Omnova’s net income down

LSRUNQI

Omnova’s net income down

Thursday, September 29, 2011
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/ r( \& A5 ^0 M$ N1 RAkron, OH - Omnova Solutions announced net income of $400,000 for the third quarter ended August 31, 2011. This compares to net income of $3.5 million for the third quarter of 2010. In the third quarter of 2011, there were a number of non-recurring pre-tax charges totaling $4.8 million. Net sales increased $103.2 million, or 45.3%, to $331.1 million for the third quarter of 2011, compared to $227.9 million for the third quarter of 2010. The sales improvement was driven by $86.1 million of revenues from the Eliokem acquisition and increased Omnova legacy sales of $17.1 million. Gross profit in the third quarter of 2011 increased to $54.9 million, compared to $39.1 million in the third quarter of 2010, due to the Eliokem acquisition. -