Wellman Inc reported a net loss from continuing operations attributable to common stockholders of $11.6 million, or $0.36 per share, for the quarter ended June 30, 2007. This compares to a net loss from continuing operations attributable to common stockholders of $14.5 million, or $0.46 per share, for the same period in 2006.
For the first six months of 2007, Wellman reported a net loss from continuing operations attributable to common stockholders of $38.7 million, or $1.20 per share, compared to a net loss from continuing operations attributable to common stockholders of $33.4 million, or $1.05 per share for the same period in 2006.
Tom Duff, Wellman's Chairman and Chief Executive Officer, stated, "Demand for PET resins remained strong in the second quarter. Force majeures on PTA and PIA kept the NAFTA PET resin market tight by limiting the introduction of net capacity additions into the market.
In addition, as part of our strategy to focus on our U.S. chemical-based business, we have agreed to sell our European recycled-based polyester staple fiber business to an affiliate of AURELIUS AG, a publicly traded group focused on investing in medium-sized industrial companies. The sale is expected to be completed this week."
Keith Phillips, Wellman's Chief Financial Officer, stated, "Our second quarter 2007 EBITDA, as defined, improved substantially, compared to first quarter 2007, as a result of continued strong PET resin demand and improvedPET resin margins."
Wellman Inc, an international corporation, sets the standard as a manufacturer of plastic packaging, fibers and engineering resins.
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