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OMNOVA's carpet chemicals biz decline
17
Jun '08
OMNOVA Solutions Inc reported a net loss of $3.1 million, or $0.07 per diluted share, for the second quarter ended May 31, 2008, compared to a net loss of $9.8 million, or $0.23 per diluted share, for the second quarter of 2007. Included in the second quarter of 2007 were debt redemption and restructuring costs of $12.5 million.

Net sales increased $31.7 million, to $219.7 million, for the second quarter of 2008 compared to $188.0 million during the same period a year ago. Contributing to the second quarter increase were sales of $24.0 million from the Decorative Products Asian businesses acquired in the first quarter of 2008, favorable pricing of $11.4 million and positive foreign exchange translation of $0.1 million partially offset by net volume declines of $3.8 million.

The volume declines primarily occurred in two product lines sold to the residential housing industry: Performance Chemicals' carpet business and Decorative Products' laminate business. Volume declines were partially offset by volume increases in Performance Chemicals' paper chemicals business. Excluding the Decorative Products Asian businesses, the Company's sales grew $7.7 million or 4.1%.

Gross profit decreased $3.3 million to $33.8 million, with a gross profit margin of 15.4%, in the second quarter of 2008 compared to $37.1 million, with a gross profit margin of 19.7%, in the second quarter of 2007. Margins declined due to higher costs for raw materials, freight and utilities, product mix issues in North America, and lower than average gross margins in the Asian businesses.

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