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News Release

Calgon Carbon Announces First Quarter Results

Board Declares Dividend

PITTSBURGH, PA - April 23, 2002 - Calgon Carbon Corporation (NYSE: CCC) announced today that earnings for the first quarter of 2002 were $0.04 per share.

Sales for the first quarter of 2002 were $63.1 million versus first quarter 2001 sales of $66.9 million. Sales were down 3.8% in local currency. Net income was $1.4 million for the first quarter of 2002, as compared to $2.3 million, $0.06 per share, for the comparable period of 2001.

Sales of activated carbon declined versus the first quarter of 2001 due primarily to lower demand from customers whose businesses were adversely affected by the economy. Service sales were equal to early 2001 but up 1.5% from the fourth quarter of 2001. Engineered Solutions sales in the first quarter of 2002 declined 19.2% from the first quarter of 2001. However, backlog orders were at record levels due to new contracts received in the first quarter in excess of $14.0 million. Consumer sales increased 10.6% versus the first quarter of 2001 because of higher demand for both charcoal and sales of new home wellness products, PreZerve™ and Purrfectly Fresh.™

Calgon Carbon's continuing emphasis on corporate-wide cost control had a favorable impact on net income in the quarter. Operating expenses declined 7.0% from the first quarter of 2001. The company's after tax net income also benefited by $317,000 from implementation of SFAS No. 142, "Goodwill and other Intangible Assets," and the resulting impact of ceasing to amortize goodwill.

Calgon Carbon's board of directors declared a dividend of $0.03 per common share. Dividends will be issued to shareholders of record as of May 6, 2002, and will be payable on May 20, 2002.

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Calgon Carbon Corporation

Segment Data

Segment Sales     1Q02 1Q01
Activated Carbon     $ 27,327 $ 29,248
Service     21,666 21,185
Engineered Solutions     9,194 11,379
Consumer Health     4,949 4,476
    Total Sales (thousands)     $ 63,136 $ 66,918

Segment Operating Income*     1Q02 1Q01
Activated Carbon     $ 3,750 $ 4,526
Service     4,568 5,616
Engineered Solutions     (351) 1,354
Consumer Health     (280) (752)
    Total Income (loss) from
     operations (thousands)		     $ 7,687 $ 10,744
 
* Before depriciation, amortization, and restructuring charges.

Calgon Carbon Corporation Condensed Consolidated Statement of Income (Dollars in thousands except per share data) (Unaudited)

  Quarter Ended
  March 31, 2002 March 31, 2001
Net Sales $ 63,136 $ 66,918
Cost of Products Sold 43,543 43,376
Depreciation and Amortization 4,614 5,007
Selling, Administrative & Research 11,906 12,798
  60,063 61,181
Income from Operations 3,073 5,737
Interest Income (Expense) - Net (513) (1,084)
Other Income (Expense) - Net (378) (924)
Income Before Income
  Taxes and Minority Interest
2,182 3,729 
Provision for Income Taxes 786 1,342
Income Before Minority Interest 1,396 2,387
Minority Interest — (53)
Net Income $  1,396 $  2,334
Net Income per Common
  Share (Basic and Diluted)
$    .04 $    .06
Weighted Average Shares
  Outstanding (Thousands)
   
  Basic
38,889 38,802 
  Diluted
39,176 38,959

Calgon Carbon Corporation Condensed Consolidated Balance Sheet (Dollars in thousands) (Unaudited)

  March 31, 2002 December 31, 2001
     
ASSETS    
Current assets:    
    Cash and cash equivalents $   4,972 $   3,567
    Receivables 49,199 44,233
    Inventories 43,601 42,104
    Other current assets 11,155 14,631
        Total current assets 108,927 104,535
Property, plant and equipment, net 141,538 143,661
Other assets 83,727 83,518
    Total assets $ 334,192 $ 331,714
     
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:    
    Short-term debt $         —  $   8,762
    Long-term debt due within one year 2,143 1,275
    Other current liabilities 37,528 37,705
        Total current liabilities 39,671 47,742
Long-term debt 64,702 54,360
Other liabilities 46,230 45,803
    Total liabilities 150,603 147,905
Minority Interest —  —
Total shareholders' equity 183,589 183,809
    Total liabilities and shareholders' equity $ 334,192 $ 331,714

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For more information, please contact Gail Gerono (412) 787-6795