GrafTech Reports 2002 Fourth-Quarter Results
GrafTech International Ltd. (Wilmington, DE) announced financial results for the fourth quarter and year ended December 31, 2002. Net income, excluding non-recurring items, was breakeven for the 2002 fourth quarter and a net loss of $3 million, or $0.06 per share, for the year 2002. Net loss as reported was $2 million, or $0.04 per share, for the 2002 fourth quarter and $18 million, or $0.33 per share, for the year 2002.
Net sales were $160 million for the 2002 fourth quarter, three percent higher than for the 2001 fourth quarter, and $613 million for the year 2002, six percent lower than for the year 2001. Gross margin was 24 percent for the 2002 fourth quarter and 22.8 percent for the year 2002. This compares to gross margin of 26.9 percent for the 2001 fourth quarter and 28.3 percent for the year 2001. Fourth-quarter 2002 net sales and gross margin improved from the 2002 third quarter of $154 million and 22.3 percent, respectively.
Chief Executive Officer Craig Shular commented, "Although 2002 was extremely challenging from a financial perspective, we completed significant milestones by aggressively repositioning our production platform, expanding our lower-cost facilities, redesigning our benefit plans, and completing our global tax and legal restructuring. We believe that these activities will allow us to significantly improve earnings and return to profitability in 2003."