New York Stock Exchange Accepts Falcon Products' Plan
June 29 2004 - 12:17PM
PR Newswire (US)
New York Stock Exchange Accepts Falcon Products' Plan ST. LOUIS,
June 29 /PRNewswire-FirstCall/ -- Falcon Products, Inc. (NYSE:FCP),
a leading manufacturer of commercial furniture, today announced
that the New York Stock Exchange ("NYSE") has accepted the
Company's proposed plan to attain compliance with the NYSE's
continued listing standards. As a result of the NYSE's decision to
accept the proposed plan, the Company's listing on the NYSE will
continue, subject to quarterly monitoring by the Listings and
Compliance Committee of the NYSE for compliance with the goals and
initiatives as outlined in the plan. Failure to achieve the plan's
financial and operational goals will result in the Company being
subject to NYSE trading suspension and delisting. The Company had
previously announced on May 3, 2004, that it was not in compliance
with the NYSE minimum continued listing standards with respect to
market capitalization and total equity. "We appreciate the
acceptance by the NYSE of our business plan. We continue to pursue
opportunities that will improve our financial performance and
believe that the Company can achieve the plan's objectives,"
Franklin A. Jacobs, chairman and chief executive officer, stated.
"Our strategy to return to profitability is focused on achieving
operating efficiency and cost reduction, maintaining fiscal control
and liquidity and moving sales ahead of improved industry
fundamentals," Mr. Jacobs said. On June 15, 2004, Falcon Products
reported improved results on a consecutive quarter basis, returning
to positive EBITDA in the second quarter and increasing its gross
margin to 23.4% in the second quarter, compared to 15.4% in the
first quarter. Falcon Products' Thonet division recently won the
prestigious "Best of NeoCon(R)" Gold Award in the healthcare
furniture category for its patented CX line presented at the NeoCon
World's Trade Fair on June 14, 2004. "This award is just one
indication that we are successfully reducing cost without
sacrificing quality and positions us to take advantage of
improvements we are beginning to see in the hospitality,
institutional, and restaurant sector," Jacobs noted. Falcon
Products, Inc. is the leader in the commercial furniture markets it
serves, with well-known brands, the largest manufacturing base and
the largest sales force. Falcon and its subsidiaries design,
manufacture and market products for the hospitality and lodging,
food service, office, healthcare, and education segments of the
commercial furniture market. Falcon, headquartered in St. Louis,
Mo., currently operates eight manufacturing facilities throughout
the world and has approximately 2,000 employees. Safe harbor
statement under the Private Securities Litigation Reform Act of
1995: Statements contained in this news release which are not
historical facts are forward-looking statements which involve risks
and uncertainties which could impact future financial performance.
Factors which could cause future performance to differ from those
anticipated by these forward-looking statements include, but are
not limited to, loss of key customers or suppliers within specific
industries, availability or cost of raw materials, increased
competitive pricing pressures reflecting industry conditions,
general demand for products, general economic conditions, economic
conditions in the markets served by the Company, and the ability of
the Company to service its debt obligations and satisfy the
covenants in its loan obligations. Additional cautionary statements
regarding other risk factors that could have an effect on future
performance of the Company are described in Falcon's periodic
filings with the Securities and Exchange Commission. Although
Falcon believes the expectations reflected in any forward-looking
statements are based on reasonable assumptions, Falcon can give no
assurance that its expectations will be attained. Any
forward-looking statements represent the best judgment of Falcon as
of the date of this release. Falcon disclaims any obligation to
update any forward-looking statements. DATASOURCE: Falcon Products,
Inc. CONTACT: Phillip J. Pacey, Vice President & Chief
Financial Officer, of Falcon Products, Inc., 314-991-9200
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