Corn Products International, Inc. (NYSE: CPO) today reported that when final results are available, it expects fully diluted earnings per share for 2000, before special charge, to be approximately $1.70 compared to $2.06 reported last year. After the special charge, earnings per share in 2000 are expected to be about $1.34, down from the $2.06 per share in 1999. This includes the $0.36 per share special charge for the restructuring announced in the first quarter to cover workforce reduction.
Konrad Schlatter, chairman and chief executive officer, said today, “In the fourth quarter, the adverse impact of worldwide high-energy costs worsened, particularly natural gas. As in earlier quarters, these higher costs could not be passed on to customers in North America due to the predominance of annually priced contracts in much of this region. Therefore, North American operating income continued to significantly lag last year’s results. In the fourth quarter, Rest of World operating income improved significantly over last year’s same quarter.”
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He added that, “We are currently in the contracting season for our US and Canadian products. While we still have some way to go to complete 2001 contracting, based on what we’ve contracted thus far, we are optimistic that pricing should improve. This is expected to improve results in both our US and Canadian businesses. Performance of our Rest of World businesses is expected to remain strong with good operating income improvement.”
The Company’s fourth quarter earnings are scheduled for release before the markets open on January 23, 2001. A conference call will follow the release the same day at 7:30 a.m. CST and will be available on the Corn Products International web site, www.cornproducts.com .
Corn Products International, Inc. is one of the world’s largest corn refiners and a major supplier of high-quality food ingredients and industrial products derived from the wet milling and processing of corn and other starch- based materials. The Company is the No. 1 worldwide producer of dextrose and a leading regional producer of starch, high fructose corn syrup and glucose. In 1999, the Company recorded sales of $1.7 billion with operations in 22 countries at 43 plants, including wholly owned businesses, affiliates and alliances. Headquartered in Bedford Park, Ill., it was founded in 1906. The Company is listed on the New York Stock Exchange under the symbol CPO. Additional information can be found on the World Wide Web at www.cornproducts.com .
This press release contains or may contain certain forward-looking statements concerning the Company’s financial position, business and future prospects, in addition to other statements using words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend” and other similar expressions. These statements contain certain inherent risks and uncertainties. Although we believe our expectations reflected in these forward-looking statements are based on reasonable assumptions, stockholders are cautioned that no assurance can be given that our expectations will prove correct. Actual results and developments may differ materially from the expectations conveyed in these statements, based on factors such as the following: fluctuations in worldwide commodities markets and the associated risks of hedging against such fluctuations; fluctuations in aggregate industry supply and market demand; general economic, business, market and weather conditions in the various geographic regions and countries in which we manufacture and sell our products, including fluctuations in the value of local currencies and changes in regulatory controls regarding quotas, tariffs and biotechnology issues; and increased competitive and/or customer pressure in the corn refining industry. Our forward-looking statements speak only as of the date on which they are made and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement. If we do update or correct one or more of these statements, investors and others should not conclude that we will make additional updates or corrections. For a further description of risk factors, see the Company’s most recently filed Annual Report on Form 10-K and subsequent reports on Forms 10-Q or 8-K.
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