4 million, segment
operating profit was $11.0 million during the second
quarter of 2005, a decrease
of $7.
Included in second quarter 2005 results were higher raw material costs of $2. Also contributing
to the lower year-over-year operating profit
were the lower sales volumes and reduced manufacturing
absorption due to
inventory reductions of $5.6M 40.4 129.3) $(5.5
Property, plant
and equipment, net 160.9
Prepaid pension
54.5
Other current liabilities 17.
Goodyear Commercial Tire Web
Site Asserts Service Push
A Technology + Maintenance Council study recently found that only
43
percent of truck tires are within 5 psi of inflation pressure specification.
* Tire Value
Calc software calculates new tire, retread and rotation
changes that impact operating costs
.crude cerma
(NYSE: OMN) today reported net income of $3.5 million, or 14. "We will continue to take further
actions to improve financial
performance including developing new value-added products, implementing
LEAN
SixSigma programs to eliminate waste and increase customer satisfaction,
improving operating
efficiencies and initiating pricing actions where needed. Productivity improved by nearly 6% year-to
-date
versus the same period last year. Excluding
MNA, Decorative Products' sales were $62.
During the quarter, wallcovering margins improved in North America and
operating losses in Europe
were significantly narrowed as compared to last
year.0-$3.2) (5.0) (5. There are many
risks
and uncertainties that could cause actual results or outcomes to differ
materially from those described
in the forward-looking statements, some of
which are beyond the Company's control, including inherent
economic risks,
changes in prevailing governmental policies and regulatory actions, and
litigation
risks inherent in the Company's business.5 $397.18) $(.14)
OMNOVA SOLUTIONS INC.8 $15.7
Prepaid expenses and other 3
.0 175.2 96.cerma crude
09 per share versus net income of $0. Included in
the second quarter of
2004 were restructuring and severance charges of $0.3 million for the
second quarter of 2005 as compared
to $189. Contributing to the sales increase in the second quarter of 2005
were pricing improvements
of $31.5 million to
$29.
Excluding restructuring and severance charges of $0. Focused cost reduction
and LEAN SixSigma initiatives
have led to record low spending levels as a percentage of sales for
SG+A and
manufacturing expenses.7 million in the second quarter of 2004.
Operating profit was
negatively impacted by higher raw material and purchased
product costs, lower EPDM, PVC and ISO volumes
, and higher manufacturing costs
which were partially offset by lower warranty expense. The Company
also signed a new private label
agreement which is expected to generate $2. To listen to the telephone
replay, callers should dial: (USA) 800-475-
6701 or (Int'l) 320-365-3844.13)
Number of
diluted shares
outstanding 40.7) -
PC segment operating
profit $11.4 $.9) $2.5 11.0
Accrued interest
9.
(Logo: http://www.
Faced with rising fuel and tire costs, more fleets and
independent
truckers "want more than just a tire purchase.perlite quarriers
OMNOVA Solutions Reports Second Quarter
2005 Earnings per Share of $0.09
Net sales increased 10.5 million in the second quarter of
2005 as compared to $47. "This
significantly improved performance is a result of the tremendous
effort by our
employees who have persevered in an extremely challenging operating
environment
.
Increased pricing to customers totaled $23.1 million for the second quarter of
2005 as compared
to profit of $3. New pricing actions were announced in May 2005 across
most product lines in an
effort to offset raw material cost inflation.1 5.3 .8) (3. These statements are intended
to qualify for the protections
afforded forward-looking statements under the Private Securities Litigation
Reform Act of 1995. Forward-looking statements may generally be identified by
the use of forward
-looking terms such as "may," "should," "projects,"
"forecasts," "seeks," "believes," "expects,"
"anticipates," "estimates,"
"intends," "plans," "targets," "likely," "will," "would," "could," or
similar
terms.omnova.1 10.2 .0
Accounts receivable, net
111.7 49.5 23.7 3.retreading microchip
5 million or 18. Also,
European and Asian sales
increased significantly for the quarter, up 47% and
24%, respectively. Sales related to the
recently
exited wallcovering distribution joint venture, Muraspec North
America (MNA), were $3.
Segment
operating profit totaled $0.3 million for the second quarter of 2004.9 122.4
Performance
Chemicals (PC)
Operating profit $11.8 10.1 4.2
Accounts
payable 85.1 12.goodyear.retreaded perlite
1
million.8 million in Decorative
Products and Building Products
businesses and $3. Selling, general and administrative costs decreased
$6.0 million, or 19."
Performance Chemicals - Net sales during the second quarter of 2005
increased 28.4
million.3 million for the second quarter of 2005, as
compared to operating profit
of $0.
Non-GAAP and Other Financial Measures - This earnings release includes a
non-GAAP
financial measure, as defined by the Securities and Exchange
Commission.09 $.7M 40.1M
Effective tax rate -% 23.7 $15.4 $3.8 5.5 1.1
404.2 166.2 15.newscom.com/truck launch coincides with a new study that
shows trucking
companies are increasingly outsourcing tire and equipment
maintenance work.
noted that a boom
in maintenance providers over the past five years has
shifted the focus of many trucking companies
back to their core business.samarium retreaded
01 per diluted share for the second quarter of 2004.8% volume
improvements
. Segment operating profit was $11. The
increase was a result of higher unit pricing across all
product lines.m.6 $.0 .01 $(.7 48.4 $4.4
Interest expense
(5.9 $5. Some important risks,
uncertainties and factors that could cause the Company
's actual results or
outcomes to differ materially from those expressed in or implied by its
forward
-looking statements include, but are not limited to, the following:
general economic trends affecting
OMNOVA Solutions' end-use markets; raw
material prices and availability for petrochemicals and chemical
feedstocks
including styrene, butadiene, and polyvinyl chloride; ability to increase
pricing to
offset raw material cost increases; unexpected adverse litigation
judgment and absence of or inadequacy
of insurance coverage for such judgment;
prolonged work stoppage resulting from labor disputes with
unionized
workforce; acts of war or terrorism; ability to develop successful new
products; customer
and/or competitor consolidation; customer ability to
compete against increased foreign competition;
operational issues at the
Company's facilities; availability of financing to fund operations at
anticipated
rates and terms; ability to successfully implement productivity
enhancement and cost reduction initiatives;
governmental and regulatory
policies; rapid increases in health care costs; risks associated with
foreign
operations including fluctuations in exchange rates of foreign currencies; the
Company
's strategic alliance and acquisition activities; assumptions used in
determining pension plan expense
and funding, such as return on assets and
discount rates; compliance with extensive environmental
, health and safety
laws and regulations; and substantial debt and leverage and the ability to
service
that debt.6 262.7 189.3) (5.3 $(7.
Consolidated Balance
Sheets
May 31, November 30,
2005 2004
(Dollars in millions,
ASSETS:
except per share amounts)
Current Assets
Cash and cash equivalents
$14.0 104.8 2.3
Total Current Liabilities
125.8 50.
At least 22 percent of vehicles have at least one tire under-inflated by 20
psi or more; 4 percent have at least one tire under-inflated by 50 psi or
more.coaters pails
Excluding these
charges, the Company generated net income of $0.9 million related to the Company's decision to exit
its
wallcovering distribution joint venture.7 million of higher raw material costs which
was partially
offset by lower manufacturing expenses.8%, or approximately 150 positions, to
1,850 positions.6 million
during the quarter and we
also reduced our SG+A costs by $6. Their focus and commitment is clearly
making a difference.1
million during the quarter, which positively impacted operating income by
$0.
Decorative Products - Net sales were $62.omnova. Webcast attendees will be in a listen
-only mode. Management believes
that presenting this information provides a more accurate basis for
investors
to compare the financial results year over year.3) $(5.1)
Net income (loss
) per diluted share $.1 $3.7 $8.6 $10.6 $.0
Selling, general and administrative
29.01 $(.5 million and 42.2
Additional contributed capital 311
.
Steve McClellan, vice president of Goodyear commercial tire systems, said
the web site includes
more powerful tire-evaluation software tools now
available to fleets, new emergency roadside service
and a wealth of
information on tire inflation and load capacities.
Goodyear commercial
tire systems offer complete products and services to
the trucking industry, including a full range
of original equipment and
replacement tires.sgma ifai
11
per diluted share for the second quarter of 2005
as compared to net income of
$0.4%, or $19. The improved results
were driven by aggressive cost
reductions and improved pricing.6 million in the second quarter
of 2004, driven by 26.5
million
, versus $0. A telephone replay will also be available beginning
at 2:30 p.m. The Access Code is
783565.5 $397.4)
DP segment operating
profit (loss)
$.3 $(5.1) (10.4)
Capital expenditures $2.
OMNOVA Solutions
Inc. OMNOVA is
an innovator of emulsion polymers, specialty chemicals, decorative and
functional
surfaces, and single-ply roofing systems for a variety of
commercial, industrial and residential
end uses.1
Depreciation and amortization 5.09 $.2 $. They want someone
to manage
their overall tire and wheel needs. "We want to create business solutions that are measurable
, repeatable
and sustainable.eccc perlite
8 million in
2004.4 million during the quarter due
to increases
in styrene, butadiene, acrylic, and most secondary raw materials. As part of a
contingency-related
build, finished goods inventory at Mogadore increased $2.6 million for the second quarter of 2005
as
compared to $3.
Workforce reductions year-over-year totaled almost 200 positions, or a decline
of
14%. EDT on June 28,
2005.3 $349.6 $3. is a technology-based company with 2004 sales of
$746 million and a current workforce of 1,850 employees worldwide.0 61.5
LIABILITIES
AND SHAREHOLDERS' EQUITY:
Current Liabilities
Current portion of long-term debt
$.5
Accrued payroll and personal property taxes 12.6 181.1
Deferred income taxes 3.7
Other liabilities
14.
Managing tire cost per mile is critical to business success.vdma hti
"We generated our strongest earnings results in three years despite record
raw material increases
of approximately $27 million. Strong
growth in thermoplastic polyolefin (TPO) was offset by weaker
volumes in EPDM
and polyvinyl chloride (PVC) membrane systems, and polyisocyanurate (ISO)
insulation
.3) $(5.01 $(.7) -
Restructuring and severance (.5) (.9 $8.5)
Corporate restructuring and severance (.0
Total Assets
$430.9 14.5
Long-term debt 197.3
3.
hti cerma
5 million during the same period a
year ago.4 million for the second quarter of 2005
as
compared to $5.9 million versus the same period a
year ago, helping to partially offset the three
-year cumulative effect of raw
material cost inflation.9 million versus 2004.8 million.
Segment
operating profit was $0. EDT on June 21, 2005, and ending at 11:59 p.01
Net income (loss) per
diluted
share before excluded items
(net of tax) $.7 $14
.7 $1.8 69.3
Other expense, net .1 1.4
205.3 4.6 million and 1.This category is for industrial manufacturing
associations.
sgma retreaded
3 million,
or $0.8 million, to $209.1 million to $163.8 million, down $6. In May 2005
, the Company extended the maturity of its
revolving bank line to November 2009, while reducing borrowing
spreads and
increasing flexibility.1% higher average unit selling price and 2. Last year's inventory
increased in the
Company's Columbus, Mississippi plant during union contract negotiations. Year
-to-date, sales of coated fabrics and
laminates to marine (up 40%), transportation (up 20%) and kitchen
and bath (up
20%) are partially offsetting declines in residential furniture, consumer
electronics
, and ready-to-assemble furniture.
During the quarter, the Company completed several key LEAN
SixSigma
projects which are expected to improve manufacturing line speeds and reduce
changeover
time and scrap rates. The live audio
event will be hosted by OMNOVA Solutions' Chairman and Chief
Executive
Officer, Kevin McMullen. Set forth below is a
reconciliation of this non-GAAP financial
measure to the most directly
comparable GAAP financial measure.4) (5.5
Restructuring and
severance 1.3
Other assets 22.2
48.4 million
shares issued at May 31, 2005 and November 30, 2004,
respectively; 40
.9
Retained deficit (263. In addition, the company's cradle
-to-grave tire and
service network includes retreading, tire management tools and business
solutions
for tomorrow's trucking fleets.sgma retreading
0 million, EPS of
$0.09 per diluted
share, for the second
quarter of 2005, compared to net income of $0. Total Company
headcount year-to-date has declined
7. We reduced
controllable manufacturing costs by $4.1% year-over-year," said
Kevin McMullen
, OMNOVA Solutions' Chairman and Chief Executive Officer.
"While significant progress was made
, our margins remain below historical
levels and clearly are not where we ultimately expect them to
be," said
McMullen. As compared
to last year, raw material costs were up $19. Volumes in paper
continue to be negatively impacted by an ongoing
six-month strike at a major customer plant and higher
European imports of
coated paper. Specialty chemical volumes improved mid-single digits on new product
introductions.9 million in the second quarter of 2004.2 $6.5) (.6 354.1
Net Income
(Loss) $3.8
Total Liabilities and Shareholders' Equity $430.
"Our vision is to do more than just manufacture quality tires," McClellan
said.higashi perlite
4%, partially offset
by lower
volumes of $7.9% to $118.0 million of annual
incremental sales.m. Specifically, the net
income (loss) and net income (loss) per
diluted share excluding the work stoppage and restructuring
and severance
costs (excluded items) is a non-GAAP financial measure.6 $.14)
Net income
(loss) per diluted share
for excluded items (net of tax) .02 - (.3M 40
. Management believes that this information
is essential to providing the investor with an understanding
of the Company's
business and operating performance.3 $189.1) - (.1) -
Profit (Loss) Before Income Taxes $3. The Company disclaims any obligation, other than imposed
by law, to publicly update or revise any forward-looking statements, whether
as a result of new
information, future events or otherwise.5 9.9 million and 40. An association in this category
is an organized body of manufacturing company representatives who have an interest, activity, or purpose
in common.
retreading securement
11 per share
FAIRLAWN, Ohio, OMNOVA Solutions Inc.0
million related to a previously
announced workforce reduction. Gross profit declined
to $45.7 million for the second quarter of
2004. Trialing activity continues at several key accounts, especially
in paper applications that
utilize OMNOVA's new GenCryl(R) Platinum Pt(TM)
latex.1%.3
million, partially offset by approximately
$1.
Earnings Conference Call - OMNOVA Solutions has scheduled its Earnings
Conference
Call for Tuesday, June 21, 2005, at 11:00 a.9%
Management reviews the information below
in assessing the performance of
the business segments and in making decisions regarding the allocation
of
resources to the business segments.8
Decorative Products 62.6
Building Products 29.6
Restructuring and severance (.3 $2
.6
Total Current Assets 184.5 57."
As part of Goodyear
's renewed focus on service, its new web site addresses
the following solutions, with shortcuts on
the home page to lead customers to
information more quickly:
* Fleetwise detailed tire analysis
makes fleet tire data available 24
hours a day.
neodymium retreads
Included in
the second quarter
of 2005 were restructuring and severance charges of $1.0 million or 16.0% of net sales, in the second
quarter of 2004 due to
lower employee headcount, improved cost control, and the elimination of
expenses
from the wallcovering distribution joint venture.
Three
Months Ended Six Months Ended
May 31, May
31,
Dollars in millions 2005 2004 2005 2004
Performance
Chemicals $118.7 $- $1.8
This earnings release contains statements
concerning trends and other
forward-looking information affecting or relating to the Company and
its
industries.7 314.8
Income (Loss) Before Income Taxes 3.
* Detailed
service manuals specify tire inflation, vibration solutions
and proper alignment.vdma sgma
4%
* Segment operating profit of $11.6 million or $0.6 million, or $0.
Interest expense increased
to $5.4 million in the second quarter of 2005.
The Company and the local union at the Mogadore
, Ohio manufacturing
facility agreed to a new four-year contract on June 2, 2005.0 million for the
second quarter of
2005 versus $66.0 million in the second quarter of 2004, a decline of 6. Included
in the
second quarter of 2005 were restructuring and severance charges of $0.1 million of increased
pricing
to customers.
Building Products - Net sales of the Company's single-ply commercial
roofing products were $29.0 million in the second quarter of 2004. It is anticipated to be approximately
one hour in
length and may be accessed by the public from the Company's website
(http://www.com
).9% -% 1.6 $220.1) (4.3)
Corporate expense (2.8 141
.8 .6
Inventories 50.3
Total Shareholders
' Equity 42.ifai resilient
01 per share last year, the best performance in the last
12 quarters
* Excluding restructuring and severance charges of $1. Cost of goods sold
for the second
quarter of 2005 increased $22.1 million for the same period a year ago, due primarily
to
higher average borrowing rates.4 million from the first
quarter of 2005. Sales in nonwovens
and adhesive/tape applications increased by
over 30% versus last year on the strength of pricing
and new products.01) $(. The following is a reconciliation of
segment sales to consolidated sales
and segment operating profit to
consolidated profit (loss) before taxes.0
Total Sales
$209.6
Decorative Products (DP)
Operating profit
$1.4
Total Segment Operating Profit $11.5
Postretirement benefits other
than pensions 47.4 $432.5
AKRON, Ohio, The Goodyear Tire + Rubber Company
(NYSE: GT) today unveiled a new commercial tire web site that showcases its
service business push
.com/cgi-bin/prnh/20050204/GTLOGO )
The http://www.pails hti
* Net sales increased 10.9 million versus
$8.1 million versus $91.1 million for the second quarter of 2004.3 $(7.4 $(0.17) .0
69.0 54.com
Three Months Ended Six Months Ended
May 31, May 31,
2005 2004 2005 2004
(Unaudited)
Net Sales $209.5 36.4 (7. Tire
costs
-- third behind fuel and labor -- amount to 25 percent of a fleet's
maintenance expense
.
* Reduced downtime and costs for tire-related emergencies through
4-TIRES-NOW roadside
assistance.pails neodymium
7 million last year
* Net income of $3.01 per diluted share, during the second
quarter of 2004.2 28.0 $4.8
Work stoppage - -
(1.3 $.3 $349.4
Costs and Expenses
Cost of goods sold
163.7 11.5
Interest expense 5.4 5.6 $.3) $(5.sgma vdma
1% of
net sales, in the second quarter of 2005 versus
$36. Volatility in the ISO industry, related to
price and
availability, contributed to the weaker volumes in the membrane systems.
Following the
live webcast, OMNOVA will archive the call on its website until
noon EDT, June 28, 2005.
Three Months Ended Six Months Ended
May 31, May 31,
Dollars in millions,
except per share
data 2005 2004 2005 2004
Net income (loss)
$3.5)
Excluded items (net of tax):
Work stoppage -
- 1.11 $. Forward-looking statements address the Company's business, results of
operations
, financial condition, significant accounting policies and
management judgments, among other things
, and include statements based on
current expectations, estimates, forecasts and projections.
Web Site: http://www.6 .7 3.2 9.7 million
shares at May 31,
2005 and November 30, 2004,
respectively (10.4)
Accumulated other comprehensive income 1.harmonisation resilient
3
million or $0. I
would like
to thank all OMNOVA Solutions employees for their ongoing
dedication to creating value.0 million
for the second
quarter of 2005 as compared to $4. Excluding these
charges, segment operating
profit was $1.2 million during the second quarter of 2005, an
increase of 4.8) (10.3 $189.4)
Income tax expense - .5)
Basic and Diluted Income (Loss
) Per Share
Net Income (Loss) Per Share $.8
Trademarks and other intangible
assets, net 9.4 $432.0 135.9
Shareholders' Equity
Preference
stock - $1.7 million
shares outstanding at May 31, 2005 and
November 30, 2004, respectively
4.2)
Treasury stock at cost; 1.7) (11. Transportation research and
consulting firm Havill + Co.
* TVTRACK software tracks performance of specific tires and links
data to
key vehicle parameters.
* Safety tips and load/inflation tables help maximize
tire wear and
performance.securement rebuiders
8 million versus the same
quarter last year, driven by $26.
The Company's total debt at the end of the
second quarter of 2005 was $197.4 million for the second
quarter of 2004.3% compared to $28.4
Net income (loss) before excluded
items (net of
tax) $4.1 $91.2 $171.5 $6.4
Building Products (BP)
BP segment operating profit $.4 $(7.0 .1 - .10 par value; 135 million
shares authorized; 42.4 310.retreaded vdma
Margins in coated fabrics and decorative laminates declined
due to
higher PVC resin and plasticizer costs, which increased 30% and 40% year-over-
year, respectively
. The Company completed the closure of MNA, and as part of the
transaction transferred distribution
rights for several commercial
wallcovering brands to existing OMNOVA distributors, expanding upon
the
Company's successful relationships. EDT.7 -
Restructuring and severance
1.18) $(.4) - (.6
Deferred income taxes 3.00
par value; 15 million
shares authorized; none outstanding -
-
Common stock - $0.5) (256. And that's our expertise," McClellan said. That means working
with end users to manage their tires from
original equipment to replacement and retreads, and delivering
service and
value along the way.perlite enameling
Working overtime to stay the Web's best reference!
-> Show SiteSeek's List of Web Sites For This Topic (Not Yet Peer Reviewed)
Loading...
(Note: These pages use the Atlas Content Safeguard System (ACSS) and require that Javascript is enabled for viewing.)