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This week Owens Corning reported financial results for the quarter ended June 30, 2002.
For the second quarter 2002, the company had net sales of $1.285 billion, compared to $1.239 billion in the same period in 2001. Owens Corning reported $70 million in income from operations for the quarter and net income of $36 million. For the second quarter of the prior year, the company reported income from operations of $57 million (including a $5 million charge for amortization of goodwill) and net income of $29 million (including $4 million net of tax charge for amortization of goodwill).
Owens Corning stopped amortizing goodwill as of January 1, 2002, in accordance with the provisions of Statement of Financial Accounting Standards No.142 (“”SFAS No. 142″”). During the second quarter of 2002, the company completed its analysis of goodwill impairment under SFAS No. 142 and recorded a $491 million ($441 million net of tax) charge as a cumulative effect of a change in accounting principle as of the beginning of the first quarter 2002 as required by SFAS No. 142. As a result, the company reported a net loss of $411 million for the first six months of 2002.
Income from ongoing operations for the second quarter of 2002 was $87 million, which excludes $25 million of Chapter 11-related charges, $5 million of income for asbestos-related insurance recoveries and a $3 million credit for restructuring and other credits. Income from ongoing operations for the second quarter of the prior year was $91 million, which excludes $17 million for restructuring and other charges and $17 million of Chapter 11-related charges. Income from ongoing operations, a measurement utilized by management for evaluating the results of the company, is not a recognized measurement of results under accounting principles generally accepted in the United States, and may not be consistent with similarly titled amounts of other companies.
The company also reported today that it had transmitted to the U.S. Securities and Exchange Commission (SEC) the sworn statements of its Principal Executive and Principal Financial officers pursuant to the SEC’s Order No. 4-460.
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. The Debtors are currently operating their businesses as debtors-in-possession in accordance with provisions of the Bankruptcy Code. The Chapter 11 cases of the Debtors are being jointly administered under Case No. 00-3837 (JKF). The Chapter 11 cases do not include other U. S. subsidiaries of Owens Corning or any of its foreign subsidiaries. The Debtors filed for relief under Chapter 11 to address the growing demands on Owens Corning’s cash flow resulting from its multi-billion dollar asbestos liability. Owens Corning is unable to predict at this time what the treatment of creditors and equity holders of the respective Debtors will be under any proposed plan or plans of reorganization. Pre-petition creditors may receive under a plan or plans less than 100% of the face value of their claims, and the interests of Owens Corning’s equity security holders may be substantially diluted or cancelled in whole or in part. It is not possible at this time to predict the outcome of the Chapter 11 cases, the terms and provisions of any plan or plans of reorganization, or the effect of the Chapter 11 reorganization process on the claims of the creditors of the Debtors, or the interests of Owens Corning’s equity security holders.
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