W.R. Grace posts $33.9 million second-quarter income before taxes and minority interest

By Caroline Salls

Pittsburgh, Aug. 8 - W.R. Grace & Co. reported a $33.9 million income before income taxes and minority interest for the second quarter on $812.8 million in net sales, according to a 10-Q filed Wednesday with the Securities and Exchange Commission.

In the second quarter of 2006, the company posted a $9.6 million income before income taxes and minority interest on $729.1 million in net sales.

According to the 10-Q, the increase in sales resulted primarily from higher selling prices in response to rising raw material costs and to added sales volume in all geographic regions except North America.

In addition, Grace said the increase in pre-tax income can be attributed to higher sales volume in all geographic regions and higher selling prices to offset cost inflation, as well as to lower overall pension costs.

The net income for the three months ended June 30 was $20.5 million, improving over a $5.2 million net loss for the same period of 2006.

The company posted a $5.6 million income before income taxes and minority interest in the first six months of 2007 on $1.582 billion in net sales, compared with a $21 million income before income taxes and minority interest for the first half of 2006 on $1.388 billion in net sales.

The net income for the first half of 2007 was $25.3 million, ameliorating from a $5.1 million net loss for the first half of 2006.

Cash and cash equivalents on June 30 were $494.3 million, compared with $536.3 million on Dec. 31, 2006.

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.

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