Denali news & news releases
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October 20, 1998
Denali reports significant increases in operating earnings and
sales.
Houston - Denali Incorporated (Nasdaq: DNLI) today announced record
net income and revenues for the fiscal first quarter ending September
26, 1998.
The Company reported net income of $1,285,000 or $.27 per diluted
share on $35.5 million in revenue. Net income for the first quarter
fiscal year 1998 was $347,000, or $.15 per diluted share on $22.0
million in revenue. The fiscal 1998 values exclude the impact
of a non-recurring compensation expense of $2.3 million, or ($1.06)
per diluted share associated with the exchange of certain employee
stock options.
Relative to the same period last year, net income increased 270
percent, earnings per diluted share increased 80 percent, and
revenues increased 62 percent.
“Denali’s revenues and earnings again showed a tremendous jump
from year to year, coming from both internal growth and acquisitions,”
stated Steve Harcrow, chairman and CEO. “Our backlog continues
to be strong, and we believe the opportunities to maintain this
growth remain available to us.”
Denali has also entered into a letter of intent to purchase the
outstanding stock of Plasti-Fab, Inc. Located in Tualatin, Oregon,
Plasti-Fab is a leader in providing fiberglass-reinforced flumes
and metering stations to the water and wastewater industries.
Trailing 12 months revenue was $4.5 million.
Denali Incorporated is a provider of products and services for
handling critical fluids, which are liquids, liquid mixtures,
and slurries that are economically valuable or potentially hazardous
to the environment. The company is a manufacturer of fiberglass-composite,
underground storage tanks; steel, aboveground storage tanks; and
engineered, fiberglass-reinforced, plastic-composite products
for corrosion-resistant applications. Denali Incorporated is headquartered
in Houston, Texas, and markets its products nationally through
its subsidiaries Containment Solutions, Inc. (Houston), Ershigs,
Inc. (Bellingham, WA), Fibercast (Tulsa, OK), and SEFCO, Inc.
(Tulsa, OK).
For more information on Denali Incorporated, please contact Mel
Carter (vice president of business development) at 713.627.0933.
Or visit the Denali Incorporated Website at denaliincorporated.com.
NOTE: This news release contains certain forward-looking statements
as such term is defined in the Private Securities Litigation Reform
Act of 1995 and information relating to the company and its subsidiaries
that are based on the beliefs of the company’s management as well
as assumptions made by and information currently available to
the company management. When used in this report, the words, “anticipate,”
“believe,” “estimate,” “expect,” and “intend” and words or phrases
of similar import, as they relate to the company or its subsidiaries
or company management, are intended to identify forward-looking
statements. Such statements reflect the current risks, uncertainties
and assumptions related to certain factors including, without
limitations, competitive factors, general economic conditions,
customer relations, relationships with vendors, the interest rate
environment, governmental regulation and supervision, seasonality,
distribution networks, product introductions and acceptance, technological
change, changes in industry practices, onetime events and other
factors described herein. Based upon changing conditions, should
any one or more of these risks or uncertainties materialize, or
should any underlying assumptions prove incorrect, actual results
may vary materially from those described herein as anticipated,
believed, estimated, expected or intended.
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Denali Incorporated Financial Highlights
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(Unaudited)
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Three Months Ended
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September 26,
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September 27,
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1998
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1997
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(In Thousands, except for per share amounts)
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| Revenues |
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$ |
35,535 |
$ |
21,979 |
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| Gross Margin |
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8,766 |
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4,830 |
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% of Revenue
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24.7% |
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22.0% |
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| Operating Income |
(A) |
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2,577 |
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1,005 |
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% of Revenue
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7.3% |
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4.6% |
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| Net Income |
(A) |
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1,285 |
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347 |
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% of Revenue
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3.6% |
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1.6% |
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| Earnings per Share: |
(A) |
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Basic
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$ |
0.27 |
$ |
0.15 |
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Diluted
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$ |
0.27 |
$ |
0.15 |
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(A) |
Quarter Ended September 27, 1997, operating income, net income
and earnings per share values excludes the impact of a non-recurring
compensation expense of approximately $2.3 million (or $1.06 per
share) associated with the exchange of certain employee stock
options. |
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August 3, 1998
Denali reports record operating
earnings and sales.
Houston - Denali Incorporated (Nasdaq: DNLI) today announced record net
income and revenues for the fiscal fourth quarter and its fiscal
year 1998 ending June 27, 1998.
For the fiscal fourth quarter, the company reported net income
of $1.4 million, or $.28 per diluted share on $31.4 million in
revenue. Relative to the same period last year, net income increased
257 percent, earnings per diluted share increased 75 percent,
and revenues increased 39 percent. Net income for the fourth quarter
fiscal year 1997 was $381,000, or $.16 per diluted share on $22.5
million in revenue.
For fiscal year 1998, net income was $2.4 million, or $.62 per
diluted share on sales of $99.9 million, excluding the impact
of a non-recurring compensation expense of $2.3 million, or $.60
per diluted share associated with the exchange of certain employee
stock options, and an extraordinary gain from the early retirement
of debt of $219,000, or $.06 per diluted share. Including the
non-recurring compensation expense and extraordinary gain, net
income was $329,000, or $.08 per diluted share. The fiscal year
1998 results, excluding the non-recurring expense and the extraordinary
gain, showed an increase in net income of over 600 percent as
compared to fiscal 1997 net income of $317,000, or $.09 per diluted
share, and an increase in sales of over 40 percent as compared
to fiscal 1997 sales of $71.1 million.
“Executing the business plan to achieve our vision of being the
leading provider of solutions for critical fluids handling has
translated into exceptional financial performance,” stated Steve
Harcrow, chairman and CEO. “Denali’s revenues and earnings showed
tremendous growth, coming from both internal operations and acquisitions.
I am pleased with the continued improvements of our ongoing operations.
Gross margins made impressive gains over the fiscal year increasing
from 19.5 percent to 22.6 percent of revenues, and operating income
grew from 2.8 percent to 4.8 percent of revenue, excluding the
non-recurring compensation expense.”
Mr. Harcrow also noted, “We believe the fragmented nature of the
critical fluids handling industry, which is comprised of many
companies with limited product ranges or serving limited geographic
areas, will provide continued acquisition opportunities.”
“It has been a great year for Denali Incorporated. We grew revenues
by more 40 percent with improving margins; we completed three
major acquisitions (SEFCO, LaValley Construction, and Fibercast);
and the company entered the public equities market. It is a strong
beginning, and I believe the opportunity exists to achieve similar
revenue growth and operating margin improvement in fiscal 1999
as Denali becomes the leading provider of solutions for critical
fluids handling,” Mr. Harcrow summarized.
Denali Incorporated is a provider of products and services for
handling critical fluids, which are liquids, liquid mixtures,
and slurries that are economically valuable or potentially hazardous
to the environment. The company is a manufacturer of fiberglass-composite,
underground storage tanks; steel, aboveground storage tanks; and
engineered, fiberglass-reinforced, plastic-composite products
for corrosion-resistant applications. Denali Incorporated is headquartered
in Houston, Texas, and markets its products nationally through
its subsidiaries Containment Solutions, Inc. (Houston), Ershigs,
Inc. (Bellingham, WA), Fibercast (Tulsa, OK), and SEFCO, Inc.
(Tulsa, OK).
For more information on Denali Incorporated, please contact Kevin
Andrews (chief financial officer) at 713.627.0933 or visit the
Denali Incorporated Website at denaliincorporated.com.
NOTE: This news release contains certain forward-looking statements
as such term is defined in the Private Securities Litigation Reform
Act of 1995 and information relating to the company and its subsidiaries
that are based on the beliefs of the company’s management as well
as assumptions made by and information currently available to
the company’s management. When used in this news release, the
words, “anticipate,” “believe,” “estimate,” “expect,” and “intend”
and words or phrases of similar import, as they relate to the
company or its subsidiaries or company management, are intended
to identify forward-looking statements. Such statements reflect
the current risks, uncertainties and assumptions related to certain
factors including, without limitation, competitive factors, general
economic conditions, customer relations, relationships with vendors,
the interest rate environment, governmental regulation and supervision,
seasonality, distribution networks, product introductions and
acceptance, technological change, changes in industry practices,
onetime events and other factors described herein and in the company’s
filings with the Securities and Exchange Commission. Based upon
changing conditions, should any one or more of these risks or
uncertainties materialize, or should any underlying assumptions
prove incorrect, actual results may vary materially from those
described herein as anticipated, believed, estimated, expected
or intended. |
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Three Months Ended |
Year Ended |
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June 27,
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June 28,
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June 27,
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June 28,
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1998
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1997
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1998
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1997
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(In Thousands, except for per share amounts)
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| Revenues |
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$31,417
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$22,522
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$99,897
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$71,101
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| Gross Margin |
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7,778
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4,783
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22,624
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13,833
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| % of Revenue |
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24.8%
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21.2%
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22.6%
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19.5%
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| Operating Income |
(A) |
2,153
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867
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2,469
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1,959
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| % of Revenue |
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6.9%
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3.8%
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2.5%
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2.8%
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| Extraordinary Item |
(B) |
-
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-
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219
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-
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| Net Income |
(A) |
1,360
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381
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329
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317
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| % of Revenue |
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4.3%
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1.7%
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0.3%
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0.4%
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| Earnings per Share: |
(C) |
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| Basic |
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$0.28
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$0.16
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$0.08
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$0.09
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| Diluted |
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$0.28
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$0.16
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$0.08
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$0.09
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| Average Shares Outstanding: |
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| Basic |
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4,823
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2,185
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3,736
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2,185
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| Diluted |
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4,870
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2,235
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3,875
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2,198
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(A) |
Year ended June 27, 1998, operating and net income values include
the impact of a non-recurring compensation expense of approximately
$2.3 million associated with the exchange of certain employee
stock options. |
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(B) |
Extraordinary gain associated with early retirement of debt. |
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(C) |
Earnings per diluted share for the year ended June 27, 1998 was
$.62 excluding the above-mentioned non-recurring compensation
expense and extraordinary gain. |
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July 30, 1998
Denali announces annual meeting.
Houston - Denali Incorporated (Nasdaq: DNLI) today announced that their
annual meeting will be held at 1:00 p.m., October 21, 1998, at
the DoubleTree Hotel at 2001 Post Oak Boulevard, Houston, Texas.
The Company also announced that it has set the record date for
the annual meeting as the close of business on August 31, 1998.
Denali Incorporated is a provider of products and services for
handling critical fluids, which are liquids, liquid mixtures,
and slurries that are economically valuable or potentially hazardous
to the environment. The company is a manufacturer of fiberglass-composite,
underground storage tanks; steel, aboveground storage tanks; and
engineered, fiberglass-reinforced, plastic-composite products
for corrosion-resistant applications. Denali Incorporated is headquartered
in Houston, Texas, and markets its products nationally through
its subsidiaries Containment Solutions, Inc. (Houston), Ershigs,
Inc. (Bellingham, WA), Fibercast (Tulsa, OK) and SEFCO, Inc. (Tulsa,
OK).
For more information on Denali Incorporated, please contact Mel
Carter (vice president of business development) at 713.627.0933
or via the World Wide Web at mcarter@denaliincorporated.com. Or visit the Denali Incorporated Website at denaliincorporated.com.
May 12, 1998
Denali purchases outstanding stock of Fibercast Company.
Houston - Denali Incorporated (Nasdaq: DNLI) today announced the signing
of a definitive agreement to purchase 100 percent of the outstanding
stock of Fibercast Company (“Fibercast”) from private investors.
Fibercast is a leading manufacturer of fiberglass-reinforced plastic
piping systems, which are typically used in environments where
corrosion resistance is of paramount concern. Fibercast will remain
an autonomous operation.
“Fibercast is a market leader in piping systems for the chemical
processing industry, and its acquisition presents Denali with
opportunities to grow our businesses by leveraging each other’s
market strengths,” noted Steve Harcrow, chairman and chief executive
officer of Denali Incorporated. “Fibercast’s expertise and capabilities
are strong complements to our existing corrosion-resistant products
at Ershigs and Containment Solutions. They take us that next step
closer to providing complete solutions to our customers’ critical
fluid handling needs. We anticipate Fibercast will generate more
than $20 million in revenue for us in the upcoming year and be
accretive to earnings.”
Denali Incorporated is a provider of products and services for
handling critical fluids, which are liquids, liquid mixtures,
and slurries that are economically valuable or potentially hazardous
to the environment. The company is a manufacturer of fiberglass-composite,
underground storage tanks; steel, aboveground storage tanks; and
engineered, fiberglass-reinforced, plastic-composite products
for corrosion-resistant applications. Denali Incorporated is headquartered
in Houston, Texas, and markets its products nationally through
its subsidiaries Containment Solutions, Inc. (Houston), Ershigs,
Inc. (Bellingham, WA), and SEFCO, Inc. (Tulsa, OK).
For more information on Denali Incorporated, please contact Mel
Carter (vice president of business development) at 713.627.0933
or via the World Wide Web at mcarter@denaliincorporated.com.
NOTE: This news release contains certain forward-looking statements
as such term is defined in the Private Securities Litigation Reform
Act of 1995 and information relating to the company and its subsidiaries
that are based on the beliefs of the company’s management as well
as assumptions made by and information currently available to
the company management. When used in this report, the words, “anticipate,”
“believe,” “estimate,” “expect,” and “intend” and words or phrases
of similar import, as they relate to the company or its subsidiaries
or company management, are intended to identify forward-looking
statements. Such statements reflect the current risks, uncertainties
and assumptions related to certain factors including, without
limitations, competitive factors, general economic conditions,
customer relations, relationships with vendors, the interest rate
environment, governmental regulation and supervision, seasonality,
distribution networks, product introductions and acceptance, technological
change, changes in industry practices, onetime events and other
factors described herein. Based upon changing conditions, should
any one or more of these risks or uncertainties materialize, or
should any underlying assumptions prove incorrect, actual results
may vary materially from those described herein as anticipated,
believed, estimated, expected or intended.
April 27, 1998
Denali reports significant increase in earnings for third quarter.
Houston - Denali Incorporated (Nasdaq: DNLI) today reported net income
for the third quarter ended March 28, 1998, was $373,000, or $.08
per diluted share on revenues of $21.6 million. These values compare
to the prior year’s quarter net income of ($487,000), or ($.24)
per diluted share, on revenues of $13.9 million.
Net income for the quarter was adjusted upward by $.05 from $.03
to $.08 per diluted share because of an extraordinary gain associated
with early retirement of debt.
“We are again very pleased with this quarter’s increases in both
sales and net income. As compared with the same quarter last year,
sales increased 55 percent and gross margins increased by 4.8
percent, resulting in an operating net income increase of $855,000,”
said Ed de Boer, president and chief operating officer. “The increases
in revenue and net income have come from two areas. First, the
existing operations’ performance improved significantly in terms
of both activity and margin. Also, acquisitions, namely Ershigs
in March 1997 and SEFCO and LaValley Construction in October 1997,
contributed greatly to our performance.”
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Denali Incorporated Financial Highlights
(Unaudited) |
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Three Months Ended |
Nine Months Ended |
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March 29
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March 28
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March 29
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March 28
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1997
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1998
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1997
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1998
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(In Thousands, except for per share amounts)
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| Revenues |
$13,906
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$21,587
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$48,579
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$68,480
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| Net Income (loss) (A) |
(487)
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373
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(64)
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(1,031)
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| Net Income (loss) per common share (A) |
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Basic:
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$(0.24)
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$0.08
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$(0.07)
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$(0.31)
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Diluted:
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$(0.24)
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$0.08
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$(0.07)
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$(0.31)
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(A) Nine months ended March 28, 1998, net income value includes
impact of a non-recurring compensation expense of approximately
$2.3 million associated with the exchange of certain employee
stock options.
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Denali Incorporated is a provider of products and services for
handling critical fluids, which are liquids, liquid mixtures,
and slurries that are economically valuable or potentially hazardous
to the environment. The company is a manufacturer of fiberglass-composite,
underground storage tanks; steel, aboveground storage tanks; and
engineered, fiberglass-reinforced, plastic-composite products
for corrosion-resistant applications. Denali Incorporated is headquartered
in Houston, Texas, and markets its products nationally through
its subsidiaries Containment Solutions, Inc. (Houston), Ershigs,
Inc. (Bellingham, WA), and SEFCO, Inc. (Tulsa, OK).
For more information on Denali Incorporated, please contact Mel
Carter (vice president of business development) at 713.627.0933
or via the World Wide Web at mcarter@denaliincorporated.com. Or visit the Denali Incorporated Website at denaliincorporated.com.
NOTE: This news release contains certain forward-looking statements
as such term is defined in the Private Securities Litigation Reform
Act of 1995 and information relating to the company and its subsidiaries
that are based on the beliefs of the company’s management as well
as assumptions made by and information currently available to
the company management. When used in this report, the words, “anticipate,”
“believe,” “estimate,” “expect,” and “intend” and words or phrases
of similar import, as they relate to the company or its subsidiaries
or company management, are intended to identify forward-looking
statements. Such statements reflect the current risks, uncertainties
and assumptions related to certain factors including, without
limitations, competitive factors, general economic conditions,
customer relations, relationships with vendors, the interest rate
environment, governmental regulation and supervision, seasonality,
distribution networks, product introductions and acceptance, technological
change, changes in industry practices, onetime events and other
factors described herein. Based upon changing conditions, should
any one or more of these risks or uncertainties materialize, or
should any underlying assumptions prove incorrect, actual results
may vary materially from those described herein as anticipated,
believed, estimated, expected or intended.
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April 16, 1998
Denali purchases outstanding
stock of CC&E.
Houston - Denali Incorporated (Nasdaq: DNLI) today announced the signing
of a definitive agreement to purchase 100% of the outstanding
stock of CC&E/RPS, Inc. (“CC&E”) from Reinforced Plastics Systems
Inc. of Mahone Bay, Nova Scotia, Canada. CC&E is a leading North
American field constructor of fiberglass-reinforced plastic products.
The stock purchase excludes the European assets of CC&E. Ershigs,
Inc., a Denali company, will operate the business.
“This acquisition will enhance Denali’s ability to capitalize
on the growing opportunities in the power and pulp and paper industries,”
said Ed de Boer, president of Denali Incorporated. “Quoting and
booking activity in our current operations are strong, and the
addition of CC&E will allow us to better serve our customers’
needs. We anticipate CC&E will generate over $4 million in business
for us in the upcoming year.”
Denali will use a portion of its new $29 million commercial bank
credit facility with NationsBank of Texas, N.A. to fund this acquisition.
Denali Incorporated is a provider of products and services for
handling critical fluids, which are liquids, liquid mixtures,
and slurries that are economically valuable or potentially hazardous
to the environment. The company is a manufacturer of fiberglass-composite,
underground storage tanks; steel, aboveground storage tanks; and
engineered, fiberglass-reinforced, plastic-composite products
for corrosion-resistant applications. Denali Incorporated is headquartered
in Houston, Texas, and markets its products nationally through
its subsidiaries Containment Solutions, Inc. (Houston), Ershigs,
Inc. (Bellingham, WA), and SEFCO, Inc. (Tulsa, OK).
For more information on Denali Incorporated, please contact Mel
Carter (vice president of business development) at 713.627.0933
or via the World Wide Web at mcarter@denaliincorporated.com.
NOTE: This news release contains certain forward-looking statements
as such term is defined in the Private Securities Litigation Reform
Act of 1995 and information relating to the company and its subsidiaries
that are based on the beliefs of the company’s management as well
as assumptions made by and information currently available to
the company management. When used in this report, the words, “anticipate,”
“believe,” “estimate,” “expect,” and “intend” and words or phrases
of similar import, as they relate to the company or its subsidiaries
or company management, are intended to identify forward-looking
statements. Such statements reflect the current risks, uncertainties
and assumptions related to certain factors including, without
limitations, competitive factors, general economic conditions,
customer relations, relationships with vendors, the interest rate
environment, governmental regulation and supervision, seasonality,
distribution networks, product introductions and acceptance, technological
change, changes in industry practices, onetime events and other
factors described herein. Based upon changing conditions, should
any one or more of these risks or uncertainties materialize, or
should any underlying assumptions prove incorrect, actual results
may vary materially from those described herein as anticipated,
believed, estimated, expected or intended.
February 2, 1998
Denali announces second quarter earnings,
management change due to illness of CEO
Houston - Denali Incorporated (Nasdaq: DNLI) today reported net income
for the second quarter ended December 27, 1997, was $561,000,
or $.16 per diluted share, on revenues of $24.9 million, compared
to prior year's quarter net income of $130,000, or $.04 per diluted
share, on revenues of $17.0 million.
Net income for the quarter was adjusted downward by $.01 from
$.17 to $.16 per diluted share because of an extraordinary charge
associated with early retirement of debt.
"We are very pleased with this quarter's increases in both sales
and net income, which jumped by more than 45 and 300 percent,
respectively, compared with the same period last year," said Ed
de Boer, president and chief operating officer of Denali Incorporated.
"The improvements in revenue are chiefly attributed to acquisitions
of Ershigs in March 1997 and LaValley Construction and SEFCO in
October of 1997. The increase in net income reflects the contributions
of these companies as well as improvements in our existing businesses." |
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Denali Incorporated Financial Highlights
(Unaudited)
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| Three Months Ended1 |
Six Months Ended
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Dec.28, 1996
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Dec. 27, 1997
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Dec. 28, 1996
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Dec.27, 1997
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| Revenues |
$16,970 |
$24,914
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$34,673
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$46,893
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| Net income (loss) (A) |
130
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561
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423
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(1,404)
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| Net income (loss) per common share (A) |
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Basic:
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$0.05
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$0.17
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$0.17
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$(0.53)
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Diluted:
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$0.04
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$0.16
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$0.16
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$(0.53)
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(A) Six months ended December 27, 1997, net income value includes
impact of a non-recurring compensation expense of approximately
$2.3 million associated with the exchange of certain employee
stock options.
1In thousands, except for per share amounts
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Management change due to CEO's illness
The company also announced that Stephen T. Harcrow, chairman of
the board and chief executive officer of the company, has recently
been diagnosed with enlarged lymphatic nodes within the abdominal
cavity determined to be malignant. While Mr. Harcrow continues
to perform his duties as chairman of the board and chief executive
officer, there can be no assurance as to how long he will be able
to continue to do so. Mr. Ed de Boer, chief operating officer
of the company since November 1,1997, was elected president of
the company on January 29, 1998, and will continue to serve as
chief operating officer.
De Boer's background
Prior to joining the company as a consultant in January 1997,
Mr. de Boer served as president and chief executive officer of
EnviroTech Pump Systems, Inc., a wholly owned subsidiary of the
Weir Group of Glasgow, Scotland from September 1994 to February
1996. Mr. de Boer was president of the Baker Hughes Incorporated
(NYSE: BHI) EnviroTech Pump Group from 1990 to 1994, and president
of BGA International from 1988 to 1990.
Denali's market
Denali Incorporated is a provider of products and services for
handling critical fluids, which are liquids, liquid mixtures,
and slurries that are economically valuable or potentially hazardous
to the environment. The company is a manufacturer of fiberglass-composite,
underground storage tanks; steel, aboveground storage tanks; and
engineered, fiberglass-reinforced, plastic-composite products
for corrosion-resistant applications. Denali Incorporated is headquartered
in Houston, Texas, and markets its products nationally through
its subsidiaries Fluid Containment, Inc. (Houston), Hoover Containment,
Inc. (Baltimore), Ershigs, Inc. (Bellingham, WA), and SEFCO, Inc.
(Tulsa, OK).
NOTE: This news release contains certain forward-looking statements
as such term is defined in the Private Securities Litigation Reform
Act of 1995 and information relating to the company and its subsidiaries
that are based on the beliefs of the company's management as well
as assumptions made by and information currently available to
the company's management. When used in this report, the words,
"anticipate," "believe," "estimate," "expect" and "intend" and
words or phrases of similar import, as they relate to the company
or its subsidiaries or company management, are intended to identify
forward-looking statements. Such statements reflect the current
risks, uncertainties and assumptions related to certain factors
including, without limitations, competitive factors, general economic
conditions, customer relations, relationships with vendors, the
interest rate environment, governmental regulation and supervision,
seasonality, distribution networks, product introductions and
acceptance, technological change, changes in industry practices,
onetime events and other factors described herein. Based upon
changing conditions, should any one or more of these risks or
uncertainties materialize, or should any underlying assumptions
prove incorrect, actual results may vary materially from those
described herein as anticipated, believed, estimated, expected
or intended.
For more information on Denali Incorporated, please contact Mel
Carter (vice president of business development) at 713.627.0933
or via the World Wide Web at mcarter@denaliincorporated.com.
January 6, 1998
Denali Incorporated announces additions to its board of directors.
Houston - Denali Incorporated (Nasdaq: DNLI) today announced the addition
of Joel V. Staff and Philip Burguieres to its board of directors.
Mr. Staff is chairman, president, and chief executive officer
of National-Oilwell, Inc. (NYSE: NOI). National-Oilwell is a Houston-based
worldwide leader in the design, manufacture, and sale of machinery
and in the distribution of maintenance, repair, and operating
(MRO) products used in oil and gas drilling and production. Mr.
Staff also currently serves on the board of directors of the Petroleum
Equipment Suppliers Association (PESA) and the National Ocean
Industries Association (NOIA).
Mr. Burguieres is chairman of the board of Weatherford Enterra,
Inc. (NYSE: WII). Weatherford Enterra is a Houston-based, diversified
international energy service and manufacturing company providing
products and services around the world to the oil and gas exploration,
production, and transmission industries. Mr. Burguieres also serves
on the board of directors of Texas Commerce Bank, N.A., McDermott
International, Cogen Technologies, and TransAmerican Waste Industries.
Other directors of the company include Ernest H. Cockrell, chairman
and chief executive officer of Cockrell Oil Corporation; Thomas
D. Simmons, Jr., chairman of Simmons, Vedder & Company; J. Taft
Symonds, chairman of Tetra Technologies, Inc. and Maurice Pincoffs
Company; and Stephen M. Youts, managing director and chairman
of Avondale Partners. Steve Harcrow is the founding chairman of
the board, president, CEO, and sole inside director.
Denali Incorporated is a provider of products and services for
handling critical fluids, which are liquids, liquid mixtures,
and slurries that are economically valuable or potentially hazardous
to the environment. The company is a manufacturer of fiberglass-composite,
underground storage tanks; steel aboveground storage tanks; and
engineered, fiberglass reinforced, plastic-composite products
for corrosion-resistant applications. Denali Incorporated is headquartered
in Houston, Texas, and markets its products nationally through
its subsidiaries Fluid Containment, Inc., Hoover Containment,
Inc., Ershigs, Inc., and SEFCO, Inc.
For more information on Denali Incorporated, please contact Mel
Carter, vice-president of business development, at 713.627.0933
or mcarter@denaliincorporated.com.
November 21, 1997
Denali Incorporated commences public offering at $13.00.
Houston - Denali Incorporated (the "Company") today announced it has
commenced the public offering of 2,100,000 shares of its common
stock, which are being sold by the Company at a price of $13.00
per share. The offering is being managed by Morgan Keegan & Company,
Inc. and Rauscher Pierce Refsnes, Inc.
Denali Incorporated is a provider of products and services for
handling critical fluids, which are liquids, liquid mixtures,
and slurries that are economically valuable or potentially hazardous
to the environment. The Company is a manufacturer of fiberglass-composite,
underground storage tanks, steel rectangular aboveground storage
tanks, and engineered, fiberglass-reinforced, plastic-composite
products for corrosion-resistant applications. Denali Incorporated
is headquartered in Houston, Texas and markets its products nationally
through it subsidiaries Fluid Containment, Inc., Hoover Containment,
Inc., Ershigs, Inc., and SEFCO, Inc.
These securities are offered only by means of a written prospectus
and this announcement is neither an offer to sell nor a solicitation
of an offer to buy. A written prospectus may be obtained by contacting
Morgan Keegan & Company, Inc. or Rauscher Pierce Refsnes.
For more information on Denali Incorporated, please contact Mel
Carter (vice president of business development) at 713.627.0933
or via the World Wide Web at mcarter@denaliincorporated.com.
November 4, 1997
Denali Incorporated today announced its acquisition of
SEFCO, Inc. of Tulsa, Oklahoma, and of
LaValley Construction of Biloxi, Mississippi, and the
name change of LaValley to Ershigs Biloxi.
Houston - Denali Incorporated today announced that it has acquired 100%
of the stock of SEFCO, Inc. of Tulsa, Oklahoma. SEFCO is a leading,
regional manufacturer of field-erected steel tanks and accessories
for use in the municipal water, agrochemical, and petroleum industries.
SEFCO was founded in the Tulsa area by members of the Sutton family
in 1984. Craig Sutton, SEFCO's majority owner prior to the sale,
continues with the company in the position of president. The company
will continue to operate as an independent business unit within
Denali.
Denali Incorporated has also completed the acquisition today of
LaValley Construction, Inc. of Biloxi, Mississippi, which will
be renamed Ershigs Biloxi, Inc. and will operate as an independent
unit in conjunction with Denali's subsidiary, Ershigs, Inc. of
Bellingham, Washington.
Ershigs Biloxi (formerly LaValley Construction) manufactures,
installs, and services engineered fiber reinforced plastic (FRP)
products for use in corrosion-resistant applications. Ershigs
Biloxi primarily services the pulp and paper, chemical processing,
and power generation industries. Eric Schumacher will continue
as general manager of the company.
Denali's acquisition is of the LaValley operation in Biloxi only.
This action does not include GL&V/LaValley Industries (Vancouver,
Washington), which is involved in the manufacture of products
different from those provided by what was formerly LaValley Construction.
GL&V's ticker symbols are LV.A, LV.B, and LV.DB.
Denali Incorporated is a provider of products and services for
handling critical fluids, which are liquids, liquid mixtures,
and slurries that are economically valuable or potentially hazardous
to the environment. SEFCO and Ershigs Biloxi compliment Denali's
existing product lines, which include fiberglass-composite, underground
storage tanks, steel rectangular aboveground storage tanks, and
engineered, fiberglass-reinforced, plastic-composite products
for corrosion-resistant applications. Headquartered in Houston,
the company markets its products nationally through its subsidiaries
Fluid Containment, Inc. (Conroe, Texas), Hoover Containment, Inc.
(Baltimore, Maryland), and Ershigs, Inc. (Bellingham, Washington).
Denali is the Native American name for Mt. McKinley, the largest
mountain on Earth. The name means "The Great One" or "The High
One" in that native language. For more information, contact Mel
Carter at 713.627.0933 or mcarter@denaliincorporated.com.
October 1, 1997
Denali Incorporated registers with SEC.
Houston - Denali Incorporated has today filed a Registration Statement
with the Securities and Exchange Commission for an initial public
offering by the Company of its Common Stock. The Company is a
provider of products and services for handling critical fluids,
which are liquids, liquid mixtures, and slurries that are economically
valuable or potentially hazardous to the environment. Denali Incorporated
is a leading manufacturer of fiberglass-composite, underground
storage tanks, steel rectangular aboveground storage tanks, and
engineered, fiberglass-reinforced, plastic-composite products
for corrosion-resistant applications. Denali Incorporated is headquartered
in Houston, Texas, and markets its products nationally through
its subsidiaries Fluid Containment, Inc., Hoover Containment,
Inc., and Ershigs, Inc.
Morgan Keegan & Company, Inc. plans to underwrite the stock sale
along with Rauscher Pierce Refsnes, Inc.
The registration statement relating to these securities has been
filed with the Securities and Exchange Commission but has not
yet become effective. These securities may not be sold nor may
offers to buy be accepted prior to the time the registration statement
becomes effective. This communication shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any State in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such State.
A copy of the preliminary prospectus may be obtained from the
offices of Morgan Keegan & Company, Inc., 50 North Front Street,
Memphis, Tennessee 38103.
For more information, contact Denali Incorporated, care of Mr.
Mel Carter, vice president, at 713.627.0933 or mcarter@denaliincorporated.com.
February 28, 1997
Specialty Solutions, Inc., a Denali company, completes the acquisition
of Ershigs, Inc.
Houston - Specialty Solutions, Inc. (Houston, Texas) has completed its
acquisition of Ershigs, Inc. (Bellingham, Washington). Specialty
Solutions, a Denali company, is a Houston-based company specializing
in economically and environmentally better solutions for containing,
monitoring, and separating critical fluids.
Ershigs is an engineering company with specialized talents in
designing, manufacturing, and construction with plastic composites.
Plastic composites are lightweight materials used in industrial
applications where corrosion resistance is a requirement. Among
the many types of plastic composites, fiberglass-reinforced plastic
(FRP) is the most widely used.
Ershigs headquarters are in Bellingham, Washington, with manufacturing
facilities there, in North Carolina, and Texas. Due to the significant
size of many Ershigs-engineered structures, much of the manufacturing
is done on-site.
The company was acquired from Praxair, Inc. of Danbury, Connecticut.
Ershigs had been a wholly owned subsidiary of CBI Industries,
Inc., which Praxair acquired in the first quarter of 1996.
Specialty Solutions and Ershigs join other Denali companies, Fluid
Containment and Hoover Containment, forming the core of a company
providing economically and environmentally better solutions for
containing, monitoring, and separating critical fluids. Fluid
Containment is the world's largest provider of underground fiberglass
tanks, primarily for the storage of petroleum products. Hoover's
Lube Cube® systems and its family of tank vaults serve similar markets for
aboveground storage of lubricants and fuels. The companies are
the largest providers in the fuel storage industry. Ershigs is
the largest provider of engineered composites for corrosive applications.
Products and services from these companies provide owners with
affordable containment and engineered corrosion solutions consistent
with responsible environmental protection and regulatory compliance.
In calendar 1997, Denali companies' combined operations will approach
$100 million.
"Ershigs brings significant engineering and construction talent
to our family of companies under the umbrella of Denali Incorporated."
stated Steve Harcrow, chairman of Denali Incorporated. "This is
the third acquisition of a company that delivers to the market
economically and environmentally better solutions."
Ershigs, Inc. manufactures in three facilities, supplying an engineering,
manufacturing, and construction organization, serving the industry
since 1921. The company is the nation's leading manufacturer of
fiberglass-reinforced composites for corrosion-resistant applications.
Hoover manufactures in two owned facilities, supplying products
to more than 500 customers located in North America. This customer
base makes Hoover the largest company delivering a broad, aboveground
product line on a nationwide basis.
Fluid Containment, the inventor of underground fiberglass storage
tanks, has three manufacturing plants in the U.S., strategically
located to ensure on-time delivery. The company also fields the
industry's largest service organization from five locations in
the U.S.
For more information, contact Mr. Mel Carter, Denali Incorporated,
at 713.627.0933 or mcarter@denaliincorporated.com.
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