UNIDYNE Common Stock to Resume Trading on Nasdaq
3 August 1999
UNIDYNE Common Stock to Resume Trading on Nasdaq
EXTON, Pa., Aug. 2 -- UNIDYNE Corporation
today announced it has received notice that the Company's common stock will
continue to be listed on The Nasdaq SmallCap Market. Trading of UNIDYNE
shares will resume on the morning of August 3, under the ticker symbol UDYNC.
The Exton, Penn.-based manufacturer of specialty equipment said its listing
will be via an exception from the minimum bid price requirement. While
UNIDYNE failed to meet this requirement, the Company was granted a temporary
exception from this standard, subject to UNIDYNE meeting certain conditions.
The exception will expire on November 15. In the event the Company is deemed
to have met the terms of the exception, it shall continue to be listed on The
Nasdaq SmallCap Market. While there is no assurance it will do so, the
Company believes that it can meet these conditions. If at some future date,
the Company's securities should cease to be listed on The Nasdaq SmallCap
Market, they may continue to be listed on OTC-Bulletin Board. For the
duration of the exception, the Company's Nasdaq symbol will be UDYNC.
"We are extremely pleased that UNIDYNE shareholders will continue to
benefit from the liquidity and exposure that come with listing on The Nasdaq
SmallCap Market," said C. Eugene Hutcheson, chairman and chief executive
officer of UNIDYNE. "Additionally, our efforts to improve operations and
further penetrate the niche markets we serve are creating further value for
shareholders, as evidenced by our increased profitability."
UNIDYNE last week reported improved results, including sharply higher
profitability, for its second quarter ended June 30, 1999. The Company
reported a tenfold increase in profitability versus the year-ago second
quarter, with net income rising to $340,000 on net sales of $5.6 million.
Sales of the Company's emissions-testing equipment grew 232% over the year-ago
period, spurred by demand from service stations, fleet operators and retail
automotive chains.
Hutcheson said: "Our recent financial performance reflects initial
results from investments we've made to penetrate the emissions-testing market,
as well as efforts to improve productivity and efficiency at our operations.
The first-quarter launch of the New Jersey Enhanced Emissions Testing Program,
along with the emerging market for replacement equipment in other states, have
stimulated demand for our emissions testing systems and related components
made by our other subsidiaries. We are focused on meeting demand and
maintaining the high levels of quality and customer satisfaction that
customers have come to expect from UNIDYNE."
Exton, Penn.-based UNIDYNE Corporation and its subsidiaries manufacture,
sell, service and finance a variety of products, including vehicle emissions
testing systems, specialized electric motors, and variable speed drives and
controls. UNIDYNE also manufactures engine and chassis dynamometer testing
systems for a variety of large industrial customers, primarily in the
automotive and heavy equipment industries. The Company employs approximately
190 people at facilities in Kenosha, WI; San Francisco, CA; Anaheim, CA; and
Exton, PA.
The statements contained in this news release include certain predictions
and projections that may be considered forward-looking statements under
securities law. These statements involve a number of important risks and
uncertainties that could cause actual results to differ materially, including,
but not limited to, the performance of the emissions testing industry, certain
customer and affiliated companies, as well as other economic, competitive,
governmental and technological factors involving the Company's operations,
markets, services, products and prices.