W.R. Grace net income slides to $22.7 million in quarter ended June 30

By Caroline Salls

Pittsburgh, Aug. 7 - W.R. Grace & Co. reported $22.7 million in net income for the quarter ended June 30 on $711 million of net sales, according to a 10-Q filed with the Securities and Exchange Commission.

The figures showed a decline from the $36.5 million net income posted for the quarter ended June 30, 2008 on $900 million of net sales.

According to the 10-Q, the decline in sales resulted primarily from lower sales volumes and unfavorable currency translation.

In addition, the company said its net income was affected by Chapter 11 expenses, litigation and other matters not related to core operations.

Grace recorded a $16.1 million net loss for the first six months of 2009 on $1.393 billion in net sales, compared with $57.1 million of net income for the first half of 2008 on $1.659 billion in net sales.

The company had $607.7 million in cash and cash equivalents at June 30, up from $460.1 million at Dec. 31, 2008.

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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