AshlandInc. today reported net income of $70 million, or $1.01 a share, for the quarter ended June 30, the third quarter of the company's 2003 fiscal year.
Ashland's income from continuing operations for the June 2003 quarter amounted to $71 million, or $1.03 a share, compared to $61 million, or 87 cents a share, for the quarter a year ago.
Ashland's income from continuing operations for the 2003 period totaled $33 million, or 48 cents a share, which compared to $75 million, or $1.06 a share, for the 2002 period.
Ashland, Inc. has agreed to settle Federal Trade Commission charges that ads for the Valvoline Company's Teflon-containing TM8 Engine Treatment product were false and unsubstantiated.
Ashland is a Fortune 500 company with 1996 revenues of $13.1 billion.
In fact, according to the complaint, Ashland did not possess and rely upon a reasonable basis to make the ad claims, so they were unsubstantiated.
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