Oglebay Norton Reports Third Quarter 2003 Results
October 27, 2003
Oglebay Norton Co. recently reported its results for the third quarter and first nine months ending on September 30, 2003. Revenues for the quarter were $121.5 million compared to $123.7 million in the year-earlier period. Revenues for the nine-month period were $300.9 million compared to $298.6 million in the prior-year nine-month period. Net income for the quarter, including an income tax benefit of $5.2 million, primarily from a reversal of 1999 tax-year reserves, was $325,000, or $0.06 per diluted share. That compares to net income of $2.0 million, or $0.40 per diluted share, for the third quarter last year. Net loss for the nine months, including the impact of the second-quarter 2003 asset impairment charge and the $1.4 million after-tax cumulative effect charge for asset retirement obligations, was $23.3 million, or $4.57 per share, compared to net income of $74,000, or $0.01 per share, for the same period last year.
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