Owens Corning posts $13.25 million September operating income

By Caroline Salls

Pittsburgh, Dec. 22 - Owens Corning reported $13.25 million in operating income for September on $382.47 million in net sales, according to its monthly operating report filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

In August, the company posted $18.64 million in operating income on $367.8 million in net sales.

The net loss for October was $343.17 million, up significantly from a $7.12 million August net loss.

The change was largely attributed to a $183.06 million provision for income taxes and a high cost of borrowed funds for the month.

Cash on Sept. 30 was $827.24 million, compared to $809.99 million at the end of August.

Owens Corning, a Toledo, Ohio, building materials company, filed for bankruptcy Oct. 5, 2000 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 00-3837.

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