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[January 2007]
Oglebay Norton Company Reports Third Quarter 2006 Results
Oglebay Norton Company (Cleveland, OH, USA) has announced its earnings for the third quarter ending on 30 September 2006.
Results highlights include:
-- Revenues for the quarter were US$109.4 million compared to US$103.2 million in the year-earlier period.
-- Operating income for the third quarter was US$11.2 million compared to US$7.2 million in the third quarter of 2005.
-- Net income for the quarter was US$6.7 million compared to net income of US$4.8 million for the third quarter last year.
-- Earnings per share assuming dilution was US$0.49 for the third quarter compared to US$0.37 per share in the prior year quarter.
Oglebay owns strategically located, proven, long-life reserves of high-quality industrial minerals. Its quarries have extensive resources and the capacity to expand to meet demand. Operationally, its businesses are organised into two groups:
Oglebay Norton Industrial Sands supplies industrial-grade sands for a wide range of applications, including primary and secondary oil and gas recovery, water filtration, metal casting and in the production of fibreglass, glass, paint and ceramics. It has facilities located in California, Colorado, Texas and Ohio. All of the industrial sands operations have railroad and/or highway access.
Fracturing or 'frac proppant' sands used in oil and gas recovery represent the largest market segment in this business. Oglebay operates a full-service logistics centre in central California that uses a fleet of 1,300 bulk railcars and trucks to meet the needs of its oilfield service customers for just-in-time delivery. In addition to the California oil patch, it also serves oilfield customers in West Texas, the Colorado Rockies and export markets worldwide.
The O-N Minerals group operates limestone quarries and lime and limestone processing plants primarily in the Great Lakes, Mid-Atlantic and Southeast regions. The Appalachian quarries are strategically located along high quality trends of calcium carbonate and dolomitic limestone. The Michigan quarries alone hold one of the world's largest reserves of metallurgical and chemical quality limestone.
Limestone from the Michigan quarries is delivered, for the most part, by marine vessel, enabling the stone to be shipped to markets located in excess of 800 miles away at a competitive price.
www.oglebaynorton.com
ENDS