Exhibit 99.1
For Immediate Release
SL INDUSTRIES, INC. ANNOUNCES THE SALE OF SL SURFACE TECHNOLOGIES
MT. LAUREL, N.J., Nov. 25, 2003. SL INDUSTRIES, INC. (AMEX & PHLX: SLI)
announced today that its subsidiary, SL Surface Technologies, Inc., has sold the
operating assets of its business which is engaged in coatings and platings. The
sale included the current assets and equipment of SL Surface Technologies with
the buyer paying $600,000 in cash plus the assumption of the certain
liabilities. SL Surface Technologies has retained (a) the land and building and
has entered into a 10 year lease with the buyer, and (b) specific liabilities.
Commenting on the sales, Warren Lichtenstein, Chairman and Chief Executive
Officer of SL Industries, Inc. said, "We are pleased to complete the sale of
this non-core business and to continue our focus on our core businesses."
As a result of the sale, the Company expects to record an after tax loss of
approximately $575,000 and use all of the proceeds of sale to pay severance,
closing costs and a required contribution to a union pension plan.
About SL Industries
SL Industries, Inc. designs, manufactures and markets Power and Data Quality
equipment and systems for industrial, medical, aerospace and utility
applications. For more information about SL Industries, Inc. and its products,
please visit the Company's web site at www.slindustries.com.
Forward-Looking Statements
This press release contains statements that are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on current expectations, estimates and projections
about the Company's business based, in part, on assumptions made by management.
These statements are not guarantees of future performance and involve risks,
uncertainties and assumptions that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed or forecasted
in such forward-looking statements due to numerous factors, including those
described above and the following: the effectiveness of the cost reduction
initiatives undertaken by the Company, changes in demand for the Company's
products, product mix, the timing of customer orders and deliveries, the impact
of competitive products and pricing, constraints on supplies of critical
components, excess or shortage of production capacity, difficulties encountered
in the integration of acquired businesses and other risks discussed from time to
time in the Company's Securities and Exchange Commission filings and reports. In
addition, such statements could be affected by general industry and market
conditions and growth rates, and general domestic and international economic
conditions. Such forward-looking statements speak only as of the date on which
they are made, and the Company does not undertake any obligation to update any
forward-looking statement to reflect events or circumstances after the date of
this release.
Contact Information: SL Industries, Inc.
David Nuzzo, 856-727-1500, ext. 5515
