Headlines

OMNOVA Announces Increased Fourth Quarter Income

January 21, 2011
/ Print / Reprints /
ShareMore
/ Text Size+

OMNOVA Solutions Inc. has announced net income of $81.5 million for the fourth quarter ended November 30, 2010, compared to net income of $11.1 million for the same quarter of 2009. Included in the fourth quarter of 2010 were a number of unusual items, including non-cash income of $90.5 million, or $2.01 per share, primarily due to the reversal of a tax valuation allowance of $98.2 million; expenses of $13.7 million, or $(0.30) per share, related to the acquisition of Eliokem; and other unusual items totaling $3.5 million, or $(0.09) per share. Excluding these items, adjusted net income for the fourth quarter 2010 was $8.2 million.

“Our fourth quarter marks the end of a very successful year for OMNOVA Solutions,” said Kevin McMullen, chairman and CEO. “The company’s Performance Chemicals segment closed the year with record segment operating profit. This was partially offset by weaker results in our Decorative Products segment, which was impacted by rapidly rising raw material costs and continued weak demand in certain product lines. Cash flow was strong for the quarter and the year, and improvements in our balance sheet were instrumental in providing the financial flexibility to complete the Eliokem acquisition early in our fiscal 2011 first quarter. While challenges remain, we have made significant progress on many fronts, including the introduction of numerous innovative products, penetration into new, adjacent markets, the accelerated globalization of our business, and aggressive productivity gains and cost reductions.”

For additional details, visit www.omnova.com.

Did you enjoy this article? Click here to subscribe to Adhesives & Sealants Industry Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

In-Depth Features

These articles detail advantages and innovations for multiple end uses.

Podcasts

ExxonMobil Tackifier Expansion

Dwight Tozer, vice president of ExxonMobil’s Adhesion Industry business, discusses the company’s latest tackifier expansion project with Editor-in-Chief Susan Sutton.

More Podcasts

THE MAGAZINE

Adhesives & Sealants Industry Magazine

ASI April 2014 cover

2014 April

Our April issue focuses on pressure-sensitive adhesives, including a preview of PSTC's 2014 Tape Summit, as well as converting/packaging and composites!

Table Of Contents Subscribe

THE ADHESIVES STORE

handbook-sealant-tech.gif
Handbook of Sealant Technology

The Handbook of Sealant Technology provides an in-depth examination of sealants, reviewing their historical developments and fundamentals, adhesion theories and properties, and today’s wide range of applications.

More Products

asi1211p_Cover-DE.gifASI's Buyers' Guide

Annual purchasing resource for equipment used in the manufacture/formulation of adhesives, sealants, pressure sensitives, tapes and labels and for application of finished adhesives. 

Clear Seas Research

With access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

STAY CONNECTED

facebook_40px twitter_40  youtube_40pxlinkedin_40