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July 10, 2014
16:06 EDTZEPZep says fire-related sales losses may prompt revenue declines
The company said, "We are making excellent progress on our business continuity plan execution as we recover from the incident at our aerosol production facility, but realize this will create some uncertainty with respect to our future operational and financial results. We are communicating with our customers and working to minimize disruptions in the supply of aerosol products. We continue to believe our insurance will cover the majority of the costs associated with this incident, including business interruption; however we expect the timing of expenditures and insurance recovery to be misaligned. While we are encouraged by recent sales results, we believe that continuing sales pipeline success may only partially offset the fire-related sales losses potentially resulting in revenue declines in some or all of the next four quarters. We invested in a number of initiatives over the past year that started to deliver results in the most recent quarter. Had it not been for the incident, we expected these initiatives to continue to gain traction in the fourth quarter and beyond. However, we are now focused on implementing our business continuity plan with an eye on mitigating the impact of disruption, and believe that the returns on recent investments may be delayed as we manage through the recovery period.
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