Owens Corning posts $39.01 million October operating income

By Caroline Salls

Pittsburgh, Jan. 6 - Owens Corning reported $39.01 million in operating income for October on $427.64 million in net sales, according to its monthly operating report filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The numbers show an improvement from $13.25 million in September operating income on $382.47 million in net sales.

The net income for October was $7.75 million, compared with a $343.17 million September net loss, which was attributed to a $183.06 million provision for income taxes and a high cost of borrowed funds for that month.

Cash on Oct. 31 was $894.81 million, up from $827.24 million at the end of September.

Owens Corning, a Toledo, Ohio, building materials company, filed for bankruptcy Oct. 5, 2000. Its Chapter 11 case number is 00-3837.

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