Owens-Illinois Reports Third Quarter Results

Owens-Illinois, Inc., (NYSE: OI) reported net earnings of $97.9 million, or $0.63 per share (diluted) for the third quarter of 2002, compared with third quarter 2001 earnings of $0.60 per share (diluted) before goodwill amortization.

Goodwill amortization in the third quarter 2001 amounted to $0.16 per share.

The year-over-year increase in third quarter results was principally due to improved sales and production from the Company's worldwide glass container businesses. In addition, asbestos spending in the third quarter was down compared to the third quarter of the prior year.

Joseph H. Lemieux, Owens-Illinois chairman and chief executive officer, said, "This was our fifth consecutive quarter of improved year-over-year operating results, and our fourth consecutive quarter of year-over-year declines in asbestos spending. Worldwide glass container operations continued to achieve increased volumes, margins, and earnings, offsetting a shortfall in some of our plastics businesses. Based upon new product initiatives, new plant start-ups, and additional cost control measures, we expect our plastics businesses to improve during the next several months."

Third quarter 2002 net sales were $1.472 billion compared to $1.360 billion a year ago, an increase of 8.2%. Consolidated EBIT was $251.9 million compared with adjusted EBIT (excluding goodwill amortization) of $245.4 million in the third quarter of 2001, an increase of 2.6%. (EBIT consists of earnings before interest income, interest expense, provision for income taxes, minority share owners' interests in earnings of subsidiaries, extraordinary items, and cumulative effect of accounting change.)

Interest expense for the third quarter of 2002 was $106.9 million, an increase of $1.8 million from the third quarter of 2001 mainly due to the January 2002 issuance of $1 billion principal amount of 8-7/8% Senior Secured Notes due 2009, partially offset by lower interest rates on variable rate debt. Proceeds from the Senior Secured Notes were used to reduce a variable rate term loan under the bank credit facility.

Consolidated debt at the end of the third quarter 2002 declined to $5,386.0 million from $5,462.0 million at the end of the second quarter 2002,
a reduction of $76.0 million.

600450 Owens-Illinois Reports Third Quarter Results glassonweb.com
Date: 31 October 2002
Source: Owens-Illinois

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