Falcon Products, Inc. Files Business Plan to Comply with Listing Requirements of New York Stock Exchange
May 03 2004 - 6:30PM
PR Newswire (US)
Falcon Products, Inc. Files Business Plan to Comply with Listing
Requirements of New York Stock Exchange ST. LOUIS, May 3
/PRNewswire-FirstCall/ -- Falcon Products, Inc. , a leading
manufacturer of commercial furniture, today announced it has
submitted a business plan in order to comply with the continued
listing requirements of the New York Stock Exchange (the
"Exchange"). The Company's plan, if accepted, will be reviewed for
ongoing compliance with its goals and objectives. This effort
follows a formal notice from the Exchange that Falcon Products,
Inc. is below the Exchange's continued listing criteria of a total
market capitalization of not less than $50 million over a 30-day
trading period and shareholders' equity of not less than $50
million. The Company believes its business plan, when implemented,
should meet the requirements for shareholder equity and market
capitalization within the required timeframe. At the end of the
first quarter of 2004, the Company's shareholder equity was $27.1
million. The Company's total market capitalization, based on 9.8
million shares of common stock outstanding at a closing price of
$4.85 on April 30, 2004, was $47.5 million. Falcon Products, Inc.
is the leader in the commercial furniture markets it serves, with
well-known brands, the largest manufacturing base and the largest
sales force. Falcon and its subsidiaries design, manufacture and
market products for the hospitality and lodging, food service,
office, healthcare and education segments of the commercial
furniture market. Falcon, headquartered in St. Louis, Missouri,
currently operates 8 manufacturing facilities throughout the world
and has approximately 2,100 employees. Safe harbor statement under
the Private Securities Litigation Reform Act of 1995: Statements
contained in this news release which are not historical fact, such
as forward-looking statements, involve risks and uncertainties
which could impact future financial performance, including, but not
limited to, loss of key customers or suppliers within specific
industries, availability or cost of raw materials, increased
competitive pricing pressures reflecting industry conditions and
general demand for products. Additional cautionary statements
regarding other risk factors that could have an effect on future
performance of the Company are described in Falcon's periodic
filings with the Securities and Exchange Commission. Although
Falcon believes the expectations reflected in any forward-looking
statements are based on reasonable assumptions, Falcon can give no
assurance that its expectations will be attained. Any
forward-looking statements represent the best judgment of Falcon as
of the date of this release. Falcon disclaims any intent or
obligation to update any forward-looking statements. DATASOURCE:
Falcon Products, Inc. CONTACT: Phillip J. Pacey, Vice President
& Chief Financial Officer of Falcon Products, Inc.,
+1-314-991-9200
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