FAIRLAWN, OH - OMNOVA Solutions Inc. announced a net loss of $10.4 million, or a diluted loss per share of $0.23, for the fourth quarter ended November 30, 2011. Included in the fourth-quarter net loss was a loss from discontinued operations of $16.7 million, or a diluted loss per share of $0.37, related primarily to non-cash asset impairment charges of $13.6 million.
“Operating profit improved sequentially in the fourth quarter despite continued weakness in market demand,” said Kevin McMullen, OMNOVA Solutions' Chairman and Chief Executive Officer. "Fourth-quarter results were positively impacted by lower raw material input costs, which declined from an all-time high in the third quarter, but were still higher than the prior year. We also generated positive cash during the quarter and increased our cash balance to approximately $106 million.