In PHW010, Kennametal Delivers FY01 Growth Despite Weak Markets, moved earlier today, we are advised by the company that the following information was missing from the original release and should be added to end of the text:
Beginning with fiscal 2002, Kennametal will be complying with SFAS No. 142 "Goodwill and Other Intangible Assets." For reference, pro forma fiscal 2001 earnings per share, excluding special charges, is estimated to be $2.84, with an operating income margin of 10.6 percent, and an effective tax rate of 33.4 percent.
Kennametal also announced its Board of Directors declared a quarterly cash dividend of $0.17 cents per share, payable August 24, 2001, to holders of record as of August 10, 2001.
Kennametal Inc. aspires to be the premier tooling solutions supplier in the world with operational excellence throughout the value chain and best-in- class manufacturing and technology. Kennametal strives to deliver superior shareowner value through top-tier financial performance. The company provides customers a broad range of technologically advanced tools, tooling systems and engineering services aimed at improving customers' manufacturing competitiveness. With 13,000 employees worldwide, the company's annual sales are approximately $1.8 billion, with a third coming from sales outside the United States. Kennametal has been named one of the Best Places to Work in Pennsylvania and is represented in more than 60 countries. Kennametal operations in Europe are headquartered in Furth, Germany. Kennametal Asia Pacific operations are headquartered in Singapore.
This release contains "forward-looking statements" as defined by Section 21E of the Securities Exchange Act of 1934 as amended. Actual results may differ materially from those expressed or implied in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the extent that global economic conditions deteriorate or do not improve materially in the second half of our fiscal year, risks associated with integrating businesses and restructuring programs, demands on management resources, risks associated with international markets such as currency exchange rates, and competition. The company undertakes no obligation to publicly release any revisions to forward-looking statements to reflect events or circumstances occurring after the date hereof.
PRNewswire -- Aug. 1