Owens-Illinois Reports Second Quarter Results

Date: 24 July 2003
Source: Owens-Illinois

Date: 24 July 2003

Owens-Illinois, Inc., reported second quarter 2003 net earnings of $17.0 million, or $0.08 per share (diluted) compared with net earnings for the second quarter of 2002 of $96.9 million, or $0.62 per share (diluted).

Results for the second quarter of 2003 included a loss of $37.4 million ($37.4 million after tax), or $0.25 per share, from the sale of long-term notes receivable and additional interest charges of $16.8 million ($10.7 million after tax), or $0.07 per share, for early retirement of debt, principally note repurchase premiums. Exclusive of these items, earnings in the second quarter of 2003 were $65.1 million, or $0.40 per share.

Operating results in the second quarter of 2003 continued to be unfavorably impacted by higher energy costs, reduced pension income, lower glass unit shipments in North America, South America, and the Asia Pacific region, and competitive pricing pressures in most of the Company's plastics businesses.

Joseph H. Lemieux, Owens-Illinois Chairman and Chief Executive Officer said, "Despite continued global economic uncertainty, our manufacturing operations are in good shape. We are also pleased at the completion of several refinancing activities dating back to January of last year, including our $1.9 billion bank credit agreement, which illustrates strong support in the future of our operations from the investment community."

600450 Owens-Illinois Reports Second Quarter Results glassonweb.com

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