EX-99.1
2
a06-26591_1ex99d1.htm
EX-99
Exhibit
99.1
NEWS
United
Industrial Corporation Completes Divesture of
Detroit Stoker Company Subsidiary
IR Contact:
Media Contact:
Stuart F. Gray
Sharon C. Corona
410-628-8686
410-628-3184
grays@aaicorp.com
corona@aaicorp.com
HUNT
VALLEY, Md., January 3, 2007
- United Industrial Corporation
(NYSE: UIC) today announced completion of the sale of its wholly owned energy
subsidiary, Detroit Stoker Company, for total consideration of $22.2 million.
Pursuant to the definitive
merger agreement, Detroit Stoker merged with Bram Acquisition Corp., a wholly
owned subsidiary of DSC Services, Inc., a newly formed corporation affiliated
with a private investment group. The merged enterprise will retain the Detroit
Stoker Company name.
United Industrial
received $17.2 million in cash at closing and a $5.0 million promissory note
guaranteed in part by a principal of the affiliated private investment group.
Imperial Capital, LLC, an investment bank based in Los
Angeles, acted as exclusive financial advisor to UIC in structuring the
transaction.
United Industrial
Corporation designs, produces, and supports aerospace and defense systems
through its wholly owned subsidiaries AAI Corporation, AAI Services
Corporation, Aerosonde Pty Ltd, ESL Defence Limited, McTurbine Inc., and Symtx,
Inc. Products and services include unmanned aircraft systems, training and
simulation systems, automated aircraft test and maintenance equipment, armament
systems, logistical and engineering services, and other leading-edge technology
solutions for aerospace and defense needs.
For more
information on United Industrial Corporation, visit
www.unitedindustrial.com
.
Except
for the historical information contained herein, information set forth in this
news release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Words such as "expects", "anticipates,"
"intends", "plans", "believes", "estimates", and variations of such words and
similar expressions that indicate future events and trends are intended to
identify such forward-looking statements, which include, but
are not limited to, projections
of revenues, earnings, segment performance, cash flows, and contract awards.
These forward-looking statements are subject to risks and uncertainties,
including without limitation, program cancellations and changes in program
funding, which could cause the company's actual results or performance to
differ materially from those expressed or implied in such statements. The
company makes no commitment to update any forward-looking statement or to
disclose any facts, events, or circumstances after the date hereof that may
affect the accuracy of any forward-looking statement. For additional
information about the company and its various risk factors, please see the
company's most recent Annual Report on Form 10-K and other documents as filed
with the Securities and Exchange Commission.
* * *

EX - 99 . 1 2 a06 - 26591 _ 1ex99d1 . htm EX - 99 Exhibit 99 . 1 NEWS United Industrial Corporation Completes Divesture of Detroit Stoker Company Subsidiary IR Contact : Media Contact : Stuart F. Gray Sharon C. Corona 410 - 628 - 8686 410 - 628 - 3184 grays@aaicorp.com corona@aaicorp.com HUNT VALLEY , Md . , January 3 , 2007 - United Industrial Corporation ( NYSE : UIC ) today announced completion of the sale of its wholly owned energy subsidiary , Detroit Stoker Company , for total consideration of $ 22.2 million . Pursuant to the definitive merger agreement , Detroit Stoker merged with Bram Acquisition Corp . , a wholly owned subsidiary of DSC Services , Inc . , a newly formed corporation affiliated with a private investment group . The merged enterprise will retain the Detroit Stoker Company name . United Industrial received $ 17.2 million in cash at closing and a $ 5.0 million promissory note guaranteed in part by a principal of the affiliated private investment group . Imperial Capital , LLC , an investment bank based in Los Angeles , acted as exclusive financial advisor to UIC in structuring the transaction . United Industrial Corporation designs , produces , and supports aerospace and defense systems through its wholly owned subsidiaries AAI Corporation , AAI Services Corporation , Aerosonde Pty Ltd , ESL Defence Limited , McTurbine Inc . , and Symtx , Inc . Products and services include unmanned aircraft systems , training and simulation systems , automated aircraft test and maintenance equipment , armament systems , logistical and engineering services , and other leading - edge technology solutions for aerospace and defense needs . For more information on United Industrial Corporation , visit www.unitedindustrial.com . Except for the historical information contained herein , information set forth in this news release contains forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 . Words such as " expects " , " anticipates , " " intends " , " plans " , " believes " , " estimates " , and variations of such words and similar expressions that indicate future events and trends are intended to identify such forward - looking statements , which include , but are not limited to , projections of revenues , earnings , segment performance , cash flows , and contract awards . These forward - looking statements are subject to risks and uncertainties , including without limitation , program cancellations and changes in program funding , which could cause the company 's actual results or performance to differ materially from those expressed or implied in such statements . The company makes no commitment to update any forward - looking statement or to disclose any facts , events , or circumstances after the date hereof that may affect the accuracy of any forward - looking statement . For additional information about the company and its various risk factors , please see the company 's most recent Annual Report on Form 10 - K and other documents as filed with the Securities and Exchange Commission . * * *