CINCINNATI (Feb. 22)—Eagle-Picher Holdings Inc., the parent company of Eagle-Picher Industries Inc., reported a net loss of $54 million for fiscal 2001 ended Nov. 30, compared to net income of $5.6 million in 2000, excluding divested divisions. The company's sales fell 8.3 percent to $692.5 million from $755 million in 2000. Operating income for last year was $4.3 million vs. $62.3 million in 2000. Earnings before interest and taxes fell 16.5 percent last year to $85.7 million, primarily because of raw material price increases, price concessions to customers and operating efficiencies, particularly in the automotive businesses, the company said. Eagle-Picher also took several non-recurring charges: $30.8 million pretax charge for selling its Construction Equipment Division for less than its carrying value; $14.2 million charge in connection with restructuring of its operating divisions and relocation of its corporate headquarters to Phoenix from Cincinnati; and $3.1 million for "certain special management compensation expenses." Eagle-Picher is projecting fiscal 2002 sales will be slightly up at about $700 million, with EBITDA in the range of $93 million to $97 million.
Eagle-Picher Holdings posts $54 million loss for 2001
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