DALLAS, Aug. 11 /PRNewswire/ -- In a recent filing with the Securities and
Exchange Commission, Global Industrial Technologies (NYSE: GIX) announced a
change in its fiscal year end from October 31, to December 31. Accordingly,
Global will now release third quarter 1998 earnings in October rather than
August.
In response to inquiries, Global also said that it expects to be
marginally profitable for the year that will end December 31, 1998, before
either extraordinary gains or special charges. Substantial improvements are
expected in 1999 as synergies and marketing opportunities from the Company's
recent A.P. Green refractories acquisition are realized along with anticipated
increased undercarriage production and sales at its Ameri-Forge operation in
Houston, Texas.
The fiscal year change was made to achieve internal uniformity of
accounting periods with recent acquisitions and international operations, and
to better align Global's financial reporting with that of its customers and
competitors. Reduced administrative costs are also anticipated.
Global Industrial Technologies, Inc. is a major manufacturer of
technologically advanced industrial products that support high-growth markets
around the world.
Forward-looking statements concerning divestitures, earnings and results
from operations are contained in this announcement. The following important
factors could cause actual results to differ materially from those described
in such statements: timing of completion of divestitures and their effects
upon the Company; recouping delayed business on a schedule different than
anticipated; development of new products; changes in currency exchange rates;
litigation; timing of additions to manufacturing capacity; unanticipated
production or shipment delays; and significant variances in sales or costs at
a major business unit.
SOURCE Global Industrial Technologies
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CONTACT:
Investors: George Pasley, V. P. of
Communications, 214-953-4510, or Media: Larry Nance, Manager of
Corporate Relations, Public Affairs, 214-953-4518, both of Global
Industrial Technlogies
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