Color Spot Nurseries Announces Second Quarter Results and Additional Progress Toward Financial Restructuring.Business Editors PLEASANT HILL, Calif.--(BUSINESS WIRE)--Aug. 21, 2001 Color Spot Nurseries, Inc. today released its results for its second quarter ending June 30, 2001. The company reported operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the second quarter of $11.4 million up 136% from $4.8 million for the comparable period last year. Operating income for the six months ended June 30, 2001 was reported at $15.1 million up 38% from the prior year. Net income for the quarter was $5.5 million compared to a loss of $1.0 million last year. Net income for the six months ended June 30, 2001 was $4.8 million as compared to $0.2 million in the prior year. Dave Barrett This article is about the Canadian politician. For the American diplomat, see David D. Barrett. David Barrett, O.C. (born 2 October, 1930 in Vancouver, British Columbia), commonly known as Dave Barrett , Chief Executive Officer of Color not of the white race; - commonly meaning, esp. in the United States, of negro blood, pure or mixed. See also: Color Spot Nurseries, Inc., said: "We are satisfied that our second quarter and first half results show tremendous improvement over last year and represents good solid profitability that we can build upon in upcoming years." The company also announced that it has received preliminary approval from a substantial majority of its bondholders on a plan to materially reduce its debt balance through the conversion of a substantial portion of its senior subordinated notes into preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . In addition to immediately improving cash flow and financial flexibility, this action was a requirement to renew the company's revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. The company previously announced it had reached agreement with its senior lender, Fleet Capital Corporation, to renew its existing senior credit facility for an additional two-year period, subject to negotiation of a definitive credit agreement and completion of this restructuring plan. "We are pleased to announce this additional financing agreement," Barrett said. "We've communicated to our stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. that we are serious about our new strategic direction and that we have a bright future. We continue to make positive changes and hit the milestones we said we would. This restructuring will dramatically improve Color Spot's financial position and will provide the resources to solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our position as the absolute best wholesale nursery in terms of market share, quality, merchandising and customer service. This is good for us, but even better for our customers, our vendors, and our employees--and the industry as a whole." Color Spot is one of the largest wholesale nurseries in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , based on revenue and greenhouse square footage. The company provides a wide assortment of high-quality plants as well as extensive merchandising services primarily to leading home centers and mass merchants, such as Home Depot The Home Depot (NYSE: HD) is an American retailer of home improvement and construction products and services. Headquartered in Vinings, just outside Atlanta in unincorporated Cobb County, Georgia, Home Depot employs more than 355,000 people and operates 2,164 big-box , Lowes, Wal-Mart and Kmart. The company distributes products to over 2,800 retail and commercial customers, primarily in the western and southwestern regions of the United States. Certain statements in this release constitute forward looking statements. Such forward looking statements involve risks which may cause actual results and performance of the Company to be materially different from those expressed or implied by the forward looking statements. Such factors include the following: general economic and business conditions; weather patterns; quality of management; and success of business and financing strategy. For more information, see the Company's annual and quarterly reports filed with the Securities and Exchange Commission. |
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