| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers W > Headlines for W.R. Grace & Co. > News item |
W.R. Grace reports $22.1 million first-quarter income before taxes, minority interest
By Caroline Salls
Pittsburgh, April 25 - W.R. Grace & Co. reported a $22.1 million first-quarter income before taxes and minority interests on $715.6 million in net sales, according to a company news release.
The figures show improvement over an $11.4 million income before taxes and minority interests for the first quarter of 2006 on $658.6 million in net sales.
According to the release, the increase in net sales was primarily prompted by higher selling prices in response to cost inflation and to added sales volume in all geographic regions except North America.
The net income for the quarter ended March 31 was $4.8 million, up from $100,000 in net income for the same period of 2006.
W.R. Grace said the 2007 and 2006 first quarters were negatively affected by costs of Chapter 11, litigation and other matters not related to core operations. Excluding those costs, the company said net income would have been $28.1 million for the first quarter of 2007, compared with $21.7 million for the first quarter of 2006.
Cash and cash equivalents on March 31 were $479.3 million, compared with $536.3 million on Dec. 31.
Pre-tax income from core operations was $60.6 million in the first quarter of 2006, compared with $47.8 million in the same quarter of 2006.
"I am very pleased with our first quarter results," president and chief executive officer Fred Festa said in the release.
"Our diverse product portfolio, our product innovations, and our global reach allowed us to deliver solid sales and earnings growth."
W.R. Grace, a Columbia, Md.-based specialty chemicals company, filed for bankruptcy on April 2, 2001 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 01-01139.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.