Solutia 2007 operating income improves to $190 million

By Caroline Salls

Pittsburgh, Feb. 27 - Solutia Inc. reported a $190 million operating income for the year ended Dec. 31 on $3.54 billion in net sales, according to a 10-K filed Wednesday with the Securities and Exchange Commission.

The 2007 figures showed improvement over an $87 million operating income reported for the year ended Dec. 31, 2006 on $2.80 billion in net sales.

Meanwhile, the net loss for 2007 was $208 million, falling from a $2 million net income posted in 2006.

According to the 10-K, the 2007 net loss included $298 million in reorganization items versus $71 million in 2006, as well as a decline in equity earnings from affiliates to $12 million from $38 million in 2006.

Cash and cash equivalents were $173 million at Dec. 31, compared with $150 million at Dec. 31, 2006.

Solutia, a St. Louis-based manufacturer and provider of performance films, specialty chemicals and nylon products, filed for bankruptcy on Dec. 17, 2003 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 03-17949.

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