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  • be_careful_outdere be_careful_outdere Sep 16, 2000 11:34 PM Flag

    Those market makers .....

    Peerless to post Q4 loss on acquisition
    DALLAS, Sept 15 (Reuters) - Peerless Manufacturing Co.
    (NasdaqNM:PMFG - news), a manufacturer of filtration equipment
    used in the utility and natural gas industries, on
    Friday said it expects to post a loss in the fourth
    quarter because it is taking too long for the company to
    integrate a recently-acquired plant.

    disappointing results for the fourth quarter were substantially
    adversely affected by slower than expected integration of
    the company's recently acquired ABCO manufacturing
    plant,'' said Sherrill Stone, the company's chief
    executive. The integration would be finished by the second
    quarter of 2001, he said.

    Peerless said it expects
    to post a loss of about $310,000, or 20 to 25 cents
    per share, in the fourth quarter. Fiscal year net
    income should be about $970,000, or 65 to 68 cents per
    share. Revenues in the fourth quarter will be about $22
    million, Peerless said.

    Peerless also said it
    suffered cost overruns and other expenses from a $12
    million order it received in December. The company also
    said it lost $160,000, or 10 cents per share from its
    separation and filtration products because the energy market
    for those products still hasn't recovered from a
    recent downturn.

    Shares of Peerless, which said
    it will release earnings on Sept 26, closed off
    $1-1/2 at $20-1/2 in trading on the Nasdaq, before the
    news was reported.

6.160.00(0.00%)Sep 3 4:00 PMEDT