MEMC Electronic Materials Q4 loss
ST. PETERS, Mo., Jan. 26 (Reuters) -
MEMC ELECTRONIC MATERIALS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; Dollars in thousands, except share data)
Three Months Twelve Months
Ended Ended
December 31, December 31,
1998 1997 1998 1997
Net sales $ 153,835 $ 258,583 $ 758,916 $ 986,673
Cost of goods sold
177,525 228,895 790,745 861,914
Gross margin
(23,690) 29,688 (31,829) 124,759
Operating expenses:
Marketing and
administration
19,850 18,743 73,515 70,715
Research and
development 23,261 18,040 81,591 64,457
Restructuring costs
6,870(1) - 146,324 (1) -
Operating loss
(73,671) (7,095) (333,259) (10,413)
Nonoperating
(income)expense:
Interest expense
16,637 8,222 45,832 14,743
Interest income
(1,119) (1,522) (2,291) (2,570)
Royalty income (916) (1,661) (4,628) (8,186)
Other, net (2,293) 3,226 1,043 (4,070)
Total nonoperating
(income) expense
12,309 8,265 39,956 (83)
Loss before income
taxes, equity in
income (loss) of
joint ventures
and minority
interests (85,980) (15,360) (373,215) (10,330)
Income taxes (24,258) 606 (89,394) 2,769
Loss before equity
in income (loss) of
joint ventures and
minority interests
(61,722) (15,966) (283,821) (13,099)
Equity in income
(loss) of joint
ventures (10,677) 12,723 37,522 3,246
Minority interests
1,978 (219) 10,985 3,106
Net loss (70,421)(1) (3,462) (310,358)(1) (6,747)
Basic loss per share
(1.74) (0.08) (7.65) (0.16)
Diluted loss per
share (1.74)(1) (0.08) (7.65)(1) (0.16)
Weighted average
shares used in
computing basic
loss per share
40,485,524 41,358,566 40,580,869 41,345,193
Weighted average
shares used in
computing diluted
loss per share
40,485,524 41,358,566 40,580,869 41,345,193
(1) For the quarter, the Company reported a net loss of $65.1
million, or $1.61 per share, before after-tax restructuring
charges of $5.3 million or $0.13 per share. For the year, the
Company reported net loss of $194.6 million or $ 4.80 per share
before after-tax restructuring charges of $115.8 million or
$2.85 per share.
MEMC Electronic Materials Q4 loss
ST. PETERS, Mo., Jan. 26 (Reuters) -
MEMC ELECTRONIC MATERIALS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; Dollars in thousands, except share data)
Three Months Twelve Months
Ended Ended
December 31, December 31,
1998 1997 1998 1997
Net sales $ 153,835 $ 258,583 $ 758,916 $ 986,673
Cost of goods sold
177,525 228,895 790,745 861,914
Gross margin
(23,690) 29,688 (31,829) 124,759
Operating expenses:
Marketing and
administration
19,850 18,743 73,515 70,715
Research and
development 23,261 18,040 81,591 64,457
Restructuring costs
6,870(1) - 146,324 (1) -
Operating loss
(73,671) (7,095) (333,259) (10,413)
Nonoperating
(income)expense:
Interest expense
16,637 8,222 45,832 14,743
Interest income
(1,119) (1,522) (2,291) (2,570)
Royalty income (916) (1,661) (4,628) (8,186)
Other, net (2,293) 3,226 1,043 (4,070)
Total nonoperating
(income) expense
12,309 8,265 39,956 (83)
Loss before income
taxes, equity in
income (loss) of
joint ventures
and minority
interests (85,980) (15,360) (373,215) (10,330)
Income taxes (24,258) 606 (89,394) 2,769
Loss before equity
in income (loss) of
joint ventures and
minority interests
(61,722) (15,966) (283,821) (13,099)
Equity in income
(loss) of joint
ventures (10,677) 12,723 37,522 3,246
Minority interests
1,978 (219) 10,985 3,106
Net loss (70,421)(1) (3,462) (310,358)(1) (6,747)
Basic loss per share
(1.74) (0.08) (7.65) (0.16)
Diluted loss per
share (1.74)(1) (0.08) (7.65)(1) (0.16)
Weighted average
shares used in
computing basic
loss per share
40,485,524 41,358,566 40,580,869 41,345,193
Weighted average
shares used in
computing diluted
loss per share
40,485,524 41,358,566 40,580,869 41,345,193
(1) For the quarter, the Company reported a net loss of $65.1
million, or $1.61 per share, before after-tax restructuring
charges of $5.3 million or $0.13 per share. For the year, the
Company reported net loss of $194.6 million or $ 4.80 per share
before after-tax restructuring charges of $115.8 million or
$2.85 per share.
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