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OMNOVA Solutions announces Q2 2007 sales results

Jun '07
OMNOVA Solutions Inc reported a net loss of $9.8 million, or $0.23 per diluted share, for the second quarter of 2007, compared to net income of $5.3 million, or $0.13 per diluted share, for the second quarter of 2006.

Included in the second quarter of 2007 are debt redemption costs of $12.4 million and restructuring and severance costs of $0.1 million. Excluding these items, second quarter of 2007 net income would have been $2.7 million, or $0.07 per diluted share.

Net sales increased $10.2 million, to $188.0 million, for the second quarter of 2007 as compared to $177.8 million during the same period a year ago. Contributing to the sales increase in the second quarter of 2007 were improved unit volumes of $4.6 million, sales price increases of $3.6 million and favorable foreign exchange translation of $2.0 million.

Gross profit decreased to $37.1 million, with gross profit margins of 19.7%, in the second quarter of 2007 as compared to $40.9 million, with gross profit margins of 23.0%, in the second quarter of 2006.

Gross profit declined because cost of goods sold for the second quarter of 2007 increased $14.0 million to $150.9 million versus the same quarter last year, driven by higher raw material costs of $6.5 million, increased transportation costs of $0.9 million, higher volume of $1.5 million and manufacturing costs of $5.1 million.

"We are encouraged by the sales growth in both Decorative Products and Performance Chemicals despite what continues to be a challenging operating and economic environment," said Kevin McMullen, OMNOVA Solutions' Chairman and Chief Executive Officer.

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