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Ferro Reports 2012 Third-Quarter Results

CLEVELAND--(BUSINESS WIRE)--Oct. 29, 2012-- Ferro Corporation (NYSE: FOE, the “Company”) today announced net sales of $415 million for the three-month period ended September 30, 2012, compared with net sales of $546 million in the third quarter of 2011. The Company recorded a net loss attributable to common shareholders of $316 million, or $3.66 per diluted share, in the 2012 third quarter, compared with net income attributable to common shareholders of $19.3 million, or $0.22 per diluted share, in the prior-year quarter. The adjusted net loss attributable to common shareholders, excluding special charges, was $1.9 million, or $0.02 per diluted share, compared with net income attributable to common shareholders of $20.9 million, or $0.24 per diluted share, in the third quarter of 2011. Restructuring and impairment charges of $199 million were recorded during the third quarter. The charges included a $147 million impairment of goodwill associated with the Electronic Materials segment and a $41 million impairment of certain property, plant and equipment primarily related to a reduced outlook in the Company’s solar pastes business in the Electronic Materials segment. An impairment charge of $11 million was also recorded to reduce the value of properties and buildings related to manufacturing sites that were closed as part of restructuring initiatives executed in prior years. In addition, special charges of $5.8 million were included in cost of goods sold primarily related to write-downs of solar pastes inventories and residual costs at closed manufacturing sites involved in earlier restructuring initiatives. Special charges of $3.2 million were included in selling, general and administrative expenses primarily related to an increased reserve for other tax assets and residual expenses at sites closed as part of earlier restructuring initiatives. In addition, third-quarter results were impacted by an increased reserve on deferred tax assets that increased income tax expense by approximately $112 million. A reconciliation of reported to adjusted results excluding special charges is available in the supplementary financial data included in this press release. The Company announced on October 9, 2012 that it is exploring strategic options for its solar pastes business in order to eliminate the ongoing negative impact from that business on earnings and cash flow. The decision was in response to a significant contraction in the worldwide market for solar pastes and insufficient progress in the qualification of the Company’s products at large solar cell producers. “We are taking decisive action to improve our future profitability and build shareholder value. Our management team is focused on determining the best options for the solar pastes business, and we intend to make and execute our decisions quickly. In addition, we are taking actions in our worldwide operations—including business process improvements and organizational changes—in order to reduce annual operating expenses by $30 million over the next two years,” said Chairman, President and Chief Executive Officer James F. Kirsch. “We are analyzing further capacity consolidation, particularly in Europe, due to the weak economic conditions in the region. As a result of these initiatives, we are targeting worldwide headcount reductions of approximately 10 percent over the next two years.” 2012 Third-Quarter Results Net sales for the three months ended September 30, 2012, were $415 million, a decline of 24 percent from net sales of $546 million in the third quarter of 2011. Sales declined in all segments compared with the prior-year quarter. Reduced sales of Electronic Materials products, including precious metal sales, and reduced customer demand in Europe due to a weaker economic climate were the primary contributors to the decline in net sales. Reduced demand for conductive pastes used in solar cell applications, metal powders used in a variety of electronic products, and ceria-based surface finishing materials resulted in a $90 million decline in sales for the Electronic Materials segment, including a $59 million decline in sales of precious metals due to reduced volume and lower silver prices. Gross profit was $62 million, or 15.0% of net sales, during the 2012 third quarter, compared with $104 million or 19.0% of net sales during the prior-year quarter. Excluding special charges, gross profit was 18.0% of sales excluding precious metals during the quarter, compared with 23.4% in the 2011 third quarter. The primary driver of the decline in gross profit dollars was lower sales volume in the Electronic Materials segment. During the 2012 third quarter, gross profit was reduced by charges of $5.8 million, primarily related to inventory write-downs of solar pastes in the Electronic Materials segment and residual costs at manufacturing sites closed as part of earlier restructuring initiatives. Gross profit was reduced by charges of $0.7 million during the third quarter of 2011, due to residual costs at closed manufacturing sites. Selling, general and administrative (“SG&A”) expenses were $65 million during the 2012 third quarter compared with $66 million in the prior-year quarter. SG&A expenses declined primarily due to lower incentive compensation expense. Higher special charges and increased reserves for bad debt partially offset the decline in SG&A expenses. SG&A expenses during the quarter included special charges of $3.2 million, primarily related to an increased reserve for other tax assets and residual expenses at sites closed as a part of earlier restructuring initiatives. During the third quarter of 2011, SG&A expense included $0.8 million in charges, primarily related to sites closed during prior-period restructuring actions. During the third quarter of 2012, the Company elected to change its method of recognizing defined benefit pension and other postretirement benefit expenses. Under the new method, actuarial gains and losses will be recognized in operating results in the year in which the gains or losses occur. Prior-period results shown in this press release have been adjusted to apply the new method retrospectively. Interest expense was $7.1 million during the 2012 third quarter, little changed from the prior-year quarter. Compared with the prior-year quarter, average interest rates paid on borrowings were slightly higher. The impact of higher average interest rates was largely offset by lower average borrowings during the quarter. Income tax expense was $105 million during the 2012 third quarter. During the quarter, the Company recorded a reserve on its deferred tax assets which resulted in a $112 million increase in income tax expense. The net deferred tax assets, to which the valuation allowance was applied, are available for use in future periods. The valuation allowance that was recorded against the net deferred tax assets will be reversed when the assets are utilized or when the Company determines that these assets are likely to be realized. The net loss attributable to common shareholders for the 2012 third quarter was $316 million, or $3.66 per diluted share, compared with net income attributable to common shareholders of $19.3 million, or $0.22 per diluted share, in the third quarter of 2011. The adjusted net loss attributable to common shareholders for the 2012 third quarter was $0.02 per diluted share, excluding special charges, compared with adjusted earnings of $0.24 per diluted share in the third quarter of 2011. A reconciliation of reported to adjusted results excluding special charges is available in the supplementary financial data included in this press release. The Company has estimated that the negative impact on adjusted earnings from its solar pastes business was $0.04 per diluted share during the 2012 third quarter and $0.09 per diluted share during the first nine months of 2012. During 2011, the solar pastes business contributed income of approximately $0.04 per diluted share in the third quarter and $0.22 per diluted share during the first nine months of the year. The estimated per share loss or income attributed to solar pastes excludes allocated corporate expenses for all periods. Cash generated by operating activities was $14 million during the 2012 third quarter compared with $3 million in the prior-year quarter. The cash generation during the quarter was driven by reduced net working capital (inventories plus accounts receivable less accounts payable). Total debt declined to $337 million at September 30, 2012 from $342 million on June 30, 2012. 2012 Outlook The Company expects 2012 sales, excluding precious metal sales, to be down 8% to 10% compared with 2011, including the negative impact of lower forecasted foreign exchange rates. Sales of precious metals are expected to decline due to lower average prices and lower volume. The sales outlook assumes modest economic growth in all regions except in Europe where economic activity is expected to continue to decline compared with prior-year periods. Based on the Company’s current view of worldwide economic conditions, adjusted earnings in 2012 are expected to be in the range of $0.07 to $0.12 per diluted share. This forecast is unchanged from the forecast provided by the Company on October 9, 2012. The forecast includes an expected loss of approximately $0.14 to $0.17 per share related to the Company’s solar pastes business. Non-GAAP Measures Adjusted earnings per share is equal to income (loss) before taxes, restructuring and impairment charges, and other special charges, adjusted for a normalized 36 percent tax rate that is consistent with the U.S. statutory corporate income tax rate, and divided by the average number of diluted shares outstanding. Ferro believes this data provides investors with additional useful information on the underlying operations of the business and enables period-to-period comparability of financial performance. Conference Call The Company will host a conference call to discuss its third-quarter financial results, its view of general business conditions and its current outlook for 2012 on Tuesday, October 30, 2012, at 10:00 a.m. Eastern time. To participate in the call, dial 800-926-9795 if calling from the United States or Canada, or dial 212-231-2910 if calling from outside North America. Please call approximately 10 minutes before the conference call is scheduled to begin. An audio replay of the call will be available from noon Eastern time on October 30 through noon Eastern time on November 6. To access the replay, dial 800-633-8284 (toll-free) if calling from the United States or Canada, or dial 402-977-9140 if calling from outside North America. Use the program ID #21608706 to access the audio replay. The conference call also will be broadcast live over the Internet and will be available for replay through March 31, 2013. The live broadcast and replay can be accessed through the Investor Information portion of the Company’s Web site at www.ferro.com. A podcast of the conference call will also be available on the Company’s Web site. About Ferro Corporation Ferro Corporation (http://www.ferro.com) is a leading global supplier of technology-based performance materials for manufacturers. Ferro materials enhance the performance of products in a variety of end markets, including electronics, solar energy, telecommunications, pharmaceuticals, building and renovation, appliances, automotive, household furnishings, and industrial products. Headquartered in Mayfield Heights, Ohio, the Company has approximately 5,100 employees globally and reported 2011 sales of $2.2 billion. Cautionary Note on Forward-Looking Statements Certain statements in this press release may constitute “forward-looking statements” within the meaning of Federal securities laws. These statements are subject to a variety of uncertainties, unknown risks and other factors concerning the Company’s operations and business environment. Important factors that could cause actual results to differ materially from those suggested by these forward-looking statements and that could adversely affect the Company’s future financial performance include the following: demand in the industries into which Ferro sells its products may be unpredictable, cyclical or heavily influenced by consumer spending; uncertainty in the development of the solar energy market, and Ferro’s ability to successfully implement strategic options for its solar pastes business; restrictive covenants in the Company’s credit facilities could affect its strategic initiatives and liquidity; Ferro’s ability to access capital markets, borrowings, or financial transactions; the effectiveness of the Company’s efforts to improve operating margins through sales growth, price increases, productivity gains, and improved purchasing techniques; Ferro’s ability to successfully implement and/or administer its restructuring and cost reduction programs and produce the desired results; implementation of new business processes and information systems; the availability of reliable sources of energy and raw materials at a reasonable cost; currency conversion rates and economic, social, regulatory, and political conditions around the world; Ferro’s presence in the Asia-Pacific region where it can be difficult to compete lawfully; increasingly aggressive domestic and foreign governmental regulations on hazardous materials and regulations affecting health, safety and the environment; Ferro’s ability to successfully introduce new products; sale of products into highly regulated industries; limited or no redundancy for certain of the Company’s manufacturing facilities and possible interruption of operations at those facilities; Ferro’s ability to complete future acquisitions or successfully integrate future acquisitions; the impact of the Company’s performance on its ability to utilize significant deferred tax assets; competitive factors, including intense price competition; Ferro’s ability to protect its intellectual property or to successfully resolve claims of infringement brought against the Company; the impact of operating hazards and investments made in order to meet stringent environmental, health and safety regulations; stringent labor and employment laws and relationships with the Company’s employees; the impact of requirements to fund employee benefit costs, especially post-retirement costs; the impact of interruption, damage to, failure, or compromise of the Company’s information systems; manufacture and sale of products into the pharmaceutical industry; exposure to lawsuits in the normal course of business; risks and uncertainties associated with intangible assets, including the amount of related impairment and other charges; Ferro’s borrowing costs could be affected adversely by interest rate increases; liens on the Company’s assets by its lenders affect its ability to dispose of property and businesses; Ferro may not pay dividends on its common stock in the foreseeable future; and other factors affecting the Company’s business that are beyond its control, including disasters, accidents, and governmental actions. The risks and uncertainties identified above are not the only risks the Company faces. Additional risks and uncertainties not presently known to the Company or that it currently believes to be immaterial also may adversely affect the Company. Should any known or unknown risks and uncertainties develop into actual events, these developments could have material adverse effects on Ferro’s business, financial condition and results of operations. This release contains time-sensitive information that reflects management’s best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Additional information regarding these risks can be found in the Ferro Corporation Annual Report on Form 10-K for the period ended December 31, 2011. Ferro Corporation and Subsidiaries Consolidated Statements of Net Income (Unaudited)     Three months ended September 30, Nine months ended September 30, (Dollars in thousands, except share and per share amounts) 2012   As adjusted 2011 2012   As adjusted 2011   Net sales $414,840 $546,114 $1,362,735 $1,713,097 Cost of sales 352,501 442,304 1,124,228 1,374,614 Gross profit 62,339 103,810 238,507 338,483   Selling, general and administrative expenses 65,109 65,766 206,306 210,153 Restructuring and impairment charges 198,790 869 203,829 4,044 Other expense (income): Interest expense 7,101 7,030 20,689 21,208 Interest earned (57) (50) (192) (193) Foreign currency losses, net 869 1,726 792 4,049 Miscellaneous expense, net 792 64 3,027 458 (Loss) income before income taxes (210,265) 28,405 (195,944) 98,764 Income tax expense 105,473 9,057 113,618 32,825 Net (loss) income (315,738) 19,348 (309,562) 65,939 Less: Net income attributable to noncontrolling interests 376 40 830 573 Net (loss) income attributable to Ferro Corporation (316,114) 19,308 (310,392) 65,366 Dividends on preferred stock 0 0 0 (165) Net (loss) income attributable to Ferro Corporation common shareholders $(316,114) $19,308 $(310,392) $65,201   (Loss) earnings per share attributable to Ferro Corporation common shareholders: Basic (loss) earnings per share $(3.66) $0.22 $(3.60) $0.76 Diluted (loss) earnings per share (3.66) 0.22 (3.60) 0.75   Shares outstanding: Weighted-average basic shares 86,295,512 86,169,195 86,274,082 86,100,989 Weighted-average diluted shares 86,295,512 86,796,334 86,274,082 86,967,743 End-of-period basic shares 86,538,312 86,570,567 86,538,312 86,570,567   Ferro Corporation and Subsidiaries Segment Net Sales and Segment Income (Loss) (Unaudited)       (Dollars in thousands) Three months ended September 30, Nine months ended September 30, 2012   As adjusted 2011 2012   As adjusted 2011 Segment Net Sales Electronic Materials $66,188 $156,081 $228,625 $538,790 Performance Coatings 137,229 153,365 447,058 453,546 Color and Glass Perf. Materials 84,262 100,525 285,586 306,806 Polymer Additives 79,881 85,634 251,055 262,767 Specialty Plastics 41,305 43,606 132,512 132,745 Pharmaceuticals 5,975 6,903 17,899 18,443 Total Segment Net Sales $414,840 $546,114 $1,362,735 $1,713,097   Segment Income (Loss) Electronic Materials $(6,311) $16,463 $(10,968) $69,617 Performance Coatings 3,210 11,069 20,968 27,913 Color and Glass Perf. Materials 5,636 8,365 24,102 28,133 Polymer Additives 5,398 4,252 13,903 15,347 Specialty Plastics 3,728 2,717 12,182 7,416 Pharmaceuticals 85 1,254 1,892 3,525 Total Segment Income 11,746 44,120 62,079 151,951   Unallocated corporate expenses 14,516 6,076 29,878 23,621 Restructuring and impairment charges 198,790 869 203,829 4,044 Interest expense 7,101 7,030 20,689 21,208 Other expense, net 1,604 1,740 3,627 4,314 (Loss) income before income taxes $(210,265) $28,405 $(195,944) $98,764   Ferro Corporation and Subsidiaries Consolidated Balance Sheets (Unaudited)       As adjusted (Dollars in thousands) September 30, 2012 December 31, 2011 Assets Current assets: Cash and cash equivalents $24,817 $22,991 Accounts receivable, net 322,620 306,775 Inventories 212,014 228,813 Deferred income taxes 6,419 17,395 Other receivables 37,338 37,839 Other current assets 12,746 17,086 Total current assets 615,954 630,899   Property, plant and equipment, net 331,894 379,336 Goodwill 68,952 215,601 Amortizable intangible assets, net 14,086 11,056 Deferred income taxes 16,835 117,658 Other non-current assets 71,913 86,101 Total assets $1,119,634 $1,440,651   Liabilities and Equity Current liabilities: Loans payable and current portion of long-term debt $67,180 $11,241 Accounts payable 196,977 214,460 Accrued payrolls 31,564 31,055 Accrued expenses and other current liabilities 69,508 67,878 Total current liabilities 365,229 324,634   Long-term debt, less current portion 270,132 298,082 Postretirement and pension liabilities 190,283 215,732 Other non-current liabilities 19,846 19,709 Total liabilities 845,490 858,157   Shareholders' equity 263,447 572,262 Noncontrolling interests 10,697 10,232 Total liabilities and equity $1,119,634 $1,440,651   Ferro Corporation and Subsidiaries Consolidated Statements of Cash Flows (Unaudited)     (Dollars in thousands) Three months ended September 30, Nine months ended September 30, 2012   As adjusted 2011 2012   As adjusted 2011 Cash flows from operating activities Net (loss) income $(315,738) $19,348 $(309,562) $65,939 Impairment and reserve charges 311,084 0 311,084 0 Depreciation and amortization 13,727 15,674 41,734 48,523 Precious metals deposits 0 0 0 28,086 Accounts receivable 27,617 4,807 (23,006) (63,733) Inventories 7,060 1,544 15,637 (41,550) Accounts payable (19,505) (23,367) (4,254) 3,989 Other changes in current assets and liabilities, net (317) (22,244) 7,814 (36,365) Other adjustments, net (9,570) 7,626 (19,911) (22,259) Net cash provided by (used for) operating activities 14,358 3,388 19,536 (17,370)   Cash flows from investing activities Capital expenditures for property, plant and equipment (10,737) (20,106) (46,245) (51,923) Proceeds from sale of assets 1,194 0 2,386 2,374 Other investing activities (340) 0 96 193 Net cash used for investing activities (9,883) (20,106) (43,763) (49,356)   Cash flow from financing activities Net borrowings under loans payable (12,819) (2,074) 22,087 55,496 Proceeds from long-term debt 110,155 147,955 323,151 530,174 Principal payments on long-term debt (104,752) (135,294) (319,926) (517,065) Redemption of convertible preferred stock 0 0 0 (9,427) Cash dividends paid 0 0 0 (165) Other financing activities 1,820 676 760 (180) Net cash (used for) provided by financing activities (5,596) 11,263 26,072 58,833 Effect of exchange rate changes on cash and cash equivalents 571 (13) (19) 758 (Decrease) increase in cash and cash equivalents (550) (5,468) 1,826 (7,135) Cash and cash equivalents at beginning of period 25,367 27,368 22,991 29,035 Cash and cash equivalents at end of period $24,817 $21,900 $24,817 $21,900   Cash paid during the period for: Interest $12,147 $12,045 $25,343 $24,620 Income taxes 1,032 5,931 3,130 20,646   Ferro Corporation and Subsidiaries Supplemental Information     Reconciliation of Adjusted Earnings to Reported Earnings for the Three Months Ended September 30 (Unaudited)   Three months ended September 30, 2012 Three months ended September 30, 2011 (Dollars in thousands, except per share amounts) As reported   Adjust- ments   Non- GAAP As adjusted   Adjust- ments   Non- GAAP Net sales $414,840 $414,840 $546,114 $546,114 Cost of sales 352,501 $(5,813) 346,688 442,304 $(712) 441,592 Gross profit 62,339 68,152 103,810 104,522 Selling, general and administrative expenses 65,109 (3,245) 61,864 65,766 (835) 64,931 Restructuring and impairment charges 198,790 (198,790) 0 869 (869) 0 Other expense, net 1,604 1,604 1,740 1,740 (Loss) earnings before interest, taxes and noncontrolling interest (203,164) 4,684 35,435 37,851 Interest expense 7,101   7,101 7,030   7,030 Total adjustments (207,848) (2,416)   (Loss) income before taxes (210,265) (2,417) 28,405 30,821 Income tax expense 105,473 9,057 Income tax (benefit) expense1   (870)   9,863 Net (loss) income (315,738) (1,547) 19,348 20,958 Less: Net income attributable to noncontrolling interest 376 376 40 40 Net (loss) income attributable to Ferro (316,114) (1,923) 19,308 20,918 Dividends on preferred stock 0 0 0 0 Net (loss) income attributable to Ferro common shareholders $(316,114) $(1,923) $19,308 $20,918 Diluted (loss) earnings per share $(3.66) $(0.02) $0.22 $0.24   1 2011 tax rate for the calculation of non-GAAP earnings was 32%, consistent with the Company’s 2011 expectations for future effective tax rates, excluding discrete items. The Company has adjusted the effective tax rate used in 2012 to 36% to reflect an updated analysis of future effective tax rates, excluding discrete items. The effective rate that is applied to 2012 adjusted earnings is consistent with the U.S. statutory income tax rate. It should be noted that adjusted earnings is a financial measure not required by, or presented in accordance with, accounting principles generally accepted in the United States (U.S. GAAP). The adjusted earnings presented here exclude certain special charges, including restructuring and impairment charges, charges related to debt refinancing, and other charges that are not related to production of products for sale. Ferro believes this data provides investors with additional useful information on the underlying operations of the business and enables period-to-period comparability of financial performance. In addition, these measures are used in the calculation of certain incentive compensation programs for selected employees. Ferro Corporation and Subsidiaries Supplemental Information     Reconciliation of Adjusted Earnings to Reported Earnings for the Nine Months Ended September 30 (Unaudited)   Nine months ended September 30, 2012 Nine months ended September 30, 2011 (Dollars in thousands, except per share amounts) As reported   Adjust- ments   Non- GAAP As adjusted   Adjust- ments   Non- GAAP Net sales $1,362,735 $1,362,735 $1,713,097 $1,713,097 Cost of sales 1,124,228 $(7,204) 1,117,024 1,374,614 $(3,624) 1,370,990 Gross profit 238,507 245,711 338,483 342,107 Selling, general and administrative expenses 206,306 (5,969) 200,337 210,153 (3,340) 206,813 Restructuring and impairment charges 203,829 (203,829) 0 4,044 (4,044) 0 Other expense, net 3,627 (808) 2,819 4,314 4,314 (Loss) earnings before interest, taxes and noncontrolling interest (175,255) 42,555 119,972 130,980 Interest expense 20,689   20,689 21,208   21,208 Total adjustments (217,810) (11,008) Income before taxes (195,944) 21,866 98,764 109,772 Income tax expense 113,618 32,825 Income tax expense1   7,872   35,127 Net (loss) income (309,562) 13,994 65,939 74,645 Less: Net income attributable to noncontrolling interest 830 830 573 573 Net (loss) income attributable to Ferro (310,392) 13,164 65,366 74,072 Dividends on preferred stock 0 0 (165) (165) Net (loss) income attributable to Ferro common shareholders $(310,392) $13,164 $65,201 $73,907   Diluted (loss) earnings per share $(3.60) $0.15 $0.75 $0.85   1 2011 tax rate for the calculation of non-GAAP earnings was 32%, consistent with the Company’s 2011 expectations for future effective tax rates, excluding discrete items. The Company has adjusted the effective tax rate used in 2012 to 36% to reflect an updated analysis of future effective tax rates, excluding discrete items. The effective rate that is applied to 2012 adjusted earnings is consistent with the U.S. statutory income tax rate. It should be noted that adjusted earnings is a financial measure not required by, or presented in accordance with, accounting principles generally accepted in the United States (U.S. GAAP). The adjusted earnings presented here exclude certain special charges, including restructuring and impairment charges, charges related to debt refinancing, and other charges that are not related to production of products for sale. Ferro believes this data provides investors with additional useful information on the underlying operations of the business and enables period-to-period comparability of financial performance. In addition, these measures are used in the calculation of certain incentive compensation programs for selected employees. Ferro Corporation and Subsidiaries Supplemental Information     Segment Net Sales Excluding Precious Metals and Reconciliation of Sales Excluding Precious Metals to Net Sales (Unaudited)   (Dollars in thousands) Three months ended September 30, Nine months ended September 30, 2012   2011 2012   2011   Electronic Materials $35,264 $65,736 $116,944 $216,548 Performance Coatings 137,229 153,365 447,058 453,546 Color and Glass Perf. Materials 79,224 91,173 264,423 280,514 Polymer Additives 79,881 85,634 251,055 262,767 Specialty Plastics 41,305 43,606 132,512 132,745 Pharmaceuticals 5,975 6,903 17,899 18,443 Total segment sales excluding precious metals 378,878 446,417 1,229,891 1,364,563 Sales of precious metals 35,962 99,697 132,844 348,534 Total net sales $414,840 $546,114 $1,362,735 $1,713,097   It should be noted that segment net sales excluding precious metals is a financial measure not required by, or presented in accordance with, accounting principles generally accepted in the United States (U.S. GAAP). The sales are presented here to exclude the impact of volatile precious metal raw material costs. The precious metal raw material costs are generally passed through directly to customers with minimal margin. Ferro believes this data provides investors with additional useful information on the underlying operations of the business and enables period-to-period comparability of financial performance. Source: Ferro Corporation Ferro Corporation Investor Contact: David Longfellow, Director, Investor Relations, 216-875-5488 E-mail: david.longfellow@ferro.com OR Media Contact: Mary Abood, Director, Corporate Communications, 216-875-5401 E-mail: mary.abood@ferro.com