- Company to release full year and fourth quarter 2006 earnings on March
21, 2007 to reflect accounting presentation of recent sale of precision
components segment
CLEVELAND, Ohio, March 5 /PRNewswire-FirstCall/ -- Hawk Corporation
(Amex: HWK) announced today that its Board of Directors has authorized the
Company to repurchase up to $4.0 million worth of the Company's common
stock as allowed for under its senior note indenture and credit facility.
(Logo: http://www.newscom.com/cgi-bin/prnh/20001129/HWKLOGO)
Under the program, the Company's shares can be purchased from time to
time in the open market, through privately negotiated transactions or
otherwise in accordance with securities laws and regulations. The timing
and amount of any repurchases will be determined by the Company's
management, based on its evaluation of market conditions, share price and
other factors. The Company has approximately 9.0 million shares
outstanding.
"This action confirms both the Board and management's commitment to
enhance shareholder value and their continuing confidence in the Company's
growth prospects," said Ronald E. Weinberg, Chairman and Chief Executive
Officer.
Earnings Release and Conference Call
The Company also announced today that in order to provide sufficient
time to properly reflect the accounting presentation of the disposition of
its precision components segment that it plans to release its financial
results for the full year and fourth quarter ended December 31, 2006 on
Wednesday March 21, 2007, after the market closes. As a result of the sale
of the Company's precision components segment on February 2, 2007, the
results of that segment will be reported in the Company's financial
statements as a discontinued operation. In addition, the Company plans to
host a conference call and webcast to review these results at 10:00 a.m.
Eastern Time on Thursday March 22, 2007.
The Company
Hawk Corporation is a leading worldwide supplier of highly engineered
products. Its friction products group is a leading supplier of friction
materials for brakes, clutches and transmissions used in airplanes, trucks,
construction and mining equipment, farm equipment, recreational and
performance automotive vehicles. The Company's performance racing group
manufactures clutches and gearboxes for motorsport applications and
performance automotive markets. Headquartered in Cleveland, Ohio, Hawk has
approximately 1,100 employees at 11 manufacturing, research, sales and
administrative sites in 5 countries.
Forward-Looking Statements
This press release includes forward-looking statements concerning the
Company's intention to repurchase its common stock from time to time under
its stock repurchase program. These forward-looking statements are based
upon management's expectations and beliefs concerning future events.
Forward- looking statements are necessarily subject to risks, uncertainties
and other factors, many of which are outside the control of the Company and
which could cause actual results to differ materially from such statements.
Actual results and events may differ significantly from those projected
in the forward-looking statements. Reference is made to Hawk's filings with
the Securities and Exchange Commission, including its annual report on Form
10-K for the year ended December 31, 2005, its quarterly reports on Form
10-Q, and other periodic filings, for a description of the foregoing and
other factors that could cause actual results to differ materially from
those in the forward-looking statements. Any forward-looking statement
speaks only as of the date on which such statement is made, and the Company
undertakes no obligation to update any forward-looking statement, whether
as a result of new information, future events or otherwise.
Hawk Corporation is online at: http://www.hawkcorp.com/
SOURCE Hawk Corporation
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http://www.hawkcorp.com/
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CONTACT:
Joseph J. Levanduski, CFO, +1-216-861-3553,
or Thomas A. Gilbride, Vice President - Finance, +1-216-861-3553;
or Investor Relations, John Baldissera of BPC Financial
Marketing, +1-800-368-1217
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