OMNOVA Solutions Inc. recently announced net income of $1 million for the first quarter ended February 28, 2011, compared to $7.8 million for the same period in 2010. In the first quarter of 2011, a number of non-recurring after-tax charges totaled $5.4 million- resulting primarily from the ELIOKEM acquisition. Included in these charges were acquisition expenses, writeoff of deferred financing fees, inventory valuation costs, restructuring and severance, and liquidation taxes. Excluding these items, adjusted net income for the first quarter of 2011 was $6.4 million.
“We are pleased with our first quarter results,” said Kevin McMullen, chairman and CEO. “The company’s Performance Chemicals segment, including the ELIOKEM product lines, generated strong first quarter adjusted segment operating profit of $24.8 million, exceeding last year’s first quarter pro forma adjusted segment operating profit of $23.9 million.”
For more information, visitwww.omnova.com.