Celanese Resumes Operations Following Hurricane Ike

September 26, 2008 9:05 AM EDT

DALLAS--(BUSINESS WIRE)--

Celanese Corporation (NYSE: CE) today announced that all of its production facilities in the Gulf Coast have safely resumed operations following a controlled and successful shutdown due to Hurricane Ike. These facilities incurred minimal structural damage related to the storm.

The company estimates that the financial impact of the shutdown was between $10 million and $15 million of operating EBITDA. The company does not expect this impact to affect its current 2008 full year outlook for adjusted earnings per share of between $3.60 and $3.85.

The company operates facilities in Clear Lake, Pasadena, Bay City and Bishop, Texas.

As a global leader in the chemicals industry, Celanese Corporation makes products essential to everyday living. Our products, found in consumer and industrial applications, are manufactured in North America, Europe and Asia. Net sales totaled $6.4 billion in 2007, with approximately 70% generated outside of North America. Known for operational excellence and execution of its business strategies, Celanese delivers value to customers around the globe with innovations and best-in-class technologies. Based in Dallas, Texas, the company employs approximately 8,400 employees worldwide. For more information on Celanese Corporation, please visit the company's website at www.celanese.com.

Forward-Looking Statements

This release may contain "forward-looking statements," which include information concerning the company's plans, objectives, goals, strategies, future revenues or performance, capital expenditures, financing needs and other information that is not historical information. When used in this release, the words "outlook," "forecast," "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this release. Numerous factors, many of which are beyond the company's control, could cause actual results to differ materially from those expressed as forward-looking statements. Certain of these risk factors are discussed in the company's filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and the company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.

Reconciliation of Non-U.S. GAAP Measures to U.S. GAAP

This release reflects two performance measures, operating EBITDA and adjusted earnings per share, as non-U.S. GAAP measures. The most directly comparable financial measure presented in accordance with U.S. GAAP in our consolidated financial statements for operating EBITDA is operating profit and for adjusted earnings per share is earnings per common share-diluted.

    Use of Non-U.S. GAAP Financial Information

    --  Operating EBITDA, a measure used by management to measure
        performance, is defined as operating profit from continuing
        operations, plus equity in net earnings from affiliates, other
        income and depreciation and amortization, and further adjusted
        for other charges and adjustments. We provide guidance on
        operating EBITDA and are unable to reconcile forecasted
        operating EBITDA to a GAAP financial measure because a
        forecast of Other Charges and Adjustments is not practical.
        Our management believes operating EBITDA is useful to
        investors because it is one of the primary measures our
        management uses for its planning and budgeting processes and
        to monitor and evaluate financial and operating results.
        Operating EBITDA is not a recognized term under U.S. GAAP and
        does not purport to be an alternative to operating profit as a
        measure of operating performance or to cash flows from
        operating activities as a measure of liquidity. Because not
        all companies use identical calculations, this presentation of
        operating EBITDA may not be comparable to other similarly
        titled measures of other companies. Additionally, operating
        EBITDA is not intended to be a measure of free cash flow for
        management's discretionary use, as it does not consider
        certain cash requirements such as interest payments, tax
        payments and debt service requirements nor does it represent
        the amount used in our debt covenants.

    --  Adjusted earnings per share is a measure used by management to
        measure performance. It is defined as net earnings (loss)
        available to common shareholders plus preferred dividends,
        adjusted for other charges and adjustments, and divided by the
        number of basic common shares, diluted preferred shares, and
        options valued using the treasury method. We provide guidance
        on an adjusted earnings per share basis and are unable to
        reconcile forecasted adjusted earnings per share to a GAAP
        financial measure without unreasonable effort because a
        forecast of Other Items is not practical. We believe that the
        presentation of this non-U.S. GAAP measure provides useful
        information to management and investors regarding various
        financial and business trends relating to our financial
        condition and results of operations, and that when U.S. GAAP
        information is viewed in conjunction with non-U.S. GAAP
        information, investors are provided with a more meaningful
        understanding of our ongoing operating performance. This
        non-U.S. GAAP information is not intended to be considered in
        isolation or as a substitute for U.S. GAAP financial
        information.

    Source: Celanese Corporation

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