LSB reports record YTD

Oklahoma City-LSB Industries Inc., owner of El Dorado Chemical Co., reports that its net income for the first nine months is at an all time high. YTD net income stands at $42.3 million ($1.67 per diluted share) on sales of $451.7 million, versus the year-ago $12.8 million ($.65 per unit) and $368.2 million, respectively. Third-quarter net income was $18.3 million ($.77 per share) on sales of $147.6 million, versus the year-ago $3.5 million ($.18 per share) and $124 million. Nine-month chemical operating income was $27.1 million on sales of $222.4 million, up from the year-ago $9 million and $201.5 million, respectively. Third-quarter chemical operating income was $11.5 million on sales of $69.2 million, versus the year-ago $2.4 million and $60.8 million, respectively. Third-quarter net income included two settlement gains to the chemical business operating income totaling $4.8 million and the reversal of valuation allowances against net deferred tax assets, resulting in a deferred tax benefit of $3.2 million. Of the settlement, $3.3 million was for pending litigation (GM Archives) and $1.5 million as an advance payment for an insurance recovery on a business interruption claim associated with the Cherokee, Ala., facility.