KHD Humboldt Wedag International Ltd. Adjusts Contracts at Risk
October 27 2009 - 4:05PM
PR Newswire (US)
- Backlog now at $614.8 million - NEW YORK, Oct. 27
/PRNewswire-FirstCall/ -- KHD Humboldt Wedag International Ltd.
(NYSE:KHD) announced today that it has decided to remove
approximately $100 million in contracts at risk from backlog and
order intake. KHD has completed a full analysis and review of all
of its contracts at risk and as a result, KHD has decided to
eliminate the category of "contracts at risk". KHD undertook this
analysis of all of the contracts in this category and determined
that the contracts either would not be proceeding, in which case
the contracts were officially cancelled and removed from the order
backlog, or would be proceeding, either as originally proposed or
with a change of scope, in which case the contracts remained in the
order backlog and no accounting entries were made for such
contracts. After consultations with our customers and our Board of
Directors, we believe that it is prudent at this time to remove
these contracts from our order backlog and order intake. KHD
Humboldt Wedag International Ltd., CEO Jouni Salo commented, "KHD's
primary consideration in conducting the analysis of the contracts
at risk was whether there was any uncertainty as to whether the
contracts would proceed. If such uncertainty existed, the contracts
were classified as closed contracts and treated accordingly. KHD
will continue to have dialog with these customers as they
re-evaluate their projects." About KHD Humboldt Wedag International
Ltd. KHD Humboldt Wedag International Ltd. (the "Company") owns
companies that operate internationally in the industrial plant
engineering and equipment supply business, and specializes in the
cement industry. To obtain further information on the Company,
please visit our website at http://www.khdhumboldt.com/ Contact
Information: Allen & Caron Inc. Joseph Allen (investors) 1
(212) 691-8087 or Brian Kennedy (media) 1 (212) 691-8087 Rene
Randall KHD Humboldt Wedag International Ltd. 1 (604) 683-8286 ex
224 DATASOURCE: KHD Humboldt Wedag International Ltd. CONTACT:
investors, Joseph Allen, +1-212-691-8087, , or media, Brian
Kennedy, +1-212-691-8087, , both of Allen & Caron Inc., for KHD
Humboldt Wedag International Ltd.; or Rene Randall of KHD Humboldt
Wedag International Ltd., +1-604-683-8286, ex 224, Web Site:
http://www.khdhumboldt.com/
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