CLEVELAND, May 10 /PRNewswire-FirstCall/ -- Oglebay Norton Company today announced it earnings for the first quarter ending on March 31, 2006. Results include:
- Revenues for the quarter were $76.9 million compared to $68.4 million
in the year-earlier period.
- Operating income for the first quarter was $3.2 million compared to an
operating loss of $0.5 million in the first quarter of 2005.
- Net loss for the quarter was $2.3 million which compares to a net loss
of $12.2 million for the first quarter last year.
- Earnings per share assuming dilution was ($1.72) compared to ($4.57)
per share in the prior year.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990901/CLW017)
Additional financial information is available on the company's website at http://www.oglebaynorton.com/. All future quarters' earnings will be posted on our website.
Oglebay Norton Company has filed Form 15 with the United States Securities and Exchange Commission (the "SEC") seeking to become a non-registrant. As a result, it is not obligated and will not voluntarily comply with periodic reporting requirements for registrants during the pendency of its Form 15 filing or thereafter if and when the SEC 90-waiting period has either expired or early termination thereof has been granted. The financial information included in this press release, on our website or in other public presentations is provided as a courtesy to our shareholders and, although management believes is accurate and complete, has not been subjected to review procedures by independent auditors and is not compliant with SEC requirements for financial reporting of SEC registrants.
Oglebay Norton Company, a Cleveland, Ohio-based company with a 150-year tradition of service, provides essential minerals and aggregates to a broad range of markets, from building materials and environmental remediation to the energy and metallurgical industries. For more information, see http://www.oglebaynorton.com/.
Safe Harbor Statement
Certain statements contained in this release are "forward-looking" in that they reflect management's expectations and beliefs regarding the future performance of the Company and its operating segments. Such forward-looking statements are subject to uncertainties and factors relating to the Company's operations and business environment, all of which are difficult to predict and many of which are beyond the control of the Company. The Company believes that the following factors, among others, could affect its future performance and cause actual results to differ materially from those expressed or implied by forward-looking statements made by or on behalf of the Company: (1) the effectiveness of the Company having restructured its debt to provide adequate liquidity to sufficiently improve the Company's financial position; (2) weather conditions, particularly in the Great Lakes region, flooding, and/or water levels; (3) fluctuations in energy, fuel and oil prices; (4) fluctuations in integrated steel production in the Great Lakes region; (5) fluctuations in Great Lakes and Mid-Atlantic construction activity; (6) economic conditions in California or population growth rates in the southwestern United States; (7) the Company's ability to complete its cost reduction initiatives; (8) the outcome of periodic negotiations of labor agreements; (9) changes in the demand for the Company's products due to changes in technology; (10) the loss, insolvency or bankruptcy of major customers, insurers or debtors; (11) difficulty in hiring sufficient staff that is appropriately skilled and licensed, particularly for the vessel operations; (12) changes in environmental laws; (13) an increase in the number and cost of asbestos and silica product liability claims filed against the Company and its subsidiaries and determinations by a court or jury against the Company's interest; (14) the insolvency of insurers, the effects of any coverage litigation with insurers or the adequacy of insurance; (15) changes in Federal or State law with respect to asbestos or silica product liability claims; and (16) risks related to the low trading volume of the Company's stock and the de-registration of the Company's common and convertible preferred stock with the United States Securities and Exchange Commission.
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