|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.
Calgon Carbon CorporationSegment Data
Calgon Carbon Corporation Condensed Consolidated Statement of Income (Dollars in thousands except per share data) (Unaudited)
Calgon Carbon Corporation Condensed Consolidated Balance Sheet (Dollars in thousands) (Unaudited)
For more information, please contact Gail Gerono (412) 787-6795