Axiall Reports Second-Quarter 2013 Results

  Axiall Reports Second-Quarter 2013 Results

Business Wire

ATLANTA -- July 31, 2013

Axiall Corporation (NYSE: AXLL) today announced financial results for the
quarter ended June 30, 2013.

Axiall reported net sales of $1.3 billion for the second quarter of 2013,
compared to net sales of $867.7 million for the second quarter of 2012. The
company reported Net income attributable to Axiall of $72.8 million, or $1.03
per diluted share, for the second quarter of 2013, compared to Net income
attributable to Axiall of $13.6 million, or $0.39 per diluted share, for the
second quarter of 2012. The company reported Adjusted Net Income of $84.0
million, and Adjusted Earnings per Share of $1.19, for the second quarter of
2013, compared to Adjusted Net Income of $17.7 million, and Adjusted Earnings
per Share of $0.51, for the second quarter of 2012. The company reported
Adjusted EBITDA of $197.9 million for the second quarter of 2013, compared to
Adjusted EBITDA of $54.3 million for the same quarter in the prior year.

The financial results announced today include the results of the combined
company since the January 28, 2013, merger.

                    Three Months Ended June     Six Months Ended June 30,
                      30,
(In millions,
except per share      2013          2012           2013          2012
data)
Net income
attributable to       $  72.8         $  13.6        $  69.3         $ 48.9
Axiall
Pretax charges
(benefits):
Fair value of
inventory –              3.2             -              13.4           -
purchase
accounting
Merger related           3.5             6.6            15.5           11.6
and other, net
Costs to attain          11.3            -              12.0           -
Merger synergies
Gain on sale of          -               -              -              (17.4 )
assets
Gain on
acquisition of           -               -              (23.5  )       -
controlling
interests
Loss on
redemption and          -              -             78.5         -     
other debt costs
Total pretax             18.0            6.6            95.9           (5.8  )
charge (benefit)
Provision for
(benefit from)          6.8            2.5           36.1         (2.2  )
taxes related to
these items
After tax effect        11.2           4.1           59.8         (3.6  )
of above items
Adjusted Net          $  84.0         $  17.7        $  129.1       $ 45.3  
Income
                                                                     
Diluted earnings
per share             $  1.03         $  0.39        $  1.06         $ 1.40
attributable to
Axiall
                                                                     
Adjusted earnings     $  1.19         $  0.51        $  1.98         $ 1.30
per share
                                                                     
Adjusted EBITDA       $  197.9        $  54.3        $  331.3        $ 129.8
                                                                             

“We are pleased to complete the first full quarter as Axiall. We have made
significant progress integrating the organizations and building on our
complementary assets while maintaining a steady focus on safety and
execution,” said Paul Carrico, president and chief executive officer. “We are
on track to achieve our synergy targets of a $60 million run rate by year end
2013 and $115 million run rate by the end of 2014.”

Chlorovinyls

In the Chlorovinyls segment, second quarter 2013 net sales were $801.8 million
compared to $339.8 million during the second quarter of 2012. The increase in
net sales was primarily driven by the sales contributed by the merged business
as well as higher resin sales prices and volumes. The segment posted Adjusted
EBITDA of $177.6 million in the second quarter of 2013, compared to Adjusted
EBITDA of $45.8 million for the same quarter in the prior year. The $131.8
million increase in Adjusted EBITDA was primarily due to the contribution from
the merged business.

Building Products

In the Building Products segment, net sales were $244.5 million for the second
quarter of 2013, compared to $252.4 million for the same quarter in the prior
year. The net sales decrease was driven by lower sales prices in Canada, on
flat sales volume. The segment's Adjusted EBITDA was $28.2 million for the
second quarter of 2013, compared to $24.5 million of Adjusted EBITDA during
the same quarter of the prior year. The $3.7 million increase was primarily
due to lower conversion costs and lower selling, general and administrative
costs.

Aromatics

In the Aromatics segment, net sales decreased to $226.5 million for the second
quarter of 2013 from $275.5 million for the second quarter of 2012, due
primarily to lower sales volumes for cumene, partially offset by higher sales
prices for all products. During the second quarter of 2013, the segment
recorded Adjusted EBITDA of $4.6 million, compared to Adjusted EBITDA of
negative $2.0 million during the same quarter in 2012. The improvement was
primarily due to a smaller inventory holding loss in the second quarter of
2013, partially offset by lower sales volumes.

Conference Call

The company will discuss second-quarter financial results and business
developments via conference call and webcast on Thursday, August 1, at 10:00
a.m. Eastern time. To access the company's second-quarter conference call,
please dial (877) 312-5406 (domestic) or (706) 679-9856 (international).
Playbacks will be available from 11:00 a.m. Eastern time on Thursday, August
1, until 11:59 p.m. Eastern time on Wednesday, August 15. Playback numbers are
(855) 859-2056 or (800) 585-8367. The conference call ID number is 23458796.

About Axiall

Axiall Corporation is a leading integrated chemicals and building products
company. It is an international manufacturer of chlor-alkali and derivatives,
chlorovinyls and aromatics products including chlorine, caustic soda, vinyl
chloride monomer, chlorinated solvents, calcium hypochlorite, ethylene
dichloride, muriatic acid, phosgene derivatives, polyvinyl chloride, vinyl
compounds, acetone, cumene and phenol. It also manufactures vinyl-based
building and home improvement products that are marketed under Royal Building
Products, Celect™, Zuri™, Kor Flo™, Overture, S4S and Exterior Portfolio
brands, including window and door profiles, mouldings, siding, pipe and pipe
fittings, and decking. Axiall, headquartered in Atlanta, Georgia, has
manufacturing facilities located throughout North America and in Asia to
provide industry-leading materials and services to customers. For more
information, visit www.axiall.com.

Cautionary Statements About Forward-Looking Information

This press release contains certain statements relating to future events and
our intentions, beliefs, expectations, and predictions for the future. Any
such statements other than statements of historical fact are forward-looking
statements within the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934. Words or phrases such as "anticipate," "believe,"
"plan," "estimate," "project," "may," "will," "intend," "target," "expect,"
"would" or "could" (including the negative variations thereof) or similar
terminology used in connection with any discussion of future plans, actions or
events generally identify forward-looking statements. These statements relate
to, among other things, our outlook for future periods, global demand for our
products, pricing trends and market forces within the chemical and building
products industries, expected benefits of the merger with the PPG chemicals
business, integration plans, the expected cost advantage of natural gas in
North America and the expected duration of any such cost advantage and other
statements of expectations concerning matters that are not historical facts.
These statements are based on the current expectations of our management.
There are a number of risks and uncertainties that could cause our actual
results to differ materially from the forward-looking statements included in
this press release. These risks and uncertainties include, among other things:
(i) a material adverse change, event or occurrence affecting Axiall or the
newly acquired chemicals business; (ii) the ability of Axiall to successfully
integrate the businesses of the chemicals business formerly owned by PPG with
which Axiall has merged, which may result in the combined company not
operating as effectively and efficiently as expected; (iii) the possibility
that the merger and related transactions may involve other unexpected costs,
liabilities or delays; and (iv) uncertainties regarding future prices,
industry capacity levels and demand for Axiall’s products, raw materials and
energy costs and availability, feedstock availability and prices, changes in
governmental and environmental regulations, the adoption of new laws or
regulations that may make it more difficult or expensive to operate Axiall’s
businesses or manufacture its products, Axiall’s ability to generate
sufficient cash flows from its business after the merger, future economic
conditions in the specific industries to which its products are sold, and
global economic conditions.

In light of these risks, uncertainties, assumptions, and factors, the
forward-looking events discussed in this press release may not occur. Other
unknown or unpredictable factors could also have a material adverse effect on
Axiall’s actual future results, performance, or achievements. For a further
discussion of these and other risks and uncertainties applicable to Axiall and
its business, see Axiall’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2012, and subsequent filings with the SEC. As a result of
the foregoing, readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this press
release. Axiall does not undertake, and expressly disclaims, any duty to
update any forward-looking statement whether as a result of new information,
future events, or changes in its expectations, except as required by law.

AXIALL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
                                                              
                                                  June 30,        December 31,
(In millions, except share data)                  2013            2012
Assets:
Cash and cash equivalents                         $ 44.3          $  200.3
Receivables, net of allowance for doubtful
accounts of $ 4.6 million
                                                    702.9            314.9
and $4.5 million at June 30, 2013 and December
31, 2012, respectively.
Inventories                                         428.9            288.4
Prepaid expenses and other                          50.7             14.7
Deferred income taxes                              9.1            21.1    
Total current assets                                1,235.9          839.4
Property, plant and equipment, net                  1,644.2          637.7
Goodwill                                            1,657.9          217.2
Intangible assets, net                              1,227.2          43.4
Other assets, net                                  84.6           63.6    
Total assets                                      $ 5,849.8      $  1,801.3 
Liabilities and Equity:
Current portion of long-term debt                 $ 42.3          $  -
Accounts payable                                    351.4            211.2
Interest payable                                    16.8             18.9
Income taxes payable                                7.9              15.1
Accrued compensation                                47.7             44.7
Other accrued current liabilities                  113.6          61.2    
Total current liabilities                           579.7            351.1
Long-term debt, excluding the current portion       1,396.5          448.1
of long-term debt
Lease financing obligation                          106.3            112.3
Deferred income taxes                               771.7            177.9
Pensions and other postretirement benefits          329.1            48.3
Other non-current liabilities                      127.6          60.1    
Total liabilities                                   3,310.9          1,197.8
                                                                  
Commitments and contingencies
                                                                  
Equity:
Preferred stock—$0.01 par value; 75,000,000         -                -
shares authorized; no shares issued
Common stock—$0.01 par value; shares
authorized: 200,000,000 and 100,000,000 at

June 30, 2013 and December 31, 2012,                0.7              0.3
respectively; issued and outstanding:

69,874,568 and 34,546,767 at June 30, 2013 and
December 31, 2012, respectively.
Additional paid-in capital                          2,264.2          487.1
Retained earnings                                   196.1            138.0
Accumulated other comprehensive loss, net of       (39.7   )       (21.9   )
tax
Total Axiall stockholders’ equity                   2,421.3          603.5
Noncontrolling interest                            117.6          -       
Total equity                                       2,538.9        603.5   
Total liabilities and equity                      $ 5,849.8      $  1,801.3 
                                                                             
                                                                             

AXIALL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
                                                
                     Three Months Ended June 30,     Six Months Ended June 30,
(In millions,
except per share     2013            2012          2013          2012
data)
Net sales            $  1,272.8        $  867.7      $  2,334.0      $ 1,727.6
Operating costs
and expenses:
Cost of sales           1,041.7           780.9         1,940.7        1,537.3
Selling, general
and                     97.7              51.8          176.0          99.5
administrative
expenses
Transaction
related costs           8.8               6.6           21.5           11.6
and other, net
Gain on sale of        -                -            -             (17.4)
assets, net
Total operating
costs and              1,148.2          839.3        2,138.2       1,631.0
expenses
Operating income        124.6             28.4          195.8          96.6
Interest                (19.4)            (14.5)        (37.7)         (28.9)
expense, net
Foreign exchange        0.3               (0.3)         0.4            (0.4)
gain (loss)
Loss on
redemption and          -                 -             (78.5)         -
other debt costs
Gain on
acquisition of         -                -            23.5          -
controlling
interest
Income before           105.5             13.6          103.5          67.3
income taxes
Provision for          31.8             -            32.6          18.4
income taxes
Consolidated net        73.7              13.6          70.9           48.9
income
Less net income
attributable to        0.9              -            1.6           -
noncontrolling
interest
Net income
attributable to      $  72.8           $  13.6       $  69.3         $ 48.9
Axiall
                                                                     
Earnings per
share
attributable to
Axiall:
Basic                $  1.04           $  0.39       $  1.07         $ 1.41
Diluted              $  1.03           $  0.39       $  1.06         $ 1.40
                                                                     
Weighted average
common shares
outstanding:
Basic                   69.9              34.4          64.6           34.3
Diluted                 70.4              34.6          65.1           34.5
                                                                     
Dividends per        $  0.08           $  0.08       $  0.16         $ 0.08
common share
                                                                       
                                                                       

AXIALL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
                                                
                     Three Months Ended June 30,     Six Months Ended June 30,
(In millions)        2013            2012          2013          2012
Cash flows from
operating
activities:
Consolidated net     $  73.7           $ 13.6        $  70.9         $ 48.9
income
Adjustments to
reconcile
consolidated net
income

to net cash
provided by
(used in)
operating
activities:
Depreciation            38.4             21.4           67.8           41.3
Amortization            19.6             1.0            32.5           3.7
Loss on
redemption and          -                -              78.5           -
other debt costs
Gain on
acquisition of          -                -              (23.5)         -
controlling
interest
Gain on sale of         -                -              -              (17.4)
assets
Other non-cash          (11.8)           5.1            (0.1)          5.0
items
Change in
operating assets
and liabilities,
and other              (49.9)          29.4          (260.9)       (96.4)

(excluding
effects of
acquisition)
Net cash
provided by
(used in)              70.0            70.5          (34.8)        (14.9)
operating
activities
Cash flows from
investing
activities:
Capital                 (39.2)           (27.1)         (55.6)         (40.7)
expenditures
Proceeds from           -                2.4            -              21.7
sale of assets
Cash acquired in       -               -             26.7          -
acquisition
Net cash used in
investing              (39.2)          (24.7)        (28.9)        (19.0)
activities
Cash flows from
financing
activities:
Borrowings on           179.8            94.3           402.5          183.4
ABL revolver
Repayments on           (213.6)          (123.3)        (297.3)        (183.4)
ABL revolver
Issuance of             -                -              450.0          -
long-term debt
Long-term debt          (0.7)            -              (530.4)        -
payments
Make-whole and
other fees paid
related to              (0.6)            -              (95.0)         -
financing
activities
Dividends paid          (5.6)            -              (5.6)          -
Distribution to
noncontrolling          (13.3)           -              (13.3)         -
interest
Excess tax
benefits from
share-based             0.6              0.1            0.7            0.1
payment

arrangements
Stock
compensation           (1.3)           (0.4)         (1.3)         (0.4)
plan activity
Net cash used in
financing              (54.7)          (29.3)        (89.7)        (0.3)
activities
Effect of
exchange rate
changes on cash         (1.0)            (0.1)          (2.6)          1.0
and cash
equivalents
Net change in
cash and cash           (24.9)           16.4           (156.0)        (33.2)
equivalents
Cash and cash
equivalents at         69.2            39.0          200.3         88.6
beginning of
period
Cash and cash
equivalents at       $  44.3           $ 55.4        $  44.3         $ 55.4
end of period

Significant non-cash transaction

On January 28, 2013 we acquired substantially all of the assets and
liabilities of PPG Industries, Inc.’s (“PPG”) business relating to the
production of chlorine, caustic soda and related chemicals, through a merger
between a subsidiary of PPG and a subsidiary of the Company. The purchase
price for these transactions was approximately $2.7 billion and consisted of:
(i) the issuance of approximately 35.2 million shares of our common stock
valued at approximately $1.8 billion; (ii) the assumption of $967.0 million of
debt; and (iii) the assumption of certain other liabilities including pension
and other postretirement obligations. See Note 2 to the unaudited condensed
consolidated financial statements. The final purchase price is subject to a
settlement with PPG related to the final working capital of the merged
business as of the date of acquisition.



AXIALL CORPORATION AND SUBSIDIARIES
SEGMENT INFORMATION
(Unaudited)
                                                 
                     Three Months Ended June 30,     Six Months Ended June 30,
(Dollars in          2013            2012          2013         2012
millions)
Sales
Chlorovinyls         $  801.8          $ 339.8       $ 1,416.3     $ 669.3
products
Building products       244.5            252.4         406.7         439.6
Aromatics products     226.5          275.5       511.0       618.7   
Net sales            $  1,272.8       $ 867.7      $ 2,334.0    $ 1,727.6 
Operating income
Chlorovinyls         $  118.2          $ 34.5        $ 209.4       $ 86.4
products
Building products       19.6             15.4          5.8           9.0
Aromatics products      4.3              (2.4  )       17.3          35.2
Unallocated            (17.5    )      (19.1 )      (36.7   )    (34.0   )
corporate
Total operating      $  124.6         $ 28.4       $ 195.8      $ 96.6    
income
                                                                             
                                                                             

Reconciliation of Non-GAAP Financial Measures

Axiall has supplemented its financial statements prepared in accordance with
GAAP that are set forth in this press release (the “Financial Statements”)
with three non-GAAP financial measures: (i)Adjusted Net Income; and
(ii)Adjusted Earnings per Share; and (iii)Adjusted EBITDA (Earnings Before
Interest, Taxes, Depreciation, and Amortization, cash and non-cash
restructuring charges and certain other charges, if any, related to financial
restructuring and business improvement initiatives, gains or losses on
redemption and other debt costs, and sales of certain assets, certain purchase
accounting and certain non-income tax reserve adjustments, professional fees
related to a previously disclosed and withdrawn unsolicited offer and the
merger with PPG’s chemicals business (the “Merger”), costs to attain Merger
synergies, goodwill, intangibles, and other long-lived asset impairments, and
interest expense related to the OMERS lease-financing transaction).

Adjusted Net Income is defined as Net income attributable to Axiall excluding
adjustments for tax effected cash and non-cash restructuring charges and
certain other charges, if any, related to financial restructuring and business
improvement initiatives, gains or losses on redemption and other debt costs,
and sales of certain assets, certain purchase accounting and certain
non-income tax reserve adjustments, professional fees related to a previously
disclosed and withdrawn unsolicited offer and the Merger, costs to attain
Merger synergies, goodwill, intangibles, and other long-lived asset
impairments. Adjusted Earnings per Share is calculated using Adjusted Net
Income rather than consolidated net income in accordance with GAAP and
applying the two-class earnings per share method.

Axiall has supplemented the Financial Statements with Adjusted Net Income and
Adjusted Earnings per Share because investors commonly use financial measures
such as Adjusted Net Income and Adjusted Earnings per Share as a component of
performance and valuation analysis for companies, such as Axiall, that
recently have engaged in transactions that result in non-recurring pre-tax
charges or benefits that have a significant impact on the calculation of net
income pursuant to GAAP, in order to approximate the amount of net income that
such a company would have achieved absent those non-recurring,
transaction-related charges or benefits. In addition, Axiall has supplemented
the Financial Statements with Adjusted Net Income and Adjusted Earnings per
Share because we believe these financial measures will be helpful to investors
in approximating what Axiall’s net income would have been absent the impact of
certain non-recurring, pre-tax charges and benefits related to the Merger, the
company’s issuance of its 4.875 Notes and the Tender Offer and related
redemption of its 9percent notes. Axiall has supplemented the Financial
Statements with Adjusted EBITDA because investors commonly use Adjusted EBITDA
as a main component of valuation analysis of cyclical companies such as
Axiall.

Adjusted Net Income, Adjusted Earnings per Share and Adjusted EBITDA, are not
measurements of financial performance under GAAP and should not be considered
as an alternative to net income, or GAAP diluted earnings per share, as a
measure of performance or to cash provided by operating activities as a
measure of liquidity. In addition, our calculation of Adjusted Net Income,
Adjusted Earnings per Share and Adjusted EBITDA, may be different from the
calculation used by other companies and, therefore, comparability may be
limited. Reconciliations of these non-GAAP financial measures to the most
comparable GAAP measures are set forth in this press release.

Adjusted Earnings per                                        
share reconciliation
                           Three Months Ended June   Six Months Ended June 30,
                           30,
                           2013           2012       2013           2012
Diluted earnings per
share attributable to      $   1.03       $  0.39    $   1.06       $  1.40
Axiall
Earnings (loss) per
share related to
adjustments between Net    $   0.16       $  0.12    $   0.92       $  (0.10)
income attributable to
Axiall and Adjusted Net
Income
Adjusted earnings per      $   1.19       $  0.51    $   1.98       $  1.30
share
                                                                       
                                                                       

Adjusted EBITDA Reconciliations

Three Months
Ended June                                                                          
30, 2013
                                                                 Unallocated
                                                                 Corporate &
                                       Building                  Non-operating
(In              Chlorovinyls          Products    Aromatics     expenses, net     Total
millions)
                                                                                               
Adjusted         $  177.6              $ 28.2      $  4.6        $    (12.5  )     $ 197.9
EBITDA
Fair value
of inventory        (3.2   )             -            -               -              (3.2  )
- purchase
accounting
Costs to
attain              (7.5   )    ^(a)     -            -               (3.8   )       (11.3 )
Merger
synergies
Depreciation
and                 (47.5  )             (8.6 )       (0.3 )          (1.6   )       (58.0 )
amortization
Interest            -                    -            -               (19.4  )       (19.4 )
expense, net
Provision
for income          -                    -            -               (31.8  )       (31.8 )
taxes
Other              (0.4   )            -          -             (0.1   )      (0.5  )   ^(b)
Consolidated
net income ^     $  119.0             $ 19.6     $  4.3       $    (69.2  )     $ 73.7  
(c)

      Includes $5.9 million of plant reliability improvement initiatives that
(a)  are included in cost of sales on our condensed consolidated statements
      of income.
      Includes $3.5 million Merger related and other, net, offset by $1.2
(b)   million for debt cost amortization and $1.8 million of lease financing
      obligations interest.
      Earnings of our segments exclude interest income and expense,
(c)   unallocated corporate expenses and general plant services, and provision
      for income taxes.

Three Months
Ended June                                                                  
30, 2012
                                                         Unallocated
                                                         Corporate &
                                Building                 Non-operating
(In            Chlorovinyls     Products    Aromatics   expenses, net   Total
millions)
                                                                                     
Adjusted       $  45.8          $ 24.5       $  (2.0 )   $    (14.0  )   $ 54.3
EBITDA
Depreciation
and               (11.4  )        (9.5 )        (0.4 )        (1.1   )     (22.4 )
amortization
Interest          -               -             -             (14.5  )     (14.5 )
expense, net
Other            0.1           0.4         -           (4.3   )    (3.8  )   ^(a)
Consolidated
net income ^   $  34.5         $ 15.4      $  (2.4 )   $    (33.9  )   $ 13.6  
(b)

      Includes $6.6 million Merger related and other, net, offset by $1.0
(a)  million for debt cost amortization and $1.8 million of lease financing
      obligations interest.
      Earnings of our segments exclude interest income and expense,
(b)   unallocated corporate expenses and general plant services, and provision
      for income taxes.
      
      

Six Months
Ended June                                                                           
30, 2013
                                                                 Unallocated
                                                                 Corporate &
                                       Building                  Non-operating
(In              Chlorovinyls          Products   Aromatics     expenses, net    Total
millions)
                                                                                                
Adjusted         $  311.8              $ 25.7      $  17.8       $   (24.0   )     $ 331.3
EBITDA
Fair value
of inventory        (13.4  )             -            -              -               (13.4  )
- purchase
accounting
Costs to
attain              (8.2   )    ^(a)     -            -              (3.8    )       (12.0  )
Merger
synergies
Depreciation
and                 (79.0  )             (17.4 )      (0.6 )         (3.3    )       (100.3 )
amortization
Interest            -                    -            -              (37.7   )       (37.7  )
expense, net
Gain on
acquisition
of                  23.5                 -            -              -               23.5
controlling
interest
Loss on
redemption
and other           -                    -            -              (78.5   )       (78.5  )
debt cost,
net
Provision
for income          -                    -            -              (32.6   )       (32.6  )
taxes
Other              (1.0   )            (2.4  )     0.1          (6.1    )      (9.4   )   ^(b)
Consolidated
net income       $  233.7             $ 5.9      $  17.3      $   (186.0  )     $ 70.9   
^(c)

      Includes $5.9 million of plant reliability improvement initiatives that
(a)  are included in cost of sales on our condensed consolidated statements
      of income.
      Includes $15.5 million in Merger related and other, net, million in
      transaction and integration costs, offset by $2.4 million for debt cost
(b)   amortization and $3.6

      million of lease financing obligations interest.
      Earnings of our segments exclude interest income and expense,
(c)   unallocated corporate expenses and general plant services, and provision
      for income taxes.

Six Months
Ended June                                                                         
30, 2012
                                                                Unallocated
                                                                Corporate &
                                     Building                   Non-operating
(In            Chlorovinyls          Products     Aromatics     expenses, net   Total
millions)
                                                                                            
Adjusted       $  91.5               $ 27.8       $  35.9       $    (25.4  )   $ 129.8
EBITDA
Depreciation
and               (22.5  )             (19.5 )       (0.8 )          (2.2   )     (45.0 )
amortization
Interest          -                    -             -               (28.9  )     (28.9 )
expense, net
Provision
for income        -                    -             -               (18.4  )     (18.4 )
taxes
Other            17.4       ^(a)    0.7         0.1           (6.7   )    11.5     ^(b)
Consolidated
net income     $  86.4              $ 9.0       $  35.2      $    (81.6  )   $ 48.9  
^(c)

(a)  $17.4 million relates to gain on sale of assets.
      Includes $11.6 million Merger related and other, net, offset by $2.0
(b)   million for debt cost amortization and $3.7 million of lease financing
      obligations interest.
      Earnings of our segments exclude interest income and expense,
(c)   unallocated corporate expenses and general plant services, and provision
      for income taxes.

Contact:

Axiall Corporation
Investor Relations
Martin Jarosick, 770-395-4524
or
Media
Alan Chapple, 770-395-4538
 
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