UNIDYNE Reports Annual Meeting Results
12 August 1999
UNIDYNE Reports Annual Meeting ResultsEXTON, Pa., Aug. 12 -- UNIDYNE Corporation , today announced the results of its annual shareholders meeting held yesterday afternoon. The Exton, Penn.-based manufacturer of specialty equipment and emissions testing systems said shareholders re-elected David M. Barrett and C. Eugene Hutcheson to serve as board members through 2002. Hutcheson has been chairman of the board and chief executive officer of UNIDYNE Corporation since 1996. Barrett is the senior partner of the Washington, D.C.-based law firm Barrett & Schuler. Shareholders also voted to ratify Philadelphia-based Strouss, Hui & Ellis, P.C. as UNIDYNE's independent auditors for the fiscal year ending December 31, 1999, and increased the number of shares covered by the Company's S-8 registration by one million shares. "Looking forward, UNIDYNE is poised for growth in all areas of our business," Hutcheson said. "Demand for our products is accelerating with the launch of the New Jersey Enhanced Emissions Inspection & Maintenance program, along with the emerging need for replacement emissions-testing equipment in other states. The emissions testing market is, in turn, creating new demand for the specialty products manufactured by our other subsidiaries. We look forward to building on our recent improvement in performance and continuing the momentum in the second half of 1999." UNIDYNE recently reported improved second quarter results highlighted by a 232% increase in sales of its emissions testing equipment over the year-ago period. 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. Exton, PA-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.