|
contents | news | |||||||||
| Owens Corning posts record sales in 2005 Owens Corning reported record annual sales of $6.323 billion in 2005, compared with $5.675 billion in 2004, an 11.4 percent increase from the prior year. During the fourth quarter of 2005, the company recorded record sales of $1.713 billion, compared with net sales of $1.484 billion in 2004, an increase of 15 percent from the prior year. Owens Corning made significant progress toward emergence from Chapter 11 in 2005 following court rulings that addressed the issues of asbestos estimation and substantive consolidation. These court decisions resulted in the company recording non-cash charges of approximately $5 billion for asbestos reserves and interest and fees on the company's pre-petition bank debt. As a result, the company recorded a net loss of $4.099 billion for the year 2005, compared with a net income of $204 million in 2004. write your comments about the article :: © 2006 Construction News :: home page |