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Resolution Performance Products LLC First Quarter 2005 Results Exceed Analyst Expectations

Published on 2005-05-17. Author : SpecialChem

HOUSTON -- Resolution Performance Products LLC, a leading worldwide manufacturer and developer of epoxy resins, reported its financial results for the first quarter of 2005. The first quarter 2005 results include total revenues of $313 million, operating income of $30 million and EBITDA of $44 million. Total revenues increased $90 million, operating income increased $24 million, and EBITDA increased $26 million as compared to the first quarter of 2004. Compared to the fourth quarter 2004 results, total revenues increased $25 million, operating income increased $16 million and EBITDA increased $18 million.

"We are pleased that the efforts of our talented and dedicated employees are reflected in these positive results. Our actions in the marketplace and cost containment programs have allowed the business to achieve what management believes is a sustainable level of profitability," said Marvin O. Schlanger, Chairman and CEO. "We will continue to work with our customers to ensure adequate supply of product in the future and to bring new products and technologies to the market which will build value through the entire chain," Schlanger added.

Resolution Performance Products will not be hosting an investor conference call to discuss its results for the quarter due to the previously announced pending merger with Borden Chemical, Inc. and Resolution Specialty Materials LLC, and the related registration by Borden Chemical, Inc.

Resolution Performance Products is a leading worldwide manufacturer and developer of epoxy resins and is also the leading global manufacturer of versatic acids and derivatives. Epoxy resins are chemicals primarily used in the manufacture of coatings, adhesives, printed circuit boards, fiber reinforced plastics and construction materials. Versatic acids and derivatives are specialty products which complement our epoxy resin product offerings in coatings, adhesives and construction applications. The Company, with approximately 950 employees, has operations in the United States, Europe and Asia.

Certain statements in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company's current expectations and involve risks and uncertainties that could cause the Company's actual results to differ materially from those set forth in the statements. The Company can give no assurance that such expectations will prove to be correct. Factors that could cause the Company's results to differ materially from current expectations include: general economic and business conditions, industry trends, raw material costs and availability, changes in demand for its products, actions of its competitors and the additional factors and risks contained in the Company's Registration Statement on Form S-4 declared effective on February 4, 2004 (file No. 333-112016) and in its periodic reports filed with the SEC.

Source: Resolution Performance Products LLC

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