Kraton Polymers LLC (Kraton), a leading global engineered polymer company, announces its financial results for the quarter and nine months ended September 30, 2007. Total Revenues for the quarter were $290 million compared to $288 million in the comparable period of 2006, an increase of 1%.
This increase was driven by product price increases and strengthening of foreign currencies partially offset by lower sales volumes and lower by-product sales. Through the first nine months of 2007, Total Revenues grew 4% to $832 million.
Gross Profit for the quarter decreased 25% to $46 million, as compared to $62 million in the comparable period of 2006 as higher monomers and plant restructuring costs offset the benefits of higher revenues. Gross Profit for the first nine months decreased $37 million to $130 million.
EBITDA for the quarter decreased 31% to $26 million from $37 million in 2006. First nine months EBITDA declined $28 million to $63 million.
Last Twelve Months (LTM) Adjusted Bank Covenant EBITDA, a measure used to determine compliance with our debt covenants, totaled $104 million, a decrease of $10 million from the period ended June 30, 2007. A reconciliation of Net Income to EBITDA and Adjusted Bank Covenant EBITDA is attached.
Net Loss for the quarter was $0.8 million, compared with Net Income of $12 million in the comparable period of 2006. During the first nine months of 2007, Net Loss was $8 million versus a Net Income $22 million for the same period of 2006.
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