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EXHIBIT 99.1
[ELCOR CORPORATION LETTERHEAD]
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PRESS RELEASE TRADED: NYSE
FOR IMMEDIATE RELEASE SYMBOL: ELK
FOR FURTHER INFORMATION:
Richard J. Rosebery Harold R. Beattie, Jr.
Vice Chairman, Chief Financial Vice President - Finance
and Administrative Officer and Treasurer
(972) 851-0510 (972) 851-0523
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ELCOR EXPECTS LOWER DECEMBER QUARTER SALES AND EARNINGS
DALLAS, TEXAS, January 11, 2001 . . . . Elcor Corporation said today that
results for its second fiscal quarter ending December 31, 2000 will be
significantly below security analysts' consensus estimates and the record
results achieved in the same quarter last year, primarily due to weather and
other conditions that have caused a slowdown in sales and increased costs for
its residential roofing products.
Harold K. Work, Elcor's Chairman, President and Chief Executive Officer, said,
"Sales of residential asphalt roofing products were lower in this year's
December quarter as a result of the unusually harsh winter weather and the
general decline in economic conditions. In addition to the slow roofing market,
this business continued to be impacted by the high costs of asphalt and
petroleum products, as well as very competitive product pricing. Presently, we
expect that earnings for this fiscal year's December quarter will be about $.04
to $.05 per share, compared to First Call consensus estimates of $.16 per share
and record second quarter earnings of $.37 per share in the same quarter last
year. Sales are expected to be about $68 - $69 million, compared to $82 million
in the record year-ago quarter," he concluded.
The estimated financial results included in this release are based upon
preliminary information. Elcor will provide a more detailed review of second
quarter performance and its outlook for future operations in a press release to
be issued after the close of the market on January 17, 2001. The press release
will be followed by a conference call at 11:00 a.m. Eastern time (10:00 a.m.
Central time) on January 18, 2001 which will be broadcast live over the
Internet. The conference call can be accessed through the Elcor Website at
www.elcor.com (Investor Relations - Calls & Presentations) or by visiting
www.prnewswire.com.
/more
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PRESS RELEASE
Elcor Corporation
January 11, 2001
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SAFE HARBOR PROVISIONS
In accordance with the safe harbor provisions of the securities law regarding
forward-looking statements, in addition to the historical information contained
herein, the above discussion contains forward-looking statements that involve
risks and uncertainties. The statements that are not historical facts are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements usually are accompanied by words
such as "outlook," "believe," "estimate," "potential," "project," "expect,"
"anticipate," "plan," "predict," "could," "should," "may," or similar words that
convey the uncertainty of future events or outcomes. These statements are based
on judgments the company believes are reasonable; however, Elcor's actual
results could differ materially from those discussed here. Factors that could
cause or contribute to such differences could include, but are not limited to,
changes in demand, prices, raw material costs, transportation costs, changes in
economic conditions of the various markets the company serves, changes in the
amount and severity of inclement weather, as well as the other risks detailed
herein and in the company's reports filed with the Securities and Exchange
Commission, including but not limited to its Form 10-K for the fiscal year
ending June 30, 2000, and subsequent Forms 8-K and 10-Q.
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Elcor, through its subsidiaries, manufactures roofing products and industrial
products, and provides electronics manufacturing services. Each of Elcor's
principal operating subsidiaries is the leader or one of the leaders within its
particular market. Its common stock is listed on the New York Stock Exchange
(ticker symbol: ELK).
Elcor's roofing products facilities are located in Tuscaloosa, Alabama; Shafter,
California; Myerstown, Pennsylvania; Dallas and Ennis, Texas. Its electronics
manufacturing services facilities are located in Canton, Georgia; Dallas and
Lufkin, Texas; and its industrial products facilities are located in Cleveland,
Ohio and Midland, Texas.
