The L.S. Starrett Company Implements Strategic Measures to Strengthen Financial Profile - Seite 2

Douglas A. Starrett, Chairman, Starrett President and CEO, commented, “Our restructuring initiatives are focused on achieving a cost structure that will deliver sustainable operating income and cash generation in order to emerge from the global COVID-19 pandemic in a stronger financial position and with the resources to reinvest in our business for future growth. We expect to realize significant operating income improvements when we return to pre-pandemic revenue levels. I am incredibly proud of our global associates, who have worked together tirelessly and professionally to execute our mission and to support one another during these extraordinary times, and to ensure we will continue to serve our customers and support our communities around the globe.”

The Company expects to file its Annual Report on Form 10-K for the fiscal year ended June 30, 2020 on September 22, 2020.

About The L.S. Starrett Company:

Founded in 1880 by Laroy S. Starrett and incorporated in 1929, The L.S. Starrett Company is a leading manufacturer of high-end precision tools, cutting equipment, and metrology systems for industrial, professional and consumer markets is engaged in the business of manufacturing over 5,000 different products for industrial, professional and consumer markets. The Company has a long history of global manufacturing experience and currently operates four major global manufacturing plants. All subsidiaries principally serve the global manufacturing industrial base with concentration in the metalworking, construction, machinery, equipment, aerospace and automotive markets. The Company offers its broad array of measuring and cutting products to the market through multiple channels of distribution throughout the world. . Starrett is brand recognized around the world for precision, quality and innovation. For more information, please visit: https://www.starrett.com/.

Forward-Looking Statement:
This press release contains forward-looking statements concerning the Company’ expectations, anticipations, intentions, beliefs or strategies regarding the future. These forward-looking statements are based on its current expectations and beliefs concerning future developments and their potential effects on the Company. . There can be no assurance that future developments affecting the Company will be those that it has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond its control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, and other risks and uncertainties described in its Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on August 26, 2019 in the section entitled "Risk Factors," and in its other filings from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of its assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. The Company  undertakes no obligation to publicly update or revise any forward-looking statements.

CONTACT: Contact:

Mr. John Tripp – Chief Financial Officer

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