Oglebay Norton Reports First Quarter 2001 Results

Apr 23, 2001, 01:00 ET from Oglebay Norton Company

    CLEVELAND, April 23 /PRNewswire Interactive News Release/ -- Oglebay
 Norton Company (Nasdaq:   OGLE) today reported its results for the quarter
 ending on March 31, 2001.  Highlights for the quarter include:
 
     * A 13% increase in revenues to a record $65.7 million while cash flow
       from operations (EBITDA) was flat compared to the first quarter 2000.
 
     * A loss attributable to operations of $0.95 per share compared to a loss
       of $0.57 per share for the first quarter last year.
 
     * A loss for the quarter of $2.30 per share, which includes several
       special charges amounting to $1.35 per share.
 
     * The realignment of company business segments to better reflect the way
       in which the business is operated.
 
     Oglebay Norton Chairman, President and Chief Executive Officer John Lauer
 said, "Strong demand in several of our key markets resulted in increased
 revenues.  Cash flow from operations (EBITDA) was flat, as we were
 unsuccessful in maintaining margins.  This is primarily attributable to higher
 energy costs.  If energy costs had remained neutral, EBITDA would have
 improved by 19% for the quarter over the same period in 2000.  Also
 contributing to the $0.95 loss for the quarter was an increase in interest
 expense associated with the funds borrowed to acquire Michigan Limestone
 Operations and Global Stone Portage.
     "Our Great Lakes Minerals segment resumed full operations late in March
 after being shut down for most of the quarter to undergo scheduled winter
 maintenance.  The increase in the operating loss for this segment as compared
 to the year ago period was due primarily to the timing of the Michigan
 Limestone Operations acquisition last April."
     "Within the Global Stone segment, revenues increased 8% compared with the
 first quarter 2000, with over half of the growth coming from the Portage,
 Indiana acquisition last September.  Demand for lime and limestone for general
 construction and environmental applications remained solid, however, the
 weakness observed late last year in some of our industrial fillers
 applications continued.  Poor weather conditions delayed the start of our lawn
 and garden shipments until very late in the quarter.  Energy and fuel costs
 remained at high levels.  As a result, operating income declined 15%.  While
 Global Stone under-performed in the first quarter, this segment provides our
 greatest opportunity for improvement over the balance of the year."
     "The Performance Minerals segment reported strong results with quarter-to-
 quarter improvements in operating income of 64% on a 20% increase in revenue.
 However, our southern California operations are still experiencing very high
 energy costs and weather conditions hampered first quarter productivity.
 Demand for our industrial sands used in the oil well fracturing processes in
 central California was quite strong, as was demand for our mica products."
     The company recorded several special charges adding a $1.35 per share loss
 in the first quarter 2001, as described below:
 
     * As previously reported in the company's 10-K filed March 8, 2001, the
       company was required to adopt, in the first quarter, Statement of
       Financial Accounting Standards (SFAS) No. 133 "Accounting for Derivative
       Instruments and Hedging Activities."  Upon adoption, the company
       recognized a $2.8 million, net of tax, non-cash charge to other
       comprehensive income, which is included as a part of stockholders'
       equity.  The $2.8 million ($4.6 million pre-tax) must be amortized as a
       charge to income over 10 consecutive quarters.  For the first quarter of
       2001, $460,000 (pre-tax) of this amortization was included in interest
       expense resulting in a $0.06 per share loss.
 
     * Also as a result of adopting SFAS No. 133, the company will incur a
       mostly non-cash pre-tax charge of $2.9 million, included in other
       expense, resulting in an additional $0.36 per share loss in the first
       quarter.  This charge relates to the required mark-to-market of the
       company's interest rate hedges.  The company does not expect additional
       charges of this nature in future quarters, as its hedge agreements were
       restructured.
 
     * As previously disclosed in a March 26, 2001 news release, the company
       stated it would incur a charge of up to $0.60 in the quarter related to
       a voluntary early retirement program and the consolidation of its
       Performance Minerals' Ohio-based industrial sands operations. The
       predominantly non-cash $4.1 million pre-tax charge in the first quarter
       resulted in a $0.51 per share net loss. The company expects to recover
       approximately 30% of this charge over the balance of the year due to
       lower expenses.
 
     * The company has taken a one-time, non-cash charge of $3.5 million,
       included in other expense, resulting in a $0.42 per share loss in the
       quarter, to establish a reserve against an unsecured note receivable
       arising from the 1998 sale of a discontinued, steel-related business.
 
     Mr. Lauer added: "As we announced early in the year, we have established
 operational task forces to deal with energy costs and efficiencies, freight,
 productivity, purchasing and cash generation. We expect to benefit from these
 efforts as the year progresses."
     "We are highly focused on the issues causing margin erosion in our Global
 Stone segment. We anticipate strong demand for our lawn and garden products in
 the second quarter and have put in place measures which should help us reduce
 energy costs at certain facilities. Even with these actions, however, energy
 costs must abate for the Global Stone segment to be able to overcome the
 challenges it faces in 2001."
     "For the company in 2001, we expect to deliver greater than GDP revenue
 growth while restoring EBITDA margins to historical levels, after adjusting
 for the inclusion of freight in revenues.  Despite our $2.30 loss in the first
 quarter, we will be profitable for the year.  However, it is uncertain whether
 we can maintain our record of year-to-year earnings growth, before special
 charges, without more normalized energy and fuel costs and an improving
 economy," Lauer concluded.
     Oglebay Norton Company, a Cleveland, Ohio-based company, provides
 essential minerals and aggregates to a broad range of markets, from building
 materials and home improvement to the environmental, energy and metallurgical
 industries.  Building on a 147-year heritage, our vision is to become the
 premier growth company in the industrial minerals industry.  The company's
 website is located at www.oglebaynorton.com .
     Mr. Lauer will host a conference call at 11:00 a.m. Eastern Daylight Time
 on Tuesday, April 24, 2001 which will be webcast live in listen only mode via
 the Oglebay Norton Company website.  It also will be available for replay
 starting at 2:00 p.m. EDT, Tuesday, April 24, 2001 until midnight EDT,
 Tuesday, May 8, 2001 on the website and via MCI WorldCom conferencing
 services.  To access the live or taped webcast, go to the Oglebay Norton
 Company website at www.oglebaynorton.com and click the conference call button
 on the home page.  To access the replay via telephone, dial 1-888-562-0219.
 The access code is: LAUER.
     The company's 2001 annual meeting of shareholder will be held on
 Wednesday, April 25, 2001.  The event will be webcast live at 10:00 a.m. EDT.
 To view the event, go to the company's website at www.oglebaynorton.com and
 click on Annual Meeting Webcast, April 25, 2001 to register.
     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. Forward-looking
 statements are necessarily subject to risks, uncertainties and other factors,
 many of which are outside the control of the Company, which could cause actual
 results to differ materially from such statements. Weather, particularly in
 the Great Lakes region, water levels, energy, fuel and oil prices, steel
 production, changes in the demand for the company's products due to changes in
 technology, Great Lakes and Mid-Atlantic construction activity, the California
 economy and population growth rates in the Southwestern United States, the
 outcome of negotiations of labor agreements, the loss or bankruptcy of major
 customers, and changes in environmental law all can impact revenues and
 earnings.   Some of our customers have filed for reorganization under Chapter
 11 of the U.S. Bankruptcy Code.  We do not expect that these reorganizations
 will have a material impact on the company's financial condition, although,
 depending on the outcome, there may be an impact on the company's earnings in
 the near-term.  Please refer to the Company's current and subsequent SEC
 filings under the Securities and Exchange Act of 1934, as amended, for further
 information.
 
     OGLEBAY NORTON COMPANY AND SUBSIDIARIES
     CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS (UNAUDITED)
 
                                                    Three Months Ended March 31
                                                       2001              2000
     (000's, except per share amounts)
 
     NET SALES AND OPERATING REVENUES                $65,736           $58,180
 
     COST AND EXPENSES
     Cost of goods sold and operating
      expenses                                        49,601            42,569
     Depreciation, amortization and
      depletion                                        4,772             4,713
     Goodwill amortization                               706               648
     General, administrative and selling
      expenses                                         8,666             7,683
     Provision for early retirement
      program and consolidation of
      operations                                       4,123                 -
                                                      67,868            55,613
     OPERATING (LOSS) INCOME                          (2,132)            2,567
 
     Gain on disposition of assets                       134               144
     Interest expense                                 (9,952)           (6,909)
     Other expense - net  (including mark-
      to-market effects of hedges in 2001)            (6,052)              (26)
          LOSS BEFORE INCOME TAXES                   (18,002)           (4,224)
     Income tax benefit                               (6,539)           (1,414)
 
     NET LOSS                                       $(11,463)          $(2,810)
 
 
     NET LOSS PER SHARE - ASSUMING
      DILUTION                                        $(2.30)           $(0.57)
 
 
     EBITDA*                                          $7,998            $8,046
 
 
      * EBITDA, as defined, includes earnings before interest expense, taxes
        and depreciation, depletion and amortization, and it excludes the
        provision for early retirement program and consolidation of operations,
        a reserve on an unsecured note receivable from the sale of a
        discontinued, steel-related business and the non-cash effects of  the
        Company's hedges related to the required adoption of Statement of
        Financial Accounting Standards No. 133.
 
 
 
     OGLEBAY NORTON COMPANY AND SUBSIDIARIES
     CONSOLIDATED CONDENSED BALANCE SHEET (UNAUDITED)
 
                                                   March 31        December 31
                                                     2001              2000
     (000's)
 
     ASSETS
     Current assets                                $106,658          $107,656
 
     Property and equipment - net                   462,531           457,106
     Prepaid pension costs                           36,952            39,764
     Other assets                                    92,346            95,520
       Total                                       $698,487          $700,046
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
     Current portion of long-term debt               $2,443            $4,695
     Other current liabilities                       39,633            57,379
     Current liabilities                             42,076            62,074
 
     Long-term debt                                 399,895           373,896
     Postretirement benefit obligations              45,544            44,685
     Deferred income taxes                           44,500            46,039
     Other long-term liabilities                     30,578            20,352
 
     Stockholders' equity                           135,894           153,000
       Total                                       $698,487          $700,046
 
 
 
     CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)
 
                                                    Three Months ended March 31
                                                       2001              2000
     (000's)
 
     NET CASH USED FOR OPERATING
      ACTIVITIES                                    $(14,708)          $(5,442)
 
     INVESTING ACTIVITIES
            Capital expenditures                      (9,878)           (8,169)
            Acquisition of businesses                      -              (562)
            Proceeds from the disposition
             of assets                                   195               168
     NET CASH USED FOR INVESTING
      ACTIVITIES                                      (9,683)           (8,563)
 
     FINANCING ACTIVITIES
            Net additions (repayments) of
             long-term debt                           25,305            15,011
            Financing costs                              (14)               (1)
            Payments of dividends                       (994)             (992)
     NET CASH PROVIDED BY FINANCING
      ACTIVITIES                                      24,297            14,018
 
     Effect of exchange rate changes on
      cash                                                94               (13)
     Increase in cash and cash equivalents                 -                 -
     Cash and cash equivalents, January 1                  -                 -
 
     CASH AND CASH EQUIVALENTS, MARCH 31                  $-                $-
 
 
     OGLEBAY NORTON COMPANY AND SUBSIDIARIES
     CONDENSED SEGMENT INFORMATION (UNAUDITED)
 
                                                  Three Months Ended March 31
                                                     2001              2000
     (000's, except per share amounts)
 
     NET SALES AND OPERATING REVENUES
 
       Great Lakes Minerals                          $3,805            $3,075
       Global Stone                                  38,618            35,741
       Performance Minerals                          23,313            19,364
             TOTAL NET SALES AND OPERATING
              REVENUES                              $65,736           $58,180
 
 
 
     OPERATING (LOSS) INCOME
 
       Great Lakes Minerals                         $(1,972)            $(444)
       Global Stone                                   2,660             3,134
       Performance Minerals                           2,460             1,503
       Corporate and Other                           (5,280)           (1,626)
             TOTAL OPERATING  (LOSS)
              INCOME                                $(2,132)           $2,567
 
 
 
     OGLEBAY NORTON COMPANY AND SUBSIDIARIES
     RESTATED 2000 CONDENSED SEGMENT INFORMATION (UNAUDITED)
 
                                         Three Months Ended          Year Ended
                                March     June     September December  December
                                  31       30         30        31        31,
                                                                         2000
     (000's, except per share
      amounts)
 
     NET SALES AND OPERATING
      REVENUES
 
       Great Lakes Minerals     $3,075   $51,280   $58,215   $47,273  $159,843
       Global Stone             35,741    38,323    36,431    33,461   143,956
       Performance Minerals     19,364    23,825    24,603    22,261    90,053
       Intersegment revenues         -         -       (91)     (580)     (671)
         TOTAL NET SALES AND
          OPERATING REVENUES   $58,180  $113,428  $119,158  $102,415  $393,181
 
     OPERATING INCOME
 
       Great Lakes Minerals      $(444)   $9,796   $12,151    $7,014   $28,517
       Global Stone              3,134     4,736     4,681     2,933    15,484
       Performance Minerals      1,503     4,646     3,945     1,913    12,007
       Corporate and Other      (1,626)   (1,143)     (732)   (1,488)   (4,989)
         TOTAL OPERATING
          INCOME                $2,567   $18,035   $20,045   $10,372   $51,019
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X78294627
 
 

SOURCE Oglebay Norton Company
    CLEVELAND, April 23 /PRNewswire Interactive News Release/ -- Oglebay
 Norton Company (Nasdaq:   OGLE) today reported its results for the quarter
 ending on March 31, 2001.  Highlights for the quarter include:
 
     * A 13% increase in revenues to a record $65.7 million while cash flow
       from operations (EBITDA) was flat compared to the first quarter 2000.
 
     * A loss attributable to operations of $0.95 per share compared to a loss
       of $0.57 per share for the first quarter last year.
 
     * A loss for the quarter of $2.30 per share, which includes several
       special charges amounting to $1.35 per share.
 
     * The realignment of company business segments to better reflect the way
       in which the business is operated.
 
     Oglebay Norton Chairman, President and Chief Executive Officer John Lauer
 said, "Strong demand in several of our key markets resulted in increased
 revenues.  Cash flow from operations (EBITDA) was flat, as we were
 unsuccessful in maintaining margins.  This is primarily attributable to higher
 energy costs.  If energy costs had remained neutral, EBITDA would have
 improved by 19% for the quarter over the same period in 2000.  Also
 contributing to the $0.95 loss for the quarter was an increase in interest
 expense associated with the funds borrowed to acquire Michigan Limestone
 Operations and Global Stone Portage.
     "Our Great Lakes Minerals segment resumed full operations late in March
 after being shut down for most of the quarter to undergo scheduled winter
 maintenance.  The increase in the operating loss for this segment as compared
 to the year ago period was due primarily to the timing of the Michigan
 Limestone Operations acquisition last April."
     "Within the Global Stone segment, revenues increased 8% compared with the
 first quarter 2000, with over half of the growth coming from the Portage,
 Indiana acquisition last September.  Demand for lime and limestone for general
 construction and environmental applications remained solid, however, the
 weakness observed late last year in some of our industrial fillers
 applications continued.  Poor weather conditions delayed the start of our lawn
 and garden shipments until very late in the quarter.  Energy and fuel costs
 remained at high levels.  As a result, operating income declined 15%.  While
 Global Stone under-performed in the first quarter, this segment provides our
 greatest opportunity for improvement over the balance of the year."
     "The Performance Minerals segment reported strong results with quarter-to-
 quarter improvements in operating income of 64% on a 20% increase in revenue.
 However, our southern California operations are still experiencing very high
 energy costs and weather conditions hampered first quarter productivity.
 Demand for our industrial sands used in the oil well fracturing processes in
 central California was quite strong, as was demand for our mica products."
     The company recorded several special charges adding a $1.35 per share loss
 in the first quarter 2001, as described below:
 
     * As previously reported in the company's 10-K filed March 8, 2001, the
       company was required to adopt, in the first quarter, Statement of
       Financial Accounting Standards (SFAS) No. 133 "Accounting for Derivative
       Instruments and Hedging Activities."  Upon adoption, the company
       recognized a $2.8 million, net of tax, non-cash charge to other
       comprehensive income, which is included as a part of stockholders'
       equity.  The $2.8 million ($4.6 million pre-tax) must be amortized as a
       charge to income over 10 consecutive quarters.  For the first quarter of
       2001, $460,000 (pre-tax) of this amortization was included in interest
       expense resulting in a $0.06 per share loss.
 
     * Also as a result of adopting SFAS No. 133, the company will incur a
       mostly non-cash pre-tax charge of $2.9 million, included in other
       expense, resulting in an additional $0.36 per share loss in the first
       quarter.  This charge relates to the required mark-to-market of the
       company's interest rate hedges.  The company does not expect additional
       charges of this nature in future quarters, as its hedge agreements were
       restructured.
 
     * As previously disclosed in a March 26, 2001 news release, the company
       stated it would incur a charge of up to $0.60 in the quarter related to
       a voluntary early retirement program and the consolidation of its
       Performance Minerals' Ohio-based industrial sands operations. The
       predominantly non-cash $4.1 million pre-tax charge in the first quarter
       resulted in a $0.51 per share net loss. The company expects to recover
       approximately 30% of this charge over the balance of the year due to
       lower expenses.
 
     * The company has taken a one-time, non-cash charge of $3.5 million,
       included in other expense, resulting in a $0.42 per share loss in the
       quarter, to establish a reserve against an unsecured note receivable
       arising from the 1998 sale of a discontinued, steel-related business.
 
     Mr. Lauer added: "As we announced early in the year, we have established
 operational task forces to deal with energy costs and efficiencies, freight,
 productivity, purchasing and cash generation. We expect to benefit from these
 efforts as the year progresses."
     "We are highly focused on the issues causing margin erosion in our Global
 Stone segment. We anticipate strong demand for our lawn and garden products in
 the second quarter and have put in place measures which should help us reduce
 energy costs at certain facilities. Even with these actions, however, energy
 costs must abate for the Global Stone segment to be able to overcome the
 challenges it faces in 2001."
     "For the company in 2001, we expect to deliver greater than GDP revenue
 growth while restoring EBITDA margins to historical levels, after adjusting
 for the inclusion of freight in revenues.  Despite our $2.30 loss in the first
 quarter, we will be profitable for the year.  However, it is uncertain whether
 we can maintain our record of year-to-year earnings growth, before special
 charges, without more normalized energy and fuel costs and an improving
 economy," Lauer concluded.
     Oglebay Norton Company, a Cleveland, Ohio-based company, provides
 essential minerals and aggregates to a broad range of markets, from building
 materials and home improvement to the environmental, energy and metallurgical
 industries.  Building on a 147-year heritage, our vision is to become the
 premier growth company in the industrial minerals industry.  The company's
 website is located at www.oglebaynorton.com .
     Mr. Lauer will host a conference call at 11:00 a.m. Eastern Daylight Time
 on Tuesday, April 24, 2001 which will be webcast live in listen only mode via
 the Oglebay Norton Company website.  It also will be available for replay
 starting at 2:00 p.m. EDT, Tuesday, April 24, 2001 until midnight EDT,
 Tuesday, May 8, 2001 on the website and via MCI WorldCom conferencing
 services.  To access the live or taped webcast, go to the Oglebay Norton
 Company website at www.oglebaynorton.com and click the conference call button
 on the home page.  To access the replay via telephone, dial 1-888-562-0219.
 The access code is: LAUER.
     The company's 2001 annual meeting of shareholder will be held on
 Wednesday, April 25, 2001.  The event will be webcast live at 10:00 a.m. EDT.
 To view the event, go to the company's website at www.oglebaynorton.com and
 click on Annual Meeting Webcast, April 25, 2001 to register.
     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. Forward-looking
 statements are necessarily subject to risks, uncertainties and other factors,
 many of which are outside the control of the Company, which could cause actual
 results to differ materially from such statements. Weather, particularly in
 the Great Lakes region, water levels, energy, fuel and oil prices, steel
 production, changes in the demand for the company's products due to changes in
 technology, Great Lakes and Mid-Atlantic construction activity, the California
 economy and population growth rates in the Southwestern United States, the
 outcome of negotiations of labor agreements, the loss or bankruptcy of major
 customers, and changes in environmental law all can impact revenues and
 earnings.   Some of our customers have filed for reorganization under Chapter
 11 of the U.S. Bankruptcy Code.  We do not expect that these reorganizations
 will have a material impact on the company's financial condition, although,
 depending on the outcome, there may be an impact on the company's earnings in
 the near-term.  Please refer to the Company's current and subsequent SEC
 filings under the Securities and Exchange Act of 1934, as amended, for further
 information.
 
     OGLEBAY NORTON COMPANY AND SUBSIDIARIES
     CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS (UNAUDITED)
 
                                                    Three Months Ended March 31
                                                       2001              2000
     (000's, except per share amounts)
 
     NET SALES AND OPERATING REVENUES                $65,736           $58,180
 
     COST AND EXPENSES
     Cost of goods sold and operating
      expenses                                        49,601            42,569
     Depreciation, amortization and
      depletion                                        4,772             4,713
     Goodwill amortization                               706               648
     General, administrative and selling
      expenses                                         8,666             7,683
     Provision for early retirement
      program and consolidation of
      operations                                       4,123                 -
                                                      67,868            55,613
     OPERATING (LOSS) INCOME                          (2,132)            2,567
 
     Gain on disposition of assets                       134               144
     Interest expense                                 (9,952)           (6,909)
     Other expense - net  (including mark-
      to-market effects of hedges in 2001)            (6,052)              (26)
          LOSS BEFORE INCOME TAXES                   (18,002)           (4,224)
     Income tax benefit                               (6,539)           (1,414)
 
     NET LOSS                                       $(11,463)          $(2,810)
 
 
     NET LOSS PER SHARE - ASSUMING
      DILUTION                                        $(2.30)           $(0.57)
 
 
     EBITDA*                                          $7,998            $8,046
 
 
      * EBITDA, as defined, includes earnings before interest expense, taxes
        and depreciation, depletion and amortization, and it excludes the
        provision for early retirement program and consolidation of operations,
        a reserve on an unsecured note receivable from the sale of a
        discontinued, steel-related business and the non-cash effects of  the
        Company's hedges related to the required adoption of Statement of
        Financial Accounting Standards No. 133.
 
 
 
     OGLEBAY NORTON COMPANY AND SUBSIDIARIES
     CONSOLIDATED CONDENSED BALANCE SHEET (UNAUDITED)
 
                                                   March 31        December 31
                                                     2001              2000
     (000's)
 
     ASSETS
     Current assets                                $106,658          $107,656
 
     Property and equipment - net                   462,531           457,106
     Prepaid pension costs                           36,952            39,764
     Other assets                                    92,346            95,520
       Total                                       $698,487          $700,046
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
     Current portion of long-term debt               $2,443            $4,695
     Other current liabilities                       39,633            57,379
     Current liabilities                             42,076            62,074
 
     Long-term debt                                 399,895           373,896
     Postretirement benefit obligations              45,544            44,685
     Deferred income taxes                           44,500            46,039
     Other long-term liabilities                     30,578            20,352
 
     Stockholders' equity                           135,894           153,000
       Total                                       $698,487          $700,046
 
 
 
     CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)
 
                                                    Three Months ended March 31
                                                       2001              2000
     (000's)
 
     NET CASH USED FOR OPERATING
      ACTIVITIES                                    $(14,708)          $(5,442)
 
     INVESTING ACTIVITIES
            Capital expenditures                      (9,878)           (8,169)
            Acquisition of businesses                      -              (562)
            Proceeds from the disposition
             of assets                                   195               168
     NET CASH USED FOR INVESTING
      ACTIVITIES                                      (9,683)           (8,563)
 
     FINANCING ACTIVITIES
            Net additions (repayments) of
             long-term debt                           25,305            15,011
            Financing costs                              (14)               (1)
            Payments of dividends                       (994)             (992)
     NET CASH PROVIDED BY FINANCING
      ACTIVITIES                                      24,297            14,018
 
     Effect of exchange rate changes on
      cash                                                94               (13)
     Increase in cash and cash equivalents                 -                 -
     Cash and cash equivalents, January 1                  -                 -
 
     CASH AND CASH EQUIVALENTS, MARCH 31                  $-                $-
 
 
     OGLEBAY NORTON COMPANY AND SUBSIDIARIES
     CONDENSED SEGMENT INFORMATION (UNAUDITED)
 
                                                  Three Months Ended March 31
                                                     2001              2000
     (000's, except per share amounts)
 
     NET SALES AND OPERATING REVENUES
 
       Great Lakes Minerals                          $3,805            $3,075
       Global Stone                                  38,618            35,741
       Performance Minerals                          23,313            19,364
             TOTAL NET SALES AND OPERATING
              REVENUES                              $65,736           $58,180
 
 
 
     OPERATING (LOSS) INCOME
 
       Great Lakes Minerals                         $(1,972)            $(444)
       Global Stone                                   2,660             3,134
       Performance Minerals                           2,460             1,503
       Corporate and Other                           (5,280)           (1,626)
             TOTAL OPERATING  (LOSS)
              INCOME                                $(2,132)           $2,567
 
 
 
     OGLEBAY NORTON COMPANY AND SUBSIDIARIES
     RESTATED 2000 CONDENSED SEGMENT INFORMATION (UNAUDITED)
 
                                         Three Months Ended          Year Ended
                                March     June     September December  December
                                  31       30         30        31        31,
                                                                         2000
     (000's, except per share
      amounts)
 
     NET SALES AND OPERATING
      REVENUES
 
       Great Lakes Minerals     $3,075   $51,280   $58,215   $47,273  $159,843
       Global Stone             35,741    38,323    36,431    33,461   143,956
       Performance Minerals     19,364    23,825    24,603    22,261    90,053
       Intersegment revenues         -         -       (91)     (580)     (671)
         TOTAL NET SALES AND
          OPERATING REVENUES   $58,180  $113,428  $119,158  $102,415  $393,181
 
     OPERATING INCOME
 
       Great Lakes Minerals      $(444)   $9,796   $12,151    $7,014   $28,517
       Global Stone              3,134     4,736     4,681     2,933    15,484
       Performance Minerals      1,503     4,646     3,945     1,913    12,007
       Corporate and Other      (1,626)   (1,143)     (732)   (1,488)   (4,989)
         TOTAL OPERATING
          INCOME                $2,567   $18,035   $20,045   $10,372   $51,019
 
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