PPG Reports on First Quarter
April 22, 2003
PPG Industries recently reported first quarter net income of $78 million, or $.46 a share, which includes after-tax charges of $6 million, or $.03 a share, for the cumulative effect of a required change in the accounting for asset retirement obligations, and $3 million, or $.02 a share, to reflect the net increase in the current value of the company's obligation under the previously reported asbestos settlement agreement. Sales for the quarter were $2.1 billion. This compares with first quarter 2002 net income of $34 million, or $.20 a share, including after-tax charges of $55 million, or $.33 a share, for restructuring and $9 million, or $.05 a share, for the cumulative effect of a required accounting change for goodwill and other intangible assets. Sales for the first quarter of 2002 were $1.9 billion.
Recorded comments by William H. Hernandez, senior vice president and chief financial officer, regarding first quarter 2003 results may be heard by calling (412) 434-2816 or visiting http://www.ppg.com until 5 p.m. ET April 25.