TPC Group Inc. reported a large increase in sales and net income on a year over year basis for the fourth quarter of fiscal 2010. The company also forecast a strong improvement in adjusted EBITDA for the first quarter of fiscal 2011 compared to fiscal 2010.
TPC Group Inc. had $531.8 million in sales in the final quarter of fiscal 2010, compared to $260.9 million in the comparable quarter in 2009. The management of TPC Group Inc. attributed the doubling of sales to higher average selling prices for the company’s products, which increased by more than 100% on a year over year basis. Sales volumes were reported down 2%.
TPC Group Inc. reported adjusted EBITDA of $35.5 million in the fourth quarter of fiscal 2010, up from adjusted EBITDA of $19.1 million in the third quarter of fiscal 2010. The company estimates that adjusted EDITDA in the first quarter of fiscal 2011 will be up 50% to 60% compared to the first quarter of fiscal 2011.
TPC Group Inc. also improved the company’s balance sheet during the fourth quarter of fiscal 2010. The company reported cash and cash equivalents of $114.6 million, up from $26.2 million in the previous quarter, compared to long-term debt of $250.4 million as of 6/30/2010.
For more information on the company, go to www.tpcgrp.com
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