The L.S. Starrett Company in Compliance with NYSE Continued Listing Standards
March 09 2021 - 4:55PM
Business Wire
The L. S. Starrett Company (NYSE: SCX) (Starrett or the
Company), a leading manufacturer of high-end precision tools,
cutting equipment, and metrology systems for industrial,
professional and consumer markets, today announced that on March 4,
the NYSE notified the Company it has returned to compliance in
relation to the NYSE’s quantitative continued listing standards.
This decision comes as a result of the Company’s achievement of
compliance with the NYSE’s minimum market capitalization and
shareholders’ equity requirements over the past two quarters.
After being notified on October 1, 2020 that it was not in
compliance with the NYSE’s quantitative continued listing
standards, the Company submitted a plan on November 10, 2020 to
cure this deficiency and return to compliance with the NYSE
continued listing requirements. The positive results of the
Company’s restructuring plans, announced September 22, 2020, have
allowed Starrett to cure the deficiency in just five months. The
Company initiated a re-engineering of its cost structure and
believes such measures will position Starrett for a more profitable
future. These actions are designed to reduce overhead and preserve
cash by executing both one-time and permanent cost-saving
measures.
Douglas A. Starrett, Chairman, President and CEO, commented,
“Our financial metrics have improved significantly in the first two
quarters of fiscal 2021 allowing the Company to quickly remedy our
NYSE non-compliance status. This is a result of our global
associate’s executing our on-going restructuring initiatives
focused on achieving a cost structure that will deliver sustainable
operating income and cash generation.”
About The L. S. Starrett Company:
Founded in 1880 by Laroy S. Starrett and incorporated in 1929,
The L. S. Starrett Company is a leading manufacturer of high-end
precision tools, cutting equipment, and metrology systems for
industrial, professional and consumer markets is engaged in the
business of manufacturing over 5,000 different products for
industrial, professional and consumer markets. The Company has a
long history of global manufacturing experience and currently
operates four major global manufacturing plants. All subsidiaries
principally serve the global manufacturing industrial base with
concentration in the metalworking, construction, machinery,
equipment, aerospace and automotive markets. The Company offers its
broad array of measuring and cutting products to the market through
multiple channels of distribution throughout the world. Starrett®
is brand recognized around the world for precision, quality and
innovation. For more information, please visit:
https://www.starrett.com/.
Forward-Looking Statement:
This press release contains forward-looking statements
concerning the Company’s expectations, anticipations, intentions,
beliefs or strategies regarding the future. These forward-looking
statements are based on its current expectations and beliefs
concerning future developments and their potential effects on the
Company. There can be no assurance that future developments
affecting the Company will be those that it has anticipated. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond its control) or other assumptions that
may cause actual results or performance to be materially different
from those expressed or implied by these forward-looking
statements, and other risks and uncertainties described in its
Annual Report on Form 10-K, which was filed with the Securities and
Exchange Commission on September 22, 2020 in the section entitled
"Risk Factors," and in its other filings from time to time with the
Securities and Exchange Commission. Should one or more of these
risks or uncertainties materialize, or should any of its
assumptions prove incorrect, actual results may vary in material
respects from those projected in these forward-looking statements.
The Company undertakes no obligation to publicly update or revise
any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210309006041/en/
Mr. John Tripp – Chief Financial Officer (978) 249-3551
jtripp@starrett.com
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