Ogelbay Norton Reports Third Quarter 2001 Results
November 1, 2001
Oglebay Norton Co. recently announced results for the third quarter and nine months ended September 30, 2001. Revenues for the third quarter were $120.1 million compared to $119.2 million in the year-earlier period, and were $305.4 million for the first nine months, up 5% compared to $290.8 million for the first nine months of 2000. After adjusting for freight and the acquisition of Global Stone Portage in the third quarter of 2000, revenues for the quarter and nine months declined 4% and 1%, respectively. Net income for the third quarter was $0.2 million, down from $7.6 million in the year-earlier period. The decline in net income for the quarter can be attributed to margin erosion and several unexpected and nonrecurring production outages. For the nine-month period, the company had a net loss of $7.9 million compared to net income of $11.3 million reported in the year-earlier period.
The replay of a recent conference call will be available until October 31 at (888) 562-0219, access code LAUER, or at http://www.oglebaynorton.com.