Date: 6 May 2008
Eastern Time to discuss financial results for the period ended March 31, 2008, and estimates for second-quarter 2008 results. Participants from Ferro will include Chairman, President and Chief Executive Officer James Kirsch, Vice President and Chief Financial Officer Sallie Bailey and Director of Investor Relations David Longfellow.
If you wish to listen to the conference call, dial 888-323-2711 if calling from the United States or Canada, or dial 210-234-0008 if calling from outside North America. Reference the passcode, FOE, and the conference leader, David Longfellow. Please dial into the call approximately 10 minutes before the call is planned to begin. A live Webcast will also be available by clicking on the Investor Information link at the top of Ferro's Web site at http://www.ferro.com.
A replay of the call will be available from noon Eastern Time on May 7 until 9:00 p.m. Eastern Time on May 14. To access the toll-free replay, dial 800-234-7802 if calling from the United States or Canada, or dial 402-220-9690 if calling from outside North America. The replay will also be available by clicking on the Investor Information link on the Ferro corporate Web site at http://www.ferro.com, beginning at noon Eastern Time on May 7.
About Ferro Corporation
Ferro Corporation (http://www.ferro.com) is a leading global supplier of technology-based performance materials for manufacturers. Ferro materials enhance the performance of products in a variety of end markets, including electronics, solar energy, telecommunications, pharmaceuticals, building and renovation, appliances, automotive, household furnishings, and industrial products.
Headquartered in Cleveland, Ohio, the Company has approximately 6,300 employees globally and reported 2007 sales of $2.2 billion.
Cautionary Note on Forward-Looking Statements
Certain statements in this Ferro press release may constitute "forward-looking statements" within the meaning of Federal securities laws. These statements are subject to a variety of uncertainties, unknown risks and other factors concerning the Company's operations and business environment, which are difficult to predict and often beyond the control of the Company. Important factors that could cause actual results to differ materially from those suggested by these forward-looking statements, and that could adversely affect the Company's future financial performance, include the following:
-- We depend on reliable sources of raw materials and other
supplies at a reasonable cost, but availability of such
materials and supplies could be interrupted and/or the prices
charged for them could escalate.
-- The markets in which we participate are highly competitive and
subject to intense price competition.
-- We are striving to improve operating margins through sales
growth, price increases, productivity gains, and improved
purchasing techniques, but we may not be successful in
achieving the desired improvements.
-- We are engaged in restructuring programs to improve
manufacturing efficiency and reduce costs. If we are not
successful in the execution of our restructuring programs we
will not realize the expected cost savings.
-- Our products are sold into industries where demand is
unpredictable, cyclical or heavily influenced by consumer
spending.
-- The global scope of our operations exposes us to risks related
to currency conversion and changing economic, social and
political conditions around the world.
-- We have a growing presence in the Asia-Pacific region where it
can be difficult for an American company to compete lawfully
with local competitors.
-- Regulatory authorities in the U.S., European Union and
elsewhere are taking a much more aggressive approach to
regulating hazardous materials and those regulations could
affect our sales and operating profits.
-- Our operations are subject to stringent environmental, health
and safety regulations and compliance with those regulations
could require us to make significant investments.
-- We depend on external financial resources and any interruption
in access to capital markets or borrowings could adversely
affect our financial condition.
-- Interest rates on some of our external borrowings are variable
and our borrowing cost could be affected adversely by interest
rate increases.
-- Many of our assets are encumbered by liens that have been
granted to lenders and those liens affect our flexibility in
making timely dispositions of property and businesses.
-- We are subject to a number of restrictive covenants in our
credit facilities and those covenants could affect our
flexibility in funding strategic initiatives.
-- We have significant deferred tax assets and our ability to
utilize these assets will depend on our future performance.
-- We are a defendant in several lawsuits that could have an
adverse effect on our financial condition and/or financial
performance, unless they are successfully resolved.
-- Our businesses depend of a continuous stream of new products
and failure to introduce new products could affect our sales
and profitability.
-- Employee benefit costs, especially post-retirement costs,
constitute a significant element of our annual expenses, and
funding these costs could adversely affect our financial
condition.
-- We are exposed to risks associated with acts of God,
terrorists and others, as well as fires, explosions, wars,
riots, accidents, embargoes, natural disasters, strikes and
other work stoppages, quarantines and other governmental
actions, and other events or circumstances that are beyond the
Company's reasonable control.
Additional information regarding these risk factors can be found in the Company's Annual Report on Form 10-K for the period ended December 31, 2007.
The risks and uncertainties identified above are not the only risks the Company faces. Additional risks and uncertainties not presently known to the Company or that it currently believes to be immaterial also may adversely affect the Company. Should any known or unknown risks and uncertainties develop into actual events, these developments could have material adverse effects on the Company's business, financial condition and results of operations.
This release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
CONTACT: Ferro Corporation
Investor Contact:
David Longfellow, 216-875-7155
Director, Investor Relations, Ferro Corporation
E-mail: longfellowd@ferro.com
or
Media Contact:
Mary Abood, 216-875-6202
Director, Corporate Communications, Ferro Corporation
E-mail: aboodm@ferro.com
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