<PAGE> 1
Sequential Page 1 of 11 Pages
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended September 30, 1995 Commission File number 0-663
------------------ -----
OGLEBAY NORTON COMPANY
-----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 34-0158970
------------------------------- ----------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1100 Superior Avenue Cleveland, Ohio 44114-2598
---------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 216 861-3300
------------
None
----------------------------------------------------------
Former name, former address and former fiscal year
if changed since last report
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months, and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
--- ---
Shares of Common Stock outstanding at October 31, 1995: 2,468,876
---------
Index on sequential page 2.
<PAGE> 2
<TABLE>
OGLEBAY NORTON COMPANY AND SUBSIDIARIES
INDEX
<CAPTION>
SEQUENTIAL
PAGE NUMBER
-----------
PART I. FINANCIAL INFORMATION
- ------------------------------
<S> <C>
Consolidated Condensed Balance
Sheet (Unaudited) - September 30, 1995 and
December 31, 1994 3
Consolidated Condensed Statement of
Operations (Unaudited) - Three Months
Ended September 30, 1995 and 1994 and Nine
Months Ended September 30, 1995 and 1994 4
Consolidated Condensed Statement of
Cash Flows (Unaudited) - Nine Months
Ended September 30, 1995 and 1994 5
Notes to Consolidated Condensed Financial
Statements 6
Management's Discussion and Analysis of
Financial Condition and Results of
Operations 7 - 10
PART II. OTHER INFORMATION 11
- ---------------------------
</TABLE>
<PAGE> 3
<TABLE>
PART I. FINANCIAL INFORMATION
OGLEBAY NORTON COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEET
(UNAUDITED)
<CAPTION>
ASSETS
SEPTEMBER 30 December 31
1995 1994
------------ -----------
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 21,407,093 $ 17,720,419
Investments 5,024,300 5,772,650
Accounts receivable, less
allowances (1995-$517,000;
1994-$440,000) 28,363,399 32,035,408
Inventories
Raw materials and finished products 3,442,813 3,846,094
Operating supplies 2,147,312 2,261,747
------------ ------------
5,590,125 6,107,841
Deferred income taxes 2,272,765 2,213,246
Prepaid insurance and other expenses 4,455,119 2,237,793
------------ ------------
TOTAL CURRENT ASSETS 67,112,801 66,087,357
INVESTMENTS 10,416,859 10,563,835
PROPERTIES AND EQUIPMENT 304,934,776 314,843,362
Less allowances for depreciation
and amortization 150,272,723 156,886,610
------------ ------------
154,662,053 157,956,752
PREPAID PENSION COSTS AND OTHER ASSETS 27,051,320 26,205,459
------------ ------------
$259,243,033 $260,813,403
============ ============
</Table
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY
SEPTEMBER 30 December 31
1995 1994
------------ -----------
<S> <C> <C>
CURRENT LIABILITIES
Current portion of long-term debt $ 8,476,450 $ 8,476,450
Accounts payable 4,777,226 4,569,067
Payrolls and other accrued compensation 5,222,111 7,057,615
Accrued taxes and other expenses 14,284,328 16,013,208
Income taxes 3,904,581 2,270,951
Reserve for impairment 3,500,000 6,312,600
------------ ------------
TOTAL CURRENT LIABILITIES 40,164,696 44,699,891
LONG-TERM DEBT, less current portion 52,760,238 57,117,575
POSTRETIREMENT BENEFITS OBLIGATION 31,995,504 31,071,022
OTHER LONG-TERM LIABILITIES 21,908,999 24,019,063
DEFERRED INCOME TAXES 18,790,931 19,152,931
STOCKHOLDERS' EQUITY
Preferred stock, without par value,
authorized 5,000,000 shares;
none issued -0- -0-
Common stock, par value $1 per share,
authorized 10,000,000 shares;
issued 3,626,666 shares 3,626,666 3,626,666
Additional capital 9,043,251 9,035,841
Unrealized gains 2,138,297 2,278,273
Retained earnings 110,267,649 101,173,484
------------ ------------
125,075,863 116,114,264
Treasury stock, at cost - 1,156,990
and 1,143,540 shares at respective dates (29,666,510) (29,217,318)
Unallocated Employee Stock Ownership
Plan shares (1,786,688) ( 2,144,025)
------------ ------------
93,622,665 84,752,921
------------ ------------
$259,243,033 $260,813,403
============ ============
<FN>
See notes to consolidated condensed financial statements.
</TABLE>
-3-
<PAGE> 4
<TABLE>
OGLEBAY NORTON COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
<CAPTION>
Three Months Ended Nine Months Ended
September 30 September 30
---------------------------------- --------------------------------
1995 1994 1995 1994
---- ---- ---- ----
<S> <C> <C> <C> <C>
REVENUES
Net sales $ 26,419,446 $ 28,327,126 $ 77,597,337 $ 86,143,747
Operating revenues 29,816,621 29,171,632 60,156,818 55,258,705
Sales commissions, royalties
and management fees 1,152,413 1,188,434 3,061,928 3,106,347
------------ ------------ ------------ ------------
57,388,480 58,687,192 140,816,083 144,508,799
COSTS AND EXPENSES
Cost of goods sold 21,903,425 24,688,260 64,510,716 74,819,622
Operating expenses 23,925,714 23,110,120 48,424,072 45,110,636
General, administrative and
selling expenses 4,003,231 3,944,686 11,947,958 12,212,704
Provision for doubtful accounts 84,504 90,495 241,149 180,433
------------ ------------ ------------ ------------
49,916,874 51,833,561 125,123,895 132,323,395
INCOME FROM OPERATIONS 7,471,606 6,853,631 15,692,188 12,185,404
Gain on sale of assets 2,857,861 528,837 3,836,700 7,915,080
Interest, dividends and other income 410,014 294,297 1,128,310 880,027
Other expense ( 777,002) ( 565,257) (2,197,877) (1,448,322)
Interest expense (1,010,763) (1,256,493) (3,393,633) (4,064,917)
------------ ------------ ------------ ------------
INCOME BEFORE INCOME TAXES 8,951,716 5,855,015 15,065,688 15,467,272
Income taxes 2,142,000 1,778,000 3,744,000 4,695,000
------------ ------------ ------------ ------------
NET INCOME $ 6,809,716 $ 4,077,015 $ 11,321,688 $ 10,772,272
============ ============ ============ ============
NET INCOME PER SHARE OF COMMON STOCK $ 2.76 $ 1.64 $ 4.57 $ 4.32
============ ============ ============ ============
DIVIDENDS PER SHARE OF COMMON STOCK $ .30 $ .30 $ .90 $ .70
============ ============ ============ ============
Average number of shares of Common Stock
outstanding 2,471,526 2,491,226 2,476,053 2,491,964
</TABLE>
See notes to consolidated condensed financial statements.
-4-
<PAGE> 5
<TABLE>
OGLEBAY NORTON COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
<CAPTION>
Nine Months Ended
September 30
-------------------------------------
1995 1994
---- ----
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 11,321,688 $ 10,772,272
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 10,289,660 10,077,352
Deferred income taxes ( 350,519) 1,291,000
Gain on sale of assets ( 3,836,699) ( 7,915,280)
Prepaid pension costs and other assets ( 1,586,787) ( 1,715,284)
Deferred vessel maintenance costs ( 1,653,443) ( 1,776,483)
Decrease (increase) in accounts receivable 3,672,009 ( 4,260,097)
Decrease (increase) in inventories 517,716 532,321
Increase (decrease) in accounts payable 208,159 ( 203,601)
Increase (decrease) in payrolls and other accrued compensation ( 1,835,504) ( 84,508)
Other operating activities ( 1,265,210) 1,098,193
------------ ------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 15,481,070 7,815,885
INVESTING ACTIVITIES
Purchase of properties and equipment ( 5,922,265) (4,830,656)
Proceeds from sale of assets 4,775,372 11,582,894
Iron Ore and other investments ( 3,113,450) ( 2,821,343)
------------ ------------
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES ( 4,260,343) 3,930,895
FINANCING ACTIVITIES
Payments on long-term debt ( 4,857,338) (16,570,551)
Dividends paid ( 2,227,523) ( 1,743,898)
Purchase of treasury stock ( 449,192) ( 288,564)
------------ ------------
NET CASH USED IN FINANCING ACTIVITIES ( 7,534,053) (18,603,013)
------------ ------------
Increase (decrease) in cash and cash equivalents 3,686,674 ( 6,856,233)
CASH AND CASH EQUIVALENTS, JANUARY 1 17,720,419 21,243,064
------------ ------------
CASH AND CASH EQUIVALENTS, SEPTEMBER 30 $ 21,407,093 $ 14,386,831
============ ============
</TABLE>
See notes to consolidated condensed financial statements.
-5-
<PAGE> 6
OGLEBAY NORTON COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
1. The accompanying unaudited consolidated condensed financial statements
have been prepared in accordance with the instructions to Form 10-Q
and therefore, do not include all information and notes to the
consolidated condensed financial statements necessary for a fair
presentation of financial position, results of operations and cash
flows in conformity with generally accepted accounting principles.
Management of the Registrant, however, believes that all adjustments
considered necessary for a fair presentation of the results of
operations for such period have been made. Certain amounts in the
prior year have been reclassified to conform with the 1995
consolidated condensed financial statement presentation. For further
information, refer to the consolidated financial statements and notes
thereto included in the Registrant's 1994 annual report on Form 10-K.
2. Operating results are not necessarily indicative of the results to be
expected for the year, due to the seasonal nature of the Registrant's
Marine Transportation segment which historically does not generate
revenues in the first quarter of the year due to weather conditions on
the Great Lakes.
3. On August 1, 1995, the Registrant sold for cash the idled vessel S/S
J. Burton Ayers resulting in a pretax gain of $555,000 and on July 6,
1995, the Registrant sold for cash the idled vessel S/S Crispin
Oglebay resulting in a pretax gain of $1,769,000.
4. On April 13, 1995, the Registrant paid a final installment of
$1,406,000 representing its portion of Eveleth Mines debt, originally
due on August 1, 1995.
5. On March 2, 1995, the Registrant sold for cash certain undeveloped
clay properties located in Tennessee resulting in a $520,000 pretax
gain.
6. On June 24, 1994, the Registrant sold for cash its Ceredo coal dock
business resulting in a $6,518,000 pretax gain.
-6-
<PAGE> 7
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Due to the seasonal nature of the Registrant's Marine Transportation
segment, the operating results and cash flows for the first nine months of the
year are not necessarily indicative of the results to be expected for the full
year. The Registrant's Marine Transportation segment historically does not
generate revenues in the first quarter of the year due to weather conditions on
the Great Lakes.
FINANCIAL CONDITION
-------------------
At September 30, 1995 the Registrant's net current assets were
$26,948,000 as compared to $21,387,000 at December 31, 1994. Net current assets
increased from the end of last year primarily as a result of cash flow from
operations of $15,481,000. The increase in net current assets was partially
offset by the purchase of equipment, the reduction of long-term debt and other
liabilities, the payment of dividends, the purchase of Treasury Stock and the
final payments of the Registrant's portion of Eveleth Mines debt.
The Registrant purchased 14,450 shares and 12,700 shares of its Common
Stock on the open market and placed these shares in treasury in the first nine
months of 1995 and 1994, respectively. The Registrant issued 1,000 shares of
its Common Stock from treasury to the Oglebay Norton Company Director Stock
Plan in the first nine months of 1995. The Registrant declared and paid
dividends of $.30 per share in the third quarter of 1995 and $.90 per share in
the first nine months of 1995. The Registrant declared and paid dividends of
$.30 per share in the third quarter of 1994 and $.70 per share in the first
nine months of 1994.
During the third quarter of 1995, the Registrant sold for cash the
idled vessels S/S J. Burton Ayers and S/S Crispin Oglebay resulting in pretax
gains of $555,000 and $1,769,000, respectively. During the first nine months
of 1995, the Registrant sold for cash certain undeveloped clay properties in
Tennessee resulting in a $520,000 pretax gain. The Registrant sold current
investments resulting in pretax gains of $835,000 and $1,162,000 during the
first nine months of 1995 and 1994, respectively. During the second quarter of
1994, the Registrant sold for cash its Ceredo coal dock business resulting in a
$6,518,000 pretax gain.
Cash flow from operations in the first nine months of 1995 nearly
doubled to $15,481,000 compared to $7,816,000 in the first nine months of 1994
mainly due to an increase in income from operations and an increase in accounts
receivable turnover. Expenditures for property and equipment amounted to
$5,922,000 and $4,831,000 in the first nine months of 1995 and 1994,
respectively. Capital expenditures include vessel inspection costs of
$2,037,000 in the first nine months of 1995 and $1,326,000 in the first nine
months of 1994. Also included in the first nine months of 1995 is $1,020,000
of vessel improvements. The Registrant repaid a total of $4,857,000 of its
debt in the first nine months of 1995 compared with $16,571,000 for the same
period in 1994. Included in 1994 is a $10,000,000 reduction in revolving
credit debt with no balance presently outstanding in 1995. Anticipated cash
flows from operations and current financial resources are expected to meet the
Registrant's needs during the remainder of 1995.
-7-
<PAGE> 8
RESULTS OF OPERATIONS
---------------------
NINE MONTHS ENDED SEPTEMBER 30, 1995 COMPARED TO
NINE MONTHS ENDED SEPTEMBER 30, 1994
The Registrant's consolidated net income for the first nine months of
1995 was $11,322,000 or $4.57 per share on consolidated revenues of
$140,816,000 compared to net income of $10,772,000 or $4.32 per share on
revenues of $144,509,000 for the first nine months of 1994. Consolidated
revenues for the first nine months of 1995 declined 3% compared to the first
nine months of 1994 due mainly to a 44% decline in revenues for the
Registrant's Iron Ore segment as discussed below.
During the third quarter of 1995, the Registrant sold for cash the
idled vessels S/S J. Burton Ayers and S/S Crispin Oglebay resulting in a
$2,324,000 pretax gain. Net income for the first nine months of 1995 increased
$1,534,000 or $.62 per share as a result of the gain. The Registrant also sold
for cash certain undeveloped clay properties located in Tennessee resulting in
a $520,000 pretax gain in the first nine months of 1995. Net income for the
first nine months of 1995 increased $343,000 or $.14 per share as a result of
the gain. The Registrant sold current investments resulting in pretax gains of
$835,000 and $1,162,000 during the first nine months of 1995 and 1994,
respectively. As a result of the gains, net income increased $551,000 or $.22
per share and $767,000 or $.31 per share in the first nine months of 1995 and
1994, respectively. During the second quarter of 1994 the Registrant sold for
cash its Ceredo coal dock business located in West Virginia resulting in a
$6,518,000 pretax gain. Net income for the first nine months of 1994 increased
$4,302,000 or $1.73 per share as a result of the gain. Excluding these gains,
net income was $8,894,000 or $3.59 per share for the first nine months of 1995
and $5,703,000 or $2.28 per share for the first nine months of 1994.
Interest expense declined 17% in the first nine months of 1995,
compared to the same period in the prior year, due to the refinancing of a
portion of the Registrant's long-term debt in December 1994 and an overall
reduction in debt.
Operating results of the Registrant's business segments for the nine
months ended September 30, 1995 and 1994 are discussed below. It is the policy
of the Registrant to allocate certain corporate general and administrative
expenses to its business segments.
Operating revenues for the Registrant's Marine Transportation segment
increased 12% to $60,157,000 for the first nine months of 1995 compared to
$53,652,000 for the same period in 1994. The segment's operating profit,
excluding the gain on the sale of the two vessels, increased 22% to $9,362,000
for the first nine months of 1995 compared to $7,648,000 for the same period in
1994. The improved results are due to higher volume and better pricing as
demand for iron ore, coal and limestone transportation remains high.
-8-
<PAGE> 9
RESULTS OF OPERATIONS (CONTINUED)
---------------------
NINE MONTHS ENDED SEPTEMBER 30, 1995 COMPARED TO
NINE MONTHS ENDED SEPTEMBER 30, 1994
Net sales, royalties and management fees for the Registrant's Iron Ore
segment declined 44% to $21,373,000 for the first nine months of 1995 compared
to $38,093,000 for the first nine months of 1994. The segment's operating
profit for the first nine months of 1995 declined 46% to $3,179,000 compared to
$5,272,000 the first nine months of 1994. In 1995, the Registrant is limited
to its annual allotment of 775,000 gross tons of iron ore pellets under its
Eveleth Mines agreements as the other owners have nominated their full
contractual tonnage. Additional pellet tonnage was available to the Registrant
to sell in 1994, as other owners elected not to claim their full share of
Eveleth production. Eveleth Mines plans to produce 5,300,000 tons of pellets
in 1995 compared to 5,000,000 tons in 1994.
Net sales for the Registrant's Industrial Sands segment amounted to
$30,967,000 for the first nine months of 1995, a 48% increase over sales of
$20,928,000 for the first nine months of 1994. The segment's operating profit
of $6,043,000 for the first nine months of 1995 more than doubled compared to
$2,450,000 for the first nine months of 1994. Tonnage sold increased,
principally as a result of the 1994 fourth quarter acquisition of additional
sand assets in Texas. Favorable pricing and a beneficial product mix,
resulting from good economic conditions in markets served, also contributed to
the improved results.
Net sales for the Registrant's Refractories & Minerals segment
amounted to $28,255,000 for the first nine months of 1995, which was a decrease
of 6% compared to $29,930,000 for the first nine months of 1994. Operating
profit for the segment was $414,000 for the first nine months of 1995 which was
65% less when compared to $1,180,000 for the first nine months of 1994.
Operating profit for this segment was negatively impacted by a 25% decline in
sales of tundish coating products and by increased raw material costs. The
decline in operating profit was somewhat offset by improved operating results
in its metallurgical treatment operations. Fourth quarter sales of this
segment's metallurgical treatment product line could be significantly impacted
by a major customer's recently settled dispute with its union work force. As a
result of a change in management in this business segment in the third quarter
of 1995, all product line are currently under review to determine if they can
meet the established strategic goals of this segment and the Registrant.
THREE MONTHS ENDED SEPTEMBER 30, 1995 COMPARED TO
THREE MONTHS ENDED SEPTEMBER 30, 1994
The Registrant's 1995 third quarter consolidated net income was
$6,810,000 or $2.76 per share on consolidated revenues of $57,388,000 compared
to net income of $4,077,000 or $1.64 per share on revenues of $58,687,000 for
the same quarter in 1994. Consolidated revenues for the third quarter of 1995
declined 2% compared to the third quarter of 1994 on decreased tonnage in the
Registrant's Iron Ore segment, partially offset by higher volume and favorable
pricing in the Registrant's Marine Transportation and Industrial Sands
segments.
-9-
<PAGE> 10
RESULTS OF OPERATIONS (CONTINUED)
---------------------
THREE MONTHS ENDED SEPTEMBER 30, 1995 COMPARED TO
THREE MONTHS ENDED SEPTEMBER 30, 1994
As previously discussed, the Registrant sold two vessels resulting in
a $2,324,000 pretax gain in the third quarter of 1995. Third quarter net
income increased $1,534,000 of $.62 per share as a result of the gain. The
Registrant sold current investments resulting in pretax gains of $534,000 and
$449,000 during the third quarter of 1995 and 1994, respectively. As a result
of the gains, net income increased $352,000 or $.14 per share and $296,000 or
$.12 per share in the third quarter of 1995 and 1994, respectively. Excluding
these gains, net income was $4,923,000 or $2.00 per share for the third quarter
of 1995 and $3,781,000 or $1.52 per share for the third quarter of 1994.
Interest expense declined 20% in the third quarter of 1995, compared
to the same quarter in the prior year, due to the refinancing of a portion of
the Registrant's long-term debt in December 1994 and an overall reduction in
debt.
Operating results of the Registrant's business segments for the third
quarter ended September 30, 1995 and 1994 are discussed below. The comments
set forth above in the nine month comparison generally apply when comparing the
third quarter of 1995 to the same period in 1994.
Operating revenues for the Registrant's Marine Transportation segment
of $29,817,000 for the third quarter of 1995 improved 2% compared to
$29,172,000 for the third quarter of 1994. The segment's operating profit,
excluding the gain on the sale to the two vessels, of $5,093,000 for the third
quarter of 1995 compared to $5,308,000 for the third quarter of 1994.
Net sales, royalties and management fees for the Registrant's Iron Ore
segment declined to $8,020,000 for the third quarter of 1995 compared to
$11,577,000 for the third quarter of 1994. The segment's 1995 third quarter
operating profit was $1,220,000 compared to $1,628,000 for the third quarter of
1994.
Net sales for the Registrant's Industrial Sands segment amounted to
$10,453,000 for the third quarter of 1995, a 40% increase from 1994 third
quarter sales of $7,462,000. The segment's 1995 third quarter operating profit
of $1,937,000 increased 60% from the 1994 third quarter profit of $1,214,000
due to additional tonnage sold, favorable pricing and a beneficial product mix.
Net sales for the Registrant's Refractories & Minerals segment
amounted to $9,035,000 for the third quarter of 1995, which was a 13% decline
compared to $10,416,000 for the third quarter of 1994 due mainly to lower sales
of its tundish coating and ingot hot top products. Operating profit for the
segment was $274,000 for the third quarter of 1995 compared to $273,000 for the
third quarter of 1994.
-10-
<PAGE> 11
PART II. OTHER INFORMATION
---------------------------
ITEM 1. LEGAL PROCEEDINGS
- ------- -----------------
As previously reported Laxare, Inc., a subsidiary owned 80% by the
Registrant, is the subject of litigation before the Circuit Court of Kanawha
County, West Virginia. The case is captioned THOMAS G. WILLIAMS, JR., ANS
SARAH M. WILLIAMS V. JOHN CHESLEY WILLIAMS, ET AL AND MARY CATHERINE MARKS AND
JOSEPHINE W. LUTHER V. THOMAS G. WILLIAMS, JR., ET AL. On August 18, 1995 the
Circuit Court issued a letter to counsel advising that it rejected Laxare,
Inc.'s affirmative defenses and trial would go forth on the issue of damages
and whether they are to be assessed as intentional trespass or negligent
trespass. No claims in respect of this matter have been asserted against the
Registrant. Although it is not possible to predict the outcome of a trial, the
Registrant continues to believe it is unlikely that this litigation will have a
material adverse affect on the Registrant's consolidated financial position.
Laxare, Inc. sought protection under Chapter 11 of the Bankruptcy Code
on August 31, 1995. Since that time trial in the Circuit Court of Kanawha
County has been stayed pending action of the Bankruptcy Court. Laxare, Inc. is
unable to predict, at this time, the result of the Bankruptcy Court
proceedings. The Registrant does not believe Laxare, Inc.'s bankruptcy will
have a materially adverse effect upon it.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
- ------- --------------------------------
(a) Exhibits
(27) - Financial Data Schedule
(b) Reports on Form 8-K - None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
OGLEBAY NORTON COMPANY
DATE: November 14, 1995 By: _____________________
R. J. Kessler
Vice President -
Finance and Development
On behalf of the Registrant
and as Principal Financial
and Accounting Officer
-11-
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<EXCHANGE-RATE> 1
<CASH> 21,407,093
<SECURITIES> 5,024,300
<RECEIVABLES> 28,363,399
<ALLOWANCES> 517,000
<INVENTORY> 5,590,125
<CURRENT-ASSETS> 67,112,801
<PP&E> 304,934,776
<DEPRECIATION> 150,272,723
<TOTAL-ASSETS> 259,243,033
<CURRENT-LIABILITIES> 40,164,696
<BONDS> 52,760,238
<COMMON> 3,626,666
0
0
<OTHER-SE> 89,995,999
<TOTAL-LIABILITY-AND-EQUITY> 259,243,033
<SALES> 77,597,337
<TOTAL-REVENUES> 140,816,083
<CGS> 64,510,716
<TOTAL-COSTS> 125,123,895
<OTHER-EXPENSES> 2,197,877
<LOSS-PROVISION> 241,149
<INTEREST-EXPENSE> 3,393,633
<INCOME-PRETAX> 15,065,688
<INCOME-TAX> 3,744,000
<INCOME-CONTINUING> 11,321,688
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 11,321,688
<EPS-PRIMARY> 4.57
<EPS-DILUTED> 4.57
</TABLE>
