Brush Wellman Comments on Second Quarter Performance.CLEVELAND--(BUSINESS WIRE)--June 11, 1998--Gordon D. Harnett, Chairman, President and Chief Executive Officer of Brush Wellman Inc. (NYSE NYSE See: New York Stock Exchange :BW) today commented on the outlook for the second quarter. "During the second quarter, capacity constraints and start-up issues on our alloy expansion have inhibited our ability to meet customer demand and have adversely impacted operating costs operating costs npl → gastos mpl operacionales . In addition, our second quarter revenues are being affected by an apparent slowdown in some markets, particularly in Asian and U.S. electronics sectors. Also, earnings continue to be pressured by the strong dollar. Therefore, it now appears that second quarter 1998 diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of could be as much as 50% lower than the second quarter 1997 earnings of $0.46 per share, diluted. "In addition, the Company is currently undertaking a review of its 1998 business plan and the outlook for each individual business unit. This review is consistent with our long-range strategic plan of improving our base businesses, expanding Alloy and building a microelectronics business. This review could result in adjustments to asset carrying values Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. and reserves. Charges for these adjustments, if any, may be taken in the second quarter 1998." Any 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. in this announcement are based on current expectations. The Company's actual future performance may differ from that contemplated by the forward-looking statements as a result of a variety of factors including the global economy, changes in product mix, the timely and successful completion of pending capital expansions, and currency exchange rates. Brush Wellman Inc., with headquarters in Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. , is a manufacturer of engineered materials. The Company and its subsidiaries supply worldwide markets with Beryllium beryllium (bərĭl`ēəm) [from beryl ], metallic chemical element; symbol Be; at. no. 4; at. wt. 9.01218; m.p. about 1,278°C;; b.p. 2,970°C; (estimated); sp. gr. 1.85 at 20°C;; valence +2. Products, Alloy Products, Ceramic Products, Precious Metal Products and Engineered Material Systems. CONTACT: Brush Wellman Inc., Cleveland Timothy J. Reid, 216/383-6835 http://www.brushwellman.com |
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