NEWTON, Iowa, Nov. 9 /PRNewswire-FirstCall/ -- Maytag Corporation
(NYSE: MYG) will hold its 2004 Analyst Conference on Friday, Nov. 19, 2004.
During the conference, Maytag will update members of the investment community
on its business operations and plans for the future.
Ralph Hake, chairman and CEO, and other Maytag executives will provide
details about its ongoing strategy including preferred brands and innovative
products, its quality initiatives and manufacturing plans, as well as the "One
Company" restructuring and other margin-enhancing opportunities.
"We completed many milestones in 2004 -- including a successful systems
conversion, a plant closing and good progress in cost reduction and, in the
third quarter, saw positive sequential improvement in our financial
performance," said Hake. "However, 2004 has been a challenging year related to
Hoover floor care sales volumes and, more particularly, with the rapid
increases in steel and energy-related costs."
Hake pointed out that the company has taken action on several fronts to
mitigate these increases, including additional cost reduction efforts, price
increases in 2004 and, most recently announced to customers, additional price
increases in the range of 5 percent to 8 percent effective Jan. 3, 2005.
"In 2004, we have made great strides in cost containment, but these
efforts cannot keep up with the escalating cost increases the industry is
experiencing, making price increases necessary," Hake added.
Also during the conference, Maytag executives will describe the company's
plans for 2005 and comment on earnings expectations for the year. Currently,
the company expects earnings per share for 2005 to be in the range of $1.50 to
$1.60 per share, including approximately 5 cents in restructuring and related
charges.
Web cast Information
The 2004 analysts meeting will be held from 8:30 a.m. to 1:30 p.m. ET at
the New York Palace Hotel, 455 Madison Ave., New York City. The company will
simultaneously host a web cast from the event on the company's corporate Web
site http://www.maytagcorp.com . The live presentation can be accessed
through the Corporate News Center on Maytag Corporation's Web site under "CEO
presentations," or by clicking on:
http://phx.corporate-ir.net/phoenix.zhtml?p=irol-
eventDetails&c=108840&eventID=964843
To listen to the live call, persons should go to the Web site at least 15
minutes prior to the start of the call to register, download and install any
necessary computer audio software. For persons unable to listen to the live
Internet broadcast, replays will be available on the Maytag Web site through
Nov. 23.
Maytag Corporation is a $4.7 billion home and commercial appliance company
focused in North America and in targeted international markets. The
corporation's primary brands are Maytag, Hoover, Jenn-Air, Amana, Dixie-Narco
and Jade.
Forward-Looking Statements: Certain statements in this news release,
including any discussion of management expectations for future periods,
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that may
cause actual results to differ materially from the future results expressed or
implied by those statements. For a description of such factors, refer to
"Forward-Looking Statements" in the Management's Discussion and Analysis
section of Maytag's Annual Report on Form 10-K for the year ended January 3,
2004, and each quarter's 10-Q.
Media Contact: Lynne Dragomier
Maytag Corporate Communications
(641) 787-7711
ldragomier@maytag.com
SOURCE Maytag Corporation
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Related links:
http://www.maytagcorp.com
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CONTACT:
Media, Lynne Dragomier, Maytag Corporate
Communications, +1-641-787-7711, ldragomier@maytag.com
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