Refinancing these contractual obligations also increased Adjusted EBITDA since the Company no longer has certain cash operating expenses associated with these obligations.
These contractual obligations resulted in a $3.4 million Financing Adjustment in the first quarter of 2004 that represented cash charges related to the contractual obligations that previously reduced operating income.
There are no Financing Adjustments beginning with the second quarter of 2004 because the new financings occurred in the middle of the first quarter of 2004.
The Company has approved a 10B5-1 plan that will permit individuals, who historically have only been able to trade Company stock during certain window periods, to trade Company stock in accordance with a predetermined plan that will be established during an open window period.
The primary reasons for implementing this plan is to allow individuals to sell Company stock when the restrictions lapse and to diversify their holdings.
Wellman Inc manufactures and markets high-quality PermaClear brand PET (polyethylene terephthalate) packaging resin and Fortrel brand polyester staple fibers. They believe they are one of the world's largest PET plastic recyclers, utilizing a significant amount of recycled raw materials in their manufacturing operations.
One of the world's largest plastics recyclers Wellman Inc is an international Fortune 1000 corporation, sets the standard as a manufacturer of fibers, plastic packaging and engineering resins made from both virgin and recycled raw materials.
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