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Zoltek Companies, Inc. today reported that it expects to be in compliance with all of its loan covenants through at least its fiscal quarters ending June 30 and September 30, 2002, as a result of recently completed modifications to its bank credit agreement.
As part of its quarterly filing with the Securities and Exchange Commission in mid-May, Zoltek had noted that it might not have been able to continue to comply with loan covenants relating to debt coverage ratios, inventory turn ratios and to maximum inventory advances. “”We have obtained the necessary amendments to these covenants and we are now confident of our ability to comply with our loan agreements through the end of our current fiscal year. We are also continuing our efforts to enhance our liquidity and access the capital resources to support our business plan for fiscal 2003,”” said Zsolt Rumy, Zoltek’s Chairman and Chief Executive Officer.
Zoltek also reported that it has received an income tax refund of approximately $3 million as a result of a change in the rules regarding the application of tax losses to prior years. He said that the Company was continuing to work on performance improvements in its business to reduce costs and generate additional cash.
“”As a result of recent operating cost reductions and the disposition of under-performing businesses, we expect to achieve our stated objective of operating on a cash-flow neutral position by September 30, the end of our 2002 fiscal year,”” Rumy said. He added that Zoltek had retained Pharus Advisors LLC, of New York, to assist the Company in arranging financing to strengthen its long-term capital structure. “”Our goal is to maintain a healthy level of liquidity while continuing to support important and promising application development efforts, including our work with BMW in the development and early production of a car with primary structural components made of carbon fiber composites,”” said Rumy.
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