OMNOVA SOLUTIONS INC

CIK:0001090061|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Income Statement [Abstract]
Net sales	$ 155.6	$ 168.9
Cost of goods sold (exclusive of depreciation)	120.4	132.0
Gross profit	35.2	36.9
Selling, general and administrative	26.8	28.7
Depreciation and amortization	7.7	8.0
Restructuring and severance	0.2	1.1
Interest expense	4.6	5.0
Merger, acquisition, and integration related expense	0.8	0.3
Other (income) expense, net	(0.1)	(0.8)
Total other costs and expenses	40.0	42.3
Income (loss) before income taxes	(4.8)	(5.4)
Income tax (benefit) expense	(0.9)	(0.8)
Net income (loss)	$ (3.9)	$ (4.6)
Earnings Per Share
Net income (loss) per share - Basic and Diluted	$ (0.09)	$ (0.10)
Weighted average shares outstanding - Basic and Diluted	44.9	44.7

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Operating Activities
Net income (loss)	$ (3.9)	$ (4.6)
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	7.7	8.0
Amortization and write-off of debt issuance costs	0.4	0.4
Non-cash stock compensation expense	0.6	0.3
Provision for uncollectible accounts	0.0	0.1
Provision for obsolete inventories	0.6	0.6
Deferred income taxes	(0.1)	(0.4)
Operating Lease, Payments	(1.2)	0.0
Other Operating Activities, Cash Flow Statement	0.0	0.1
Changes in operating assets and liabilities:
Accounts receivable	(1.3)	(4.0)
Inventories	0.1	(11.5)
Other current assets	(1.6)	3.9
Current liabilities	(9.9)	2.2
Other non-current assets	(3.8)	(1.3)
Other non-current liabilities	(0.7)	(2.3)
Net Cash Provided By (Used In) Operating Activities	(7.3)	(8.3)
Investing Activities
Capital expenditures	(4.0)	(7.4)
Business acquisition	0.0	2.8
Net Cash Provided By (Used In) Investing Activities	(4.0)	(10.2)
Financing Activities
Proceeds from borrowings	108.7	15.2
Repayment of debt obligations	(106.7)	(17.2)
Finance Lease, Principal Payments	0.2	0.0
Employee tax withholdings related to redemption of common shares	(0.2)	(0.3)
Net Cash Provided By (Used In) Financing Activities	1.6	(2.3)
Effect of exchange rate changes on cash and cash equivalents	(0.3)	0.8
Net Increase (Decrease) In Cash And Cash Equivalents	(10.0)	(20.0)
Cash and cash equivalents at beginning of period	50.9	54.1
Cash and Cash Equivalents at End of Period	40.9	34.1
Cash paid for:
Interest	4.2	4.7
Income taxes	$ 0.4	$ 0.3

Consolidated Statements of Financial Position - USD ($) $ in Millions	Feb. 29, 2020	Nov. 30, 2019
Current Assets
Cash and cash equivalents	$ 40.9	$ 50.9
Accounts receivable, net	91.2	90.4
Inventories, net	82.0	81.5
Prepaid expenses and other	6.7	8.3
Total Current Assets	220.8	231.1
Property, plant and equipment, net	192.5	209.0
Intangible assets, net	40.1	41.0
Goodwill	69.4	69.4
Total Right of Use Assets	26.6	0.0
Other non-current assets	5.0	5.6
Total Assets	554.4	556.1
Current Liabilities
Short-term debt	4.3	4.3
Accounts payable	78.1	85.3
Accrued payroll and personal property taxes	14.9	17.8
Operating Lease, Liability, Current	3.5	0.0
Employee benefits	3.2	3.1
Other current liabilities	1.9	2.7
Total Current Liabilities	105.9	113.2
Long-term debt	325.2	322.8
Post-retirement benefits other than pensions	5.2	5.3
Pension liabilities	74.0	75.5
Operating Lease, Liability, Noncurrent	10.0	0.0
Deferred income taxes	9.1	10.9
Other non-current liabilities	7.8	7.5
Total Liabilities	537.2	535.2
Shareholders' Equity
Preferred stock - $1.00 par value; 15.0 million shares authorized; none outstanding	0.0	0.0
Common stock - $0.10 par value; 135.0 million shares authorized; 48.3 million shares issued; 44.9 million and 44.8 million shares outstanding as of February 29, 2020 and November 30, 2019, respectively	4.8	4.8
Additional contributed capital	348.4	348.6
Retained deficit	(172.5)	(168.3)
Treasury Stock, Value	(25.3)	(25.4)
Accumulated other comprehensive loss	(138.2)	(138.8)
Total Shareholders’ Equity	17.2	20.9
Total Liabilities and Shareholders’ Equity	$ 554.4	$ 556.1