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Wellman reports Q4 & full year 2006 results

26
Feb '07
Wellman Inc reported sales of $324.5 million for the quarter ended December 31, 2006 and record sales of $1.3 billion for the year ended December 31, 2006.

The net loss from continuing operations attributable to common stockholders for the quarter ended December 31, 2006 was $25.6 million, or $0.80 per share, compared to a net loss attributable to common stockholders of $47.2 million, or $1.49 per share, for the quarter ended December 31, 2005.

For the full year 2006, Wellman reported a net loss from continuing operations attributable to common stockholders of $98.1 million, or $3.07 per share, compared to a net loss from continuing operations attributable to common stockholders of $72.7 million, or $2.29 per share, for the full year 2005.

The net loss, including discontinued operations, attributable to common stockholders for the quarter ended December 31, 2006 was $52.9 million, or $1.65 per share, compared to a net loss attributable to common stockholders of $47.4 million, or $1.50 per share, for the quarter ended December 31, 2005.

For the full year 2006, Wellman reported a net loss attributable to common stockholders of $126.8 million, or $3.97 per share, compared to a net loss attributable to common stockholders of $74.1 million, or $2.34 per share for the full year 2005.

Tom Duff, Wellman's Chairman and Chief Executive Officer, stated, "In light of our 2006 results and the difficult business environment, we have made the strategic decision to focus on our chemical-based PET resin and polyester fiber businesses. This will allow us to capitalize on our two world-class facilities which utilize some of the latest technology to produce high quality, value added products."


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