CLEVELAND, Aug. 3 /PRNewswire-FirstCall/ -- Oglebay Norton Company (Pink Sheets: OGBY.PK) today announced its earnings for the second quarter and six months ended on June 30, 2007.
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Results for the quarter include:
-- Revenues were $106.8 million in both the 2007 and 2006 second quarters.
-- Operating income for the second quarter was $10.3 million compared to
$9.5 million in the second quarter of 2006.
-- Income from continuing operations for the quarter was $5.6 million
which compared to income from continuing operations of $3.8 million for
the second quarter last year.
-- The 2006 second quarter included a gain on the sale of discontinued
operation of $43.7 million resulting in total net income of $47.5
million.
-- Earnings per share, assuming dilution, from continuing operations was
$0.39 compared to $0.27 in the prior year quarter.
-- The 2006 second quarter earnings per share, assuming dilution,
included a gain from the sale of discontinued operation of $3.12
resulting in total earnings per share of $3.39 per share.
Year-to-date financial results include:
-- Revenues for the six months ended June 30, 2007 and 2006 were $176.7
million and $179.4 million, respectively.
-- Operating income was $15.6 million for the six months in 2007 compared
to $13.2 million in 2006.
-- Income from continuing operations was $7.1 million compared to $2.3
million in the prior year period.
-- Earnings per share, assuming dilution, from continuing operations for
the six months ended 2007 were $0.49 per share compared to $0.17 per
share in the six months ended 2006.
-- Total earnings per share, assuming dilution, for the six months
ended 2006 of $3.28 per share include a gain on the sale of
discontinued operation of $3.26 per share and a loss from
discontinued operations of $0.15 per share.
Additional financial information will be available on the company's website at http://www.oglebaynorton.com/. The Company will continue to post future earnings results on the website.
Oglebay Norton Company filed a Form 15 with the United States Securities and Exchange Commission (the "SEC") and filed to deregister its common and preferred stock. As a result of the filing, Company shares are not registered with the SEC, any previously filed and provided prospectus is no longer active or current and cannot be used and the Company is not obligated to file periodic report under the Securities Exchange Act of 1934. 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 it is accurate and complete, has not been subjected to review procedures by independent auditors and is not compliant with SEC requirements for financial reporting by 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 energy and industrial applications. 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) fluctuations in energy, fuel and oil prices and availability of such fuels; (2) fluctuations in integrated steel production in the Great Lakes region; (3) changes in residential and commercial construction demands, especially in the Great Lakes and Mid-Atlantic region; (4) economic conditions in California or population growth rates in the southwestern United States; (5) weather conditions, particularly in the Great Lakes region and flooding; (6) availability of third-party transportation for delivery of product; (7) the type and number of strategic alternatives available to the Company; (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) changes in environmental laws; (12) 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; (13) the insolvency of insurers, the effects of any coverage litigation with insurers or the adequacy of insurance; (14) changes in Federal or State law with respect to asbestos or silica product liability claims; and (15) risks related to the low trading volume of the Company's stock and the de-registration of the Company's common with the United States Securities and Exchange Commission.
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