Omnova Solutions Provides 3Q Guidance and Hurrican
Fairlawn, OH, September 14, 2005--- Omnova Solutions Inc. reported that it expects earnings per share for the third quarter of 2005, ending August 31, 2005, to be $0.03 with net income of $1.4 million.
Excluding restructuring and severance charges of $0.6 million related to workforce reductions, earnings per share is expected to be $0.05. This compares to a loss of $0.10 per share during the third quarter of 2004.
Sales for the period totaled $207.0 million. Complete financial results, including business segment breakouts, will be available after the market closes on September 19, 2005. The company's third quarter 2005 conference call is scheduled for 11:00am ET on Tuesday, September 20, 2005.
"This is our second consecutive quarter of positive earnings per share with significant year-over-year improvement, and it occurred during a sustained period of record high oil prices and several days of reduced manufacturing and shipping activity at three of our plants due to Hurricane Katrina," said Kevin McMullen, OMNOVA Solutions chairman and chief executive officer. "Our employees and their families in Mississippi and Alabama weathered the hurricane in good shape and our facilities sustained no damage.
"Our thoughts and prayers go out to the areas of our country that were so greatly impacted by the devastation of this storm. Our employees and the OMNOVA Solutions Foundation have responded with contributions of nearly $30,000 to aid the relief effort," McMullen said.
reiterating previous comments, the company expects to be profitable in the fourth quarter of 2005. While the raw material environment is very dynamic in the aftermath of Katrina, the company anticipates it will have adequate supply of key raw materials.
