LESCO Announces Management Transitions and Share Repurchase
2005年10月21日 - 10:55PM
PRニュース・ワイアー (英語)
- Jeffrey Rutherford Appointed Chief Executive Officer - CLEVELAND,
Oct. 21 /PRNewswire-FirstCall/ -- LESCO, Inc. (NASDAQ:LSCO), a
leading provider of products for the professional green and pest
control industries, today announced that effective October 20, 2005
the Board of Directors appointed Jeffrey L. Rutherford as its
President and Chief Executive Officer and authorized the repurchase
of up to 1.5 million common shares. Repurchases under the Company's
share buy back program will be made in the open market or through
privately negotiated transactions. The timing, manner and amount of
repurchases will be based on the Company's evaluation of market
conditions, applicable legal requirements and other factors. Mr.
Rutherford replaces Michael DiMino, who resigned from his positions
as President, CEO and Director. In addition, Bruce Thorn was named
Chief Operating Officer, Michael Weisbarth Chief Financial Officer
and Controller, and Kathleen Minahan General Counsel and Secretary.
All of the promoted individuals previously held management
positions within the organization. J. Martin Erbaugh, Chairman of
the Board of LESCO stated, "On behalf of the entire Board of
Directors and Senior Management at LESCO, I would like to thank
Michael DiMino for his contributions to LESCO over the past four
years. With the sale of our supply chain assets, these management
changes put the right team in place to drive our store-focused
strategy." As announced on October 7, the Company completed the
sale of its supply chain assets and consumable products inventory
to Turf Care Supply Corp. (TCS). This transaction completes the
transformation of LESCO that began in 2002, resulting in a
streamlined operating model focused on the profitable expansion of
its Service Centers and Stores-on-Wheels(R) vehicles networks.
Ultimately, the Company expects to harvest $25 million in cash
after settling all requirements associated with the transaction,
including the accounts payable due to vendors for the inventory
sold to TCS. Mr. Erbaugh continued, "We are confident that Jeff and
this senior team will successfully execute the Company's strategy
of operating and expanding the Company's Service Centers and
Stores-on-Wheels initiatives. We believe the changes announced
today will promote the strategic position of LESCO's unique
business franchise and lead to improved financial performance and
enhanced shareholder value." Third quarter financial results will
be reported on Wednesday, October 26, 2005 at 4:30 PM (Eastern) at
which time the Company will address these management changes. The
call will be webcast live over the Internet from the Company's
website at http://www.lesco.com/ under the webcast link located on
the home page. The live call can be accessed by dialing
1-866-761-0749, passcode 45528309. Participants should register at
least fifteen minutes prior to the commencement of the call. The
conference call will also include a question and answer session.
Management's slide presentation will be available for downloading
beginning Wednesday, October 26, 2005 at 4:00 p.m. at LESCO's web
site, http://www.lesco.com/. About LESCO, Inc. LESCO serves more
than 130,000 customers worldwide, through 295 LESCO Service
Center(R) locations, 111 LESCO Stores-on-Wheels vehicles, the
Internet, and other direct sales efforts. Additional information
about LESCO can be found on the Internet at http://www.lesco.com/.
Statements in this news release related to expected financial
performance, and other statements that are not historical
information, are forward-looking statements and, as such, reflect
only the Company's best assessment at this time. Investors are
cautioned that forward-looking statements involve risks and
uncertainties that may cause actual results to differ materially
from such statements and that investors should not place undue
reliance on such statements. Factors that may cause actual results
to differ materially from those projected or implied in the
forward-looking statements include, but are not limited to, the
final resolution of certain contingencies relative to the
collection of identified accounts receivable; the Company's ability
to add new Service Centers in accordance with its plans, which can
be affected by local zoning and other governmental regulations and
its ability to find favorable store locations, to negotiate
favorable leases, to hire qualified individuals to operate the
Service Centers, and to integrate new Service Centers into the
Company's systems; the Company's ability to transition quickly and
effectively from a golf sales representative model to a
Stores-on-Wheels model; competitive factors in the Company's
business, including pricing pressures; lack of availability or
instability in the cost of raw materials which affects the costs of
certain products; the successful and uninterrupted performance of
supply chain services by Turf Care Supply Corp.; the Company's
ability to impose price increases on customers without a
significant loss in revenues; potential rate increases by
third-party carriers which affect the cost of delivery of products;
changes in existing law; the Company's ability to effectively
manufacture, market and distribute new products; the success of the
Company's operating plans; any litigation or regulatory proceedings
against the Company; regional weather conditions; and the condition
of the industry and the economy. For a further discussion of risk
factors, investors should refer to the Company's Securities and
Exchange Commission reports, including but not limited to its Form
10-K for the year ended December 31, 2004. Contact: Jeffrey L.
Rutherford Chief Executive Officer LESCO, Inc. (216) 706-9250
DATASOURCE: LESCO, Inc. CONTACT: Jeffrey L. Rutherford, Chief
Executive Officer of LESCO, Inc., +1-216-706-9250 Web site:
http://www.lesco.com/
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