EX-99.1
2
a06-3881_1ex99d1.htm
EXHIBIT 99
Exhibit 99.1
For
Immediate Release
PRESS RELEASE
Contact:
L. Scott Biar
Chief Financial Officer, Treasurer
Stewart & Stevenson Services, Inc.
713-868-7700
STEWART &
STEVENSON SERVICES COMPLETES SALE OF
ENGINEERED PRODUCTS AND POWER PRODUCTS BUSINESSES
Houston
, January 25,
2006 - Stewart & Stevenson Services, Inc. (NYSE:SVC) announced
today that it has completed the sale of its Engineered Products and Power
Products businesses and certain other assets to Stewart & Stevenson
LLC, pursuant to the previously announced asset purchase agreements with Mr. Hushang
Ansary, prominent Houston oil industry entrepreneur and philanthropist. Total cash consideration was $277 million, subject
to adjustment based on a final post-closing accounting of the assets delivered.
The company also announced that John B. Simmons, who has been Chief
Financial Officer of Stewart & Stevenson Services, Inc., will serve
as President and Chief Executive Officer of Stewart & Stevenson LLC,
the entity in which the Engineered Products and Power Products businesses will
operate. L. Scott Biar, who has served as
the company's Controller and Chief Accounting Officer since December 2002,
will succeed Mr. Simmons as Chief Financial Officer and Treasurer
effective immediately. Mr. Simmons will continue his employment with Stewart &
Stevenson Services, Inc. for a period of time to assist with the
transition of responsibilities and closing of the financial cycle for fiscal
2005.
Max L. Lukens, President and Chief Executive
Officer, stated, "We are excited for the opportunity John Simmons has to lead
these businesses in the role of President and CEO. John has played an instrumental role in our company's
performance, and we wish him every success in his new position. Scott Biar,
another key player in our company's performance, is uniquely qualified to assume
the duties of CFO, and we are pleased he has accepted this position".
Mr. Biar, a native Texan who graduated
Cum Laude from Texas A&M University with a BBA in Accounting, was Vice
President and Chief Accounting Officer for Encompass Services Corporation in
Houston prior to joining Stewart & Stevenson and held principal
accounting positions at Corporate Brand Foods America and Weatherford
International, Inc. prior to that.
He is a Certified Public Accountant and has over 20 years of experience
in financial roles of increasing responsibility including seven years of public
accounting experience.
Stewart & Stevenson Services, Inc. (NYSE: SVC), founded
in 1902, is primarily engaged in the design, manufacture and service of medium
and light tactical vehicles for the U.S. Army and
others
worldwide.
Stewart & Stevenson LLC is not affiliated with Stewart &
Stevenson Services, Inc. For more
information on both companies, visit www.ssss.com.
This
press release contains forward-looking statements that are based on management's
current expectations, estimates, and projections. These statements are not guarantees of future
performance and involve a number of risks, uncertainties and assumptions and
are made pursuant to the Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995. Many
factors, including those discussed more fully elsewhere in this release and in
the Company's filings with the Securities and Exchange Commission, particularly
its latest annual report on Form 10-K, as well as others, could cause
results to differ materially from those stated.
These factors include, but are not limited to, risks of dependence on
government and failure to obtain new government contracts, inherent risks of
government contracts, risks of supply interruptions to Tactical Vehicle Systems
segment, risks associated with Distributed Energy Solutions segment, risks of
fixed-price contracts, risks as to rising steel prices, risks as to cost
controls, risks of general economic conditions, risks as to rising steel
prices, risks of oil and gas industry economic conditions, risks of airline
industry economic conditions, risks as to distributorships, risks as to
licenses, risk of competition, risks relating to technology, risks as to
terrorist attacks on the U.S. and their impact on the U.S. economy, risks
relating to personnel, risks of claims and litigation, risks of product
defects, risks as to foreign sales and global trade matters, risks as to
information technology, risks as to acquisitions and restructuring activities,
risks as to currency fluctuations, risks as to environmental and safety
matters, and credit risks all as more specifically outlined in the Company's
latest annual report on Form 10-K. In addition, such forward-looking
statements could be affected by general industry and market conditions and
growth rates, general domestic and international conditions including interest
rates, inflation and currency exchange rates and other future factors. Actual outcomes and results may differ
materially from what is expressed or forecasted in such forward-looking
statements.

EX - 99 . 1 2 a06 - 3881 _ 1ex99d1 . htm EXHIBIT 99 Exhibit 99 . 1 For Immediate Release PRESS RELEASE Contact : L . Scott Biar Chief Financial Officer , Treasurer Stewart & Stevenson Services , Inc . 713 - 868 - 7700 STEWART & STEVENSON SERVICES COMPLETES SALE OF ENGINEERED PRODUCTS AND POWER PRODUCTS BUSINESSES Houston , January 25 , 2006 - Stewart & Stevenson Services , Inc . ( NYSE : SVC ) announced today that it has completed the sale of its Engineered Products and Power Products businesses and certain other assets to Stewart & Stevenson LLC , pursuant to the previously announced asset purchase agreements with Mr . Hushang Ansary , prominent Houston oil industry entrepreneur and philanthropist . Total cash consideration was $ 277 million , subject to adjustment based on a final post - closing accounting of the assets delivered . The company also announced that John B . Simmons , who has been Chief Financial Officer of Stewart & Stevenson Services , Inc . , will serve as President and Chief Executive Officer of Stewart & Stevenson LLC , the entity in which the Engineered Products and Power Products businesses will operate . L . Scott Biar , who has served as the company 's Controller and Chief Accounting Officer since December 2002 , will succeed Mr . Simmons as Chief Financial Officer and Treasurer effective immediately . Mr . Simmons will continue his employment with Stewart & Stevenson Services , Inc . for a period of time to assist with the transition of responsibilities and closing of the financial cycle for fiscal 2005 . Max L. Lukens , President and Chief Executive Officer , stated , " We are excited for the opportunity John Simmons has to lead these businesses in the role of President and CEO . John has played an instrumental role in our company 's performance , and we wish him every success in his new position . Scott Biar , another key player in our company 's performance , is uniquely qualified to assume the duties of CFO , and we are pleased he has accepted this position " . Mr . Biar , a native Texan who graduated Cum Laude from Texas A & M University with a BBA in Accounting , was Vice President and Chief Accounting Officer for Encompass Services Corporation in Houston prior to joining Stewart & Stevenson and held principal accounting positions at Corporate Brand Foods America and Weatherford International , Inc . prior to that . He is a Certified Public Accountant and has over 20 years of experience in financial roles of increasing responsibility including seven years of public accounting experience . Stewart & Stevenson Services , Inc . ( NYSE : SVC ) , founded in 1902 , is primarily engaged in the design , manufacture and service of medium and light tactical vehicles for the U . S . Army and others worldwide . Stewart & Stevenson LLC is not affiliated with Stewart & Stevenson Services , Inc . For more information on both companies , visit www.ssss.com . This press release contains forward - looking statements that are based on management 's current expectations , estimates , and projections . These statements are not guarantees of future performance and involve a number of risks , uncertainties and assumptions and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995 . Many factors , including those discussed more fully elsewhere in this release and in the Company 's filings with the Securities and Exchange Commission , particularly its latest annual report on Form 10 - K , as well as others , could cause results to differ materially from those stated . These factors include , but are not limited to , risks of dependence on government and failure to obtain new government contracts , inherent risks of government contracts , risks of supply interruptions to Tactical Vehicle Systems segment , risks associated with Distributed Energy Solutions segment , risks of fixed - price contracts , risks as to rising steel prices , risks as to cost controls , risks of general economic conditions , risks as to rising steel prices , risks of oil and gas industry economic conditions , risks of airline industry economic conditions , risks as to distributorships , risks as to licenses , risk of competition , risks relating to technology , risks as to terrorist attacks on the U . S . and their impact on the U . S . economy , risks relating to personnel , risks of claims and litigation , risks of product defects , risks as to foreign sales and global trade matters , risks as to information technology , risks as to acquisitions and restructuring activities , risks as to currency fluctuations , risks as to environmental and safety matters , and credit risks all as more specifically outlined in the Company 's latest annual report on Form 10 - K . In addition , such forward - looking statements could be affected by general industry and market conditions and growth rates , general domestic and international conditions including interest rates , inflation and currency exchange rates and other future factors . Actual outcomes and results may differ materially from what is expressed or forecasted in such forward - looking statements .