ADAGE, INC. TERMINATES PRESIDENT AND SIX OTHER EXECUTIVES AT ITS ALLISTER ACCESS CONTROLS SUBSIDIARY.
ADAGE, INC. TERMINATES PRESIDENT AND SIX OTHER EXECUTIVES AT ITS ALLISTER ACCESS CONTROLS SUBSIDIARY. WEST CHESTER, Pa., Nov. 4 /PRNewswire/ -- Adage, Inc. (NASDAQ: ADGE), a diversified niche manufacturing company with operations in recycled paperboard, cold drawn steel and electronic equipment and systems, has dismissed the President of its Allister Access Controls subsidiary effective Friday Oct. 30, 1992, Robert H. Cahill, president and chief executive officer of Adage, announced today. Mr. Cahill, who from 1980 to 1988 had been president of Allister, will resume the Allister presidency in addition to his responsibilities as president and chief executive of Adage. In addition to the president, six high ranking Allister employees have been relieved of their responsibilities including the vice president of sales and marketing and the Midwest and Western divisional sales managers. Said Mr. Cahill: "The termination of these executives will result in annual savings of approximately $750,000 for Allister which lost $1.2 million on revenues of $6.7 million for the six months ended June 30, 1992. Returning Allister to profitability is an important priority for Adage at this time. This reduction in personnel along with other cost saving measures we have implemented should significantly improve Allister's performance. In addition, we have successfully completed the move of Allister's electronic circuit board assembly facility in Hendersonville, Tenn., to the state-of-the-art manufacturing facility of our RELM Communications subsidiary in Melbourne, Fla. This added action will create an additional $200,000 in annual cost savings at Allister and will improve the quality of the circuit boards used to operate the automatic overhead garage door operators and gate control systems which Allister produces." In its latest six months ended June 30, 1992, Adage, Inc. had total revenues from all of its operating subsidiaries of $48,822,000 and net income of $1,011,000, or $.20 per share. -0- 11/4/92 /CONTACT: Robert H. Cahill, president, or Robert T. Holland, CFO of Adage, 215-430-3900/ (ADGE) CO: Adage, Inc. ST: Pennsylvania IN: SU: PER
TS -- NY061 -- 2594 11/04/92 14:48 EST
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|Date:||Nov 4, 1992|
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