- Record fourth quarter results with earnings up 73 percent to $1.02 per
diluted share before restructuring and other income and charges
- Full-year 2009 outlook of $4.60 to $5.00 per diluted share before
restructuring and other income and charges
PHILADELPHIA, Feb. 4 /PRNewswire-FirstCall/ -- FMC Corporation (NYSE: FMC)
today reported net income of $46.3 million, or $0.63 per diluted share, in the
fourth quarter of 2008, versus net income of $40.9 million, or $0.53 per
diluted share, in the fourth quarter of 2007. Net income in the current
quarter included restructuring and other income and charges of $29.1 million
after-tax, or charges of $0.39 per diluted share, versus restructuring and
other income and charges of $4.3 million after-tax, or charges of $0.06 per
diluted share, in the prior-year quarter. Excluding these items in both
periods, the company earned $1.02 per diluted share in the current quarter, an
increase of 73 percent versus $0.59 per diluted share in the fourth quarter of
2007. Fourth quarter revenue of $737.7 million increased 9 percent versus
$674.3 million in the prior year.
William G. Walter, FMC chairman, president and chief executive officer,
said, "Our record fourth quarter performance resulted from higher sales and
earnings across all three segments. Agricultural Products' results were
driven by increased sales in Latin America and North America. Specialty
Chemicals benefited from higher sales in both BioPolymer and lithium and the
full-quarter inclusion of the recent alginates and food ingredients
acquisitions. Industrial Chemicals' exceptional performance was due to higher
selling prices in soda ash and phosphates. Our record performance was
achieved despite the rapid deterioration of global economic conditions in the
quarter."
Revenue in Agricultural Products of $240.8 million was 5 percent higher
than the prior-year quarter, as sales increases were realized in Latin America
and North America. Segment earnings of $33.6 million also increased 5 percent
versus the year-ago quarter, reflecting the sales growth in the Americas and
favorable mix, mostly offset by higher raw material and distribution costs.
Revenue in Specialty Chemicals was $190.3 million, an increase of 18
percent versus the prior-year quarter. Strong commercial performance in
BioPolymer, the full-quarter inclusion of the ISP acquisition and volume
growth in lithium primaries were the drivers of top line growth. Segment
earnings of $35.1 million increased 3 percent versus the year-ago quarter, as
the higher sales were largely offset by higher raw material and energy costs
and export taxes in Argentina.
Revenue in Industrial Chemicals was $308.0 million, an increase of 8
percent from the prior-year quarter. Higher selling prices were achieved in
all businesses, particularly in soda ash and phosphates. Segment earnings of
$53.3 million increased 85 percent versus the year-ago quarter, as the higher
sales and improved power market conditions in Spain more than offset higher
raw material costs.
Corporate expense was $12.3 million, down from $12.8 million in the
prior-year quarter. Interest expense, net, was $7.4 million, as compared to
$7.9 million in the year-ago quarter. On December 31, 2008, gross
consolidated debt was $623.6 million, and debt, net of cash, was $571.2
million. For the quarter, depreciation and amortization was $29.9 million and
capital expenditures were $48.9 million.
Full-Year Results
Revenue was $3,115.3 million, an increase of 18 percent as compared with
$2,632.9 million in the prior year. Net income was $304.6 million, up 130
percent from $132.4 million in the year-earlier period. Net income in the
current year included restructuring and other income and charges of $46.5
million, versus restructuring and other income and charges of $107.3 million
in the prior year. Excluding these charges, the company earned $351.1 million
in the current year, an increase of 46 percent versus $239.7 million in the
prior year.
Revenue in Agricultural Products was $1,058.7 million, an increase of 19
percent versus the prior year. Sales gains were achieved in all regions and
benefited from favorable global agrochemical market conditions, increased
planted acres in key crops and new product introductions. Segment earnings
were $245.2 million, an increase of 18 percent from the prior year as a result
of the higher sales and continued global supply chain productivity
improvements, which more than offset higher raw material costs.
Revenue in Specialty Chemicals was $764.5 million, an increase of 16
percent versus the prior year, driven by strong commercial performance in
BioPolymer and lithium specialties. Segment earnings of $152.0 million
increased 7 percent versus the year earlier as a result of the higher sales,
partially offset by higher raw material and energy costs and export taxes in
Argentina.
Revenue in Industrial Chemicals was $1,296.9 million, an increase of 19
percent versus the prior year. Higher selling prices were realized across the
segment, particularly in soda ash and phosphates. Segment earnings of $201.4
million increased 118 percent versus the prior year, as the higher sales and
improved power market conditions in Spain more than offset higher raw material
costs.
Corporate expense was $49.8 million, as compared to $52.3 million in the
prior year. Interest expense, net, was $31.9 million, down from $34.9 million
in the prior year. For the year, depreciation and amortization was $124.2
million, capital expenditures were $174.8 million and spending on acquisitions
was $90.6 million net of acquired cash.
Outlook
Regarding the outlook for 2009, Walter said, "Despite a difficult and
uncertain global economic environment, we expect to deliver another year of
strong performance. For the full year 2009, we expect earnings before
restructuring and other income and charges of $4.60 to $5.00 per diluted
share.
"For the first quarter of 2009, we expect earnings before restructuring
and other income and charges of $1.15 to $1.30 per diluted share. In
Agricultural Products, we look for earnings growth of 5-10 percent, driven by
higher sales across most regions and continued global supply chain
improvements, partially offset by spending on growth initiatives. In
Specialty Chemicals, we expect earnings to be flat to up 5 percent as higher
sales are largely offset by higher raw material and energy costs. In
Industrial Chemicals, earnings are expected to be down 10-20 percent, as
higher selling prices across the segment are more than offset by lower volumes
and higher raw material and other input costs."
FMC will conduct its fourth quarter conference call and webcast at 11:00
a.m. ET on Thursday, February 5, 2009. This event will be available live and
as a replay on the web at http://www.fmc.com. Prior to the conference call,
the company will also provide supplemental information on the web including
its 2009 Outlook Statement, definitions of non-GAAP terms and reconciliations
of non-GAAP figures to the nearest available GAAP term.
FMC Corporation is a diversified chemical company serving agricultural,
industrial and consumer markets globally for more than a century with
innovative solutions, applications and quality products. The company employs
over 5,000 people throughout the world. The company operates its businesses
in three segments: Agricultural Products, Specialty Chemicals and Industrial
Chemicals.
Safe Harbor Statement under the Private Securities Act of 1995: Statements
in this news release that are forward-looking statements are subject to
various risks and uncertainties concerning specific factors described in FMC
Corporation's 2007 Form 10-K and other SEC filings. Such information
contained herein represents management's best judgment as of the date hereof
based on information currently available. FMC Corporation does not intend to
update this information and disclaims any legal obligation to the contrary.
Historical information is not necessarily indicative of future performance.
FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
---------------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
-----------------------------------------------
(Unaudited, in millions, except per share amounts)
Three Months Twelve Months
Ended Ended
December 31, December 31,
------------ --------------
2008 2007 2008 2007
---- ---- ---- ----
Revenue $737.7 $674.3 $3,115.3 $2,632.9
Costs of sales and services 518.0 478.7 2,134.4 1,830.1
Selling, general and
administrative expenses 81.2 86.2 336.8 315.3
Research and development expenses 25.6 27.2 93.8 94.6
Restructuring and other
charges (income) 31.6 22.9 49.6 164.9
---- ---- ---- -----
Total costs and expenses 656.4 615.0 2,614.6 2,404.9
----- ----- ------- -------
Income from operations 81.3 59.3 500.7 228.0
Equity in (earnings) loss
of affiliates (0.2) (0.2) (3.1) (2.5)
Minority interests 5.6 3.5 17.0 9.6
Interest expense, net 7.4 7.9 31.9 34.9
Loss on extinguishment of debt - - - 0.3
--- --- --- ---
Income from continuing operations
before income taxes 68.5 48.1 454.9 185.7
Provision (benefit) for income taxes 17.4 2.2 125.4 29.0
---- --- ----- ----
Income from continuing operations 51.1 45.9 329.5 156.7
Discontinued operations, net of
income taxes (4.8) (5.0) (24.9) (24.3)
---- ---- ----- -----
Net income $46.3 $40.9 $304.6 $132.4
===== ===== ====== ======
Basic earnings (loss) per
common share:
Continuing operations $0.71 $0.62 $4.47 $2.08
Discontinued operations (0.07) (0.07) (0.34) (0.32)
----- ----- ----- -----
Basic earnings per common share $0.64 $0.55 $4.13 $1.76
===== ===== ===== =====
Average number of shares used in
basic earnings per share computations 72.6 74.8 73.8 75.4
==== ==== ==== ====
Diluted earnings (loss) per
common share:
Continuing operations $0.69 $0.59 $4.35 $2.02
Discontinued operations (0.06) (0.06) (0.33) (0.31)
----- ----- ----- -----
Diluted earnings per common share $0.63 $0.53 $4.02 $1.71
===== ===== ===== =====
Average number of shares used in
diluted earnings per share
computations 74.0 77.1 75.8 77.6
==== ==== ==== ====
Other Data:
-----------
Capital expenditures $48.9 $38.9 $174.8 $115.4
Depreciation and amortization expense $29.9 $33.0 $124.2 $133.7
--------------------- ----- ----- ------ ------
FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
---------------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FROM CONTINUING OPERATIONS, EXCLUDING RESTRUCTURING AND OTHER
INCOME AND CHARGES (NON-GAAP)*
-----------------------------------------------------------
(Unaudited, in millions, except per share amounts)
Three Months Twelve Months
Ended Ended
December 31, December 31,
------------ --------------
2008 2007 2008 2007
---- ---- ---- ----
Revenue $737.7 $674.3 $3,115.3 $2,632.9
Costs of sales and services 516.7 478.7 2,132.1 1,836.2
Selling, general and
administrative expenses 81.2 86.2 336.8 315.3
Research and development
expenses 25.6 27.2 93.8 94.6
---- ---- ---- ----
Total costs and expenses 623.5 592.1 2,562.7 2,246.1
Income from operations 114.2 82.2 552.6 386.8
Equity in (earnings) loss of
affiliates (1.6) (0.2) (4.5) (2.1)
Minority interests 5.6 3.5 17.0 11.0
Interest expense, net 7.4 7.9 31.9 34.9
--- --- ---- ----
Income from continuing
operations before income
taxes, excluding
restructuring and other
income and charges 102.8 71.0 508.2 343.0
Provision for income taxes 27.4 25.8 157.1 103.3
---- ---- ----- -----
After-tax income from
continuing operations,
excluding restructuring
and other income and
charges * $75.4 $45.2 $351.1 $239.7
===== ===== ====== ======
Basic after-tax income from
continuing operations per
share, excluding restructuring
and other income and charges $1.04 $0.60 $4.76 $3.18
===== ===== ===== =====
Average number of shares
used in basic after-tax
income per share
computations 72.6 74.8 73.8 75.4
==== ==== ==== ====
Diluted after-tax income from
continuing operations per
share, excluding restructuring
and other income and charges $1.02 $0.59 $4.63 $3.09
===== ===== ===== =====
Average number of shares
used in diluted after-tax
income per share
computations 74.0 77.1 75.8 77.6
==== ==== ==== ====
* The Company believes that the Non-GAAP financial measure "After-tax
income from continuing operations, excluding restructuring and other
income and charges," and its presentation on a per share basis,
provides useful information about the Company's operating results to
investors and securities analysts. The Company also believes that
excluding the effect of restructuring and other income and charges
from operating results allows management and investors to compare more
easily the financial performance of its underlying businesses from
period to period.
Please see the reconciliation of Non-GAAP financial measures
to GAAP financial results.
FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
---------------------------------------------
RECONCILIATION OF NET INCOME (GAAP) TO AFTER-TAX INCOME FROM
CONTINUING OPERATIONS, EXCLUDING RESTRUCTURING AND OTHER INCOME
AND CHARGES (NON-GAAP)
-------------------------------------------------------------
(Unaudited, in millions, except per share amounts)
Three Months Twelve Months
Ended Ended
December 31, December 31,
------------ ------------
2008 2007 2008 2007
---- ---- ---- ----
Net income (GAAP) $46.3 $40.9 $304.6 $132.4
Discontinued operations, net
of income taxes (a) 4.8 5.0 24.9 24.3
Restructuring and other
(income) charges, net (b) 34.3 22.9 53.3 157.0
Loss on extinguishment of debt (c) - - - 0.3
Tax effect of restructuring and other
(income) charges, and loss on
extinguishment of debt (12.4) (8.5) (23.0) (58.9)
Tax adjustments (d) 2.4 (15.1) (8.7) (15.4)
--- ----- ---- -----
After-tax income from continuing
operations, excluding restructuring
and other income and charges
(Non-GAAP) $75.4 $45.2 $351.1 $239.7
===== ===== ====== ======
Diluted earnings per common share
(GAAP) $0.63 $0.53 $4.02 $1.71
Discontinued operations per diluted
share 0.06 0.06 0.33 0.31
Restructuring and other (income)
charges, net per diluted share,
before tax 0.46 0.30 0.70 2.03
Loss on extinguishment of debt per
diluted share, before tax - - - 0.01
Tax effect of restructuring and
other (income) charges, and loss
on extinguishment of debt (0.16) (0.10) (0.30) (0.76)
Tax adjustments per diluted share 0.03 (0.20) (0.12) (0.21)
---- ----- ----- -----
Diluted after-tax income from
continuing operations per share,
excluding restructuring and other
income and charges (Non-GAAP) $1.02 $0.59 $4.63 $3.09
===== ===== ===== =====
Average number of shares used in
diluted after-tax income from
continuing operations per share
computations 74.0 77.1 75.8 77.6
==== ==== ==== ====
(a) Discontinued operations for the three and twelve months ended
December 31, 2008 and 2007, respectively, primarily includes
provisions for environmental liabilities and legal reserves and
expenses related to previously discontinued operations.
(b) 2008
In addition to the line item "Restructuring and other charges
(income)" as presented in the condensed consolidated statements
of operations and discussed in detail below, the line item in the
above reconciliation includes the following:
- A $1.4 million charge related to the impairment of our Perorsa
joint venture in our Industrial Chemicals segment. On the
condensed consolidated statements of operations this charge
is included in "Equity in (earnings) loss of affiliates" for
the three and twelve months ended December 31, 2008.
- A charge related to amortization of the inventory step-up resulting
from the purchase accounting associated with acquisitions that
closed in the third quarter of 2008 in our Specialty Chemicals
segment. On the condensed consolidated statements of operations
this charge is included in "Costs of sales and services" for the
three and twelve months ended December 31, 2008 of $1.3 million and
$2.3 million respectively.
For the three months ended December 31, 2008, restructuring and
other charges (income) include continued charges related to the
closure of our Baltimore agricultural chemicals facility ($9.2
million) and our Jacksonville, Florida agricultural formulation
plant ($0.8 million). Both of these charges are associated with our
Agricultural Products segment. We also incurred charges related to
legal proceedings in our Industrial Chemicals segment ($10.0
million). Additionally, remaining restructuring and other charges
(income) for the three months ended December 31, 2008 primarily
include restructuring related severance charges in our Industrial
Chemicals segment ($1.4 million), asset abandonment charges in our
Agricultural Products segment and Industrial Chemicals segment ($1.6
million and $0.8 million, respectively) and charges associated with
continuing environmental sites as a Corporate charge ($5.8 million).
For the year ended December 31, 2008, restructuring and other charges
(income) include a net gain associated with the sale of our major
research and development facility in Princeton, New Jersey ($29.0
million-gain) and a gain associated with the sale of our sodium
sulfate assets in Foret which is part of our Industrial Chemicals
segment ($3.6 million-gain). Fully offsetting these gains were
continued charges related to the closure of our Baltimore
agricultural chemicals facility ($31.5 million) and Jacksonville
agricultural formulation facility ($5.6 million). We also incurred
charges related to legal proceedings in our Industrial Chemicals
segment ($10.0 million). Additionally, we incurred charges associated
with continuing environmental sites as a Corporate charge ($16.2
million), restructuring related severance charges in our Agricultural
Products segment and Industrial Chemicals segment ($3.2 million and
$4.0 million, respectively) and asset abandonment charges in our
Agricultural Products segment ($2.2 million), our Industrial
Chemicals segment ($1.5 million) and our Specialty Chemicals segment
($3.3 million).
(b) 2007
In addition to the line item "Restructuring and other charges
(income)" as presented in the condensed consolidated statements
of operations and discussed in detail below, this line item in the
above reconciliation includes the following:
- A $0.4 million gain related to cash received from our Astaris joint
venture whose assets were substantially sold in 2005. On the
condensed consolidated statements of operations this gain is
included in "Equity in (earnings) loss of affiliates" for the
twelve months ended December 31, 2007.
- Minority interest of $1.4 million related to the abandonment of one
of our 75% owned Foret co-generation facilities as discussed below.
The minority interest is included in "Minority interests" in the
condensed consolidated statements of operations for the twelve
months ended December 31, 2007.
- A non-cash gain of $6.1 million related to an adjustment to our
last in, first out (LIFO) inventory reserves as a result of a
correction in determining our initial LIFO inventory base year.
This gain was recorded to "Costs of sales and services" for the
twelve months ended December 31, 2007 in the condensed consolidated
statements of operations.
Restructuring and other charges (income) for the three months ended
December 31, 2007 primarily include continued charges related to the
closure of our Baltimore agricultural chemicals facility ($15.0
million), charges associated with continuing environmental sites as a
Corporate charge ($4.0 million) and severance charges in our
Industrial Chemicals segment ($1.8 million).
For the twelve months ended December 31, 2007, restructuring and
other charges (income) primarily include charges related to the
closure of our Baltimore facility ($104.9 million), charges
associated with the asset abandonment of one of our Foret
co-generation facilities which is part of our Industrial Chemicals
segment ($8.2 million before minority interest) and charges related
to the settlement of all claims with Solutia and Astaris (now known as
Siratsa) regarding our contribution of PPA technology to the Astaris
joint venture in our Industrial Chemicals segment ($22.5 million).
Remaining charges for the twelve months ended December 31, 2007
primarily include the Foret impairment charges due to the commitment
to the abandonment of certain fixed assets ($4.0 million) as well as
charges associated with continuing environmental sites as a Corporate
charge ($10.2 million) and severance costs ($6.8 million) primarily in
our Industrial Chemicals segment.
(c) Amount for the twelve months ended December 31, 2007 represents loss
on the early extinguishment of debt related to the Domestic credit
agreement which replaced the 2005 credit agreement. The loss
represents the write-off of deferred financing fees associated with
our previous credit agreements.
(d) Tax adjustments for the three months ended December 31, 2008 are
primarily related to adjustments to valuation allowances and deferred
income taxes related to prior year tax matters. Tax adjustments for
the twelve months ended December 31, 2008 are primarily related to
reductions to our tax liabilities due to favorable conclusions to tax
audits.
Tax adjustments for the three and twelve months ended December 31,
2007 mainly include tax benefits related to the reversal of certain
tax valuation allowances. These allowances were no longer necessary
because of our expectation that the related deferred tax assets are
now likely to be realized. Partially offsetting these valuation
adjustments are charges associated with adjustments to deferred
income taxes and other adjustments related to prior year tax matters.
FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
---------------------------------------------
INDUSTRY SEGMENT DATA
---------------------
(Unaudited, in millions)
Three Months Twelve Months
Ended Ended
December 31, December 31,
------------ ------------
2008 2007 2008 2007
---- ---- ---- ----
Revenue
-------
Agricultural Products $240.8 $229.5 $1,058.7 $889.7
Specialty Chemicals 190.3 161.0 764.5 659.5
Industrial Chemicals 308.0 284.5 1,296.9 1,087.1
Eliminations (1.4) (0.7) (4.8) (3.4)
---- ---- ---- ----
Total $737.7 $674.3 $3,115.3 $2,632.9
====== ====== ======== ========
Income from continuing operations
before income taxes
---------------------------------
Agricultural Products $33.6 $31.9 $245.2 $207.0
Specialty Chemicals 35.1 34.1 152.0 142.7
Industrial Chemicals 53.3 28.8 201.4 92.5
Eliminations - - (0.1) -
---- ---- ---- ----
Segment operating profit 122.0 94.8 598.5 442.2
Corporate (12.3) (12.8) (49.8) (52.3)
Other income (expense), net 0.5 (3.1) (8.6) (12.0)
--- ---- ---- -----
Operating profit from continuing
operations before items noted
below: 110.2 78.9 540.1 377.9
Restructuring and other income
(charges), net (a) (34.3) (22.9) (53.3) (157.0)
Interest expense, net (7.4) (7.9) (31.9) (34.9)
Loss on extinguishment of debt (b) - - - (0.3)
---- ---- ---- ----
Income from continuing operations
before income taxes $68.5 $48.1 $454.9 $185.7
===== ===== ====== ======
(a) Amounts for the three months ended December 31, 2008 related to
Agricultural Products ($11.6 million), Industrial Chemicals ($14.6
million), Specialty Chemicals ($1.8 million) and Corporate ($6.3
million). Amounts for the three months ended December 31, 2007 related
to Agricultural Products ($15.0 million), Industrial Chemicals ($2.7
million), Specialty Chemicals ($1.2 million) and Corporate ($4.0
million).
Amounts for the twelve months ended December 31, 2008 related to
Agricultural Products ($43.9 million), Industrial Chemicals ($15.6
million), Specialty Chemicals ($6.7 million) and Corporate ($12.9
million-gain). Amounts for the twelve months ended December 31, 2007
related to Agricultural Products ($108.3 million), Industrial
Chemicals ($41.5 million), Specialty Chemicals ($3.1 million) and
Corporate ($4.1 million).
See Note B to the schedule "Reconciliation of Net Income (GAAP) to
After-Tax Income from Continuing Operations Excluding Restructuring
and Other Income and Charges (Non-GAAP)" for further details on the
components that make up this line item.
(b) See Note C to the schedule "Reconciliation of Net Income (GAAP) to
After-Tax Income from Continuing Operations Excluding Restructuring
and Other Income and Charges (Non-GAAP)" for further details on the
components that make up this line item.
FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
---------------------------------------------
CONDENSED CONSOLIDATED BALANCE SHEETS
-------------------------------------
(Unaudited, in millions)
December 31, December 31,
2008 2007
---- ----
Cash and cash equivalents $52.4 $75.5
Trade receivables, net 687.7 599.7
Inventories 380.8 275.0
Other current assets 116.8 126.9
Deferred income taxes 176.9 117.0
----- -----
Total current assets 1,414.6 1,194.1
Property, plant and equipment, net 939.2 934.7
Goodwill 197.0 180.2
Deferred income taxes 243.6 259.0
Other long-term assets 181.3 165.4
----- -----
Total assets $2,975.7 $2,733.4
======== ========
Short-term debt $28.6 $47.9
Current portion of long-term debt 2.1 77.7
Accounts payable, trade and other 372.3 327.4
Guarantees of vendor financing 20.3 29.7
Accrued pensions and other post-retirement
benefits, current 10.2 10.6
Other current liabilities 307.4 258.1
----- -----
Total current liabilities 740.9 751.4
Long-term debt 592.9 419.6
Long-term liabilities 739.0 498.1
Stockholders' equity 902.9 1,064.3
----- -------
Total liabilities and stockholders' equity $2,975.7 $2,733.4
======== ========
FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
---------------------------------------------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
----------------------------------------------
(Unaudited, in millions)
Twelve Months
Ended
December 31,
------------
2008 2007
---- ----
Cash provided by operating activities $357.4 $314.7
------ ------
Cash (required) by operating activities of
discontinued operations (49.8) (45.1)
----- -----
Cash provided (required) by investing activities:
Capital expenditures (174.8) (115.4)
Other investing activities (16.9) (5.2)
----- ----
(191.7) (120.6)
------ ------
Cash provided (required) by financing activities:
Net borrowings under committed credit facilities 203.0 -
Increase (decrease) in short-term debt (17.7) (5.1)
Financing fees - (0.7)
Repayments of long-term debt (102.1) (95.9)
Distributions to minority partners (12.5) (10.2)
Dividends paid (34.4) (29.7)
Repurchases of common stock (186.9) (116.4)
Issuances of common stock, net 13.1 14.6
---- ----
(137.5) (243.4)
------ ------
Effect of exchange rate changes on cash (1.5) 4.4
---- ---
Increase (decrease) in cash and cash equivalents (23.1) (90.0)
Cash and cash equivalents, beginning of year 75.5 165.5
---- -----
Cash and cash equivalents, end of period $52.4 $75.5
===== =====
SOURCE FMC Corporation
02/04/2009
CONTACT: Media, Jim Fitzwater, +1-215-299-6633, or Investor relations,
Brennen Arndt, +1-215-299-6266, both of FMC Corporation
Web Site: http://www.fmc.com
(FMC)
Print Version
