Advanced Glassfiber Yarns LLC Amends Its Previous Statement On Second Quarter EBITDA

Business Wire, August 19, 2002

Business Editors

AIKEN, S.C.--(BUSINESS WIRE)--Aug. 19, 2002

Advanced Glassfiber Yarns LLC announced that on August 16, 2002, it erroneously corrected its previously stated EBITDA results for the quarter ended June 30, 2002. Below is a corrected version. The Company apologized for the error.

Advanced Glassfiber Yarns LLC amended its previous statement and confirmed that the EBITDA for the quarter ended June 30, 2002 decreased $8.4 million, or 53.5%, to $7.3 million from $15.7 million for the quarter ended June 30, 2001.

Attached is the corrected Consolidated Statements of Operations.

Advanced Glassfiber Yarns, headquartered in Aiken, SC, is one of the largest global suppliers of glass yarns, which are a critical material used in a variety of electronic, industrial, construction and specialty applications. Prior to and including September 30, 1998, the Company was the glass yarns and specialty materials business of Owens Corning. Since September 30, 1998, Advanced Glassfiber Yarns has been a joint venture between Porcher Industries, S.A. and Owens Corning.

                     ADVANCED GLASSFIBER YARNS LLC
                 CONSOLIDATED STATEMENTS OF OPERATIONS
                        (dollars in thousands)


                       For the Three Months       For the Six Months
                          Ended June 30,            Ended June 30,
                      -----------------------    ---------------------
                         2002         2001         2002         2001
                      -----------------------    ---------------------
                           (unaudited)                (unaudited)


Net sales              $47,908      $55,118      $92,629     $123,965
Cost of goods sold      42,314       40,026       79,877       87,293
                     ---------    ---------    ---------    ---------
 Gross profit            5,594       15,092       12,752       36,672
Selling, general and
 administrative
 expenses                3,777        3,278        6,820        7,913
Restructuring              223         --            223         --
Amortization               733        2,900        1,465        5,960
                     ---------    ---------    ---------    ---------
 Operating income          861        8,914        4,244       22,799
Interest expense         8,601        8,356       17,239       16,602
Other income, net         (186)        (193)        (360)        (586)
                     ---------    ---------    ---------    ---------
Income (loss) before
 income taxes and
 adoption of an
 accounting principle   (7,554)         751      (12,635)       6,783
Income tax expense          20           80           22           92
                     ---------    ---------    ---------    ---------
Income (loss) before
 adoption of an
 accounting principle   (7,574)         671      (12,657)       6,691
Cumulative effect of
 adoption of an
 accounting principle     --           --       (188,418)        --
                     ---------    ---------    ---------    ---------
 Net income (loss)     $(7,574)        $671    $(201,075)      $6,691
                     =========    =========    =========    =========

Other data:
Adjusted EBITDA
 (Note 1)               $7,297      $15,685      $15,267      $36,512

    Note 1: Adjusted EBITDA is defined as net income before interest
expense, income taxes, depreciation, amortization expense and
non-recurring, non-cash charges.