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SPECIALTY EQUIPMENT COMPANIES, INC. ELECTS DOTTERWEICH PRESIDENT, CHIEF OPERATING OFFICER

 BELVIDERE, Ill., Dec. 29 /PRNewswire/ -- Specialty Equipment Companies, Inc. today announced the election of William E. Dotterweich as president and chief operating officer. The announcement was made by Daniel B. Greenwood, chief executive officer and chairman of the board of directors.
 Dotterweich had served as president of Specialty Equipment for the period from 1985 until 1989 when the company was acquired in a leveraged buyout. Previous to that, Dotterweich was group president of the Commerical Equipment Division of Beatrice Company, Inc. from 1982 to 1985. Previous to that, Dotterweich served in a variety of executive positions including president of Valley Industries, Lodi, Calif., and president of Wayne Home Equipment Company, Fort Wayne, Ind.
 In addition, Greenwood announced operating results of Specialty Equipment for the third quarter and nine months ended Oct. 31, 1993. Third quarter earnings from operations before interest, reorganization items, amortization and income taxes (EBITA) was $11.717 million on net sales of $86.372 million, compared with earnings from operations on a comparable basis of $7.259 million on net sales of $69.375 million in the previous fiscal year quarter.
 For the first nine months of fiscal 1994, EBITA was $31.722 million on net sales of $250.468 million compared with EBITA on a comparable basis for the combined nine month period of $18.384 million on net sales of $204.093 million in the previous fiscal year.
 Greenwood commented, "The 22.7 percent increase in sales and 72.6 percent increase in EBITA for the first nine months of fiscal 1994 is primarily the result of increased sales of refrigeration equipment to the soft drink bottler industry as well as increased sales of soft serve ice cream equipment to the company's domestic and international distributor network." In addition, he added, "The improved operating margins for the first nine months of fiscal 1994 reflect the effect of improved manufacturing methods at the company's Taylor facility and consolidation of the Bloomfield and Wells Manufacturing operations."
 Net income and earnings per share for both three and nine month periods were negatively impacted by the amortization of intangible assets. The amortization of intangible assets amounted to $55.608 million and $40.179 million for the nine months ended Oct. 31, 1993 and 1992, respectively.
 The company also announced that Florida investor Malcom Glazer reported through a Schedule 13D filing with the Securities and Exchange Commission that he holds a 44.7 percent ownership stake in Specialty Equipment.
 Specialty Equipment is a leading manufacturer of commercial cooking, refrigeration and sanitation equipment for the foodservice industry. Its common stock is traded on the NASDAQ exchange under the symbol SPEQ.
 -0- 12/29/93
 /CONTACT: Don McKay, Specialty Equipment, 815-544-5111/ CO: Specialty Equipment Companies, Inc. ST: Illinois IN: MAC SU: PER


LG -- NY034 -- 7831 12/29/93 15:06 EST
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Publication:PR Newswire
Date:Dec 29, 1993
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