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IFCO Systems Projects Pro Forma Revenue Growth for Continuing Operations of 8.2% in Fiscal 2000. Amsterdam, June 26, 2001 - IFCO Systems N.V. ("IFCO Systems", "IFCO" or the "Company"), a global leader in round-trip logistic systems and services announced its latest estimates for full year 2000 and first quarter 2001 results. Fiscal 2000 US GAAP For the year ended, December 31, 2000, the company expects to report $372.2 million compared to $154.7 million in 1999 under US GAAP. The revenue growth of 140.6% primarily reflects the acquisition of PALEX and pallet recycling businesses in 2000. For the same period, the company estimates a net loss of $110.4 million. The majority (approximately 90%) of the projected loss was due to several non recurring items, including the write down of goodwill on the pallet manufacturing businesses currently in the process of being divested and to restructuring parts of the business. Of the $110.4 million loss, $99.6 million was non-recurring / non operating in nature and $83.7 million were non-cash items. Net loss in 1999 was $13.9 million. Pro Forma For purposes of clarity, the following numbers are pro forma for the merger with PALEX and the acquisitions completed during 2000, assume these transactions occurred on the first day of fiscal 2000, and are compared against pro forma results for 1999. Pro forma revenue from continuing operations during 2000 is expected to increase 8.2% to $494.3 million compared to $456.7 million in 1999. Under constant exchange rate conditions, revenues would have grown by 14.0%. The difference was due to the decline in exchange rates between the Euro versus the $. Total revenues, including discontinued operations, is estimated to be $664.0 million. Projected EBITDA for continuing operations totaled $67.8 million in fiscal 2000 compared to $79.5 million, representing a 14.7% decline. Under constant exchange rate conditions, EBITDA would have decreased by 7.7%. Total EBITDA, including discontinued operations is expected to amount to $81.0 million. Debt totaled $362.6 million as of December 31, 2000. IFCO was in compliance with all of its amended financial covenants as of December 31, 2000. Commenting on the annual results Karl Pohler, CEO of IFCO Systems stated: "During the six months since I assumed the role of Chief Executive Officer, we have analyzed the Company and implemented projects to stabilize its businesses. Since the end of January 2001 our debt level has not changed significantly, we are self funding our operations and strongly refocused on the core operations of the business. The projects in place should provide the Company with a platform to foster future profitable growth." The balance sheet, income and cash flow statement are audited. However the financial statements, including the notes thereto and management`s discussion and analysis (MDA), are subject to final review by the Professional Standards Group of Arthur Andersen. In addition, the Company`s former independent auditors must complete a review of the Company`s SEC filing as a precondition to its consenting to the inclusion of its audit reports in such filing. Both these reviews are expected to be complete, and the final audit opinion is expected to be included, with the filing of the Company`s annual financial statements with SMAX and NASDAQ on June 30, 2001. First Quarter 2001 Estimate Revenues for continuing operations during first quarter 2001 are estimated to be $122.2 million, while EBITDA is projected to be $15.0 million. This performance is in line with company`s expectations. Debt as of March 31, 2001 is estimated to have totaled $ 376.3 million. Based on these projections, IFCO was in compliance with all of its amended credit covenants as of March 31, 2001. IFCO will publish more detailed information after the filing of its financial statements 2000 and its first quarter report 2001. The statements in this press release regarding management`s expectations, estimates and projections constitute "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. Such statements are subject to risks and uncertainties that could cause IFCO Systems` results to differ materially from those expectations. Such risks and uncertainties include, but are not limited to: (1) the results of internal and independent reviews of projected financial results and condition; (2) the competitive nature of the container businesses, including RTCs, pallets, and industrial containers; (3) customer demand and economic cycles; (4) the ability to finance operations, capital expenditures and growth and comply with covenants contained in credit agreements to which IFCO Systems is a party; (5) conditions in lumber markets; (6) seasonality; (7) weather conditions; (8) changes in national or international politics and economics; (9) currency exchange rate fluctuations; and (10) change in capital and financial markets, including the performance of companies listed on the Frankfurt Stock Exchange and the Nasdaq National Market. This announcement should be read in conjunction with the filings made by the Company with the Securities and Exchange Commission and the Frankfurt Stock Exchange. These filings disclose risk factors and other information that could cause actual results to materially differ from management`s expectations. |
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| aus der Diskussion: | ifco 932117 ich habs doch gewußt |
| Autor (Datum des Eintrages): | 1Meyer (26.06.01 18:02:05) |
| Beitrag: | 2 von 2 (ID:3820967) |
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