Momentive Performance Materials Inc. recently reported its consolidated results for the fiscal three-month period ended March 29, 2009. The company achieved net sales of $418.1 million, compared to $656.6 million in the fiscal three-month period ended March 30, 2008, a decrease of 36.3%. Adjusted EBITDA in the 2009 first quarter was $14.9 million, compared to adjusted EBITDA of $117.1 million in the previous year’s quarter, a decrease of 87.2%.
The company posted an operating loss of $62.8 million in the 2009 first quarter vs. operating income of $42.1 million in the first quarter of 2008. The first quarter 2009 net loss was $96.8 million, compared to a net loss of $48.9 million in the prior year’s first quarter.
“Our results in the first quarter were significantly impacted by the global recession, in-line with our previous guidance,” said Jonathan Rich, president and chief executive officer. “While we expect modest increases in volume in the second quarter on a sequential basis due to normal seasonality, volumes remain significantly below historical rates and our operating visibility remains very limited. As the year unfolds, we will continue to focus on reducing our cost structure and preserving cash.”
Additional information is available at www.momentive.com