Aerovox Engages Investment Banker.Business/Technology Editors NEW BEDFORD New Bedford, city (1990 pop. 99,922), seat of Bristol co., SE Mass., at the mouth of the Acushnet River on Buzzard's Bay; settled 1640, set off from Dartmouth 1787, inc. as a city 1847. , Mass.--(BUSINESS WIRE)--April 23, 2001 Aerovox Incorporated (Nasdaq.NM:ARVX) today announced that it has engaged Loeb Partners Corporation to assist management in developing and executing strategic alternatives for the Company. Robert D. Elliott, president and chief executive officer, said "Our decision to retain an investment banking firm comes in the wake of an exceedingly difficult year in which the Company was required, for environmental reasons, to move to a new facility in New Bedford, Massachusetts New Bedford is a city in Bristol County, Massachusetts, located about 51 miles (82 kilometers) south of Boston, 28 miles (45 kilometers) southeast of Providence, Rhode Island, and about 12 miles (19 kilometers) east of Fall River. . Simultaneously, we consolidated our three Mexican plants into two. In spite of the fact that we accomplished these huge undertakings with minimal or no impact to our customers, the costs associated with the EPA-mandated move have strained Aerovox's financial condition. "Loeb Partners will assist us in pursuing all available strategic alternatives while our operating personnel ensure that customers continue to receive outstanding responsiveness and timely delivery of our quality products." Earlier last week, the Company announced a profit for the first quarter of 2001. "We are encouraged by our recently released first quarter results, which showed 15% higher earnings before interest and taxes In financial and business accounting, earnings before interest and taxes (EBIT) is a measure of a firm's profitability that excludes interest and income tax expenses.[1] EBIT = Operating Revenue – Operating Expenses + Non-operating Income (EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). ) on 7% lower sales compared with the first quarter of 2000," Mr. Elliott added. Aerovox Incorporated is a leading manufacturer of film, paper and aluminum electrolytic e·lec·tro·lyt·ic adj. 1. Of or relating to electrolysis. 2. Produced by electrolysis. 3. Of or relating to electrolytes. e·lec capacitors. The Company sells its products worldwide, principally to original equipment manufacturers as components in electrical and electronic equipment. Aerovox has operations in New Bedford, Massachusetts; Huntsville, Alabama Huntsville is the county seat of Madison County, Alabama. Huntsville is the largest city in northern Alabama in a region of a half-million people, with the city proper having 168,132 residents (2006 estimate). ; Juarez and Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi , Mexico; and Weymouth, England. Statements made in this press release which are not historical facts, including statements about the sufficiency of the Company's liquidity, are forward looking and involve risks and uncertainties. We caution you that actual events or results may differ as a result of risks facing the Company. Such risks include, but are not limited to, changes in the general economic conditions both in the U.S. and abroad, the actions of customers, competitors, suppliers and lenders, variations in foreign currencies, the weather, the ability to control product quality and delivery and our ability to solidify and grow existing and new market segments. |
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