Bermuda-registered Foster Wheeler Ltd. (FWC) on Wednesday reported revenues for the second quarter 2002 of $958.9 million and net income of $7.6 million, or $0.19 per share diluted, excluding after-tax special charges of $81.8 million, after recognising gains on its foreign exchange contracts of $13.5 million and an increase in the allowance for domestic tax assets of $48.3 million.

The special charges of $81.8 million include write-downs of $39.2 million on assets in the process of being sold, $30.7 million related to revisions of estimates of amounts to be realised on claims disposition, and $11.9 million of costs in connection with the company's refinancing efforts, performance intervention activities, and employee severance.

The net loss for the quarter including all these items was $109 million, or $2.66 per share diluted.

These results compare with second quarter 2001 revenues of $840 million, and net earnings of $5.8 million, or $0.14 per share diluted, excluding a $5 million loss on the sale of a hydrogen plant.

Including this charge, the net earnings for the second quarter 2001 were $0.8 million, or $0.02 per share.