l H.B. Fuller Company: The company reported that second quarter net income, excluding special charges related to the restructuring initiative, totaled $12 million, mirroring last year’s second quarter net income of $11.9 million.
Second quarter net income as reported was $7.9 million. Results include $6.6 million of charges for asset impairments, severance and other costs relating to restructuring initiatives announced earlier in the year, according to the company.
Net revenue for the second quarter of 2002 was $319.4 million, a 2.8% decrease from the second quarter of 2001. Reduced volume accounted for a decrease of 1.1%, while negative currency effects and pricing accounted for decreases of 0.6% and 1.1%, respectively, according to the company.
The global adhesives segment reported a decline of 3.1% in net revenue compared to last year. Volume decreased 1.5%, prices decreased 0.8% and currency had a negative impact of 0.8%.
The full-valu/specialty group’s net revenue dropped 1.9% compared to the same period in 2001. According to H.B. Fuller, compared to last year, volume remained the same with prices decreasing 1.7%.
For the first six months of 2002, net income, excluding special charges related to the restructuring initiative, was $17.6 million. For the same period in 2001, net income, excluding the cumulative effect of an accounting change in the first quarter, was $17.4 million.
The six-month results as reported reflect net income of $8.6 million. These results included $14.3 million of