Wellman sales drop in Q4 2007

18 Mar '08

2 min read

Wellman Inc reported sales of $244.2 million for the quarter ended December 31, 2007 and sales of $1.1 billion for the year ended December 31, 2007. The net loss from continuing operations attributable to common stockholders for the quarter ended December 31, 2007 was $312.2 million, or $9.67 per share, which included a pre-tax impairment charge of $292.6 million.

This compares to a net loss attributable to common stockholders of $42.0 million, or $1.32 per share, for the quarter ended December 31, 2006. For the full year 2007, Wellman reported a net loss from continuing operations attributable to common stockholders of $378.3 million, or $11.71 per share, compared to a net loss from continuing operations attributable to common stockholders of $110.7 million, or $3.47 per share, for the full year 2006.

The net loss, including discontinued operations, attributable to common stockholders for the quarter ended December 31, 2007 was $311.7 million, or $9.65 per share, compared to a net loss, including discontinued operations, attributable to common stockholders of $52.9 million, or $1.66 per share, for the quarter ended December 31, 2006.

For the full year 2007, Wellman reported a net loss attributable to common stockholders of $376.9 million, or $11.67 per share, compared to a net loss attributable to common stockholders of $126.8 million, or $3.97 per share for the full year 2006.

Tom Duff, Wellman's Chairman and Chief Executive Officer, stated, "Although the Company has taken numerous steps to reduce its debt and strengthen its balance sheet, these were not sufficient to offset the deterioration in business conditions and the cost of our substantial debt obligations.

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