FOR IMMEDIATE RELEASE: November 13, 2000
CONTACT: Gregory L. Wilson
Chairman and President
Bradley T Nielson
Chief Financial Officer and Chief Operating Officer
MITY Enterprises, Inc.
801-224-0589
MITY ENTERPRISES, INC. EARNINGS NOTIFICATION FOR SECOND
FISCAL QUARTER -- EXPECTS TO REPORT LOSS AND RESTATE RESULTS
FOR FIRST FISCAL QUARTER
OREM, UTAH -- MITY Enterprises, Inc. (Nasdaq: MITY), today announced that the
Company's earnings in its core business will likely be offset by losses at the
Company's Marked Tree operations for the second fiscal quarter ended September
30, 2000. The full extent of the loss is still being determined. MITY also
announced it plans to restate its results for the first fiscal quarter ended
June 30, 2000.
The Company's losses stem primarily from problems at its office systems
division in Marked Tree, Arkansas, including non-recurring accounting charges
and other operating difficulties. As a result of these problems, the Company
determined that the Marked Tree inventory at June 30, 2000 was overstated.
Consequently, MITY plans to restate its results for the fiscal quarter ended
June 30, 2000. In order to allow sufficient time to accurately report its
results for the second fiscal quarter and restate its results for the first
fiscal quarter, the Company will file Form 12b-25, Notification of Late
Filing, with the Securities and Exchange Commission. MITY anticipates being
able to file both the Form 10-Q for the quarterly period ended September 30,
2000 and the amended Form 10-Q for the quarterly period ended June 30, 2000 on
or before November 20, 2000.
The Company currently plans to issue its second quarter earnings release
before the market opens on Monday, November 20, 2000 and will host a follow-up
live broadcast over the Internet to discuss the financial results at 4:30 PM
(EST) that day. The live web simulcast of the conference call will be
available to the public online at www.mitylite.com or on StreetEvent's
Individual Investor Center at www.streetevents.com. Listeners are encouraged
to log on five to ten minutes prior to the start time to ensure participation
from the beginning. To listen to the broadcast, you must have RealAudio
installed. If you do not have RealAudio, go to www.real.com fifteen minutes
prior to the call, where you can download RealPlayer 8 Basic for free. A
replay of the broadcast will be available within approximately one hour for a
week following the call at the referenced websites.
Founded in 1987, MITY Enterprises, Inc. designs, manufactures and markets
innovative institutional furniture created to meet the efficiency needs of its
customers. The Company focuses on providing premium quality institutional
furniture products to niche markets. The product lines consist of
multipurpose room furniture, healthcare seating, call center furniture,
specialty office seating, office systems and dispatch furniture. The
Company's products are marketed under the Mity-Lite, Broda, CenterCore,
Domore, DO3, Corel and JG trade names. Headquartered in Utah, Mity-Lite
serves national and international customers directly and through distributors.
This press release contains forward-looking statements regarding the Company's
plan to restate its operating results for the fiscal quarter ended September
30, 2000 and the Company's expectation that it will report a loss for the
fiscal quarter ended September 30, 2000. The Company is working diligently to
determine and quantify the factors influencing the loss expected to be
reported and the effect of the planned restatement. That work is not yet
completed and the results of that work will determine the disclosure required
to be included in the Company's earnings release and Form 10-Q for the fiscal
quarter ended June 30, 2000. Actual results may differ materially from those
set forth in the forward looking statements contained in this press release.
# # #
