CHANDLER, AZ -- Isola USA remains on track to execute an IPO, but the timing of the offering date remains to be determined.

The printed circuit board laminate supplier's outlook is stable, analysts say, reflecting the company's consistent profitability despite diminished product demand in its European end markets and highly competitive industry conditions.

Isola has an estimated 7% share of the global PCB laminate market. Revenues for the quarter ended June 30 were $150 million, down 4% year-over-year and down 1% sequentially on lower volumes, primarily in Europe. EBITDA margin improved over 200 basis points to 17.9% year-over-year, due to improved product mix and lower material costs.

Standard & Poor's today affirmed its "B" corporate credit rating and senior secured ratings on company, saying it will "preserve its market position" despite highly competitive industry conditions, near-term weakness in its served markets, and a short track record of operating at its current profitability levels.

"Due to a broad-based slowdown in the company's end markets, we expect its revenue and EBITDA to erode modestly during the second half of the calendar year," the ratings firm said.

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