Exhibit 99.1
POLYONE REPORTS RECORD FIRST-QUARTER 2006 EARNINGS
PolyOne Summary Results
1Q06 1Q05 %, Change
---------- ---------- ----------
Sales, millions $ 674.6 $ 611.8 10
Operating income, millions $ 67.9 $ 44.7 52
Earnings per share before
discontinued operations $ 0.53 $ 0.27 96
- Performance improvements across all operating segments drive record
quarterly earnings of $0.53 per share for continuing operations
- Sales and operating income increased 10 percent and 52 percent
respectively, compared with first quarter 2005
- Strong earnings and efficient asset utilization pace markedly improved
cash flow
- Second-quarter outlook anticipates improved business conditions
compared with 2005
CLEVELAND, May 3 /PRNewswire-FirstCall/ -- PolyOne Corporation (NYSE: POL),
a leading global polymer compounding and North American distribution company,
today reported sales of $674.6 million for the first quarter ended March 31,
2006, an improvement of 10 percent over first-quarter 2005 sales of $611.8
million.
The Company reported record income before discontinued operations of $48.9
million, or $0.53 per share, in the first quarter of 2006 compared with $25.0
million, or $0.27 per share, in the first quarter of 2005. Included in the
results for both quarters is the net benefit from the combined effect of
settlements of legal disputes and other adjustments to litigation reserves,
which improved pretax income by $8.8 million in the first quarter of 2006 and
$3.7 million in the first quarter of 2005.
"Our compounding businesses demonstrated marked improvement with
significantly better income compared to the first and fourth quarters of 2005,"
said Stephen D. Newlin, chairman, president and chief executive officer. "At the
same time, we are continuing to benefit from OxyVinyls and SunBelt's strong
performance. Additionally, we generated positive cash flow this quarter as a
result of our record earnings and effective asset management, combined with the
proceeds from the sale of the Engineered Films unit."
In the first quarter, discontinued operations lost $2.1 million, due
primarily to final impairment adjustments associated with the February
divestment of the Engineered Films unit. With the divestment of Engineered
Films, the Company no longer has any businesses reported as discontinued
operations.
Net cash used by operating activities during the first quarter was $10.8
million. Operating cash flow(1) for the quarter was a use of $4.7 million, an
improvement of $61.4 million from the first quarter of 2005. This improvement
was due primarily to stronger earnings and significant improvements in working
capital efficiency. The Company's cash position also benefited from $20.5
million in gross cash proceeds received from the Engineered Films divestment.
Special items in the quarter from continuing and discontinued operations are
defined and listed in Attachment 5.
(1) A discussion occurs at the end of this release on the use of non-GAAP
financial measures
Segment Highlights
Performance Plastics segment: First-quarter 2006 sales increased 7 percent,
or $36.0 million, to $520.2 million compared with the first quarter of 2005, and
10 percent, or $47.2 million, compared with the fourth quarter of 2005.
Operating income increased 60 percent to $27.7 million compared with the first
quarter of 2005, and nearly sevenfold compared with the fourth quarter of 2005.
Operating income as a percent of sales increased to 5.3 percent, a significant
improvement over the first and fourth quarters of 2005. This improvement
reflected stronger product spreads (selling price less raw material costs) for
nearly every product group.
Distribution segment: First-quarter sales were up markedly compared with
both first- and fourth-quarter 2005. Sales of $194.1 million improved by $26.6
million, or 16 percent, over the first quarter of 2005, and by $21.4 million, or
12 percent, over the fourth quarter of 2005. Operating income in the first
quarter of 2006 was a record $6.2 million, 15 percent higher than in the first
quarter of 2005.
Resin and Intermediates segment: Both Oxy Vinyls, LP and SunBelt Chlor-
Alkali had strong earnings in the first quarter, which resulted in record
performance for the segment. Operating income was $36.2 million, an increase of
$13.3 million, or 58 percent, compared with the first quarter of 2005. Compared
with the fourth quarter of 2005, operating income was up $7.9 million.
Contributing to the improvement were continued strong polyvinyl chloride (PVC)
resin product spreads, due largely to lower average ethylene and natural gas
costs throughout the quarter, that more than offset a sequential decline in PVC
resin pricing, as well as generally stable aggregate chlor-alkali pricing and
product spreads.
Discontinued Operations
PolyOne completed the sale of its Engineered Films business on February 15,
2006. The Company received gross proceeds of $26.7 million before associated
fees and costs, of which $20.5 million was received in cash and $6.2 million in
the form of a note payable from the new entity. PolyOne will retain an 18
percent minority ownership interest in the new entity. Discontinued results in
the first quarter reflect the Engineered Films unit's operating performance
until the date of the sale and final impairment adjustments.
Adoption of Statement of Financial Accounting Standards No. 123(R)
On January 1, 2006, PolyOne adopted Statement of Financial Accounting
Standards No. 123(R), "Share-Based Payment" (SFAS No. 123(R)) using the modified
prospective transition method. The Company, under SFAS No. 123(R), recognized
compensation cost of $1.4 million, or $0.02 per share in the first quarter 2006.
PolyOne anticipates that full year earnings under SFAS No. 123(R) could be
approximately $4 million.
Second-quarter 2006 Business Outlook
PolyOne anticipates that positive business conditions for products within
the Performance Plastics segment should continue, resulting in sales and
shipments at or near first-quarter 2006 levels. Underlying demand appears
resilient, even though early second-quarter seasonal demand strengthening is
being overshadowed by processor inventory corrections in anticipation of lower
product pricing. Raw material costs should remain flat compared with the end of
the first quarter, although the recent upturn in energy costs could change this
projection entering the third quarter. The Company anticipates that, given the
above factors, segment earnings should show marginal improvement, both
sequentially and compared with the second quarter of 2005.
PolyOne projects that Distribution segment sales and shipment levels should
approach first-quarter levels and improve relative to the comparatively weak
second-quarter 2005, when business conditions deteriorated consistently
throughout the quarter. Operating income should improve versus the second-
quarter 2005 level, but may not match the record first-quarter performance.
For the Resin and Intermediates segment, PolyOne anticipates that SunBelt
and OxyVinyls should continue to deliver strong earnings as seasonal demand
improvements largely offset slightly lower product spreads. Industry aggregate
caustic soda and chlorine selling prices are projected to come off first-quarter
levels. PVC resin product spreads are likely to moderate slightly reflecting the
combined impacts from changes in average second- quarter ethylene and natural
gas costs and PVC resin prices.
By their nature, legal settlements and other non-recurring costs are
difficult to predict. Nevertheless, the Company does not expect the magnitude of
cost benefit realized in the first quarter to be repeated in the second quarter.
The Company anticipates that second-quarter earnings, in conjunction with
larger cash distributions from OxyVinyls and SunBelt, should be sufficient to
more than offset higher capital expenditures and cash interest payments,
resulting in positive cash generation. PolyOne projects that operating cash flow
for the year, excluding cash proceeds received from the sale of the Engineered
Films unit, will significantly exceed that generated in 2005.
First-quarter 2006 Earnings Conference Call and Webcast
PolyOne will host a conference call at 9:00 a.m. Eastern time on Thursday,
May 4, 2006. The conference dial-in number is 888-489-0038 (domestic) or
706-643-1611 (international), conference topic: PolyOne Earnings Call. The
replay number is 800-642-1687 (domestic) or 706-645-9291 (international). The
conference ID for the replay is 9935705. The call will be broadcast live and
then via replay for two weeks on the Company's Web site at www.polyone.com.
About PolyOne
PolyOne Corporation, with 2005 annual revenues of approximately $2.5
billion, is a leading global compounding and North American distribution company
with operations in thermoplastic compounds, specialty polymer formulations,
color and additive systems, and thermoplastic resin distribution. Headquartered
in northeast Ohio, PolyOne operates globally with manufacturing sites in North
America, Europe and Asia, and joint ventures in North America and South America.
Information on PolyOne's products and services can be found at www.polyone.com.
Use of Non-GAAP Financial Measures
This earnings release includes the use of both GAAP (generally accepted
accounting principles) and non-GAAP financial measures. The non-GAAP financial
measures are: operating cash flow, operating income (loss) before special items
and per share impact of special items. The most directly comparable GAAP
financial measures are: net cash provided (used) by operating activities,
operating income (loss) and income (loss) per share.
PolyOne's chief operating decision makers use these financial measures to
monitor and evaluate the ongoing performance of the Company and each business
segment, and allocate resources. In addition, operating income before special
items and operating cash flow are components of various PolyOne annual and
long-term employee incentive plans.
Tables included in this news release reconcile each non-GAAP financial
measure with the most directly comparable GAAP financial measure (Attachment 6)
and provide detail on special items (Attachment 5). Also attached are standard
financial schedules and a summary of segment results.
Forward-looking Statements
In this press release, statements that are not reported financial results
or other historical information are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Forward-
looking statements give current expectations or forecasts of future events and
are not guarantees of future performance. They are based on management's
expectations that involve a number of business risks and uncertainties, any of
which could cause actual results to differ materially from those expressed in or
implied by the forward-looking statements. You can identify these statements by
the fact that they do not relate strictly to historic or current facts. They use
words such as "anticipate," "estimate," "expect," "project," "intend," "plan,"
"believe" and other words and terms of similar meaning in
connection with any discussion of future operating or financial performance. In
particular, these include statements relating to future actions; prospective
changes in raw material costs, product pricing or product demand; future
performance, including, without limitation, meeting cash flow goals, receiving
cash distributions from equity affiliates and achieving working capital targets;
results of current and anticipated market conditions and market strategies;
sales efforts; expenses; the outcome of contingencies such as legal proceedings;
and financial results. Factors that could cause actual results to differ
materially include, but are not limited to:
- the effect on foreign operations of currency fluctuations, tariffs,
nationalization, exchange controls, limitations on foreign investment
in local businesses and other political, economic and regulatory
risks;
- changes in U.S., regional or world polymer consumption growth rates
affecting PolyOne's markets;
- changes in global industry capacity or in the rate at which
anticipated changes in industry capacity come online in the polyvinyl
chloride (PVC), chlor-alkali, vinyl chloride monomer (VCM) or other
industries in which PolyOne participates;
- fluctuations in raw material prices, quality and supply and in energy
prices and supply, in particular fluctuations outside the normal range
of industry cycles;
- production outages or material costs associated with scheduled or
unscheduled maintenance programs;
- costs or difficulties and delays related to the operation of joint
venture entities;
- lack of day-to-day operating control, including procurement of raw
materials, of equity or joint venture affiliates;
- partial control over investment decisions and dividend distribution
policy of the OxyVinyls partnership and other minority equity holdings
of PolyOne;
- an inability to launch new products and/or services within PolyOne's
various businesses;
- the possibility of further goodwill impairment;
- an inability to maintain any required licenses or permits;
- an inability to comply with any environmental laws and regulations;
- the cost of compliance with environmental laws and regulations,
including any increased cost of complying with new or revised laws and
regulations;
- unanticipated developments that could occur with respect to
contingencies such as litigation and environmental matters, including
any developments that would require any increase in our costs and/or
reserves for such contingencies;
- an inability to achieve or delays in achieving or achievement of less
than the anticipated financial benefit from initiatives related to
cost reductions and employee productivity goals;
- a delay or inability to achieve targeted debt level reductions;
- an inability to access the revolving credit facility and/or the
receivables sale facility as a result of breaching covenants due to
not achieving anticipated earnings performance or for any other
reason;
- any poor performance of our pension plan assets and any obligation on
our part to fund PolyOne's pension plan;
- any delay and/or inability to bring the North American Color and
Additives Masterbatch and the Engineered Materials product platforms
to profitability;
- an inability to raise prices or sustain price increases for products;
- an inability to maintain appropriate relations with unions and
employees in certain locations in order to avoid disruptions of
business; and
- other factors affecting our business beyond our control, including,
without limitation, changes in the general economy, changes in
interest rates and changes in the rate of inflation.
We cannot guarantee that any forward-looking statement will be realized,
although we believe we have been prudent in our plans and assumptions.
Achievement of future results is subject to risks, uncertainties and inaccurate
assumptions. Should known or unknown risks or uncertainties materialize, or
should underlying assumptions prove inaccurate, actual results could vary
materially from those anticipated, estimated or projected. Investors should bear
this in mind as they consider forward-looking statements.
We undertake no obligation to publicly update forward-looking statements,
whether as a result of new information, future events or otherwise. You are
advised, however, to consult any further disclosures we make on related subjects
in our reports on Form 10-Q, 8-K and 10-K provided to the Securities and
Exchange Commission. You should understand that it is not possible to predict or
identify all risk factors. Consequently, you should not consider any list to be
a complete set of all potential risks or uncertainties. (Ref. #50406)
Attachment 1
Supplemental Information
Quarterly Summary of Consolidated Operating Results,
Showing Discontinued Operations' Impact
(In millions of dollars, except per share data, unaudited)
Accounting for Discontinued Operations
In accordance with Generally Accepted Accounting Principles (GAAP), PolyOne
segregates and reports results of discontinued operations net of tax as a
separate line item on the statement of operations (income statement). Income or
loss from discontinued operations is reported below income before discontinued
operations on the income statement. As a result, reporting and discussion of
items above the income before discontinued operations line (such as sales,
operating income, interest, and selling and administrative costs) include only
the results of continuing operations.
1Q06 1Q05 4Q05
-------- -------- --------
Operating results:
Sales -- continuing operations $ 674.6 $ 611.8 $ 606.8
Operating income--continuing operations $ 67.9 $ 44.7 $ 38.0
Net income -- total Company $ 46.8 $ 13.4 $ 21.7
Income before discontinued
operations after tax 48.9 25.0 20.4
Income (loss) from
discontinued operations
net of income taxes (2.1) (11.6) 1.3
Earnings (loss) per share -- diluted:
Net income -- total Company $ 0.51 $ 0.15 $ 0.24
Income before discontinued operations 0.53 0.27 0.22
Income (loss) from discontinued operations (0.02) (0.12) 0.02
Total per share impact of
special items (1) after tax: 0.17 (0.05) 0.09
Before discontinued operations 0.20 0.07 0.09
Discontinued operations (0.03) (0.12) -
Other data:
Sales -- discontinued operations $ 9.6 $ 30.0 $ 27.8
Depreciation and amortization 14.3 12.5 12.4
(1) A definition and a list of special items appear in Attachment 5
Attachment 2
PolyOne Corporation and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except per share data)
Three Months Ended
March 31,
---------------------------
2006 2005
------------ ------------
Sales $ 674.6 $ 611.8
Operating costs and expenses:
Cost of sales 583.7 533.5
Selling and administrative 47.3 47.1
Depreciation and amortization 14.3 12.5
Income from equity affiliates and minority interest (38.6) (26.0)
Operating income 67.9 44.7
Interest expense, net (16.6) (16.8)
Interest income 0.5 0.5
Other expense, net (1.2) (0.8)
Income before income taxes and
discontinued operations 50.6 27.6
Income tax expense (1.7) (2.6)
Income before discontinued operations 48.9 25.0
Loss from discontinued operations,
net of income taxes (2.1) (11.6)
Net income $ 46.8 $ 13.4
Earnings (loss) per common share:
Basic and diluted earnings (loss):
Before discontinued operations $ 0.53 $ 0.27
Discontinued operations (0.02) (0.12)
Basic and diluted earnings (loss) per share $ 0.51 $ 0.15
Weighted average shares used to compute
earnings per share:
Basic 92.1 91.8
Diluted 92.5 92.2
Dividends paid per share of common stock $ - $ -
Attachment 3
PolyOne Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In millions, except per share data)
March 31, December 31,
2006 2005
------------ ------------
Assets
Current assets:
Cash and cash equivalents $ 37.5 $ 32.8
Accounts receivable, net 380.9 320.5
Inventories 217.0 191.8
Deferred income tax assets 20.2 20.1
Other current assets 19.3 27.4
Discontinued operations - 20.9
Total current assets 674.9 613.5
Property, net 426.1 436.0
Investment in equity affiliates 309.0 273.9
Goodwill 315.3 315.3
Other intangible assets, net 10.0 10.6
Other non-current assets 65.0 60.0
Discontinued operations - 6.7
Total assets $ 1,800.3 $ 1,716.0
Liabilities and Shareholders' Equity
Current liabilities:
Short-term bank debt $ 6.8 $ 7.1
Accounts payable 262.4 232.6
Accrued expenses 96.2 82.4
Current portion of long-term debt 0.7 0.7
Discontinued operations - 11.2
Total current liabilities 366.1 334.0
Long-term debt 638.1 638.7
Post-retirement benefits other than pensions 104.9 107.9
Other non-current liabilities, including pensions 219.1 214.3
Minority interest in consolidated subsidiaries 5.6 5.4
Total liabilities 1,333.8 1,300.3
Shareholders' equity 466.5 415.7
Total liabilities and shareholders' equity $ 1,800.3 $ 1,716.0
Attachment 4
PolyOne Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Three Months Ended
March 31,
---------------------------
2006 2005
------------ ------------
Operating Activities
Net income $ 46.8 $ 13.4
Adjustments to reconcile net income
to net cash provided (used) by
operating activities:
Depreciation and amortization 14.3 12.5
Loss on disposition of discontinued
businesses and related plant closeout charges 2.3 11.6
Companies carried at equity and
minority interest:
Income from equity affiliates (38.6) (26.0)
Dividends and distributions received 4.1 -
Provision for deferred income taxes 0.2 0.5
Change in assets and liabilities:
Accounts receivable (47.3) (60.4)
Inventories (7.9) (32.9)
Accounts payable 19.2 37.3
Increase (decrease) in sales of
accounts receivable (7.9) 59.2
Accrued expenses and other 4.1 (9.9)
Net cash used by discontinued operations (0.1) (1.8)
Net cash provided (used) by operating activities (10.8) 3.5
Investing Activities
Capital expenditures (4.9) (8.9)
Proceeds from sale of discontinued
business, net 17.3 -
Business acquired, net of cash received - (1.6)
Proceeds from sale of assets 2.4 0.8
Net cash used by discontinued operations (0.2) -
Net cash provided (used) by investing activities 14.6 (9.7)
Financing Activities
Change in short-term debt (0.3) 0.9
Proceeds from exercise of stock options 2.0 0.2
Net cash provided by financing activities 1.7 1.1
Effect of exchange rate on changes on cash (0.8) (2.3)
Increase (decrease) in cash and cash equivalents 4.7 (7.4)
Cash and cash equivalents at beginning of period 32.8 38.6
Cash and cash equivalents at end of period $ 37.5 $ 31.2
Attachment 5
Summary of Special Items (Unaudited)
(In millions, except per share data)
"Special items" include charges related to specific strategic initiatives
such as the consolidation of operations; restructuring activities, including
employee separation costs resulting from personnel reduction programs, plant
closure and phase-out costs; executive separation agreements; asset impairments;
environmental remediation costs for facilities no longer owned or closed in
prior years; gains and losses on the divestiture of joint ventures and equity
investments; adjustments to reflect a tax benefit on domestic losses; and
deferred tax valuation allowances on domestic operating income.
1Q06 1Q05 4Q05
-------- -------- --------
Special items
Continuing operations
Employee separation and plant
phase-out costs (1) $ 0.1 $ (0.2) $ (3.0)
Asset impairments (2) - - (0.2)
Environmental remediation at
inactive sites (3) 1.7 - 2.0
Impact on pretax income 1.8 (0.2) (1.2)
Income tax benefit on above
items (0.8) 0.1 0.1
Tax allowance (5) 17.1 6.7 9.0
Impact on net income (loss)
from continuing operations 18.1 6.6 7.9
Per diluted share impact 0.20 0.07 (0.09)
Discontinued operations
Employee separation and plant
phase-out costs (1) - (0.7) 0.1
Impact on operating income - (0.7) 0.1
Net asset impairment and
loss on disposition of
discontinued operations (4) (2.3) (10.9) (0.3)
Impact on pretax income (2.3) (11.6) (0.2)
Income tax benefit on
above items 0.9 4.5 0.1
Tax allowance (5) (0.8) (4.5) 0.5
Impact on net income (loss)
from discontinued
Operations (2.2) (11.6) 0.4
Per diluted share impact (0.03) (0.12) -
Total
Impact on net income (loss) $ 15.9 $ (5.0) $ 8.3
Per share impact $ 0.17 $ (0.05) $ 0.09
Explanations:
1. Severance, employee outplacement, external outplacement consulting,
lease termination, facility closing costs and the write-down of the carrying
value of plant and equipment resulting from restructuring initiatives and
executive separation agreements.
2. Non-cash impairment charges to adjust the carrying value of investments
to fair market value.
3. Environmental remediation costs for facilities either no longer owned or
closed in prior years.
4. Non-cash impairment charges to adjust the net asset carrying value of
discontinued operations to estimated net future proceeds and to recognize costs
that were not allowed to be recognized due to the contingent nature of these
costs until the business was sold, in accordance with generally accepted
accounting principals.
5. Tax allowance to adjust net U.S. deferred income tax assets resulting
from operating loss carry-forwards.
Attachment 6
Reconciliation of Non-GAAP Financial Measures
(In millions)
Below is a reconciliation of non-GAAP financial measures to the most
directly comparable measures calculated and presented in accordance with GAAP.
1Q06 1Q05 4Q05
-------- -------- --------
Continuing operations:
Operating income before special items $ 66.1 $ 44.9 $ 39.2
Special items in continuing
operations, before tax 1.8 (0.2) (1.2)
Operating income $ 67.9 $ 44.7 $ 38.0
Discontinued operations:
Operating income before special items 0.2 $ - $ 1.7
Special items in discontinued
operations, before tax (2.3) (11.6) (0.2)
Operating income (loss) $ (2.1) $ (11.6) $ 1.5
Continuing operations:
Income per share before
impact of special items $ 0.33 $ 0.20 $ 0.13
Per share impact of special
items, after tax 0.20 0.07 0.09
Diluted income (loss) per share $ 0.53 $ 0.27 $ 0.22
Discontinued operations:
Income per share before
impact of special items $ 0.01 $ - $ 0.02
Per share impact of special
items, after tax (0.03) (0.12) -
Diluted income (loss) per share $ (0.02) $ (0.12) $ 0.02
March 31, March 31,
(in millions) 2006 2005
- ------------------------------------------------- ------------ ------------
Reconciliation to Condensed
Consolidated Statement of Cash Flows
Net cash provided (used) by
operating activities $ (10.8) $ 3.5
Net cash provided (used) by
investing activities 14.6 (9.7)
Decrease (increase) in sale of
accounts receivable 7.9 (59.2)
Interest rate swap fair value
debt adjustment (0.9) (2.2)
Other financing activity 2.6 2.2
Effect of exchange rate
changes on cash (0.8) (2.3)
Increase (decrease) in borrowed
debt less cash and cash equivalents $ 12.6 $ (67.7)
Less proceeds from sale of
business, net of note receivable $ (17.3) $ -
Plus business acquired,
net of cash received - 1.6
Operating cash flow $ (4.7) $ (66.1)
Attachment 7
Business Segment Operations (Unaudited)
(In millions)
Senior management uses operating income before the effect of "special
items" to assess performance and allocate resources to business segments because
senior management believes that this measure is useful in understanding current
profitability levels and how current levels may serve as a base for future
performance. In addition, operating income before the effect of "special items"
is a component various PolyOne annual and long term employee incentive plans and
is used in debt covenant computations.
1Q06 1Q05 4Q05
-------- -------- --------
Business Segments:
Sales:
Performance Plastics Segment $ 520.2 $ 484.2 $ 473.0
Distribution Segment 194.1 167.5 172.7
Intersegment eliminations (39.7) (39.9) (38.9)
$ 674.6 $ 611.8 $ 606.8
Operating income (loss)
Performance Plastics Segment $ 27.7 $ 17.3 $ 3.6
Distribution Segment 6.2 5.4 6.0
Resin & Intermediates Segment 36.2 22.9 28.3
Other Segment $ (2.2) $ (0.9) $ 0.1
Operating income $ 67.9 $ 44.7 $ 38.0
Other data:
Discontinued operations
Sales: 9.6 30.0 27.8
Net income (loss) (2.1) (11.6) 1.7
Segment Sales and Shipment Volume Summary
1Q06 versus 1Q05 1Q06 versus 4Q05
--------------------------- ---------------------------
Shipment Shipment
1Q06 Sales, Sales $, Lbs., Sales $, Lbs.,
% of Total % Change % Change % Change % Change
------------ ------------ ------------ ------------ ------------
Performance
Plastics 73 7 0 10 6
Distribution 27 16 6 12 12
Total 100% 10% 1% 11% 7%
SOURCE PolyOne Corporation
-0- 05/03/2006
/CONTACT: Investors & Media, Dennis Cocco, Vice President, Investor
Relations & Communications of PolyOne Corporation, +1-440-930-1538/
/Web site: http://www.polyone.com/
(POL)