HOUSTON, Oct. 18 /PRNewswire/ -- Pennzoil-Quaker State Company (NYSE: PZL)
today announced that it is comfortable with the current third quarter and full
year 2001 consensus earnings estimates of 21 cents per share and 65 cents per
share, respectively, for its recurring, continuing operations.
"Like all of America, everyone at Pennzoil-Quaker State Company was deeply
affected by the tragic events of September 11, and our thoughts and prayers go
out to all the families and communities affected," said James J. Postl,
president and chief executive officer of Pennzoil-Quaker State Company. "In
the wake of this terrible event, it may be more difficult than usual to
predict consumers' travel and purchasing behavior but I believe the current
consensus estimate for the year is reasonable and achievable."
Total revenues during the third quarter of 2001 are expected to be about
$600 million, up slightly from a year ago when adjusted for revenues
associated with divested non-core assets. The company has also continued to
reduce its debt as well as other variable-rate exposures. During the three-
month period, the company reduced debt by over $28 million and its accounts
receivable sales facility by over $15 million.
During the first three quarters of the year, the company has reduced debt
by approximately $60 million. Strengthening the balance sheet remains a key
priority and the company expects substantial further improvement by yearend.
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 company intends to announce its third quarter earnings on
November 1, 2001 and will host a conference call with the financial community
on that day. An audio recording will be available that day to listen to the
call on the company's website at http://www.pennzoil-quakerstate.com /. 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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