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FOR IMMEDIATE RELEASE
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THERMADYNE HOLDINGS CORPORATION ANNOUNCES:
1. UNAUDITED 2006 FIRST-QUARTER AND 2005 FOURTH-QUARTER FINANCIAL RESULTS AND RESTATED UNAUDITED RESULTS FOR PREVIOUSLY REPORTED PERIODS IN 2005, 2004 AND 2003
2. COMPANY TO SEEK CONSENTS FOR EXTENSION OF TIME TO SUBMIT AUDITED FINANCIAL STATEMENTS TO THE SECURITIES AND EXCHANGE COMMISSION BEYOND JULY 19, 2006
ST. LOUIS, MO, July 11, 2006 Thermadyne Holdings Corporation (THMD.PK) today reported unaudited results for the first quarter ended March 31, 2006, the fourth quarter ended December 31, 2005, restated unaudited results for previously reported 2005 quarters, restated unaudited results for the twelve months ended December 31, 2004, restated unaudited results for previously reported 2004 quarters and the restated unaudited results for the seven months ended December 31, 2003. The Company does not expect any material changes from these unaudited results when it files its audited results with the SEC. These filings are expected to be made in the near future.
· Net sales growth trend continued in comparison to prior-year periods: 5.7% in fourth-quarter 2005, 7.1% for the year 2005, and accelerating to 11.3% in the first-quarter 2006.
· Operating EBITDA of $13.0 million for the first-quarter 2006 was unchanged from the restated 2005 comparable-period and Operating EBITDA was $34.2 million in 2005 versus a restated $41.8 million in 2004.
· Significant cost savings and other operational improvements reduced the impact of sharply higher materials costs. Price increases, purposely delayed by the Company until it resolved on-time delivery problems in 2005, are being implemented to help reestablish gross profit levels.
· Four non-core divestitures generated proceeds of $28.8 million, primarily used to fund working capital needs for the Companys growing operations and increase liquidity.
As previously announced, the Company will restate previously reported results for the first three quarters of 2005 and each quarter of 2004. Today, the Company also announced a restatement of the seven months ended December 31, 2003. The previously issued financial statements have been corrected for adjustments in accounting for income taxes, foreign currency translation and the accounting of certain foreign business units. The financial statement presentations have also been reclassified to separate the assets and the liabilities and the results of operations of the discontinued operations.
The following information was filed by Victor Technologies Group, Inc. (VICT) on Wednesday, July 12, 2006 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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