Ceramic Industry

Oglebay Norton Reports First Quarter 2003 Results

May 7, 2003
Oglebay Norton Co. recently reported its results for the first quarter ending March 31, 2003. Revenues for the quarter were $62.9 million, compared to $62.4 million in the year-earlier period. The operating loss for the quarter was $2.2 million, compared to operating income of $1.5 million in the first quarter of 2002. The net loss for the quarter was $10.2 million, or $2.00 per diluted share, compared to a net loss of $5.5 million, or $1.09 per diluted share, for the first quarter last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter were $3.2 million, compared to $6.2 million in the first quarter of 2002. As previously announced, the company's syndicated bank group granted a waiver of financial covenants through June 15, 2003, and granted access to $4 million of committed but reserved funds, in anticipation of the company's first quarter results.

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