Proliance Reaffirms 2008 Guidance; 3Q08 Call Scheduled for November 14, 2008 at 10:00 AM ET
21 Outubro 2008 - 9:00AM
Business Wire
Proliance International, Inc. (AMEX: PLI), a leading global
manufacturer and distributor of aftermarket heat exchange and
temperature control products for automotive and heavy-duty
applications, said that it remains on track with previously
announced guidance of adjusted operating income in the range of
about $20 million for the full year 2008. As previously reported,
the guidance excludes one-time costs related to the Southaven
casualty event and expenses associated with amendments to the
Company�s credit facility. Proliance said that its cost reduction
efforts have continued to be successful in reducing overhead and
unit product costs and that shipping has begun to improve at
Southaven, even though recovery related activities have taken
longer than originally anticipated. Proliance noted that its
guidance remains on track despite the impact on September sales by
the Gulf Coast hurricanes, which affected consumer driving and
heavy duty customers in the oil service industry, and by current
economic conditions. Proliance said that it continues to move
forward with a group of institutional lenders, which as reported
previously, have signed a letter of intent to provide $30 million
of mezzanine financing as part of a previously announced package of
debt and/or equity the Company has been seeking to fully or
partially replace its current lead lender. Completion of the
mezzanine financing is tentatively expected in the fourth quarter
and is subject to satisfactory completion of due diligence,
execution of definitive agreements, obtaining a new senior secured
credit facility and other closing conditions. Proliance is
currently in discussions with financial institutions to secure such
a senior credit facility. Proliance will host a conference call on
Friday, November 14, 2008 at 10:00 AM ET with Charles E. Johnson,
President and CEO, and Arlen F. Henock, CFO, to discuss the third
quarter ended September 30, 2008 and its outlook for the rest of
the year. Results will be issued after the market closes on
Thursday, November 13, 2008. The call will be accessible live via a
webcast on Proliance�s Investor Relations Webcast page at
http://www.pliii.com/39-webcasts?side. A webcast replay will be
available shortly thereafter. About Proliance International, Inc.
Proliance International, Inc. is a leading global manufacturer and
distributor of aftermarket heat transfer and temperature control
products for automotive and heavy-duty applications serving North
America, Central America and Europe. Forward Looking Statements
Statements included in this press release, which are not historical
in nature, are forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Statements relating to the future financial performance or
liquidity of the Company are subject to business conditions and
growth in the general economy and automotive and truck business,
the impact of competitive products and pricing, changes in customer
product mix, failure to obtain new customers or retain old
customers or changes in the financial stability of customers,
changes in the cost of raw materials, components or finished
products, the discretionary actions of its suppliers and lenders,
and changes in interest rates. Such statements are based upon the
current beliefs and expectations of Proliance management and are
subject to significant risks and uncertainties. Actual results may
differ from those set forth in the forward-looking statements. When
used in this press release, the terms "anticipate," "believe,"
"estimate," "expect," "may," "objective," "plan," "possible,"
"potential," "project," "will" and similar expressions identify
forward-looking statements. Factors that could cause Proliance's
results to differ materially from those described in the
forward-looking statements can be found in the 2007 Annual Report
on Form 10-K of Proliance and Proliance's other subsequent filings
with the SEC. The forward-looking statements contained in this
press release are made as of the date hereof, and we do not
undertake any obligation to update any forward-looking statements,
whether as a result of future events, new information or otherwise.
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