EaglePicher Holdings, Inc. Announces Fiscal Year 2002 Third Quarter Results
Phoenix, Arizona, October 15, 2002 – EaglePicher Holdings, Inc. (“EaglePicher” or the “Company”), the parent company of EaglePicher Industries, Inc., announced today that net sales for its fiscal year 2002 third quarter ended August 31, 2002 were $169.1 million, essentially flat with FY2001 third quarter net sales of $169.5 million. The Company also reported an operating income of $6.4 million compared to FY2001 third quarter operating income of $0.7 million and a net loss of $(3.6) million compared to a FY2001 third quarter net loss of $(10.6) million. Net loss to common shareholders was $(7.3) million after accretion of preferred stock dividends, compared to a net loss to common shareholders of $(13.9) million in the third quarter of FY2001. All prior year figures have been restated to eliminate the Company’s Construction Equipment Division, which was accounted for as a discontinued operation throughout FY 2001 and was sold as of December 14, 2001, effective November 30, 2001.
The Company also reported earnings before interest, taxes, depreciation and amortization and excluding certain other items as defined under the senior secured credit facility of EaglePicher Industries (“Credit Agreement EBITDA”) for the nine months ended August 31, 2002 of $71.2 million. This compares to Credit Agreement EBITDA of $65.7 million for the nine months ended August 31, 2001.
The Company’s sales for fiscal year 2002 are expected to be in the range of $683 million to $687 million, which is down from the $700 million outlook set forth in its fiscal year 2001 Annual Report on Form 10-K. The Company expects Credit Agreement EBITDA for fiscal year 2002 to be approximately $95 million. This estimate remains consistent with the outlook for the Company set forth in its fiscal year 2001 Annual Report on Form 10K.
Credit Agreement EBITDA, as defined herein, may not be comparable to similarly titled measures reported by other companies and should not be construed as an alternative to operating income or to cash flows from operating activities, as determined by accounting principles generally accepted in the United States of America, as a measure of the Company’s operating performance or liquidity, respectively. Funds depicted by Credit Agreement EBITDA are not available for management’s discretionary use to the extent they are required for debt service and other commitments.
EaglePicher Industries, Inc., headquartered in Phoenix, Arizona, is a diversified manufacturer and marketer of advanced technical and industrial products for aerospace, defense, automotive, filtration and commercial applications worldwide. The company has 4,000 employees and operates more than 30 plants in the United States, Canada, Mexico, the U.K. and Germany.
This release contains statements which, to the extent that they are not recitations of historical fact, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. These include any statements about future business operations, financial performance or market conditions. Such forward-looking information involves risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are discussed in EaglePicher Holding’s filings with the U.S Securities and Exchange Commission.
