Schulman income increases

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Thursday, October 25, 2012
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Akron, OH - A. Schulman reported full-year net income of $50.9 million, or $1.72 per diluted share, compared with $41.0 million, or $1.32 per diluted share, last year. Excluding certain items, net income for the year was $61.0 million, or $2.06 per diluted share, compared with $58.0 million, or $1.86 per diluted share, for the prior year. The translation effect of foreign currencies negatively impacted net income for the year by $3.6 million, or $0.12 per share, on a non-GAAP basis. For the fourth quarter, the company reported net income of $11.2 million, or $0.38 per diluted share, compared with net income of $5.9 million, or $0.19 per diluted share, for the comparable period last year. Excluding certain items, net income for the quarter was $14.1 million, or $0.48 per diluted share, compared with $15.0 million, or $0.49 per diluted share, for the prior-year period. The translation effect of foreign currencies negatively impacted net income for the quarter by $1.7 million, or $0.06 per share, on a non-GAAP basis. Fiscal 2012 net sales were $2.1 billion compared with $2.2 billion for fiscal 2011. Excluding the impact of foreign currency, net sales for fiscal 2012 were consistent with the prior-year levels despite a volume decrease of 7.0%. Net sales for the fiscal 2012 fourth quarter were $524.4 million compared with $578.1 million for the same period last year. Net sales declined by $53.7 million, or 9.3%. Volume declined 3.7% in the quarter compared with the same quarter last year. Excluding the translation effect of foreign currencies, net sales increased by $3.7 million in the fourth quarter compared with the same period last year. “The outstanding performance of the Americas and Asia Pacific regions, coupled with the dedicated efforts of our European team, allowed us to overcome the major challenge of the European economy. The collective commitment of our global team enabled us to overcome difficult macroeconomic conditions as we continue to improve net income, operating profit per pound, cash flow from operations and earnings per share,” said Joseph M. Gingo, chairman, president and chief executive officer. “This marks the third consecutive year of adjusted earnings growth, and demonstrates the strength of our team, the benefit of our strategy and effective cost control. We will continue to focus on growth opportunities in the Americas and Asia Pacific while maintaining our leadership position in Europe.”