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Owens Corning has reported successful financial results for 2004 with net income increasing by 77 per cent to $204 million.
Owens Corning’s financial reports for 2004 (which also included fourth quarter results) showed sales increased by 14 percent to $5.675 billion, compared to $4.996 billion for 2003. Net income also increased 77 percent to $204 million, compared to $115 million for all of 2003.
Owens Corning reported income from operations of $427 million, including $54 million of Chapter 11-related charges, partially offset by $24 million in asbestos- related insurance recoveries and a credit of $5 million for restructuring and other charges. For 2003, Owens Corning reported income from operations of $267 million, including charges of $34 million for restructuring and other charges and $85 million of Chapter 11-related charges, partially offset by $5 million in asbestos-related insurance recoveries.
“”We are very pleased with our results for the quarter and the year,”” said Dave Brown, Owens Corning’s Chief Executive Officer. “”Through a combination of record sales and productivity we offset significant increases in energy and raw material costs while our commitment to safety resulted in a significant decline in the number of injuries sustained by our employees. We believe that the overall improvement that we achieved in our operations positions us well to serve our markets and to continue profitable growth in 2005.””
On October 5, 2000, Owens Corning and 17 United States subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U. S. Bankruptcy Court for the District of Delaware.
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