MIDLAND, Mich., Oct. 26 /PRNewswire-FirstCall/ -- Dow Corning Corp. today reported consolidated net income of $162.7 million for the third quarter of 2007, an increase of 4 percent from net income of $156.0 million reported in the same quarter of 2006. For the first three quarters of 2007, adjusted net income was $523.0 million, an increase of 20 percent from adjusted net income of $434.7 million reported in the same period last year. Adjusted net income excludes a gain from a settlement with the U.S. Internal Revenue Service in the second quarter of 2006. No unusual items were adjusted from 2007 results.
Sales were $1.24 billion in the third quarter of 2007, 9 percent higher than sales of $1.14 billion in the same quarter of 2006. The third quarter marked the seventh consecutive quarter of record sales for Dow Corning. Sales in the first three quarters of 2007 were $3.65 billion, 13 percent higher than sales of $3.23 billion reported in the first three quarters of 2006.
"Dow Corning's growth is balanced globally with double-digit sales increases year-to-date across all major geographic regions," said Dow Corning's Vice President and Chief Financial Officer, J. Donald Sheets. "We continue to invest in new technologies and manufacturing capabilities despite extreme cost pressure on raw materials and energy."
Dow Corning (http://www.dowcorning.com/) provides performance-enhancing solutions to serve the diverse needs of more than 25,000 customers worldwide. A global leader in silicon-based technology and innovation, offering more than 7,000 products and services, Dow Corning is equally owned by The Dow Chemical Company and Corning Incorporated. More than half of Dow Corning's annual sales are outside the United States.
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Dow Corning Corporation
Condensed Consolidated Statements of Income
(in millions of U. S. dollars)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2007 2006 2007 2006
Net Sales $1,239.3 $1,140.7 $3,648.9 $3,229.9
Net Income 162.7 156.0 523.0 501.3
Adjustment for IRS settlement,
after tax(1) - - - (66.6)
Adjusted Net Income(2) $162.7 $156.0 $523.0 $434.7
(1) During the period ending June 30, 2006, the Company reached a
settlement with the United States Internal Revenue Service regarding
liabilities for tax years 1992 - 2003.
(2) Adjusted Net Income is a non-GAAP financial measure which excludes
certain unusual items and which reconciles to Net Income as shown.
Dow Corning Corporation
Condensed Consolidated Balance Sheets
(in millions of U. S. dollars)
(Unaudited)
Sept. 30, 2007 Dec. 31, 2006
Assets
Current Assets $3,190.9 $3,179.8
Property, Plant and Equipment, Net 2,228.2 1,645.9
Other Assets 1,181.6 1,146.6
$6,600.7 $5,972.3
Liabilities and Stockholders' Equity
Current Liabilities $1,142.7 $1,054.9
Other Liabilities 2,772.0 2,755.9
Minority Interest in Consolidated
Subsidiaries 364.6 298.3
Stockholders' Equity 2,321.4 1,863.2
$6,600.7 $5,972.3
Dow Corning Corporation
