Wellman Q3 sales improves despite disruption caused by hurricanes
26 Oct '05
3 min read
Keith Phillips, Wellman's Chief Financial Officer, stated, 'As they previously announced, they expect to resume PET resin production at their Pearl River facility the week of October 31, 2005 and to have both lines operational by the end of November 2005. They have credit facilities in place that provide sufficient liquidity and terms so they can continue to fund all the requirements of their businesses.'
As previously stated, the Company believes Adjusted EBITDA is an important financial measurement in evaluating their business because it is commonly used to measure financial performance from a credit perspective and is an important factor in evaluating a business.
Adjusted EBITDA is calculated by adding Net Earnings (Loss), Income Tax Expense (Benefit), Interest Expense, Depreciation & Amortization and Other Items (listed in the table above) all of which are included in Net Earnings (Loss). The following table reconciles Net Earnings (Loss) to Adjusted EBITDA for the five quarters ending with the third quarter of 2005.
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.
marketing@alchempro.com
