APW Ltd. Update on Restructuring; Company Expects To Exceed Original Estimates of Restructuring Benefits.Business Editors ST. MICHAEL, Barbados--(BUSINESS WIRE)--Sept. 7, 2001 APW APW All Pro Wrestling APW Altmar Parish Williamstown (School District; Parish, New York) APW Add-Printer Wizard (Microsoft Windows) APW Augmented Plane Wave APW Apparent Polar Wander Ltd. (NYSE NYSE See: New York Stock Exchange : APW), a leading Technically Enabled Manufacturing Services (TEMS TEMS Terrestrial Ecosystem Monitoring Sites TEMS Tactical Emergency Medical Support TEMS Toyota Electronic Modulated Suspension TEMS Tactical Emergency Medical Services (EMS) TEMS Total Electronic Migration System ) Company, announced today that it expects to achieve annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. benefits approximating $100 million from restructuring initiatives announced to date. "The estimated $100 million in annual benefits are significantly outpacing our original estimates of $53 million," commented Richard D. Carroll, Vice President and Chief Financial Officer. "The $100 million reflects the annualized benefit expected to be realized based on restructuring initiatives announced to date, including plant consolidations and headcount reductions, compared to pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma fiscal second quarter adjusted for the acquisition of Mayville Metal Products. We are very pleased with not only the economic benefits of these initiatives but are particularly satisfied at the speed and efficiency at which they have been implemented without disruption to our customers' requirements." The Company is seeking the consent of its bank group to amend certain financial covenants of its Multi-Currency Credit Facility that would allow the Company to expand its restructuring efforts and proactively address longer-term potential compliance risk in light of continuing uncertainties in the market. Carroll continued, "We were in compliance with all of the covenants of our Multi-Currency Credit Facility at the end of our fiscal third quarter and we are currently in compliance with all of the covenants." About APW Ltd. APW Ltd. is a Technically Enabled Manufacturing Services ("TEMS") company that designs and manufactures large, complex infrastructure products for OEM's in the communications, large enterprise hardware and Internet markets. APW Ltd. has particular skills in the areas of manufacturing enclosures, thermal management, backplanes and power supplies; as well as core competencies in product and system design, integration and supply chain management. APW Ltd. operates in over 40 locations throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , Europe and Asia. For further information contact: APW Ltd. Susan Hrobar, Vice President 262-523-7775 www.apw.com Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain of the above comments represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Management cautions that these statements are based on current estimates of future performance and are highly dependent upon a variety of factors, which could cause actual results to differ from these estimates. APW Ltd.'s results are also subject to general economic conditions, market conditions in the computer, semiconductor, telecommunications, and electronic industries in North America, South America, Europe and Asia, continued market acceptance of APW's existing products and new product introductions, the successful integration of recent and pending acquisitions, competitive product and pricing pressures, foreign currency risk, interest rate risk, and APW's ability to access capital markets. See our Form 10 and Form S-3 for further information on risk factors. |
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