CLEVELAND – OM Group Inc. reported fourth-quarter 2009 net sales of $241.4 million, down 19% year-over-year, due primarily to lower selling prices for cobalt-containing products.

Net income was $14.3 million, compared with a loss of $32.7 million during the same period last year.

"While we saw steady improvement in customer demand across our product lines, as well as some improvement in cobalt supply and demand fundamentals, neither were enough to achieve year-over-year revenue growth in the fourth quarter," said Joseph M. Scaminace, chairman and CEO.

Gross profit was $62.1 million (25.7% of sales), compared to only $3.6 million during the same quarter last year.

Operating profit was $29.2 million (12.1% of sales), compared with an operating loss of $46 million in the fourth quarter of 2008.

The advanced materials segment registered $132.8 million in net sales, down 32% year-over-year.

Net sales for the specialty chemicals division were $109.1 million, up 6%.

The firm acquired EaglePicher Technologies at the beginning of this month; it will be a source of top-line growth in 2010, says the firm.