Axiall 8-K Financial statements and exhibits

FOR IMMEDIATE RELEASE                                       Contact: Jim Matthews

                                      VP Finance and CFO

                                                770-395-4577            

Georgia Gulf Reports Fourth Quarter Net Loss of $.06 Per Diluted Share After a Charge of $.26 Per Diluted Share Related to the Early Retirement of Debt

 ATLANTA, February 4, 2004 – Georgia Gulf Corporation (NYSE: GGC) reported a net loss of $2.0 million or $.06 per diluted share, including an after tax charge of $8.6 million or $.26 per diluted share related to the early retirement of debt, on sales of $372.5 million for the fourth quarter of 2003. This compares to net income of $9.7 million or $.30 per diluted share on sales of $318.8 million for the fourth quarter 2002. The increase in sales over the same period last year reflects an overall increase in sales prices and sales volumes. In addition to the charge mentioned above, the net loss reflects higher costs of sales, primarily from raw materials and natural gas costs, which outpaced higher sales prices. In addition, selling and administrative expenses were higher primarily due to bad debt expense after taxes of $2.7 million or $.08 per diluted share.

 Comparing sequential quarters, Georgia Gulf’s earnings declined $9.7 million from third quarter net income of $7.7 million or $.24 per diluted share on sales of $348.8 million. This earnings decline reflected an after tax charge of $8.6 million or $.26 per diluted share related to the early retirement of debt and an after tax charge of $2.7 million or $.08 per diluted share for bad debt expense. Within operations, sales increased compared to the third quarter as overall higher sales volumes more than offset slightly lower sales prices. Overall, raw materials costs increased in the fourth quarter, although natural gas prices were slightly lower.

 For the year ended December 31, 2003, Georgia Gulf reported net income of $12.5 million or $.38 per diluted share, including an after tax charge of $8.6 million or $.26 per diluted share related to the early retirement of debt, on sales of $1.4 billion, compared to net income of $31.2 million or $.97 per diluted share on sales of $1.2 billion for 2002. The increase in sales over the prior year reflects higher sales prices for all products. The lower net income resulted from the debt retirement charge as well as higher costs of sales, primarily from raw materials and natural gas costs, and higher selling and administrative costs, primarily bad debt expense. In addition, the financial results for the full year reflect an after tax benefit of $7.1 million or $.22 per diluted share in lower interest expense.

 Chlorovinyls

 Chlorovinyls operating income of $25.1 million for the fourth quarter 2003 increased by $0.6 million compared to operating income of $24.5 million for the same period last year. This was a result of higher sales prices for all products, most significantly vinyl resins, which slightly more than offset higher ethylene and natural gas costs.

Comparing sequential quarters, operating income increased from $19.1 million in the third quarter to $25.1 million in the fourth quarter as a result of higher VCM sales volumes and lower natural gas costs, which were partially offset by seasonally lower sales volumes and prices for most products and higher ethylene costs.

For the year ended December 31, 2003, chlorovinyls operating income was $86.3 million compared to $114.6 million in 2002. Although sales prices were higher for all products, most significantly vinyl resins, raw materials costs, particularly for ethylene, chlorine and natural gas, were significantly higher than in 2002.

 Aromatics

 Aromatics operating income declined by $5.3 million to approximately breakeven in the fourth quarter of 2003 from $5.3 million in the fourth quarter 2002. The decline was due to higher raw materials and natural gas costs, which more than offset higher cumene revenues.

Sequentially, the breakeven operating income in the fourth quarter compared to operating income of $4.4 million in the third quarter of 2003. This was primarily due to higher raw materials costs and lower acetone sales prices, which were not offset by higher cumene sales prices and volumes.

For the year ended December 31, 2003, aromatics operating income was $1.7 million, an increase of $5.0 million over the operating loss of $3.3 million in 2002. The improvement is due primarily to higher aromatics sales prices, which more than offset higher raw materials costs, primarily for benzene and natural gas.

              Commentary

 Commenting on the results, Edward A. Schmitt, president and CEO, said, "2003 was a challenging year as the chemical industry faced exceptionally high prices for natural gas and key feedstocks. Those costs had a significant impact on our financial results for the year. However, it is important to look beyond those factors and see the significant improvement in the basic fundamentals of our businesses. Demand continues to improve relative to supply, leading to forecasts of improved industry operating rates in 2004 that suggest we can improve our margins during the next few quarters. With the improvements in our market conditions as well as the recent improvements in our debt structure, Georgia Gulf is poised to take advantage of forecasted stronger demand and show real bottom-line improvements."

Other

 Georgia Gulf will host a conference call to discuss fourth quarter results in more detail at 9:00 AM EST on Thursday, February 5, 2003. To access the teleconference, please dial 888-552-7928 (domestic) or 706-679-3718 (international). To access the teleconference via Webcast, log on to http://www.firstcallevents.com/service/ajwz396092061gf12.html. Playbacks will be available from 12 PM EST Thursday, February 5, to 5 PM EST Thursday, February 12. Playback numbers are 800-642-1687 (domestic) or 706-645-9291 (international). The conference call ID number is 4814760.

 Georgia Gulf, headquartered in Atlanta, is a major manufacturer and marketer of two integrated chemical and plastics product lines; chlorovinyls and aromatics. Georgia Gulf’s chlorovinyls products include chlorine, caustic soda, vinyl chloride monomer and vinyl resins and compounds. Georgia Gulf’s primary aromatic products include cumene, phenol and acetone.

 This news release contains forward-looking statements subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s assumptions regarding business conditions, and actual results may be materially different. Risks and uncertainties inherent in these assumptions include, but are not limited to, future global economic conditions, economic conditions in the industries to which the company sells, industry production capacity, raw material and energy costs and other factors discussed in the Securities and Exchange Commission filings of Georgia Gulf Corporation, including our annual report on Form 10-K for the year ended December 31, 2002 and our subsequent reports on Form 10-Q.

# # #

GEORGIA GULF CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
		December 31,2003		December 31, 2002
ASSETS
Cash and cash equivalents	$	1,965	$	8,019
Receivables		86,914		59,603
Inventories		124,616		114,575
Prepaid expenses		7,043		10,393
Deferred income taxes		8,368		5,657
Total current assets		228,906		198,247
Property, plant and equipment, net		460,808		493,494
Goodwill		77,720		77,720
Other assets		89,351		106,098
Total assets	$	856,785	$	875,559
LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt	$	1,000	$	600
Accounts payable		135,680		107,943
Interest payable		1,812		4,650
Accrued compensation		15,058		14,325
Accrued liabilities		9,614		12,733
Total current liabilities		163,164		140,251
Long-term debt, less current portion		426,872		476,386
Deferred income taxes		122,617		126,250
Other non-current liabilities		7,693		6,872
Stockholders' equity		136,439		125,800
Total liabilities and stockholders' equity	$	856,785	$	875,559
Common shares outstanding		32,736		32,319

GEORGIA GULF CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
		Three Months Ended						Twelve Months Ended
		December 31,						December 31,
		2003			2002			2003			2002
Net Sales	$	372,523		$	318,767		$	1,444,483		$	1,230,751
Operating costs and expenses
Costs of sales		334,235			280,759			1,319,094			1,086,746
Selling and administrative		20,458			12,110			55,691			45,685
Total operating costs and expenses		354,693			292,869			1,374,785			1,132,431
Operating income		17,830			25,898			69,698			98,320
Cost related to early retirement of debt		(13,816	)		-			(13,816	)		-
Interest expense, net		(8,910	)		(10,750	)		(38,142	)		(49,579	)
Income (loss) before income taxes		(4,896	)		15,148			17,740			48,741
Provision (benefit) for (from) income taxes		(2,900	)		5,455			5,245			17,546
Net income (loss)	$	(1,996	)	$	9,693		$	12,495		$	31,195
Earnings (loss) per share
Basic	$	(0.06	)	$	0.30		$	0.39		$	0.98
Diluted	$	(0.06	)	$	0.30		$	0.38		$	0.97
Weighted average common shares
Basic		32,359			32,028			32,267			31,988
Diluted		32,359			32,228			32,502			32,194

GEORGIA GULF CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
		Three Months Ended						Twelve Months Ended
		December 31,						December 31,
		2003			2002			2003			2002
Cash Flows from operating activities:
Net income (loss)	$	(1,996	)	$	9,693		$	12,495		$	31,195
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization		15,893			16,368			63,932			68,068
Cost related to early retirement of debt		13,816			-			13,816			-
Provision (benefit) for (from) deferred
income taxes		(4,758	)		(538	)		(6,344	)		6,822
Tax benefit related to stock plans		476			65			1,107			578
Stock based compensation		666			226			1,779			663
Change in operating assets,
liabilities and other		33,612			77,674			(1,708	)		60,859
Net cash provided by operating activities		57,709			103,488			85,077			168,185
Cash flows used in investing activities:
Capital expenditures		(8,892	)		(4,407	)		(24,046	)		(17,410	)
Cash flows from financing activities:
Net change in revolving line of credit		(8,000	)		-			-			-
Proceeds from long-term debt		300,666			626			300,666			150,406
Payments of long-term debt		(309,330	)		(26,970	)		(324,780	)		(222,511	)
Net change in asset securitization		(25,000	)		(75,000	)		(25,000	)		(75,000	)
Redemption premium and fees paid to
retire notes		(10,760	)		-			(10,760	)		-
Fees paid to issue debt		(2,239	)		-			(2,239	)		-
Proceeds from issuance of common stock		4,948			2,906			5,857			4,588
Purchase and retirement of common stock		(190	)		-			(435	)		-
Common stock dividends paid		(2,607	)		(2,571	)		(10,394	)		(10,269	)
Net cash used in financing activities		(52,512	)		(101,009	)		(67,085	)		(152,786	)
Net change in cash and cash
equivalents		(3,695	)		(1,928	)		(6,054	)		(2,011	)
Cash and cash equivalents at
beginning of period		5,660			9,947			8,019			10,030
Cash and cash equivalents at
end of period	$	1,965		$	8,019		$	1,965		$	8,019

GEORGIA GULF CORPORATION AND SUBSIDIARIES
SEGMENT INFORMATION
(In thousands)
(Unaudited)
		Three Months  Ended						Twelve Months Ended
		December 31,						December 31,
		2003			2002			2003			2002
Segment net sales:
Chlorovinyls	$	283,700		$	260,545		$	1,159,035		$	1,011,011
Aromatics		88,823			58,222			285,448			219,740
Net sales	$	372,523		$	318,767		$	1,444,483		$	1,230,751
Segment operating income (loss):
Chlorovinyls	$	25,128		$	24,533		$	86,289		$	114,582
Aromatics		(62	)		5,279			1,673			(3,342	)
Corporate and general plant
services		(7,236	)		(3,914	)		(18,264	)		(12,920	)
Total operating income	$	17,830		$	25,898		$	69,698		$	98,320