RED BANK, N.J., Jan. 30, 2003 (PRIMEZONE) --
``Overall prospects for our wholly owned businesses are
favorable as we begin 2003,'' said Landuyt
Millennium Chemicals (NYSE:MCH) ("Millennium") announced today fourth quarter 2002 EPS of $0.71 compared to EPS of $0.10 in the fourth quarter of last year. Included in the $0.71 fourth quarter 2002 EPS is a $0.93 benefit from unusual items, primarily a reduction in income tax accruals due to favorable developments related to matters reserved for in prior years. Excluding these unusual items, EPS would have been a loss of ($0.22) in the fourth quarter of 2002(1).
William M. Landuyt, Chairman and Chief Executive Officer of Millennium, said, "Our wholly owned businesses continue to have good results with the exception of the Specialty Chemicals business. EBITDA(2) from wholly owned businesses more than doubled in the quarter compared to last year's similar period. Equistar returned to trough margins caused by high feedstock costs, and our equity share in their pre-tax loss amounting to ($35) million depressed overall results." Landuyt continued, "Cost reduction and containment programs continue to be a priority and have been critical to achieving improved operating profit levels. With our lowered cost base and improved prices for our major products, overall prospects for our wholly owned businesses are favorable as we begin 2003."
In the fourth quarter of 2002, Millennium reported net income of $45 million compared to $6 million in the fourth quarter of last year. Millennium reduced its income tax accruals in the fourth quarter by $58 million due to favorable developments related to matters reserved for in prior years. Excluding unusual items, the fourth quarter results would have been a loss of ($14) million or ($0.22) per share, compared to a loss of ($31) million or ($0.48) per share on a similar basis last year. Basic and diluted EPS in the fourth quarter were $0.71 and $0.70, respectively, compared to both basic and diluted EPS of $0.10 in the comparable period last year.
For the year 2002, net income was a loss of ($284) million or ($4.47) per share compared to a net loss of ($47) million or ($0.75) per share in 2001. Included in 2002 is the cumulative effect of the SFAS No. 142 accounting change reported in the first quarter of 2002 due to the write-off of certain of Millennium's and Equistar's goodwill, which was ($305) million or ($4.80) per share. Excluding this charge, earnings in 2002 were $21 million or $0.33 per share.
Goodwill amortization, which was eliminated due to the adoption of SFAS No. 142 on January 1, 2002, resulted in a charge to income of $5 million in the fourth quarter of 2001 and of $23 million for the year ended December 31, 2001, including the Company's share of Equistar's goodwill amortization.
During the fourth quarter of 2002, Millennium changed from the last-in first-out (LIFO) method to the first-in first-out (FIFO) method of accounting for its US TiO2 inventories, in part to achieve a better matching of revenues and expenses. The FIFO method, or methods that approximate FIFO, are now used to determine the cost for all inventories in each of the Company's reporting segments. Financial results have been restated for all periods presented to reflect this change. The effect of this change in accounting methodology was to increase pre-tax income in 2002 by $1.5 million.
TITANIUM DIOXIDE
The Titanium Dioxide (TiO2) segment reported fourth quarter 2002 EBITDA of $39 million, compared to $26 million in the fourth quarter last year and seasonally down from $42 million in the third quarter of 2002.
In local currencies, average fourth quarter prices were up 1 percent from last year's fourth quarter and up 4 percent from the third quarter of 2002. In US dollar terms, the worldwide average fourth quarter price was up 4 percent from both the fourth quarter last year and the third quarter of 2002.
Fourth quarter TiO2 sales volume of 142,000 metric tons increased 8 percent from the fourth quarter last year and seasonally decreased 12 percent from the third quarter of 2002. Full year 2002 sales volume of 627,000 metric tons was 6 percent higher than sales volume in 2001.
The fourth quarter's TiO2 plant production operating rate was 96 percent of annual nameplate capacity of 690,000 metric tons. This represented an increase over the operating rate of 83 percent in last year's fourth quarter and was higher than the 90 percent operating rate in the third quarter of 2002.
Outlook
Sales volume in the first quarter of 2003 is anticipated to be comparable to the fourth quarter of 2002, in line with seasonal demand trends. Previously announced price increases are gradually being obtained and are expected to result in better average pricing and profitability.
ACETYLS
The Acetyls segment reported fourth quarter 2002 EBITDA of $11 million, which was up from a loss of ($7) million in the fourth quarter of last year and slightly down from the $12 million earned in the third quarter of 2002.
Acetyls prices in the fourth quarter of 2002 increased 26 percent (up 12 percent excluding methanol) from prices in the fourth quarter of last year and increased 5 percent from the third quarter of 2002. Acetyls volume in the fourth quarter increased 23 percent from the comparable period of last year and increased 8 percent from the third quarter of 2002. These price and volume increases from the third to the fourth quarter of 2002 nearly offset cost increases related to increased natural gas prices during the quarter.
Outlook
Similar results are expected in the first quarter of 2003 when compared to the fourth quarter of 2002, assuming higher natural gas and ethylene costs are offset by favorable pricing.
SPECIALTY CHEMICALS
The Specialty Chemicals segment reported fourth quarter 2002 breakeven EBITDA compared to $3 million in the fourth quarter of last year and $4 million in the third quarter of 2002. The fourth quarter 2002 unfavorable results in part reflect downtime due to outages at the plants during December. The plants are now fully operational again.
Sales volume decreased 2 percent from last year's fourth quarter and was 6 percent lower than the third quarter of 2002 as demand softened. Average selling prices increased 9 percent compared to last year's fourth quarter and declined 8 percent from the third quarter of 2002, primarily due to shifts in product mix.
Outlook
First quarter 2003 operating results are expected to improve from the fourth quarter of 2002 as sales volumes in January should increase from fourth quarter levels.
EQUISTAR
Millennium's 29.5 percent stake in Equistar resulted in a fourth quarter post-interest equity loss of ($35) million compared to ($29) million of equity loss in the fourth quarter of last year and $4 million equity income in the third quarter of 2002.
The fourth quarter of 2002 was primarily impacted by increasing raw material costs as, according to Chemical Marketing Associates Inc. (CMAI), the cost of ethylene production increased by 3 cents per pound compared to the third quarter of 2002. Equistar experienced an additional cost increase of nearly 1 cent per pound, attributable to planned maintenance at its olefins manufacturing plant in Chocolate Bayou, Texas. These cost increases were partially offset by a 1 cent per pound ethylene price increase, according to CMAI. Equistar's ethylene sales were approximately 50 million pounds below third-quarter sales. Most of the shortfall was concentrated in October and November. In the polymers segment, volumes were approximately 56 million pounds below third-quarter sales. Equistar's average selling price was below the third quarter 2002 level as a result of slightly lower domestic market prices and a lower-margin product mix.
Equistar's ethylene and polymers prices increased 3 cents and 4 cents per pound, respectively, in the fourth quarter of 2002 compared to the fourth quarter of 2001, but this positive contribution was more than offset by the increasing cost of ethylene, which was driven principally by higher crude oil prices.
Although, according to CMAI, volumes recovered over the course of the year, as demonstrated by 5 percent increase in industry polymers sales volumes in 2002 compared to 2001, trough conditions continued in the industry, leading to reductions in pricing and margins in ethylene and polymers.
Millennium's share of Equistar's underlying fourth quarter 2002 sales was $422 million; of operating loss, ($20) million; and of EBITDA, $3 million. Equistar did not distribute any cash to Millennium in the fourth quarter, and distributions are not expected until profit levels improve.
Outlook
Trough margin conditions due to high feedstock costs are expected to continue into the first quarter of 2003, however, industry analysts believe Equistar will enjoy improved supply/demand conditions beginning in March.
DEBT AND CAPITAL SPENDING
Net debt (total debt less cash) at December 31, 2002 totaled $1.103 billion versus $1.073 billion at the end of 2001. Net interest expense was $86 million for 2002, slightly up from $82 million in 2001.
Capital spending for 2002 was $71 million compared to $97 million for 2001. Planned capital spending in 2003 is projected at a similar level to 2002. Depreciation and amortization was $102 million for Millennium's wholly owned businesses in 2002.
PENSION ASSETS AND EQUITY
Because of the recent declines in the financial markets, certain of Millennium's US and foreign pension plans had an underfunded Accumulated Benefit Obligation (ABO) at the end of 2002. As disclosed in October 2002, Millennium is required to charge to stockholder's equity a minimum liability for any underfunded amount and the existing prepaid pension asset related to the affected plans. The charge to shareholders' equity at year-end 2002 was $166 million.
Due to the reduction in the fair value of pension plan assets and Millennium's decision to reduce its assumptions for the expected return on pension plan assets and the discount rate related to its pension plans, pension expense for 2003 is estimated to increase by approximately $9 million. Pension plan funding requirements are not expected to materially change in 2003.
DIVIDENDS
Millennium has declared a quarterly dividend on its common stock of $0.135 per share. The dividend will be payable on March 31, 2003 to shareholders of record on March 12, 2003. The ex-dividend date will be March 10, 2003.
The indenture governing Millennium's 9.25% Senior Notes contains a covenant that would prohibit the ability to pay dividends on its common stock, repurchase stock, and make other types of restricted payments if such restricted payments would exceed a "restricted payments basket." The basket is reduced by the amount of each such restricted payment. It is increased by 50 percent of the Company's net income, excluding its equity in the earnings or loss of Equistar; by 50 percent of its cash distributions from Equistar; and by 100 percent of the net cash proceeds from the sale by the Company of its Common Stock. It is decreased by 100 percent of the Company's net loss, excluding its equity in the earnings or loss of Equistar. Upon the filing of the Company's Annual Report on Form 10-K, after taking into consideration the $8.6 million dividend declared in the first quarter of 2003, the amount of the restricted payments basket is expected to be $43 million. The level of the "restricted payments basket" and therefore Millennium's ability to pay future dividends is dependent upon future earnings and/or its distributions from Equistar. As disclosed in December 2002, Millennium has no current intention to change its long-standing dividend payment policy.
Millennium Chemicals (website: www.millenniumchem.com) is a major international chemicals company, with leading market positions in a broad range of commodity, industrial, performance and specialty chemicals.
Millennium Chemicals is:
-- The second-largest producer of TiO2 in the world, the largest merchant seller of titanium tetrachloride and a major producer of zirconia, silica gel and cadmium/based pigments;
-- The second-largest producer of acetic acid and vinyl acetate monomer in North America;
-- A leading producer of terpene-based fragrance and flavor chemicals; and,
-- Through its 29.5% interest in Equistar Chemicals, LP, a partner in the second-largest producer of ethylene and third-largest producer of polyethylene in North America, and a leading producer of performance polymers, oxygenated chemicals, aromatics and specialty petrochemicals.
The statements in this press release that are not historical facts are, or may be deemed to be, "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Some of these statements can be identified by the use of forward-looking terminology such as "prospects," "outlook," "believes," "estimates," "intends," "may," "will," "should," "anticipates," "expects" or "plans," or the negative or other variation of these or similar words, or by discussion of trends and conditions, strategy or risks and uncertainties. In addition, from time to time, Millennium or its representatives have made or may make forward-looking statements in other filings that Millennium makes with the Securities and Exchange Commission, in press releases or in oral statements made by or with the approval of one of its authorized executive officers. These forward-looking statements are only present expectations. Actual events or results may differ materially. Factors that could cause such a difference include: the cyclicality and volatility of the segments of the chemical industry in which Millennium and Equistar Chemicals, LP ("Equistar") operate, particularly fluctuations in the demand for ethylene, its derivatives and acetyls and the sensitivity of these industry segments to capacity additions; general economic conditions in the geographic regions where Millennium and Equistar generate sales, and the impact of government regulation and other external factors; the ability of Equistar to distribute cash to its partners and uncertainties arising from Millennium's minority interest in Equistar and Millennium's future capital commitments to Equistar; changes in the cost of energy and raw materials; the ability of raw material suppliers to fulfill their commitments; the ability of Millennium and Equistar to achieve their productivity improvement, cost reduction and working capital targets, and the occurrence of operating problems at manufacturing facilities of Millennium or Equistar; risks of doing business outside the United States, including currency fluctuations; the cost of compliance with the extensive environmental regulations affecting the chemical industry and exposure to liabilities for environmental remediation and other environmental matters relating to Millennium's or Equistar's current and former operations; pricing and other competitive pressures; and legal proceedings relating to present and former operations (including proceedings based on alleged exposure to lead paint and pigments, asbestos and other materials) and other claims. A further description of these risks, uncertainties and other matters can be found in Exhibit 99.1 to Millennium's Report on Form 10-K for the year ended December 31, 2001, as amended. Millennium disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Listen in live to Millennium's 2002 fourth quarter earnings
and outlook discussion on Thursday, January 30 at 1:00 p.m. EST
via webcast at http://www.millenniumchem.com and click
on the Investor Relations icon.
The teleconference number is 973-582-2741.
Replay will be available until February 6, 2003 at 973-341-3080,
reservation #3683721.
(1) See Table V below for an explanation and quantification of the unusual items and a reconciliation between EPS, as adjusted for these unusual items, and EPS determined according to generally accepted accounting principles.
(2) For important considerations regarding EBITDA, please see the explanatory notes to Tables I-V below. Table I can be used to reconcile EBITDA to net (loss) income, which is determined according to generally accepted accounting principles.
EXPLANATORY NOTES TO TABLES I - V
Change in Accounting Method from LIFO to FIFO
The Consolidated Statements of Operations in Table I, EBITDA and Operating Income for the titanium dioxide business in Table II and the Consolidated Balance Sheet at December 31, 2001 in Table III have been restated for a change in accounting method from LIFO to FIFO for inventory and cost of products sold for the U.S. titanium dioxide business.
EBITDA; Operating Income (Loss)
EBITDA represents income from operations before interest, taxes, depreciation and amortization, other income items, equity earnings, reorganization and plant closure charges and the cumulative effect of accounting changes. EBITDA is not a measure of operating performance computed in accordance with GAAP and should not be considered as a substitute for GAAP measures. Additionally, EBITDA may not be comparable to similarly named measures of other companies.
Previously reported EBITDA and Operating Income (Loss) have been restated for the change in accounting method discussed above.
In this presentation, EBITDA and Operating Income (Loss) exclude reorganization and plant closure charges recorded in the first and second quarters of 2001 and include, in the second and fourth quarters of 2002, respectively, $5 million and $1 million of reductions of reserves due to favorable resolutions of environmental claims related to predecessor businesses reserved for in prior years.
Pro Forma EBITDA; Pro Forma Operating Income
Pro forma EBITDA includes the Company's underlying interest (29.5%) in Equistar's results, together with an allocation of costs incurred by the Company in connection with its interest in Equistar.
Pro forma Operating Income includes the Company's underlying interest in Equistar's results.
Pro Forma Depreciation and Amortization; Pro Forma Net Sales
Pro forma depreciation and amortization and pro forma net sales include depreciation and amortization and net sales, respectively, in accordance with generally accepted accounting principles together with the Company's underlying interest (29.5%) in Equistar's corresponding amounts.
Consolidated Balance Sheets
In addition, to the changes mentioned above for the change in accounting method from LIFO to FIFO, certain reclassifications have been made on the December 31, 2001 balance sheet to conform to the December 31, 2002 presentation.
MILLENNIUM CHEMICALS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Millions, Except Per Share Data)
TABLE I
Three months ended Year ended
December 31, December 31,
------------------ -----------------
2002 2001 2002 2001
---- ---- ----- ----
Net sales $ 387 $ 334 $1,554 $1,590
Operating costs and expense
Cost of products sold 289 277 1,233 1,259
Selling, development
and administrative
expenses 46 33 126 146
------- -------- -------- --------
EBITDA 52 24 195 185
Depreciation and amortization 26 27 102 110
------- ------- -------- --------
Operating income (loss) before
reorganization and plant
closure charges 26 (3) 93 75
Net interest expense (22) (22) (86) (82)
Equity in results of Equistar
-operating (20) (13) (20) (27)
-interest (15) (16) (60) (57)
-plant closure - - - (6)
Reorganization and plant
closure charges - - - (36)
Net other income (expense) 1 - (1) 1
------- ------- -------- --------
Loss before income taxes,
minority interest and
cumulative effect of
accounting change (30) (54) (74) (132)
Benefit from income taxes 79 61 101 89
------- ------- -------- --------
Income (loss) before minority
interest and cumulative
effect of accounting change 49 7 27 (43)
Minority interest (4) (1) (6) (4)
------- ------- -------- --------
Income (loss) before
cumulative effect of
accounting change 45 6 21 (47)
Cumulative effect of
accounting change - - (305) -
------- ------- -------- --------
Net income (loss) $ 45 $ 6 $ (284) $ (47)
======= ======= ======== ========
Basic EPS ($/share)
- before accounting change $0.71 $0.10 $ 0.33 $ (0.75)
- from accounting change - - (4.80) -
------- ------- -------- --------
- after accounting change $0.71 $0.10 $ (4.47) $ (0.75)
======= ======= ======== ========
Weighted-average number of
shares used to compute
basic EPS 63.707 63.709 63.588 63.564
Diluted EPS ($/share)
- before accounting change $0.70 $0.10 $ 0.33 $ (0.75)
- from accounting change - - (4.77) -
------ ------- -------- --------
- after accounting change $0.70 $0.10 $ (4.44) $ (0.75)
======= ======= ======== ========
Weighted-average number of
shares used to compute
diluted EPS 63.994 64.019 63.882 63.564
MILLENNIUM CHEMICALS INC.
SEGMENT INFORMATION
(Millions)
TABLE II
2001
1Q 2Q 3Q 4Q FY
---------------------------------------
EBITDA
Titanium Dioxide 49 40 38 26 153
Acetyls 2 10 2 (7) 7
Specialty Chemicals 6 6 5 3 20
Other 1 - 2 2 5
--------------------------------------
TOTAL 58 56 47 24 185
Equistar 19 27 12 10 68
--------------------------------------
PRO FORMA TOTAL 77 83 59 34 253
DEPRECIATION AND AMORTIZATION
Titanium Dioxide 21 20 21 19 81
Acetyls 5 5 5 6 21
Specialty Chemicals 2 2 2 2 8
--------------------------------------
REPORTED 28 27 28 27 110
Equistar 23 24 24 24 95
--------------------------------------
PRO FORMA TOTAL 51 51 52 51 205
OPERATING INCOME
Titanium Dioxide 28 20 17 7 72
Acetyls (3) 5 (3) (13) (14)
Specialty Chemicals 4 4 3 1 12
Other 1 - 2 2 5
---------------------------------------
TOTAL 30 29 19 (3) 75
Equistar (4) 3 (12) (14) (27)
--------------------- -----------------
PRO FORMA TOTAL 26 32 7 (17) 48
NET SALES
Titanium Dioxide 319 298 286 242 1,145
Acetyls 99 98 85 73 355
Specialty Chemicals 26 23 22 19 90
----------------------------------------
REPORTED 444 419 393 334 1,590
Equistar 523 472 399 350 1,744
---------------------------------------
PRO FORMA TOTAL 967 891 792 684 3,334
CAPITAL SPENDING
Titanium Dioxide 23 26 23 10 82
Acetyls 2 3 - 1 6
Specialty Chemicals 1 1 1 - 3
Other 2 3 - 1 6
---------------------------------------
TOTAL 28 33 24 12 97
2002
1Q 2Q 3Q 4Q FY
-------------------------------------
EBITDA
Titanium Dioxide 30 35 42 39 146
Acetyls (4) 7 12 11 26
Specialty Chemicals 6 4 4 - 14
Other 3 3 1 2 9
--------------------------------------
TOTAL 35 49 59 52 195
Equistar (2) 26 41 3 68
--------------------------------------
PRO FORMA TOTAL 33 75 100 55 263
DEPRECIATION AND AMORTIZATION
Titanium Dioxide 20 20 21 22 83
Acetyls 3 3 3 2 11
Specialty Chemicals 2 2 2 2 8
--------------------------------------
REPORTED 25 25 26 26 102
Equistar 22 21 22 23 88
--------------------------------------
PRO FORMA TOTAL 47 46 48 49 190
OPERATING INCOME
Titanium Dioxide 10 15 21 17 63
Acetyls (7) 4 9 9 15
Specialty Chemicals 4 2 2 (2) 6
Other 3 3 1 2 9
--------------------------------------
TOTAL 10 24 33 26 93
Equistar (24) 5 19 (20) (20)
--------------------------------------
PRO FORMA TOTAL (14) 29 52 6 73
NET SALES
Titanium Dioxide 262 300 296 271 1,129
Acetyls 65 83 91 95 334
Specialty Chemicals 24 22 24 21 91
-------------------------------------
REPORTED 351 405 411 387 1,554
Equistar 335 431 445 422 1,633
-------------------------------------
PRO FORMA TOTAL 686 836 856 809 3,187
CAPITAL SPENDING
Titanium Dioxide 12 11 14 24 61
Acetyls - - 1 - 1
Specialty Chemicals 1 1 3 4 9
Other - - - - -
-------------------------------------
TOTAL 13 12 18 28 71
MILLENNIUM CHEMICALS INC.
CONSOLIDATED BALANCE SHEETS
(Millions)
TABLE III
December 31, December 31,
2002 2001
------------ ------------
ASSETS
Current Assets
Cash and cash equivalents $ 125 $ 114
Trade receivables, net 210 215
Inventories 406 399
Other current assets 78 61
------------ ------------
Total current assets 819 789
Property, plant and equipment, net 862 880
Investment in Equistar 574 677
Deferred income taxes 75 29
Other assets 42 234
Goodwill 106 381
------------ ------------
Total assets $ 2,478 $ 2,990
============ ============
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current Liabilities
Notes payable $ 4 $ 4
Current maturities of
long-term debt 12 11
Trade accounts payable 274 256
Income taxes payable 44 7
Accrued expenses and other
liabilities 128 105
------------ ------------
Total current liabilities 462 383
Long-term debt 1,212 1,172
Other liabilities 335 517
------------ ------------
Total liabilities 2,009 2,072
------------ ------------
Minority interest 19 21
Shareholders' equity 450 897
------------ ------------
Total liabilities and
shareholders' equity $ 2,478 $ 2,990
============ ============
MILLENNIUM CHEMICALS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions)
TABLE IV
Year ended
December 31,
------------------
2002 2001
Cash flows from operating activities
Net loss $ (284) $ (47)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Cumulative effect of accounting change 305 -
Write-off of assets related to plant closure - 10
Depreciation and amortization 102 110
Deferred income tax benefit (42) (56)
Noncash income tax benefit (58) (42)
Equity in loss of Equistar 80 90
Net change in trade working capital 22 144
Minority interest and other 8 5
Net change in other assets and liabilities (49) (102)
------- ------
Cash provided by operating activities 84 112
------- ------
Cash flows from investing activities
Capital expenditures (71) (97)
Proceeds from sale of fixed assets 1 19
------- ------
Cash used in investing activities (70) (78)
------- ------
Cash flows from financing activities
Dividends to shareholders (35) (35)
Net proceeds of borrowings 33 13
------- ------
Cash used in financing activities (2) (22)
------- ------
Effect of exchange rate changes on cash (1) (5)
------- ------
Increase in cash and cash equivalents 11 7
Cash and cash equivalents at beginning of year 114 107
------- ------
Cash and cash equivalents at end of year $ 125 $ 114
======= ======
Millennium Chemicals Inc.
Earnings and EPS Reconciliation
(Millions, Except Per Share Data)
Table V
Three Months Ended Three Months Ended
December 31, 2002 December 31, 2001
------------------- -----------------------
Net (loss) Net (loss)
Income EPS Income EPS
--------- ---- --------- ----
Reported GAAP $45 $0.71 $8 $0.13
====== ====== ===== =====
Restated for
LIFO-FIFO $45 $0.71 $6 $0.10
Tax accrual
adjustment (58) (0.91) (42) (0.66)
Legacy claims (1) (0.02) -- --
Goodwill
amortization -- -- 5 0.08
----- ----- ----- -----
Normalized (loss)
EPS $(14) $(0.22) $(31) $(0.48)
====== ====== ====== =======
Year Ended Year Ended
December 31, 2002 December 31, 2001
--------------------- ----------------------
Net (loss) Net (loss)
Income EPS Income EPS
--------- ---- --------- ----
Reported GAAP $(284) $(4.47) $(43) $(0.68)
===== ====== ===== ======
Restated for
LIFO-FIFO $(284) $(4.47) $(47) $(0.75)
Tax accrual
adjustment (58) (0.91) (42) (0.66)
Goodwill
amortization -- -- 23 0.36
Reorganization &
plant closure
charges -- -- 24 0.38
Goodwill write-off 305 4.80 -- --
Equistar plant
closure -- -- 4 0.07
Legacy claims (4) (0.06) -- --
------ ------ ------ ------
Normalized (loss) EPS $(41) $(0.64) $(38) $(0.60)
====== ====== ====== ======