Cleaning & Restoration Breaking News

OMNOVA reports third quarter earnings

September 18, 2001
/ Print / Reprints /
ShareMore
/ Text Size+
Floor care products manufacturer OMNOVA Solutions Inc. reported earnings for the third quarter of 2001.

FAIRLAWN, Ohio -- OMNOVA Solutions Inc. (NYSE:OMN), a manufacturer of specialty chemicals for the floor care, carpet and specialties markets, reported earnings of 6-cents per diluted share for the third quarter of 2001, compared to earnings of 1-cent per diluted share during the third quarter of 2000.

The company is enjoying an operating profit of $10.2 million for the third quarter of 2001. This compares to an operating profit of $8.6 million for the third quarter of 2000. The third quarter operating profit improvement was a result of aggressive cost reductions, performance of recent acquisitions, and lower raw material costs, OMNOVA reported.

"Our third quarter financial results exhibited improvement, both in sales and operating profit as compared to very weak first half results from our continuing operations," said Kevin McMullen, OMNOVA Solutions' Chairman and Chief Executive Officer. "Demand in several of our markets improved slightly and raw material costs moderated. In a very challenging economic and operating environment, we continue to closely manage things under our control, especially expenses and capital expenditures. Restructuring actions taken earlier in the year are improving our profitability, and we were able to reduce our debt by $6.5 million in the quarter.'"

Sales were $199.9 million for the third quarter of 2001, essentially flat as compared to $200.1 million during the same period a year ago, but the strongest quarterly total of the year. Excluding acquisition-related revenues, sales for the current quarter were $189.8 million, down 5 percent versus the third quarter of 2000.

During the third quarter of 2001, Performance Chemicals introduced new products to the floor care, carpet, and specialties markets, including applications utilizing the OMNOVA's proprietary PolyFox fluorochemical technology. The business segment also continues to improve its cost structure for enhanced future financial performance.

OMNOVA Solutions Inc. is a technology-based company with 2000 sales of $773 million and 2,500 employees worldwide. OMNOVA is a major innovator of decorative and functional surfaces, emulsion polymers and specialty chemicals.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

1/27/15 2:00 pm EST

Grow Your Business and Improve Operations with New Payment Technology

Attend this free webinar to learn how new developments in payment technology can help you close more jobs, increase upselling opportunities and improve operations.

Podcasts

While winter is considered the "slow season" for carpet cleaners, it can also be a season of great opportunity. In this episode of The Hitman Advertising Show, John Braun offers advice for keeping revenue consistent during the cold weather months so you're thriving - and not just surviving - the winter.
More Podcasts

ICS Cleaning Specialist Magazine

CoverImage

2014 Nov/Dec

The Nov/Dec ICS features content on how to get better meter readings, a roundtable on truckmount development, neighborhood marketing and more. Also included is the annual Buyer’s Guide and Directory.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive

THE ICS STORE

FinalCover.gif
The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.png

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view