ABC-NACO To Change From Fiscal to Calendar Year
27 September 1999
ABC-NACO To Change From Fiscal to Calendar Year
DOWNERS GROVE, Ill.--Sept. 27, 1999--ABC-NACO Inc. announced today that it would change its financial reporting from a fiscal year to a calendar year basis effective January 1, 2000. ABC-NACO has been operating on a fiscal year beginning August 1 and ending July 31.The company said the primary reason for the change was to align it with the calendar-year reporting used by its major customers.
To execute the change, the company plans to file a Form 10-Q report for its fiscal first quarter ending October 31, 1999. It will then file a Form 10-K transition report for the five-month transition period covering August 1, 1999, through December 31, 1999.
ABC-NACO is one of the world's leading suppliers of technologically advanced products to the railroad and flow control industries through its three business segments: Rail Products, Rail Services and Systems, and Flow and Specialty Products. With four technology centers around the world, ABC-NACO holds pre-eminent market positions in the design, engineering, and manufacture of high performance freight rail car, locomotive and passenger rail suspension and coupler systems, wheels and mounted wheel sets, and specialty track products. The company also supplies freight, railroad and transit signaling systems and services, as well as highly engineered valve bodies and components for industrial flow control systems worldwide.
Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts, such as those concerning future financial performance, growth, plant start-ups, capabilities, Year 2000 impact and other statements, may be deemed to be forward-looking statements that are subject to change based on various factors which may be beyond the control of ABC-NACO Inc. Accordingly, actual results of the company could differ materially from those expressed or implied in any such forward-looking statement. Factors that could affect actual results are described more fully in the Company's Proxy Statement/Prospectus dated January 21, 1999, under the caption "Cautionary Statement Concerning Forward Looking Statements," and other risks described from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.