Wellman Inc has reported a net loss attributable to common stockholders of $15.3 million or $0.48 per share for the quarter ended June 30, 2006. This compares to a net loss attributable to common stockholders of $25.4 million, or $0.80 per share for the same period in 2005.
For the first six months of 2006, Wellman reported a net loss attributable to common stockholders of $34.7 million, or $1.09 per share, compared to a net loss attributable to common stockholders of $17.8 million, or $0.56 per share for the same period in 2005.
Tom Duff, Wellman's Chairman and CEO, stated, "Demand for PET resins continued to increase in the second quarter. We achieved record shipments and sales of Permaclear solid stated PET resin in the second quarter 2006 utilizing the additional PET resin capacity (300 million pounds annually) at our Pearl River facility that started on June 1, 2006. While our operating results improved from the first quarter, we did not achieve acceptable margins because our chemical raw material costs increased at a faster rate than we were able to implement selling price increases."
Wellman Inc manufactures and markets high-quality polyester products, including PermaClear brand PET (polyethylene terephthalate) packaging resin and Fortrel brand polyester fiber. One of the world's largest PET plastic recyclers, it utilizes a significant amount of recycled raw materials in its manufacturing operations.
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