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"Our improved second quarter performance reflects the impact from a number of positive actions by the company, including broad-based cost reductions, structurally improved pricing and the introduction of innovative new products, as well as lower raw material costs," said Kevin McMullen, OMNOVA Solutions' chairman and CEO.
Selling, general expenses, and administrative expenses in the second quarter of 2009 fell to $25.7 million, compared to $27.5 million in the second quarter of 2008. Second quarter 2009 interest expenses were $2.0 million, a decrease of $1.5 million as compared to the second quarter of 2008; this was due to lower average interest rates and debt. The weighted average cost of borrowing during the second quarter of 2009 was 4.4%, an improvement from 6.6% in the second quarter of 2008.
For more information, visit: www.omnova.com.