SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) October 20, 1999
E. I. du Pont de Nemours and Company
(Exact Name of Registrant as Specified in Its Charter)
Delaware 1-815 51-0014090
(State or Other Jurisdiction (Commission (I.R.S Employer
of Incorporation) File Number) Identification No.)
1007 Market Street
Wilmington, Delaware 19898
(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 774-1000
1
Item 7. Financial Statements and Exhibits
---------------------------------
In connection with Debt and/or Equity Securities that may be offered
on a delayed or continuous basis under Registration Statements on Form S-3
(No. 33-53327, No. 33-61339, No. 33-60069 and No. 333-86363), we hereby file
the following press release.
Exhibit
Number Description of Exhibit
------- -------------------------------------------------
99 Copy of the Registrant's Earnings Press Release,
dated October 20, 1999.
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
E. I. DU PONT DE NEMOURS AND COMPANY
(Registrant)
/s/ D. B. Smith
------------------------------------
D. B. Smith
Assistant Controller
October 20, 1999
3
EXHIBIT INDEX
Exhibit
Number Description of Exhibits
- ------- ------------------------------------------------------------
99 Copy of the Registrant's Earnings Press Release, dated
October 20, 1999.
4
EXHIBIT 99
Contact: Susan Gaffney
(302) 774-2698
DUPONT REPORTS THIRD QUARTER 1999 EARNINGS
------------------------------------------
WILMINGTON, Del., October 20 -- DuPont reported third quarter under-
lying earnings per share from continuing operations of $.59 up 11 percent from
1998 third quarter earnings of $.53. Including income from discontinued
operations of $.06 per share, nonrecurring charges totaling $.42 per share,
and a $6.92 per share gain on the disposition of Conoco, total reported
earnings were $7.15 per share compared to a loss of $.54 per share in 1998.
Earnings Highlights
-------------------
Including
Nonrecurring and
Underlying Extraordinary Items
-------------- -------------------
(per share diluted) 1999 1998 1999 1998
---- ---- ----- -------
Continuing Operations $.59 $.53 $ .17 $(.50)
Discontinued Operations .06 .14 6.98 .14
Extraordinary Item - - - (.18)
---- ---- ----- -----
$.65 $.67 $7.15 $(.54)
Third Quarter Accomplishments
- -----------------------------
o Sales were up 7 percent from the prior year.
o Underlying income from continuing operations increased 2.5 percent,
overcoming a 3 percent decline in average selling prices.
o Successfully completed the Conoco divestiture which, including the
Initial Public Offering, realized $21 billion of shareholder value.
o Completed the acquisition of Pioneer Hi-Bred International on
October 1, strengthening DuPont's position in the agricultural market
and related technologies.
5
"Third quarter results demonstrated solid performance despite
continued challenging conditions affecting the Agriculture and Polyester
businesses," said Charles O. Holliday, Jr., DuPont chairman and chief
executive officer. "Volumes, excluding acquisitions, were at their best level
since the fourth quarter 1997. Four of our eight business segments,
Performance Coatings and Polymers, Pharmaceuticals, Pigments and Chemicals,
and Specialty Fibers delivered double-digit earnings growth."
"Based on a strong and continuing recovery in our Asian business and
an improving outlook for Europe, we remain confident of double-digit earnings
growth next year," added Holliday.
Global Sales and Income Highlights
Sales in the quarter were $6.5 billion, or 7 percent over the third
quarter of 1998. With the Herberts business fully integrated into DuPont
Performance Coatings, DuPont is now the global leader in automotive coatings.
Sales, excluding this acquisition, were essentially flat with worldwide
volumes up 3 percent and prices down 3 percent. Currency impact on prices was
negligible. From a regional perspective:
o Sales in the Asia Pacific region increased 31 percent with 26 percent
volume growth, reflecting gains in all business units.
o Europe sales were up 16 percent, with volume up 23 percent. Excluding
the Herberts acquisition, sales declined 5 percent as 2 percent higher
volume was more than offset by 7 percent lower prices, the latter
principally reflecting a stronger dollar.
o U.S. sales volume was flat compared to last year's third quarter.
Discounting the adverse volume impact from weakness in the Crop
Protection Products business, U.S. volume would have been 1 percent
higher. Prices were down 2 percent, principally a result of lower
polyester and nylon prices.
6
Excluding nonrecurring items, income from continuing operations for
the third quarter 1999 was $625 million compared to $610 million in 1998.
Nonrecurring charges totaled $444 million and $1.2 billion in 1999 and 1998,
respectively. The current quarter's nonrecurring items principally relate to
previously announced charges for Nylon and Crop Protection Products. Third
quarter 1998 included the write-off of purchased in-process research and
development, charges for productivity initiatives, and a gain from an asset
sale. Nonrecurring items are described in more detail in the accompanying
footnotes.
Business Segment Performance
Comparing segment performance with the same quarter of last year,
DuPont improved underlying after-tax operating income by 6 percent, recording
$779 million compared with $733 million. Total segment sales were
$7.2 billion, compared to $6.6 billion last year. Looking at the segments
individually:
o Performance Coatings & Polymers segment earnings were up 34 percent,
reflecting double digit earnings growth in all business units. Sales
increased 51 percent, reflecting principally the addition of Herberts
and 10 percent higher sales volume in the remaining businesses.
Engineering Polymers was particularly strong, reflecting in part a
turnaround in Asia.
o Pharmaceuticals segment earnings were up 18 percent, primarily due to
earnings improvements from "Sustiva" and "Cozaar" and lower income
taxes resulting from an increase in the proportion of lower-taxed
foreign source income. Partly offsetting these improvements were
higher research and development costs and expected lower sales of
"Coumadin" warfarin sodium.
o Specialty Fibers segment earnings increased 17 percent, reflecting
better results for "Lycra" spandex, Advanced Fiber Systems and
nonwovens. Sales were up 4 percent driven by 9 percent volume growth.
7
o Pigments and Chemicals segment earnings were up 16 percent, reflecting
increased earnings for White Pigments and Fluorochemicals.
Fluorochemicals benefited from increased sales of CFC alternative
products, and White Pigments from higher volumes in Europe and Asia.
o Specialty Polymers segment earnings were up 7 percent, reflecting
improvements in Photopolymers and Electronic Materials and "Corian",
partly offset by lower results in Packaging & Industrial Polymers.
Segment sales increased 8 percent, primarily reflecting significant
volume growth outside the United States.
o Nylon Enterprise segment earnings were down 9 percent, reflecting
lower sales resulting from flat volumes and lower prices. Higher
apparel and intermediates sales volumes were offset by slightly lower
flooring and industrial sales volumes. Excluding the impact of lost
production and out-of-pocket costs resulting from natural disasters,
and an unexpected power outage at the Seaford, Delaware plant, third
quarter earnings would have been modestly higher than last year.
o Polyester Enterprise segment posted a loss of $23 million versus a
loss of $3 million last year, largely due to an earnings decline in
"Dacron". About one-third of this decline is attributable to recent
hurricanes and floods on the U.S. east coast. The balance reflects a
combination of lower selling prices and higher raw material costs.
o The Agriculture & Nutrition segment posted a loss of $36 million
versus earnings of $4 million last year, principally reflecting
weakness in the Crop Protection Products business. Segment sales
declined 19 percent.
o The Other segment earnings were $23 million versus $16 million last
year. The earnings increase principally reflects sales of interests
in affiliates, partly offset by Global Services Business employee
separation costs and the absence of prior-year earnings from Coal
operations.
Discontinued Operations
Underlying income from discontinued operations (Conoco, formerly
DuPont's energy subsidiary) was $58 million compared to $160 million in last
year's third quarter, with the reduction principally reflecting completion of
the divestiture of Conoco on August 6, 1999, versus full ownership throughout
the third quarter of last year. The current quarter also includes a gain of
$7.3 billion or $6.92 per share on the final disposition of Conoco.
8
Forward-Looking Statements: This news release contains forward-looking
statements based on management's current expectations, estimates and projec-
tions. All statements that address expectations or projections about the
future, including statements about the Company's strategy for growth, product
development, market position, expected expenditures and financial results are
forward-looking statements. Some of the forward-looking statements may be
identified by words like "expects," "anticipates," "plans," "intends,"
"projects," "indicates," and similar expressions. These statements are not
guarantees of future performance and involve a number of risks, uncertainties
and assumptions. Many factors, including those discussed more fully elsewhere
in this release and in DuPont's filings with the Securities and Exchange
Commission, particularly its latest annual report on Form 10-K, as well as
others, could cause results to differ materially from those stated. These
factors include, but are not limited to changes in the laws, regulations,
policies and economic conditions of countries in which the company does
business; competitive pressures; successful integration of structural changes,
including acquisitions, divestitures and alliances; failure of the company or
related third parties to become Year 2000 capable; research and development of
new products, including regulatory approval and market acceptance, and the
seasonality of certain businesses, particularly in Agriculture & Nutrition.
###
10/20/99
9
E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
Three Months Ended Nine Months Ended
CONSOLIDATED INCOME STATEMENT September 30 September 30
- -----------------------------------------------------------------------------------------------------------------------
(Dollars in millions, except per share) 1999 1998 1999 1998
- ----------------------------------------------------------------------------------------------------------------------
SALES ........................................................ $6,481 $6,042 $19,800 $18,668
Other Income<Fa> ............................................. 159 136<Fb> 412<Fc> 625<Fb>
------ ------ ------- -------
Total .................................................... 6,640 6,178 20,212 19,293
------ ------ ------- -------
Cost of Goods Sold and Other Expenses<Fa> .................... 4,184 3,770 12,468 11,876
Selling, General and Administrative Expenses ................. 624 542 1,784 1,527
Depreciation and Amortization ................................ 373 368 1,081 1,067
Research and Development ..................................... 394 362 1,139 900
Interest and Debt Expense .................................... 120 160 333 416
Purchased In-Process Research and Development<Fd> ............ - 1,441 40 1,501
Employee Separation Costs and Write-Down of Assets<Fe> ....... 534 391 596 577
------ ------ ------- -------
Total .................................................... 6,229 7,034 17,441 17,864
------ ------ ------- -------
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES,
MINORITY INTERESTS AND EXTRAORDINARY ITEM .................. 411 (856) 2,771 1,429
Provision for Income Tax Expenses (Credits) .................. 216 (290) 1,066 543
Minority Interests in Earnings (Loss) of Consolidated
Subsidiaries ............................................... 14 (2) 50 19
------ ------ ------- -------
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE
EXTRAORDINARY ITEM ......................................... 181 (564) 1,655 867
DISCONTINUED OPERATIONS
Income from Operations of Discontinued Business,
Net of Income Taxes ...................................... - 160 - 594
Gain on Disposal of Discontinued Business,
Net of Income Taxes<Ff> .................................. 7,349 - 7,455 -
------ ------ ------- -------
INCOME (LOSS) BEFORE EXTRAORDINARY ITEM ...................... 7,530 (404) 9,110 1,461
Extraordinary Charge from Early Extinguishment of Debt,
Net of Income Taxes<Fg> .................................... - (201) - (201)
------ ------ ------- -------
NET INCOME (LOSS) ............................................ $7,530 $ (605) $ 9,110 $ 1,260
====== ====== ======= =======
BASIC EARNINGS (LOSS) PER SHARE OF COMMON STOCK<Fh><Fi>
Continuing Operations Before Extraordinary Item ............ $ .17 $ (.50) $ 1.50 $ .76
Discontinued Operations .................................... 7.08 .14 6.79 .53
Extraordinary Charge ....................................... - (.18) - (.18)
------ ------ ------- -------
Net Income (Loss) .......................................... $ 7.25 $ (.54) $ 8.29 $ 1.11
====== ====== ======= =======
DILUTED EARNINGS PER SHARE OF COMMON STOCK<Fh><Fi>
Continuing Operations Before Extraordinary Item ............ $ .17 $ (.50) $ 1.48 $ .75
Discontinued Operations .................................... 6.98 .14 6.71 .52
Extraordinary Charge ....................................... - (.18) - (.18)
------ ------ ------- -------
Net Income (Loss) .......................................... $ 7.15 $ (.54) $ 8.19 $ 1.09
====== ====== ======= =======
DIVIDENDS PER SHARE OF COMMON STOCK .......................... $ .35 $ .35 $ 1.05 $ 1.015
====== ====== ======= =======
10
[FN]
NOTES TO CONSOLIDATED INCOME STATEMENT
<Fa> Amortization of intangible assets is principally reported in Cost of
Goods Sold and Other Expenses. Amortization for companies accounted for
under the equity method is reported in Other Income. Total amortization
of intangible assets was $60 and $167 for the third quarter and year-to-
date 1999, respectively. Amounts for comparable periods of 1998 were $49
and $107, respectively.
<Fb> Third quarter 1998 includes a $55 gain within Pigments & Chemicals due to
the sale of Hydrogen Peroxide assets.
<Fc> Includes an exchange loss of $131 on forward exchange contracts purchased
in 1998 to lock in the U.S. dollar cost of the acquisition of Herberts,
the automotive coatings business of Hoechst AG. The purchase price of
Herberts was negotiated in German marks.
<Fd> Purchased in-process research and development represents the value
assigned in a purchase business combination to research and development
projects of the acquired business that were in progress at the time of
purchase for which technological feasibility has not yet been established
and no alternative future use is anticipated. Year-to-date 1999 repre-
sents an estimated charge of $40 that was recorded in the first quarter
in conjunction with the purchase of Herberts based on preliminary alloca-
tions of purchase price that are subject to revision upon completion of
valuations and purchase accounting allocations.
During the third quarter 1998, a charge of $1,300 was recorded in con-
junction with the purchase of Merck's interest in The DuPont Merck
Pharmaceutical Company based on preliminary allocations of purchase price
which were subject to revision upon completion of valuations and purchase
accounting allocations. In addition, a charge of $141 was recorded based
on a revised estimate of the purchased in-process research and develop-
ment associated with the purchase of the polyester businesses of ICI.
1998 year to date also includes a $60 charge for revision based on
finalization of the purchase price allocation in conjunction with the
purchase of Protein Technologies International.
<Fe> Third quarter 1999 charges of $534 primarily result from previously
announced restructuring activities within Agriculture & Nutrition and
within the Nylon Enterprise. The charge for Agriculture & Nutrition
totaled $170 and included termination payments to about 800 employees,
the shutdown of various manufacturing facilities, and the write-off of an
intangible asset resulting from the loss of exclusive product marketing
rights. The Nylon Enterprise charge totaled $364, of which $252 repre-
sents an impairment charge for the write-down of an adipic acid plant in
Singapore that will continue to be operated. Other costs are principally
due to the write-down of manufacturing assets in India pursuant to a
sales agreement and the liquidation of a joint venture in China.
11
[FN]
NOTES TO CONSOLIDATED INCOME STATEMENT - (CONT'D)
Year-to-date 1999 charges also includes $62 of employee separation costs
for about 850 employees within the Polyester Enterprise.
Third quarter 1998 charges of $391 result from implementation of Company-
wide productivity improvement initiatives. This includes $202 associated
with separation costs for over 2,600 employees, and $189 in asset write-
downs, principally due to shutdown and dismantlement of excess production
capacity. Year-to-date 1998 charges also include $108 of separation
costs for about 1,500 employees within the Nylon Enterprise and $78 for
the shutdown of related manufacturing facilities.
<Ff> Gain on disposal of discontinued business reflects Conoco's operations
through August 6, 1999 and includes the gain of $7,291 realized by the
Company from the completion of the Conoco exchange offer.
<Fg> During the third quarter 1998, the Company recognized an extraordinary
after-tax charge of $201 ($275 pretax, less taxes of $74), as a result of
a debt call and tender offer with an aggregate principal amount of
$1,633.
<Fh> Earnings per share are calculated on the basis of the following average
number of common shares outstanding:
Three Months Ended Nine Months Ended
September 30 September 30
------------------------------ ------------------------------
Basic Diluted Basic Diluted
------------- ------------- ------------- -------------
1999 1,038,268,303 1,052,845,443 1,097,795,167 1,111,388,460
1998 1,130,461,535 1,130,461,535 1,129,608,903 1,147,393,778
<Fi> Year-to-date earnings per share do not equal the sum of quarterly
earnings per share due to changes in average share calculations.
12
E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED SEGMENT INFORMATION - Three Months Ended Nine Months Ended
CONTINUING OPERATIONS<Fa> September 30 September 30
- ------------------------------------------------------------------------------------------------------------------------
(Dollars in millions) 1999 1998 1999 1998
- -----------------------------------------------------------------------------------------------------------------------
SEGMENT SALES<Fb>
- -------------
Agriculture & Nutrition ...................................... $ 461 $ 569 $ 2,333 $ 2,570
Nylon Enterprise ............................................. 1,097 1,148 3,349 3,483
Performance Coatings & Polymers .............................. 1,618 1,074 4,424 3,412
Pharmaceuticals<Fc> .......................................... 384 366 1,173 776
Pigments & Chemicals ......................................... 912 909 2,727 2,768
Polyester Enterprise ......................................... 668 664 1,935 <Fd> 2,157
Specialty Fibers ............................................. 852 818 2,572 2,497
Specialty Polymers ........................................... 1,069 990 3,143 3,079
Other ........................................................ 105 104 314 386
------ ------ ------- -------
Total Segment Sales ...................................... 7,166 6,642 21,970 21,128
Elimination of Intersegment Transfers ........................ (189) (179) (542)<Fd> (565)
Elimination of Equity Affiliate Sales ........................ (496) (401) (1,628) (1,875)
Miscellaneous ................................................ - (20) - (20)
------ ------ ------- -------
SALES .................................................... $6,481 $6,042 $19,800 <Fd> $18,668
====== ====== ======= =======
AFTER-TAX OPERATING INCOME (LOSS)<Fe>
- ---------------------------------
Agriculture & Nutrition ...................................... $ (143)<Ff> $ (9) $ 154 <Ff> $ 256 <Fg>
Nylon Enterprise ............................................. (250)<Fh> 64 (44)<Fh> 154 <Fi>
Performance Coatings & Polymers .............................. 155 99 415 <Fj> 349
Pharmaceuticals .............................................. 58 (796)<Fk> 182 (721)<Fk>
Pigments & Chemicals ......................................... 160 134 <Fl> 464 428 <Fl>
Polyester Enterprise ......................................... (23) (210)<Fm> (82)<FN> (205)<Fm>
Specialty Fibers ............................................. 189 159 538 508
Specialty Polymers ........................................... 166 145 494 465
Other ........................................................ 23 (27) 45 13
------ ------ ------- -------
Total Segment ATOI ....................................... 335 (441) 2,166 1,247
Interest & Exchange Gains and Losses ......................... (81) (76) (292)<Fo> (228)
Corporate Expenses ........................................... (73) (47) (219) (152)
------ ------ ------- -------
INCOME (LOSS) FROM CONTINUING OPERATIONS ................. $ 181 $ (564) $ 1,655 $ 867
====== ====== ======= =======
13
[FN]
NOTES TO CONSOLIDATED SEGMENT INFORMATION - CONTINUING OPERATIONS
- -----------------------------------------------------------------
<Fa> Certain reclassifications of segment data have been made to reflect
changes in organizational structure.
<Fb> Includes pro rata equity affiliate sales and intersegment transfers.
<Fc> Effective first quarter 1999, revenues from contract manufacturing are
reclassified from Other Income to Sales, and prior periods have been
restated. These revenues are $20 and $70 for third quarter and year-to-
date 1999, respectively, versus $20 and $55 for the comparable periods of
1998. The increase in year-to-date sales reflects the current
100 percent ownership of the pharmaceuticals business versus 50 percent
prior to July 1, 1998.
<Fd> Includes minor reclassification between Sales and Intersegment Transfers
for second quarter activity within the Polyester Enterprise.
<Fe> Third quarter 1998 includes a charge of $256 resulting from a Company-
wide productivity improvement initiative as follows: Agriculture &
Nutrition - $13; Nylon Enterprise - $32; Performance Coatings & Polymers
- $17; Pigments & Chemicals - $40; Polyester Enterprise - $98; Specialty
Fibers - $3; Specialty Polymers - $10; and Other - $43.
<Ff> Includes total charges of $107 attributable to termination payments to
about 800 employees, shutdown of various manufacturing facilities and the
write-off of an intangible asset resulting from the loss of exclusive
product marketing rights.
<Fg> Includes a charge of $60 for revision, based on finalization of the
purchase price allocation in conjunction with the purchase of Protein
Technologies International, related to the value assigned to research and
development in progress at the time of purchase for which technological
feasibility has not yet been established and no alternative future use is
anticipated.
<Fh> Includes total charges of $337, of which $247 is attributable to an
impairment charge for the write-down of the adipic acid plant in
Singapore that will continue to be operated. Other costs are principally
due to the write-down of manufacturing assets in India pursuant to a
sales agreement and the liquidation of a joint venture in China.
<Fi> In addition to the third quarter 1998 charge described in Note (e), 1998
year to date also includes charges within the Nylon Enterprise of $130
attributable to employee separation costs ($75) and the shutdown of
related manufacturing facilities ($55).
14
[FN]
NOTES TO CONSOLIDATED SEGMENT INFORMATION - CONTINUING OPERATIONS - (CONT'D)
- -----------------------------------------------------------------
<Fj> Includes an estimated charge of $40 based on preliminary purchase price
allocations in conjunction with the purchase of Herberts, the automotive
coatings business of Hoechst AG, related to the value assigned to
research and development in progress at the time of purchase for which
technological feasibility has not yet been established and no alternative
future use is anticipated.
<Fk> Includes an estimated charge of $845 based on preliminary purchase price
allocations in conjunction with the purchase of Merck's interest in The
DuPont Merck Pharmaceutical Company related to the value assigned to
research and development in progress at the time of purchase for which
technological feasibility has not yet been established and no alternative
future use is anticipated.
<Fl> Includes a $36 gain on the sale of Hydrogen Peroxide assets.
<Fm> Includes a charge of $109 based on a revised estimate of the purchased
in-process research and development associated with the purchase of the
polyester businesses of ICI.
[FN] Includes a charge of $40 related to employee separation costs for about
850 employees within the Polyester Enterprise.
<Fo> Includes an exchange loss of $81 on forward exchange contracts purchased
in 1998 to lock in the U.S. dollar cost of the acquisition of Herberts.
The purchase price for Herberts was negotiated in German marks.
15
E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
SEGMENT SALES VARIANCES
(3RD QUARTER 1999 VS 3RD QUARTER 1998)
- -------------------------------------------------------------------------------------------------------------------------
Sales Percentage Change Due to:
Percent -----------------------------
Change Price Volume Other<Fa>
------- ----- ------ --------
(%) (%) (%) (%)
Agriculture & Nutrition .............................................. (19) (1) (18)
Nylon Enterprise ..................................................... (4) (4) 0
Performance Coatings & Polymers ...................................... 51 (3) 10 44
Pharmaceuticals ...................................................... 5 N/A 5
Pigments & Chemicals ................................................. 0 (1) 1
Polyester Enterprise ................................................. 1 (7) 8
Specialty Fibers ..................................................... 4 (5) 9
Specialty Polymers ................................................... 8 (6) 14
Other ................................................................ 1 N/A N/A 1
<FN>
- ----------------
<Fa> Includes sales increase/(decrease) due to acquisitions and divestitures.
CONSOLIDATED SEGMENT INFORMATION
EXCLUDING IMPACT OF NONRECURRING ITEMS - Three Months Ended Nine Months Ended
CONTINUING OPERATIONS September 30 September 30
- ------------------------------------------------------------------------------------------------------------------------
(Dollars in millions) 1999 1998 1999 1998
- -----------------------------------------------------------------------------------------------------------------------
AFTER-TAX OPERATING INCOME
- --------------------------
Agriculture & Nutrition .............................................. $(36) $ 4 $ 261 $ 329
Nylon Enterprise ..................................................... 87 96 293 316
Performance Coatings & Polymers ...................................... 155 116 455 366
Pharmaceuticals ...................................................... 58 49 182 124
Pigments & Chemicals ................................................. 160 138 464 432
Polyester Enterprise ................................................. (23) (3) (42) 2
Specialty Fibers ..................................................... 189 162 538 511
Specialty Polymers ................................................... 166 155 494 475
Other ................................................................ 23 16 45 56
---- ---- ------ ------
Total Segment ATOI ................................................ 779 733 2,690 2,611
Interest & Exchange Gains and Losses ................................. (81) (76) (211) (228)
Corporate Expenses ................................................... (73) (47) (219) (152)
---- ---- ------ ------
INCOME FROM CONTINUING OPERATIONS ................................. $625 $610 $2,260 $2,231
==== ==== ====== ======
16