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29. SELECTED UNAUDITED QUARTERLY FINANCIAL DATA
A summary of selected unaudited quarterly financial data for the years ended December 31, 2011 and 2010 is as follows (dollars in millions, except per share amounts):
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Three months ended |
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March 31,
2011 |
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June 30,
2011 |
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September 30,
2011(1) |
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December 31,
2011(2) |
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Revenues
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$ |
2,679 |
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$ |
2,934 |
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$ |
2,976 |
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$ |
2,632 |
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Gross profit
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|
465 |
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|
505 |
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495 |
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393 |
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Restructuring, impairment and plant closing costs
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|
7 |
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9 |
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155 |
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(4 |
) |
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Income (loss) from continuing operations
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|
81 |
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|
127 |
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(39 |
) |
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88 |
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Income (loss) before extraordinary gain
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|
67 |
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|
126 |
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(29 |
) |
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92 |
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Net income (loss)
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|
68 |
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|
127 |
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(29 |
) |
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94 |
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Net income (loss) attributable to Huntsman International LLC
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$ |
63 |
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$ |
117 |
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$ |
(31 |
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$ |
104 |
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Three months ended |
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March 31,
2010 |
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June 30,
2010(3) |
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September 30,
2010 |
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December 31,
2010 |
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Revenues
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$ |
2,094 |
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$ |
2,343 |
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$ |
2,401 |
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$ |
2,412 |
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Gross profit
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|
286 |
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|
388 |
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|
420 |
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|
384 |
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Restructuring, impairment and plant closing costs
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3 |
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17 |
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4 |
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5 |
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(Loss) income from continuing operations
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(13 |
) |
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57 |
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60 |
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40 |
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(Loss) income before extraordinary gain
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(26 |
) |
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119 |
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59 |
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|
34 |
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Net (loss) income
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(26 |
) |
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119 |
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|
59 |
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33 |
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Net (loss) income attributable to Huntsman International LLC
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(26 |
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117 |
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|
58 |
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31 |
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- (1)
- During the quarter ended September 30, 2011, we announced plans to implement a significant restructuring of our Textile Effects business, including the closure of our production facilities and business support offices in Basel, Switzerland. In connection with this plan during 2011, we recorded a charge of $62 million for workforce reduction and a noncash $53 million charge for the impairment of long-lived assets at our Basel, Switzerland manufacturing facility.
- (2)
- During the quarter ended December 31, 2011, our Advanced Materials division completed the sale of its stereolithography resin and Digitalis® machine manufacturing businesses to 3D Systems Corporation and recognized a pre-tax gain of $34 million.
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- (3)
- During the quarter ended June 30, 2010, we recorded a non-recurring $15 million credit to equity income of investment in unconsolidated affiliates to appropriately reflect our investment in the Sasol- Huntsman joint venture. Additionally, during the quarter ended June 30, 2010, we recorded a reduction to interest expense of $15 million relating to the ineffective portion of our cross-currency interest rate contracts.
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