A. Schulman fiscal 3Q profit rises 5 percent

AKRON, Ohio - A. Schulman Inc., which makes plastic compounds and resins for consumer products and automotive markets, said Thursday its fiscal third-quarter profit rose 5 percent as cost controls offset sinking sales linked to the economic downturn.

Earnings for the three months ended May 31 increased to $7.4 million, or 29 cents per share, from $7.1 million, or 26 cents per share, in the same period last year.

Results included $1 million in restructuring charges, partly related to stopping production of the Invision sheet production line at its Sharon Center, Ohio, plant by the end of the fiscal year. Excluding the charge and other one-time items, A. Schulman said it earned 36 cents per share.

Sales fell 42 percent to $297.7 million from $511.8 million in the year-ago quarter as a result of the economic crisis. But lower expenses, a stronger U.S. dollar and a smaller provision for income taxes helped the company salvage its profit.

A. Schulman reported its results in a Securities and Exchange Commission filing. The company will hold its quarterly earnings call on July 8.

Shares of A. Schulman lost 11 cents to close earlier at $15.66.

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