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Off-season Q1 loss for Essef
Filtration Industry Analyst
FLEETGUARD WINS TENNESSEE QUALITY AWARD The Tennessee Q u a l i t y G o v e r n o r ' s Award with Global Excellence Commendation has been presented to Fleetguard Inc. One of Cummins Engine's four strategic business units, Fleetguard designs and manufactures heavy-duty filtration and exhaust system products. Headquartered in Nashville, Fleetguard has manufacturing and distribution facilities in Cookeville. The G o v e r n o r ' s Award recognises organisations in the State of Tennessee that have demonstrated management excellence through their practices and achievements. Fleetguard is the first to be recognised with Global Excellence Commendation. This marks the inaugural year for global commendation which is designed to gauge an organisation's readiness to compete in the global arena. Under the TQA programme, a board of examiners assesses applicants on seven ..criteria: leadership, strategic planning, customer and market focus, information and analysis, human resource focus, process management and business results.
OUTOKUMPU BUILDS FILTER TEST FACILITY Outokumpu Mintec Oy, the mineral processing technology arm of the Outokumpu group, has opened a new laboratory for filter testing and p r o d u c t d e v e l o p m e n t in Espoo, Finland. The laboratory will support the worldwide marketing of the company's CERAMEC ® filter. Over 120 CERAMEC® filters have been sold worldwide, mainly for dewatering of copper-, zinc- and lead-concentrates within the mining indus-
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March 1999
try. Previously, Outokumpu's filter testing was carried out in a rented office in Turku, but with the move to Espoo all Outokumpu Mintec O y ' s domestic laboratory facilities will now be under the same roof.
FARR BOARD AUTHORISES ADDITIONAL STOCK PURCHASE Farr C o m p a n y has won board approval to acquire up to 500 000 additional shares of its common stock, either on the open m a r k e t or through a negotiated transaction. In June last year, the board authorised the purchase of 500 000 shares. 460 000 shares have been acquired since the programme began. Any purchases of the remaining 40 000 from the first authorisation, or the additional 500 000 share authorisation, will be made from cash on hand and held as treasury shares. Farr currently has a cash balance of approximately US$6 million and 8.15 million shares of common stock outstanding, No time limit has been set for the programme's completion.
OFF-SEASON Q1 LOSS FOR ESSEF Essef C o r p o r a t i o n ' s first quarter net loss of US$1.3 million was in line with the company's expectations. With the added exposure to the swimming pool industry following the five acquisitions in fiscal 1998, mostly in the fourth quarter, Essef had expected to incur a loss in the offseason first quarter. Net sales of US$93.6 million set a first quarter record, increasing 18 per cent over 1998's first quarter sales of US$79.6 million. Looking forward, sales and earnings should continue to grow during fiscal 1999, boost-
ed by the synergies created with acquisitions. "We continue to believe revenues and earnings per share will set records in 1999," says Thomas B Waldin, Essef's president and chief executive officer. Essef is one of the world's largest suppliers of swimming pool and spa equipment, including filters, pumps, heaters, controls, valves, lights, accessories and swimming pool tile.
FILTERS FEATURE IN NEW INTERNET STOCK INDEX A number of companies with f i l t r a t i o n and s e p a r a t i o n interests are listed in the PlanetClick 500 stock index (http://www.planetclick.com/ pc500/), w h i c h tracks the stock performance of companies with top rated web sites. Cummins Engine, Dana Corporation, Lydall, 3M, Parker Hannifin and US Filter are included in the index of 500 publicly-traded companies from all over the world covering a range of industries. "In today's world, most people believe that a high quality web presence is essential for any leading company," said Lance Laifer, president of PlanetClick. "The PlanetClick 500 index attempts to confirm this assumption by examining the stock performance of companies with acclaimed web sites listed in our directory." The PlanetClick 500 companies each hosts one of the highest rated sites in their respective industry or PlanetClick category. The index is calculated using stock price movements, which are weighted equally. Each month, PlanetClick will review its database of sites to update the 500 list to include those public companies with the best web sites in the j u d g m e n t of PlanetClick users within the predetermined industry breakdown.
i)IVII)ENi)S • Calgon Carbon Corporation's quarterly dividend of US$0.08 per common share will be issued to shareholders of record as of 10 March 1999, and will be payable on 1 April 1999. • The board of directors of Cummins Engine has declared a quarterly common stock cash dividend of US$0.275 per share, payable on 15 March 1999, to shareholders of record on 1 March. • Peerless Manufacturing has declared its regular quarterly cash dividend of US$0.125 per share to shareholders of record on 12 February 1999 and payable on 26 February 1999. • Essef Corporation has declared a 10 per cent stock dividend payable on 10 March 1999 to shareholders of record on 19 February 1999. Thomas B Waldin, Essef's president and CEO, said the action is in line with Essef's policy of evaluating stock dividends on an annual basis and is another indication of the board's confidence in the growth potential and outlook for the business. • The board of directors of Millipore has announced a quarterly dividend of US$0.11 per share, payable on 27 April 1999, to shareholders of record as of the close of business on 12 March 1999. • United Dominion Industries Ltd has declared a firstquarter cash dividend of US$0.09 per c o m m o n share. The first quarter dividend will be paid on 31 March to shareholders of record on 5 March. • Met-Pro C o r p o r a t i o n ' s annual dividend has increased 6.7 per cent to US$0.32 from US$0.30. For details of Met-Pro's 1998 performance, see General News, page 10.
FLEETGUARD WINS TENNESSEE QUALITY AWARD The Tennessee Q u a l i t y G o v e r n o r ' s Award with Global Excellence Commendation has been presented to Fleetguard Inc. One of Cummins Engine's four strategic business units, Fleetguard designs and manufactures heavy-duty filtration and exhaust system products. Headquartered in Nashville, Fleetguard has manufacturing and distribution facilities in Cookeville. The G o v e r n o r ' s Award recognises organisations in the State of Tennessee that have demonstrated management excellence through their practices and achievements. Fleetguard is the first to be recognised with Global Excellence Commendation. This marks the inaugural year for global commendation which is designed to gauge an organisation's readiness to compete in the global arena. Under the TQA programme, a board of examiners assesses applicants on seven ..criteria: leadership, strategic planning, customer and market focus, information and analysis, human resource focus, process management and business results.
OUTOKUMPU BUILDS FILTER TEST FACILITY Outokumpu Mintec Oy, the mineral processing technology arm of the Outokumpu group, has opened a new laboratory for filter testing and p r o d u c t d e v e l o p m e n t in Espoo, Finland. The laboratory will support the worldwide marketing of the company's CERAMEC ® filter. Over 120 CERAMEC® filters have been sold worldwide, mainly for dewatering of copper-, zinc- and lead-concentrates within the mining indus-
12
March 1999
try. Previously, Outokumpu's filter testing was carried out in a rented office in Turku, but with the move to Espoo all Outokumpu Mintec O y ' s domestic laboratory facilities will now be under the same roof.
FARR BOARD AUTHORISES ADDITIONAL STOCK PURCHASE Farr C o m p a n y has won board approval to acquire up to 500 000 additional shares of its common stock, either on the open m a r k e t or through a negotiated transaction. In June last year, the board authorised the purchase of 500 000 shares. 460 000 shares have been acquired since the programme began. Any purchases of the remaining 40 000 from the first authorisation, or the additional 500 000 share authorisation, will be made from cash on hand and held as treasury shares. Farr currently has a cash balance of approximately US$6 million and 8.15 million shares of common stock outstanding, No time limit has been set for the programme's completion.
OFF-SEASON Q1 LOSS FOR ESSEF Essef C o r p o r a t i o n ' s first quarter net loss of US$1.3 million was in line with the company's expectations. With the added exposure to the swimming pool industry following the five acquisitions in fiscal 1998, mostly in the fourth quarter, Essef had expected to incur a loss in the offseason first quarter. Net sales of US$93.6 million set a first quarter record, increasing 18 per cent over 1998's first quarter sales of US$79.6 million. Looking forward, sales and earnings should continue to grow during fiscal 1999, boost-
ed by the synergies created with acquisitions. "We continue to believe revenues and earnings per share will set records in 1999," says Thomas B Waldin, Essef's president and chief executive officer. Essef is one of the world's largest suppliers of swimming pool and spa equipment, including filters, pumps, heaters, controls, valves, lights, accessories and swimming pool tile.
FILTERS FEATURE IN NEW INTERNET STOCK INDEX A number of companies with f i l t r a t i o n and s e p a r a t i o n interests are listed in the PlanetClick 500 stock index (http://www.planetclick.com/ pc500/), w h i c h tracks the stock performance of companies with top rated web sites. Cummins Engine, Dana Corporation, Lydall, 3M, Parker Hannifin and US Filter are included in the index of 500 publicly-traded companies from all over the world covering a range of industries. "In today's world, most people believe that a high quality web presence is essential for any leading company," said Lance Laifer, president of PlanetClick. "The PlanetClick 500 index attempts to confirm this assumption by examining the stock performance of companies with acclaimed web sites listed in our directory." The PlanetClick 500 companies each hosts one of the highest rated sites in their respective industry or PlanetClick category. The index is calculated using stock price movements, which are weighted equally. Each month, PlanetClick will review its database of sites to update the 500 list to include those public companies with the best web sites in the j u d g m e n t of PlanetClick users within the predetermined industry breakdown.
i)IVII)ENi)S • Calgon Carbon Corporation's quarterly dividend of US$0.08 per common share will be issued to shareholders of record as of 10 March 1999, and will be payable on 1 April 1999. • The board of directors of Cummins Engine has declared a quarterly common stock cash dividend of US$0.275 per share, payable on 15 March 1999, to shareholders of record on 1 March. • Peerless Manufacturing has declared its regular quarterly cash dividend of US$0.125 per share to shareholders of record on 12 February 1999 and payable on 26 February 1999. • Essef Corporation has declared a 10 per cent stock dividend payable on 10 March 1999 to shareholders of record on 19 February 1999. Thomas B Waldin, Essef's president and CEO, said the action is in line with Essef's policy of evaluating stock dividends on an annual basis and is another indication of the board's confidence in the growth potential and outlook for the business. • The board of directors of Millipore has announced a quarterly dividend of US$0.11 per share, payable on 27 April 1999, to shareholders of record as of the close of business on 12 March 1999. • United Dominion Industries Ltd has declared a firstquarter cash dividend of US$0.09 per c o m m o n share. The first quarter dividend will be paid on 31 March to shareholders of record on 5 March. • Met-Pro C o r p o r a t i o n ' s annual dividend has increased 6.7 per cent to US$0.32 from US$0.30. For details of Met-Pro's 1998 performance, see General News, page 10.