Business
NOVA Chemicals: Business Conditions Strengthen
NOVA Chemicals: Business Conditions Strengthen.
About this update from Northisle Copper And Gold Inc.
[{"type":"text","content":"\n\n\n\n\nPITTSBURGH, July 20 /CNW/ - All financial information is in U.S. dollars\nunless otherwise indicated.\n\nNOVA Chemicals Corporation (NOVA Chemicals) (NYSE:NCX)(TSX:NCX) reported\nnet income of $108 million ($1.30 per share diluted) for the second quarter of\n2006. The second quarter's net income compares to a net loss of $5 million\n($0.06 per share) for the first quarter of 2006 and a net loss of $25 million\n($0.29 per share) for the second quarter of 2005.\nDuring the second quarter, NOVA Chemicals restructured into three\nbusiness units. Net income from the businesses is shown below:\n>\n\n\"Business conditions and our results improved through the second quarter.\nWith meaningful benefits from our restructuring, we will deliver total annual\ncost reductions of approximately $65 million by the end of the third quarter\nthat will positively impact company results,\" said Jeff Lipton, NOVA\nChemicals' President and CEO. \"Our restructuring will refocus NOVA Chemicals\non our core business, whose strength will be clear, while positioning STYRENIX\nas a potential catalyst for change in the industry.\"\n\nSecond Quarter Snapshot\n\nOlefins/Polyolefins:\n\n-- Net income of $151 million compared to $70 million in the previous\nquarter\n\n-- Alberta Advantage of 14 cents per pound of ethylene cash cost, up\nfrom 5 cents per pound in the first quarter\n\n-- Polyethylene Performance Products sales volumes increased by 20%\nversus the previous quarter\n\n-- Canadian corporate tax rate reduction from 34% to 33% in 2006 and 30%\nby 2010\n\nExpandable Polystyrene/Styrenic Performance Products (EPS/SPP):\n\n-- Net loss of $4 million compared to a net loss of $6 million in the\nprevious quarter\n\n-- ARCEL(R) resin capacity expansions completed as scheduled by the end\nof the quarter\n\nSTYRENIX:\n\n-- Net loss of $45 million compared to a net loss of $39 million in the\nprevious quarter\n\n-- Restructuring will enable cost reductions of $45 million per year\n\nNOVA Chemicals will host a conference call today, Thursday, July 20,\n2006, for investors and analysts at 10 a.m. EDT (8 a.m. MDT; 7 a.m. PDT).\nMedia are welcome to join this call in \"listen-only\" mode. The dial-in number\nfor this call is (416) 406-6419. The replay number is (416) 695-5800\n(Reservation No. 3190159). The live call is also available on the Internet at\nww...