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Ferro Reports Fourth-Quarter and Full-Year 2007 Results
March 3, 2008
Ferro Corporation announced today that sales for the year ended December 31, 2007 were a record $2.2 billion, up 8 percent from 2006. Sales for the fourth quarter were $570.7 million, an increase of 14.8 percent from the fourth quarter of 2006. Loss from continuing operations for 2007 was $94.3 million, or $2.22 per diluted share, compared with income from continuing operations of $21.1 million, or $0.47 per share, in 2006. In 2007, the operating loss included net pre-tax charges of $166.0 million. These charges included an impairment charge of $128.7 million for goodwill and other long-lived assets associated with the Company's polymer additives and pharmaceutical businesses. The Company recorded additional pre-tax charges of $37.3 million primarily for restructuring, other activities related to manufacturing rationalization and legal settlements. In 2006, operating income was reduced by pre-tax expenses of $34.9 million primarily related to manufacturing rationalization activities and costs associated with an accounting investigation and restatement. Click here to read the rest of the article. Source: Ferro CorporationLatest News
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