ST. LOUIS, April 9, 2008 (PRIME NEWSWIRE) -- Solutia Inc. (NYSE:SOA) today announced it will issue financial results for the first quarter of 2008 on Wednesday, May 7, 2008, after the market closes. The company will then hold a conference call at 9 a.m. Central Time (10 a.m. Eastern Time) on Thursday, May 8, 2008, during which Solutia executives will elaborate upon the company's first quarter 2008 financial results, provide earnings guidance, and discuss the company's improved strategic and financial position following its first quarter emergence from Chapter 11 reorganization.
A live webcast of the conference call will be available through the Investors section of www.solutia.com. The phone number for the call is 888-713-4209 (U.S.) or 617-213-4863 (International), and the pass code is 10837115. Participants are encouraged to dial in 10 minutes early, and also may pre-register for the event at https://www.theconferencingservice.com/prereg/key.process?key=PHVUFRBEJ. Pre-registrants will be issued a pin number to use when dialing into the live call that will provide quick access to the conference by bypassing the operator upon connection. A replay of the event will be available through www.solutia.com for two weeks or by calling 888-286-8010 (U.S.) or 617-801-6888 (International) and entering the pass code 77722920.
Solutia anticipates that future quarterly earnings releases and conference calls will be held sooner following the end of each quarter. The later timing of the first quarter 2008 earnings release and call is driven by the requirement that Solutia, as a company that emerged from Chapter 11 during first quarter 2008, apply the provisions of fresh start accounting during this reporting period. As a result, the recorded amounts of assets and liabilities are adjusted to reflect their fair value.
Some key events for Solutia during first quarter included: the announcement of full-year 2007 financial highlights and new financial reporting segments on March 10, 2008 (press release: http://investor.solutia.com/phoenix.zhtml?c=88803&p=irol-newsArticle&ID=1116861&highlight=); the beginning of regular-way trading of the company's new stock (NYSE:SOA) on March 3, 2008; and the company's emergence from Chapter 11 on February 28, 2008 (press release: http://investor.solutia.com/phoenix.zhtml?c=88803&p=irol-newsArticle&ID=1113553&highlight=).
Forward Looking Statements
This press release may contain forward-looking statements, which can be identified by the use of words such as "believes," "expects," "may," "will," "intends," "plans," "estimates" or "anticipates," or other comparable terminology, or by discussions of strategy, plans or intentions. These statements are based on management's current expectations and assumptions about the industries in which Solutia operates. Forward-looking statements are not guarantees of future performance and are subject to significant risks and uncertainties that may cause actual results or achievements to be materially different from the future results or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, those risks and uncertainties described in Solutia's most recent Annual Report on Form 10-K, including under "Cautionary Statement About Forward Looking Statements" and "Risk Factors," Solutia's quarterly reports on Form 10-Q, and in filings with the U.S. Bankruptcy Court in connection with the Chapter 11 case of Solutia Inc. and 14 of its U.S. subsidiaries. These reports can be accessed through the "Investors" section of Solutia's website at www.solutia.com. The bankruptcy court filings can be accessed by visiting www.trumbullgroup.com. Solutia disclaims any intent or obligation to update or revise any forward-looking statements in response to new information, unforeseen events, changed circumstances or any other occurrence.
About Solutia Inc.
Solutia is a market-leading performance materials and specialty chemicals company. The company focuses on providing solutions for a better life through a range of products, including: Saflex(r) interlayer for laminated glass; CPFilms(r) aftermarket window films sold under the LLumar(r) brand and others; high-performance nylon polymers and fibers sold under brands such as Vydyne(r) and Wear-Dated(r); and technical specialties including the Flexsys(r) family of chemicals for the rubber industry, Skydrol(r) aviation hydraulic fluid and Therminol(r) heat transfer fluid. Solutia's businesses are world leaders in each of their market segments. With its headquarters in St. Louis, Missouri, USA, the company operates globally with approximately 6,000 employees in more than 60 locations. More information is available at www.Solutia.com.
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