Exhibit 99.1
1400 Union Meeting Road
Blue Bell, PA 19422
Phone: 215-619-2700
Shareholder Contacts:
Stephen E. Markert, Jr. of C&D: 215-619-7835
Yanis Bibelnieks for C&D: 718-499-6516
FOR IMMEDIATE RELEASE
C&D TECHNOLOGIES ANNOUNCES PRELIMINARY
FIRST QUARTER RESULTS AND CONFERENCE CALLS
BLUE BELL, PA, May 14, 2003 - C&D Technologies, Inc. (NYSE: CHP), a leading
North American producer and marketer of electrical power storage and conversion
products used in telecommunications and industrial applications, today announced
current estimated sales and earnings per share results for its fiscal 2004 first
quarter ended April 30, 2003.
Based on unaudited preliminary information, the company estimates net sales
for the first quarter of fiscal 2004 to be in the range of $76 million to $77
million, compared with $84.1 million in the same quarter of fiscal 2003 and
$79.8 million in the immediately preceding quarter, the fourth quarter of fiscal
2003, ended January 31, 2003. The company estimates that net income for the
quarter will be approximately $2.8 million, or 11 cents per share, compared to
$4.1 million, or 16 cents per share, in the first quarter of fiscal 2003. The
company had estimated in early March that first quarter fiscal 2004 earnings per
share would be comparable to last year's first quarter.
The company also expects operating cash flows for the quarter to be
approximately $6.8 million with debt dropping to approximately $30 million from
$40 million at January 31, 2003. In addition, the company bought back 120,700
shares in the quarter for a total of $ 1.5 million.
(continued)
C&D Technologies noted that the first quarter unaudited preliminary
earnings per share estimates reflect lower sales compared to last year's first
quarter, primarily in Powercom and Power Electronics, with Dynasty sales
expected to be up 12%. Motive Power Sales are expected to be comparable to last
year's first quarter.
"The quarter began weakly with February at virtual break-even," said Wade
H. Roberts, Jr., President and Chief Executive Officer of the company.
"Subsequently we experienced sequential increases in earnings for March and
April. Also during the first quarter, sales per work day were up strongly in
March and April over February. Meanwhile, we continue to strengthen our balance
sheet while carefully managing our costs through these challenging times," Mr.
Roberts stated.
The company will host a conference call to discuss this release on
Thursday, May 15th at 9:15AM. The call in number is 706-679-4521. Investors who
wish to listen to the conference call on the internet may log on through the
Investor Relations page on C&D's corporate web site:
http://www.cdtechno.com.
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The company plans to announce final financial results for the quarter ended
April 30, 2003 on May 27, 2003, before the opening of the market, with a
conference call scheduled for 9:00AM on that date to discuss these results.
This press release may contain forward-looking statements (within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934). Words and expressions reflecting something
other than historical fact are intended to identify forward-looking statements,
but are not the exclusive means of identifying such statements. Factors that
appear with the forward-looking statements, or in the company's Securities and
Exchange Commission filings (including, without limitation, the company's annual
report on Form 10-K for the fiscal year ended January 31, 2003), could cause the
company's actual results to differ materially from those expressed in any
forward-looking statements made herein.
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