Net income was US$37.9 million and adjusted income from continuing operations was US$120.9 million, or US$3.87 per diluted share, compared with US$88.2 million, or US$2.89 per diluted share, in 2010. Net cash provided by operating activities for the year was US$124.8 million.
“In many ways, 2011 was a breakthrough year for OM Group,” said Joseph Scaminace, chairman and CEO of OM Group. “We continued to grow our business profitably, achieving adjusted EBITDA of US$224 million, and delivered our sixth consecutive year of positive cash flow from operations. [...]Our acquisition of Rahu Catalytics secured the technology to support our product development pipeline for advanced additives used in coating and composites.”
In the fourth quarter of 2011, net sales were US$438.6 million, an increase of 50% compared with the fourth quarter of 2010 due to the acquisition of German magnetic specialist Vacuumschmelze GmbH & Co KG (VAC). Net income in the fourth quarter of 2011 was US$50.9 million or US$1.59 per diluted share.
“During the fourth quarter we felt the impacts of the slowing European economy and disruptions to the electronics industry from the Thailand floods,” Scaminace said. “We expect these performance challenges to begin to moderate in the second quarter of 2012, and will closely manage spending across the company until business conditions improve.”
