Commonwealth Industries Reports an Improved Second Quarter as Aluminum Shipments Rise; Company Also Records Goodwill Impairment as of January 1, 2002, Under SFAS No. 142.
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Commonwealth Industries Reports an Improved Second Quarter as Aluminum Shipments Rise; Company Also Records Goodwill Impairment as of January 1, 2002, Under SFAS No. 142.
Business Editors
LOUISVILLE, Ky.--(BUSINESS WIRE)--July 19, 2002 Commonwealth Industries, Inc. (Nasdaq/NM:CMIN) today announced results for the second quarter and six-month period ended June 30, 2002. The Company's results reflected an ongoing improvement in its aluminum business unit, which experienced higher year-over-year shipment volume for the second consecutive quarter following a downturn that began in the second quarter of 2000 and extended throughout 2001. The positive impact of this increased volume, combined with lower depreciation and amortization charges, more than offset the impact of lower material margins versus the year-earlier quarter, helping to increase the profitability of this unit relative to both the second quarter last year and the first quarter of 2002. Operating profits...See the full content of this document
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