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[May 2002]
Oglebay Norton Reports First Quarter 2002 Results
Oglebay Norton Company (Cleveland, OH, USA) recorded revenues of US$61.9 million for the first quarter of 2002 compared with US$65.7 million for the first quarter of 2001, reflecting weaker quarter-to-quarter demand. Operating income was US$1.5 million compared with an operating loss of US$2.1 million in Q1 2001. Adjusted Q1 2001 operating income was US$2.7 million excluding special charges and goodwill amortisation.There was a net loss of US$5.5 million for Q1 2002. EBITDA was US$6.2 million compared with US$8 million in Q1 2001. The first quarter is historically the weakest, as many of the company's operations are undergoing scheduled maintenance in the period.
The company's Performance Minerals segment includes Oglebay Norton Industrial Sands Inc (ONIS), which in turn has a Ceramics Division. The ONIS ceramics division is comprised of two business units.
The Glassrock Plant, located in Glenford, Ohio, has been in production since 1903. This plant mines and processes sandstone ore from its quarry and primarily serves the glass and ceramic industries.
The Millwood Plant, located in Howard, Ohio, has been in continuous production since 1905. The primary products shipped from this location are whole grain sand for the fibreglass industry and pulverised flint and flour for the ceramic industry.
The company is focussed on maintaining operating income margins for the Performance Minerals segment (operating income was US$2.6 million for Q1 2002) although management does not expect current year operating income to exceed the levels reported in 2001.
ENDS