Gross profit was $298 million and $412 million for the full years 2012 and 2011, respectively. Excluding the special charges and precious metal sales, gross profit for 2012 was $311 million, or 19.5% of sales. In comparison, adjusted gross profit was $418 million, or 23.8% of sales, in 2011. The deterioration in the Electronic Materials segment accounted for more than 80% of the decline. Weakness in Europe also contributed to the reduction in gross profit, particularly for the Performance Coatings, Polymer Additives and Color and Glass Performance Materials segments.
SG&A expenses were $303 million in 2012 and $335 million in 2011. Adjusted SG&A expenses were $265 million for 2012, versus $280 million in 2011.
For 2012, total debt increased by $38 million to $347, compared with $309 million at December 31, 2011. The cash balance increased by $7 million to $30 million. Cash flow from operations was $24 million during the year. Working capital was flat for the year.
Solar ResultsFourth quarter 2012 results for the solar pastes product line included the following:
- Net sales of approximately $17 million
- Value added sales of approximately $3 million
- Loss of approximately $1 million in gross profit
- SG&A attributable to the product line of approximately $3 million
- Net sales of approximately $90 million
- Value added sales of approximately $22 million
- Gross profit of approximately $2 million
- SG&A attributable to the product line of approximately $18 million