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Owens-Illinois: 2Q 2003 revenues up but earnings down

Glass container maker Owens-Illinois Inc.“s 2Q 2003 revenue rose 5.5%, but earnings fell 82.5% to USD 17.0 million on charges of USD 48.1 million related to the sale of long-term notes receivable and…

Glass container maker Owens-Illinois Inc.“s 2Q 2003 revenue rose 5.5%, but earnings fell 82.5% to USD 17.0 million on charges of USD 48.1 million related to the sale of long-term notes receivable and early debt retirement. On 22 July 2003, the company said it would have earned USD 65.1 million, or USD 0.40 a share, excluding charges, in the 2Q 2003. The charges include USD 37.4 million on the sale of long-term notes receivable and USD 10.7 million on the early retirement of debt, principally note repurchase premiums. The notes were acquired in conjunction with the 1999 sale of the company“s UK Rockware unit and were sold to reduce borrowings under its bank credit agreement. Owens-Illinois said its 2Q results were also adversely affected by higher energy costs, reduced pension income and lower glass shipments in North America, South America and the Asia/Pacific region.

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