Owens Corning Reports First Quarter Financial Results

Apr 12, 2001, 01:00 ET from Owens Corning

    TOLEDO, Ohio, April 12 /PRNewswire/ -- Owens Corning (NYSE:   OWC) today
 reported financial results for the first quarter ended March 31, 2001.
     For the first quarter, the company had net sales of $1.068 billion,
 compared to $1.257 billion in the same period in 2000.  Income from Operations
 before other charges and Chapter 11 reorganization items was $46 million in
 the quarter, compared to $105 million in the first quarter of the prior year.
 Results for the first quarter of 2001 reflect lower volume and a weaker price
 environment for the company's building materials business in North America,
 and the impact of higher energy prices on manufacturing costs.  For the first
 quarter of 2001, Owens Corning reported a net loss of $10 million, compared to
 net income of $48 million in the prior year.  Results for the quarter include
 $42 million in pre-tax charges for restructuring and other activities, and
 $21 million in pre-tax Chapter 11-related reorganization items.
     The company ended the first quarter of 2001 with approximately
 $450 million in cash.  In addition, the company has available a $500 million
 Debtor in Possession credit facility.
     On April 2, 2001, Owens Corning filed with the Securities and Exchange
 Commission a Form 10-K annual report for the fiscal year ended December 31,
 2000.  In light of the filing under Chapter 11 of the U.S. Bankruptcy Code,
 the Form 10-K will serve as the company's annual report for the year 2000.
     Owens Corning is a world leader in building materials systems and
 composites systems. The company has sales of $5 billion and employs
 approximately 20,000 people worldwide.  Additional information is available on
 Owens Corning's Web site at http://www.owenscorning.com or by calling the
 company's toll-free General Information line:  1-877-799-6904.
     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.
     This news release contains forward-looking statements within the meaning
 of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
 the Securities Exchange Act of 1934, as amended. These forward-looking
 statements are subject to risks and uncertainties that could cause actual
 results to differ materially from those projected in these statements. Further
 information on factors that could affect the company's financial and other
 results is included in the company's Forms 10-Q and 10-K, filed with the
 Securities and Exchange Commission.
 
 

SOURCE Owens Corning
    TOLEDO, Ohio, April 12 /PRNewswire/ -- Owens Corning (NYSE:   OWC) today
 reported financial results for the first quarter ended March 31, 2001.
     For the first quarter, the company had net sales of $1.068 billion,
 compared to $1.257 billion in the same period in 2000.  Income from Operations
 before other charges and Chapter 11 reorganization items was $46 million in
 the quarter, compared to $105 million in the first quarter of the prior year.
 Results for the first quarter of 2001 reflect lower volume and a weaker price
 environment for the company's building materials business in North America,
 and the impact of higher energy prices on manufacturing costs.  For the first
 quarter of 2001, Owens Corning reported a net loss of $10 million, compared to
 net income of $48 million in the prior year.  Results for the quarter include
 $42 million in pre-tax charges for restructuring and other activities, and
 $21 million in pre-tax Chapter 11-related reorganization items.
     The company ended the first quarter of 2001 with approximately
 $450 million in cash.  In addition, the company has available a $500 million
 Debtor in Possession credit facility.
     On April 2, 2001, Owens Corning filed with the Securities and Exchange
 Commission a Form 10-K annual report for the fiscal year ended December 31,
 2000.  In light of the filing under Chapter 11 of the U.S. Bankruptcy Code,
 the Form 10-K will serve as the company's annual report for the year 2000.
     Owens Corning is a world leader in building materials systems and
 composites systems. The company has sales of $5 billion and employs
 approximately 20,000 people worldwide.  Additional information is available on
 Owens Corning's Web site at http://www.owenscorning.com or by calling the
 company's toll-free General Information line:  1-877-799-6904.
     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.
     This news release contains forward-looking statements within the meaning
 of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
 the Securities Exchange Act of 1934, as amended. These forward-looking
 statements are subject to risks and uncertainties that could cause actual
 results to differ materially from those projected in these statements. Further
 information on factors that could affect the company's financial and other
 results is included in the company's Forms 10-Q and 10-K, filed with the
 Securities and Exchange Commission.
 
 SOURCE  Owens Corning

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