Oglebay Norton 2000 Earnings Increase To $3 Per Share
February 12, 2001
Oglebay Norton Co. recently announced results for the fourth quarter and full year ended December 31, 2000. Revenues for the fourth quarter reached $87.6 million, a 14% gain from $76.8 million in the year-earlier period, and were a record $337.8 million for the year, up 15% compared to $293.9 million in 1999. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter increased 21% to $22.9 million from $19.0 million in the fourth quarter of 1999 and reached a record $87.2 million for the year, a 15% improvement compared to $75.5 million in 1999. Net income for the fourth quarter decreased 14% to $3.7 million from $4.4 million in the year-earlier period. Earnings per share, assuming dilution, were $0.74, a 16% decline (after a charge for doubtful accounts of $0.26) compared with $0.88 in the fourth quarter of 1999. Net income for the year was $15.0 million, an improvement of 10% from $13.6 million reported in 1999. Diluted earnings per share for the year were $3.00, up 7% from $2.80 reported for the prior year.
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