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EXHIBIT 99.1
WYANT CORPORATION LOGO
PRESS RELEASE 1/5
November 1, 2000
For immediate release
WYANT CORPORATION RELEASES RESTATED FINANCIAL RESULTS
Bridgewater NJ: November 1, 2000 -- Wyant Corporation (NasdaqSC: "WYNT")
announced today that it has completed the re-examination phase of its
investigation into the accounting irregularities that were recently discovered
at Wyant's wholly owned Tennessee subsidiary, IFC Disposables, Inc. On October
2, 2000, Wyant announced that it appeared that the financial results of IFC
Disposables, and therefore Wyant, had been overstated in the period of January
1, 1997 through June 30, 2000, in the amount of approximately U.S. pre-tax $1.2
million, of which approximately U.S. pre-tax $427 thousand related to the period
of January 1, 2000 through June 30, 2000.
Also on October 2, 2000, Wyant announced that it was pursuing an intensive
investigation into the circumstances surrounding and the extent of the
accounting irregularities. The re-examination of IFC's books and records for the
period in question has revealed that the estimated overstatement in its, and
therefore Wyant's, financial results reported on October 2, 2000 was in fact
accurate. Wyant's financial results for each of the years ended 1997, 1998 and
1999 and the six months ended June 30, 2000 and 1999 have been restated as
follows:
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<CAPTION>
SIX MONTHS ENDED JUNE 30
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
2000 1999
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AS REPORTED AS RESTATED AS REPORTED AS RESTATED
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STATEMENTS OF OPERATIONS DATA:
Net sales $39,536 $39,536 $38,826 $38,826
Gross profit 14,390 13,963 13,145 12,992
Income (loss) from continuing operations 900 618 93 (8)
Discontinued operations, net of income taxes - - 974 974
Net income 900 618 1,067 966
PER COMMON SHARE:
BASIC
Income (loss) from continuing operations $ 0.20 $ 0.12 $(0.03) $ (0.05)
Discontinued operations - - 0.27 0.27
Net income 0.20 0.12 0.24 0.22
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PRESS RELEASE 2/5
November 1, 2000
For immediate release
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<CAPTION>
SIX MONTHS ENDED JUNE 30
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
2000 1999
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AS REPORTED AS RESTATED AS REPORTED AS RESTATED
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DILUTED
Income (loss) from continuing operations $ 0.20 $ 0.12 $(0.03) $ (0.05)
Discontinued operations - - 0.25 0.25
Net income 0.20 0.12 0.23 0.22
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<CAPTION>
YEAR ENDED DECEMBER 31
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
1999 1998
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AS REPORTED AS RESTATED AS REPORTED AS RESTATED
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STATEMENTS OF OPERATIONS DATA:
Net sales $78,851 $78,851 $67,124 $67,124
Gross profit 26,989 26,926 23,906 23,440
Income (loss) from continuing operations (543) (583) 554 245
Discontinued operations, net of income taxes 722 722 1,021 1,021
Net income 179 139 1,575 1,266
PER COMMON SHARE:
BASIC
Income (loss) from continuing operations $(0.25) $(0.27) $ 0.06 $(0.03)
Discontinued operations 0.20 0.20 0.28 0.28
Net income (loss) (0.05) (0.07) 0.34 0.25
DILUTED
Income (loss) from continuing operations $(0.25) $(0.27) $ 0.06 $(0.03)
Discontinued operations 0.20 0.20 0.27 0.27
Net income (loss) (0.05) (0.07) 0.33 0.24
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PRESS RELEASE 3/5
November 1, 2000
For immediate release
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<CAPTION>
YEAR ENDED DECEMBER 31
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
1997
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AS REPORTED AS RESTATED
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STATEMENTS OF OPERATIONS DATA:
Net sales $63,560 $63,560
Gross profit 23,869 23,664
Income from continuing operations
before extraordinary gain 999 864
Discontinued operations, net of income taxes (581) (581)
Extraordinary gain, net of income taxes 92 92
Net income 510 375
PER COMMON SHARE:
BASIC
Income from continuing operations
before extraordinary gain $ 0.22 $ 0.19
Discontinued operations (0.16) (0.16)
Net income 0.09 0.05
DILUTED
Income from continuing operations
before extraordinary gain $ 0.22 $ 0.19
Discontinued operations (0.16) (0.16)
Net income 0.09 0.05
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PRESS RELEASE 4/5
November 1, 2000
For immediate release
As a consequence of the accounting irregularities, IFC is in default of
certain loan covenants related to its $1,000,000 secured revolving line of
credit with Union Planters Bank (the "Bank"). By letter dated October 3, 2000,
the Bank informed IFC that it was in default and that it would not demand
repayment (at that time) of the loan principal then outstanding of approximately
$365,000. Since October 3, 2000 IFC has maintained cash balances sufficient to
cover all amounts owed to the Bank under the secured revolving line of credit
and other amounts contingently due under a letter of credit issued on IFC's
behalf. With the re-examination now complete, IFC expects to renegotiate the
terms to the original secured revolving line of credit and to restore normal
operating practices during the fourth quarter. In the meantime, management
believes that operating cash flows, together with other sources of cash
available will be sufficient to meet IFC's cash requirements.
In addition to the restated financial results outlined above, Wyant
announced that earnings for the quarter ended September 30, 2000 will be
negatively affected by increases to reserves for doubtful accounts receivable
and obsolete inventories in the amounts of approximately $145,000 and $300,000,
respectively.
Statements included in this press release which are not historical facts
are forward looking statements made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995 and the Securities Exchange
Act of 1934. Such forward looking statements are made based upon management's
expectations and beliefs concerning future events impacting Wyant and therefore
involve a number of uncertainties and risks, including, but not limited to,
those described in Wyant's Annual Report on Form 10-K for 1999 and other filings
with the Securities and Exchange Commission. As a result, the actual results of
operations or financial condition of Wyant could differ materially from those
expressed or implied in such forward looking statements.
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PRESS RELEASE 5/5
November 1, 2000
For immediate release
CORPORATE PROFILE
Wyant Corporation is an integrated sanitation and facility maintenance
supply company with extensive manufacturing, sales and distribution
capabilities. It operates three manufacturing plants, including a sanitary paper
products converting plant, a chemical manufacturing plant and a converting
operation manufacturing disposable wiping products.
Wyant's business is conducted in North America through two subsidiaries,
Wood Wyant Inc. and IFC Disposables, Inc. The Company employs approximately 475
people in the United States and Canada.
CONTACT:
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M. A. D'Amour (514) 636-9926, ext. 2261 o [email protected]
D.C. MacMartin (514) 636-9926, ext. 2259 o [email protected]
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DETAILED CORPORATE INFORMATION AND PRESS RELEASES CAN BE ACCESSED AT:
www.wyantcorp.com
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1170 U.S. Highway 22 East,
Suite 203,
Bridgewater, N. J. 08807
