A. Schulman Reduces Earnings Estimates for Its First Fiscal Quarter Ending November 30, 2000.Business Editors AKRON Akron (ăk`rən), city (1990 pop. 223,019), seat of Summit co., NE Ohio, on the Little Cuyahoga River; inc. 1865. Once the heart of the nation's rubber industry, Akron still contains the headquarters of some rubber corporations and chemical and , Ohio--(BUSINESS WIRE)--Dec. 21, 2000 A. Schulman Schulman is a surname, usually that of a Jewish person. The name is derived from the Yiddish word shul ("synagogue"). Some well-known people with this name are:
relating to relate prep → bezüglich +gen, mit Bezug auf +acc the previously announced closure of its manufacturing facility in Akron. Net income for last year's first quarter was $11,942,000 or $.38 per share, including $.02 per share of earnings from the settlement of an insurance claim. In its October 20 release, the Company had indicated that earnings for the 2001 first fiscal quarter would be off at least 25 percent from last year's results. Since that time, volume has weakened weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. ,
especially in the Company's automotive business. Conditions in
Europe are also off, primarily in Germany and the United Kingdom. Profit
margins are lower due to higher material costs and competitive price
pressures. Although there has been some recent improvement in the value
of the Euro, it is approximately 16 percent lower than last year and
will have an adverse impact on earnings.
"Business is softer than originally anticipated and customers appear to be reducing inventories," said Terry L. Haines, president and chief executive officer. "Margins are lower than last year and it remains difficult to offset increased material costs with higher sales prices due to competitive conditions in the marketplace." Haines added, "In light of the difficult economic environment, we have implemented a number of actions to reduce costs. We expect to realize $15 million in annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. cost reductions resulting from the closing of the Akron manufacturing facility, the shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down of certain other manufacturing lines, and the closing of a number of sales offices. Accordingly, we anticipate some operating improvements in the latter part of our second quarter ending February 28, 2001." A. Schulman will release its fiscal 2001 first-quarter results on January 11, 2001. About A. Schulman Inc. Headquartered in Akron, Ohio Akron is a city in the U.S. state of Ohio and the county seat of Summit County.GR6 The municipality is located in northeastern Ohio on the Cuyahoga River between Cleveland to the north and Canton to the south, approximately 60 miles (96 km) west of , A. Schulman is a leading international supplier of high-performance plastic compounds and resins resins, n.pl complex, insoluble, sticky substances secreted by plants. Used as astringents, antimicrobials, and antiinflammatories, and are burned as incense. Can cause oral ulcers and epidermal irritations. . These materials are used in a variety of consumer, industrial, automotive and packaging applications. The Company employs about 2,500 people and has 14 manufacturing facilities in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe, Mexico and the Asia-Pacific region. Revenues for the fiscal year ended August 31, 2000, were approximately $1 billion. Additional information about A. Schulman can be found on the World Wide Web at www.aschulman.com. Statements in this release which are not historical facts are forward looking statements which involve risks and uncertainties and actual events or results could differ materially from those expressed or implied in this release. These "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " are based on currently available information. They are also inherently uncertain, and investors must recognize that events could turn out to be significantly different from what was expected. Examples of such uncertainties include, but are not limited to, the following: -- Worldwide and regional economic, business and political conditions -- Fluctuations in the value of the currencies in major areas where the Company operates, i.e., the U.S. dollar, the Euro, U.K. pound sterling, Canadian dollar, Mexican peso and Indonesian rupiah -- Fluctuations in the prices of plastic resins and other raw materials -- Changes in customer demand and requirements |
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