Royal Group announces date for fourth quarter earnings release and conference call
February 23 2006 - 7:00AM
PR Newswire (US)
TORONTO, Feb. 23 /PRNewswire-FirstCall/ -- Royal Group Technologies
Limited (RYG:TSX; RYG:NYSE) announced today that it intends to
release the Company's audited financial statements on March 29,
2006 for the year ended December 31, 2005. Royal Group will hold a
conference call pertaining to its financial results on Wednesday,
March 29, 2006 at 10:00 a.m. (Toronto Eastern Time). The conference
call will be web cast simultaneously and in its entirety through
the Investor Relations section of the Company's web site,
http://www.royalgrouptech.com/ . The earnings release and
supplemental financial information will be available on the site
prior to the conference call. A replay of the call will be
available on the web site or by phone by dialing (416) 640-1917 and
entering 21178602 followed by the number sign. The telephone replay
will be available approximately two hours after the conference call
and continue through March 31, 2006. An archive of the call will be
maintained on the web site for three months. In addition, the
Special Committee of the Board of Directors of Royal Group
confirmed today that Royal Group's previously announced process to
solicit bids for the Company is continuing. The Committee announced
that it expects the due diligence process to continue for a short
period of time following the release of the Company's audited
annual financial statements and that it anticipates that it will
request that final bids be submitted thereafter. In connection with
the process, the Company may pursue discussions with one or more
parties. The Company's current intention is to pursue a resolution
to the process as expeditiously as possible and provide a further
update at such time as it enters into a definitive transaction
agreement or terminates the process. At this time, a firm offer to
acquire the Company has not been received and there can be no
assurance that such an offer will be received or a transaction
completed. Royal Group Technologies is a leading producer of
innovative, attractive, durable and low-maintenance home
improvement and building products, which are primarily utilized in
both the renovation and new construction sectors of the North
American construction industry. Royal Group is the recipient of
several industry awards for product innovation. The company has
manufacturing operations located throughout North America in order
to provide industry- leading service to its extensive customer
network. Additional investment information is available on Royal
Group's web site at http://www.royalgrouptech.com/ under the
"Investor Relations" section. The information in this document
contains certain forward-looking statements with respect to Royal
Group Technologies Limited, its subsidiaries and affiliates. These
statements are often, but not always made through the use of words
or phrases such as "expect", "should continue", "continue",
"believe", "anticipate", "suggest", "estimate", "contemplate",
"target", "plan", "budget", "may", "will", "schedule" and "intend"
or similar formulations. By their nature, these forward-looking
statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by management, are
inherently subject to significant, known and unknown, business,
economic, competitive and other risks, uncertainties and other
factors affecting Royal specifically or its industry generally that
could cause actual performance, achievements and financial results
to differ materially from those contemplated by the forward-looking
statements. These risks and uncertainties include the ongoing
shareholder value maximization process and its outcome; the ongoing
internal review and investigations by the Audit Committee of the
Board of Directors and its outcome; fluctuations in the level of
renovation, remodelling and construction activity; changes in
product costs and pricing; an inability to achieve or delays in
achieving savings related to the cost reductions or increases in
revenues related to sales price increases; the sufficiency of our
restructuring activities, including the potential for higher actual
costs to be incurred in connection with restructuring activities
compared to the estimated costs of such actions; the ability to
recruit and retain qualified employees; the level of outstanding
debt and our current debt ratings; Royal's ability to maintain
adequate liquidity and refinance its debt structure by December 31,
2006, the expiry date of its current bank credit facility; the
ability to meet the financial covenants in our credit facilities;
changes in product mix; the growth rate of the markets into which
Royal's products are sold; market acceptance and demand for Royal's
products; changes in availability or prices for raw materials;
pricing pressures resulting from competition; difficulty in
developing and introducing new products; failure to penetrate new
markets effectively; the effect on foreign operations of currency
fluctuations, tariffs, nationalization, exchange controls,
limitations on foreign investment in local business and other
political, economic and regulatory risks; difficulty in preserving
proprietary technology; adverse resolution of any litigation,
investigations, administrative and regulatory matters, intellectual
property disputes, or similar matters; changes in securities or
environmental laws, rules and regulations; currency risk exposure
and other risks described from time to time in publicly filed
disclosure documents and securities commission reports of Royal
Group Technologies Limited and its subsidiaries and affiliates. In
view of these uncertainties we caution readers not to place undue
reliance on these forward-looking statements. Statements made in
this document are made as of February 23, 2006 and Royal disclaims
any intention or obligation to update or revise any statements made
herein, whether as a result of new information, future events or
otherwise. DATASOURCE: Royal Group Technologies Limited CONTACT:
Mark Badger, Vice President of Marketing and Corporate
Communications, Royal Group Technologies Limited, Phone: (905)
264-0701
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