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...earnings of $0.27 per diluted share for first quarter 2003. Excluding the items listed below for both periods, first-quarter 2004 earnings per diluted share were $0.52, while first-quarter 2003 earnings per diluted share were $0.09. For reconciliation to reported earnings (loss) per diluted share, see Table 6 in the accompanying first-quarter 2004 financial tables.
Included in the results for first quarter 2004 were asset impairments and restructuring charges of $67 million, with $41 million of non-cash charges related to asset impairments and $26 million related primarily to severance charges.
First-quarter 2003 results included other operating income of $20 million from the sale of assets, the cumulative effect of a change in accounting principle totaling $3 million and asset impairments and restructuring charges of $2 million.
"Our first-quarter results clearly indicate that we are making progress toward improving the profitability of the company," said Brian Ferguson, chairman and CEO. "This strong performance reinforces our resolve for taking the necessary actions to continue to improve the company's financial results."
Operating earnings for first quarter 2004 were $15 million compared with operating earnings of $59 million for first quarter 2003. First-quarter 2004 results included asset impairments and restructuring charges of $67 million, while first-quarter 2003 results included other operating income of $20 million and asset impairments and restructuring charges of $2 million. Operating earnings improved year-over-year, excluding these items, due primarily...
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