MAIL-WELL DISAPPOINTED WITH MOODY’S ANNOUNCED REVIEW;
Press release from the issuing company
ENGLEWOOD, Colo. (April 12, 2001) -- Mail-Well, Inc., (NYSE: MWL) said today that it is disappointed that Moody’s placed the company on review for possible downgrade.
“We continue to believe that the underlying earning power of our businesses, and that our ability to service our debt remain strong,” Paul V. Reilly, President and CEO said. “We are comfortable with our liquidity and with our cash flow which also has remained strong. In fact, we will generate approximately the same amount of free cash flow in 2001 to service our debt as we did in 2000.”
“Mail-Well announced in January that the management team would conduct a comprehensive assessment, to be concluded in May, of all of its businesses and business strategies. The assessment is designed to strengthen its businesses and to take advantage of the changing business climate”, the company said.
“This reassessment is focusing on strengthening our balance sheet, our capital structure and our businesses so that we can more effectively respond to new and changing market conditions, and to allow us to more effectively consolidate our growth”, Reilly said. “We also have a wide variety of productivity improvements and earnings growth programs underway and are confident the financial results will reflect the benefits of these programs.”
“In this economic environment, our businesses are reacting as we would expect them to,” Reilly said. “Those that are closely related to advertising, which has declined significantly in the past several months due to the economic downturn, are most affected,” said Paul V. Reilly,
President and CEO. “We are continuing to take all necessary measures to reduce operating expenses to mitigate the situation.”
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