Owens Corning Reports Third Quarter 2003 Results

For the quarter, the company had net sales of $1.349 billion, compared to net sales of $1.306 billion for the same period in the prior year.

For the quarter, the company reported net income of $55 million. This compares to a net loss of $2.359 billion for the third quarter of 2002. Contributing to the loss in the prior year were pre-tax charges to income for asbestos-related liabilities of $1.381 billion for Owens Corning and $975 million for Fibreboard, for a total charge of $2.356 billion.

Owens Corning reported income from operations of $104 million for the quarter, including $5 million of Chapter 11-related charges and a $1 million other charge as the result of a contractual post-closing adjustment to the selling price of the company’s metal systems business. For the third quarter of 2002, the company reported a loss from operations of $2.342 billion, including $35 million of Chapter 11-related charges, an $11 million restructuring charge, other charges of $33 million, and the $2.356 billion charge for asbestos-related liabilities. All charges included in income from operations are pre- tax.

Owens Corning ended the quarter with a cash balance of $769 million. "We were very pleased with our operational performance for the quarter as we experienced solid volume increases versus the third quarter of 2002 in most of our businesses," said Dave Brown, Owens Corning's chief executive officer. "Our Company has significant momentum heading into the fourth quarter, but higher energy and raw material costs, as compared to last year, continue to be a challenge." "As we evaluate our operating results, excluding the costs of our Chapter 11 process, restructuring and other charges, we are pleased with our progress," he added.

600450 Owens Corning Reports Third Quarter 2003 Results glassonweb.com
Date: 11 November 2003
Source: Owenscorning

See more news about:

Others also read

Southwall Technologies Inc. (Nasdaq:SWTX), a global developer, manufacturer and marketer of thin-film coatings for the electronic display, automotive glass and architectural markets, today announced that on Dec. 18, 2003, it secured an agreement for a new bank loan guarantee and equity financing package of up to $7.5 million from Needham & Company, Inc., its affiliates and Dolphin Asset Management.
Local quality glass producer Emirates Glass Limited has won contracts to supply 68,000 square metres of its high quality EmiCool glass to five major projects in Dubai.
Co-Ventures in Glass Containers (CVIGC, Ltd.) of Tampa, Florida, USA and Micro-Tek Canada, Inc. Of Toronto, Canada are excited to announce the beginning of a long term joint venture to combine their extensive experiences and resources to offer the Glass Container Industry globally a best value alternative for all their outsourcing needs in manufacturing, operations and technical assistance agreements, specifically targeted to the smaller manufacturers who have found the larger service companies to be cost and profit prohibitive.The principals of the two companies have found a global need for smaller glass companies who require excellent technical resources to properly compete within the industry without the high costs of employing their own staffs or outsourcing their requirements to the larger service companies whose own operating costs and overhead are substantial.
China's largest automobile glass maker Fuyao Glass Industry Group Co, Ltd, won its case against the dumping ruling of the US Department of Commerce (DOC).
When did the wine industry start using glass bottles, and how did they settle on their current size of 750ml? For the answer to these questions, you have to go back in time - back thousands of years to when wine was first cultivated and enjoyed.
Praxair, Inc. (NYSE: PX) today announced that its subsidiary Praxair Canada Inc.'s specialty gases plant in Paris, Ontario, Canada, is one of Praxair's first specialty gases plants in North America to complete the upgrade to ISO 9001:2000, the latest ISO 9000 standard for quality.

Add new comment