A. Schulman Annual Meeting Of Stockholders Highlights Fiscal 2009 Progress And Important Steps In Fiscal 2010
AKRON, Ohio, Dec. 10 /PRNewswire-FirstCall/ --
- Stockholders approve election of Board of Directors
- Company expects strong fiscal 2010 first-quarter operating performance
- CEO shares highlights of proposed acquisition of ICO, Inc.
A. Schulman, Inc. (Nasdaq: SHLM) today held its 2009 Annual Meeting of Stockholders, where Joseph M. Gingo, Chairman, President and Chief Executive Officer, and Chief Financial Officer Paul DeSantis reviewed the Company's transformation over the past two years, its financial and operating performance in fiscal 2009, its outlook for the first quarter of fiscal 2010, and the recently announced proposed acquisition of ICO, Inc., an important step in the continued strategic growth of A. Schulman.
Gingo, who assumed leadership of A. Schulman in January 2008, noted that the Company has made a great deal of progress with its aggressive actions to strengthen the business globally, and particularly in the United States. The management team embarked on an action plan to reduce costs, realign capacity to focus on higher-margin products, reduce working capital, improve operating processes and recharge its new product engine. However, in fiscal 2009, the worldwide recession and its impact on global demand prevented that progress from being reflected in sales and income results.
"With all the changes we made, we would have at least broken even in the United States if fiscal 2009 had been a normal year," Gingo said in his remarks to shareholders regarding 2009 performance. "So, we know our work is not finished. We will remain focused on serving profitable markets and improving our product mix. We will continue to make the necessary changes, not only to weather the current storm, but also to improve our position for future growth."DeSantis noted, "Based on preliminary projections, the Company expects its fiscal 2010 first quarter ended November 30, 2009, to be a strong quarter with North America breaking even and global operating earnings in excess of fiscal 2009 and 2008 levels, excluding any acquisition-related costs and including discontinued operations." Additionally, on December 2, 2009, the Company announced it has signed a definitive agreement to acquire all of the outstanding shares of Houston-based ICO, Inc. (Nasdaq: ICOC), pending approval of the transaction by ICO shareholders and receipt of customary regulatory approvals. ICO is a global manufacturer of specialty resins and concentrates, and provides specialty polymer services. ICO reported annual revenues of $300 million for the year ended September 30, 2009.
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