HOUSTON, Jan. 23 /PRNewswire-FirstCall/ -- Pennzoil-Quaker State Company
(NYSE: PZL) announced today that it will release fourth quarter and full year
2001 results before the market opens on Tuesday, February 5, 2002. The
company will host a conference call at 9:00 a.m. CST that same day to discuss
the earnings release and other matters of interest to the financial community.
The conference call can be heard live at http://www.pennzoil-quakerstate.com and will
be available for replay two weeks thereafter.
The company also announced today that it will incur a pretax charge of up
to $20 million in the fourth quarter, in addition to the restructuring
expenses previously announced in June. The new charges are asset impairments
resulting from the write-off of certain receivables related to the Chapter 11
bankruptcy filing of K-Mart, and charges related to the company's operations
in Argentina due to that country's currency devaluation.
Excluding special charges, the company reiterated its comfort with the
current fourth quarter and full year 2001 consensus earnings estimates of
17 cents per share and 64 cents per share, respectively, for its recurring,
continuing operations.
"Obviously, the additional charges announced today are in light of very
recent developments and are the appropriate, conservative actions to
implement. We are hopeful that K-Mart is successful in its reorganization and
expect to maintain a relationship with them," said James J. Postl, president
and chief executive officer of Pennzoil-Quaker State Company. "Regarding
2002, we are positive about our prospects. I expect that our earnings will
exceed $1 per share for the full year under the new accounting standards and
that cash flow will be strong."
Pennzoil-Quaker State Company is a leading worldwide automotive consumer
products company, marketing over 1,300 products with 20 leading brands in more
than 90 countries. The company markets Pennzoil(R) and Quaker State(R) brand
motor oils, the number one and number two selling motor oils in the United
States. Jiffy Lube, a wholly owned subsidiary of Pennzoil-Quaker State
Company, is the world's largest fast lube operator and franchiser.
Note: The statements contained in this release are forward-looking
statements. Actual results may differ materially from those projected in
forward-looking statements. Please see the company's Form 10-K for more
information on the risks and uncertainties related to forward-looking
statements.
SOURCE Pennzoil-Quaker State Company
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Related links:
http://www.pennzoil-quakerstate.com
Company News On-Call:
http://www.prnewswire.com/comp/684550.html
CONTACT:
investors, Jay Roueche, +1-713-546-4961, or
media, Ray Scippa, +1-713-546-8942, both of Pennzoil-Quaker State
Company
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