Kronos Worldwide, Inc. reported net income of $7.2 million, or $.15 per diluted share, for the fourth quarter of 2008 compared with net income of $1.6 million, or $.03 per diluted share, in the fourth quarter of 2007.
For the full year of 2008, Kronos reported net income of $9.0 million, or $.18 per diluted share, compared with a net loss of $66.7 million, or $1.36 per diluted share, for the full year of 2007.
Comparability of the Company’s results was impacted by lower income from operations in calendar 2008 resulting principally from lower sales volumes and higher raw material and energy costs, income tax charges we recognized in 2007 and an income tax benefit we recognized in 2008.
Net sales of $246.9 million in the fourth quarter of 2008 were $63.5 million, or 21%, lower than the fourth quarter of 2007. Net sales of $1,316.9 million for the full year of 2008 were $6.6 million, or 1%, higher than the full year of 2007.
Net sales decreased in the fourth quarter of 2008 primarily due to lower sales volumes and the unfavorable effect of fluctuations in foreign currency exchange rates, which decreased sales by approximately $16 million, partially offset by higher average TiO2 selling prices.
For the full year period, net sales increased due to the favorable effect of fluctuations in foreign currency exchange rates, increasing sales by approximately $61 million, and higher average TiO2 selling prices, partially offset by lower sales volumes. The Company’s average selling prices were 9% higher in the fourth quarter of 2008 as compared to the fourth quarter of 2007, and prices were 2% higher for the year.
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