Oglebay Norton Reports Fourth Quarter and Full Year Results
February 14, 2002
Oglebay Norton Co. recently announced results for the fourth quarter and full year ended December 31, 2001. Revenues for the fourth quarter were $98.8 million compared to $102.4 million in the year-earlier period. For the full year 2001, revenues were $404.2 million compared with $393.2 million in 2000. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter were $13.2 million compared to $22.9 million in the fourth quarter of 2000. For the full year 2001, EBITDA was $67.7 million compared to $87.2 million in 2000. For the 12 months ended December 31, 2001, Oglebay Norton reported a net loss of $18.8 million, or $3.76 per diluted share. One-time charges for the full year 2001 included the previously disclosed, mostly non-cash pre-tax charges taken in the first quarter of 2001 totaling $11.0 million or $1.35 per share, in addition to the fourth-quarter charges of $1.55 detailed above. The first quarter charges related to a voluntary early retirement program, consolidation of several industrial sands operations, establishment of a reserve against an unsecured note receivable, and the mark-to-market valuations of the company's interest rate hedges as prescribed by Statement of Financial Accounting Standards (SFAS) No. 133 "Accounting for Derivative Instruments and Hedging Activities."
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