Philips and Procter
and Gamble have developed new techniques for reduced wrinkling in fabrics, and
Blucher, Reckitt
Beckinser, and Robinson Lab have new odor control
technologies.
Contact: Laura Wood,
Senior Manager of Research and Markets, fax,
+353-1-4100-980, or press@researchandmarkets.11 per
share
FAIRLAWN, Ohio, OMNOVA Solutions Inc. Total Company
headcount year-to-date has
declined 7. In May 2005, the Company extended the maturity of its
revolving bank line to November
2009, while reducing borrowing spreads and
increasing flexibility. The live audio
event will
be hosted by OMNOVA Solutions' Chairman and Chief Executive
Officer, Kevin McMullen.
Three Months Ended Six Months Ended
May 31, May 31,
Dollars in millions,
except per share data
2005 2004 2005 2004
Net income (loss) $3.4
Net income (loss) before excluded
items (net of tax) $4.11 $.3
$2.3 $349.5 36.5 11.5 57.4 $432.00 par value; 15 million
shares
authorized; none outstanding - -
Common stock - $0. Strong growth
of TPA demand from China
will continuously draw more TPA imports, which will exceed 6 million metric
tons in 2005 and 2006. In the Americas and Europe, the
polyester fiber supply chain will struggle
to compete with low-cost imports
of finished goods, while demand in industrial fibers, technical
textiles and
non-wovens remains healthy.A.
felts overstock
Plasma technology has also been employed by Porton
Plasma
Innovations to protect clothing against staining. Excluding these charges, the Company generated net
income of $0.
Interest expense increased to $5.4 million for the second quarter of 2005
as
compared to $5. 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. Specialty chemical volumes
improved mid-single digits on new product
introductions.3 million for the second quarter of 2004
. Excluding these
charges, segment operating profit was $1.0 million of annual
incremental sales
.4
Performance Chemicals (PC)
Operating profit $11.7 $14.5
)
Corporate restructuring and severance (.2 .1 1.7 189.14)
OMNOVA SOLUTIONS INC.7
Prepaid expenses and other
3.5 23.7 million
shares outstanding at May 31, 2005 and
November 30, 2004,
respectively 4.needlepunch felts
8 million in Decorative Products and Building Products
businesses
and $3. Gross profit declined
to $45.0% 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. 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, 2005.6 $220.7 $8.3)
Corporate expense
(2. 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
Interest expense 5.4 5.09 $.6
Deferred
income taxes 3.9 million and 40.2)
Treasury stock at cost; 1
.felts lampe
researchandmarkets.com/reports/c15729 .0 million or 16.5 million, or 14.1% higher average unit selling
price and 2.4 million, segment
operating profit was $11.9 million in the second quarter of 2004.
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. A telephone replay will also be available beginning
at
2:30 p.2 28.7) -
Restructuring and severance (.6 354.5
Property
, plant and equipment, net 160.6 million and 1.4)
Accumulated other comprehensive
income 1. HOUSTON, Chemical Market Associates, Inc.
CMAI's 2006 World Terephthalates
+ Polyester Analysis is available in book
and CD-ROM format and also includes technology analysis
, trade, price
forecasts as well as other pertinent issues in relation to the polyester
industry
.lampe slitting
Research and Markets (http://www.
(Logo: http://www.com.1 million to $163.8%, or approximately
150 positions, to
1,850 positions.8% volume
improvements.7 million for the second quarter of 2004
. Also,
European and Asian sales increased significantly for the quarter, up 47% and
24%, respectively
.
Segment operating profit totaled $0.1 million of increased pricing
to customers. It is anticipated
to be approximately one hour in
length and may be accessed by the public from the Company's website
(http://www. The Access Code is 783565. Management believes
that presenting this information
provides a more accurate basis for investors
to compare the financial results year over year.1M
Effective tax rate -% 23.1) (10.2) (5.8
This earnings
release contains statements concerning trends and other
forward-looking information affecting or
relating to the Company and its
industries.cmaiglobal.pugalia kunin
New reactive-reactive dyes have been developed
for cellulosics and polyamides, and Ciba can dramatically reduce the migration
of dyes during
laundering. Procter and Gamble has a biodegradable softener for use in
dry cleaning, as well as an
ingenious method of combining the benefits of dry
cleaning and wet laundering.9 million versus $8
.7 million last year
* Net income of $3.01 per diluted share for the second quarter of 2004
. Excluding
MNA, Decorative Products' sales were $62. Strong
growth in thermoplastic polyolefin
(TPO) was offset by weaker volumes in EPDM
and polyvinyl chloride (PVC) membrane systems, and polyisocyanurate
(ISO)
insulation.1 5.4 $(0.8
Work stoppage -
- (1.8) (3. 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.5
Restructuring and severance 1.6 181.
According to CMAI
consultants, demand drivers for TPA continue to be
region specific. Within
Asia, Chinese imports
have taken center stage in terms of determining the
regional supply and demand dynamics.tewes felts
com/cgi-bin
/prnh/20040820/RESEARCH )
Pro-Fit International offers stretchability along the length of a woven
fabric, Harbour Healthcare has a new lightweight weft knitted blanket fabric,
and Safety Components
has an abrasion- and water-resistant fabric for luggage.
(NYSE: OMN) today reported net income of
$3.
Excluding restructuring and severance charges of $0.1 million for the second quarter of
2005
as compared to profit of $3.3
million, partially offset by approximately $1.7 million in the second
quarter of 2004.omnova.3) $(5.0 .13)
Number of diluted shares
outstanding
40.3M 40.8
Decorative Products 62.4)
DP segment operating
profit (loss) $.9 $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. is a technology-based company with 2004 sales of
$746 million
and a current workforce of 1,850 employees worldwide.1
Depreciation and amortization
5.6 .7 3.3 4.4 310. (CMAI)
recently completed the 2006 World Terephthalates
+ Polyester Analysis, an
annual global study covering the period 2000 to 2010 for the
terephthalates
and polyester markets. Although the market is moving toward
saturation, PET demand in the Americas
will still account for 38 percent of
total world demand in 2005. Market share of European demand
remains
relatively stable, sustaining around one-third of global demand.tewes felting
1
million during the quarter
, which positively impacted operating income by $0.
Decorative Products - Net sales were
$62.9%
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
.5 $397.5) (.4
Building Products (BP)
BP segment operating profit
$.7 $- $1.4
Total Segment Operating Profit $11.9 $8.4)
Capital
expenditures $2.8 5.8
Income (Loss) Before Income Taxes 3.3)
(5.1 - .0
Total Assets $430.9
Shareholders' Equity
Preference stock - $1.9
Retained deficit
(263.8
Total Liabilities and Shareholders' Equity $430.com or contact:
Susan Beury
CMAI
11757 Katy Freeway, Suite 700
Houston, TX 77079
U.tewes lampe
Doobon and
Hyosun has chlorine resistant elastane fibers and Kimberly-Clark's
multicompartment
yarn allows active agents such as skin conditioners to be
released slowly in use.0
million related
to a previously announced workforce reduction.4%, partially offset by lower
volumes of $7. The Company
's total debt at the end of the
second quarter of 2005 was $197.
"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 $19.9 million
versus 2004.0 million in the second quarter of 2004, a decline of 6.
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. Webcast attendees will be in a listen-only
mode. 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 $.9 122.4) - (.0 $4.8) (10.6 262.0
Selling, general and administrative
29.3) $(5.7 3.2 166.8
Trademarks and other intangible assets, net
9.3
Other assets 22.0 135.needlepunch bwf
0 million, or
19.4 million from the first
quarter of 2005. Segment operating profit was $11.8 million. 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.
Building Products - Net sales of the Company's single-ply
commercial
roofing products were $29.01 $(.9% -% 1.1 $3.4
Interest expense
(5.com
Three Months Ended Six Months
Ended
May 31, May 31,
2005 2004 2005 2004
(Unaudited)
Net Sales $209.7 314.5)
(256.3
Total Shareholders' Equity 42.6 million metric tons of polyester
polymer in 2005, slightly
more than half the total world market.S.This category lists companies dedicated
to the utilization of the needlepunch and pressed felt technologies, or for which the production of
needlepunch and pressed felt fabrics and end products is their main business.
For a more specific
listing, please scroll down and submit your site to the appropriate sub-category.
pressed utensils
newscom.8 million versus
the same
quarter last year, driven by $26.6 million for the second quarter of 2005
as compared
to $3.0-$3. EDT.6 $.01 $(.6 $10.4 (7.7 49.7 million
shares at May
31, 2005 and November 30, 2004,
respectively (10. Since
1979, CMAI's goal has been to provide
accurate, timely consulting services for the worldwide petrochemical
,
plastics, fiber and chlor-alkali industries.felt rollgoods
Toray has degradable polylactic acid based carpet yarns
while
Prisma has a new method for reducing food and drink stains.5 million during the same period
a
year ago.9 million related to the Company's decision to exit its
wallcovering distribution joint
venture.0 million for the second
quarter of 2005 as compared to $4.
Increased pricing to customers
totaled $23.0 million during the second
quarter of 2005, a decrease of $7. Set forth below is a
reconciliation
of this non-GAAP financial measure to the most directly
comparable GAAP financial measure. The following
is a reconciliation of
segment sales to consolidated sales and segment operating profit to
consolidated
profit (loss) before taxes.1) (4.4 $3.3
Other expense, net .3
$(7.2 15.10 par value; 135 million
shares authorized; 42.7) (11. PET resin
demand will increase
by over 7 percent per year from 2005 to 2010.pugalia kunin
Net sales increased 10
.5 million to
$29.1 million for the same period a year ago, due primarily to
higher average borrowing
rates. Trialing activity continues at several key accounts, especially
in paper applications that
utilize OMNOVA's new GenCryl(R) Platinum Pt(TM)
latex.
Included in second quarter 2005 results
were higher raw material costs of $2.m. Management believes that this information
is essential to
providing the investor with an understanding of the Company's
business and operating performance
.4 129.7 48.7) -
PC segment operating profit $11.6 $3.1 4.6
Total Current Assets 184.9 14.5 million and 42.5
roeders felting
A polylactic acid fiber has better properties at high
temperatures, and genetically modified
sheep could produce wool with less
shrinkage and better handle and elasticity. Milliken has a new
method for making multicolored yarn, and an improved bacteriostatic oxide
coating for coloring
textiles.
Topics covered in this report include:
-- Developments in fibers and yarns
-- Chlorine-resistant elastane (spandex) fiber
-- Fibers allowing controlled delivery
of an active agent
-- Improved polylactic acid fibers
-- Nettle fiber
-- Fibrillation
of wool fiber
-- Genetically engineered sheep
-- Milliken's new technique offers carpet
yarns with low shrinkage and
high modulus
-- Synthetic fiber yarn giving rapid absorption
and desorption of moisture
-- Testing
-- Novel splittable yarns
-- Continuous detection
of yarn defects
-- Aliphatic polyester crimp yarn for carpets
-- Stain-resistant polyamide
yarns
-- Developments in fabrics
-- One-step preparation of textiles
-- Fabrics
with stretchability along the length of the weave
-- Soft nonwoven fabric for blankets and apparel
-- Weft-knitted blanket fabric
-- Fabric for the construction of luggage
-- Woollen
sails
-- Developments in garments and garment technology
-- Durable elasticated clothing
-- Seams without stitches
-- Cooled garments
-- Non-odor emitting hunting jackets
-- Developments in dyeing, printing and finishing
-- Garment dyeing at lower liquor ratios
-- Milliken has a new method of space dyeing multicolored yarns
-- Coloring textiles using
iron and aluminium oxide coatings
-- Reactive-reactive dyes
-- Preventing dyes being redeposited
during laundering
-- Color-fast printed synthetics with a soft handle
-- Treatment of
fabrics to improve ink-jet print quality
-- Ink-jet printing of textiles
-- Equipment
for finishing delicate fabrics
-- Process for the face-finishing of fabrics
-- Super-hydrophobic
coating for textiles
-- Fabrics with durable press finishes
-- Eliminating animal odors
on furnishings
-- Odor absorbing cover for clothes
-- Stain repellency using low temperature
plasma technology
-- Garment laundering and cleaning
-- Technical details
-- Fabric
softening compound
-- Dry cleaning of fabric articles
For more information visit
http:
//www. Included in
the second quarter of 2005 were restructuring and severance charges of $1.1% year
-over-year," said
Kevin McMullen, OMNOVA Solutions' Chairman and Chief Executive Officer. As part
of a
contingency-related build, finished goods inventory at Mogadore increased $2. 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.1%.
Workforce reductions year-over-year totaled almost 200 positions
, or a decline
of 14%.0 million in the second quarter of 2004.
Earnings Conference Call
- OMNOVA Solutions has scheduled its Earnings
Conference Call for Tuesday, June 21, 2005, at 11:00
a. EDT on June 21, 2005, and ending at 11:59 p.7 $15.5) (.0) (5.0 61.4)
Income
tax expense - .7
Other liabilities
14.1 12.3 3. Absolute demand and demand growth in Asia continues to be
dominated
by polyester fiber, which dwarfs the market size of PET resin,
although the latter has grown significantly
. Demand
in Asia is growing faster than in other regions, and will result in market
share rising
to 26 percent in 2005.dewatering kunin
Included in
the second quarter of 2004 were restructuring and severance charges
of $0.5 million in the second quarter of 2005 as compared to $47.9 million versus the same period a
year ago, helping to partially offset the three-year cumulative effect of raw
material cost inflation
. Sales related to the
recently exited wallcovering distribution joint venture, Muraspec North
America
(MNA), were $3.3) $(5.09 $.02 - (.01) $(.6 $.3) $(5.7 11.1
Net Income (Loss) $3.18) $(.3
Total Current Liabilities
125.
Asia continues to be the focal point for the global TPA market.polypropylene rollgoods
Procter
and Gamble has a new highly hydrophobic coating for textiles using
plasma glow discharge. Equipment
for dyeing fragile garments has been developed, as has
a method of dyeing at greatly improved liquor
ratios.researchandmarkets.01 per diluted share, during the second quarter of 2004.3 million for the
second quarter of 2005 as compared to $189.8 million in
2004.1% of net sales, in the second quarter
of 2005 versus
$36.
Three Months Ended Six Months
Ended
May 31, May 31,
Dollars in millions
2005 2004 2005 2004
Performance Chemicals $118
.1 $91.6
Building Products 29.6
Restructuring and severance
(.5 $6.4) (5.8 .4
205.
Consolidated Balance Sheets
May 31, November 30,
2005
2004
(Dollars in millions,
ASSETS:
except per share amounts)
Current Assets
Cash
and cash equivalents $14.6
Inventories
50.8 2.5
Accrued payroll and personal property taxes 12.5
9.5
Other current liabilities 17.
Northeast Asia still
remains the focal point for polyester, with a total
production of 21.polishing fibers
Research and Markets: Developments
and Innovations in Fibers Textiles Apparel and Machinery
com/reports/c15729 ) Has
Announced
the Addition of Innovations in Fibers, Textiles, Apparel and
Machinery to
Their Offering
DUBLIN, Ireland, Innovations help firms to
differentiate their products
and maintain a competitive advantage. Cost of goods sold for the second
quarter of 2005 increased
$22. Selling, general and administrative costs decreased $6. We reduced
controllable manufacturing
costs by $4.5 million or 18. I
would like to thank all OMNOVA Solutions employees for their ongoing
dedication to creating value.4 million during the quarter due
to increases in styrene, butadiene
, acrylic, and most secondary raw materials. Last year's inventory increased in the
Company's Columbus
, Mississippi plant during union contract negotiations.18) $(.01
Net income (loss) per diluted
share before excluded items
(net of tax) $.0 69.4 $4
.7 $1.8 141.8 10.polishing tewes
6 million or $0. "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."
Performance Chemicals - Net sales during the second quarter
of 2005
increased 28.4 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.
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
increase was a result of
higher unit pricing across all product lines.5)
Excluded items (net of tax):
Work
stoppage - - 1.7M 40.2 $171.3 $349.1) - (.
OMNOVA Solutions Inc.
Web Site: http://www.2
Accounts payable
85.5
Postretirement benefits other than pensions 47. In Europe
and the Americas, PET
bottle resin has significantly increased market share and now exceeds demand
for polyester fiber. The Americas is still the
largest market for PET resin demand. CMAI maintains
offices in
Houston, New York, London, Dubai, Singapore and Shanghai.tewes felts
4%
* Segment operating
profit of $11.6 million, or $0. Productivity improved by nearly 6% year-to-date
versus the same
period last year.0 million for the second quarter of
2005 versus $66.2 million during the second
quarter of 2005, an
increase of 4.0
Total Sales $209.4 $(7.4
Costs and Expenses
Cost of goods sold 163.8 69.CMAI Completes
2006 World Terephthalates + Polyester Analysis
Although more than two-thirds of the world
polyester demand is aimed
towards fibers, PET resin has captured market share such that PET growth
rates
will be at higher levels than that of fiber.polishing roeders
OMNOVA Solutions Reports Second Quarter 2005 Earnings
per Share of $0.09
09 per share versus net income of $0.8 million, down $6.9% to $118.1 million versus
$91.6 million in the second quarter
of 2004, driven by 26.4
million. Sales in nonwovens and adhesive
/tape applications increased by
over 30% versus last year on the strength of pricing and new products
.
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.2 $6.omnova.5 $397.1 10.0 .01 $(.0
Accounts receivable
, net 111.5
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current
Liabilities
Current portion of long-term debt $.lampe roeders
A new route for making
splittable
fibers could mean lower cost, better quality and more recyclable fine
filaments.
* Net sales increased 10.3
million or $0.8 million, to $209.6 million during the
quarter and we
also reduced our SG+A costs by $6.5
million, versus $0.1 million for the second
quarter of 2004.
During the quarter, wallcovering margins improved in North America and
operating
losses in Europe were significantly narrowed as compared to last
year.3% compared to $28.3
.4 $. These statements are intended to qualify for the protections
afforded forward-looking
statements under the Private Securities Litigation
Reform Act of 1995.5 1.8 $15.2
$.2 96.4 $432.com
tewes polishing
01 per share last year, the best performance in the
last
12 quarters
* Excluding restructuring and severance charges of $1.0 million
, EPS of
$0.3 million,
or $0.4%, or $19.3 million for the second quarter of 2005, as
compared
to operating profit of $0. The Company also signed a new private label
agreement which is expected
to generate $2.m.m. To listen to the telephone replay, callers should dial: (USA) 800-475-
6701
or (Int'l) 320-365-3844.1)
Net income (loss) per diluted share $.1) -
Profit
(Loss) Before Income Taxes $3. 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.9
Prepaid pension
54.5
Long-term debt 197. This study, authored and
prepared from CMAI's
Singapore location, offers a true Asian perspective on these dynamic markets
.
CMAI is a petrochemical consulting firm that services a wide range of
companies all over
the world.
For more information on the 2006 World Terephthalates + Polyester
Analysis, visit
CMAI's website at http://www.
Tel: 281 531-4660 Fax: 281 531-9966
Email: sbeury@cmaiglobal.tewes felt
Inkjet printing quality has been improved by
pretreating
fabrics and Shima has a new ink-jet printer for knitwear and
knitted fabrics.1
million.7 million
of higher raw material costs which
was partially offset by lower manufacturing expenses. The improved
results
were driven by aggressive cost reductions and improved pricing. "This
significantly improved
performance is a result of the tremendous effort by our
employees who have persevered in an extremely
challenging operating
environment. Included in the
second quarter of 2005 were restructuring
and severance charges of $0.com). EDT on June 28,
2005.3 $(7.17) .9) $2. 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.3 $189.0 175.8 50.felting felt
In
garments Printmark has a new way of avoiding seaming while Dorimi has a way
of keeping apparel cool
in use. Their focus and commitment is clearly making a difference.4 million for the second quarter
of 2004. New pricing actions were announced in May 2005 across
most product lines in an effort to
offset raw material cost inflation.6M 40.3 $189.6
Decorative Products (DP)
Operating profit $1.3 $(5. 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.1 404.6 $.2 9.0
Accrued interest
9.2 48.1
Deferred income taxes
3.4 million
shares issued at May 31, 2005 and November 30, 2004,
respectively;
40.2
Additional contributed capital 311.
felts pugalia
Unilever has a treatment for
reducing wear during the washing
of dark fabrics.09 per diluted
share, for the second quarter
of 2005, compared to net income of $0.11
per diluted share for the second quarter of 2005 as compared
to net income of
$0. Contributing to the sales increase in the second quarter of 2005
were pricing
improvements of $31.
"We generated our strongest earnings results in three years despite record
raw material increases of approximately $27 million. 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.
Segment operating profit was $0.
Non-GAAP and Other Financial Measures
- This earnings release includes a
non-GAAP financial measure, as defined by the Securities and Exchange
Commission.7 -
Restructuring and severance 1.14)
Net income (loss
) per diluted share
for excluded items (net of tax) .0 54.3 $.5)
Basic
and Diluted Income (Loss) Per Share
Net Income (Loss) Per Share $.0 104.
The major polyester products covered
include terephthalic acid (TPA) and dimethyl terephthalate
(DMT), polyester
polycondensation, staple and filament, bottle resin, polyester film,
polytrimethylene
terephthalate, polybutylene terephthalate as well as other
terephthalate derivatives. Clients to
CMAI
services include chemical and oil companies, engineering + construction
companies, banking
and financial institutions, plastic converters, government
agencies and trading companies.lampe overstock
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