Correction: April 16 Cytec Industries Story

In an April 16 story about Cytec Industries Inc.'s first-quarter results, The Associated Press erroneously reported the period that included a net charge of $3.4 million, or 7 cents per share. Those items were included in the 2008 first quarter, not the 2009 first quarter.

Results in the 2009 first quarter included a net charge of $2.8 million, or 6 cents per share.

A corrected version of the story appears below:

WOODLAWN PARK, N.J. (AP) — Cytec Industries Inc. on Thursday reported it moved to a loss in the first quarter and announced major cost-cutting steps in light of weakened demand.

The chemical company reported a net loss of $100,000, or break-even earnings per share for the quarter, compared with a net profit of $49.1 million, or $1.01 per share, for the same quarter of the prior year.

Results for the most recent quarter included one-time items amounting to $2.8 million, or 6 cents per share, in charges. Excluding these items, the company earned $2.7 million, or 6 cents per share.