Omnova Solutions sees sales decline, net loss in 2002

FAIRLAWN, Ohio (Feb. 7)—Omnova Solutions Inc. posted a net loss of $135.5 million in 2002 and net corporate sales dropped 7.6 percent from the previous year to $681.2 million, the company reported. The firm lost $6.7 million in 2001. In the fourth quarter ended Nov. 30, Omnova earned $500,000 on net sales of $172.3 million, down from income of $5 million on sales of $181.8 million in the like period of 2001. The company's fourth-quarter results reflected a slowdown in the overall economy, compounded by several weak Omnova end-use markets, said Kevin McMullen, the company's chairman and CEO. Oil prices also rose in the quarter, resulting in rapid inflation in raw material prices, he said.