Calgon Carbon 8-K Calgon Carbon Announces First Quarter Results

Exhibit 99.1

[LOGO OF CALGON CARBON]

P.O. Box 717 Pittsburgh, PA 15230-0717 (412) 787-6700

From:   Gail A. Gerono

    Vice President, Investor Relations

    412-787-6795

— NEWS RELEASE —

CALGON CARBON ANNOUNCES FIRST QUARTER RESULTS

Board Declares Dividend

PITTSBURGH, PA—April 22, 2003 – Calgon Carbon Corporation (NYSE: CCC) announced results for the first quarter ended March 31, 2003.

Sales for the first quarter of 2003 were $64.1 million versus first quarter 2002 sales of $63.1 million, a 1.4% increase. Currency translation had a $3.7 million positive impact on sales for the quarter due to the stronger Euro. The company reported a net loss before cumulative effect of accounting change of $1.8 million as compared to income before cumulative effect of accounting change of $1.4 million for the first quarter of 2002. The company reported a net loss per common share before cumulative effect of accounting change of $0.05 for the first quarter of 2003 as compared to net income per common share of $0.04 in 2002. Net loss for the first quarter of 2003 was $1.8 million versus a net loss of $29.5 million for the first quarter of 2002.

Sales of activated carbon were on par with the first quarter of 2002. Stronger demand for granular activated carbon used in respirators and for powdered carbon in the municipal market was offset by lower demand in the environmental air and food markets. Service sales decreased by 1.5%, as demand from industrial customers continued to be affected by the sluggish economy. Engineered Systems sales declined 8.3% from the first quarter of 2002, due to reduced capital spending in the industrial sector and delays in new contracts for perchlorate removal from drinking water. Consumer sales increased year-over-year by 41.1%. This increase was due to stronger demand for carbon cloth and the company’s PreZerve^™ product line of consumer products.

Consolidated gross profit before depreciation and amortization, as a percentage of net sales, declined 1.6 percentage points in the first quarter of 2003 versus the first quarter of 2002. The decline was primarily due to higher plant maintenance and employee benefit costs in the Service business. The Carbon business incurred similar costs, as well as additional start-up costs related to the company’s manufacturing plant in China. However, those costs were more than offset by shipments to Europe of U.S. sourced, lower-cost carbon due to the stronger Euro and by product cost savings related to the company’s Process Excellence Program. For the first quarter of 2003, Engineered Solutions and Consumer gross margins before depreciation and amortization, as a percentage of net sales, were consistent with the first quarter of 2002.

Operating expense in the first quarter of 2003 was $15.2 million versus $11.9 million in 2002. This 27.7% increase was due to one-time severance costs of approximately $2.0 million related to a change in CEO, and increased pension, insurance, and medical expenses.

Calgon Carbon’s board of directors declared a dividend of $0.03 per share. Dividends will be issued to shareholders of record as of May 19, 2003, and will be payable on June 2, 2003.

Commenting on the results, John Stanik, Calgon Carbon’s interim president and chief executive officer, said, “First quarter results were disappointing. However, we made progress in several areas that should contribute to improved performance going forward. Continuing the trend established in 2002, carbon sales volume increased year-over-year, and despite intense competition, we continued to advance our efforts to stabilize carbon pricing. On the cost side, we significantly reduced production costs at our carbon manufacturing plant in China, and realized savings from our Process Excellence Initiative.”

“We have set our priorities and are moving forward. Our newly formed Business Development Group is identifying our most promising opportunities, including alliances. Our strategic planning process is under way with the objective of making changes that will result in sustained revenue growth.”

Calgon Carbon Corporation, headquartered in Pittsburgh, Pennsylvania, is a global leader in services and solutions for making air and water cleaner and safer. The company employs approximately 1,000 people at 14 operating facilities and 11 sales and service centers worldwide.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This document contains certain statements that are forward-looking relative to the company’s future strategy and performance. They involve known and unknown risks and uncertainties that may cause the company’s actual results in future periods to be materially different from any future performance.

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Calgon Carbon Corporation

Segment Data

Segment Sales	1Q03			1Q02
Activated Carbon		27,281			27,318
Service		21,350			21,673
Engineered Solutions		8,434			9,196
Consumer		6,985			4,949
Total Sales (thousands)	$	64,050		$	63,136
Segment Operating Income*	1Q03			1Q02
Activated Carbon		2,871			3,927
Service		1,459			4,152
Engineered Solutions		(580	)		(314	)
Consumer		(136	)		(78	)
Total Income (loss) from operations (thousands)	$	3,614		$	7,687

* Before depreciation and amortization

Calgon Carbon Corporation Condensed Consolidated Statement of Income (Dollars in thousands except per share data) (Unaudited)
	Quarter Ended March 31,
	2003			2002
Net Sales	$	64,050		$	63,136
Cost of Products Sold		45,231			43,543
Depreciation and Amortization		4,900			4,614
Selling, Administrative & Research		15,205			11,906
		65,336			60,063
Income (Loss) from Operations		(1,286	)		3,073
Interest Income (Expense)—Net		(395	)		(513	)
Other Income (Expense)—Net		(689	)		(378	)
Income (Loss) Before Income Taxes, Minority Interest and Cumulative Effect of Accounting Change		(2,370	)		2,182
Provision (Benefit) for Income Taxes		(521	)		786
Income (Loss) Before Minority Interest and Cumulative Effect of Accounting Change		(1,849	)		1,396
Minority Interest		89			—
Income (Loss) Before Cumulative Effect of Accounting Change		(1,760	)		1,396
Cumulative Effect of Accounting
Change		—			(30,926	)
Net Income (Loss)	$	(1,760	)	$	(29,530	)
Net Income (Loss) per Common Share Before Cumulative Effect of Accounting Change Basic and Diluted	$	(.05	)	$	.04
Cumulative Effect of Accounting Change per Common Share
Basic	$	—		$	(.80	)
Diluted	$	—		$	(.79	)
Adjusted Net Income (Loss) per Common Share
Basic	$	(.05	)	$	(.76	)
Diluted	$	(.05	)	$	(.75	)
Weighted Average Shares Outstanding (Thousands)
Basic		38,984			38,889
Diluted		39,035			39,176

Calgon Carbon Corporation Condensed Consolidated Balance Sheet (Dollars in thousands) (Unaudited)
	March 31,		December 31,
	2003		2002
ASSETS
Current assets:
Cash and cash equivalents	$	4,216	$	4,093
Receivables		44,031		45,490
Inventories		50,777		48,665
Other current assets		15,490		18,169
Total current assets		114,514		116,417
Property, plant and equipment, net		132,151		134,852
Other assets		40,768		39,360
Total assets	$	287,433	$	290,629
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$	604	$	—
Other current liabilities		34,854		38,950
Total current liabilities		35,458		38,950
Long-term debt		58,500		57,600
Other liabilities		41,744		40,705
Total liabilities		135,702		137,255
Minority interest		—		56
Total shareholders’ equity		151,731		153,318
Total liabilities and shareholders’ equity	$	287,433	$	290,629