Friede Goldman Halter Initiates Further Cost-Cutting Measures
BUSINESS WIRE - May 07, 2001 07:00
GULFPORT, Miss., May 7, 2001 (BUSINESS WIRE) -- Friede Goldman Halter, Inc. (OTCBB:FGHLQ) announced today that all senior management members have taken substantial salary cuts, in some cases as high as 40%, in an effort to aggressively assist the Company in its reorganization efforts.
J.L. Holloway, Chairman of the Company's board of directors, has worked with some of these managers for more than 18 years. "I am extremely proud of the devotion and dedication displayed by the people involved in these cuts. I know this is a difficult time, but this show of faith in the Company's recovery is indicative of our belief that we are well on our way to successful reorganization."
Friede Goldman Halter is a world leader in the design and manufacture of equipment for the maritime and offshore energy industries. Its operating units are Friede Goldman Offshore (construction, upgrade and repair of drilling units, mobile production units and offshore construction equipment); Halter Marine (construction of vessels for commercial and governmental markets); FGH Engineered Products (design and manufacture of cranes, winches, mooring systems and other types of marine equipment); and Friede & Goldman Ltd. (naval architecture and marine engineering).
Note: This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of The Securities Act of 1933, as amended, and Section 21 E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Friede Goldman Halter expects, believes or anticipates will or may occur in the future, are forward-looking statements. These statements are based on certain assumptions and analyses made by Friede Goldman International Inc. in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Friede Goldman Halter and which are discussed in Friede Goldman Halter's Registration Statement on Form S-1 and the Annual Report on Form 10-K. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.
CONTACT: Friede Goldman Halter Inc., Gulfport Kristi Kelly, 228/897-4997 www.fgh.com
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KEYWORD: MISSISSIPPI
INDUSTRY KEYWORD: MARITIME
AEROSPACE/DEFENSE
ENERGY
OIL/GAS
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