The Company also disclosed today that its Board of Directors has authorized management to initiate a plan for repatriation of $110 million of foreign earnings under the American Jobs Creation Act of 2004. The repatriation program will be funded by cash-on-hand and a new five-year, multi-currency revolving credit facility, which is expected to be in place by early December.
In addition, the Company also disclosed its intention to repay $150 million of 6.74 percent Senior Notes due August 11, 2008, resulting in annual interest savings of $4 to $5 million commencing in 2006. The prepayment of these notes will result in pre-tax charges of approximately $9 million.
For the fourth quarter, earnings per share, excluding restructuring and other non-recurring charges, is projected to be in the range of $0.27 to $0.31 on sales of $205 million to $210 million. For the year, the Company projects earnings per share, excluding restructuring and other non-recurring charges, in the range of $1.04 to $1.08 on sales of $807 million to $812 million.
Paxar Corporation is a global leader in providing innovative merchandising systems to retailers and apparel customers.
Paxar's leadership in products and technology, global manufacturing operations, worldwide distribution network and brand recognition are enabling the Company to expand its competitive advantage and market share.
marketing@alchempro.com
