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From: Lance Winslow
Date: 22 Aug 2004
Time: 21:52:56 -0400
Remote Name: 63.227.89.226
Hand Held Automotive Diagnostic devices. "The technology of the automobile is changing and our customers are demanding the hand-held diagnostics," Snap-on spokesman Rick Secor said. Sales in the Diagnostics & Information Group were $79.5 million in the third quarter of 2003, down 6.5 percent compared with $85.0 million a year ago, including $1.3 million of favorable currency translation in third-quarter 2003. Operating earnings for the Diagnostics & Information Group were $9.1 million in the third quarter of 2003 compared with $8.1 million in the prior year. Savings from prior restructuring initiatives and the increased sales of hand-held diagnostics offset the impact of lower volume on large platform-based products. No surprise. For the remainder of the year, Snap-on expects continued steady growth in demand for tools and hand-held diagnostics by vehicle-service technicians. Additionally, while there are indications of improving trends in the overall general economy, these have not yet been reflected in sales improvements of equipment in the industrial and capital goods sectors in which Snap-on participates, company management said in announcing third-quarter sales and earnings. As a result of its nine-month results and these marketplace assumptions, Snap-on expects full-year 2003 reported earnings to be in the range of $1.50 to $1.55 per diluted share. The news of the Elkhorn plant closing did not come as a surprise to city of Elkhorn officials, who had been notified of the plans to close the plant, which is located in the Elkhorn Industrial Park. Although Snap-on is one of Elkhorn's largest employers, the plant has been "underutilized," said Elkhorn Mayor Michael Roberts. The company built the facility several years ago, but it remained unoccupied until 1997, he said. Founded in 1920, Snap-on has annual sales of about $2 billion and employs more than 12,000 people worldwide, down from more than 14,000 two years ago.
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