One company I've been in for a while is EEGL.
Eagle Supply Group, Inc. Announces Record Revenues for Fiscal Year 2000
NEW YORK, N.Y., Jul 26, 2000 (BUSINESS WIRE) --
Expansion Continues Through the Opening of New Distribution Centers
Eagle Supply Group, Inc. ("Eagle" or the "Company") (NASDAQ SmallCap: EEGL chart, msgs and chart, msgs EEGLW chart, msgs), the fourth largest wholesale distributor of residential roofing and masonry supplies and related products in the United States, announced today that it realized record revenues for the fiscal year ended June 30, 2000.
The Company expects to report that revenues reached a record $188.2 million, an increase of approximately 17.8% from $159.8 million reported for the prior fiscal year. For the fourth quarter ended June 30, 2000, the Company also expects to report record revenues of approximately $53.4 million, a 16.3% increase over the $45.9 million for the fourth quarter ended June 30, 1999. All financial information is preliminary and subject to year-end audit. Eagle expects to report its audited results of operations for its fiscal year ended June 30, 2000 before the end of September, 2000.
Douglas P. Fields, Eagle's Chairman and Chief Executive Officer, stated, "We are pleased to report such strong revenue growth for our fourth quarter and fiscal year. Our new fiscal year is off to a good start as the roofing market in Louisiana and Texas is strong now and benefiting from storm-related business. We also are generating new business from new distribution centers opened in fiscal 2000, and we intend to continue to open new distribution centers. Our relocation and consolidation of distribution centers is also ongoing. We have now combined our South Lake, TX, and Colleyville, TX, branches in Colleyville to achieve greater efficiency and profitability. We continue actively to pursue new acquisitions, as well as a potential e-commerce initiative. Our recently amended and enlarged credit facility, announced last month, will go a long way toward financing our expansion."
James E. Helzer, Eagle's President and Chief Operating Officer, stated, "While our revenues continue to grow impressively, we are always searching for ways to improve profitability. As mentioned previously, Eagle has continued its growth since going public in March 1999. As we continue to open new distribution centers, we continually monitor those centers that are predominantly storm related and adjust personnel, equipment, and inventory to fit the demand. All centers are monitored daily to improve efficiencies and enhance customer service and profitability."
Eagle, with corporate offices in New York City and operations headquarters in Mansfield, Texas, is the fourth largest wholesale distributor of residential roofing and masonry supplies and related products in the United States. Eagle sells primarily to contractors and subcontractors engaged in roofing repair and construction of new residences and commercial properties. The Company sells its products through its own distribution facilities and direct sales force. Eagle currently operates a network of 35 distribution centers in twelve states, including locations in Florida (11), Texas (8), Colorado (5), Alabama (3), and one each in Indiana, Virginia, Kansas, Minnesota, Mississippi, Louisiana, Illinois and Wisconsin.
This document includes statements that may constitute forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Eagle would like to caution readers regarding certain forward-looking statements in this document and in all of its communications to shareholders and others, press releases, securities filings, and all other communications. Statements that are based on management's projections, estimates and assumptions are forward-looking statements. The words "believe," "expect," "anticipate," "intend," "will," "should," and similar expressions generally identify forward-looking statements. While Eagle believes in the veracity of all statements made herein, forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Eagle, are inherently subject to significant business, economic and competitive uncertainties and contingencies and known and unknown risks. Many of the uncertainties and contingencies can affect events and Eagle's actual results and could cause its actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Eagle. Some of the factors that could cause actual results or future events to differ materially include Eagle's inability to find suitable acquisition candidates or financing on terms commercially reasonable to Eagle, inability to find suitable facilities and personnel to open or maintain new branch locations, interruptions or cancellation of existing sources of supply, the pricing of and demand for distributed products, the presence of competitors with greater financial resources, economic and market factors, and other factors. Please see the "Risk Factors" in Eagle's filings with the Securities and Exchange Commission for a description of some, but not all, risks, uncertainties and contingencies.
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Contact:
Eagle Supply Group, Inc.
Douglas P. Fields, Chairman and CEO
Frederick M. Friedman, Executive VP and CFO
Tel: 212-986-6190
Fax: 212-972-0326
www.eaglesupplygroup.com
or
The Equity Group Inc.
Investor Relations Counsel:
Tom Ennis
Tel: 212-836-9607
Fax: 212-421-1278
www.theequitygroup.com |
