American Pad & Paper Announces Pending Delisting of Company's Securities by New York Stock Exchange.DALLAS--(BUSINESS WIRE)--Jan. 8, 1999--American Pad & Paper Company (NYSE NYSE See: New York Stock Exchange :AGP (Accelerated Graphics Port) A high-speed 32-bit port from Intel for attaching a display adapter to a PC. It provides a direct connection between the card and memory, and only one AGP slot is on the motherboard. ) (AP&P) announced today that the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE) intends to apply for delisting of the Company's common stock because it does not meet the NYSE's continued listing criteria. American Pad & Paper CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. James W. Swent III said, "The Company is currently in discussions to transfer the listing to another securities exchange. We are disappointed with the NYSE's decision because, while on a reported basis the Company has never met all of the Exchange's criteria for continued listing, we have continued to make financial progress and are diligently executing our business and plant rationalization plans as we strive to return the Company to sustained profitability." Additionally Swent commented, "During the third quarter of 1998, AP&P demonstrated its continuing financial improvement by putting in place an amended banking agreement, exceeding all the financial covenants of that agreement, reducing debt levels, producing positive cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses , significantly reducing inventory levels and announcing a comprehensive plant rationalization plan." The NYSE indicated in a separate press release that it intends to suspend trading of AP&P common stock prior to the opening on Tuesday, January 26, 1999, or such earlier date as AP&P commences trading in another securities marketplace. American Pad & Paper Company is a leading manufacturer and marketer of paper-based office products in 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. . Product offerings include envelopes, writing pads, file folders, machine papers, greeting cards and other office products. The key operating divisions of the Company are Williamhouse, AMPAD, and Creative Card which market principally under the following Brand Names: AMPAD(R), Century(TM), Embassy(R), Evidence(R), Globe-Weis(R), Gold Fibre(TM), Huxley(TM), Karolton(R), Kent(R), Peel & Seel seel tr.v. seeled, seel·ing, seels To stitch closed the eyes of (a falcon). [Middle English silen, from Old French cillier, from Medieval Latin (R), SCM (1) (Software Configuration Management, Source Code Management) See configuration management. (2) See supply chain management. (TM), Williamhouse(TM) and World Fibre(TM). Company revenues in 1997 were $687 million. This release contains forward-looking statements relating to future results. Actual results may differ significantly as a result of factors over which the Company has no control, including, but not limited to the following: changing economic conditions, slower than anticipated sales growth, price and product competition and changes in raw material costs. Additional information, which could affect the Company's financial results, is included in the Company's filings with the Securities and Exchange Commission. |
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