Fedders
Corporation Announcement
LIBERTY
CORNER, New Jersey -- May 11, 2005 -- Fedders
Corporation, a leading global manufacturer of
air treatment products, including air conditioners,
air cleaners, dehumidifiers and humidifiers,
and thermal technology products, announced today
that, as a result of the previously reported
delay in filing its Annual Report on Form 10-K,
it has not timely filed with the Securities
and Exchange Commission its Quarterly Report
on Form 10-Q for the first fiscal quarter of
2005. The financial statements for the company's
first fiscal quarter cannot be completed until
the fiscal year 2004 financial statements are
completed. The company cannot, at this time,
estimate when the Quarterly Report on Form 10-Q
will be filed.
As
previously reported, the company was advised
by Deloitte & Touche on April 14, 2005,
that it will not stand for reappointment as
the company's registered public accounting firm
for the year ending December 31, 2005 or for
any quarterly periods in the year. The company
is currently interviewing accounting firms to
succeed Deloitte & Touche. Upon completion
of the company's financial statements for fiscal
year 2004, the company's new registered public
accounting firm will undertake its review of
the company's fiscal first quarter financial
statements, completion of which is required
before the Form 10-Q can be filed. As stated
above, the company cannot, at this time, estimate
when the Quarterly Report on Form 10-Q will
be filed.
This
news release includes forward-looking statements
that are covered under the "Safe-Harbor"
clause of the Private Securities Litigation
Reform Act of 1995. Such statements are based
upon current expectations and assumptions. Actual
results could differ materially from those currently
anticipated as a result of known and unknown
risks and uncertainties including, but not limited
to, weather and economic, political, market
and industry conditions and reliance on key
customers. Such factors are described in Fedders'
SEC filings, including its most recently filed
annual report on Form 10-K. The company disclaims
any obligation to update any forward-looking
statements to incorporate developments occurring
after release of announcement. Visit the Fedders
investor information website at http://www.fedders.com
to access additional information on Fedders.
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