York Announces New CEO And Third Quarter Results
Young, who will also retire from York's board of directors, headed the company for four years and delivered debt and working capital reductions of about $400 million.
“He has maintained a consistent goal of improving the company's cost structure and has been diligent in driving changes that are necessary for long-term profitable growth,” said Gerald McDonough, chairman, in a statement.
In other news, York reported results for its third quarter, which ended Sept. 30, of a net loss of $5.4 million, or $0.13 per share, and $1 million in sales.
The company accounted for its loss in several areas. Restructuring and other charges related to initiatives to streamline the company's operations cost $17.6 million. A non-cash curtailment loss, which represents an acceleration of pension expense related to York's change to a new contribution pension plan, cost $12.4 million, and a change in accounting principle cost $15.4 million.
Nine-month year-to-year comparisons show net sales at $2.9 million, up from $2.8 million, and net income earnings at $0 per share, up from a loss of $3.01 per share in 2002.
Third quarter sales improved 6.6% from the prior year, driven by the favorable impact of the strengthening Euro, increased sales in Asia and growth in the global service business, the company said in a statement.