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Friday, December 01, 2006 1:49:06 PM
EME is a seventy-year-old company based in Tampa, Florida. Its principal businesses include providing electrical contracting services both as a prime contractor and as a subcontractor, electrical support for industrial and commercial buildings, power generation stations, as well as water and sewage plants in the United States and abroad. Through a wholly owned subsidiary (EME General Contractors, Inc.), EME also constructs and services towers used in the cellular telephone industry. EME Modular Structures, Inc., another wholly owned subsidiary of EME, is engaged in the construction of concrete modular buildings.
EME's financial statements for the six months ended June 30, 2003 reflect revenue of $31,021,000, and pre-tax profit of $635,000. As of June 30, 2003, EME had $31,134,000 in assets and an equity book value of $10,200,000. Based upon audited financial statements, EME had Earnings Before Interest, Taxes, Depreciation and Amortization of more than $13 million over the last 10 years, and is ranked among the top 75 companies in its industry.
The transaction will be closed in connection with the confirmation of a Chapter 11 Plan of Reorganization filed by EME last month. The transaction will be consummated primarily with preferred stock, resulting in minimal dilution to EFTI's common shareholders.
Taken from an old EFTI PR.
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