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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