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Momentive Performance Materials Inc. recently reported its consolidated results for the fiscal three-month period ended September 28, 2008. The company achieved net sales of $699.9 million, compared to $624.4 million in the fiscal three-month period ended September 30, 2007, an increase of approximately 12%. Adjusted EBITDA was $105.3 million, compared to adjusted EBITDA of $115.9 million in the prior-year period, a decrease of approximately 9%.
Operating income for the third fiscal quarter of 2008 was $17.7 million vs. operating income of $1.4 million in the fiscal three-month period ended September 30, 2007. The company saw a net loss of $34.9 million for the 2008 third quarter, compared to net loss of $74.5 million in the third quarter of 2007.
“In the third quarter, we registered solid sales growth on a year-over-year basis, primarily driven by the pricing actions we implemented during the year with some additional favorable impact from foreign exchange rates,” said Jonathan Rich, president and chief executive officer. “Although adjusted EBITDA was down in the quarter from the same period last year, our gross profit margin improved on a sequential basis, as we were able to offset a greater percentage of cost inflation than last quarter. While weakening global demand and high costs for certain raw materials have created a difficult operating environment, we continue to focus on cost-savings measures and offering innovative products and services.”
Additional details are available at www.momentive.com.