SQM Reports Earnings for the Year 2007
SANTIAGO, Chile, Feb. 26 /PRNewswire-FirstCall/ -- Sociedad Quimica y Minera de Chile S.A. (SQM) (NYSE: SQM, SQMA; Santiago Stock Exchange: SQM-B, SQM-A) reported today earnings for the year 2007 of US$180.0 million (US$6.84 per ADR), an increase of 27.4% over the 2006 figure of US$141.3 million (US$5.37 per ADR). Operating income reached US$259.5 million (21.9% of revenues), 18.0% higher than the US$219.9 million (21.1% of revenues) recorded the previous year. Revenues for 2007 totaled US$1,187.5 million, representing growth of 13.9% over the US$1,042.9 million reported in 2006.
The Company also announced year-over-year earnings growth of 50.4% for the fourth quarter of 2007, reporting quarterly net income of US$44.6 million (US$1.69 per ADR) compared to the 2006 figure of US$29.7 million (US$1.13 per ADR). Operating income for the fourth quarter reached US$60.1 million, 21.7% higher than the US$49.4 million recorded for the same period of 2006. Revenues totaled US$306.2 million, an increase of approximately 14.7% with respect to the fourth quarter of 2006, when revenues amounted to US$267.0 million. "We are pleased to report yet another year of growth in our financial results. In the past five years, SQM's revenues have more than doubled, and net income has increased more than four-fold. But more importantly, we continue to see growth in the worldwide demand for our core products, and as a result, in 2007 our business segments benefited from favorable pricing conditions practically across the board," said Patricio Contesse, the Company's Chief Executive Officer. He added, "Despite the growth potential we see ahead, we must strive to overcome ongoing challenges on the cost front. In order to do so, in 2008 we need to continue strengthening our efforts to increase productivity. It is my belief that the combination of these efforts with the promising outlook for the worldwide fertilizer industry should help us to offset higher costs and once again deliver better results in 2008."
For the complete version of this press release, please visit our Web site: www.sqm.com. For further information, contact: Patricio Vargas, 56-2-4252274 / patricio.vargas@sqm.com Carolyn McKenzie, 56-2-4252074 / carolyn.mckenzie@sqm.com SQM is an integrated producer and distributor of specialty plant nutrients, iodine and lithium. Its products are based on the development of high quality natural resources that allow the Company to be leader in costs, supported by a specialized international network with sales in over 100 countries. SQM's development strategy aims to maintain and strengthen the Company's world leadership in its three core businesses: Specialty Plant Nutrition, Iodine and Lithium. Statements in this press release concerning the Company's business outlook, future economic performances, anticipated profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth, together with other statements that are not historical facts, are "forward-looking statements" as that term is defined under Federal Securities Laws. Any forward-looking statements are estimates, reflecting the best judgment of SQM based on currently available information and involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. Risks, uncertainties, and factors that could affect the accuracy of such forward-looking statements, are identified in the public filing made with the Securities and Exchange Commission, and forward-looking statements should be considered in light of those factors. First Call Analyst:
CONTACT: Patricio Vargas, 56-2-4252274, patricio.vargas@sqm.com, or Web site: www.sqm.com
2008-02-26 23:58:24 0299003 PRNEWSWIRE
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