Wayne, New Jersey--International Specialty Holdings Inc., buoyed by marked improvements in its ISP Elastomers segment, reported record sales and operating income in the first quarter.
The synthetic elastomers segment--the former Ameripol Synpol activities acquired in August 2003--recorded a three-fold jump in operating income over the first quarter of 2004 to $5.9 million on favourable pricing and the impact of higher unit volumes, partially offset by higher material and manufacturing costs.
ISP Holdings, a wholly owned subsidiary of International Specialty Products Inc., reported operating income of $53.3 million, up 5.8 percent from a year ago, while sales jumped 12.8 percent to $338.8 million.
Net income slid slightly to $24.1 million after a non-cash, pretax charge of $10.5 million for the impairment of assets at one of the company's domestic plants related to restructuring and consolidation of production capacity in the speciality chemicals segment.
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