Huntsman releases 2009 second quarter results.
Second Quarter 2009 Highlights
- Revenues for the second quarter of 2009 were $1,866 million, a decrease of 36% compared to $2,896 million for the second quarter of 2008 and an increase of 10% compared to $1,693 million for the first quarter of 2009.
- Net income attributable to Huntsman Corporation for the second quarter of 2009 was $406 million or $1.51 per diluted share compared to net income attributable to Huntsman Corporation of $24 million or $0.10 per diluted share for the same period in 2008 and net loss attributable to Huntsman
Corporation of $290 million or $1.24 loss per diluted share for the first quarter of 2009. Adjusted net loss from continuing operations attributable to Huntsman Corporation for the second quarter of 2009 was $64 million or $0.27 loss per diluted share compared to adjusted net income from continuing operations attributable to Huntsman Corporation of $20 million or $0.09 per diluted share for the same period in 2008 and adjusted net loss from continuing operations attributable to Huntsman Corporation excluding a UK tax valuation allowance of $128 million or $0.55 loss per diluted share for the first quarter of 2009.
- Adjusted EBITDA from continuing operations for the second quarter of 2009 was $96 million compared to $210 million for the same period in 2008 and $50 million for the first quarter of 2009.
- On June 22, 2009, we reached an agreement with Credit Suisse and Deutsche Bank to settle our claims against them in Texas state court for, among other things, fraud and tortious interference in connection with our terminated merger agreements with Basell and Hexion Specialty Chemicals, Inc.
Under the terms of the settlement agreement, Credit Suisse and Deutsche Bank provided to us:
- $632 million in cash
- $500 million senior secured term loan financing, 7 year term at LIBOR + 2.25%
- $600 million unsecured note financing, 7 year term at 5.5%
- On July 23, 2009, we redeemed all ($296 million principal amount) of our outstanding 11.625% senior secured notes due 2010 and on August 3, 2009, we redeemed all ($198 million principal amount) of our outstanding 11.5% senior notes due 2012. This debt reduction, which will be reflected in our balance sheet as of September 30, 2009, eliminates all meaningful debt maturities until 2013.
- As of June 30, 2009, we had $2,301 million of cash on hand. During the second quarter we generated positive cash flow of approximately $165 million through effective management of our primary working capital.
Huntsman International LLC
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