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OMNOVA Solutions Reports Fourth Quarter 2008 Earnings Per Share of $0.02

January 20, 2009

FAIRLAWN, Ohio, Jan. 20 /PRNewswire-FirstCall/ — OMNOVA Solutions Inc.
(NYSE: OMN) today reported net income of $0.8 million, or $0.02 per diluted
share, for the fourth quarter ended November 30, 2008, compared to net income
of $3.7 million, or $0.09 per diluted share, for the fourth quarter of 2007.
Included in the fourth quarter of 2008 were restructuring, severance and other
charges of $0.3 million, compared to a net gain of $0.2 million in the fourth
quarter of 2007 comprised of gains from an asset sale and discontinued
operations, partially offset by restructuring, severance and other charges.

Net sales increased $23.7 million, or 12.1%, to $219.6 million, for the
fourth quarter of 2008 compared to $195.9 million during the fourth quarter of
2007. The fourth quarter increase was attributable to sales of $26.2 million
from the Decorative Products Asian businesses acquired in the first quarter of
2008 and favorable pricing of $40.7 million, partially offset by net volume
declines of $39.6 million and foreign currency translation loss of $3.6
million
. Cost of goods sold for the fourth quarter of 2008 increased $25.2
million
, to $185.0 million, as compared to the fourth quarter of 2007. The
increase was primarily the result of $25.2 million from the inclusion of the
Decorative Products Asian businesses, $28.3 million of higher raw material
costs (excluding Asia) and $2.0 million higher health care expenses, which
were partially offset by lower volumes and lower domestic manufacturing
expenses. Gross profit was $34.6 million, with margins of 15.8%, in the
fourth quarter of 2008 compared to $36.1 million, or margins of 18.4%, in the
fourth quarter of 2007.

“During the fourth quarter, we were profitable in what was obviously a
challenging environment,” said Kevin McMullen, OMNOVA Solutions’ Chairman and
Chief Executive Officer. “Our raw material prices continued to climb through
October to record highs, despite a reduction in oil prices several months
earlier. Overall manufacturing output in North America was very weak in
November as companies took extended shutdowns around the Thanksgiving holiday.
OMNOVA Solutions responded with continued aggressive cost reduction actions,
improved pricing and new customer wins during November and early in our first
quarter of 2009. As a result, despite the challenging economic environment,
we were profitable both in the month of November and the fourth quarter of
2008, generating cash flow from operations to reduce our debt by $12.1
million
.

“Looking forward, though the economic environment remains difficult, there
are a number of positive developments occurring at OMNOVA Solutions,” McMullen
added, citing the following:

— After a decade of unprecedented increases in the Company’s raw material
costs, prices began to decline in November and are continuing to drop in the
first quarter of 2009.

— Major inventory de-stocking by customers appears to be slowing as
chemical volumes have increased in January compared to the last two months of
2008.

— OMNOVA has recent customer wins, promising new products and encouraging
ongoing customer trialing activities.

— As previously announced, the Company has completed actions which are
expected to provide $19.0 million of cost reductions in 2009.

— Structural industry consolidation is occurring in both businesses with
the exit of some competitors and the closing of manufacturing capacity by
others.

“We expect that these five developments will drive first half 2009 year-
over-year improved operating profit and debt reduction,” McMullen said.

Selling, general and administrative expense as a percentage of sales fell
to 11.6% in the fourth quarter of 2008 as compared to 12.6% in the fourth
quarter of 2007. Expenses in the fourth quarter of 2008 were $25.5 million,
including $1.9 million from the acquired Asian businesses, compared to $24.6
million
in the fourth quarter of 2007.

Interest expense decreased $0.2 million, to $3.1 million, for the fourth
quarter of 2008 due to lower average interest rates as a result of the
Company’s refinancing actions in 2007, which were partially offset by higher
average debt levels. The weighted average cost of borrowing during the fourth
quarter of 2008 was 5.0%, a significant improvement from 7.5% during the
fourth quarter of 2007.

Debt was reduced $12.1 million during the fourth quarter of 2008. Total
debt at the end of the fourth quarter of 2008 was $188.3 million, compared to
$200.4 million at August, 31, 2008 and $149.9 million at November 30, 2007.
Debt increased during the 2008 fiscal year primarily as a result of $32.4
million
in borrowings and assumed debt in connection with the Decorative
Products Asian business acquisitions in January 2008. The debt is primarily
comprised of a term loan facility with $143.9 million outstanding which
matures in 2014, and a revolving asset-based credit facility with $39.7
million
outstanding which matures in 2012. There was $34.7 million of unused
and available liquidity under the Company’s revolving asset-based credit
facility at November 30, 2008.

EBITDA, as defined in the Company’s borrowing agreements for the
calculation of the net leverage ratio, grew 24%, to $16.5 million, for the
fourth quarter of 2008 compared to $13.3 million for the fourth quarter of
2007. EBITDA for the twelve months ended November 30, 2008 was $47.8 million
compared to $48.9 million for the twelve months ended November 30, 2007.
OMNOVA’s leverage ratio of Net Debt to EBITDA was 3.7 at November 30, 2008,
well under the covenant limit of 5.5, and a significant improvement compared
to 4.3 as of the third quarter of 2008. An explanation of how the Company
defines EBITDA and Net Debt and reconciliations of EBITDA to income (loss)
from continuing operations and Net Debt to total debt are provided in the Non-
GAAP and Other Financial Measures section of this earnings release.

Results for the Year Ending November 30, 2008 — Net sales increased
$123.9 million or 17%, to $869.4 million, compared to $745.5 million in 2007.
Contributing to the net sales increase were pricing improvements of $86.9
million
and sales of $86.4 million from the inclusion of Decorative Products
Asian businesses, which were partially offset by $46.1 million of lower
volumes and $3.3 million of foreign currency translation loss.

Cost of goods sold for 2008 was $731.4 million, up $126.2 million versus
2007. The increase was driven primarily by $75.1 million of higher raw
material costs (excluding Asia) and $81.3 million from inclusion of the
Decorative Products Asian businesses, which were partially offset by lower
volumes and reduced domestic manufacturing expenses. Gross profit decreased
to $138.0 million and margins of 15.9% compared to $140.3 million and margins
of 18.8% in 2007. Selling, general and administrative costs increased $5.7
million
, to $104.8 million, primarily from the inclusion of $5.9 million of
expenses from the Decorative Products Asian businesses.

Interest expense decreased $3.5 million, to $13.0 million, compared to
$16.5 million in 2007 due to lower average borrowing rates, partially offset
by higher average debt.

Net loss for 2008 was $2.2 million, or loss per diluted share of $0.05,
compared to the net loss of $6.7 million, or loss per diluted share of $0.16,
in 2007. Included in the 2008 net loss are restructuring, severance and other
charges of $0.7 million. The net loss for 2007 included charges of $12.7
million
for debt refinancing, restructuring, severance and other items.

Performance Chemicals — Net sales during the fourth quarter of 2008
increased 4.4%, to $132.0 million, compared to $126.4 million in the fourth
quarter of 2007. The increase was driven by higher selling prices of $39.0
million
, partially offset by weaker market conditions, which led to volume
decreases of $32.3 million. Segment operating profit was $10.2 million for
the fourth quarter of 2008, up from $6.5 million for the fourth quarter of
2007. The 2007 results include a gain of $0.7 million on the sale of an
office building. The year-over-year operating profit improvement was driven
by higher pricing in response to $26.2 million of increased raw material
costs, partially offset by the impact of LIFO inventory valuation charge of
$5.5 million and lower volumes. Segment operating profit margin was 7.7% for
the fourth quarter of 2008 as compared to 5.1% for the fourth quarter of 2007.

Volumes were negatively impacted by the closure of a large paper mill in
September and broad-based market weakness in November as customers took
extended shutdowns around the Thanksgiving holiday. However, late in the
fourth quarter the Company began shipping additional product to two existing
carpet customers. Additionally, in the first quarter of 2009 the Company’s
industry leading technology won business at two new coated paper mills.

New record-high quarterly average prices for butadiene, styrene and most
secondary raw materials were recorded in the fourth quarter of 2008. Average
prices for butadiene were up 103%, while average styrene costs rose 23% as
compared to the average prices in the fourth quarter of 2007. Raw material
prices began to drop during the last month of the quarter and have continued
to decline in the first quarter of 2009.

For the full year, Performance Chemicals sales were up $46.3 million, or
9.7%, to $521.6 million, compared to $475.3 million in 2007. Pricing improved
by $81.1 million, while volumes declined by $33.7 million on weaker customer
demand in the carpet and paper markets. Operating profit in 2008 was $25.2
million
compared to $23.8 million in 2007. Operating profit for the second
half of 2008 totaled $20.7 million, or 82% of the full year total, due to
improved pricing and lower operating costs.

Decorative Products — Net sales were $87.6 million during the fourth
quarter of 2008, an increase of $18.1 million, or 26.0%, compared to the
fourth quarter of 2007. The increase in sales was due to $26.2 million of
sales from the inclusion of the Asian businesses and price increases of $1.7
million
, which were partially offset by lower U.S. and European volumes and
foreign currency translation loss of $2.5 million. The operating loss of $5.3
million
for the fourth quarter of 2008 compares to an operating profit of $2.9
million
for the fourth quarter of 2007. The fourth quarter 2008 operating
loss was driven primarily by higher domestic and European raw material costs
of $2.1 million, Asian losses of $2.0 million, increased health care costs of
$1.3 million, inventory obsolescence charges of $1.0 million and year-over-
year unfavorable impact of LIFO inventory valuation charge of $1.4 million.

At a major “green” building conference during the quarter, Decorative
Products introduced RECORE(TM) commercial wallcovering technology, which
features 30% recycled content, including an innovative backing woven from
post-consumer recycled plastic. All new vinyl wallcovering patterns
introduced by OMNOVA as of November 2008 will utilize this environmentally
preferred technology. Sales of viewnique(R) digital wall murals increased 11%
in 2008 as OMNOVA continues to make available an ever-broader selection of
print substrates, and pool liner films were up as the Company captured new
business in a consolidating industry.

Beginning in 2008 and continuing into 2009, Decorative Products has
implemented cost reduction actions of approximately $10 million through global
personnel reductions, realignment of its sales force and lower discretionary
expenses. Global headcount dropped 11% during fiscal 2008 and through the
first two months of 2009. Raw material costs started to moderate in November
and have continued to drop in the first quarter of 2009.

For the full year, Decorative Products sales were up $77.6 million, or
28.7%, to $347.8 million, as compared to $270.2 million in 2007. The sales
increase is attributable to sales of $86.4 million from the acquired Asian
businesses and higher pricing of $5.8 million. This was partially offset by
volume declines of $12.4 million on weaker customer demand, particularly in
laminates end markets such as kitchen cabinets, and $2.2 million of foreign
currency translation loss. The operating loss in 2008 was $6.5 million
compared to operating profit of $8.6 million in 2007. Driving the decline was
$7.7 million of increased domestic and European raw material costs, $4.6
million
of negative year-over-year Asian results, reduced manufacturing
absorption due to lower volumes of $3.9 million, higher health care costs of
$1.8 million, $1.0 million of inventory obsolescence adjustments, and $1.7
million
from the impact of LIFO valuation charge, partially offset by $5.8
million
of higher pricing.

Decorative Products Asia Operations — Effective December 31, 2007, the
Company acquired the remaining 49.9% interest of its former Decorative
Products joint venture companies in China and Thailand for $32.4 million.
Previously, the Company used the equity method of accounting to record its
proportionate share of the net income or loss of these Asian businesses and
did not consolidate sales or operating results of these businesses. The
operating results of the Decorative Products Asian businesses are now
consolidated but continue to be recognized on a one-month lag, meaning that
the August through October time period is recorded in the fourth quarter of
2008.

For comparative purposes only, Decorative Products’ Asian sales for the
fourth quarter of 2008 were $26.2 million compared to $26.1 million for the
fourth quarter of 2007. The operating loss for the Decorative Products Asian
businesses was $2.0 million for the fourth quarter of 2008 as compared to
breakeven results in the fourth quarter of 2007. Unfavorable year-over-year
comparisons were driven by significantly increased raw material costs and
higher manufacturing costs. In China and Thailand, the Company implemented a
management restructuring in the third quarter of 2008 which is expected to
provide future improvement in operations and manufacturing efficiencies. In
the first quarter of 2009, the workforce in Thailand was reduced by 70
positions. The Decorative Products Asian consolidation resulted in certain
significant increases in balance sheet accounts as of November 30, 2008,
including: net receivables $19.4 million, net inventories $13.3 million, net
fixed assets $27.4 million and current liabilities $24.3 million.

For the full year, Decorative Products’ Asian sales were $86.4 million as
compared to $90.3 million in 2007. The operating loss in 2008 was $4.0
million
compared to operating income of $0.6 million in 2007. Profit was
lower due to significantly higher raw material costs and expenses related to
integration of the acquired businesses.

Earnings Conference Call — OMNOVA Solutions has scheduled its Earnings
Conference Call for Tuesday, January 20, 2009, at 11:00 a.m. EST. The live
audio event will be hosted by OMNOVA Solutions’ Chairman and Chief Executive
Officer, Kevin McMullen. It is anticipated to be approximately one hour in
length and may be accessed by the public from the Company’s website
(www.omnova.com). Webcast attendees will be in a listen-only mode. Following
the live webcast, OMNOVA will archive the call on its website until noon EST,
January 27, 2009. A telephone replay will also be available beginning at 1:00
p.m. EST
on January 20, 2009, and ending at 11:59 p.m. EST on January 27,
2009
. To listen to the telephone replay, callers should dial: (USA) 800-475-
6701 or (Int’l) 320-365-3844. The Access Code is 978101.

Non-GAAP and Other Financial Measures

Reconciliation of segment sales and operating profit to consolidated net
sales and income (loss) before income taxes

Management reviews the information below in assessing the performance of
the business segments and in making decisions regarding the allocation of
resources to the business segments. Management believes that this information
is useful for providing the investor with an understanding of the Company’s
business and operating performance.

    (Dollars in millions)            Three Months Ended       Year Ended
                                        November 30,          November 30,
                                      2008       2007       2008       2007
    Performance Chemicals           $132.0     $126.4     $521.6     $475.3
    Decorative Products               87.6       69.5      347.8      270.2
    Total Sales                     $219.6     $195.9     $869.4     $745.5

    Segment Operating Profit (Loss)
     (1) (2)
    Performance Chemicals            $10.2       $6.5      $25.2      $23.8
    Decorative Products               (5.3)       2.9       (6.5)       8.6
    Interest expense                  (3.1)      (3.3)     (13.0)     (16.5)
    Corporate expense                 (1.3)      (2.6)      (7.7)     (10.4)
    Debt redemption expense             --         --         --      (12.4)
    Income (Loss) Before Income
     Taxes                             $.5       $3.5      $(2.0)     $(6.9)

    Capital expenditures              $3.7       $5.9      $14.8      $16.2

    (1)  Segment operating profit for the 4th quarter of 2008 and 2007 was
    impacted by a number of items which are discussed earlier in this earnings
    release. These items include for the 4th quarter of 2008 restructuring and
    severance charges of $0.2 million, and for the 4th quarter of 2007
    restructuring and severance charges of $0.5 million and a gain on the sale
    of a building of $0.7 million. Management excludes these items when
    evaluating the results of the Company's segments.

    (2)  Segment operating profit for the years ended November 30, 2008 and
    2007 was impacted by a number of items which are discussed earlier in this
    earnings release. These items include for the full year of 2008
    restructuring and severance charges of $0.6 million, and for the full year
    of 2007 restructuring and severance charges of $0.8 million and a gain on
    the sale of a building of $0.7 million. Management excludes these items
    when evaluating the results of the Company's segment.

Reconciliation of income (loss) from continuing operations to EBITDA and
total debt to Net Debt

This earnings release includes EBITDA and Net Debt which are non-GAAP
financial measures as defined by the Securities and Exchange Commission.
EBITDA is calculated in accordance with the definition of Net Leverage Ratio
as set forth in the Company’s $150,000,000 Term Loan Credit Agreement dated as
of May 22, 2007 and excludes charges for interest, taxes, depreciation and
amortization, amortization of deferred financing costs, net earnings of joint
ventures less cash dividends, net earnings of foreign subsidiaries less cash
dividends, loss on debt transactions, gains or losses on sale or disposal of
capital assets, loss from write-down of non-current assets, non-cash income or
expense for the Company’s pension plans, gains or losses from changes in the
LIFO reserve, and non-cash charges for the 401(k) company match and up to $2.0
million
annually for restructuring, severance and non-recurring charges. Net
Debt is calculated as total debt, outstanding letters of credit and the fair
value of the interest rate swap if in a loss position less cash, cash
equivalents and restricted cash. EBITDA and Net Debt are not measures of
financial performance under GAAP. EBITDA and Net Debt are not calculated in
the same manner by all companies and accordingly are not necessarily
comparable to similarly titled measures of other companies and may not be an
appropriate measure for comparing performance relative to other companies.
EBITDA and Net Debt should not be construed as indicators of the Company’s
operating performance or liquidity and should not be considered in isolation
from or as a substitute for net income (loss), cash flows from operations or
cash flow data which are all prepared in accordance with GAAP. EBITDA and Net
Debt are not intended to represent and should not be considered more
meaningful than, or as an alternative to, measures of operating performance as
determined in accordance with GAAP. Management believes that presenting this
information is useful to investors because these measures are commonly used as
analytical indicators to evaluate performance, measure leverage capacity and
debt service ability and by management to allocate resources. Set forth below
are the reconciliations of these non-GAAP financial measures to their most
directly comparable GAAP financial measures.

    (Dollars in millions)           Three Months Ended        Year Ended
                                       November 30,          November 30,
    Reconciliation of income
     (loss) from continuing
     operations to EBITDA             2008      2007        2008       2007
    Income (Loss) from continuing
     operations                        $.8      $3.4       $(2.2)     $(7.0)
    Interest                           2.9       3.1        12.3       15.7
    Tax (benefit) expense              (.3)       .1          .2         .1
    Depreciation and amortization      5.9       5.0        23.9       20.1
    Amortization of deferred
     financing costs  .                  2        .2          .7         .8
    Net earnings of joint ventures
     less cash dividends                --        --          --       (1.2)
    Net earnings of foreign
     subsidiaries less cash
     dividends                          .1        .6          --         --
    Loss on debt transactions           --        --          --       12.4
    (Gains) or losses on sale
      or disposal of capital
      assets                           (.2)      (.6)         .1        (.4)
    Non-cash (income) or
     expense for pension plans          .6       1.5         5.0        6.2
    (Gain) or loss on change
      in LIFO reserve                  6.2      (1.0)        6.5        (.9)
    Non-cash charge for
     401(k) company match              (.2)       .5         1.2        2.1
    Restructuring, severance
     and non-recurring charges          .5        .5          .1        1.0
    EBITDA                           $16.5     $13.3       $47.8      $48.9

    (Dollars in millions)                       November 30,   November 30,
    Reconciliation of total debt to Net Debt        2008          2007

    Total debt                                    $188.3        $149.9

    Outstanding letters of credit and
     interest rate swap                              8.1           5.9
    Cash and cash equivalents                      (17.4)        (12.6)
    Net Debt                                      $179.0        $143.2

This earnings release may contain forward-looking statements concerning
trends, expectations, estimates, forecasts and projections relating to the
Company and its business, industries, markets, products, results of
operations, financial condition, accounting policies and management judgments,
among other things. These statements are intended to qualify for the
protections afforded forward-looking statements under the Private Securities
Litigation Reform Act of 1995. Forward-looking statements may generally be
identified by the use of forward-looking terms such as “may,” “should,”
“projects,” “forecasts,” “seeks,” “believes,” “expects,” “anticipates,”
“estimates,” “intends,” “plans,” “targets,” “optimistic,” “likely,” “will,”
“would,” “could,” or similar terms. There are many risks, uncertainties and
factors that could cause actual results or outcomes to differ materially from
those expressed in or implied by the Company’s forward-looking statements.
Some of these risks, uncertainties and factors include, but are not limited
to, the following: general economic trends affecting the Company’s end-use
markets; prices and availability of raw materials including styrene,
butadiene, vinyl acetate monomer, polyvinyl chloride, acrylics and textiles;
ability to increase pricing to offset raw material cost increases; product
substitution and/or demand destruction due to product technology, performance
or cost disadvantages; customer and/or competitor consolidation; ability to
successfully develop and commercialize new products; customer ability to
compete against increased foreign competition; ability to successfully
implement productivity enhancement and cost reduction initiatives; operational
issues at the Company’s facilities; the Company’s strategic alliance, joint
venture and acquisition activities; acts of war or terrorism, natural
disasters or other acts of God; changes in governmental and regulatory
policies; compliance with extensive environmental, health and safety laws and
regulations; rapid inflation in health care costs and assumptions used in
determining health care cost estimates; risks associated with foreign
operations including political unrest and fluctuations in exchange rates of
foreign currencies; prolonged work stoppage resulting from labor disputes with
unionized workforce; assumptions used in determining pension plan expense and
funding, such as return on assets and discount rates and changes in pension
funding regulations; litigation against the Company including adverse
litigation judgment or settlement and absence of or inadequacy of insurance
coverage for such litigation, judgments or settlements; availability of
financing to fund operations at anticipated rates and terms; substantial debt
and leverage and the ability to service that debt including increases in
applicable short or long-term borrowing rates. The Company disclaims any
obligation, other than imposed by law, to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.

OMNOVA Solutions Inc. is a technology-based company with 2008 sales of
$869 million and a current workforce of approximately 2,630 employees
worldwide. OMNOVA is an innovator of emulsion polymers, specialty chemicals,
and decorative and functional surfaces for a variety of commercial, industrial
and residential end uses. Visit OMNOVA Solutions on the internet at
http://www.omnova.com .


                            OMNOVA SOLUTIONS INC.

                    Consolidated Statements of Operations
                 (Dollars in Millions, Except Per Share Data)
                                 (Unaudited)

                                  Three Months Ended           Year Ended
                                    November 30,              November 30,
                                 2008         2007         2008         2007
    Net Sales                  $219.6       $195.9       $869.4       $745.5
    Cost of goods sold          185.0        159.8        731.4        605.2
    Gross Profit                 34.6         36.1        138.0        140.3

    Selling, general and
     administrative              25.5         24.6        104.8         99.1
    Depreciation and
     amortization                 5.9          5.0         23.9         20.1
    Restructuring and severance    .2           .5           .6          1.0
    Interest expense              3.1          3.3         13.0         16.5
    Equity earnings in
     affiliates, net               --           --          (.2)        (1.2)
    Debt redemption expense        --           --           --         12.4
    Other income, net             (.6)         (.8)        (2.1)         (.7)
                                 34.1         32.6        140.0        147.2

    Income (Loss) From
     Continuing Operations
     Before Income Taxes           .5          3.5         (2.0)        (6.9)
    Income tax benefit
     (expense)                     .3          (.1)         (.2)         (.1)
    Income (loss) from
     continuing operations         .8          3.4         (2.2)        (7.0)
    Discontinued operation,
     net of tax:
    Income (loss) from
     operations                    --           .3           --           .3
        Total discontinued
         operations                --           .3           --           .3
    Net Income (Loss)             $.8         $3.7        $(2.2)       $(6.7)

    Basic Income (Loss) Per Share
    Income (loss) from
     continuing operations
                                 $.02         $.08        $(.05)       $(.17)
    Income from discontinued
     operations                    --          .01           --          .01
    Net income (loss) per
     share                        .02         $.09        $(.05)       $(.16)

    Diluted Income (Loss) Per Share
    Income (loss) from
     continuing operations       $.02         $.08        $(.05)       $(.17)
    Income from discontinued
     operations                    --          .01           --          .01
    Net income (loss) per
     share                       $.02         $.09        $(.05)       $(.16)

                            OMNOVA SOLUTIONS INC.

                           Condensed Balance Sheets
               (Dollars in millions, except per share amounts)

                                                 November 30,   November 30,
                                                    2008           2007
                                                 (Unaudited)
    ASSETS:
    Current Assets
    Cash and cash equivalents                          $17.4          $12.6
    Accounts receivable, net                           118.3          102.2
    Inventories                                         46.1           30.6
    Prepaid expenses and other                           4.5            3.1
    Deferred income taxes                                1.5             --
        Total Current Assets                           187.8          148.5

    Property, plant and equipment, net                 153.7          135.8
    Trademarks and other intangible assets, net          5.5            4.2
    Investments in affiliates                             --           22.2
    Prepaid pension asset                                 --            9.8
    Deferred income taxes                                 --            1.7
    Other assets                                         4.6            4.2
        Total Assets                                  $351.6         $326.4

    LIABILITIES AND SHAREHOLDERS' EQUITY:
    Current Liabilities
    Amounts due banks                                   $6.2           $5.3
    Accounts payable                                    68.1           62.0
    Accrued payroll and personal property taxes         13.0           14.2
    Employee benefit obligations                         3.2            3.3
    Deferred income taxes                                 --            1.7
    Other current liabilities                            3.4            5.3
        Total Current Liabilities                       93.9           91.8

    Long-term debt                                     182.1          144.6
    Postretirement benefits other than pensions          9.3           11.0
    Pension liabilities                                 13.0            2.4
    Deferred income taxes                                2.3             --
    Other liabilities                                   14.4           11.3
    Total liabilities                                  315.0          261.1

    Shareholders' Equity
    Preference stock - $1.00 par value; 15 million
     shares authorized; none outstanding                  --             --
    Common stock - $0.10 par value; 135 million shares
     authorized; 43.9 million and 43.4 million shares
     issued at November 30, 2008 and 2007, respectively  4.4            4.3
    Additional contributed capital                     311.8          312.7
    Retained deficit                                  (245.4)        (243.3)
    Treasury stock at cost; 0.1 million and 0.8
     million shares at November 30, 2008 and 2007,
     respectively                                        (.6)          (4.5)
    Accumulated other comprehensive loss               (33.6)          (3.9)
        Total Shareholders' Equity                      36.6           65.3
            Total Liabilities and Shareholders'
             Equity                                   $351.6         $326.4

SOURCE OMNOVA Solutions Inc.


Source: newswire