Oklahoma City-LSB Industries Inc. reported record net income and revenues for the year and fourth quarter ending Dec. 31, 2007. Annual net income was up 202.2 percent to $46.9 million ($1.84 per diluted share) on sales of $586.4 million, compared to 2006’s $15.5 million ($.76 per share) and $491.9 million, respectively. Fourth-quarter net income was $4.5 million ($.20 per share) on sales of $134.6 million, up from the year-ago $2.7 million ($.10 per share) and $123.7 million. LSB’s chemical/nitrogen business for the year 2007 reported operating income of $35.0 million on sales of $288.9 million, versus the year-ago $9.8 million and $260.6 million. Fourth-quarter chemical/nitrogen income was $7.9 million on sales of $66.4 million, compared to the year-ago $766,000 and $59.2 million, respectively. “Both of our core businesses turned in record performance in 2007,” said Jack Golsen, LSB CEO. “We are confident that we are in the right spot because of our energy saving and green products and the country’s quest for energy independence. We continue to dominate the niche markets we serve as our market share of key products continues to grow. The products of both of our businesses are a necessity for the future of our country.” For the year and fourth quarter LSB realized insurance recoveries of $3.8 million and $2.3 million, respectively, relating to business interruption claims at the Cherokee, Ala., nitrogen facility. Also in 2007, the company recognized income of $3.3 million related to a settlement of litigation.
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