BDO Seidman, LLP Completes Lancer Audits
July 01 2004 - 5:35PM
PR Newswire (US)
BDO Seidman, LLP Completes Lancer Audits SAN ANTONIO, July 1
/PRNewswire-FirstCall/ -- Lancer Corporation (AMEX:LAN) today
announced that its independent auditor, BDO Seidman, LLP, has
completed its reaudit of Lancer's financial statements for the
years ended December 31, 2000, 2001 and 2002. BDO Seidman, LLP has
also completed its audit of Lancer's financials for the year ended
December 31, 2003, and a review of the financial statements for the
quarter ended March 31, 2004. Sales for the year ended December 31,
2003 were $113.5 million, down from sales of $139.0 million in
2002. The net loss in 2003 was $0.8 million, or $0.09 per share,
compared to net earnings of $4.0 million, or $0.43 per diluted
share, in 2002. Sales for the three months ended March 31, 2004
were $29.5 million, up from $26.9 million in the same period last
year. Net earnings for the first quarter of 2004 were $0.9 million,
or $0.10 per diluted share, compared to a net loss of $0.3 million,
or $0.03 per share, in the first quarter of 2003. The completion of
the audit has enabled Lancer to file all past due and current
periodic reports with the Securities and Exchange Commission.
Lancer believes that by filing these reports, it has regained
compliance with the American Stock Exchange continued listing
requirements. Additionally, Lancer has executed an Amended and
Restated Credit Agreement with its lenders. Chris Hughes, Lancer's
President and Chief Executive Officer, commented: "The audit work
is complete, and there are no changes to the audited financials
that we released in prior years. We are pleased that the integrity
of our financial reporting has been confirmed." "Our company
remains solid, and we are competing successfully in our markets
throughout the world. In particular, we're pleased with the
acceptance of our Flavor Select(TM) products in the U.S.
convenience store market, and good demand for our line of frozen
beverage dispensers." Lancer Corporation is a leading innovator,
manufacturer and marketer of beverage dispensing systems serving
customers worldwide. Headquartered in San Antonio, Texas, Lancer
also maintains facilities in Mexico, Australia, Belgium, New
Zealand and the United Kingdom. Lancer is a vertically integrated
manufacturer with 2003 sales of $113 million, and employing
approximately 1,400 people. Lancer designs and manufacturers a
complete range of fountain soft drink dispensers, frozen beverage
dispensers, dispensing valves, beer dispensing equipment, and an
extensive line of beverage dispensing parts and accessories, which
are marketed through a network of Company sales representatives and
authorized distributors. This press release contains various
forward-looking statements and information that are based on
management's belief as well as assumptions made by and information
currently available to management. Although the Company believes
that the expectations reflected in such forward-looking statements
are reasonable, it can give no assurance that such expectations
will prove to have been correct. Such statements contain certain
risks, uncertainty and assumptions. Should one or more of these
risks materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those expected.
DATASOURCE: Lancer Corporation CONTACT: Scott Adams of Lancer
Corporation, +1-210-310-7065 Web site: http://www.lancercorp.com/
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