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[March 2003]
Fourth Quarter and Full Year Results for Oglebay Norton
Oglebay Norton Company (Cleveland, OH, USA) announced that revenues for the fourth quarter of 2002 were US$102 million compared to US$98.9 million for the fourth quarter of 2001. Revenues for the full year 2002 were US$400.6 million compared to US$404.2 million in 2001.Operating income for Q4 2002 was US$3.2 million compared to an operating loss of US$8.2 million in Q4 2001. For the full year 2002, operating income was US$34.6 million compared to US$15.2 million in 2001.
Adjusted Q4 2001 operating income was US$4.5 million excluding goodwill amortisation of US$0.8 million and one-time restructuring related special charges of US$11.9 million. Adjusted operating income for the year 2001 was US$34.2 million excluding one-time, restructuring related charges of US$16.1 million and US$2.9 million attributable to goodwill amortisation over the full year.
Net loss for Q4 2002 was US$6.7 million, or US$1.33 per diluted share, compared to a net loss of US$11 million in Q4 2001. The net loss for the full year 2002 was US$6.6 million, compared to a net loss of US$18.8 million for 2001.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) for Q4 2002 were US$10.8 million compared to US$13.2 million for Q4 2001. EBITDA for the full year 2002 was US$66.5 million compared to US$67.6 million in 2001.
While revenues were up in the Great Lakes Minerals and Global Stone business segments, for the Performance Minerals segment, revenues for Q4 2002 were down from US$21.6 million to US$18.3 million. The decline in revenues was primarily the result of reduced demand for fracturing sands caused by a decline in oilfield activity, reduced demand for sands in the building materials market and the closure of three non-strategic abrasives plants. The decline in operating margins quarter over quarter was primarily the result of the reduction in production volumes. Full-year operating margins in this segment were 14.3% compared to 13.3% during 2001. Operating income for Q4 2002 was US$1.1 million compared to US$2 million in Q4 2001.
ENDS