Question-and-Answer Session
Thank you. [Operator Instructions]. Your first question comes from the line Jeff Zekauskas from JPMorgan. Please proceed.
Jeffrey J. Zekauskas - JPMorgan
Hi, good morning.
John M. Steitz - Executive Vice President and Chief Operating Officer
Good morning, Jeff.
Jeffrey J. Zekauskas - JPMorgan
In the Catalyst area your volumes were up 3.4%. I would have thought they would have been stronger with the new hydroprocessing catalyst capacity you brought on. Were there parts of the catalyst business that were up and parts that were down and what were they, and how many tons of hydroprocessing catalyst that you sell?
John M. Steitz - Executive Vice President and Chief Operating Officer
Well, Jeff because of competitive nature HPC we really wouldn't want to broadly broadcast the actual volume, but HPC volumes in the first quarter was down year-over-year, okay slightly I'd say in the range of about 5%. But we still in '07, we... that plant was sold out, so fortunately we had the new plant that are kicking in the first quarter and we were able to make product for the growing volumes there. But your observations about the overall catalyst business are right on because the FCC catalyst volumes were down year-over-year, and there was a big mix effect, because our FCC volumes are 4x to 5x of what our HPC volumes are. So that, hence gives you the net volume impact that you observed.
Jeffrey J. Zekauskas - JPMorgan
I'm sorry; you said HPC was down 5% or up 5%?
John M. Steitz - Executive Vice President and Chief Operating Officer
Down year-over-year 5%, but up sequentially like 25%, 30% in that range.
Jeffrey J. Zekauskas - JPMorgan
Sequentially, all right. Secondly, a question for Rich, how did you... how did their shares outstanding get to 93.7? I thought you bought shares from Gottwald family in February?
Richard J. Diemer, Jr. - Senior Vice President and Chief Financial Officer
You are right Jeff.
Jeffrey J. Zekauskas - JPMorgan
So, on an average basis, why would your shares go down as much as they did?
Richard J. Diemer, Jr. - Senior Vice President and Chief Financial Officer
The calculation of EPS based on average shares. So it wasn't the full amount that is breaking it down, but net-net I think it was the pro rata amount and you will see that more fully reflected as the year goes on.
- To read the full transcript on Seeking Alpha, click here »
