CMC Industries, Inc. Announces Merger and Preliminary Third Quarter Results.SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--May 10, 1999-- CMC (Common Messaging Calls) A programming interface specified by the XAPIA as the standard messaging API for X.400 and other messaging systems. CMC is intended to provide a common API for applications that want to become mail enabled. 1. Industries, Inc. (Nasdaq:CMCI CMCI Constant Maturity Commodity Index (investing) CMCI Cable Modem to CPE Interface (Sprint) CMCI Computer and Math Citation Index CMCI CM Consulting and Investigations ) and ACT Manufacturing, Inc. (Nasdaq:ACTM ACTM Atlantic College of Therapeutic Massage (Fredericton, NB, Canada) ACTM Aircraft Collection Tasking Message ) today announced that the two companies have entered into a definitive merger agreement. Under the terms of the agreement, each share of CMC Industries common stock will be exchanged for 0.5 shares of ACT Manufacturing common stock. CMC also announced that, based upon preliminary results, the Company expects to report revenue of between $57 million and $60 million and a net loss per share of between $0.06 and $0.08 for its fiscal third quarter ended April 30, 1999. The lower than expected revenue was due primarily to delays in the start-up of certain new programs during the quarter. Headquartered in Santa Clara, California Santa Clara, California (IPA: /ˌsæntəˈklærə/) , founded in 1777 and incorporated in 1852, is a city in Santa Clara County, in the U.S. state of California. , CMC Industries is a leading provider of electronics manufacturing services Electronic manufacturing services (EMS) is term used for companies that design, test, manufacture, distribute and provide return/repair services for electronic component and assemblies for original equipment manufacturers (OEMs). to original equipment manufacturers in the telecommunications, computer and electronics industries. The Company has operations in Corinth, Mississippi: Santa Clara, California; Hermosillo, Mexico; Huntsville, Alabama and Taipei, Taiwan. For further information, visit CMC's home page at http://www.cmcmfg.com. The matters set forth in this news release may contain forward looking statements. Actual results may differ materially from those described herein and are dependent on certain risks and uncertainties including, but not limited to, the timing and magnitude of orders from customers with projects currently in development as well as continued orders and growth in orders from customers already in volume production, the ability of the Company to accurately forecast the timing and magnitude of future customer orders and appropriately adjust its expenditures in respect thereof, changes in customer mix and volume, competition, component availability, inventory obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. , business conditions in the general economy as well as the industries in which the Company and the Company's customers compete and other risk factors such as those detailed in the Company's filings with the Securities and Exchange Commission. |
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