Falcon Prod (NYSE:FCP)
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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