Wellman, Inc. (NYSE: WLM) reported net earnings from continuing operations for the quarter ended June 30, 2002 of $12.8 million, or $0.40 per diluted share. This compares to net earnings from continuing operations, before the effect of a plant outage, of $10.6 million, or $0.33 per diluted share, for the quarter ended June 30, 2001 (see table below). Net earnings for the second quarter 2002 were $9.4 million, or $0.29 per diluted share, compared to net earnings of $3.1 million, or $0.10 per diluted share for the same period in 2001.
Net earnings from continuing operations for the first six months of 2002 were $18.4 million, or $0.57 per diluted share, compared to net earnings from continuing operations before the effect of a plant outage in the second quarter of 2001 of $14.5 million, or $0.45 per diluted share for the same period in 2001. The table below summarizes the effects of discontinued operations, the plant outage and a change in accounting principle that resulted in a net loss of $202.2 million, or $6.31 per diluted share in the first half of 2002, compared to net earnings of $5.9 million, or $0.18 per diluted share in the same period in 2001.
Tom Duff, Chairman and CEO stated, "The current quarter results reflect the second consecutive quarter of improvement in both our businesses. While we anticipated the improvement in our resins business, our fibers business has performed above expectations. In the third quarter, we expect income from continuing operations to be lower than the second quarter as a result of lower volumes, due to seasonality, and higher product costs."
Wellman, Inc. manufactures and markets high-quality polyester products, including Fortrel(R) brand polyester textile fibers, polyester fibers made from recycled raw materials, PermaClear(R) brand PET (polyethylene terephthalate) packaging resins and EcoClear(R) brand PET packaging made with recycled postconsumer PET beverage containers. The world's largest PET plastic recycler, Wellman utilizes a significant amount of recycled raw materials in its manufacturing operations.
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