Omnova Solutions Swings to Profit Despite Sales
Fairlawn, OH, Jan. 22, 2013 -- Omnova Solutions reported net income for the fourth quarter was $700,000, or $0.01 per share compared to a loss of $10.4 million, or $0.23 per share, for the fourth quarter of 2011.
Net sales decreased $47.5 million, or 15.8%, to $253.9 million, compared to $301.4 million for the fourth quarter of 2011.
Paper and Carpet Chemicals sales were $74.8 million for the quarter compared to $108.8 million a year ago.
The company said that volumes in Paper and Carpet Chemicals were down 16.1% due to weak market conditions and market share loss.