OMNOVA Solutions Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended Nov. 30, 2015; Announces Asset Impairment for the Fourth Quarter of 2015; Provides Earnings Guidance for Fiscal 2016
For the year, net sales were $838.0 million against $987.4 million for the same period of last year. Loss from continuing operations before income taxes was $21.1 million against income of $11.7 million for the same period of last year. Loss from continuing operations was $18.7 million against income of $12.1 million for the same period of last year. Net loss was $17.8 million against income of $11.5 million for the same period of last year. Basic and diluted loss per share from continuing operations was $0.41 against income of $0.26 for the same period of last year. Basic and diluted loss income per share was $0.39 against income of $0.25 for the same period of last year. Net cash provided by operating activities was $43.7 million against $15.0 million for the same period of last year. Capital expenditures were $24.0 million against $29.8 million for the same period of last year. Adjusted income from continuing operations was $16.5 million against $12.9 million for the same period of last year. Adjusted operating profit from continuing operations before income taxes was $23.5 million against $18.5 million for the same period of last year. Adjusted diluted earnings per share from adjusted income from continuing operations were $0.36 against $0.28 for the same period of last year. Consolidated Adjusted EBITDA was $79 million against $81.9 million for the same period of last year.
For the quarter, the company announced asset impairment of $18.3 million against $19.4 million for the same period of last year.
The company expects its strategic growth initiatives and cost reductions to result in 2016 being another year of significant growth in adjusted diluted earnings per share, driven by cost reductions, margin expansion and accelerated growth in key specialty businesses, offsetting expected market declines primarily in paper.