Foster Wheeler Announces 2002 Financial Results

Clinton, N.J. – Foster Wheeler has reported fourth quarter and year-end results for 2002. Revenues for the fourth quarter 2002 were $995.4 million. The company reported a net loss of $112.1 million or $2.73 per diluted share, including pre-tax special charges of $124.5 million. Approximately $90 million of the special charges were non-cash. Excluding all special charges, net income for the quarter was $5.4 million or 13 cents per diluted share. These results compare to revenues of $1,034.9 million the previous year and a net loss of $343.1 million or $8.39 per diluted share including special pre-tax charges of $240.1 million. Excluding the charges, the net income for the fourth quarter 2001 was $10.3 million or 25 cents per diluted share.