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Published: Saturday, 2/7/2004

Owens Corning returning to profitability after 02 loss

After a huge loss in 2002 resulting from a charge related to asbestos liability, Owens Corning returned to profitability last year.

The Toledo-based manufacturer of insulation and other building materials said it made $115 million in 2003, compared with a loss of $2.8 billion the prior year. The company doesn t release per-share earnings because it expects to cancel existing stock as part of its plan to emerge from Chapter 11 bankruptcy.

Sales last year rose 3 percent to $5 billion from $4.9 billion the year before. For last year, the Fortune 500 firm said it had $85 million in bankruptcy-related charges and $34 million in charges related to restructuring and other items.

In the fourth quarter of 2003, OC made $43 million compared to a loss of $39 million in the prior-year period. Sales for the period climbed to $1.3 billion from $1.2 billion.

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