|By Marketwired .||
|January 7, 2014 03:31 PM EST||
VALLEY CITY, OH -- (Marketwired) -- 01/07/14 -- Shiloh Industries, Inc. (NASDAQ: SHLO), a leading supplier providing lightweighting and noise and vibration solutions to the automotive, commercial vehicle and other industrial markets, today announced that effective Jan. 2, 2014, the company's common stock has been upgraded to be listed on the NASDAQ Global Select Market, the highest of the three market tiers at NASDAQ. Shiloh was selected for the improved listing because the company met the highest quantitative and qualitative standards.
Ramzi Hermiz, president and chief executive officer of Shiloh Industries, Inc., said, "this transition reflects the company's commitment to maintain solid corporate governance and a dedicated leadership team that is focused on continuous improvement."
"Shiloh is an industry leader in lightweighting and NVH solutions," added Hermiz. "Being selected to this prestigious NASDAQ tier is proof that our continued focus on technology and innovation is paying dividends. We remain committed to building long-term value for our shareholders by acting with purpose and speed to achieve sustainable, global, profitable growth and world-class results."
NASDAQ-listed companies are classified under three listing tiers: NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market. Shiloh common shares previously traded on the NASDAQ Capital Market and, following the transfer to the NASDAQ Global Select Market, will retain the ticker symbol SHLO.
"There are numerous requirements to be selected to the NASDAQ Global Select Market, some of which include market capitalization, revenue growth and continued profitability," said Thomas Dugan, vice president finance and treasurer of Shiloh Industries, Inc. "Our continued strong financial performance, most recently reflected in our latest fourth quarter and fiscal 2013 filing, was one of the key catalysts for the upgraded listing."
About Shiloh Industries, Inc.
Headquartered in Valley City, Ohio, Shiloh Industries is a leading supplier, providing light weighting and noise, vibration and harshness (NVH) solutions to automotive, commercial vehicle and other industrial markets. Shiloh delivers these solutions through design, engineering and manufacturing of first operation blanks, engineered welded blanks, complex stampings, modular assemblies and highly engineered aluminum die casting and machined components serving the body-in-white, emission, powertrain, structural and seating needs of OEM and Tier 1 customers. The company has multiple locations across North America, including Georgia, Indiana, Kentucky, Michigan, Ohio, Tennessee, Wisconsin and Mexico, and has approximately 2,000 employees.
Certain statements made by Shiloh Industries, Inc. in this release and other periodic oral and written statements, including filings with the Securities and Exchange Commission, regarding the Company's operating performance, events or developments that the Company believes or expects to occur in the future, including those that discuss strategies, goals, outlook or other non-historical matters, or which relate to future sales, earnings expectations, cost savings, awarded sales, volume growth, earnings or general belief in the Company's expectations of future operating results are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are made on the basis of management's assumptions and expectations. As a result, there can be no guarantee or assurance that these assumptions and expectations will in fact occur. The forward-looking statements are subject to risks and uncertainties that may cause actual results to materially differ from those contained in the statements. Some, but not all of the risks, include the ability of the Company to accomplish its strategic objectives with respect to implementing its sustainable business model; the ability to obtain future sales; changes in worldwide economic and political conditions, including adverse effects from terrorism or related hostilities; costs related to legal and administrative matters; the Company's ability to realize cost savings expected to offset price concessions; the Company's ability to successfully integrate acquired business; inefficiencies related to production and product launches that are greater than anticipated; changes in technology and technological risks; increased fuel and utility costs; work stoppages and strikes at the Company's facilities and that of the Company's customers or suppliers; the Company's dependence on the automotive and heavy truck industries, which are highly cyclical; the dependence of the automotive industry on consumer spending, which is subject to the impact of domestic and international economic conditions, including increased energy costs affecting car and light truck production, and regulations and policies regarding international trade; financial and business downturns of the Company's customers or vendors, including any production cutbacks or bankruptcies; increases in the price of, or limitations on the availability of, steel, the Company's primary raw material, or decreases in the price of scrap steel; the successful launch and consumer acceptance of new vehicles for which the Company supplies parts; the occurrence of any event or condition that may be deemed a material adverse effect under the Credit Agreement or a decrease in customer demand which could cause a covenant default under the Credit Agreement; pension plan funding requirements; and other factors, uncertainties, challenges and risks detailed in the Company's other public filings with the Securities and Exchange Commission. Any or all of these risks and uncertainties could cause actual results to differ materially from those reflected in the forward-looking statements. These forward-looking statements reflect management's analysis only as of the date of this release.
The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. In addition to the disclosures contained herein, readers should carefully review risks and uncertainties contained in other documents the Company files from time to time with the Securities and Exchange Commission.
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