MacDermid, Incorporated, a worldwide manufacturer of proprietary specialty chemical products and equipment for the electronics, metal finishing and graphic arts industries, headquartered in Waterbury, Connecticut, today reported results for its fiscal year ended March 31, 2000. The results reflect the merger with Polyfibron Technologies, Inc. Pooling of interests accounting requires us to present the financial information as if the companies had been merged in both the current period and the comparable period. We do not believe this presentation to be useful in comparing our results. We are presenting prior periods as they were reported at that time.
Current periods remain the same under either approach.
The North American shortfall was due to factory integration issues related to the W. Canning acquisition, continuing price erosion in Electronics, and the shift to an alternate material by a major customer that does not require MacDermid technology. We are confident we will improve earnings per share next quarter and throughout the rest of FY01. Whereas we are optimistic about our prospects, especially in Asia and Europe. We are concerned about currency exchange rates in Europe and continuing challenges in North America. We are confident about the prospects for this increasingly important part of MacDermid.