Volume 38, Issue 1, January 2003

FinancialFlash

Pilkington Releases Interim Results for Period Ending September 30

Pilkington plc has announced its interim results for the period ending September 30, 2002.

“As anticipated, market conditions in the first half were very challenging,” said Nigel Rudd, chairperson. “In spite of this, Pilkington achieved free cash flow—a reflection of management’s determination to focus on cash generation now that the bulk of restructuring is complete.” He continued, “As we enter the second half, we expect market conditions to remain challenging.” 

According to the statement, turnover in the first half of the year was 1.40 billion pounds (approximately $2,226,439,017 USD), a 5-percent drop compared to last year’s 1.47 billion pounds (approximately $2,337, 760, 969 USD). Operating profit was 87 million pounds (approximately $138,365,743 USD) compared to 115 million pounds (approximately $182, 915, 390 USD) last year. Joint ventures and associates operating profit maintained at 23 million pounds (approximately $36, 583, 078 USD).

Profit before goodwill amortization, exceptional items and taxation was 76 million pounds (approximately $120, 883, 214 USD), down from 107 million pounds (approximately $170, 208, 625 USD) the year before, but on par with last year’s second half.

Net cash flow from operating activities was reported to be 154 million pounds (approximately $244, 973, 162 USD), a 10 million pounds (approximately $15, 913, 324 USD) improvement compared to the year before. Likewise, cash flow before dividends, the management of liquid resources and financing rose to 50 million pounds (approximately $79, 545, 389 USD) compared to 8 million (approximately $12, 727, 262 USD) the year before. Net debt was 689 million pounds (approximately $1, 096, 135, 461 USD), a 15 million pounds (approximately $23, 865,692 USD) drop from the previous year.

In its building products segment, sales, including joint ventures and associates, were 744 million pounds (approximately $1, 183, 738, 355 USD). Operating profit before amortization of goodwill was 84 million pounds (approximately $133, 647, 878 USD), 33 million pounds (approximately $52, 508, 178 USD) down on the same period last year.

PPG Announces Third-Quarter Results
Pittsburgh-based PPG Industries has released its third-quarter results, with net income of $148 million, or 87 cents per share. This includes an after-tax income of $15 million, or 9 cents per share, to reflect the decline in its stock value in a previously reported asbestos settlement agreement. Excluding this income, net income was $133 million, or 78 cents per share. Likewise, sales were $2.07 billion. 

Net income for the same period last year was $93 million, or 55 cents per share, on sales of $2 billion.
In addition, for 2002’s first nine months PPG recorded a net loss of $163 million, or 96 cents per share. The loss includes after-tax charges of $480 million for the asbestos settlement; $52 million for restructuring; and $9 million for the cumulative effect of a required accounting change.

Excluding these items, PPG reported that net income was $378 million, or $2.23 a share and sales were $6.08 billion. This compares with 2001’s nine-month net income of $304 million, or $1.08 a share, including a $71 million after-tax restructuring charge. Excluding the charge, net income was $375 million, or $2.22 a share. Sales were $6.26 billion. 


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