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RCNI-GContact reveals baseball InformationRCN Metro chicago fire gathers Optical Networks:Maura MahoneyVice President of Sales and Marketing508-621-1869OpenCape Corporation:Daniel J. RCN's primary service areasinclude Washington, D.C., Philadelphia, Lehigh Valley (PA), New York City,Boston and Chicago. In addition, through its RCN MetroOptical Networks business unit, RCN delivers fiber-based high-capacitydata transport services to large commercial customers, primarily largeenterprises and carriers, targeting the metropolitan central businessdistricts in the company's geographic markets. Loscocco, +1 614-225-4127Vice President, Public Copyright Business Wire 2009 http://. Additional information is available at Hexion Specialty ChemicalsInvestors:John Kompa, +1 614-225-2223Director, Investor orMedia:Peter F.
Hexion Specialty Chemicals is controlled by an affiliate ofApollo Management, L.P baseball managers . About Hexion Specialty ChemicalsBased in Columbus, Ohio, Hexion Specialty Chemicals serves the global wood andindustrial markets through a broad range of thermoset technologies, specialtyproducts and technical support for customers in a diverse range of applicationsand industries cubbies . Important factors that could cause actual results todiffer materially from those in the forward-looking statements include, but arenot limited to: economic factors such as the current credit crises and economicdownturn and their related impact on liquidity and the industry sectors weserve, or an interruption in the supply of or increased pricing of raw materialsdue to natural disasters; competitive factors such as pricing actions by ourcompetitors that could affect our operating margins; and regulatory factors suchas changes in governmental regulations involving our products that lead toenvironmental and legal matters as described in our 2008 Annual Report on Form10-K and in our other reports filed with the SEC cubbies caps . Forward-looking statements reflect ourcurrent views about future events and are based on currently availablefinancial, economic and competitive data and on our current business plans.Actual results could vary materially depending on risks and uncertainties thatmay affect our markets, services, prices and other factors as discussed in our2008 Annual Report on Form 10-K and in our other filings with the Securities andExchange Commission (SEC) cubbies hat . In addition, themanagement of Hexion Specialty Chemicals, Inc. (which may be referred to as"Hexion," "we," "us," "our" or the "Company") may from time to time make oralforward-looking statements. Forward looking statements may be identified by thewords "believe," "expect," "anticipate," "project," "plan," "estimate," "will"or "intend" or similar expressions.
These non-GAAP measures should not be used inisolation or as a substitute for measures of performance or liquidity and shouldnot be considered an alternative to operating income under GAAP for purposes ofevaluating the Company`s results of operations, prepared in accordance withGAAP baseball ticket . Three months ended June 30, 2009 Three months endedJune 30, 2008Low High Segment EBITDA$87 $94$131 Reconciliation:Items not included in Segment EBITDA Terminated merger costs and integration income (expense) 1010 (175 ) Non-cash charges (47)(45) (7 ) Other unusual items(36)(30) (3 ) Total adjustments(73)(65) (185 ) Earnings from unconsolidated entities(1 )(1 ) (1 ) Net income attributable to noncontrolling interest - -2Depreciation and amortization(44)(44) (54) Operating loss$(31) $(16)$(107 ) Forward Looking StatementsCertain statements in this press release are forward-looking statements withinthe meaning of Section 27A of the Securities Act of 1933, as amended, andSection 21E of the Securities Exchange Act of 1934, as amended cubbies t shirt . Segment EBITDA is not intended to represent any measure ofperformance in accordance with generally accepted accounting principles, orGAAP, and the company`s calculation and use of this measure may differ fromthose of other companies cubbies t shirts . Segment EBITDA is also theprofitability measure used to set management and executive incentivecompensation goals cubs rooftop . Segment EBITDA is the primary performancemeasure used by the Company`s senior management, the chief operatingdecision-maker and the board of directors to evaluate operating results andallocate capital resources among segments. Reconciliation of Segment EBITDA to Operating IncomeSegment EBITDA is defined as EBITDA adjusted to exclude certain non-cash andcertain non-recurring expenses. "As a result, we continue to aggressively focus on the itemswe can directly control, such as driving our ongoing productivity initiatives,reducing our investment in working capital and taking other actions thatstrengthen the Company`s balance sheet and enhance liquidity." Hexion will file a more detailed press release regarding its second quarter 2009results on Form 8-K, and will file its Form 10-Q for the period ended June 30,2009, in mid August 2009, with an accompanying investor conference call tofollow shortly thereafter.
Analysts expected Detroit's woes to heavily pressureOmnicom's organic revenue, a closely watched industry benchmarkthat excludes foreign currency impact and recent acquisitions baseball tickets . Tofurther these efforts, the Company finalized plans during the second quarter of2009 for approximately $60 million in additional productivity initiatives.Hexion estimates that the majority of the cost reduction activities will occurover the next 6 to 18 months go cubs go mp3 . "Second quarter 2009 volumes improved slightly when compared to the firstquarter of 2009, increasing 4 percent sequentially, with modest improvement inmonthly volumes as the quarter progressed chicago fire . Second quarter 2009 volumes, however,remained 27 percent below year-ago levels," said Craig O Morrison, Chairman,President and CEO cubbies .
Hexion previously announced that it was implementing multiple initiatives toreduce costs and improve efficiencies throughout its global operations carlos zambrano . Hexion estimates that its net debt was approximately $3.41 billion at June 30,2009, down slightly from $3.45 billion at March 31, 2009 cubbies caps . The Company alsoestimates that it had liquidity of approximately $420 million as of June 30,2009, which is comprised of cash plus available borrowings under its creditfacilities and includes an equity commitment from certain affiliates of ApolloManagement cubbies hat . Hexion expects to be in compliance with all of the terms of its outstandingindebtedness, including the financial covenants, at the end of the secondquarter of 2009 .
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