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Polyester producer Wellman reports record PET resin sales in Q1

27
Apr '07
Wellman Inc reported a net loss from continuing operations attributable to common stockholders of $26.0 million, or $0.81 per share for the quarter ended March 31, 2007.

This compares to a net loss from continuing operations attributable to common stockholders of $18.9 million, or $0.59 per share for the same period in 2006.

The net loss attributable to common stockholders for the quarter ended March 31, 2007 was $26.9 million, or $0.84 per share, compared to a net loss attributable to common stockholders of $19.4 million, or $0.61 per share for the same period in 2006.

Thomas Duff, Wellman's Chairman and Chief Executive Officer, stated, “Although we experienced disappointing overall results in the first quarter, we achieved record quarterly PET resin sales and volume due to strong demand."

Our sales volume benefited from delays in the start-up of some of the new capacity announced by our competitors and an improved trade balance which was helped by the differential between U.S. and Asian polyester raw material costs returning closer to historical levels.

"We expect the supply/demand balance to remain favorable in the second quarter and for PET resin margins to improve over first quarter levels based on our announced selling price increases.”

Keith Phillips, Wellman's Chief Financial Officer, stated, “Despite low first quarter margins and EBITDA, as defined, we are optimistic that second quarter EBITDA, as defined, will show a significant improvement because of improved PET resin margins and savings from our organizational restructuring."


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