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Plastics products company reports 2009 revenue fell $320.6 million or 35 percent. Auto business up
By Beacon Journal staff
POSTED: 06:24 p.m. EDT, Oct 19, 2009
Fairlawn-based A. Schulman Inc. today reported a loss of $7.9 million, or 30 cents a share, for its fourth quarter that ended Aug. 31.
That compared with earnings of $4.7 million, or 17 cents a share, for the same period a year earlier.
The company noted that it had ''unusual charges'' of about $13.3 million after taxes related to ''ongoing restructuring activities and asset impairments.'' A year earlier, Schulman said, it had a similar charge of $2.1 million.
Sales also were down in the final period of its fiscal year. The company said net revenues were $320.6 million, down 35 percent from $495.8 million a year earlier. The company blamed the lower revenues and 21.8 percent decline of tonnage shipments on ''weak end markets'' and its effort ''to move away from low-margin business.''
For its fiscal year, Schulman reported a loss of $2.83 million, or 11 cents a share. That compared with a profit of $18 million, or 66 cents a share for 2008.
Schulman stock rose 3.5 percent today, closing at $20.23. Shares are up 40 percent from a year ago and up 19 percent in 2009.
In the fourth quarter, Schulman said it completed the closing of a sheet manufacturing operation called Invision.
The company did note that tonnage increased about 2 percent in the fourth quarter compared with the third, describing the trend as ''a very gradual recovery over the last few months.''
The company said its selling expenses for the fourth quarter decreased by $1.4 million from the year-ago period. It also noted that its cash position stood at $228.7 million at the end of the fourth quarter compared with $202.5 million after the third financial period.
In a prepared statement, Chairman, President and Chief Executive Joseph M. Gingo said, ''We are encouraged that, despite significantly lower volumes, our strategic efforts to focus on higher value-added products and reduce operating costs have resulted in strong margin gains . . . ''
Schulman's financial statement showed gross-profit margins for the quarter of 16.3 percent of net sales, an increase from 12.1 percent from a year ago.
Gingo said there was an unexpected rise in demand in August for engineered plastic products because of an increase in auto sales. The government's Cash for Clunkers rebate program was in effect during that period.
Fairlawn-based A. Schulman Inc. today reported a loss of $7.9 million, or 30 cents a share, for its fourth quarter that ended Aug. 31.
That compared with earnings of $4.7 million, or 17 cents a share, for the same period a year earlier.
The company noted that it had ''unusual charges'' of about $13.3 million after taxes related to ''ongoing restructuring activities and asset impairments.'' A year earlier, Schulman said, it had a similar charge of $2.1 million.
Sales also were down in the final period of its fiscal year. The company said net revenues were $320.6 million, down 35 percent from $495.8 million a year earlier. The company blamed the lower revenues and 21.8 percent decline of tonnage shipments on ''weak end markets'' and its effort ''to move away from low-margin business.''
For its fiscal year, Schulman reported a loss of $2.83 million, or 11 cents a share. That compared with a profit of $18 million, or 66 cents a share for 2008.
Schulman stock rose 3.5 percent today, closing at $20.23. Shares are up 40 percent from a year ago and up 19 percent in 2009.
In the fourth quarter, Schulman said it completed the closing of a sheet manufacturing operation called Invision.
The company did note that tonnage increased about 2 percent in the fourth quarter compared with the third, describing the trend as ''a very gradual recovery over the last few months.''
The company said its selling expenses for the fourth quarter decreased by $1.4 million from the year-ago period. It also noted that its cash position stood at $228.7 million at the end of the fourth quarter compared with $202.5 million after the third financial period.
In a prepared statement, Chairman, President and Chief Executive Joseph M. Gingo said, ''We are encouraged that, despite significantly lower volumes, our strategic efforts to focus on higher value-added products and reduce operating costs have resulted in strong margin gains . . . ''
Schulman's financial statement showed gross-profit margins for the quarter of 16.3 percent of net sales, an increase from 12.1 percent from a year ago.
Gingo said there was an unexpected rise in demand in August for engineered plastic products because of an increase in auto sales. The government's Cash for Clunkers rebate program was in effect during that period.
Comments
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akron, oh
Posted 06:41 PM, 10/19/2009
?
hudson, oh
Posted 07:22 AM, 10/20/2009
I'll bet that 7.9 million is less than the CEO is compensated. Executive greed is the reason for this loss.
Executive pay is killing American business as much as anything else
Akron, Oh
Posted 10:54 AM, 10/21/2009
No, patriot, you are wrong. The loss is due to retooling and improvements.
