CPAC, Inc. Comments on Fiscal Third Quarter Sales
19 Dicembre 2003 - 9:25PM
PR Newswire (US)
CPAC, Inc. Comments on Fiscal Third Quarter Sales LEICESTER, N.Y.,
Dec. 19 /PRNewswire-FirstCall/ -- CPAC, Inc. , a manufacturer and
marketer with holdings in the Cleaning & Personal Care and
Imaging industries, today issued guidance for its third quarter,
the results of which are expected to be released in early February
2004. The Company reported that early sales results for both
segments for the first two months of its fiscal third quarter
ending December 31, 2003 were down compared to the same period in
the prior year. Fuller Brands Segment Fuller Brands segment sales
declined by approximately 18% in the first two months of the third
quarter. Contributing to this decline, Fuller Brush sales were off
due to a reduction in business with Publisher's Clearing House and
timing of its QVC on-air television sales offerings. The Cleaning
Technologies Group (CTG) business unit's decline was due
exclusively to softer distributor sales serving the school market.
A new President, who was appointed to CTG in August 2003, has
placed increased emphasis on national accounts and retail chains
and is aggressively pursuing GSA schedule business for government
procurement. Sales also declined at Stanley Home Products (SHP),
although a new President joined SHP in July 2003 and has initiated
incentive programs and new product strategies to reverse this
trend. CPAC Imaging Segment CPAC Imaging segment sales declined by
approximately 9% in October and November, 2003. A decline in
domestic Imaging sales of nearly 16% reflected a continued market
shift toward digital products. The four international Imaging
operations remain on target for the fiscal year. Management
commented that the closure of the St. Louis plant and its
consolidation with the Atlanta facility is on schedule for
completion by December 31, 2003. A significant portion of the
remaining costs associated with this move will be recognized in the
fiscal third quarter, with potential savings anticipated in the
fourth quarter. An initiative to establish an Imaging chemical
plant in China was approved by CPAC's Board of Directors on
December 16, 2003, with the new facility expected to be operational
by early 2005. About CPAC, Inc. Established in 1969, CPAC, Inc.
(cpac.com) manages holdings in two industries. The Fuller Brands
segment manufactures commercial, industrial, and household cleaning
products, as well as custom brushes and personal care lines. The
CPAC Imaging segment develops and markets innovative Imaging
chemicals, equipment, and supplies at eight business units
worldwide. Products are sold under more than 350 registered
trademarks. Stock is traded under the symbol: CPAK. Except for the
historical matters contained herein, statements in this press
release are forward-looking and are made pursuant to the safe
harbor provisions of the Securities Litigation Reform Act of 1995.
Investors are cautioned that forward-looking statements involve
risks and uncertainties that may affect CPAC's business and
prospects, including economic, competitive, governmental,
technological, and other factors discussed in CPAC's filings with
the Securities and Exchange Commission. DATASOURCE: CPAC, Inc.
CONTACT: Karen G. McCulley, Mgr., Corp Comm, or Wendy F. Clay, VP,
Admin, both of CPAC, Inc., +1-585-382-3223 Web site:
http://www.cpac.com/
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