Spartech posts profit in Q4
Written on December 15, 2009
Spartech Corp. posted a profit of $8.2 million in the fourth quarter, compared with a loss of $197.4 million a year ago.
Net sales for the quarter ended Oct. 31 totaled $242.6 million, down 27 percent from sales of $330.9 million a year earlier due to weak demand in most sectors and lower resin prices, which were passed through to customers, Spartech said Monday.
For fiscal 2009, the company reported a profit of $8.4 million on sales of $926.8 million, compared with a loss of $192.1 million and sales of $1.3 billion in fiscal 2008.
St. Louis-based Spartech Corp payday loan. (NYSE: SEH), led by President and Chief Executive Myles Odaniell, produces engineered thermoplastic materials, thermoformed packaging and polymeric compounds and concentrates. Since Odaniell took over two years ago, the plastics company has closed nine of its 40 plants, reduced its employees to 2,600 from 3,500, sold off one of its four business segments, and paid down debt by $100 million. Odaniell also revamped his 11-member management team and made $80 million in cost reductions.
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