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Owens Corning Reports Fourth Quarter and Full Year 2001 Results

25 January 2002

Owens Corning today reported financial results for the fourth quarter ended December 31, 2001, as well as results for the full year 2001.

For the fourth quarter 2001, the company had net sales of $1.17 billion, compared to $1.11 billion in the same period in 2000. Owens Corning reported $12 million in income from operations for the quarter, and a net loss of $7 million. For the fourth quarter of the prior year, the company reported a loss from operations of $178 million resulting in a net loss of $114 million for the period.

Income from ongoing operations for the fourth quarter of 2001 was $83 million, which excludes $46 million for restructuring and other charges, $27 million of Chapter 11-related charges and $2 million of income from asbestos-related insurance recoveries. Income from ongoing operations for the fourth quarter of the prior year was $48 million, which excludes $202 million for restructuring and other charges and $24 million of Chapter 11-related charges.

For the full year 2001, the company had net sales of $4.76 billion, compared to $4.94 billion for the full year 2000. Owens Corning reported $116 million of income from operations and net income of $39 million for 2001. For the prior year, the company reported a loss from operations of $631 million and a net loss of $478 million.

Income from ongoing operations for 2001 was $336 million, which excludes $140 million for restructuring and other charges, $87 million of Chapter 11-related charges and $7 million of income from asbestos-related insurance recoveries. Income from ongoing operations for the prior year was $412 million, which excludes $229 million for restructuring and other charges, $24 million of Chapter 11-related charges and $790 million of charges related to asbestos.

Owens Corning ended 2001 with a cash balance of $764 million compared to $550 million in 2000.