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Article: Falcon Products Reports Results for Fiscal 2003 Fourth Quarter and Full Year; Announces Restructured Senior Credit Facility; Company announces new issuance of junior subordinated convertible debentures.
- Article from:
- PR Newswire
- Article date:
- February 11, 2004
CopyrightCOPYRIGHT 2004 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Falcon Products, Inc. , a leading manufacturer of commercial furniture, today announced sales and operating results for its fourth quarter and full fiscal year 2003. While sales and earnings were less than the prior year, earnings were impacted by largely non-cash charges associated with the previously announced restructuring of its manufacturing operations and a change in the accounting treatment of net deferred tax assets. The restructuring actions should generate $8 to $10 million in savings in 2004. The Company also announced a refinancing package which substantially increases its credit facility at improved interest rates and more flexible covenants. This in ...