Fedders Files Forms 10-Q for the First, Second and Third Quarters of 2005
30 Dicembre 2005 - 8:53PM
PR Newswire (US)
LIBERTY CORNER, N.J., Dec. 30 /PRNewswire-FirstCall/ -- Fedders
Corporation (NYSE:FJC), a leading global manufacturer of air
treatment products, including air conditioners, air cleaners,
dehumidifiers and humidifiers, today announced that it filed its
Forms 10-Q for its first, second and third quarters of 2005. The
prior year has been reclassified to reflect the sale of the
Company's Melcor subsidiary as a discontinued operation. Melcor was
sold in October, 2005 for $17.4 million. The filings had been
delayed for two reasons. First, the Company filed its Form 10-K for
2004 on September 30, 2005, and the Forms 10-Q preparation needed
to follow the Form 10-K filing. Second, the Company's external
auditors did not stand for re-appointment, and new auditors needed
to be engaged following the Form 10-K filing. For the nine months,
net sales decreased by 27.4% to $258.7 million compared with $356.5
million in the prior-year period. Net sales within the HVACR
segment decreased by 30.2% during the period due primarily to
increased inventory levels of room air conditioners at customers in
key North American markets, caused by cooler-than-normal summer
weather in 2004. The warm summer in 2005 significantly reduced
inventory levels in distribution channels but did not result in
additional sales to channel customers. As a result of the Company
balancing its production and inventory with demand, inventory
levels declined to $84.0 million at September 30, 2005 from $126.2
million one year earlier. Partly offsetting this sales decrease
were increased sales of commercial air conditioners from the
Addison acquisition, sales from the Islandaire acquisition, and a
17.0% increase in sales within the Engineered Products segment. The
loss from continuing operations before income taxes was $29.5
million for the nine months in 2005. This compares with a loss of
$20.0 million in the comparable prior-year period. This news
release includes forward-looking statements that are covered under
the "Safe-Harbor" clause of the Private Securities Litigation
Reform Act of 1995. Such statements are based upon current
expectations and assumptions. Actual results could differ
materially from those currently anticipated as a result of known
and unknown risks and uncertainties including, but not limited to,
weather and economic, political, market and industry conditions and
reliance on key customers. Such factors are described in Fedders'
SEC filings, including its most recently filed annual report on
Form 10-K. The company disclaims any obligations to update any
forward-looking statements to incorporate developments occurring
after release of announcement. Visit the Fedders investor
information website at http://www.fedders.com/ to access additional
information on Fedders. FEDDERS CORPORATION RESULTS FOR THE NINE
MONTHS ENDED SEPTEMBER 30, 2005 (amounts in thousands, except per
share data) (unaudited) 2005 2004 Net sales $258,740 $356,455
Operating income (loss) (13,423) 2,572 Net income (loss) from
continuing operations before income taxes (29,472) (20,026) Net
income (loss) from continuing operations (29,735) (13,473) Net
income (loss) from discontinued operations 1,894 848 Net income
(loss) $(27,841) $(12,625) Net income (loss) applicable to common
stockholders $(31,135) $(15,640) Basic/diluted (loss) income per
common share: Net income (loss) per common share from continuing
operations $(1.08) $(0.54) Net income (loss) per common share from
discontinued operations $0.06 $0.03 Net income (loss) per share
applicable to common stockholders $(1.02) $(0.51) Weighted average
shares outstanding: Basic 30,608 30,454 Diluted 30,608 30,454
DATASOURCE: Fedders Corporation CONTACT: Robert L. Laurent, Jr. of
Fedders Corporation, +1-908-604-8686, Web site:
http://www.fedders.com/
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