12 February 1998: Solutia Inc. reported fourth quarter net income, excluding the previously announced US$ 46 million after-tax environmental charge, of US$ 55 million, or US$ 0.43 per share, on net sa…
12 February 1998: Solutia Inc. reported fourth quarter net income, excluding the previously announced US$ 46 million after-tax environmental charge, of US$ 55 million, or US$ 0.43 per share, on net sales of US$ 731 million. For all of 1997, Solutia reported net income, excluding the US$ 46 million after-tax environmental charge and reflecting the pro forma effect of the spin-off from Monsanto, of US$ 203 million, or US$ 1.64 per share, on net sales of US$ 2.96 billion. Fourth quarter net income, including the US$ 46 million aftertax environmental charge, was US$ 9 million, or US$ 0.06 per share, on net sales of US$ 731 million. In the fourth quarter of 1996, Solutia had a net loss, including a US$ 164 million aftertax restructuring charge, of US$ 112 million, or US$ 0.93 per share, on net sales of US$ 770 million. For all of 1997 Solutia reported net income of US$ 192 million, or US$ 1.55 per share, on net sales of US$ 2.97 billion. In 1996, net income was US$ 32 million, or US$ 0.27 per share, on net sales of US$ 2.98 billion. According to Solutia Chairman and Chief Executive Officer Robert G. Potter, “We are pleased to have accomplished so much in our first full quarter as a stand-alone company. Earnings per share growth, cash flow generation, and stock price appreciation are how we measure our success. We believe we have made significant progress in all three areas.” “In addition, our relentless focus on cash flow has resulted in debt repayment of approximately US$ 240 million in only four months,” Potter said. “Our EPS and cash flow progress is beginning to be noticed and we hope investors are beginning to realize that we are driven to meet or exceed our targets.”