Earnings improve for some at HMP

A few companies in the Salt Lake-based Huntsman group on Tuesday reported higher earnings in the 2003 fourth quarter, compared to the prior-year period.

The combined Huntsman companies include HMP Equity Holdings Corp. and its operating subsidiaries Huntsman LLC, Huntsman International LLC and Huntsman International Holdings LLC.

On June 30, HMP finished the purchase of Vantico Group SA and formed a new subsidiary, Huntsman Advanced Materials LLC.

Huntsman International and Huntsman International Holdings reported earnings before interest, taxes, depreciation and amortization of $141.7 million for the 2003 fourth quarter, an improvement over the $124.7 million reported for the same period in 2002. Huntsman LLC, excluding Huntsman International Holdings, had adjusted EBITDA of $58.2 million, up from $31.8 million in the 2002 fourth quarter.

Parent HMP said it will publish its 2003 annual report after Huntsman Advanced Materials completes its annual report, which will be finished after it accounts for its Vantico Group acquisition.

HMP and Advanced Materials expect to file their annual reports within two weeks, and HMP also expects to publish the annual earnings release for the consolidated Huntsman group of companies then.

Indentures governing the debt securities issued by HMP and Advanced Materials allow the companies to file their 2003 annual reports by April 14. Advanced Materials also has received a waiver from lenders under its revolving credit facility regarding the timing of the publication of its 2003 report.