HARRISBURG, Pa., March 4, 2002 (PRIMEZONE) -- Presenting at the Raymond James & Associates 23rd Annual Institutional Investor Conference today in Orlando, Florida, worldwide industrial services and products company Harsco Corporation (NYSE:HSC) reiterated its commitments to increasing free cash flow, improving its return on invested capital, and enhancing shareholder value over the long term.
Harsco Chairman, President and CEO Derek C. Hathaway told investors that, through a series of focused strategic acquisitions in industrial services businesses, prudent use of the Company's significant cash flows for internal growth, and the divestiture of non-core, lower margin manufacturing product lines, Harsco has established a substantial, strategically-focused global leadership in large niche markets. "We believe that Harsco is a company that will provide investors with a predictable level of earnings growth, with limited downside risk, and a total return that would be consistent with most investor expectations," he said.
Joining Mr. Hathaway in the presentation was Salvatore Fazzolari, Senior Vice President, Chief Financial Officer and Treasurer. Commenting on Harsco's financial objectives for 2002, Mr. Fazzolari said the Company is targeting $100 million in debt reduction for the year and earnings per share (EPS) growth of 10-12 percent from last year's $2.37 per share before special items.
The Harsco presentation is available as a webcast through the Harsco Corporation web site at www.harsco.com. Listeners can also access the webcast at http://customer.nvglb.com/RaymondJames/Institutional/. There is no charge to access this event.
Forward-Looking Statements
The nature of Harsco's operations and the many countries in which it operates subject it to changing economic, competitive, regulatory, and technological conditions, risks, and uncertainties. In accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Harsco provides the following cautionary remarks regarding important factors which, among others, could cause future results to differ materially from the forward-looking statements, expectations and assumptions expressed or implied herein.
Factors which could affect actual results include, but are not limited to: (1) changes in the worldwide business environment in which the Company operates, including general economic conditions, particularly in the mill service, infrastructure and industrial gas markets; (2) changes in currency exchange rates, interest rates, and capital costs; (3) changes in governmental laws and regulations, including taxes; (4) market and competitive changes, including pricing pressures, market demand and acceptance for new products, services, and technologies; (5) effects of unstable governments and business conditions in emerging economies; and (6) other risk factors listed from time to time in the Company's SEC reports. The Company does not intend to update this information and disclaims any legal liability to the contrary.
Harsco Corporation is a $2.1 billion worldwide industrial services and products company serving the infrastructure development, steel and metals, railway transportation, and gas and energy industries. The company employs approximately 18,700 people in 40 countries of operation. Additional information about Harsco can be found at www.harsco.com.