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Dow Corning Corp. today reported consolidated adjusted net income of
$66.7 million for the first quarter of 2009, a decrease of 58 percent
from adjusted net income of $160.4 million reported in the first quarter
of 2008. Adjusted net income excludes a charge for restructuring in the
first quarter of 2009. The 2008 results were not adjusted for any unusual
items. Including all items, Dow Corning reported consolidated net income
of $9.4 million for the first quarter of 2009.
Sales were $1.03 billion in the first quarter of 2009, 20 percent lower
than sales of $1.28 billion in the same quarter of 2008.
“As expected, the global economic recession has led to a significant
decrease in demand for silicone-based products,” said Dow Corning’s Vice
President and Chief Financial Officer J. Donald Sheets
(PDF size = 177 KB). “Polysilicon sales through our Hemlock Semiconductor Group joint ventures
continue to grow with the addition of capacity that came online in 2008.”
“Dow Corning is taking decisive actions to conserve cash during this
economic downturn to ensure we have the necessary resources to implement our
strategy and focus on our key initiatives. While we need to meet the
challenges of today, we are firmly focused on positioning ourselves for the
future and the economic recovery to come,” said Sheets.
View Q1 2009 Condensed Consolidated Statements of Operations (PDF Size = 16
KB)
About Dow Corning
Dow Corning provides
performance-enhancing solutions to serve the diverse needs of more than 25,000
customers worldwide. A global leader in silicones,
silicon-based technology and innovation, Dow Corning offers more than 7,000
products and services via the company’s Dow Corning® and XIAMETER® brands. Dow Corning is a joint
venture equally owned by The Dow Chemical Company and Corning, Incorporated.
More than half of Dow Corning’s annual sales are outside the United States. The
Hemlock Semiconductor
Group is comprised of two Dow Corning joint ventures: Hemlock
Semiconductor Corporation and Hemlock Semiconductor, L.L.C.
For additional information regarding this press release, please contact Jarrod Erpelding.
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