GrafTech Reports 2003 First-Quarter Results
GrafTech International Ltd. (Wilmington, DE) announced financial results for the first quarter ended March 31, 2003. Net loss was $9 million, or $0.16 per diluted share, including $12 million ($19 million before tax), or $0.21 per diluted share, of previously announced restructuring charges for organizational changes and closure and settlement of various defined benefit plans.
Net income before restructuring charges was $3 million, or $0.05 per diluted share, including $2 million net of tax, or $0.04 per diluted share, of other income, net.
Net sales increased 27 percent to $174 million versus first-quarter 2002 and nine percent versus fourth-quarter 2002; gross profit increased 30 percent to $40 million versus first-quarter 2002 and four percent versus fourth-quarter 2002.