WEST PALM BEACH, FL -- Platform Specialty Products reported its Performance Applications segment sales fell 4% year-over-year to $182 million in the second quarter.

On a constant currency basis, sales for the segment, which makes chemistries for printed circuit boards, grew 4.5%.

For the three months ended June 30, net sales were $675 million, up 257% from 2014. In constant currency, sales for the quarter were $690 million, up 2.5% from second quarter 2014 pro forma constant currency sales.

The firm swung to an overall net loss in the second quarter of $9.1 million, down from a profit of $1.5 million, on a slowdown in the agricultural markets driven by foreign exchange rates and weak crop prices especially in row crops.

Adjusted EBITDA for the quarter was $168 million, an increase of 248% from the year-prior period. The Performance Applications unit had an adjusted EBITDA of $54 million, up 6.5%; on a constant currency basis adjusted EBITDA grew 15.2%.

Platform said its pending deals to acquire the Electronic Chemicals and Photomasks businesses of OM Group will close in two separate transactions with the first anticipated in the fourth quarter and the second in the first quarter of 2016. A separate deal to acquire Alent , the parent of Enthone, is also proceeding as planned.

The firm also announced its CFO, Frank J. Monteiro, will become chief operating officer of the Performance Applications segment, comprised of MacDermid, and soon to include OM Group and Alent following the close of those acquisitions. Monteiro is a formed MacDermid executive "The second quarter of 2015 was an active one for Platform as we announced the highly strategic proposed acquisition of the OM Group businesses and, just after the quarter end, the proposed Alent acquisition," said Daniel H. Leever, Platform's chief executive. "The recently announced agreements are consistent with our 2015 goals to add high-quality, synergistic businesses to the Performance Applications segment and to balance our end market exposure.

Platform updating its guidance to reflect adverse foreign exchange effects, particularly in Brazil. It now expects adjusted EBITDA in the range of $620 million to $650 million compared to initial expectations of $660 million to $680 million.


Register now for PCB West, the Silicon Valley's largest printed circuit board trade show, Sept. 15-17. www.pcbwest.com


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