Owens Corning posts $169 million income from operations for quarter ended June 30

By Caroline Salls

Pittsburgh, Aug. 3 - Owens Corning reported $169 million in income from operations for the quarter ended June 30 on net sales of $1.59 billion, according to its 10-Q filing with the Securities and Exchange Commission.

The figures compared to a $94 million income from operations on sales of $1.44 billion for the same period of 2004.

According to the filing, the increase in operating income can be attributed to improved margins and operating efficiencies combined with decreased Chapter 11-related charges.

The increase in sales resulted from favorable pricing actions and higher volumes. The higher volumes were prompted by continued strength in the U.S. housing and remodeling markets, an improving global economy and strong demand for residential roofing products in the Southeastern United States driven in part by Florida hurricanes in 2004, the filing said.

Cash and cash equivalents at June 30 were $1.05 billion, down from $1.13 billion on Dec. 31, 2004.

The net income for the period ended June 30 was $67 million, up from $33 million for the same quarter last year.

Owens Corning, a Toledo, Ohio, building materials company, filed for bankruptcy on 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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