Oglebay Norton Co. recently announced results for the fourth quarter and full year ended December 31, 2001. Revenues for the fourth quarter were $98.8 million compared to $102.4 million in the year-earlier period. For the full year 2001, revenues were $404.2 million compared with $393.2 million in 2000. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter were $13.2 million compared to $22.9 million in the fourth quarter of 2000. For the full year 2001, EBITDA was $67.7 million compared to $87.2 million in 2000. For the 12 months ended December 31, 2001, Oglebay Norton reported a net loss of $18.8 million, or $3.76 per diluted share. One-time charges for the full year 2001 included the previously disclosed, mostly non-cash pre-tax charges taken in the first quarter of 2001 totaling $11.0 million or $1.35 per share, in addition to the fourth-quarter charges of $1.55 detailed above. The first quarter charges related to a voluntary early retirement program, consolidation of several industrial sands operations, establishment of a reserve against an unsecured note receivable, and the mark-to-market valuations of the company's interest rate hedges as prescribed by Statement of Financial Accounting Standards (SFAS) No. 133 "Accounting for Derivative Instruments and Hedging Activities."
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