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Mixed Results at MRD
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Business New Haven
2/18/2002
By: BNH
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WATERBURY - MacDermid Inc. (NYSE: MRD), which manufactures specialty chemical products and materials for the electronics, metal finishing and graphic arts industries, has reported earnings for its quarter ended December 31.
(Due to MacDermid changing its fiscal year end from March to December 2001, this quarter also marked the close of the fiscal year, which contained nine months.)
Earnings per share before restructuring and impairment charges were 20 cents for the quarter compared to 30 cents for the previous year and 13 cents for the previous sequential quarter. For the nine months ended December 31, earnings per share before restructuring and impairment charges were 57 cents, compared to $1.07 in the comparable prior period. Net earnings per share after restructuring and impairment charges were a loss of $1.28 for the quarter and a loss of 91 cents for the nine months, compared to profits of 22 and 93 cents, respectively, in the prior year.
In the midst of a declining economic environment, MacDermid continued to generate significant owner earnings. Owner earnings, a measure of free cash flow, were $33.6 million for the quarter. This was up 342 percent from the prior year and eight percent over the previous sequential quarter. For the comparable nine-month period, owner earnings increased from $33.7 million to $79.1 million, an increase of 134 percent. This level of owner earnings allowed MacDermid to pay down $35.8 million, primarily senior revolving debt during the quarter, and $62.6 million during the nine months.
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