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Ferro Reports First-Quarter 2008 Results

May 7, 2008

Ferro Corporation announced today that sales for the three months ended March 31, 2008 were a record $607.2 million, up 15 percent from the first quarter of 2007.

Income from continuing operations for the first quarter of 2008 was $9.2 million, or $0.21 per diluted share, compared with income of $6.2 million, or $0.14 per share, in 2007. In the first three months of 2008, operating income included net pre-tax charges of $4.0 million. These charges were primarily related to restructuring and other manufacturing rationalization activities. In 2007, operating income was reduced by pre-tax expenses of $4.3 million primarily related to manufacturing rationalization activities and a write-off of unamortized fees associated with an unused portion of the Company's term loan arrangements.

"We are pleased to see evidence that our profitability initiatives are gaining traction. Our improved performance is the result of hard work by the people of Ferro who are focused on executing our restructuring programs, improving our business processes and cutting costs across our worldwide operations," said James F. Kirsch, Chairman, President and Chief Executive Officer. "Our businesses delivered results better than we previously estimated in our fourth-quarter 2007 earnings release, and the improvements were achieved despite difficult economic conditions in many of the markets we serve, particularly in the United States. While we are pleased with our first-quarter results, we will continue to aggressively pursue our programs to achieve sustainable profitability improvements."

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Source: Ferro Corporation

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