarter of 2009 reflect decreased demand in all our businesses resulting from the worldwide economic slowdown. Although average demand for the quarter was soft, in fact it was softer than the fourth quarter, we did see positive order patterns within the first quarter and left the quarter with stronger demand than we entered.
We have taken aggressive action to manage those business elements within our control. We are ahead of target and schedule to eliminate in excess of $150 million from our cost structure. We are actively managing our working capital for improvements to provide additional liquidity and we have obtained a waiver to our credit agreement that relaxes certain covenants and preserves our ability to access our $650 million revolver.”
He added, “With our strong liquidity and lower cost structure we are well positioned for the current recession and to prosper as we see a return to normal market conditions."
Three Months Ended March 31, 2009 Compared to Three Months Ended March 31, 2008
Revenues for the three months ended March 31, 2009 decreased to $1,693 million from $2,540 million during the same period in 2008. Revenues decreased due to lower sales volumes and lower average selling prices in all of our segments.
For the three months ended March 31, 2009, EBITDA was $30 million compared to $170 million in the same period in 2008. Adjusted EBITDA from continuing operations for the three months ended March 31, 2009 was $50 million compared to $188 million for the same period in 2008.
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