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Owens Corning reports $4.28 billion first quarter operating loss
By Caroline Salls
Pittsburgh, May 4 - Owens Corning reported a $4.28 billion operating loss in the quarter ended March 31 on sales of $1.4 billion, according to a company news release.
In the same period of 2004, Owens Corning posted a $34 million operating income on sales of $1.2 billion.
The company attributes the change to a $4.34 billion increase in reserves for asbestos-related liabilities.
The net loss for the first quarter of 2005 was $4.24 billion, compared to $5 million net income in the first quarter of 2004.
Owens Corning, a Toledo, Ohio, building materials company, filed for bankruptcy on Oct. 5, 2000 with the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 00-3837.
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