BMC Industries To Sell Electro-Forming Business.Business Editors RAMSEY, Minn.--(BUSINESS WIRE)--Feb. 6, 2004 BMC (BMC Software, Inc., Houston, TX, www.bmc.com) A leading supplier of software that supports and improves the availability, performance, and recovery of applications in complex computing environments. Industries Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BMMI) announced today that it has signed an agreement in principle to sell its Buckbee-Mears electro-forming business, located in Cortland, N.Y. The agreement contemplates keeping the business in the Cortland, N.Y. area, retaining the electro-forming business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets team, and continuing to provide uninterrupted service to the customers of the business. Terms of the transaction were not disclosed, but the parties intend to close the transaction in February 2004. The sale of the electro-forming business furthers BMC's previously announced plan to sell the assets of its Cortland, N.Y., aperture An orifice. It often refers to an opening in which light is allowed to pass in optical systems such as cameras and lasers. See f-stop and numerical aperture. mask operation, which is being phased out to enable BMC to focus on growing its Vision-Ease optical lens business. About BMC Industries BMC Industries Inc., founded in 1907, is currently comprised of two business segments: Optical Products and Buckbee-Mears. The Optical Products group, operating under the Vision-Ease Lens trade name, is a leading designer, manufacturer and distributor of polycarbonate A category of plastic materials used to make a myriad of products, including CDs and CD-ROMs. and glass eyewear lenses. Vision-Ease Lens also distributes plastic eyewear lenses. Vision-Ease Lens is a technology and a market share leader in the polycarbonate lens segment of the market. Polycarbonate lenses are thinner and lighter than lenses made of other materials, while providing inherent ultraviolet (UV) filtering and impact resistant characteristics. The Buckbee-Mears group is the only North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. manufacturer of aperture masks, a key component in color television picture tubes. The company has announced its plans to wind down the operations of its Buckbee-Mears division by June 2004. For more information about BMC Industries, visit the company's Web site at www.bmcind.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. for Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release contains various "Forward-Looking Statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are intended to be covered by the safe harbors created thereby. Statements made in this news release that are not statements of historical facts, including statements regarding future performance, are Forward-Looking Statements. Such statements are subject to a number of risks and uncertainties that could cause, and in certain instances have caused, actual results or outcomes to differ materially from those projected, including, among other things: our ability to obtain a further waiver or other relief from our lenders beyond the March 15, 2004, expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of the current waiver under the company's credit agreement; the possibility that the bank group will accelerate the repayment obligation of all amounts outstanding under the credit agreement due to the defaults covered by the current waiver or any other defaults that may arise in the future; ability to negotiate financing arrangements or other solutions in replacement of our existing credit facility; our ability to generate sufficient cash flow to meet obligations during any future waiver periods and future availability of borrowing capacity to the company; the ability to meet future financial covenants under our credit agreement or other financial documents; ability to realize anticipated cash proceeds in the sale of the Buckbee-Mears group assets; possible unforeseen costs and future potential liabilities in connection with the exit of the Buckbee-Mears group business; ability to maintain credit terms Credit Terms The conditions under which credit will be extended to a customer. The components of credit terms are: cash discount, credit period, net period. with vendors; ability to manage working capital and align costs with market conditions; ability to achieve higher yields at Vision-Ease Lens; ability to reduce inventories while maintaining consistently high customer service levels and product fill rates; ability to increase sales of products at both Vision-Ease Lens and Buckbee-Mears, in particular our ability to replace lost NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's and European aperture mask sales with sales in Asia and other areas of the world; further aperture mask price declines; slowdown in growth of, or price reductions in, high-end optical lens products; fluctuations in currency exchange rates; rising raw material costs; availability of acceptable terms with our trade creditors; ability to develop new products to grow within our markets; and the effect of ongoing economic uncertainty on the company's operations. Additional factors that could cause actual results to differ materially from those in forward-looking statements include those set forth in BMC's Annual Report and Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2002, and in other filings made, from time to time, by BMC with the Securities and Exchange Commission. The forward-looking statements speak only as of the date when made and BMC does not undertake to update such statements. |
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