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EXHIBIT 99.1
CONTACTS:
Gary A. Harmon, Chief Financial Officer
(706) 876-5851
gary.harmon@dixiegroup.com
THE DIXIE GROUP RESTATES FINANCIAL RESULTS
———————————
No Impact on Net Income, Net EPS, Total Cash Flows, Balance Sheets or Stockholders' Equity
CHATTANOOGA, Tenn. (July 13, 2007) – The Dixie Group, Inc. (NASDAQ:DXYN) today reported that the Company had received comments from the Securities and Exchange Commission regarding its Annual Report on Form 10-K for the fiscal year ended December 30, 2006. As a result of those comments, the Company amended and restated its Annual Report on Form 10-K for the year ended December 30, 2006, and its Quarterly Reports on Form 10-Q for the quarterly periods ended July 1, 2006, and September 30, 2006. The amendments did not affect the Company’s net income, net income per share, total cash flow, balance sheets, or stockholders' equity, for any periods. The Company filed amended reports for the affected periods today to correct the following classification errors:
·
The classification of certain pension expenses as costs of discontinued operations; and
·
The classification of certain income tax payments as investing activities.
The amendments reclassified certain pension expenses from discontinued operations to continuing operations in the Company’s Consolidated Statements of Operations and Consolidated Statements of Cash Flows for the fiscal year ended December 30, 2006 and December 31, 2005, and the Company’s Consolidated Condensed Statements of Operations and Consolidated Condensed Statements of Cash Flows for the three and six months ended July 1, 2006, and the nine months ended September 30, 2006.
The Company had classified pension expenses related to employees of its textile operations based on its interpretation that APB 30 requires that such expenses be accounted for as costs of discontinued operations. The pension expenses included in discontinued operations related to former employees of the Company’s textile operations, which were discontinued in 1998 and sold in 1999 and prior years. The Company’s original classification of such pension costs and their presentation in its consolidated financial statements was reviewed with Ernst & Young, LLP, the Company's independent registered public accounting firm, which concurred with the Company’s presentation. Based on a review of its presentation, the Company reclassified these expenses as cost of continuing operations in accordance with the requirements of SFAS 88, as clarified by the answer to Question 37 in the FASB S pecial Report,"A Guide to Implementation of Statement 88 on Employers’ Accounting for Settlements and Curtailments of Defined Benefit Pension Plans and for Termination Benefits: Questions and Answers."
-MORE-
DXYN Restates Financial Statements
Page 2
July 13, 2007
In determining its original classification for the income tax payments, as cash flows from investing activities, the Company considered the fact that these income tax payments directly related to the sale of a business and discussed the presentation with its independent registered public accounting firm, which concurred with that presentation. The amendment reclassified these income tax payments as cash flows from operating activities in accordance with paragraph 23(c) of SFAS 95.
The Company revised its presentation of comprehensive income to prominently display the details of comprehensive income in its Consolidated Statements of Stockholders’ Equity and Comprehensive Income and also made other conforming changes to the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
The Company also revised its discussion of disclosure controls and procedures and its report on internal control over financial reporting in its Report on Form 10-K for the fiscal year ended December 30, 2006, to discuss the above-referenced restatement and how such restatement affected its CEO’s and CFO’s conclusion regarding its disclosure controls and procedures and internal control over financial reporting. Solely because of the restatement, current interpretations of PCAOB Auditing Standard No. 2 require that the Company conclude, and it has concluded, that its internal control over financial reporting was not effective as of December 30, 2006. The Company has remediated the control deficiency represented by its classification of the pension costs and income tax payments by the restatement, and the Company’s CEO and CFO have concluded that, as of the date here of, its internal control over financial reporting is effective.
The following tables present the details of the restatements:
-MORE-
DXYN Restates Financial Statements
Page 3
July 13, 2007
SUMMARY OF CHANGES TO CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share data)
|
|
|
| Year Ended December 30, 2006 | |||||||
|
|
|
| Previously |
| Adjustments |
|
| |||
Net sales |
| $ | 331,100 |
| $ | --- |
| $ | 331,100 | ||
Cost of sales |
|
| 235,548 |
|
| (286) |
|
| 235,262 | ||
Gross profit |
|
| 95,552 |
|
| 286 |
|
| 95,838 | ||
Selling and administrative expenses |
|
| 75,938 |
|
| --- |
|
| 75,938 | ||
Other operating income |
|
| (640) |
|
| --- |
|
| (640) | ||
Other operating expense |
|
| 733 |
|
| --- |
|
| 733 | ||
Defined benefit plan termination expenses |
|
| --- |
|
| 3,249 |
|
| 3,249 | ||
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
| 19,521 |
|
| (2,963) |
|
| 16,558 | ||
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
| 7,213 |
|
| --- |
|
| 7,213 | ||
Other income |
|
| (454) |
|
| --- |
|
| (454) | ||
Other expense |
|
| 127 |
|
| --- |
|
| 127 | ||
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before taxes |
|
| 12,635 |
|
| (2,963) |
|
| 9,672 | ||
Income tax provision |
|
| 2,868 |
|
| (1,087) |
|
| 1,781 | ||
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
| 9,767 |
|
| (1,876) |
|
| 7,891 | ||
Loss from discontinued operations, net of tax |
|
| (2,064) |
|
| 1,876 |
|
| (188) | ||
Income (loss) on disposal of discontinued | --- |
|
| --- |
|
| --- | ||||
Net income |
| $ | 7,703 |
| $ | --- |
| $ | 7,703 | ||
|
|
|
|
|
|
|
|
|
|
|
|
BASIC EARNINGS (LOSS) PER SHARE: |
|
|
|
|
|
|
|
|
| ||
| Continuing operations |
| $ | 0.77 |
| $ | (0.15) |
| $ | 0.62 | |
| Discontinued operations |
|
| (0.16) |
|
| 0.15 |
|
| (0.01) | |
| Disposal of discontinued operations |
|
| --- |
|
| --- |
|
| --- | |
| Net income |
| $ | 0.61 |
| $ | --- |
| $ | 0.61 | |
|
|
|
|
|
|
|
|
|
|
|
|
SHARES OUTSTANDING |
|
| 12,702 |
|
| 12,702 |
|
| 12,702 | ||
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS (LOSS) PER SHARE: |
|
|
|
|
|
|
|
|
| ||
| Continuing operations |
| $ | 0.75 |
| $ | (0.14) |
| $ | 0.61 | |
| Discontinued operations |
|
| (0.16) |
|
| 0.14 |
|
| (0.02) | |
| Disposal of discontinued operations |
|
| --- |
|
| --- |
|
| --- | |
| Net income |
| $ | 0.59 |
| $ | --- |
| $ | 0.59 | |
|
|
|
|
|
|
|
|
|
|
|
|
SHARES OUTSTANDING |
|
| 12,959 |
|
| 12,959 |
|
| 12,959 | ||
|
|
|
|
|
|
|
|
|
|
|
|
DIVIDENDS PER SHARE: |
|
|
|
|
|
|
|
|
| ||
| Common Stock |
|
| --- |
|
| --- |
|
| --- | |
| Class B Common Stock |
|
| --- |
|
| --- |
|
| --- | |
-MORE-
DXYN Restates Financial Statements
Page 4
July 13, 2007
SUMMARY OF CHANGES TO CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share data)
|
|
|
| Year Ended December 31, 2005 | |||||||
|
|
|
| Previously |
| Adjustments |
| Restated | |||
Net sales |
| $ | 318,526 |
| $ | --- |
| $ | 318,526 | ||
Cost of sales |
|
| 222,008 |
|
| 8 |
|
| 222,016 | ||
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
| 96,518 |
|
| (8) |
|
| 96,510 | ||
Selling and administrative expenses |
|
| 76,802 |
|
| --- |
|
| 76,802 | ||
Other operating income |
|
| (562) |
|
| --- |
|
| (562) | ||
Other operating expense |
|
| 435 |
|
| --- |
|
| 435 | ||
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
| 19,843 |
|
| (8) |
|
| 19,835 | ||
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
| 5,948 |
|
| --- |
|
| 5,948 | ||
Other income |
|
| (611) |
|
| --- |
|
| (611) | ||
Other expense |
|
| 87 |
|
| --- |
|
| 87 | ||
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before taxes |
|
| 14,419 |
|
| (8) |
|
| 14,411 | ||
Income tax provision |
|
| 4,456 |
|
| (3) |
|
| 4,453 | ||
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
| 9,963 |
|
| (5) |
|
| 9,958 | ||
Loss from discontinued operations, net of tax |
|
| (661) |
|
| 5 |
|
| (656) | ||
Income (loss) on disposal of discontinued operations, | 834 |
|
| --- |
|
| 834 | ||||
Net income |
| $ | 10,136 |
| $ | --- |
| $ | 10,136 | ||
|
|
|
|
|
|
|
|
|
|
|
|
BASIC EARNINGS (LOSS) PER SHARE: |
|
|
|
|
|
|
|
|
| ||
| Continuing operations |
| $ | 0.80 |
| $ | (0.00) |
| $ | 0.80 | |
| Discontinued operations |
|
| (0.05) |
|
| 0.00 |
|
| (0.05) | |
| Disposal of discontinued operations |
|
| 0.07 |
|
| --- |
|
| 0.07 | |
| Net income |
| $ | 0.82 |
| $ | --- |
| $ | 0.82 | |
|
|
|
|
|
|
|
|
|
|
|
|
SHARES OUTSTANDING |
|
| 12,416 |
|
| 12,416 |
|
| 12,416 | ||
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS (LOSS) PER SHARE: |
|
|
|
|
|
|
|
|
| ||
| Continuing operations |
| $ | 0.77 |
| $ | (0.00) |
| $ | 0.77 | |
| Discontinued operations |
|
| (0.05) |
|
| 0.00 |
|
| (0.05) | |
| Disposal of discontinued operations |
|
| 0.07 |
|
| --- |
|
| 0.07 | |
| Net income |
| $ | 0.79 |
| $ | --- |
| $ | 0.79 | |
|
|
|
|
|
|
|
|
|
|
|
|
SHARES OUTSTANDING |
|
| 12,879 |
|
| 12,879 |
|
| 12,879 | ||
|
|
|
|
|
|
|
|
|
|
|
|
DIVIDENDS PER SHARE: |
|
|
|
|
|
|
|
|
| ||
| Common Stock |
|
| --- |
|
| --- |
|
| --- | |
| Class B Common Stock |
|
| --- |
|
| --- |
|
| --- | |
-MORE-
DXYN Restates Financial Statements
Page 5
July 13, 2007
SUMMARY OF CHANGES TO CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share data)
|
|
| Nine Months Ended September 30, 2006 | ||||||
|
| Previously |
| Adjustments |
|
| |||
Net sales | $ | 250,825 |
| $ | --- |
| $ | 250,825 | |
Cost of sales |
| 179,317 |
|
| (286) |
|
| 179,031 | |
|
|
|
|
|
|
|
|
|
|
Gross Profit |
| 71,508 |
|
| 286 |
|
| 71,794 | |
Selling and administrative expenses |
| 57,108 |
|
| --- |
|
| 57,108 | |
Other operating income |
| (599) |
|
| --- |
|
| (599) | |
Other operating expense |
| 458 |
|
| --- |
|
| 458 | |
Defined benefit pension plan termination expenses | --- |
|
| 3,249 |
|
| 3,249 | ||
|
|
|
|
|
|
|
|
|
|
Operating Income |
| 14,541 |
|
| (2,963) |
|
| 11,578 | |
|
|
|
|
|
|
|
|
|
|
Interest expenses |
| 5,506 |
|
| --- |
|
| 5,506 | |
Other income |
| (122) |
|
| --- |
|
| (122) | |
Other expense |
| 107 |
|
| --- |
|
| 107 | |
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before taxes |
| 9,050 |
|
| (2,963) |
|
| 6,087 | |
Income tax provision |
| 2,517 |
|
| (1,087) |
|
| 1,430 | |
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
| 6,533 |
|
| (1,876) |
|
| 4,657 | |
Loss from discontinued operations, net of tax |
| (2,137) |
|
| 1,876 |
|
| (261) | |
|
|
|
|
|
|
|
|
|
|
Net income | $ | 4,396 |
| $ | --- |
| $ | 4,396 | |
|
|
|
|
|
|
|
|
|
|
BASIC EARNINGS (LOSS) PER SHARE: |
|
|
|
|
|
|
|
| |
Continuing operations | $ | 0.52 |
| $ | (0.15) |
| $ | 0.37 | |
Discontinued operations |
| (0.17) |
|
| 0.15 |
|
| (0.02) | |
Net income | $ | 0.35 |
| $ | --- |
| $ | 0.35 | |
|
|
|
|
|
|
|
|
|
|
SHARES OUTSTANDING |
| 12,685 |
|
| 12,685 |
|
| 12,685 | |
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS (LOSS) PER SHARE: |
|
|
|
|
|
|
|
| |
Continuing operations | $ | 0.50 |
| $ | (0.14) |
| $ | 0.36 | |
Discontinued operations |
| (0.16) |
|
| 0.14 |
|
| (0.02) | |
Net income | $ | 0.34 |
| $ | --- |
| $ | 0.34 | |
|
|
|
|
|
|
|
|
|
|
SHARES OUTSTANDING |
| 12,953 |
|
| 12,953 |
|
| 12,953 | |
|
|
|
|
|
|
|
|
|
|
DIVIDENDS PER SHARE: |
|
|
|
|
|
|
|
| |
Common Stock |
| --- |
|
| --- |
|
| --- | |
Class B Common Stock |
| --- |
|
| --- |
|
| --- | |
-MORE-
DXYN Restates Financial Statements
Page 6
July 13, 2007
SUMMARY OF CHANGES TO CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share data)
|
|
| Three Months Ended July 1, 2006 |
| Six Months Ended July 1, 2006 | |||||||||||||||
|
|
| Previously Reported |
| Adjustments |
| Restated |
| Previously Reported |
| Adjustments |
| Restated | |||||||
Net sales | $ | 88,046 |
| $ | --- |
| $ | 88,046 |
| $ | 167,219 |
| $ | --- |
| $ | 167,219 | |||
Cost of sales |
| 63,582 |
|
| (286) |
|
| 63,296 |
|
| 120,557 |
|
| (286) |
|
| 120,271 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gross profit |
| 24,464 |
|
| 286 |
|
| 24,750 |
|
| 46,662 |
|
| 286 |
|
| 46,948 | |||
Selling and administrative expenses | 18,795 |
|
| --- |
|
| 18,795 |
|
| 38,011 |
|
| --- |
|
| 38,011 | ||||
Other operating income |
| (228) |
|
| --- |
|
| (228) |
|
| (570) |
|
| --- |
|
| (570) | |||
Other operating expense |
| 130 |
|
| --- |
|
| 130 |
|
| 286 |
|
| --- |
|
| 286 | |||
Defined benefit plan termination | --- |
|
| 3,249 |
|
| 3,249 |
|
| --- |
|
| 3,249 |
|
| 3,249 | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating income |
| 5,767 |
|
| (2,963) |
|
| 2,804 |
|
| 8,935 |
|
| (2,963) |
|
| 5,972 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest expense |
| 1,944 |
|
| --- |
|
| 1,944 |
|
| 3,711 |
|
| --- |
|
| 3,711 | |||
Other income |
| (95) |
|
| --- |
|
| (95) |
|
| (108) |
|
| --- |
|
| (108) | |||
Other expense |
| 50 |
|
| --- |
|
| 50 |
|
| 54 |
|
| --- |
|
| 54 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income from continuing operations |
| 3,868 |
|
| (2,963) |
|
| 905 |
|
| 5,278 |
|
| (2,963) |
|
| 2,315 | |||
Income tax provision (benefit) |
| 964 |
|
| (1,087) |
|
| (123) |
|
| 1,449 |
|
| (1,087) |
|
| 362 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income from continuing operations | 2,904 |
|
| (1,876) |
|
| 1,028 |
|
| 3,829 |
|
| (1,876) |
|
| 1,953 | ||||
Loss from discontinued operations, net of tax | (1,960) |
|
| 1,876 |
|
| (84) |
|
| (2,050) |
|
| 1,876 |
|
| (174) | ||||
Net income | $ | 944 |
| $ | --- |
| $ | 944 |
| $ | 1,779 |
| $ | --- |
| $ | 1,779 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
BASIC EARNINGS (LOSS) PER |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Continuing operations | $ | 0.23 |
| $ | (0.15) |
| $ | 0.08 |
| $ | 0.30 |
| $ | (0.15) |
| $ | 0.15 | ||
| Discontinued operations |
| (0.16) |
|
| 0.15 |
|
| (0.01) |
|
| (0.16) |
|
| 0.15 |
|
| (0.01) | ||
| Net income | $ | 0.07 |
| $ | --- |
| $ | 0.07 |
| $ | 0.14 |
| $ | --- |
| $ | 0.14 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
SHARES OUTSTANDING |
| 12,689 |
|
| 12,689 |
|
| 12,689 |
|
| 12,660 |
|
| 12,660 |
|
| 12,660 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
DILUTED EARNINGS (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Continuing operations | $ | 0.22 |
| $ | (0.14) |
| $ | 0.08 |
| $ | 0.30 |
| $ | (0.15) |
| $ | 0.15 | ||
| Discontinued operations |
| (0.15) |
|
| 0.14 |
|
| (0.01) |
|
| (0.16) |
|
| 0.15 |
|
| (0.01) | ||
| Net income | $ | 0.07 |
| $ | --- |
| $ | 0.07 |
| $ | 0.14 |
| $ | --- |
| $ | 0.14 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
SHARES OUTSTANDING |
| 12,943 |
|
| 12,943 |
|
| 12,943 |
|
| 12,939 |
|
| 12,939 |
|
| 12,939 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
DIVIDENDS PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Common Stock |
| --- |
|
| --- |
|
| --- |
|
| --- |
|
| --- |
|
| --- | ||
| Class B Common Stock |
| --- |
|
| --- |
|
| --- |
|
| --- |
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| --- |
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| --- | ||
-MORE-
DXYN Restates Financial Statements
Page 7
July 13, 2007
SUMMARY OF CHANGES TO STATEMENTS OF CASH FLOWS AND CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Reported in Thousands of Dollars)
|
|
| Year Ended December 30, 2006 | ||||||
|
| Previously Reported |
|
Adjustments |
|
Restated | |||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
| |
Income from continuing operations | $ | 9,767 |
| $ | (1,876) |
| $ | 7,891 | |
Loss from discontinued operations |
| (2,064) |
|
| 1,876 |
|
| (188) | |
Net Income | $ | 7,703 |
| $ | --- |
| $ | 7,703 | |
|
|
|
|
|
|
|
|
|
|
|
|
| Nine Months Ended September 30, 2006 | ||||||
|
| Previously Reported |
|
Adjustments |
|
Restated | |||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
| |
Income from continuing operations | $ | 6,533 |
| $ | (1,876) |
| $ | 4,657 | |
Loss from discontinued operations |
| (2,137) |
|
| 1,876 |
|
| (261) | |
Net Income | $ | 4,396 |
| $ | --- |
| $ | 4,396 | |
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months Ended July 1, 2006 | ||||||
|
| Previously Reported |
|
Adjustments |
|
Restated | |||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
| |
Income from continuing operations | $ | 3,829 |
| $ | (1,876) |
| $ | 1,953 | |
Loss from discontinued operations |
| (2,050) |
|
| 1,876 |
|
| (174) | |
Net Income | $ | 1,779 |
| $ | --- |
| $ | 1,779 | |
|
|
|
|
|
|
|
|
|
|
|
|
| Year Ended December 31, 2005 | ||||||
|
| Previously Reported |
|
Adjustments |
|
Restated | |||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
| |
Income from continuing operations | $ | 9,963 |
| $ | (5) |
| $ | 9,958 | |
Loss from discontinued operations |
| (661) |
|
| 5 |
|
| (656) | |
Income on disposal of discontinued operations |
| 834 |
|
| --- |
|
| 834 | |
Net Income | $ | 10,136 |
| $ | --- |
| $ | 10,136 | |
|
|
|
|
|
|
|
|
|
|
|
|
| Year Ended December 25, 2004 | ||||||
|
| Previously Reported |
|
Adjustments |
|
Restated | |||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
| |
Income taxes paid related to sale of a business | $ | --- |
| $ | (10,230) |
| $ | (10,230) | |
NET CASH PROVIDED BY (USED IN) OPERATING |
| 8,716 |
|
| (10,230) |
|
| (1,514) | |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
| |
Income taxes paid related to sale of a business |
| (10,230) |
|
| 10,230 |
|
| --- | |
NET CASH PROVIDED BY (USED IN) INVESTING | $ | (19,948) |
| $ | 10,230 |
| $ | (9,718) | |
-MORE-
DXYN Restates Financial Statements
Page 8
July 13, 2007
The Dixie Group (www.thedixiegroup.com) is a leading marketer and manufacturer of carpet and rugs to higher-end residential and commercial customers through the Fabrica International, Masland Carpets and Dixie Home brands.
Statements in this news release, which relate to the future, are subject to risk factors and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Such factors include the levels of demand for the products produced by the Company. Other factors that could affect the Company's results include, but are not limited to, raw material and transportation costs related to petroleum prices, the cost and availability of capital, and general economic and competitive conditions related to the Company's business. Issues related to the availability and price of energy may adversely affect the Company's operations. Additional information regarding these and other risk factors and uncertainties may be found in the Company's filings with the Securities and Exchange Commission.
-END-