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Owens Corning: 4Q and FY 2003 results

Building materials manufacturer Owens Corning reported financial results for the 4Q 2003 ended 31 December 2003, as well as results for the full year 2003.
For the 4Q of 2003, the company had net sal…

Building materials manufacturer Owens Corning reported financial results for the 4Q 2003 ended 31 December 2003, as well as results for the full year 2003. For the 4Q of 2003, the company had net sales of USD 1.275 billion, compared to net sales of USD 1.174 billion for the same period in the prior year. Owens Corning reported income from operations of USD 112 million for the quarter, including a credit of USD 10 million for restructuring and other charges, USD 10 million of Chapter 11-related charges, and USD 1 million in asbestos-related insurance recoveries. For the 4Q of 2002, Owens Corning reported a loss from operations of USD 44 million, including charges of USD 113 million for restructuring and other charges and USD 11 million of Chapter 11-related charges. For the 4Q 2003, the company had net income of USD 43 million, compared to a net loss of USD 39 million for the 4Q of 2002. Owens Corning ended 2003 with a cash balance of USD 1.005 billion compared to USD 875 million at year end 2002. For the full year 2003, the company had net sales of USD 4.996 billion, compared to USD 4.872 billion for the full year 2002. Owens Corning reported income from operations of USD 267 million, including charges of USD 34 million for restructuring and other charges and USD 85 million of Chapter 11-related charges, partially offset by USD 5 million in asbestos-related insurance recoveries. For the year, the company had net income of USD 115 million. For 2002, the company reported a loss from operations of USD 2.313 billion, including charges of USD 2.356 billion for asbestos-related liabilities, USD 166 million for restructuring and other charges, and USD 96 million of Chapter 11-related charges, partially offset by USD 5 million in asbestos-related insurance recoveries. Owens Corning had a net loss of USD 2.809 billion for 2002, including a non-cash charge of USD 491 million (USD 441 million net of tax) as the result of the adoption of Statement of Financial Accounting Standards No. 142, relating to the accounting for goodwill and other intangibles. “We were very pleased with our operational performance for the quarter and for the year,” said Dave Brown, Owens Corning“s chief executive officer. “Although higher energy and raw material costs were significant for 2003, those costs were offset by a combination of increased volume in our building materials businesses, improved manufacturing productivity and aggressive control over our SG&A expenses.”

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