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Article: International Wallcoverings Ltd. Reports Second Quarter Results, Including Restructuring Costs
- Article from:
- PR Newswire
- Article date:
- September 4, 1998
CopyrightCOPYRIGHT 1998 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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President terminated by Board
TSE Stock Symbol: IWL
BRAMPTON, Ont., Sept. 4 /CNW-PRN/ - International Wallcoverings announced today that its six months results, ending June 30, 1998, included a restructuring cost of $16.7 million, and losses from foreign exchange contracts of $3.2 million for an overall after tax loss of $15.4 million.
Frank Rolph, Chairman of the Audit Committee, said, ``These results were unacceptable to the Board, and we have opted for a change in leadership. Effective today President and CEO Colin Beasley is no longer associated with the company. His role will be assumed by founder and Chairman, Frank Baker, former ...