US integrated composites solutions provider Owens Corning on 24 January reported financial results for the fourth quarter ended 31 December 2001, as well as results for the full year 2001.
For the fo…
US integrated composites solutions provider Owens Corning on 24 January reported financial results for the fourth quarter ended 31 December 2001, as well as results for the full year 2001. For the fourth quarter 2001, the company had net sales of US$ 1.17 billion, compared to US$ 1.11 billion in the same period in 2000. Owens Corning reported US$ 12 million in income from operations for the quarter, and a net loss of US$ 7 million. For the fourth quarter of the prior year, the company reported a loss from operations of US$ 178 million resulting in a net loss of US$ 114 million for the period. Income from ongoing operations for the fourth quarter of 2001 was US$ 83 million, which excludes US$ 46 million for restructuring and other charges, US$ 27 million of Chapter 11-related charges and US$ 2 million of income from asbestos-related insurance recoveries. Income from ongoing operations for the fourth quarter of the prior year was US$ 48 million, which excludes US$ 202 million for restructuring and other charges and US$ 24 million of Chapter 11-related charges. For the full year 2001, the company had net sales of US$ 4.76 billion, compared to US$ 4.94 billion for the full year 2000. Owens Corning reported US$ 116 million of income from operations and net income of US$ 39 million for 2001. For the prior year, the company reported a loss from operations of US$ 631 million and a net loss of US$ 478 million. Income from ongoing operations for 2001 was US$ 336 million, which excludes US$ 140 million for restructuring and other charges, US$ 87 million of Chapter 11-related charges and US$ 7 million of income from asbestos-related insurance recoveries. Income from ongoing operations for the prior year was US$ 412 million, which excludes US$ 229 million for restructuring and other charges, US$ 24 million of Chapter 11-related charges and US$ 790 million of charges related to asbestos. Owens Corning ended 2001 with a cash balance of US$ 764 million compared to US$ 550 million in 2000.