Kraton was pleased with Q1 loss
ERJ staff report (DS)
Houston, Texas -- Kraton's operating revenues amounted to $185 million (euro 137 million) for the three months ended March 31, 2009, a decline of $82 million, or 31 percent, compared to total operating revenues of $267 million in the three months ended March 31, 2008.
The company reported an operating profit of $5 million, down from $15 million a year ago. After tax, however, the company reported a net loss of $16 million, which was worse than the $9 million loss reported a year earlier.
“We are quite pleased with our first quarter performance, particularly considering the macro-economic environment we operated in. While our sales volume declined 39% from the first quarter of 2008, this was in line with our expectation and consistent with the general industry trend. Moreover, we anticipate continued improvement in the second quarter of 2009, relative to the comparable prior year period, and expect to be in full compliance with our debt covenants at the close of the second quarter,†said Kevin M. Fogarty, Kraton's President and Chief Executive Officer.
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Press release from Kraton
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