important disclosures and analyst certification on last two pages chemicals chemquest paints a picture of recovery frank j mitsch 212 803 7028 fmitsch fulcrumgp com james chen ph d 7036 jchen april 8 2004 coatings adhesives an industry analysis featuring insights from the group decision points continues to recover in our recent hosted conference call www painted for & volumes us increased 4 5 03 1 3b gal be strong 04 however sales declined 16 1b due product mix changes with lower auto refinishing business are forecast increase 6 while will grow roughly line 25 year average margins under pressure but expected expand high raw materials costs cogs by continue affect estimates 2 producers pass through some demand roh has found this difficult accomplish lost frontside
