#1 Spyware remover provides real-time protection. Try it Now!

2005-10-15

	Web jobwerx.com jobwerx.tradepub.com

Milacron Plastics Processing Technologies
Restates Loss Per Common Share

Milacron, a leading global supplier of plastics processing technologies and industrial fluids, discovers error in the calculation of its previously reported loss per common share.

Milacron Inc. discovered an error in the calculation of its previously reported loss per common share for the second quarter of 2004 and consequently for the full year 2004 as well. While all other figures in Milacron's 2004 income statement remain accurate and correct, the loss per common share amounts were calculated incorrectly because of an inadvertent omission of the effect of a "beneficial conversion feature" related to the issuance of convertible preferred stock in the second quarter of 2004. The correction of this error does not result in any changes to net earnings, nor does it affect the balance sheet or the cash flow or shareholder equity statements.

Milacron (NYSE: MZ) sells plastics processing equipment and supplies offering full lines of advanced injection molding, extrusion and blow molding equipment and systems, as well as specialty auxiliary equipment for all types of plastics processing. They also blend and sell industrial fluids for metalworking applications on a worldwide basis. In addition, a leading maker and supplier of mold bases and related tooling, components and supplies for the injection mold-making industry, and they make complete molds for blow molding.

First incorporated in 1884, Milacron (NYSE: MZ) is a leading global supplier of plastics-processing technologies and industrial fluids, with major manufacturing facilities in North America, Europe and Asia. For further information call the toll-free investor line: 800-909-MILA (800-909-6452)

In June 2004, Milacron issued 6% Series B Convertible Preferred Stock, which contained a beneficial conversion feature arising from the fact that the conversion price was lower than the fair value of the common stock at that time. The company correctly accounted for this difference by adding it directly to its accumulated deficit and not including it in its net loss for the quarter. However, the company inadvertently failed to apply the amount, as is required by U.S. generally accepted accounting principles, when calculating its loss per common share. Using the correct methodology, Milacron's loss per common share in the second quarter of 2004 was $0.99, not $0.60 as initially reported, and for the year 2004 it was $1.73, not $1.34.

Milacron is filing today with the Securities and Exchange Commission a Current Report on Form 8-K disclosing all restated per-share amounts and is amending its 2004 Annual Report on Form 10-K as well as its Form 10-Q for the second quarter of 2005 for comparison purposes.

Major global markets for Milacron's plastics technologies include packaging, automotive, building materials, industrial components, consumer goods, housewares, medical, electrical and electronics.

Thier strength is also in the area of metal removal - metalcutting and grinding, while blending and selling stamping and metalforming fluids, process cleaners, corrosion inhibitors and other specialty products for metalworking. Major global markets for their industrial fluids include automotive, industrial components, machinery, off-road equipment, appliances and housewares, aerospace, and consumer goods.

Click here to view more news headlines.

E-mail this page to a friend

- Saint-Gobain Performance Plastics Solutions for Home Appliances

- American Management Association Certification and Training Programs

- Industrial Corrosion Inhibitor Packaging & Solutions

- DSM Dyneema Superstrong Polyethylene Fiber Plays Key Role for Armored Vehicles

- All this Months News

Copyright - Unless otherwise stated all contents of this web site are © 1998/2005– JOBWERX.COM. – All Rights Reserved. For permission to reproduce any contents of this web site, please advise our Syndication department: Log onto HELP

Create on-line tests, quizzes, assessments and exams in minutes!
Easy as 1, 2, 3