Danka Announces Expected Improvement in First Quarter Results.ST. PETERSBURG, Fla.--(BUSINESS WIRE)--July 9, 1999-- Danka Business Systems PLC (Danka) announced today that based upon April and May results and preliminary information for June, that it expects earnings for the first quarter ended June 30, 1999 to be substantially in excess of the $0.09 per American Depositary Share American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. (ADS) the Company earned in the comparable first quarter of fiscal 1999. Revenue for the first quarter of fiscal 2000 is expected to be approximately $630.0 million compared to revenue of $765.4 million in the comparable first quarter last year. Larry K. Switzer, Danka's Chief Executive Officer, commented, "We are delighted with the progress we have made thus far in our turnaround efforts. While there is still significant work to be done, I am particularly proud of the extraordinary effort of the Danka team worldwide over the past months. Thanks to their collective effort, we have positioned the Company for the future digital environment. We look forward to discussing in greater detail our results once the 10-K is finalized See finalization. ." As previously announced, the Company intends to file its annual report for the period ending March 31, 1999 on 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. on July 14, 1999 with the audited figures for fiscal 1999. The Company anticipates that it will report a loss of $0.22 per ADS in the fourth quarter of fiscal 1999 ended March 31, 1999 on revenue of approximately $674.0 million. A conference call to discuss 1999 results is scheduled for July 20, 1999. The Company also announced that it has reached agreement with a steering committee steer·ing committee n. A committee that sets agendas and schedules of business, as for a legislative body or other assemblage. steering committee Noun of its lenders, holding approximately 36 percent of the commitments under the Credit Agreement, to amend the Credit Agreement and provide the Company with financing through July 31, 2000. Under the terms of the Credit Agreement, approval of 51 percent in interest of the lenders (Majority Approval) is required to effect an amendment. While Danka anticipates, based on its prior relationship with the lenders, that such Majority Approval will be obtained, there can be no assurance that such Majority Approval will be obtained prior to the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of the current waiver The voluntary surrender of a known right; conduct supporting an inference that a particular right has been relinquished. The term waiver is used in many legal contexts. . Danka Business Systems PLC headquartered in London, England and St. Petersburg, Florida St. Petersburg (often shortened to St. Pete) is a city in Pinellas County, Florida, United States. The city is known as a vacation destination for North American and European vacationers, as well as a politically important battleground in U.S. Presidential politics. is one of the world's largest independent suppliers of office imaging equipment and related services, parts and supplies. Danka provides office products and services in over 30 countries around the world. For additional information about copier, printer and other office imaging products, please visit our web site at www.danka.com. Forward - Looking Statements Certain statements contained in the press release, are forward looking, and certain information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Danka is based on the belief of management as well as assumptions made by, and information currently available, to management. The words "goal", "expect", "believe" and similar expressions as they relate to Danka or Danka's management, are intended to identify 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. . Such statements reflect the current views of Danka with respect to future events and are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those reflected in the forward looking statements, including but not limited to failure of the bank lenders to provide the Majority Approval of the Credit Agreement amendment, Danka's inability to arrange financing to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. its indebtedness under the Credit Agreement, which could result from a variety of factors, including demand for the new Kodak DigiSource 9110 being less than is currently anticipated, contraction in credit markets, and other factors beyond Danka's control. In addition, the expected results for the first quarter of fiscal 2000 are not necessarily indicative of future results. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . |
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