HARRISBURG, Pa., April 27, 2005 (PRIMEZONE) -- Worldwide industrial services and products company Harsco Corporation (NYSE:HSC) reaffirmed yesterday at its 50th Annual Meeting of Stockholders its continuing confidence in the Company's growth momentum as a leading worldwide industrial services corporation.
Speaking to stockholders, Harsco Chairman, President and CEO Derek C. Hathaway said, "Harsco's management strategy over these past several years has been to build a platform for growth that was not overly dependent on any one economy or any one industry. I believe that if you look at our record, we have to date and we hope to continue to accomplish this important strategic goal. Harsco's well-balanced operations over a broad geographic base can be expected to generate reasonable, predictable, and consistent revenues, earnings, and cash flow."
Harsco Senior Vice President, Chief Financial Officer and Treasurer Salvatore Fazzolari reiterated the Company's stated target for achieving up to 15 percent growth in earnings per share for 2005, as noted in its 1st Quarter results press release of last week, along with the Company's continuing management focus on generating increased cash flows from operations and improved operating margins for the year.
In other actions, stockholders approved a proposal to eliminate the Company's classified Board structure in favor of the election of Board members on an annual basis. Stockholders also approved the election of all current 11 members of the Board, and the re-appointment of PricewaterhouseCoopers LLP as Independent Accountants for the year ending December 31, 2005.
"We are pleased to receive stockholder approval to these proposals presented by the Board, which reflect Harsco's continuing commitment to responsible, 'best practice' corporate governance standards on behalf of our stockholders," said Mr. Hathaway.
Harsco Corporation is a diversified, worldwide industrial services and engineered products company with annual sales in excess of $2.5 billion. The company's market-leading businesses provide mill services, access services, gas containment and control technologies, and engineered products and services to customers worldwide. Harsco employs 18,500 people in more than 40 countries of operation. Additional information can be found at http://www.harsco.com.