OMNOVA Solutions Inc. (NYSE:OMN) announced Net Income of $0.4 million, or $0.01 Diluted Earnings Per Share, for the third quarter ended August 31, 2011. This compares to Net Income of $3.5 million, or Diluted Earnings Per Share of $0.08 for the third quarter of 2010. In the third quarter of 2011, there were a number of non-recurring pre-tax charges totaling $4.8 million. These charges resulted primarily from an increase in bad debt reserves of $2.6 million related to a customer bankruptcy and an asset impairment charge of $2.4 million for an idled coated fabrics manufacturing plant in China. Excluding these items, Adjusted Net Income for the third quarter of 2011 was $4.3 million, with Adjusted Diluted Earnings Per Share of $0.09, as compared to the Adjusted Pro Forma Net Income of $7.2 million or $0.16 per diluted share for the third quarter of 2010.


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