CHAMBERS DEVELOPMENT COMPANY ISSUES ANNOUNCEMENT
CHAMBERS DEVELOPMENT COMPANY ISSUES ANNOUNCEMENT PITTSBURGH, April 15 /PRNewswire/ -- Chambers Development Company,
Inc. (AMEX: CDVA, CDVB) today announced the appointment of Deloitte Touche as the company's new independent auditors.
Chambers' management also announced an aggressive cost reduction plan that is intended to save as much as $12 million in corporate overhead expenses on an annualized basis. The new auditors were named by the company's board of directors after it moved to terminate its relationship with Grant Thornton as auditors. Deloitte Touche will begin immediately to evaluate the accounting principles applicable to the company's financial statements and to audit the financial results for the year ended Dec. 31, 1991. The auditors will also review prior period financial statements. The company's cost reduction program, which is projected to result in savings of as much as $9 million for the remainder of 1992, will include various controls on corporate expenditures, the elimination of 57 overhead and support positions, salary reductions for senior managers and a cutback on outside consultants. In addition, certain vacant positions will not be filled and the filling of certain other vacancies will be deferred. The one-time cost associated with the employee reduction has been estimated at less than $500,000. Chambers' President and CEO John G. Rangos Sr. called today's moves "a
blueprint for a stronger Chambers."
Rangos noted that the company's recent financial moves will not affect its operations or strategic business plans. "Chambers will continue to follow its primary strategies of uncompromised environmental integrity, development of state-of-the-art landfill capacity for key markets, and the continued increase in our share of the non-hazardous solid waste market as this industry continues its consolidation over the next several years," he said. -0- 4/15/92 /CONTACT: John Shirvinsky, media, 412-244-6138; Jim Leonard, media, 412-244-7560; or Lew Nevins, financial, 412-244-6195, all of Chambers Development/ (CDV) CO: Chambers Development Company, Inc. ST: Pennsylvania IN: SU: ACC
DM-JM -- PG014 -- 8996 04/15/92 18:09 EDT
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|Date:||Apr 15, 1992|
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