Oglebay Norton Reports First Quarter 2001 Results
Oglebay Norton Co. recently reported its results for the quarter ending on March 31, 2001. Highlights include: a 13% increase in revenues to a record $65.7 million, while cash flow from operations (EBITDA) was flat compared to the first quarter 2000; a loss attributable to operations of $0.95 per share compared to a loss of $0.57 per share for the first quarter last year; a loss for the quarter of $2.30 per share, which includes several special charges amounting to $1.35 per share; and the realignment of the company business segments to better reflect the way the business is operated.
"Strong demand in several of our key markets resulted in increased revenues," said John Lauer, president and chief executive officer. "Cash flow from operations (EBITDA) was flat, and we were unsuccessful in maintaining margins. This is primarily attributable to higher energy costs. If energy costs had remained neutral, EBITDA would have improved by 19% over the same period in 2000."
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