Omnova Reports Lower Income, Higher Sales

Fairlawn, OH, March 24, 2011 -- Omnova Solutions reported first quarter net income of $1.0 million, or $0.02 per share compared to net income of $7.8 million, or $0.17 per share last year.

Exclusing expenses associated with the Eliokem acquisition, adjusted net income for the first quarter was $6.4 million.

Net sales increased $104.8 million, or 57.0%, to $288.7 million for the first quarter of 2011, compared to $183.9 million for the first quarter of 2010, mostly due to the Eliokem acquisition.

Performance Chemicals division had global organic growth of 5% led by double digit increases in paper and specialty coatings, the company said.

Carpet volume, however, remained weak and was down year-over-year.

The Laminates and Performance Films product lines generated sales increases of over 14% compared to a year ago and were profitable during the quarter, Omnova said.