ARLINGTON, Texas, Jan. 21, 1999 (PRIMEZONE)-- FWT, Inc., a leading designer, manufacturer and marketer of wireless communications infrastructure products, today announced that it has made significant operational and management changes and has focused its business to better serve customers and improve profitability.
Among the changes, FWT's board of directors has terminated Chief Executive Officer Douglas A. Standley and other executives, eliminated employees not associated with the Company's core businesses, and reached an agreement with BT Commercial Corporation to amend its existing revolving credit facility to provide for the availability of up to $15.0 million.
"FWT is in an even stronger position to serve its customers. We have re-positioned the Company to focus on our core competencies - FWT's high-quality wireless communications infrastructure products and related services," said Ray McRae, FWT vice president, operations, and a member of the Company's Operating Committee composed of key managers who will continue to run the Company on a day-to-day basis. "Our goal was to trim excesses in overhead and eliminate unprofitable product lines. At the same time, we have improved our service to customers and maintained our high level of capacity."
"With the BT Commercial Corporation financing in place and our experienced management team in charge, FWT will remain a strong and readied supplier to our customers," continued Mr. McRae. "FWT built its exceptional reputation and 40-year track record by providing a superior line of basic wireless communications infrastructure products. This is our key strength, and we intend to focus our energies on simply being the best provider to our customers."
Highlights of FWT's new operating plan include:
- Appointment of Leary, Masson and Associates as management advisors to the board of directors and the Operating Committee. - Appointment of an Operating Committee to run day-to-day operations of the Company. The Operating Committee includes certain members of senior management and reports to the Board of Directors. - Elimination of costly non-core product lines and related services. - Anticipated reduction of annual operating expenses by approximately $11 million for the coming year.
"Our operating strategy was structured to be in the interests of lenders, customers and employees," said Mr. McRae. "At the very core of our plan is our belief that a re-positioned, more focused company can effectively compete, grow and thrive."
Founded in 1959, FWT is based in Arlington, Texas. The Company's products are used in the cellular, personal communications services, enhanced specialized mobile radio, paging, radio and television broadcasting, fiber optics and microwave industries. FWT designs, manufacturers, and markets a complete line of wireless communications infrastructure products including towers, monopoles, guyed and self-supported towers, disguised sites, communication sites on wheels, shelters and cabinets. The Company has more that 14,000 installations worldwide.
Forward-looking statements herein are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the Company "believes," "expects," "anticipates," or words of similar import. Similarly, statements that describe the Company's future plans, objectives, estimates or goals are forward-looking statements. Certain important factors could cause results to differ from those anticipated by the forward-looking statements made herein, including high level of and restrictions imposed by debt, dependence on the wireless communications industry, concentration of customers, ability to implement management initiatives, fluctuations in quarterly results and competition. All persons are directed to the information contained under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations - Risk Factors" in the Company's latest Form 10-Q filed.