Omnova posts first-quarter loss
Omnova Solutions Inc. posted a net loss of USD 5.1 million on net sales of USD 164.8 million in the first quarter ended Feb. 28, the company reported.
The company, which supplies specialty chemicals, latex and decorative products to a variety of markets had a net loss of USD4.3million on net sales of USD169.8million in the like period of fiscal2007.
Despite the loss in the quarter, Omnova is optimistic about achieving volume and earnings improvement for the full year of2007, said Kevin McMullen, the company’s chairman and CEO. The first quarter is historically the weakest due to the business’ seasonality, he said, and the results are not indicative of the company’s full-year expectations or the underlying improvements being made. In other Omnova news, the company’s shareholders have re-elected David J. D´Antoni, Diane E. McGarry and Steven W. Percy as directors. All will serve three-year terms expiring at the 2010 annual shareholdersmeeting.