Last $38.50 USD
Change Today +0.26 / 0.68%
Volume 127.4K
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As of 8:10 PM 11/21/14 All times are local (Market data is delayed by at least 15 minutes).

schulman (a.) inc (SHLM) Key Developments

A. Schulman, Inc. Names Gustavo Perez as Vice President and General Manager, Latin America

On November 17, 2014, A. Schulman, Inc. announced that effective November 17, 2014, Gustavo Perez will become Vice President and General Manager, Latin America, to specifically focus on growing and developing the Latin America region. The company believes that utilizing Mr. Perez' extensive knowledge of customers and markets in the Latin America region will be a competitive advantage as the company seeks profitable growth opportunities in that region. Most recently he is serving as the company's Vice President and General Manager, Americas, since August 2010, before which he served as the General Manager of Masterbatch for the company's North America operations.

A. Schulman to Close Stryker Ohio Plant, Reduce Administrative Positions

A. Schulman disclosed that it will close its Stryker Ohio plant in April 2015 and make selling, general and administrative reductions to its North American operations. The changes, part of Shulman's ongoing efforts to drive further synergies from recent acquisitions and eliminate duplicate functions, will result in the loss of approximately 80 jobs. The $2.5 million cost associated with the Stryker plant closing will be reflected the financial results for the fiscal first quarter ended November 30. Annualized savings of approximately $3 million will be realized in second half 2015. The majority of the $500,000 SG&A efficiency costs will be realized in first quarter 2015 with annualized savings of approximately $1 million will start to be realized first quarter 2015.

A. Schulman Announces Two Restructuring Actions in its Americas Segment Related to Recent Acquisitions

A. Schulman, Inc. announced that it is consolidating its North American production facilities. As part of its ongoing review of its manufacturing footprint, the company will close its plant in Stryker, Ohio, in April 2015 and shift the plant's production to other facilities in North America. The Stryker plant has been producing products primarily for markets in the United States and Mexico. It employs approximately 70 people and was part of A. Schulman's acquisition of the Ferro Specialty Plastics Business, which was completed in July 2014.

A. Schulman Showcases Integrated Solutions at Pack Expo

A. Schulman annoucend that it is featuring an integrated range of products and services for flexible and rigid packaging at Pack Expo International. A. Schulman said its Masterbatch Solutions and Custom Performance Color business units are dedicated to meeting and exceeding the needs of the packaging industry with the company's technical solutions. The company noted that over the last four years, several acquisitions have accelerated the company's ability to serve the North American packaging industry and better support customers' need for differentiation.

A. Schulman, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended August 31, 2014; Provides Adjusted Net Income Guidance for the Fiscal Year 2015

A. Schulman, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended August 31, 2014. For the quarter, the company reported net sales of $627,358,000 against $537,288,000 a year ago. Operating income was $23,285,000 against $19,301,000 a year ago. Income from continuing operations before taxes was $21,050,000 against $15,387,000 a year ago. Income from continuing operations was $15,164,000 against loss from continuing operations of $762,000 a year ago. Net income was $15,387,000 against net loss of $2,333,000 a year ago. Net income attributable to company was $15,172,000 against net loss attributable to company of $2,682,000 a year ago. Diluted earnings per share attributable to company were $0.52 against diluted loss per share attributable to company of $0.09 per share a year ago. For the year, the company reported net sales of $2,446,998,000 against $2,133,402,000 a year ago. Operating income was $82,321,000 against $63,103,000 a year ago. Income from continuing operations before taxes was $72,332,000 against $53,732,000 a year ago. Net income was $56,992,000 against $27,328,000 a year ago. Income from continuing operations was $53,790,000 against $33,999,000 a year ago. Net income attributable to company was $56,193,000 against $26,099,000 a year ago. Diluted earnings per share attributable to company were $1.19 against $0.89 per share a year ago. Net cash provided from operating activities was $113,142,000 against $83,713,000 a year ago. Expenditures for property, plant and equipment was $35,089,000 against $26,568,000 a year ago. Adjusted net income from continuing operations for fiscal 2014, excluding certain items, was $69,300,000, or $2.36 per diluted share, a 29% improvement over the prior year. Capital expenditures were $35,100,000 compared with $26,600,000 for the prior year, and were primarily related to the regular and ongoing investment in the Company's global manufacturing facilities. The company anticipates its fiscal 2015 adjusted net income will increase to a range of $2.60 to $2.65 per diluted share.

 

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