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'2009 will be a challenging year for Quaker' - Mr. Barry
29 Apr '09
4 min read
The increase in other income compared to the first quarter of 2008 reflects a $1.2 million gain related to the disposition of land in Europe. The tax benefit recorded for the first quarter of 2009 reflects no tax provided for the land sale gain, due to the utilization of net operating losses, which were previously not benefited.
The decrease in equity income reflects declining steel demand caused by declines in the auto industry that impacted the Company's Japanese affiliate.
Balance Sheet and Cash Flow Items
The Company's net debt-to-total-capital ratio remained strong at 31% as of March 31, 2009, compared to 32% as of December 31, 2008. In addition, cash flows from operations improved $14.4 million compared to the first quarter of 2008, largely the result of improved working capital levels.
The Company is closely monitoring the current circumstances surrounding Chrysler LLC and General Motors Corporation, two of the Company's largest customers, both of whom have pending requests for additional government funding. The Company's accounts receivable for General Motors Corporation and Chrysler LLC were approximately $6.7 million and $5.8 million, respectively, as of March 31, 2009. The Company has taken steps which it believes significantly reduces its exposure, and continues to pursue other measures to minimize this risk.
The decrease in equity income reflects declining steel demand caused by declines in the auto industry that impacted the Company's Japanese affiliate.
Balance Sheet and Cash Flow Items
The Company's net debt-to-total-capital ratio remained strong at 31% as of March 31, 2009, compared to 32% as of December 31, 2008. In addition, cash flows from operations improved $14.4 million compared to the first quarter of 2008, largely the result of improved working capital levels.
The Company is closely monitoring the current circumstances surrounding Chrysler LLC and General Motors Corporation, two of the Company's largest customers, both of whom have pending requests for additional government funding. The Company's accounts receivable for General Motors Corporation and Chrysler LLC were approximately $6.7 million and $5.8 million, respectively, as of March 31, 2009. The Company has taken steps which it believes significantly reduces its exposure, and continues to pursue other measures to minimize this risk.
Quaker Chemical Corporation
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