Albemarle Reports Record Fourth-Quarter 2006 Results27 January 2007
Albemarle Corporation (NYSE: ALB) reported record fourth-quarter 2006 net income of $63.0 million, or $1.29 per-share, up from $32.2 million, or 67 cents per-share, for fourth- quarter 2005, due to strong performance in each of the Company's three business segments. Fourth-quarter 2006 earnings include $5.4 million, or 11 cents per-share, of non-recurring tax benefit due principally to changes in foreign tax rates and the resulting reduction of deferred tax balances. Fourth-quarter 2005 net income, excluding special items, was $34.0 million, or 71 cents per-share. The Company reported net sales in the fourth-quarter 2006 totaling $585 million compared to fourth-quarter 2005 net sales of $588 million.
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Record net sales for 2006 were $2.4 billion, up $261 million, or 12 percent, from $2.1 billion for 2005. Net income for 2006, excluding the charge relating to the divestiture of the Thann, France facility, was $201.4 million, or $4.15 per-share, compared to 2005 net income, excluding special items, of $114.4 million, or $2.40 per-share. As reported, including special items, net income for 2006 was $143.0 million, or $2.94 per-share, up from $114.9 million, or $2.41 per-share, in 2005.
Commenting on results, Mark C. Rohr, President and CEO, stated, "We delivered a terrific fourth quarter, with strong underlying performance in each of our business segments. Our focus on technology, innovation and customer service is reflected in these results. I believe 2006 provides a solid platform for us to further grow Albemarle in a way that delivers value for our customers and our shareholders throughout 2007 and beyond."
Quarterly Segment Results
Polymer Additives recorded net sales for fourth-quarter 2006 of $229.3 million, a 15 percent increase versus fourth-quarter 2005. Net sales improved in our brominated and mineral flame retardant portfolios and in our stabilizers and curatives business due primarily to both volume and pricing improvements. Excluding a 2005 special item charge of $0.4 million, Polymer Additives segment income for fourth-quarter 2006 grew 78 percent to $38.3 million. Increased volumes and higher pricing, partially offset by increased raw materials and manufacturing costs, contributed to this increase. As reported, including 2005 special items, Polymer Additives segment income for fourth-quarter 2006 improved 81 percent.
Catalysts recorded net sales for fourth-quarter 2006 of $192.2 million, down 21 percent versus fourth-quarter 2005, due primarily to lower volumes in HPC refinery catalysts, partially offset by higher pricing in FCC refinery catalysts and polyolefin catalysts. Excluding a 2005 special item gain of $3.2 million, Catalysts segment income for fourth-quarter 2006 increased 7 percent to $30.4 million. Higher pricing and increased polyolefin catalysts volumes, partially offset by increased raw material costs, contributed to this increase. As reported, including 2005 special items, Catalysts segment income for fourth-quarter 2006 decreased 4 percent.
Fine Chemicals recorded net sales for fourth-quarter 2006 of $163.1 million, a 13 percent increase versus fourth-quarter 2005. Excluding 2005 special item charges of $3.6 million, Fine Chemicals segment income for fourth-quarter 2006 increased 132 percent to $22.5 million. Improved pricing and increased volumes in fine chemistry services and across our bromine portfolio, combined with benefits from the disposition of our Thann, France facility and the acquisition of the South Haven cGMP facility, contributed to this increase. As reported, including 2005 special items, Fine Chemicals segment income for fourth-quarter 2006 improved 271 percent.
During the quarter, interest and financing expenses were $10.5 million versus fourth-quarter 2005 expenses of $10.7 million. Our net debt decreased $112.1 million from September 30, 2006 and $185.8 million from December 31, 2005 due principally to strong cash flows from operations. During the fourth- quarter, we repurchased approximately 250,000 shares of Albemarle stock for $17.1 million at an average price of $68.58 per share, and for the year we repurchased approximately 565,000 shares for $31.8 million at an average price of $56.30 per share.
The full year effective tax rate, adjusted for non-recurring tax benefits, was 18 percent due to a more tax-efficient geographical mix of income than expected and the benefits from foreign tax credits associated with high taxed earnings from foreign operations.
Selected data related to net income, special items and related per-share amounts for the fourth-quarters and years ended December 31, 2006 and 2005 are shown in the Additional Information section below, as well as a reconciliation of net income excluding special items and net debt.
Earnings Call
The Company's performance for the fourth-quarter ended December 31, 2006 will be discussed on a conference call at 9:00 AM Eastern Standard Time on January 24, 2007, which can be accessed through Albemarle's website under Investor Information at http://www.albemarle.com.
Albemarle Corporation, headquartered in Richmond, Virginia, is a leading global developer, manufacturer and marketer of highly-engineered specialty chemicals for consumer electronics; petroleum and petrochemical processing; transportation and industrial products; pharmaceuticals; agricultural products; construction and packaging materials. The Company operates in three business segments, Polymer Additives, Catalysts and Fine Chemicals, and serves customers in approximately 100 countries.
Forward-Looking Statements
Some of the information presented in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe our expectations as reflected are based on reasonable assumptions within the bounds of our knowledge of our business and operations, there can be no assurance that actual results will not differ materially. Factors that could cause actual results to differ from expectations include, without limitation: the inability to pass through increases in costs and expenses for raw materials and energy; competition from other manufacturers; changes in demand for our products; the gain or loss of significant customers; fluctuations in foreign currencies; and increased government regulation of our operations or our products. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the period ended December 31, 2005 and in our other public filings with the Securities and Exchange Commission. Readers are urged to review and consider carefully the disclosures we make in our filings with the Securities and Exchange Commission.
Albemarle Corporation and Subsidiaries
Condensed Consolidated Statements of Income
(In Thousands of Dollars, Except Share and Per-Share Amounts) (Unaudited)
Fourth Quarter Ended Year Ended
December 31, December 31,
2006 2005(a) 2006 2005(a)
Net sales $584,537 $588,175 $2,368,506 $2,107,499
Cost of goods sold 435,788 476,877 1,817,692 1,684,101
Gross profit 148,749 111,298 550,814 423,398
Selling, general and
administrative expenses 59,801 58,607 237,856 219,725
Research and development
expenses 12,107 10,246 46,299 41,675
Loss on Thann facility
divestiture - - 89,175(b) -
Benefit plan curtailment
gain and other special
charges - 2,970(c) - (1,898)(c)
Operating profit 76,841 39,475 177,484 163,896
Interest and financing
expenses (10,549) (10,701) (43,964) (41,971)(d)
Other income (expenses),
net 236 413 (134) 1,513
Income before income
taxes, minority
interests and
equity in net
income of
unconsolidated
investments 66,528 29,187 133,386 123,438
Income tax (expense)
benefit (3,144)(e) 1,997(e) (2,192)(e) (27,593)(e)
Income before minority
interests and equity
in net income of
unconsolidated
investments 63,384 31,184 131,194 95,845
Minority interests
in income of
consolidated
subsidiaries (4,463) (2,894) (13,258) (7,469)
Equity in net income
of unconsolidated
investments 4,056 3,908 25,033 26,491
Net income $62,977 $32,198 $142,969 $114,867
Basic earnings
per-share $1.33 $0.69 $3.02 $2.48
Diluted earnings
per-share $1.29 $0.67 $2.94 $2.41
Weighted-average
common shares
outstanding - Basic 47,449 46,665 47,312 46,348
Weighted-average
common shares
outstanding - Diluted 48,759 48,066 48,568 47,748
See accompanying notes to the condensed consolidated financial information.
Albemarle Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands of Dollars)
December 31, December 31,
2006 2005
(Unaudited)
ASSETS
Cash and cash equivalents $149,499 $58,570
Other current assets 811,355 815,093
Total current assets 960,854 873,663
Property, plant and equipment 2,169,433 2,194,878
Less accumulated depreciation
and amortization 1,188,858 1,228,061
Net property, plant and equipment 980,575 966,817
Other assets and intangibles 575,465 706,763
Total assets $2,516,894 $2,547,243
LIABILITIES &
SHAREHOLDERS' EQUITY
Current liabilities $482,949 $421,917
Long-term debt 681,859 775,889
Other noncurrent liabilities 236,594 225,212
Deferred income taxes 110,995 193,950
Shareholders' equity 1,004,497 930,275
Total liabilities & shareholders'
equity $2,516,894 $2,547,243
See accompanying notes to the condensed consolidated financial information.
Albemarle Corporation and Subsidiaries
Selected Cash Flows Data
(In Thousands of Dollars) (Unaudited)
Year Ended
December 31,
2006 2005
Cash and cash equivalents at beginning of year $58,570 $46,390
Cash and cash equivalents at end of period $149,499 $58,570
Sources of cash and cash equivalents:
Net income 142,969 114,867
Loss on Thann facility divestiture 89,175 -
Depreciation and amortization 112,950 117,435
Proceeds from issuance of senior notes - 324,665
Proceeds from issuance of common stock - 147,862
Proceeds from borrowings 134,287 192,013
Proceeds from exercise of stock options 21,395 6,346
Proceeds from liquidation and sale of
unconsolidated investments and sale of
nonmarketable security - 3,135
Uses of cash and cash equivalents:
Capital expenditures (99,847) (70,080)
Purchases of common stock (31,837) -
Payments related to the Thann facility
divestiture (14,727) -
Investments in unconsolidated investments
and nonmarketable securities (264) (3,088)
Acquisitions (25,970)(f) (7,473)
Repayments of long-term debt (239,257) (708,158)
Dividends paid to shareholders (31,582) (26,447)
Dividends paid to minority interests (6,796) (3,400)
See accompanying notes to the condensed consolidated financial information.
Albemarle Corporation and Subsidiaries
Consolidated Summary of Segment Results
(In Thousands of Dollars) (Unaudited)
Fourth Quarter
Ended Year Ended
December 31, December 31,
2006 2005 (a) 2006 2005 (a)
Segment net sales:
Polymer Additives $229,275 $199,922 $920,451 $797,815
Catalysts 192,201 243,981 838,968 737,610
Fine Chemicals 163,061 144,272 609,087 572,074
Total segment
net sales $584,537 $588,175 $2,368,506 $2,107,499
Special items (charges)
and (loss) on Thann
facility divestiture:
Polymer Additives $ - ($394)(c) $ - $1,787 (c)
Catalysts - 3,226 (c) - 3,786 (c)
Fine Chemicals - (3,632)(c) (89,175)(b) (1,392)(c)
Corporate & Other - (2,170)(c) - (2,283)(c)
Total special items
(charges) and
(loss) on Thann
facility
divestiture - ($2,970) ($89,175) $1,898
Segment operating
profit (loss):
Polymer Additives $39,161 $21,699 $151,261 $92,159
Catalysts 27,738 29,050 103,415 81,125
Fine Chemicals 24,937 7,171 (20,606) 41,548
Corporate & Other (14,995) (18,445) (56,586) (50,936)
Total segment
operating
profit $76,841 $39,475 $177,484 $163,896
Minority interests
in income of
consolidated
subsidiaries
and Equity in net
income of
unconsolidated
investments: (g)
Polymer Additives ($888) ($577) ($3,932) $1,422
Catalysts 2,664 2,716 20,074 14,812
Fine Chemicals (2,416) (1,096) (6,388) 2,994
Corporate & Other 233 (29) 2,021 (206)
Total minority
interests
in income of
consolidated
subsidiaries
and equity
in net income of
unconsolidated
investments ($407) $1,014 $11,775 $19,022
Segment income (loss):
Polymer Additives $38,273 $21,122 $147,329 $93,581
Catalysts 30,402 31,766 123,489 95,937
Fine Chemicals 22,521 6,075 (26,994) 44,542
Corporate & Other (14,762) (18,474) (54,565) (51,142)
Total segment
income 76,434 40,489(g) 189,259 182,918 (g)
Interest and financing
expenses (10,549) (10,701) (43,964) (41,971)(d)
Other income (expenses),
net 236 413 (134) 1,513
Income tax (expense)
benefit (3,144)(e) 1,997(e) (2,192)(e) (27,593)(e)
Net income $62,977 $32,198 $142,969 $114,867
See accompanying notes to the condensed consolidated financial information.
Notes to the Condensed Consolidated Financial Information
(In Thousands of Dollars, Except Per-Share Amounts):
(a) Certain reclassifications have been made in the condensed
consolidated statements of income and consolidated summary of segment
results to conform to current presentation.
(b) The year ended December 31, 2006 includes a third-quarter 2006 charge
amounting to $89,175 ($58,401 after income taxes, or $1.20 per-
share) that relates to the divestiture of the Thann, France facility
to International Chemical Investors S.A. (ICIG) effective August 31,
2006. The charge is principally due to the write-off of net asset
values and other exit costs. The total net after tax cash costs of
the transaction are expected to be less than $10,000.
(c) Benefit plan curtailment gain and other special charges*:
Fourth Quarter Year
Ended Ended
December 31, December 31,
2006 2005 2006 2005
Benefit plan curtailment gains (1) $ - $3,226 $ - $8,829
Provisional charge for the potential
settlement of future legal claims (2) - - - (735)
Reduction in-force adjustments (3) - (547) - (547)
Sale of the Albemarle Technical Center
facility (4) - (2,170) - (2,170)
Exit costs related to the shutdown of the
Port de Bouc bromine facility (5) - (3,479) - (3,479)
Special items $ - $(2,970)$ - $1,898
1. Effective December 31, 2005, pursuant to an agreement with the
employees' authorized representatives for our Netherlands operations,
we finalized plan changes that modified projected benefit obligations
for certain transition benefits and adopted a defined contribution
basis for our future pension accrual. The change to projected benefit
obligations resulted in a curtailment gain in accordance with SFAS No.
88 totaling $3,226 ($2,210 after income taxes, or 5 cents per-share).
The year ended December 31, 2005 also included a second-quarter 2005
curtailment gain amounting to $5,603 ($3,569 after income taxes, or 7
cents per-share) that relates to a reduction in our accumulated
postretirement benefit obligation (liability) associated with a change
in coverage in our unfunded postretirement health care benefits plan
for active employees' future retiree medical premium payments.
2. Year ended December 31, 2005 included a second-quarter 2005
provisional charge of $735 ($468 after income taxes, or 1 cent per-
share) for the potential settlement of future legal claims with
respect to certain future asbestos premises liability claims.
3. Fourth-quarter and year ended December 31, 2005 included a charge for
work force reduction of $547 ($349 after income taxes, or 1 cent per-
share) at the Pasadena plant.
4. Fourth-quarter and year ended December 31, 2005 included a charge of
$2,170 ($1,384 after income taxes, or 3 cents per-share) related to
the sale of a research and development facility to the State of
Louisiana.
5. Fourth-quarter and year ended December 31, 2005 included a charge of
$3,479 ($2,261 after income taxes, or 5 cents per-share) related to
costs associated with the shutdown of the Port de Bouc, France bromine
facility.
* See also footnotes (b) and (d) for additional nonrecurring items.
(d) Interest and financing expenses for the year ended December 31, 2005
included the write-off of deferred financing expenses totaling $1,386
($883 after income taxes, or 2 cents per-share).
(e) The effective tax rate for the fourth-quarter of 2006 was favorably
impacted by $5,377, or 11 cents per-share, due principally to the
newly enacted tax law reducing corporate income tax rates in the
Netherlands and the impact on deferred tax balances. The effective
tax rate for the fourth-quarter of 2005 was favorably impacted due
primarily to the following: (1) the realization of foreign tax
credits related to tax structuring activities of $6,700; (2) certain
tax elections made to reflect the permanent reinvestment of foreign
joint venture earnings of approximately $1,400, or 3 cents per-share;
(3) the repatriation of overseas funds under the Homeland Investment
Act by approximately $5,600, or 12 cents per-share, consisting of a
direct tax benefit in our effective income tax rate of $2,300 due to
the reversal of previously accrued tax expense, as well as the effect
of lower tax expense on those earnings of $3,300; and (4) the
favorable net impact of two income tax adjustments totaling $2,374.
(f) On September 30, 2006, we acquired the assets and fine chemistry
services and pharmachemicals business associated with the South
Haven, Michigan facility of DSM Pharmaceutical Products (DSM), a
business group of Royal DSM NV, for approximately $26,000 subject to
final post-closing adjustments.
(g) Effective January 1, 2006, we revised the way we evaluate the
performance of our segment results to reduce our segment income
(loss) for the minority interests in income of consolidated
subsidiaries. Segment income (loss) represents operating profit and
equity in net income of unconsolidated investments and is reduced by
minority interests in income of consolidated subsidiaries. Segment
results for the fourth-quarter and year ended December 31, 2005 have
been reclassified to conform to the new presentation.
Fourth Quarter Ended Year Ended
December 31, December 31,
2006 2005 2006 2005
Minority interests in income
of consolidated subsidiaries:
Polymer Additives ($2,238) ($1,798) ($8,944) ($5,958)
Catalysts - - - -
Fine Chemicals (2,416) (1,096) (6,388) (1,511)
Corporate & Other 191 - 2,074 -
Total minority interests
in income of consolidated
subsidiaries ($4,463) ($2,894) ($13,258) ($7,469)
Equity in net income of
unconsolidated investments:
Polymer Additives $1,350 $1,221 $5,012 $7,380
Catalysts 2,664 2,716 20,074 14,812
Fine Chemicals - - - 4,505
Corporate & Other 42 (29) (53) (206)
Total equity in net
income of unconsolidated
investments $4,056 $3,908 $25,033 $26,491
Additional Information
It should be noted that net income excluding special items is a financial measure that is not required by, or presented in accordance with, accounting principles generally accepted in the United States, or GAAP. It is presented here to exclude the impact of certain non-recurring items on our results. We believe this measure is more reflective of our operations, provides transparency to investors and enables period-to-period comparability of financial performance. Set forth below is a reconciliation of net income excluding special items, a non-GAAP financial measure, to net income, the most directly comparable financial measure calculated and reported in accordance with GAAP, for the fourth-quarters and years ended December 31, 2006 and 2005.
Net debt is a supplemental financial measure that is not required by, or presented in accordance with GAAP. We believe net debt is helpful in analyzing leverage and as a performance measure. We define net debt as total debt plus the portion of outstanding joint venture indebtedness guaranteed by us (or less the portion of outstanding joint venture indebtedness consolidated but not guaranteed by us), less cash and cash equivalents. Set forth below is a reconciliation of net debt, a non-GAAP financial measure, to total debt, the most directly comparable financial measure calculated and reported in accordance with GAAP, as of December 31, 2005, September 30, 2006 and December 31, 2006.
A description of other non-GAAP financial measures that we use to evaluate our operations and financial performance, and reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, can be found in the Investor Information section of our website at http://www.albemarle.com, under "Non- GAAP Reconciliations" under "Investor Relations."
ALBEMARLE CORPORATION AND SUBSIDIARIES
(In Thousands, Except Per-Share Amounts)
(Unaudited)
Fourth Quarter Ended
December 31, 2006
Excluding
As Special Special
Reported Items Items
Net sales $ 584,537 $ - $ 584,537
Cost of goods sold (435,788) - (435,788)
Selling, general and
administrative expenses and
research and development
expenses (71,908) - (71,908)
Benefit plan curtailment
gain and other special
charges - - -
Operating profit 76,841 - 76,841
Interest and financing
expenses (10,549) - (10,549)
Other income, net 236 - 236
Income before income taxes,
minority interests and
equity in net income of
unconsolidated investments 66,528 - 66,528
Income tax (expense) benefit (3,144) - (3,144)
Income before minority
interests and equity in net
income of unconsolidated
investments 63,384 - 63,384
Minority interests in income
of consolidated subsidiaries (4,463) - (4,463)
Equity in net income of
unconsolidated investments 4,056 - 4,056
Net income $ 62,977 $ - $ 62,977
Diluted earnings per-share $ 1.29 $ - $ 1.29
Segment income (loss):
Polymer Additives $ 38,273 $ - $ 38,273
Catalysts 30,402 - 30,402
Fine Chemicals 22,521 - 22,521
Corporate & Other (14,762) - (14,762)
Total $ 76,434 $ - $ 76,434
Fourth Quarter Ended
December 31, 2005
Excluding
As Special Special
Reported Items Items
Net sales $ 588,175 $ - $ 588,175
Cost of goods sold (476,877) - (476,877)
Selling, general and
administrative expenses
and research and
development expenses (68,853) - (68,853)
Benefit plan curtailment
gain and other special
charges (2,970) 2,970 (c) -
Operating profit 39,475 2,970 42,445
Interest and financing
expenses (10,701) - (10,701)
Other income, net 413 - 413
Income before income
taxes, minority interests
and equity in net income
of unconsolidated
investments 29,187 2,970 32,157
Income tax (expense)
benefit 1,997 (1,186)(c) 811
Income before minority
interests and equity in
net income of
unconsolidated investments 31,184 1,784 32,968
Minority interests in
income of consolidated
subsidiaries (2,894) - (2,894)
Equity in net income of
unconsolidated investments 3,908 - 3,908
Net income $ 32,198 $ 1,784 $ 33,982
Diluted earnings per-share $ 0.67 $ 0.04 $ 0.71
Segment income (loss):
Polymer Additives $ 21,122 $ 394 $ 21,516
Catalysts 31,766 (3,226) 28,540
Fine Chemicals 6,075 3,632 9,707
Corporate & Other (18,474) 2,170 (16,304)
Total $ 40,489 $ 2,970 $ 43,459
See accompanying notes to the condensed consolidated financial information.
ALBEMARLE CORPORATION AND SUBSIDIARIES
(In Thousands, Except Per-Share Amounts)
(Unaudited)
Year Ended
December 31, 2006
As Special Excluding
Reported Items Special Items
Net sales $ 2,368,506 $ - $ 2,368,506
Cost of goods sold (1,817,692) - (1,817,692)
Selling, general and
administrative expenses and
research and development
expenses (284,155) - (284,155)
Loss on Thann facility
divestiture (89,175) 89,175 (b) -
Benefit plan curtailment gain
and other special charges - - -
Operating profit 177,484 89,175 266,659
Interest and financing expenses (43,964) - (43,964)
Other (expenses) income, net (134) - (134)
Income before income taxes,
minority interests and equity in
net income of unconsolidated
investments 133,386 89,175 222,561
Income tax (expense) (2,192) (30,774)(b) (32,966)
Income before minority interests
and equity in net income of
unconsolidated investments 131,194 58,401 189,595
Minority interests in income of
consolidated subsidiaries (13,258) - (13,258)
Equity in net income of
unconsolidated investments 25,033 - 25,033
Net income $ 142,969 $ 58,401 $ 201,370
Diluted earnings per-share $ 2.94 $ 1.20 $ 4.15
Segment income (loss):
Polymer Additives $ 147,329 $ - $ 147,329
Catalysts 123,489 - 123,489
Fine Chemicals (26,994) 89,175 62,181
Corporate & Other (54,565) - (54,565)
Total $ 189,259 $ 89,175 $ 278,434
Year Ended
December 31, 2005
As Special Excluding
Reported Items Special Items
Net sales $ 2,107,499 $ - $ 2,107,499
Cost of goods sold (1,684,101) - (1,684,101)
Selling, general and
administrative expenses
and research and
development expenses (261,400) - (261,400)
Loss on Thann facility
divestiture - - -
Benefit plan curtailment
gain and other special
charges 1,898 (1,898)(c) -
Operating profit 163,896 (1,898) 161,998
Interest and financing
expenses (41,971) 1,386 (d) (40,585)
Other (expenses) income,
net 1,513 - 1,513
Income before income
taxes, minority interests
and equity in net income
of unconsolidated
investments 123,438 (512) 122,926
Income tax (expense) (27,593) 78 (c-d) (27,515)
Income before minority
interests and equity in
net income of
unconsolidated
investments 95,845 (434) 95,411
Minority interests in
income of consolidated
subsidiaries (7,469) - (7,469)
Equity in net income of
unconsolidated investments 26,491 - 26,491
Net income $ 114,867 $ (434) $ 114,433
Diluted earnings per-share $ 2.41 $ (0.01) $ 2.40
Segment income (loss):
Polymer Additives $ 93,581 $ (1,787) $ 91,794
Catalysts 95,937 (3,786) 92,151
Fine Chemicals 44,542 1,392 45,934
Corporate & Other (51,142) 2,283 (48,859)
Total $ 182,918 $ (1,898) $ 181,020
See accompanying notes to the condensed consolidated financial information.
ALBEMARLE CORPORATION AND SUBSIDIARIES
Net Debt Reconciliation
(In Thousands of Dollars)
(Unaudited)
Third Quarter
Year Ended Ended Year Ended
December 31, September 30, December 31,
2006 2006 2005
Total debt $732,590 $784,991 $833,453
JV debt consolidated by
the Company but (37,556) (37,753) (43,510)
guaranteed by others
Less: Cash and cash (149,499) (89,575) (58,570)
equivalents
Net Debt $545,535 $657,663 $731,373
See accompanying notes to the condensed consolidated financial information.
Source: prnewswire
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