Thomas Industries to Expense Stock Options
Thomas Industries Inc. announced that the Company plans to begin expensing stock options in 2003, using the guidelines of the Statement of Financial Accounting Standards (SFAS) No. 123, "Accounting for Stock-Based Compensation".
The Company has elected the prospective method under SFAS No. 123 in expensing stock options. Based on the stock options issued year-to-date, it is estimated that the fourth quarter 2003 pre-tax charge to earnings will be $160,000, and the net charge to earnings will be $100,000, or approximately $.01 per share. The effect on this change in accounting for stock options is immaterial for the year.
About Thomas Industries Inc.
Thomas Industries Inc. (NYSE: TII), headquartered in Louisville, Kentucky, is the recognized leader in the design and manufacture of Rietschle Thomas brand pumps and compressors for use in global OEM applications, supported by worldwide sales and service for key customer applications and end-user markets. High quality automotive component castings are also a key offering. Other products include Welch laboratory equipment and Oberdorfer centrifugal and rotary gear liquid pumps. The Company also owns a 32 percent interest in Genlyte Thomas Group LLC, the third largest lighting fixture manufacturer in North America. Thomas has operations in North & South America, Europe, Asia, and Australia.
The statements in this press release with respect to future results and future expectations may be regarded as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and actual results may differ materially from those currently expected. They are subject to various risks, such as the ability of Thomas Industries and the joint venture to meet business sales goals, fluctuations in commodity prices, increased interest costs arising from a change in the companies' leverage or change in rates, the timing of the magnitude of capital expenditures, a slowing of the overall economy including interruptions to commerce resulting from wars or terrorist attacks, as well as other risks discussed in Thomas' filing with the Securities and Exchange Commission, including its Annual Report and 10-K for the year ended December 31, 2002. Thomas Industries makes no commitment to disclose any revisions to forward-looking statements, or any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements.
Source: Thomas Industries, Inc.
