l H.B. Fuller Company has reported sales and earnings for the third quarter ended August 31. Third quarter net income was $9.2 million. These results include $6.3 million of charges for asset impairments, severance and other costs relating to the restructuring initiative announced earlier in the year, according to the company. Third quarter net income, excluding special charges related to the restructuring initiative, totaled $13.1 million, a down from last year’s third quarter net income of $14.6 million.
Net revenue for the third quarter of 2002 was $313.9 million, down less than one percent compared to the third quarter of 2001. Reduced volume and pricing accounted for a decrease of 1.5% and 1.4% respectively, while positive currency effects resulted in an increase of 2.3%, according to the company.
The global adhesives business unit’s net revenue for the quarter decreased 0.4% compared to last year’s third quarter. Volume decreased 1.4%. Operating income in global adhesives in the third quarter was $14.7 million, a decrease of $2.5 million from the third quarter of 2001.
The Full-valu/Specialty group’s net revenue decreased 0.9% in the third quarter compared to last year. Volume dropped 1.4%. Full-valu/Specialty’s operating income was $8.1 million.
Net revenue for the first nine months of 2002 was $926.6 million, a decrease of 2.6% from the first nine months of 2001. Volume and pricing were down 1.6% and