Owens Corning reports net income of $72 million in Q4

New York, March 8 - Owens Corning reported net income of $72 million in the fourth quarter on sales of $1.484 billion.

The figures are up 67% from income of $43 million and 16% from sales of $1.275 billion in the year-earlier period.

Operating income for the fourth quarter of 2004 was $146 million, including $21 million of Chapter 11-related charges and $21 million in asbestos-related insurance recoveries.

The comparable 2003 figure was $112 million, including a credit of $10 million for restructuring and other charges, $10 million of Chapter 11-related charges, and $1 million in asbestos-related insurance recoveries.

The Toledo, Ohio-based building materials company said that full-year sales were up 14% to $5.675 billion and net income was up 77% to $204 million from 2003.

Income from operations was $427 million in 2004 including $54 million of Chapter 11-related charges, partially offset by $24 million in asbestos-related insurance recoveries and a credit of $5 million for restructuring and other charges.

Cash at the end of the year was $1.125 billion.

Owens Corning filed for bankruptcy on Oct. 5, 2000. Its Chapter 11 case number is 00-3837.

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