GrafTech Reports First-Quarter 2002 Results
GrafTech International Ltd. (Wilmington, DE), formerly UCAR International Inc., announced financial results for the first quarter ended March 31, 2002. Net loss, before previously announced restructuring charges and tax benefits associated with the company's 2002 new major cost-savings plan and a non-cash extraordinary charge, was $1.0 million, or $0.02 per diluted share, for the 2002 first quarter.
The first call consensus estimate was $0.02 per diluted share, compared to net income, before extraordinary items and non-recurring charges, of $3.0 million, or $0.07 per diluted share, for the 2001 first quarter. Net sales were $138.0 million in the 2002 first quarter, 19 percent lower than in the 2001 first quarter. Gross margin for the company was 22.3 percent in the 2002 first quarter as compared to 28.5 percent in the 2001 first quarter.
GrafTech Chairman and CEO Gil Playford stated, "I am encouraged by the 2002 first-quarter progress under our new major cost-savings program. During the quarter, we accelerated and completed the mothballing of our Italian graphite electrode manufacturing facility, two months ahead of schedule. We also implemented our new US benefit plan design and substantially completed our legal and tax restructuring that is part of the global corporate realignment of our subsidiaries. We expect savings growth for each subsequent quarter in 2002, with estimated total realized savings to meet our annual target of $45.0 million in 2002."