Shrewsbury, NJ, February 15, 2006--Wellman Inc., reported a fourth-quarter net loss of $12.1 million, compared with a net loss of $1.5 million during the same period last year.
The company said the quarterly net loss attributable to shareholders was $15.5 million, or 49 cents a share, compared with a loss of $4.7 million, or 15 cents a share, last year.
The maker of resin and polyester products said quarterly revenue was $301.3 million, compared with $372.2 million last year.
Wellman CEO Tom Duff said in a statement that non-operational charges the company incurred in 2005 relating to lawsuits alleging the company engaged in price fixing ($35.9 million) and the additional costs incurred as a result of hurricane Katrina ($24.0 million) totaled approximately $60 million, resulting in a pretax loss of $48.0 million for 2005 which is less than the pre-tax loss of $54.5 million for 2004.
