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Rockwood Reports Fourth Quarter and Full Year 2013 Results
· Achieved robust quarterly results from Lithium applications (excluding potash) and Surface Treatment
· Adjusted earnings per share from continuing operations - $0.53 per share versus $0.44 per share
· Adjusted EBITDA from continuing operations - $78 million versus $81 million
· Completed the sale of the Clay-based Additives business for a gross purchase price of $635 million, resulting in a gain of $506.3 million (net of tax)
· Entered into an agreement with Chengdu Tianqi Industry Group which will give Rockwood a 49% ownership interest in Talison Lithium
· Announced a new share repurchase program expected to repurchase common stock up to $500 million over two years
Princeton, New Jersey; March 3, 2014 Rockwood Holdings, Inc. (NYSE: ROC) today posted as reported net income from continuing operations of $14.8 million, or $0.20 per share for the fourth quarter of 2013, which included other net charges of $24.7 million, as compared to $28.3 million, or $0.35 per share for the same period in the prior year, which included other net charges of $7.3 million.
Excluding these other net charges, adjusted net income from continuing operations was $39.5 million, or $0.53 per share, in the fourth quarter of 2013 compared to $35.6 million, or $0.44 per share, for the same period in the prior year. Quarter on quarter performance was up from improved results in Surface Treatment and Lithium applications, coupled with lower interest expense. Additionally, earnings per share benefited from fewer common shares outstanding due to share repurchases in 2013.
For the year ended December 31, 2013, as reported net income from continuing operations was $55.4 million, or $0.72 per share, which included other net charges of $67.4 million, primarily related to foreign exchange losses on financing activities, as compared to $232.9 million, or $2.91 per share for the prior year, which included other net benefits of $93.6 million, primarily related to the reversal of a valuation allowance on net deferred tax assets.
The following information was filed by Rockwood Holdings, Inc. (ROC) on Monday, March 3, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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