Georgia Gulf Corporation (NYSE: GGC) today announced financial results for its full year and fourth quarter ended December 31, 2011.
The company reported net sales of $3.2 billion for the full year 2011, 14 percent higher than the net sales of $2.8 billion reported for the full year 2010. Georgia Gulf reported net income of $57.8 million, or $1.66 per diluted share for 2011, compared to net income of $42.7 million, or $1.22 per diluted share, for the previous year. Net income for 2011 includes an $8.3 million asset impairment charge, a $3.3 million restructuring expense, a $4.9 million loss on the early redemption of debt, a $1.2 million gain on sale of assets and a benefit to income tax expense from the reversal of $22.1 million of tax reserves.
“Our financial performance in 2011 exceeded our 2010 results as industry conditions continue to improve, driven by North America’s advantaged natural gas position,” said Paul Carrico, president and chief executive officer. “We generated $121.1 million of free cash flow, exceeding our goal for 2011. We reduced debt by $82.1 million in 2011 and ended the year with $408.9 million of debt net of cash and cash equivalents.
“We are confident that our integrated chemicals and building products business is well positioned to take advantage of our access to low-cost natural gas and to benefit from continuing growth in global demand and the recovery of the U.S. housing market as it occurs,” Carrico said.The company reported net sales of $673.6 million for the fourth quarter of 2011, compared to net sales of $692.8 million reported for the fourth quarter of 2010. Georgia Gulf reported a net loss of $3.3 million, or $0.10 per diluted share, for the fourth quarter of 2011, compared to net income of $15.1 million, or $0.43 per diluted share, for the same quarter of the previous year. The net loss in the fourth quarter of 2011 includes an $8.3 million asset impairment charge, a $2.2 million restructuring expense, a $3.8 million loss on the early redemption of debt and a benefit to income tax expense from the reversal of $11.7 million of tax reserves.
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