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Owens Corning has reported third quarter sales of $1.618 billion, the highest quarterly total in company history.
Sales for the period were up five percent, compared with $1.541 billion for the same quarter last year. For the first nine months of 2005, sales totalled $4.610 billion, a 10 percent increase from the year prior.
“”Demand for our products and services remained strong during the quarter,”” said Dave Brown, president and chief executive officer. “”Our financial results were mixed due to increased costs for energy, energy-related commodities and transportation, partially offset by price increases. We expect these cost pressures to continue.””
For the third quarter, the company reported income from operations of $139 million, down nine percent, compared to $153 million in the same period of 2004. For the first nine months of 2005, the company reported a loss from operations of $3.973 billion, including a $4.342 billion non-cash asbestos charge in the first quarter, compared to income from operations of $281 million in the same period of 2004.
During the third quarter, the United States Third Circuit Court of Appeals reversed the District Court’s prior order that had approved substantive consolidation in Owens Corning’s Chapter 11 proceedings. As a result of such reversal, the company has determined that certain post-petition interest and fees under the company’s pre-petition credit facilities will probably be payable, and accordingly, it has accrued those expenses (for the five-year period from the October 2000 petition date through the end of the third quarter of 2005) during the quarter. That accrual resulted in a non-cash charge of $538 million being recorded in the quarter. With the charge, the company recorded a net loss of $267 million in the third quarter, compared to net income of $94 million in the same period of 2004.
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