Exhibit 99.1
|
|
|
NEWS
|
FOR IMMEDIATE RELEASE
Georgia Gulf Reports Q4 ‘07
Financial Results
· Q4 ‘07 sales up by 14% over
prior year.
· Net loss of $6.62 per
diluted share in Q4’07 includes non-cash charges of $6.05 per diluted share.
· Operating income before
non-cash charges was $2.9 million in Q4 ‘07, compared to an operating loss of
$4.2 million prior to purchase accounting for fair valuation of inventory in Q4
‘06.
· Cash flow from operations
and proceeds from sale-leaseback drive $71.5 million term debt reduction in Q4 ‘07.
· Goals for 2008 include debt
reduction of over $125.0 million, as well as higher EBITDA than reported in
2007.
Atlanta,
Georgia — February 14, 2008 — Georgia Gulf today announced financial
results for the three months and the year ended December 31, 2007, as well
as its key business plan objectives for 2008.
Georgia
Gulf reported net sales of $776.4 million for the fourth quarter of 2007
compared to net sales of $681.5 million in the fourth quarter of 2006,
representing a 14% increase. In spite
of challenging market conditions, each of the Company’s reportable segments
generated higher sales than in the same quarter during the prior year.
Georgia
Gulf reported a net loss of $227.3 million or $6.62 per diluted share for the
fourth quarter of 2007, compared to a net loss of $47.2 million or $1.38 per
diluted share during the same quarter in the previous year. The decline in net income was due to non-cash
charges recorded in the fourth quarter of 2007 totaling $207.8 million, or
$6.05 per diluted share. These charges
included an asset impairment charge of $155.7 million or $4.53 per diluted
share, reflecting write-downs of goodwill, intangible and other long-lived
assets in the Window & Door Profiles and Mouldings, Outdoor Building
Products and Chlorovinyls segments, primarily as a result of substantial
declines in North American construction activity. In addition, the Company recorded a non-cash
charge of $52.1 million or $1.52 per diluted share, pertaining to a valuation allowance
against its deferred tax assets in Canada.
Excluding the impact of non-cash charges, the net loss during the fourth
quarter of 2007 was $19.5 million, or $0.57 per diluted share, compared to a
net loss of $35.7 million or $1.05 per diluted share in the prior year
excluding the non-recurring impact of $11.5 million, net of tax or $0.34 per
diluted share from valuing Royal Group’s inventory at fair value as of the date
of the acquisition, as required by purchase accounting standards.
The
Company reported an operating loss of $152.8 million for the fourth quarter of
2007, compared to an operating loss of $22.2 million during the same quarter in
the prior year. Georgia Gulf’s operating
income excluding the non-cash charges previously discussed was $2.9 million
during the fourth quarter of 2007, compared to an operating loss of $4.2
million during the same quarter in the prior year exclusive of $18 million of
purchase accounting for fair valuation of inventory. The $7.1 million improvement in the operating
income (loss) line reflects the progress Georgia Gulf has made reducing its
costs, amidst a difficult industry environment.
In addition, Georgia Gulf’s operating income was negatively impacted by
approximately $10.0 million due to the fluctuating exchange rate between the
Canadian and US dollars for the fourth quarter of 2007 over the fourth quarter
of 2006.
For
the year ended December 31, 2007, Georgia Gulf’s sales were $3.2 billion,
compared to $2.4 billion during 2006.
The increase in sales can be primarily attributed to the acquisition of
Royal Group, which occurred on October 3, 2006. In fiscal 2007, Georgia Gulf recorded a net
loss of $266.0 million or $7.75 per diluted share, compared to net income of
$48.5 million or $1.41 per diluted share in the prior year. The primary reasons for the significant 2007
net loss are the previously discussed non-cash charges totaling $207.8 million
or $6.05 per diluted share recorded in during the fourth quarter of 2007, as
well as additional interest expense associated with the Royal Group
acquisition. During 2007, the Company’s
interest expense was $135.0 million, compared to $46.4 million in the prior
year. Excluding the non-cash charges
recorded in the fourth quarter, as well as $1.3 million, net of tax or $0.04
per diluted share relating to the purchase accounting for fair valuation of
inventories recorded in the first quarter of the year, the Company recorded a
net loss of $56.9 million or $1.66 per diluted share in 2007. This loss compares to net income of $60.1
million or $1.75 per diluted share in 2006, excluding $11.5 million, net of tax
or $0.34 per diluted share from valuing Royal Group’s inventory at fair value
as of the date of the acquisition, as required by purchase accounting
standards.
As
of December 31, 2007, total debt including asset securitization, but
excluding lease financing obligations, was approximately $209.5 million lower
than in the prior year. During 2007,
Georgia Gulf generated cash flow from operating activities of $128.2 million,
with divestitures being a cash source of $105.3 million. “Georgia Gulf’s positive cash flow from
operating activities helped us to reduce debt in 2007, which remains our
primary goal for 2008,” commented Ed Schmitt, retiring Chairman, President and
CEO. “During the toughest year our industry has witnessed in quite some time,
we improved certain market positions, lowered our cost structure and reduced
our debt,” added Mr. Schmitt.
Window & Door Profiles and Mouldings
In
the window & door profiles and mouldings segment, sales were $126.1
million in the fourth quarter of 2007, compared to $117.0 million recorded
during the same quarter in the prior year.
The window & door profiles and mouldings segment’s operating
loss for the fourth quarter of 2007 was $60.0 million compared to $5.9 million
for the same quarter in 2006. Excluding
non-cash charges of $61.1 million for impairment of goodwill, intangibles and
other long-lived assets, operating income was $1.1 million in the fourth
quarter of 2007. This operating income compares to an operating loss of $0.9
million during the same quarter in the prior year excluding the impact from
valuing Royal Group’s inventory at fair value as of the date of the
acquisition, as required by purchase accounting standards totaling $5.0
million. The improvement is attributable
to higher selling prices on flat sales volume coupled with fixed cost
reductions, partially offset by higher raw material and conversion costs. The Company elected to
2
reduce
production rates to reduce inventory levels during the fourth quarter of 2007,
which resulted in higher conversion costs.
Outdoor Building Products
In
the outdoor building products segment, sales were $118.8 million in the fourth
quarter of 2007, compared to $108.9 million recorded during the same quarter in
the prior year. Outdoor Building Products operating loss for the fourth quarter
of 2007 was $53.6 million compared to an operating loss of $17.2 million for
the same quarter in 2006. Excluding
non-cash charges of $39.1 million for impairment of goodwill, intangibles and
other long-lived assets, the segment reported an operating loss of $14.6
million in the fourth quarter of 2007.
In the fourth quarter of 2006, the segment reported an operating loss of
$5.8 million, excluding the impact from valuing Royal Group’s inventory at fair
value as of the date of the acquisition, as required by purchase accounting
standards totaling $11.4 million. The
increased operating loss is attributable to higher material and conversion
costs, which were partially offset by higher selling prices. The Company
elected to reduce production rates to reduce inventory levels during the fourth
quarter of 2007, which resulted in higher conversion costs.
Chlorovinyls
In the chlorovinyls segment, sales increased to $356.4 million in the
fourth quarter of 2007 from $321.0 million during the fourth quarter of
2006. Chlorovinyls operating loss for
the fourth quarter of 2007 was $31.9 million compared to operating income of
$23.0 million for the same quarter in 2006.
Excluding non-cash charges of $55.5 million for impairment of goodwill
and other long-lived assets, the segment operating income in the fourth quarter
of 2007 was $23.5 million compared to operating income of $24.6 million in the
same quarter during the prior year, excluding a non-cash charge of $1.6 million
from valuing Royal Group’s inventory at fair value as of the date of the
acquisition, as required by purchase accounting standards. Higher ethylene feedstock costs negatively
impacted fourth quarter 2007 operating income, while higher average selling
prices and sales volumes positively impacted performance. According to industry reports, ethylene costs
rose 31% from the same quarter in the prior year, with PVC selling prices up by
1% and caustic prices up by 44%.
Industry reports suggest fourth quarter PVC sales volumes were down by
about 2% on a year over year basis.
Aromatics
In
the aromatics segment, sales increased to $175.1 million in the fourth quarter
of 2007 from $134.6 million during the fourth quarter of 2006. The segment reported operating income of $3.5
million for the fourth quarter of 2007 compared to an operating loss of $9.6
million in the same quarter during the prior year. The substantial improvement in operating
performance can be attributed to higher sales volumes and average selling
prices, offset slightly by higher propylene feedstock costs. According to industry sources, prices for
cumene and phenol were up by 8% and 1%, respectively, compared to the same
quarter in the prior year, while propylene and benzene feedstock costs were up
by 38% and 5% respectively.
3
2008 Business Plan
Highlights
In
a separate News Release issued today, Georgia Gulf announced that Paul Carrico
has been promoted to the position of President and Chief Executive
Officer. In addition, the Company
announced that Patrick Fleming has been elected Chairman of the Board. Mr. Carrico succeeds Mr. Schmitt
who has served as Georgia Gulf’s Chairman, President and CEO since 1998.
Under
Mr. Carrico’s leadership, Georgia Gulf targets repayment of over $125
million in debt in 2008. It intends to
achieve this goal by reducing working capital, generating cash from
non-operating sources, as well as achieving higher EBITDA than it did in 2007.
With
demand for chemical and construction products in North America being impacted
by difficult economic conditions, Georgia Gulf has been implementing plans to
bolster demand for its products. In
2008, the Company is seeking to increase exports of chlorovinyl products, as
well as increase its share of certain building and home improvement product
markets.
Georgia
Gulf intends to further reduce its cost structure by right sizing its
workforce, reducing professional fees, idling certain PVC resin capacity and
internally sourcing more materials consumed in extrusion operations. While savings from these initiatives will
commence in the first quarter, the initiatives are not expected to have a
meaningful impact until the second quarter of the year.
With
its highly-efficient, modernized PVC resin production line located in
Plaquemine, LA now fully operational, Georgia Gulf has temporarily idled other
PVC resin production lines. As was
previously announced, Georgia Gulf temporarily idled its Sarnia, Ontario PVC
resin production facility in mid-December.
Since then, the Company has temporarily idled certain PVC resin
production lines in other facilities. In
total, Georgia Gulf has now temporarily idled 700 million pounds of capacity on
an annualized basis. The Company expects
this capacity will remain idled for some portion of 2008. “By temporarily idling this capacity, we are
moving production to our most efficient lines, reducing our costs and adding a
better balance to the supply/demand equation,” noted Mr. Carrico.
In
addition to initiatives aimed at improving its income statement, the Company
expects to generate cash from other sources in order to reduce debt. Specifically, further real estate
divestitures, working capital reductions and income tax refunds are expected to
be sources of cash in 2008.
The
Company is nearing settlement of its income tax dispute with the Province of
Quebec for less than the originally assessed amount. This settlement would
improve the Company’s liquidity position, as a result of a $44 million letter
of credit being released.
“These
initial plans should help us to deal with difficult, near-term market
conditions, while positioning us as a highly efficient integrated vinyl
building and home improvement products manufacturer,” noted Mr. Carrico. He added that, “the management team will
revisit 2008 plans in the coming days, to focus the organization on those
opportunities with the greatest potential to enhance shareholder value.”
4
Conference Call
The Company
will discuss fourth quarter and full year 2007 financial results and business
developments via conference call and Webcast on Friday, February 15, 2008,
at 10:00 AM ET. To access the Company’s
fourth quarter teleconference, please dial 888-552-7928 (domestic) or
706-679-3718 (international). To access
the conference call via Webcast, log on to http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=112207&eventID=1752552.
Playbacks will be available from 1:00 PM ET Friday, February 15, to
midnight ET Friday, February 22.
Playback numbers are 800-642-1687 (domestic) or 706-645-9291
(international). The conference call ID
number is 33117773.
Georgia Gulf
Georgia
Gulf Corporation is a leading, integrated North American manufacturer of two
chemical lines, chlorovinyls and aromatics, and manufactures vinyl-based
building and home improvement products.
The Company’s vinyl-based building and home improvement products,
marketed under Royal Group brands, include window and door profiles, mouldings,
siding, pipe and pipe fittings, deck, fence and rail and outdoor storage
buildings. Georgia Gulf, headquartered
in Atlanta, Georgia, has manufacturing facilities located throughout North
America to provide industry-leading service to customers.
Safe Harbor
This
news release contains forward-looking statements subject to the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on management’s assumptions regarding
business conditions, and actual results may be materially different.
Risks and uncertainties inherent in these assumptions include, but are not
limited to difficulties in integrating the recently acquired business of Royal
Group, Inc., uncertainties relating to Royal Group’s business and liabilities,
uncertainties regarding asset sales, synergies, operating efficiencies and
competitive conditions, future global economic conditions, economic conditions
in the industries to which our products are sold, industry production capacity,
raw materials and energy costs and other factors discussed in the Securities
and Exchange Commission filings of Georgia Gulf Corporation, including our
annual report on Form 10-K for the year ended December 31, 2006.
CONTACT:
Mark Badger
Georgia Gulf
Corporation
Atlanta:
1-770-395-4524
Toronto:
1-906-652-6210
5
GEORGIA GULF CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
In Thousands
|
|
December 31,
2007
|
|
December 31,
2006
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
9,227
|
|
$
|
9,641
|
|
|
Receivables, net of
allowance
|
|
211,613
|
|
237,496
|
|
|
Inventories
|
|
366,545
|
|
339,405
|
|
|
Prepaid expenses
|
|
19,999
|
|
29,577
|
|
|
Income tax receivables
|
|
12,974
|
|
37,143
|
|
|
Deferred income taxes
|
|
25,049
|
|
30,664
|
|
|
Current assets held for
sale
|
|
—
|
|
11,080
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
645,407
|
|
695,006
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
967,188
|
|
1,023,004
|
|
|
Goodwill
|
|
282,282
|
|
377,124
|
|
|
Intangible assets, net
|
|
75,789
|
|
88,361
|
|
|
Other assets, net
|
|
196,262
|
|
204,813
|
|
|
Non-current assets held
for sale
|
|
31,873
|
|
69,919
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
2,198,801
|
|
$
|
2,458,227
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
$
|
30,709
|
|
$
|
32,495
|
|
|
Accounts payable
|
|
232,477
|
|
215,282
|
|
|
Interest payable
|
|
17,752
|
|
21,290
|
|
|
Accrued compensation
|
|
32,882
|
|
37,218
|
|
|
Liability for unrecognized
income tax benefits and other tax reserves
|
|
79,431
|
|
88,338
|
|
|
Other accrued liabilities
|
|
60,774
|
|
97,428
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
454,025
|
|
492,051
|
|
|
|
|
|
|
|
|
|
Long-term debt, less
current portion
|
|
1,351,299
|
|
1,465,639
|
|
|
Liability for unrecognized
income tax benefits
|
|
37,874
|
|
—
|
|
|
Deferred income taxes
|
|
131,601
|
|
88,476
|
|
|
Other non-current
liabilities
|
|
27,201
|
|
18,538
|
|
|
Stockholders’ equity
|
|
196,801
|
|
393,523
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
2,198,801
|
|
$
|
2,458,227
|
|
|
|
|
|
|
|
|
|
Common shares outstanding
|
|
34,392
|
|
34,390
|
|
6
GEORGIA GULF CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
|
In Thousands (except per share data)
|
|
2007
|
|
2006
|
|
2007
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
776,416
|
|
$
|
681,538
|
|
$
|
3,157,270
|
|
$
|
2,427,843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses
|
|
|
|
|
|
|
|
|
|
|
Costs of sales
|
|
712,596
|
|
640,711
|
|
2,851,426
|
|
2,152,571
|
|
|
Goodwill and other
long-lived asset impairment
|
|
155,712
|
|
—
|
|
155,712
|
|
—
|
|
|
Selling, general and administrative expenses
|
|
60,910
|
|
63,021
|
|
233,818
|
|
119,151
|
|
|
Total operating costs and
expenses
|
|
929,218
|
|
703,732
|
|
3,240,956
|
|
2,271,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
(152,802
|
)
|
(22,194
|
)
|
(83,686
|
)
|
156,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
(34,401
|
)
|
(40,691
|
)
|
(133,763
|
)
|
(51,279
|
)
|
|
Foreign exchange (losses)
gains
|
|
3,215
|
|
(5,697
|
)
|
6,286
|
|
(21,543
|
)
|
|
(Loss) income from continuing operations before income taxes
|
|
(183,988
|
)
|
(68,582
|
)
|
(211,163
|
)
|
83,299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for
income taxes
|
|
42,447
|
|
(24,652
|
)
|
44,000
|
|
31,497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations
|
|
(226,435
|
)
|
(43,930
|
)
|
(255,163
|
)
|
51,802
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) from discontinued
operations, net of tax
|
|
(890
|
)
|
(3,263
|
)
|
(10,864
|
)
|
(3,263
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
$
|
(227,325
|
)
|
$
|
(47,193
|
)
|
$
|
(266,027
|
)
|
$
|
48,539
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per share:
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations
|
|
$
|
(6.59
|
)
|
$
|
(1.28
|
)
|
$
|
(7.43
|
)
|
$
|
1.52
|
|
|
(Loss) from discontinued operations
|
|
(0.03
|
)
|
(0.10
|
)
|
(0.32
|
)
|
(0.10
|
)
|
|
Net (loss) income
|
|
$
|
(6.62
|
)
|
$
|
(1.38
|
)
|
$
|
(7.75
|
)
|
$
|
1.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations
|
|
$
|
(6.59
|
)
|
$
|
(1.28
|
)
|
$
|
(7.43
|
)
|
$
|
1.51
|
|
|
(Loss) from discontinued operations
|
|
(0.03
|
)
|
(0.10
|
)
|
(0.32
|
)
|
(0.10
|
)
|
|
Net income (loss)
|
|
$
|
(6.62
|
)
|
$
|
(1.38
|
)
|
$
|
(7.75
|
)
|
$
|
1.41
|
|
|
Weighted average common
shares:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
34,359
|
|
34,114
|
|
34,347
|
|
34,093
|
|
|
Diluted
|
|
34,359
|
|
34,114
|
|
34,347
|
|
34,386
|
|
7
GEORGIA GULF CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
|
In Thousands
|
|
2007
|
|
2006
|
|
2007
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating
activities:
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
$
|
(227,326
|
)
|
$
|
(47,193
|
)
|
$
|
(266,027
|
)
|
$
|
48,539
|
|
|
Adjustments to reconcile net (loss) income to net cash (used in)
provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
38,274
|
|
37,003
|
|
150,210
|
|
85,019
|
|
|
Foreign exchange loss (gain)
|
|
(3,057
|
)
|
4,997
|
|
(10,357
|
)
|
20,843
|
|
|
Deferred income tax expense (benefit)
|
|
39,035
|
|
(8,445
|
)
|
26,832
|
|
(21,189
|
)
|
|
Non-cash impairment charges
|
|
155,712
|
|
—
|
|
155,712
|
|
—
|
|
|
Excess tax benefit related to stock plans
|
|
(265
|
)
|
196
|
|
(1,142
|
)
|
—
|
|
|
Stock based compensation
|
|
1,635
|
|
2,123
|
|
10,856
|
|
12,704
|
|
|
Other non-cash items
|
|
12,391
|
|
3,111
|
|
30,080
|
|
7,309
|
|
|
Change in operating assets, liabilities and other
|
|
44,835
|
|
79,874
|
|
31,995
|
|
101,501
|
|
|
Net cash provided by operating activities from continuing operations
|
|
61,234
|
|
71,666
|
|
128,159
|
|
254,726
|
|
|
Net cash provided by (used in) operating activities from
discontinuing operations
|
|
—
|
|
(4,149
|
)
|
398
|
|
(4,149
|
)
|
|
Net cash provided by
operating activities:
|
|
61,234
|
|
67,517
|
|
128,557
|
|
250,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
Acquisition, net of cash acquired
|
|
—
|
|
(1,075,396
|
)
|
—
|
|
(1,075,396
|
)
|
|
Settlement of foreign exchange contracts
|
|
—
|
|
(4,997
|
)
|
—
|
|
(20,843
|
)
|
|
Capital expenditures
|
|
(11,046
|
)
|
(43,273
|
)
|
(83,669
|
)
|
(90,770
|
)
|
|
Proceeds from sale of PP&E, assets held for sale and discontinued
operations
|
|
25,617
|
|
106,092
|
|
105,258
|
|
106,092
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used
in) investing activities
|
|
14,571
|
|
(1,017,574
|
)
|
21,589
|
|
(1,080,917
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities:
|
|
|
|
|
|
|
|
|
|
|
Net change in revolving line of credit
|
|
(650
|
)
|
(8,100
|
)
|
(7,241
|
)
|
(123,400
|
)
|
|
Issuance of long-term debt
|
|
—
|
|
1,493,543
|
|
—
|
|
1,493,543
|
|
|
Repayment of long-term debt
|
|
(71,584
|
)
|
(497,374
|
)
|
(224,505
|
)
|
(497,374
|
)
|
|
Proceeds from lease financing
|
|
—
|
|
—
|
|
95,865
|
|
—
|
|
|
Fees paid for bridge financing
|
|
|
|
(2,325
|
)
|
|
|
(2,325
|
)
|
|
Fees paid to issue debt
|
|
—
|
|
(38,020
|
)
|
(3,241
|
)
|
(38,020
|
)
|
|
Proceeds from issuance of common stock
|
|
—
|
|
2,831
|
|
—
|
|
3,194
|
|
|
Purchase and retirement of common stock
|
|
—
|
|
—
|
|
(685
|
)
|
(1,032
|
)
|
|
Tax benefits from employee share-based exercises
|
|
—
|
|
—
|
|
—
|
|
1,432
|
|
|
Dividends paid
|
|
(2,775
|
)
|
(2,749
|
)
|
(11,099
|
)
|
(10,996
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in (provided
by) financing activities
|
|
(75,009
|
)
|
947,806
|
|
(150,906
|
)
|
825,022
|
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
444
|
|
661
|
|
346
|
|
661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and
cash equivalents
|
|
1,240
|
|
(1,590
|
)
|
(414
|
)
|
(4,657
|
)
|
|
Cash and cash equivalents
at beginning of period
|
|
7,987
|
|
11,231
|
|
9,641
|
|
14,298
|
|
|
Cash and cash equivalents
at end of period
|
|
$
|
9,227
|
|
$
|
9,641
|
|
$
|
9,227
|
|
$
|
9,641
|
|
8
GEORGIA GULF CORPORATION AND SUBSIDIARIES
SEGMENT INFORMATION
(Unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
|
In Thousands
|
|
2007
|
|
2006
|
|
2007
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment net sales:
|
|
|
|
|
|
|
|
|
|
|
Chlorovinyls
|
|
$356,425
|
|
$320,971
|
|
$1,409,129
|
|
$1,642,782
|
|
|
Window & door profile and mouldings products
|
|
126,115
|
|
117,029
|
|
507,968
|
|
117,029
|
|
|
Outdoor building products
|
|
118,780
|
|
108,916
|
|
573,250
|
|
108,916
|
|
|
Aromatics
|
|
175,096
|
|
134,623
|
|
666,923
|
|
559,116
|
|
|
Net sales
|
|
$776,416
|
|
$681,539
|
|
$3,157,270
|
|
$2,427,843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating (loss)
income:
|
|
|
|
|
|
|
|
|
|
|
Chlorovinyls
|
|
$(31,939
|
)
|
$22,985
|
|
$52,121
|
|
$238,792
|
|
|
Window & door profile and mouldings products
|
|
(60,014
|
)
|
(5,946
|
)
|
(54,478
|
)
|
(5,946
|
)
|
|
Outdoor building products
|
|
(53,633
|
)
|
(17,186
|
)
|
(50,864
|
)
|
(17,186
|
)
|
|
Aromatics
|
|
3,476
|
|
(9,581
|
)
|
10,459
|
|
(17,230
|
)
|
|
Unallocated corporate expenses
|
|
(10,692
|
)
|
(12,466
|
)
|
(40,924
|
)
|
(42,309
|
)
|
|
Total operating (loss)
income
|
|
$(152,802
|
)
|
$(22,194
|
)
|
$(83,686
|
)
|
$156,121
|
|
9