	union carbide uk says long term debt rises union carbide corp said its long term debt was billion dlrs compared to billion dlrs in the company released its audited results the company also said its long term debt was reduced by about billion dlrs from the third quarter to the end of the year by asset sales and equity offerings union carbide sold its battery products home and automobile products and agricultural products businesses in in the fourth quarter it offered mln shares of stock raising about mln dlrs the asset sales and equity offering were part of a recapitalization plan undertaken by the chemicals company last year audited net ings in of mln dlrs or dlrs a share compared to a loss of mln dlrs or dlrs were unchanged from the company s preliminary ings report made on jan the ings results for the fourth quarter were also unchanged included in the numbers are a mln dlr gain from sale of the different businesses a mln dlr pension credit and a charge of mln dlrs from the purchase of long term debt at a premium under the recapitalization in the audited results released today the company broke down results by business segment operating profit in the fourth quarter for all of the company s operations on a consolidated basis before corporate and interest expense and taxes was mln dlrs against a loss of three mln dlrs in the quarter in the year operating profit was mln dlrs compared to a loss of mln dlrs in in a statement the company said it defeated a hostile takeover attempt by gaf corp gaf and recapitalized the company adding while all this was going on our continuing businesses performed very soundly with substantial operating profit improvement over carbon products posted operating profit of eight mln dlrs in the quarter down from mln dlrs and mln dlrs in the year against a loss of mln dlrs chemicals and plastics had fourth quarter operating profit of mln dlrs compared to a year ago loss of mln dlrs in the year chemicals and plastics ed mln dlrs against losses of mln dlrs in operating income at industrial gases rose to mln dlrs from mln in the quarter and to mln dlrs from mln in the year the company s specialties and services segment cut its losses in the quarter to mln dlrs from mln dlrs and in the year to three mln dlrs from mln dlrs eliminations of business conducted between the company s industry segments contributed two mln dlrs to fourth quarter profits but did not affect the quarter the eliminations caused losses of three mln dlrs compared to six mln dlrs in the year the operating results include a host of unusual writeoffs and depreciation charges totaling mln dlrs in the quarter and mln dlrs in the year capital expenditures rose to mln dlrs in from mln dlrs by segment spending at carbon products fell to mln dlrs from mln dlrs and spending fell at specialties and services to mln dlrs from mln dlrs at chemicals and plastics expenditures rose to mln dlrs from mln and at industrial gases they rose to mln dlrs from mln dlrs the company s cash and equivalents fell to mln dlrs at year end from mln dlrs at year end after a net decrease of mln dlrs during current assets at year end fell to billion dlrs from billion dlrs and current liabilities fell to billion dlrs from billion reuter 
