Home / Knowledge / News / Textiles / Kraton CEO pleased with 2008 progress
Kraton CEO pleased with 2008 progress
14
Aug '08
Kraton Polymers LLC (Kraton or the Company), a leading global producer of highly engineered polymers, announces results for the three and six months ended June 30, 2008.

Total revenues amounted to $345.4 million for the three months ended June 30, 2008, an increase of $50.5 million, or 17%, from $294.9 million in the three months ended June 30, 2007. For the six months ended June 30, 2008, total revenues amounted to $612.2 million, an increase of $70.5 million, or 13%, from $541.7 million for the six months ended June 30, 2007.

Gross profit amounted to $62.6 million for the three months ended June 30, 2008, an increase of $11.1 million, or 22%, from $51.4 million in the three months ended June 30, 2007. For the six months ended June 30, 2008, gross profit amounted to $111.3 million compared to $83.8 million for the same period in 2007, an increase of $27.6 million, or 33%.

Net income amounted to $10.2 million and $0.8 million for the three and six months ended June 30, 2008, respectively, compared to net income of $6.2 million and a net loss of $7.0 million in the comparable 2007 periods, respectively.

Through June 30, 2008, the Company incurred approximately $7.9 million of restructuring and related charges, largely severance and other staffing-related costs associated with senior executive and other management changes, and the realignment of the research and technical service organizations. In the six months ended June 30, 2007, the Company incurred $0.3 million of similar charges associated with 2007 initiatives.

Last Twelve Months (LTM) Bank EBITDA, a measurement used to determine compliance with our debt covenants, totaled $115.8 million for the period ended June 30, 2008, an increase of $11.6 million and $16.9 million from the LTM periods ended March 31, 2008 and December 31, 2007, respectively. A reconciliation of net income (loss) to LTM Bank EBITDA is attached. The Company was in compliance with its debt covenants at June 30, 2008.

“While we are generally pleased with our 2008 progress, headwinds associated with rising energy and feedstock costs continued in the second quarter and, as such, necessary price increases were implemented to recover these unprecedented cost increases,” said Kevin M. Fogarty, President and Chief Executive Officer.

“At the same time, we remain committed to fully optimizing our production assets to improve overall efficiencies. To that end, we are pleased to have recently approved an important series of capital projects to upgrade infrastructure at our world-scale Belpre, Ohio site, and are developing additional improvement projects for our other global manufacturing locations. By combining responsive pricing with an aggressive cost improvement strategy, we intend to restore Kraton to an acceptable, sustainable level of profitability.”

Recent Developments:
• Announced additional price increases effective September 1.

• Approved capital spending to upgrade certain systems and operating controls which will improve the effectiveness, competitiveness and operating efficiency of the flagship Belpre, Ohio site.


Must ReadView All

Uzbekistan-China meeting discusses textile cooperation

Textiles | On 20th Aug 2018

Uzbekistan-China meeting discusses textile cooperation

A meeting of the Uzbek-Chinese business forum on cooperation in the...

Amazon infuses additional $400 mn into India operations

Apparel/Garments | On 20th Aug 2018

Amazon infuses additional $400 mn into India operations

Amazon has invested an additional $400 million (₹2700 crore) in two...

Moldova wooing Indian investors in textiles, agriculture

Textiles | On 20th Aug 2018

Moldova wooing Indian investors in textiles, agriculture

Moldova is wooing Indian investors in textiles, agriculture and a few ...

Interviews View All

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Ravi Raj Desai

Himalaya Cotton Yarn Ltd manufactures high quality denier. The spinning...

Ashish M Amin

Premier Looms is a leading provider of cutting-edge machinery and...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

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

Leave your Comments


August 2018

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

news category


Related Categories:

Advanced Search