Newspaper article THE JOURNAL RECORD

LSB Industries Income Falls to $1.7 Million

Newspaper article THE JOURNAL RECORD

LSB Industries Income Falls to $1.7 Million

Article excerpt

LSB Industries on Tuesday reported net income of $1.7 million for the second quarter.

Net income for the quarter was down from $2.5 million for the second quarter of 2003.

Earnings for the second quarter of 2004 included charges of $600,000 for the consolidation of a French manufacturer and $1 million in costs from a proposed offering of notes that was canceled.

LSB, based in Oklahoma City, has an option to buy the stock of a French manufacturer of heating, ventilating and air conditioning equipment.

Climate Master Inc., an LSB subsidiary with a plant in Oklahoma City, manufactures hydronic fan coils, air handlers, water source heat pumps, geothermal products, packaged terminal air conditioners, heat pumps and air purification and dehumidification equipment.

Results for the climate control business were about the same as last year, said Barry Golsen, president of LSB.

Including $600,000 for preferred stock dividends, which were not paid, net income applicable to common stock for the quarter totaled $1. …

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