Ceramic Industry News

Oglebay Norton Reports Second Quarter Results

August 4, 2003
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Oglebay Norton Co. recently reported its results for the second quarter and half-year ending on June 30, 2003. Revenues for the quarter were $116.5 million, compared to $112.6 million in the year-earlier period. Revenues for the six-month period were $179.4 million, compared to $174.9 million in the prior-year six-month period. The company recorded a $13.1 million, or $1.57 per diluted share, asset impairment charge to reduce the net book value of the Performance Minerals segment's mica operations to their estimated fair value, as determined by a third-party appraisal. Operating loss for the quarter, including the impact of the asset impairment charge, was $6.2 million, compared to operating income of $15.5 million in the second quarter of 2002. For the 2003 half-year period, including the impact of the asset impairment charge, operating loss was $8.4 million, compared to operating income of $17.0 million for the 2002 half-year period.

Michael D. Lundin, president and chief executive officer, recently hosted a conference call that will be available for replay until midnight EDT, August 15, 2003. To access the taped webcast, visit http://www.oglebaynorton.com and click the conference call button on the investor relations home page. To access the replay via telephone, call (888) 325-7187; the access code is LUNDIN.

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