Strong balance sheet provides operating and strategic flexibility
PERRYSBURG, Ohio, Oct. 29 /PRNewswire-FirstCall/ -- Owens-Illinois,
Inc. (NYSE:OI) today reported financial results for the third
quarter ending September 30, 2008. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050412/CLTU028LOGO ) Third
Quarter Net Sales Increase 4% The Company reported net sales of
$2.009 billion for the third quarter of 2008, compared with $1.928
billion a year ago, an increase of $81 million, or 4%. Higher
prices and improved product mix added $149 million to sales for the
quarter, offsetting the decline in volume of $146 million.
Favorable currency translation contributed $82 million to the sales
increase. On July 31, 2007, the Company sold its Plastics Packaging
business. In accordance with generally accepted accounting
principles, amounts related to that business have been classified
and reported as discontinued operations. Third Quarter Earnings
Excluding Unusual Items Rise 18% The Company's earnings from
continuing operations in the third quarter of 2008 were $78.6
million, compared with $75.6 million a year ago. Exclusive of the
items listed below in Note 1, 2008 third quarter earnings rose 18%
to $153.7 million, compared with $130.6 million in the same quarter
last year. The increase in earnings (exclusive of Note 1 items) was
driven primarily by an improvement in price and product sales mix
in all regions, and additionally by lower net interest expense,
lower retained corporate costs and favorable foreign currency
translation. These favorable effects were partially offset by
inflation in manufacturing and delivery costs, as well as reduced
sales volume and lower production volume. Net earnings for the
third quarter of 2008 included an after-tax charge of $79.7 million
for restructuring and related asset impairment and a $4.6 million
net benefit from foreign tax items. Net earnings for the third
quarter of 2007 included an after-tax charge of $55.0 million for
restructuring and asset impairment. Management considers these
items not representative of ongoing operations and descriptions are
shown below in Note 1. Third Quarter EPS Excluding Unusual Items
Increases 15% The Company earned $0.46 per share (diluted) from
continuing operations in the third quarter of 2008, compared with
$0.45 (diluted) per share for the third quarter of 2007. Exclusive
of the items listed in Note 1, earnings per share increased to
$0.90 (diluted) in the third quarter of 2008 from $0.78 (diluted)
in the same quarter last year, an increase of 15%. A description of
the items management considers not representative of ongoing
operations and a reconciliation of the GAAP to non-GAAP earnings
and earnings per share can be found in the tables accompanying this
release and in charts on the Company's Web site
(http://www.o-i.com/). "The results of the third quarter are a
clear affirmation of our strategic priorities," said Al Stroucken,
Chairman and Chief Executive Officer. "Our ability to react quickly
to changing demand patterns and customer inventory corrections in a
highly inflationary environment is serving us well. Our employees
around the world have done a great job embracing new methodologies
and understanding the value that increased operating flexibility
brings." Operations Generate Free Cash Flow of $195 Million in the
Third Quarter The Company generated cash of $304.2 million from
continuing operating activities in the third quarter of 2008,
compared with $337.5 million in the same quarter of 2007. Free Cash
Flow (defined as cash provided by continuing operating activities
less capital expenditures for continuing operations) was $194.7
million in the third quarter of 2008, compared with $274.9 million
in the third quarter of 2007. The decline in Free Cash Flow was
primarily due to a smaller reduction in working capital compared
with the prior year. Working capital during the third quarter 2008
was a $60.8 million source of cash compared with a source of $205.8
million during the same quarter in 2007. The decline in working
capital as a source of cash was driven by an increase in inventory
as a result of lower sales volume. At current exchange rates, the
Company expects to generate Free Cash Flow for 2008 in the range of
$332 million to $400 million, based on capital expenditures in a
range of $350 million to $370 million and cash provided by
operating activities in a range of $700 million to $750 million.
Reduction in Total Debt Balance Improves Financial Flexibility As
of September 30, 2008, the Company's total debt balance was $3.458
billion compared with $3.789 billion as of June 30, 2008. The $331
million decrease in debt during the third quarter of 2008 reflected
the effect of the strengthening U.S. dollar on the Company's
non-U.S. dollar denominated debt and net debt repayments of
approximately $129 million. At the end of the third quarter, the
Company had $745 million of available capacity under its secured
revolving credit facility. The Company has no significant
maturities of long-term debt until 2010. Effective Tax Rate
Excluding Unusual Items of 25.9% The Company's reported tax rate
for the third quarter of 2008 was 30.4%, as compared with 33.3% in
the prior year quarter. Excluding the tax effect for items listed
in Note 1, the comparable tax rates for the third quarter of 2008
and 2007 were 25.9% and 26.5%, respectively. Based on the current
earnings mix projection for 2008, the Company expects that the
full-year effective tax rate, excluding Note 1 items, will be
comparable with last year's 24.4% effective tax rate.
Asbestos-Related Payments Decrease to $37 Million Asbestos-related
cash payments during the third quarter and first nine months of
2008 were $36.7 million and $140.3 million, respectively. This
compares with $132.5 million and $226.2 million for the same
periods last year. The year-over-year decrease in cash spending
reflects reduced funding for settlements of certain claims on an
accelerated basis on terms favorable to the Company. As of
September 30, 2008, the deferred amount payable for previously
settled lawsuits and claims was approximately $29 million compared
with approximately $30 million at the end of the second quarter
2008. New lawsuits and claims filed during the first nine months of
2008 were 47% lower than the same period last year. At
approximately 13,000, the number of pending asbestos-related
lawsuits and claims as of September 30, 2008, was unchanged from
June 30, 2008. Nine Months Sales Increase 10% and EPS Increases 40%
For the first nine months of 2008, the Company reported net sales
from continuing operations of $6.180 billion compared with $5.609
billion for the same period in 2007, an increase of $571 million,
or 10%. The effect of favorable currency translations contributed
$470 million. Gains made in improved price and product sales mix
totaled $422 million, outweighing the $319 million negative impact
from fewer tons of glass sold. Net earnings from continuing
operations for the first nine months of 2008 were $480.1 million or
$2.81 per share (diluted), compared with $284.7 million or $1.70
per share (diluted) for the first nine months of 2007. Earnings
from continuing operations, exclusive of the items listed in Note 2
that management considers not representative of ongoing operations,
were $3.34 per share (diluted) in the first nine months of 2008,
compared with $1.95 per share (diluted) in the same period last
year. The benefits to earnings from improved price and product
sales mix outweighed the negative impact from inflation and lower
sales volume. Favorable currency exchange rates, lower interest
expense from the reduced debt level and lower retained corporate
costs also contributed to the nine months earnings improvement.
Cash provided by continuing operating activities during the first
nine months of 2008 was $534.8 million compared with $470.5 million
for the same period last year. Free Cash Flow for the first nine
months of 2008 was $296.3 million, compared with $305.8 million
during the first nine months of 2007. Improved earnings and lower
cash spending for asbestos were offset by higher working capital
and expenditures on capital improvements year-over-year. Company is
Well-Positioned for the Future "We have a solid foundation from
which to build," continued Stroucken. "We will focus on recapturing
margins that are challenged by continuing high inflation, and we
will reset our prices in January accordingly. In addition, our
footprint realignment allows us to tailor our capacity and fixed
costs to match regional demand, which is a great benefit in the
current environment. Earnings in 2008 have already exceeded full
year 2007, and we are well- positioned for 2009." Note 1: The table
below is a reconciliation of items in the third quarter of 2008 and
2007 that management considers not representative of ongoing
operations, consistent with Segment Operating Profit. $ Millions,
except per share amounts Three months ended September 30 2008 2007
Earnings EPS Earnings EPS Earnings from continuing operations $78.6
$0.46 $75.6 $0.45 Charges for restructuring and asset impairment,
net of tax and minority share owners' interests 79.7 0.47 55.0 0.33
Net benefit related to tax legislation and restructuring in Europe
(4.6) (0.03) Earnings from continuing operations exclusive of above
items $153.7 $0.90 $130.6 $0.78 Note 2: The table below is a
reconciliation of items in the first nine months of 2008 and 2007
that management considers not representative of ongoing operations,
consistent with Segment Operating Profit. $ Millions, except per
share amounts Nine months ended September 30 2008 2007 Earnings EPS
Earnings EPS Earnings from continuing operations $480.1 $2.81
$284.7 $1.70 Charges for restructuring and asset impairment, net of
tax and minority 93.6 0.56 55.0 0.33 share owners' interests Net
benefit related to tax legislation and restructuring in Europe
(4.6) (0.03) Gain from recognition of foreign tax credits (13.5)
(0.08) Earnings from continuing operations exclusive of above items
$569.1 $3.34 $326.2 $1.95 Regulation G The information presented
above regarding earnings from continuing operations exclusive of
items management considers not representative of ongoing operations
does not conform to U.S. generally accepted accounting principles
(GAAP). It should not be construed as an alternative to the
reported results determined in accordance with GAAP. Management has
included this non-GAAP information to assist in understanding the
comparability of results of ongoing operations. Management uses
this non-GAAP information principally for internal reporting,
forecasting, budgeting and calculating bonus payments. Management
believes that the excluded items are not reflective of ongoing
operations, so the non-GAAP presentation allows the board of
directors, management, investors and analysts to better understand
the Company's financial performance in relationship to core
operating results and the business outlook. Company Profile
Millions of times a day, O-I glass containers deliver many of the
world's best-known consumer products to people all around the
world. With the leading position in Europe, North America, Asia
Pacific and South America, O-I manufactures consumer-preferred, 100
percent recyclable glass containers that enable superior taste,
purity, visual appeal and value benefits for our customers'
products. Established in 1903, the company employs more than 23,000
people with 79 manufacturing facilities in 22 countries. In 2007,
net sales were $7.6 billion. For more information, visit
http://www.o-i.com/. Forward Looking Statements This news release
contains "forward-looking" statements within the meaning of Section
21E of the Securities Exchange Act of 1934 and Section 27A of the
Securities Act of 1933. Forward-looking statements reflect the
Company's current expectations and projections about future events
at the time, and thus involve uncertainty and risk. It is possible
the Company's future financial performance may differ from
expectations due to a variety of factors including, but not limited
to the following: (1) foreign currency fluctuations relative to the
U.S. dollar, (2) changes in capital availability or cost, including
interest rate fluctuations, (3) the general political, economic and
competitive conditions in markets and countries where the Company
has operations, including disruptions in the capital markets,
disruptions in the supply chain, competitive pricing pressures,
inflation or deflation, and changes in the tax rates and laws, (4)
consumer preferences for alternative forms of packaging, (5)
fluctuation in raw material and labor costs, (6) availability of
raw materials, (7) costs and availability of energy, (8)
transportation costs, (9) the ability of the Company to raise
selling prices, commensurate with energy and other cost increases,
without the loss of customers or sales volume, (10) consolidation
among competitors and customers, (11) the ability of the Company to
integrate operations of acquired businesses and achieve expected
synergies, (12) unanticipated expenditures with respect to
environmental, safety and health laws, (13) the performance by
customers of their obligations under purchase agreements, and (14)
the timing and occurrence of events which are beyond the control of
the Company, including events related to asbestos-related claims.
It is not possible to foresee or identify all such factors. Any
forward-looking statements in this news release are based on
certain assumptions and analyses made by the Company in light of
its experience and perception of historical trends, current
conditions, expected future developments, and other factors it
believes are appropriate in the circumstances. Forward-looking
statements are not a guarantee of future performance and actual
results or developments may differ materially from expectations.
While the Company continually reviews trends and uncertainties
affecting the Company's results of operations and financial
condition, the Company does not intend to update any particular
forward- looking statements contained in this news release.
Conference Call Scheduled for October 30th O-I CEO Al Stroucken and
CFO Ed White will conduct a conference call to discuss the
Company's latest results on Thursday, October 30, 2008, at 8:30
a.m., Eastern Time. A live Webcast of the conference call will be
available on the O-I Web site (http://www.o-i.com/). The conference
call also may be accessed by dialing 888-733-1701 (U.S. and Canada)
or 706-634-4943 (international) by 8:20 a.m. Eastern Time on
October 30th. Ask for the O-I conference call. A replay of the call
will be available on the O-I Web site (http://www.o-i.com/) for 30
days following the call. Additional Information Additional
information regarding third quarter sales, Segment Operating Profit
and EPS comparisons to prior year is available on the O-I Web site,
http://www.o-i.com/, in the Investor Relations section under
"Annual Reports and Presentations." OWENS-ILLINOIS, INC. Condensed
Consolidated Results of Operations (a) (Dollars in millions, except
per share amounts) Three months ended Nine months ended September
30, September 30, 2008 2007 2008 2007 Net sales $2,008.6 $1,928.4
$6,179.7 $5,609.4 Manufacturing, shipping, and delivery expense
(1,601.3) (1,511.2) (4,790.4) (4,435.0) Gross profit 407.3 417.2
1,389.3 1,174.4 Selling and administrative expense (120.8) (130.5)
(379.4) (388.3) Research, development, and engineering expense
(17.1) (15.3) (51.0) (46.5) Interest expense (66.3) (97.0) (199.8)
(260.2) Interest income 10.4 21.4 29.1 30.0 Equity earnings 12.9
8.4 36.7 22.3 Royalties and net technical assistance 5.0 5.0 14.8
14.7 Other income 1.9 3.9 5.1 8.8 Other expense (b) (94.5) (72.7)
(130.3) (102.8) Earnings from continuing operations before items
below 138.8 140.4 714.5 452.4 Provision for income taxes (c) (42.2)
(46.7) (183.0) (123.5) Minority share owners' interests in earnings
of subsidiaries (18.0) (18.1) (51.4) (44.2) Earnings from
continuing operations 78.6 75.6 480.1 284.7 Net earnings of
discontinued operations 9.0 2.8 Gain on sale of discontinued
operations 1,071.9 7.9 1,071.9 Net earnings $78.6 $1,156.5 $488.0
$1,359.4 Less convertible preferred stock dividends (5.4) (5.4)
(16.1) Available to common share owners $78.6 $1,151.1 $482.6
$1,343.3 Basic net earnings per share of common stock: Earnings
from continuing operations $0.47 $0.46 $2.92 $1.75 Net earnings of
discontinued operations 0.05 0.02 Gain on sale of discontinued
operations 6.93 0.05 6.97 Net earnings $0.47 $7.44 $2.97 $8.74
Weighted average shares outstanding (000s) 165,462 154,730 162,390
153,744 Diluted net earnings per share of common stock: Earnings
from continuing operations $0.46 $0.45 $2.81 $1.70 Net earnings of
discontinued operations 0.05 0.02 Gain on sale of discontinued
operations 6.36 0.05 6.41 Net earnings $0.46 $6.86 $2.86 $8.13
Diluted average shares (000s) (d) 170,058 168,681 170,483 167,167
(a) Amounts related to the Company's plastics packaging business
have been classified as discontinued operations following the June
11, 2007 announcement of an agreement to sell the business. The
sale was completed on July 31, 2007. (b) Amount for the three
months ended September 30, 2008 includes charges of $90.6 million
($79.7 million after tax) for restructuring and asset impairment.
The effect of these charges is a reduction in earnings per share of
$0.47. Amount for the nine months ended September 30, 2008 includes
charges of $111.7 million ($93.6 million after tax and minority
share owners' interests) for restructuring and asset impairment.
The effect of these charges is a reduction in earnings per share of
$0.56. Amount for the three and nine months ended September 30,
2007 includes charges of $61.9 million ($55.0 million after tax)
for restructuring and asset impairment. The effect of these charges
is a decrease in earnings per share of $0.33. (c) Amounts for the
three and nine months ended September 30, 2008 include a net
benefit of $6.2 million ($4.6 million after minority shareowners'
interest) related to tax legislation and restructuring in Europe.
The effect of this benefit is an increase in earnings per share of
$0.03. Amounts for nine months ended September 30, 2007 include a
benefit of $13.5 million for the recognition of tax credits related
to restructuring of investments in certain European operations. The
effect of this benefit is an increase in earnings per share of
$0.08. (d) The number of diluted shares for the three and nine
months ended September 30, 2007 was increased by 8,589,000 because
the assumed conversion of the convertible preferred shares is
dilutive to the related earnings per share amount for those
periods. Accordingly, dividends were not deducted from earnings in
calculating diluted earnings per share for those periods. Earnings
per share amounts are calculated discretely for each period and
quarterly amounts do not necessarily total the year to date amounts
because of dilution and rounding. OWENS-ILLINOIS, INC. Condensed
Consolidated Balance Sheets (Dollars in millions) Sept. 30, Dec.
31, Sept. 30, 2008 2007 2007 Assets Current assets: Cash and cash
equivalents $410.5 $387.7 $1,544.9 Short-term investments, at cost
which approximates market 34.0 59.8 60.4 Receivables, less
allowances for losses and discounts 1,194.1 1,185.6 1,170.4
Inventories 1,141.2 1,020.8 1,024.1 Prepaid expenses 57.3 40.7 46.3
Total current assets 2,837.1 2,694.6 3,846.1 Investments and other
assets: Equity investments 94.5 81.0 76.5 Repair parts inventories
136.3 155.8 140.4 Prepaid pension 624.9 566.4 529.9 Deposits,
receivables, and other assets 462.4 448.7 460.3 Goodwill 2,333.3
2,428.1 2,388.0 Total other assets 3,651.4 3,680.0 3,595.1
Property, plant, and equipment, at cost 6,345.9 6,423.1 6,251.8
Less accumulated depreciation 3,597.0 3,473.1 3,358.5 Net property,
plant, and equipment 2,748.9 2,950.0 2,893.3 Total assets $9,237.4
$9,324.6 $10,334.5 Liabilities and Share Owners' Equity Current
liabilities: Short-term loans and long-term debt due within one
year $496.4 $700.9 $1,862.1 Current portion of asbestos- related
liabilities 210.0 210.0 250.0 Accounts payable 901.5 957.5 945.4
Other liabilities 773.3 661.1 643.2 Total current liabilities
2,381.2 2,529.5 3,700.7 Long-term debt 2,961.1 3,013.5 2,977.8
Deferred taxes 72.1 109.4 101.9 Pension benefits 273.1 313.7 330.9
Nonpension postretirement benefits 273.5 287.0 283.4 Other
liabilities 361.4 386.9 405.2 Asbestos-related liabilities 105.2
245.5 211.4 Minority share owners' interests 249.1 251.7 237.7
Share owners' equity: Convertible preferred stock (a) 452.5 452.5
Common stock 1.8 1.7 1.7 Capital in excess of par value 2,905.0
2,420.0 2,393.8 Treasury stock, at cost (222.8) (224.6) (225.2)
Retained earnings (deficit) 197.3 (285.3) (261.1) Accumulated other
comprehensive income (loss) (320.6) (176.9) (276.2) Total share
owners' equity 2,560.7 2,187.4 2,085.5 Total liabilities and share
owners' equity $9,237.4 $9,324.6 $10,334.5 (a) On February 29,
2008, the Company announced that all outstanding shares of
convertible preferred stock would be redeemed on March 31, 2008, if
not converted by holders prior to that date. All conversions and
redemptions were completed by March 31 through the issuance of
8,584,479 shares of common stock. OWENS-ILLINOIS, INC. Condensed
Consolidated Cash Flows (Dollars in millions) Three months ended
Nine months ended September 30, September 30, 2008 2007 2008 2007
Cash flows from operating activities: Net earnings $78.6 $1,156.5
$488.0 $1,359.4 Net earnings of discontinued operations (9.0) (2.8)
Gain on sale of discontinued operations (1,071.9) (7.9) (1,071.9)
Non-cash charges: Depreciation 110.1 111.2 339.3 320.9 Amortization
of intangibles and other deferred items 7.2 8.5 21.5 18.9
Amortization of finance fees 2.0 1.4 6.0 6.6 Restructuring and
asset impairment 90.6 61.9 111.7 61.9 Deferred tax provision (40.1)
(6.0) (43.1) 16.8 Other 47.6 40.3 61.1 48.2 Asbestos-related
payments (36.7) (132.5) (140.3) (226.2) Change in non-current
operating assets 2.3 3.3 4.5 13.3 Change in non-current liabilities
(18.2) (32.0) (79.0) (56.9) Change in components of working capital
60.8 205.8 (227.0) (17.7) Cash provided by continuing operating
activities 304.2 337.5 534.8 470.5 Cash provided by discontinued
operating activities 8.5 11.3 Cash flows from investing activities:
Additions to property, plant, and equipment - continuing (109.5)
(62.6) (238.5) (164.7) Additions to property, plant, and equipment
- discontinued (23.3) Acquisitions, net of cash acquired (9.8)
Repayment from (advance to) equity affiliate 5.2 (8.1) Net cash
proceeds (payments) related to divestitures and asset sales 0.6
1,790.5 (16.0) 1,798.0 Cash provided by (utilized in) investing
activities (103.7) 1,727.9 (262.6) 1,600.2 Cash flows from
financing activities: Additions to long-term debt 636.8 403.6
Repayments of long-term debt (152.0) (806.9) (906.4) (1,173.8)
Increase (decrease) in short-term loans 22.8 (98.7) 66.0 (28.7) Net
(payments) receipts for hedging activity (0.3) 3.9 (47.1) Payment
of finance fees 0.3 (6.3) Convertible preferred stock dividends
(5.4) (5.4) (16.1) Issuance of common stock and other 0.6 20.6 14.5
43.8 Cash utilized in financing activities (128.9) (886.2) (241.6)
(777.5) Effect of exchange rate fluctuations on cash (27.1) 8.8
(7.8) 17.7 Increase in cash 44.5 1,196.5 22.8 1,322.2 Cash at
beginning of period 366.0 348.4 387.7 222.7 Cash at end of period
$410.5 $1,544.9 $410.5 $1,544.9 OWENS-ILLINOIS, INC. Consolidated
Supplemental Financial Data (Dollars in millions) Selected Segment
Information (a) Three months ended September 30, Segment Operating
Profit Net Sales (b) 2008 2007 2008 2007 Europe $869.7 $825.2
$114.8 $106.5 North America 580.6 596.2 41.7 84.1 South America
299.1 253.0 92.4 66.1 Asia Pacific 248.7 239.4 38.7 42.6 Reportable
segment totals 1,998.1 1,913.8 287.6 299.3 Retained corporate costs
and other (c) 10.5 14.6 (2.3) (21.4) Consolidated totals (d)
$2,008.6 $1,928.4 285.3 277.9 Restructuring and asset impairment
(90.6) (61.9) Interest income 10.4 21.4 Interest expense (66.3)
(97.0) Provision for income taxes (42.2) (46.7) Minority share
owners' interests in earnings of subsidiaries (18.0) (18.1)
Earnings from continuing operations $78.6 $75.6 Nine months ended
September 30, Segment Operating Profit Net Sales (b) 2008 2007 2008
2007 Europe $2,804.3 $2,455.2 $458.2 $303.8 North America 1,717.8
1,733.5 165.2 231.6 South America 847.4 687.3 251.5 172.5 Asia
Pacific 741.0 662.4 124.9 99.5 Reportable segment totals 6,110.5
5,538.4 999.8 807.4 Retained corporate costs and other (c) 69.2
71.0 (2.9) (62.9) Consolidated totals (d) $6,179.7 $5,609.4 996.9
744.5 Restructuring and asset impairment (111.7) (61.9) Interest
income 29.1 30.0 Interest expense (199.8) (260.2) Provision for
income taxes (183.0) (123.5) Minority share owners' interests in
earnings of subsidiaries (51.4) (44.2) Earnings from continuing
operations $480.1 $284.7 The following notes relate to Segment
Operating Profit: (a) Amounts related to the Company's plastics
packaging business have been classified as discontinued operations
following the June 11, 2007 announcement of an agreement to sell
the business. The sale was completed on July 31, 2007. (b)
Operating Profit consists of consolidated earnings from continuing
operations before interest income, interest expense, provision for
income taxes and minority share owners' interests in earnings of
subsidiaries. Segment Operating Profit excludes amounts related to
certain items that management considers not representative of
ongoing operations. The Company presents information on "Operating
Profit" because management believes that it provides investors with
a measure of operating performance separate from the level of
indebtedness or other related costs of capital. The most directly
comparable GAAP financial measure to Operating Profit is net
earnings. The Company presents Segment Operating Profit because
management uses the measure, in combination with gross profit
percentage and selected cash flow information, to evaluate
performance and to allocate resources. A reconciliation from
Segment Operating Profit to Consolidated Operating Profit to net
earnings is included in the tables above. (c) Beginning in 2008,
the Company revised its method of allocating corporate expenses.
The Company decreased slightly the percentage allocation based on
sales and significantly expanded the number of functions included
in the allocation based on cost of services. It is not practicable
to quantify the net effect of these changes on periods prior to
2008. However, the effect for the three and nine months ended
September 30, 2008 was to reduce the amount of retained corporate
costs by approximately $9.0 million and $29.0 million,
respectively. (d) Segment Operating Profit for the three and nine
months ended September 30, 2008 excludes charges of $90.6 million
and $111.7 million, respectively, for restructuring and asset
impairment. Amount for the three and nine months ended September
30, 2007 excludes charges of $61.9 million for restructuring and
asset impairment.
http://www.newscom.com/cgi-bin/prnh/20050412/CLTU028LOGO
http://photoarchive.ap.org/ DATASOURCE: Owens-Illinois, Inc.
CONTACT: Sasha Sekpeh, Investor Relations, +1-567-336-2355, or
Lauren Dubilzig, Corp. Communications, +1-567-336-1312, both of O-I
Web site: http://www.o-i.com/
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