Please wait while we load the requested 10-Q report or click the link below:
|FOR IMMEDIATE RELEASE|
Flanders Corporation Reports Fourth Quarter and Year End 2008
Improved annual net loss by $15.6 million, to $4.1 million including $9.9 million in
impairment charges, compared to $19.7 million including $14.2 million in impairment
charges in 2007
Improved annual EBITDA to a loss of $10.7 million including $9.9 million in
impairment charges, compared to a loss of $18.5 million including
$14.2 million in impairment charges in 2007
Expect to deliver annual 2009 revenue growth of 8% to 13% over 2008
WASHINGTON, NC March 16, 2009 Flanders Corporation (NASDAQ: FLDR) reported financial results for the fourth quarter and year ended December 31, 2008.
Flanders Corporations president and CEO, Harry Smith, said: 2008 was an outstanding year of improvement, as we executed programs to increase efficiencies and reduce costs. We installed a more experienced management team, exited non-core businesses, consolidated facilities, optimized production, shortened lead-times, improved on-time delivery to 99% and lowered headcount. These changes strengthened the company both financially and operationally, although we were not immune to the difficult economic climate. 2008 revenue was $217.3 million, compared to $244.9 million in 2007, reflecting disposition of direct sales offices, decreases in retail orders, and reduced capital spending by semiconductor and construction companies. However, our turnaround actions yielded significant productivity improvements, especially shedding sales offices and other businesses. As a result, we lowered our net loss by $15.6 million, to $4.1 million for 2008.
We are excited about our recent successes. In October 2008, we received a Blanket Order Agreement (BOA) Subcontract related to the Shaw AREVA MOX facility located in Aiken, SC. In February 2009, we won our inaugural order for glove boxes. Also, in 2009 retail customers have reacted positively to our faster delivery time and better customer service. Flanders continues to lead innovation in the air filtration industry.
Fourth Quarter 2008 Financial Summary
Revenue for the fourth quarter 2008 was $49.8 million, compared to $57.8 million in the fourth quarter 2007. During the quarter, the company recorded a $4.3 million inventory write-down, a $3.2 million charge for fixed asset impairment and a $2.4 million charge for impairment of goodwill. Including the $9.9 million in impairment charges, the fourth quarter 2008 net loss was $14.3 million, or $0.55 per share. This compares to the fourth quarter of 2007 net loss of $4.3 million, or $0.17 per share. EBITDA loss for the fourth quarter 2008 was $19.9 million, compared to $6.0 million for the fourth quarter of 2007.
The following information was filed by Flanders Corp on Monday, March 16, 2009 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.
View differences made from one quarter to another to evaluate Flanders Corp's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Flanders Corp.