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FOR IMMEDIATE RELEASE
Flanders Q3 Earnings
Harry Smith Named Chief Executive Officer
St. Petersburg, Florida, October 29, 2008 Flanders Corporation (NASDAQ:FLDR), today announced its results for the third quarter ended September 30, 2008. Net Earnings were $.9 million or $.03 per share, compared to Net Losses of $16.2 million, or ($0.61) per share, for the third quarter ended September 30, 2007. Revenues for the quarter were $61.1 million, down 2.4% from $62.6 million for the third quarter ended September 30, 2007.
Harry Smith, Chief Operating Officer, commented, Third quarter results are excellent. We have exceeded our expectations. We have record results from operations and this is remarkable considering that we have had to retool the entire company. The entire team has worked together to streamline our operations. We have been able to increase our efficiency, improve delivery time and improve customer service while increasing our prices. Our results are a testament to the hard work of our entire team. We are encouraged by the positive impact of our improvements to the business model.
Smith added, We are very excited to have received the Blanket Order Agreement for gloveboxes, assemblies, and integration related to the MOX facility. We had planned for this for some time and have the necessary infrastructure in place. This is a very exciting addition to the Flanders mix of product and services. The contracts are cost plus and we expect this to prove to be a substantial benefit to Flanders bottom line. Our third quarter results do not include any MOX results, but we expect the impact of the Mox project will benefit our fourth quarter and future quarters thereafter.
Smith concluded, Flanders had previously announced that it was relocating its corporate functions to North Carolina. This action culminated a year in which the Company sold its media business, its expanded metal business, seven direct offices, consolidated Flanders/CSC Corporation into Flanders Filters, Inc., and made the Salt Lake City location a distribution center. These moves drove tremendous overhead out of the company and substantially reduced costs while improving operations.
While it was a difficult decision to close St. Petersburg and the other consolidations, we believe that this will substantially enhance our ability to more efficiently provide quality products at competitive prices in an increasingly demanding global marketplace. We are always looking for ways to strengthen and optimize our business in order to stay competitive, while also creating additional opportunities for our employees and better products for customers. Our number one goal is to maximize shareholder value while providing our customers with the best and most innovative products. Consolidation is expected to continue to create efficiencies that will assist in achieving this goal.
The Board of Directors has voted to name Harry Smith Chief Executive Officer and President effective November 1, 2008. Those roles are currently held by Robert Amerson. Mr. Amerson will remain Chairman of the Board of Directors. Amerson Commented that Mr. Smith has done a tremendous job with the Company, he has the full support of the employees, customers and the Board of Directors. Considering the dedication Harry has shown, and the way the Company has responded to his leadership the time was now to promote Harry. I look forward to continuing to assist Harry in any way I can. I know the Company is in superb hands.
The following information was filed by Flanders Corp on Wednesday, October 29, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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