Oglebay Norton Reports Second Quarter 2001 Results
August 7, 2001
Oglebay Norton Co. recently reported its results for the quarter and half-year ending on June 30, 2001. The company enjoyed a 5% increase in revenues to a second quarter record $119.5 million, up from $113.4 million reported in the second quarter 2000. Revenues for the six-month period were a record $185.3 million, up 8% compared to $171.6 million for the half-year in 2000 (2000 revenues have been adjusted to reflect the inclusion of shipping and freight). There was a 5% decline in earnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter to $25.4 million from $26.7 million in the second quarter of 2000. EBITDA declined 4% to $33.4 million for the half-year, compared to $34.8 million in the first half of 2000. Diluted earnings per share were $0.67 for the second quarter compared to $1.30 reported in the second quarter 2000. For the six-month period, the company posted a loss of $1.62 per share, which included special charges of $1.35 reported in the first quarter. Year-ago first-half earnings were $0.74 per share.
The company's website is located at http://www.oglebaynorton.com.