Alcoa recently reported fourth quarter income from continuing operations of $340 million, or $0.39 per diluted share, up 21% from the previous quarter's $282 million, or $0.33 per share. The results were a substantial improvement over the loss from continuing operations of $146 million, or $0.17 per share, in the fourth quarter of last year. Net income in the fourth quarter was $291 million, up 4% from $280 million in the third quarter of 2003, and significantly improved from a loss of $223 million in the fourth quarter of 2002. The difference between net income and income from continuing operations in the fourth quarter of 2003 is due primarily to an adjustment to the anticipated proceeds from the sale of discontinued operations. Both measures are recognized by Generally Accepted Accounting Principles. For the full year, income from continuing operations was $1.034 billion, or $1.20 per diluted share, the highest in three years. Net income was $938 million, or $1.08 per diluted share, a 123% improvement over 2002.

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