Attached files
file | filename |
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8-K - Colfax CORP | v199844_8k.htm |
Exhibit
99.1
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Colfax Corporation
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8730
Stony Point
Parkway
|
Suite
150
Richmond,
VA 23235
USA
Tel: (804)
560-4070
Fax: (804)
560-4076
www.colfaxcorp.com
FOR IMMEDIATE
RELEASE
CONTACT:
Mitzi
Reynolds
(804)
327-5689
mitzi.reynolds@colfaxcorp.com
Colfax
Schedules Third Quarter Preliminary Earnings Release and Conference
Call
Richmond, VA — October 25, 2010 –
Colfax Corporation (NYSE: CFX), a global leader in fluid-handling
solutions for critical applications, announced today that it will issue a press
release providing preliminary financial results for the third quarter of 2010 at
approximately 6:00 a.m. ET on Thursday, November 4, 2010, and will hold a
conference call to discuss these preliminary results beginning at 8:00 a.m. ET
on that day. The call will be open to the public through 877-303-7908
or 678-373-0875 and webcast via Colfax’s website at www.colfaxcorp.com under the
“Investor Relations” section.
Colfax’s
preliminary financial results press release for the 2010 third quarter will be
available under the “Investor Relations” section of Colfax’s
website. In addition, supplemental financial information referenced
in the conference call, if any, will be available on the website. A replay of
the call will be available on Colfax’s website later that day.
The
Company announced today that it plans to amend and restate its financial
statements for certain prior periods due to an overstatement of its pension
liability estimated to be in the range of $15 million to $25 million at December
31, 2009. The overstatement will result in a decrease in the pension
liabilities reported in the balance sheets for those periods. There is no cash
flow impact anticipated in connection with the correction of this error but it
is expected to result in minor increases in net income for those periods,
including the current year. The error largely originated in census data compiled
by the Company’s former actuaries prior to the 1997 acquisition of the
subsidiary that sponsors the affected benefit plan. Results to be
reported on November 4 will include estimates related to the correction of the
pension liability.
Additional
information relating to the restatement is available in the Company’s Form 8-K
filed today with the Securities and Exchange Commission.
ABOUT COLFAX CORPORATION –
Colfax Corporation is a global leader in critical fluid-handling products and
technologies. Through its global operating subsidiaries, Colfax manufactures
positive displacement industrial pumps and valves used in oil & gas, power
generation, commercial marine, defense and general industrial markets. Colfax’s
operating subsidiaries supply products under the well-known brands Allweiler,
Baric, Fairmount Automation, Houttuin, Imo, LSC, Portland Valve, Tushaco, Warren
and Zenith. Colfax is traded on the NYSE under the ticker “CFX.” Additional
information about Colfax is available at www.colfaxcorp.com.
CAUTIONARY
NOTE CONCERNING FORWARD LOOKING STATEMENTS:
This
press release may contain forward-looking statements, including forward-looking
statements within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995. Such forward-looking statements include, but are not limited to,
statements concerning Colfax’s plans, objectives, expectations and intentions
and other statements that are not historical or current facts. Forward-looking
statements are based on Colfax’s current expectations and involve risks and
uncertainties that could cause actual results to differ materially from those
expressed or implied in such forward-looking statements. Factors that could
cause Colfax’s results to differ materially from current expectations include,
but are not limited to factors detailed in Colfax’s reports filed with the U.S.
Securities and Exchange Commission as well as its Annual Report on Form 10-K
under the caption “Risk Factors”. In addition, these statements are based on a
number of assumptions that are subject to change. This press release
speaks only as of this date. Colfax disclaims any duty to update the information
herein.
The term
“Colfax” in reference to the activities described in this press release may mean
one or more of Colfax's global operating subsidiaries and/or their internal
business divisions and does not necessarily indicate activities engaged in by
Colfax Corporation.
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