Financial News

RPM’s FY 2003 Sales Rise,

August 10, 2005

RPM International’s sales for the fiscal
year ended May 31 rose five percent
to $2.083 billion. Excluding the
asbestos charge, fiscal 2003 net
income rose 21% to $122.8 million.
The charge to accrue for estimated
asbestos related liabilities resulted in
net income of $35.2 million for the
2003 fiscal year. RPM recorded an
$88 million after-tax charge as of
May 31 for its known asbestos claims
and an estimated provision for foreseeable
future claims.
In the fourth quarter, sales rose
six percent to $589.5 million, with
the industrial segment rising eight
percent to $304.1 million and consumer
segment sales up four percent
to $285.4 million.
Organic sales growth of two percent
and one percent, respectively,
was complemented by the company’s
acquisition of Koch Waterproofing
Solutions and other small acquisitions,
according to the company.
“We continue to be pleased that
both of our operating segments have
managed to generate positive performance
results despite a still-weak
economy,” said Frank C. Sullivan,
RPM’s CEO. “Despite the economic
challenges we still face, RPM is
focused on delivering solid singledigit
revenue growth and 10-12%
earnings growth in this new fiscal
year.” ●