Calgon Carbon Previews 2Q Earnings
PITTSBURGH, PA – 06/24/2002
Calgon Carbon Corporation (NYSE: CCC) announced today that earnings per share for the second quarter ended June 30, 2002, are anticipated to be $0.04 to $0.06, excluding a cumulative accounting adjustment for the write-down of goodwill. The company reported $0.10 per share in the second quarter of 2001.
Carbon and Engineered Solutions sales for the second quarter will be significantly lower than in the second quarter of 2001. Second quarter earnings are also being adversely affected by approximately $1 million as a result of costs associated with the start up of an Engineered Solutions customer installation and the company’s new activated carbon manufacturing plant in China.
The company also announced that during the second quarter of 2002, it will write off a large portion of the $61 million in goodwill associated with the 1996 acquisition of Advanced Separation Technologies Incorporated as a result of an assessment of the impairment of goodwill required by SFAS No. 142.
Commenting on the announcement, James A. Cederna, chairman and president of Calgon Carbon, said, “We had not shared estimates for second quarter results until today because of the changing global economy and uncertainty surrounding the size of start up costs and the goodwill assessment.” A complete analysis of final results for the second quarter of 2002 will be released on July 30.
Calgon Carbon Corporation, headquartered in Pittsburgh, Pennsylvania, is a global leader in services and solutions for making air and water cleaner and safer. The company employs approximately 1,000 people at 13 operating facilities and 12 sales and service centers worldwide.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This document contains certain statements that are forward-looking relative to the company’s future strategy and performance. They involve known and unknown risks and uncertainties that may cause the company’s actual results in future periods to be materially different from any future performance suggested in this document. Further, the company operates in an industry where it may be influenced by economic and other factors beyond the company’s control.
For more information, please contact Gail Gerono (412) 787-6795