PolyOne Releases Preliminary Fourth-Quarter Results; Final Results to Be Issued February 4
January 23, 2004
CLEVELAND, Jan. 23 /PRNewswire-FirstCall/ -- PolyOne Corporation
(NYSE: POL), a leading global polymer services company, announced today that
it expects to report fourth-quarter 2003 operating results in line with its
October 29, 2003, guidance of an estimated loss before special items of $0.08
to $0.14 per share.
For the fourth quarter of 2003, sales approximate $475 million from
continuing operations and $135 million from discontinued operations, or total
sales of approximately $610 million, an increase of 5 percent over fourth-
quarter 2002 total sales. Further, PolyOne expects a fourth-quarter 2003 net
loss per share of $2.04 to $2.06, which includes a net loss before special
items of $0.07 to $0.09 per share. The preliminary net loss before special
items is currently within the range of Wall Street estimates found on First
The quarter's net loss from continuing operations is expected to
approximate $0.31 to $0.33 per share, which includes a net loss before special
items of $0.06 to $0.08 per share. Both the net loss and loss before special
items include retained indirect costs previously associated with three non-
core businesses to be reported as discontinued operations.
The 2003 fourth-quarter special items include total charges of
approximately $173 million pre tax ($179 million after tax), or $1.97 per
share. The special charges relate largely to (a) ongoing personnel
reductions; (b) the previously announced closing of the Burlington, N.J.;
Wynne, Ark.; and DeForest, Wis., plants; and (c) the non-cash charge announced
on January 15, 2003, associated with the discontinued operations.
PolyOne will provide restated historic financial data reflecting its
decision to divest the non-core businesses and report them as discontinued
operations. To accommodate the restatement of historic financial information,
PolyOne will release earnings for fourth-quarter 2003 on February 4, 2004,
rather than on the previously communicated date of January 29, 2004.
PolyOne Fourth-Quarter 2003 Conference Call
PolyOne will host a conference call at 10:30 a.m. Eastern time on February
5, 2004. The conference dial-in number is 888-489-0038 (domestic) or
706-643-1611 (international), conference topic: PolyOne Earnings Call. The
replay number is 800-642-1687 (domestic) or 706-645-9291 (international). The
conference ID for the replay is 4281892. The call will be broadcast live and
then via replay for two weeks on the Company's Web
site: http://www.polyone.com .
PolyOne Corporation, with 2002 revenues of $2.5 billion, is an
international polymer services company with operations in thermoplastic
compounds, specialty resins, specialty polymer formulations, engineered films,
color and additive systems, elastomer compounding and thermoplastic resin
distribution. Headquartered in Avon Lake, Ohio, PolyOne has employees at
manufacturing sites in North America, Europe, Asia and Australia, and joint
ventures in North America, South America, Europe and Asia. Information on the
Company's products and services can be found at www.polyone.com .
In this press release, statements that are not reported financial results
or other historical information are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Forward-
looking statements give current expectations or forecasts of future events and
are not guarantees of future performance. They are based on management's
expectations that involve a number of business risks and uncertainties, any of
which could cause actual results to differ materially from those expressed in
or implied by the forward-looking statements. You can identify these
statements by the fact that they do not relate strictly to historic or current
facts. They use words such as "anticipate," "estimate," "expect," "project,"
"intend," "plan," "believe" and other words and terms of similar meaning in
connection with any discussion of future operating or financial performance.
In particular, the press release contains the Company's preliminary fourth
quarter results which are subject to change as the Company closes its books
and completes the audit process.
We cannot guarantee that any forward-looking statement will be realized,
although we believe we have been prudent in our plans and assumptions.
Achievement of future results is subject to risks, uncertainties and
inaccurate assumptions. Should known or unknown risks or uncertainties
materialize, or should underlying assumptions prove inaccurate, actual results
could vary materially from those anticipated, estimated or projected.
Investors should bear this in mind as they consider forward-looking
We undertake no obligation to publicly update forward-looking statements,
whether as a result of new information, future events or otherwise. You are
advised, however, to consult any further disclosures we make on related
subjects in our Form 10-Q, 8-K and 10-K reports to the Securities and Exchange
Commission. You should understand that it is not possible to predict or
identify all such factors. Consequently, you should not consider any such
list to be a complete set of all potential risks or uncertainties.
SOURCE PolyOne Corporation
CONTACT: Media & Investor Contact, Dennis Cocco, Vice President,
Investor Relations & Communications of PolyOne, +1-440-930-1538