Fairlawn, OH, March 22, 2006--Omnova Solutions Inc., reported a smaller fiscal first-quarter loss Tuesday, as the year-ago quarter was weighed down by hefty charges.
For the three months ended Feb. 28, the company reported a net loss of $4.3 million, or 10 cents per share, compared with a net loss of $10.9 million, or 27 cents a share, a year ago. Last year's results included $6 million in charges related to closing a wallcovering distribution facility and other items.
Revenue increased 3 percent to $193 million, compared with $188 million a year ago.
"The first quarter, seasonally our weakest, marks the fourth consecutive quarter of year-over-year improvement in earnings per share," said Kevin McMullen, Omnova's chief executive officer. "However, the last two months of the quarter showed increased strength in demand, especially in wallcovering and specialty chemicals."
