January 14, 2003
APPLIED EXTRUSION TECHNOLOGIES, INC. EXPECTS TO FILE 10-K WITHIN TWO WEEKS AND ISSUE FY 2002 EARNINGS PRESS RELEASE AND HOLD CONFERENCE CALL SHORTLY THEREAFTER
NEW CASTLE, Del.--(BUSINESS WIRE)--Jan. 14, 2003--Applied Extrusion Technologies, Inc. (Nasdaq:AETC) today announced that it was unable to file its report on Form 10-K for the fiscal year ended September 30, 2002 (the "2002 10-K") by the extended deadline of January 14, 2003. The 2002 10-K has been substantially completed and is currently in the stage of its final review by the Company's auditors. The Company expects to be able to file the 2002 10-K within the next two weeks. As previously announced, the Company will restate its financial statements for fiscal years 1998 through 2001, and the first three quarters of fiscal year 2002.
The Company is also in the process of closing an amended and restated credit facility with its lending group, which it expects to finalize prior to the filing of the 2002 10-K.
Upon filing of the 2002 10-K, the Company plans to issue a fiscal year 2002 earnings press release and shortly thereafter to hold a conference call to discuss fiscal year 2002 results.
Applied Extrusion Technologies, Inc. is a leading North American developer and manufacturer of specialized oriented polypropylene (OPP) films used primarily in consumer products labeling and flexible packaging applications.
Except for the historical information contained herein, the matters discussed in this report are forward-looking statements that involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including those risks related to the ability to implement a price increase and related volume losses, the timely development and acceptance of new products, fluctuations in raw materials and other production costs, the ability to satisfy our debt service requirements, the loss of one or more significant customers, the impact of competitive products and pricing, the timely completion of capital projects, the success of the Company's efforts to access capital markets on satisfactory terms, and to acquire, integrate, and operate new businesses and expand into new markets, as well as other risks detailed in Exhibit 99 of the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2001 and from time to time in the Company's other reports filed with the Securities and Exchange Commission.
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For more information contact:
Joan Stone, Applied Extrusion Technologies, Inc.
Phone: 302-326-5648
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Applied Extrusion Technologies' business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.
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