Omnova Profits Down in Fourth Quarter

Fairlawn, OH, Jan. 20, 2009--Omnova Solutions Inc. reported net income of $800,000, or $0.02 per share, for the fourth quarter ended Nov. 30, compared to net income of $3.7 million, or $0.09 per diluted share, for the fourth quarter of 2007.

Included in the fourth quarter of 2008 were restructuring, severance and other charges of $300,000, compared to a net gain of $200,000 in the fourth quarter of 2007.

Net sales increased $23.7 million, or 12.1%, to $219.6 million, for the fourth quarter of 2008 compared to $195.9 million during the fourth quarter of 2007. The fourth quarter increase was partly due to sales of $26.2 million from the Decorative Products Asian businesses acquired in the first quarter of 2008.

"During the fourth quarter, we were profitable in what was obviously a challenging environment," said Omnova CEO Kevin McMullen.