UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 2004
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1-6450
GREAT LAKES CHEMICAL CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE |
|
95-1765035 |
|
(State or other jurisdiction of |
|
(IRS Employer |
|
|
|
|
9025 North River Road,
|
|
46240 |
|
(Address of principal executive offices) |
|
(Zip Code) |
|
|
|
|
|
Registrant’s telephone number, including area code (317) 715-3000 |
||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
|
Yes |
|
ý |
|
No |
|
o |
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act)
|
Yes |
|
ý |
|
No |
|
o |
As of July 30, 2004, the Registrant had only one class of common stock, $1.00 par value, of which 50,789,698 shares were outstanding.
GREAT LAKES CHEMICAL CORPORATION AND SUBSIDIARIES
INDEX TO JUNE 30, 2004 FORM 10-Q
|
|
||||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
• |
|
|
|
|
|
|
|
|
|
|
|
• |
|
|
|
|
|
|
|
|
|
|
|
• |
|
|
|
|
|
|
|
|
|
|
|
• |
|
|
|
|
|
|
|
|
|
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|
||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
2
GREAT LAKES CHEMICAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(millions, except per share data)
(Unaudited)
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
||||||||
|
|
|
2004 |
|
2003 |
|
2004 |
|
2003 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net sales |
|
$ |
454.0 |
|
$ |
416.7 |
|
$ |
822.1 |
|
$ |
750.7 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
||||
|
Cost of products sold |
|
350.9 |
|
323.8 |
|
648.9 |
|
589.3 |
|
||||
|
Selling, general and administrative expenses |
|
72.9 |
|
61.1 |
|
137.5 |
|
118.3 |
|
||||
|
Asset impairments |
|
4.6 |
|
— |
|
4.9 |
|
— |
|
||||
|
|
|
428.4 |
|
384.9 |
|
791.3 |
|
707.6 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating income |
|
25.6 |
|
31.8 |
|
30.8 |
|
43.1 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest income (expense) - net |
|
(6.2 |
) |
(6.8 |
) |
(12.5 |
) |
(13.4 |
) |
||||
|
Other income (expense) - net |
|
(4.4 |
) |
(0.5 |
) |
(9.3 |
) |
(3.9 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income from continuing operations before income taxes and cumulative effect of accounting change |
|
15.0 |
|
24.5 |
|
9.0 |
|
25.8 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income taxes (credits) |
|
(12.8 |
) |
7.6 |
|
(14.7 |
) |
8.0 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income from continuing operations before cumulative effect of accounting change |
|
$ |
27.8 |
|
$ |
16.9 |
|
$ |
23.7 |
|
$ |
17.8 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income (loss) from discontinued operations |
|
(14.2 |
) |
2.0 |
|
(15.1 |
) |
3.6 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income before cumulative effect of accounting change |
|
$ |
13.6 |
|
$ |
18.9 |
|
$ |
8.6 |
|
$ |
21.4 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Cumulative effect of accounting change, net of income taxes |
|
— |
|
— |
|
— |
|
(3.3 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net income |
|
$ |
13.6 |
|
$ |
18.9 |
|
$ |
8.6 |
|
$ |
18.1 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Earnings (loss) per share - Basic and Diluted: |
|
||||||||||||