HOUSTON, May 5 /PRNewswire-FirstCall/ -- Westlake Chemical Corporation (NYSE:WLK) today reported a net loss of $6.1 million, or $0.09 per diluted share,for the first quarter of 2009. This represents a decrease from the firstquarter of 2008 net income of $5.4 million, or $0.08 per diluted share. Salesfor the first quarter of 2009 were $488.3 million and loss from operations forthe first quarter of 2009 was $0.9 million. This compares with net sales of$915.1 million and income from operations of $13.9 million for the firstquarter of 2008. The decrease in sales was primarily due to significantlylower selling prices for all of the Company's major products with theexception of caustic, after the global collapse in commodity prices thatoccurred in the fourth quarter of 2008. In addition, sales volumes were lowerin the first quarter of 2009 as compared to the first quarter of 2008 largelydue to lower overall demand. The first quarter of 2009 loss from operationsand net loss reflected lower sales volumes, weakness in the vinylsconstruction markets, reduced demand for polyethylene, an unscheduled outagecaused by an ice storm at our Calvert City facility and a turnaround at one ofour ethylene units in Lake Charles, Louisiana.

In January 2009, the CalvertCity, Kentucky complex experienced an ice storm that caused a power failure atthe facility and resulted in damage to a compressor in an ethylene unit. Theshutdown of the complex and associated damage resulted in reduced productionrates for all major products at the facility. The ethylene unit in LakeCharles was idled during December 2008 due to significant customer de-stockingand resulting weakened demand. A maintenance turnaround for this unit, whichwas scheduled for later during 2009, was brought forward and performed duringthis downtime. The unit was shut down for a total of 71 days during the firstquarter of 2009. The maintenance turnaround was completed and the unit resumedproduction in March.

The Calvert City outage and Lake Charles turnaroundresulted in repair costs and the expensing of unabsorbed fixed manufacturingcosts of approximately $19.5 million in the first quarter of 2009.First quarter 2009 net loss of $6.1 million, or $0.09 per diluted share, wasan improvement from the $109.6 million net loss, or $1.67 per diluted share,in the fourth quarter of 2008.First quarter 2009 loss from operations of$0.9 million also compared favorably to the loss from operations of $165.8million in the fourth quarter of 2008, while first quarter 2009 net salesdecreased by $108.8 million from the $597.1 million reported in the fourthquarter of 2008. The decrease in sales was primarily due to lower averageselling prices for all of the company's major products in the first quarter of2009 as compared to the fourth quarter of 2008. These decreases were partiallyoffset by higher sales volumes for polyethylene, PVC resin and PVC pipe. Thefirst quarter net loss was negatively impacted by lower operating ratesresulting from the outages at the Calvert City facility and the Lake Charlesethylene unit. The fourth quarter of 2008 net loss was negatively impacted byapproximately $168.0 million (pre-tax) due to inventory losses and theexpensing of unabsorbed fixed manufacturing costs related to a drop in productprices and operating rates, as a result of the global recession.EBITDA (earnings or loss before interest expense, income taxes, depreciationand amortization) for the first quarter of 2009 decreased to $30.6 millionfrom the $42.3 million in the first quarter of 2008. EBITDA for the firstquarter of 2009 increased $166.4 million from the $135.8 million negativeEBITDA in the fourth quarter of 2008.