Oct 4, 2007 - RPM INTERNATIONAL HAS HIGHER ASBESTOS COSTS
RPM International Inc. is a holding company that owns subsidiaries which make specialty coatings and sealants for both industrial and consumer markets. RPM's industrial products include roofing systems, sealants, corrosion control coatings, flooring coatings and specialty chemicals. RPM's consumer products are used for home maintenance and improvement, automotive and boat repair and maintenance, and by hobbyists.
RPM has reported record sales, net income and diluted earnings per share for its fiscal 2008 first quarter ended August 31, 2007. First-quarter net sales increased 10.2% over that reported a year ago.
However, partly because of higher cash outlays for asbestos defense, RPM businesses had negative cash flow from operations in the fiscal 2008 first quarter. RPM drew down more of its asbestos reserve to pay indemnity and defense costs during the current quarter, than it did a year ago. RPM has paid settlements for mesothelioma and lung cancer claims made by asbestos lawyers representing victims of asbestos diseases.
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