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The company's net sales for the fourth quarter 2008 were USD708.4m, down 17% from USD852.4m in the same period in 2007. The operating loss from continuing operations was USD6.5m compared to an operating income of USD51.1m in the fourth quarter of 2007. Adjusted operating income from continuing operations was USD24.3m, down 54% compared to USD52.8m on the same basis in 2007.
Adjusted income excludes the impact of restructuring charges and related costs and some other gains and losses. Reconciled to GAAP, these adjustments increased operating income by USD30.8m in the fourth quarter of 2008 and by USD1.7m in the fourth quarter of 2007.
The company reported a loss from continuing operations of USD26.2m (USD0.46 loss per diluted share), compared to income of USD21m (USD0.37 per diluted share) in the fourth quarter of 2007. A USD14m non-cash charge related to an increase in the valuation allowance against state deferred tax assets is included in the 2008 results. Adjusted earnings from continuing operations were USD11.1m (USD0.20 per diluted share), down from USD28.3m (USD0.50 per diluted share) on the same basis in 2007.
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