Adhesives Magazine

SOVEREIGN REPORTS OPERATING RESULTS FOR THIRD QUARTER OF 2004

November 22, 2004
Sovereign Specialty Chemicals has announced its operating results for the three months ended Sept. 30, 2004. Net sales were $106.6 million compared to $98.7 million for the three months ended Sept. 30, 2003. Operating income was $12.1 million in the third quarter of 2004 compared to $10.1 million in the prior year. EBITDA (defined as operating income plus depreciation and amortization) on an as-reported basis was $14.3 million in the current quarter compared to $12.3 million in the three months ended Sept. 20, 2003. The operating results for the three months ended Sept. 30, 2004 and 2003 include the impact of costs not expected to occur in the future. As adjusted for these costs, operating income was $12.1 million for the third quarter of 2004 compared to $12.4 million in 2003. Similarly, for the nine months ended Sept. 30, 2004, operating income was $34.5 million compared to $27.0 million for 2003, and EBITDA for the nine months ended Sept. 30, 2004 was $41.4 million compared to $33.6 million for 2003.

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