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Trex Company Appoints James E. Cline Vice President and Chief Financial Officer
Mr. Cline, age 56, served as president of Harsco GasServ, a global manufacturer and distributor of control and containment products with annual revenues of approximately $400 million, 18 facilities worldwide and more than 1,700 employees, from 2005 to 2007. From 1994 to 2005, Mr. Cline served as vice president and controller of Harsco GasServ, with responsibility for worldwide finance and information technology. His focus was accurate and timely financial reporting, forecasting, and cost control.
"Jim reported to me for 11 years at Harsco Corporation and I am delighted to have the opportunity to team up with him again," commented Trex President and CEO Ronald W. Kaplan. "I have first-hand knowledge of Jim's management skills, financial acumen and dedication. His proven capabilities are uniquely suited to Trex and will help us accelerate the Company's turnaround and restore Trex to excellent profitability."
Prior to joining Harsco in 1994, Mr. Cline served in various capacities with Huffy Corporation, most recently as director of finance of its True Temper Hardware subsidiary, a manufacturer of lawn care and construction products with nine manufacturing locations in the U.S., Canada and Ireland. Mr. Cline earned a B.S.B.A. at Bowling State University, where he majored in accounting, and received additional training at the Harsco Management Institute, Cooper Management Institute, Zenger Miller and University of Wisconsin.
Mr. Cline replaces Anthony J. Cavanna, who has been serving as interim chief financial officer since September 2007.
Trex Company also announced that Anthony J. Cavanna and William H. Martin, III will retire from the board of directors effective as of the date of the Company's 2008 annual meeting of stockholders in May 2008.
Chairman Andrew U. Ferrari stated, "The board wants to thank Tony for his innumerable contributions as a founder, executive and board member. His vision, judgment and experience have been invaluable. We would also like to express our appreciation for Bill's dedication and guidance over the years."
Mr. Cavanna, 68, was one the four Mobil executives who founded Trex Company in 1996. He held key management positions at the Company, including serving as chief financial officer from 1996 until his retirement in 2004. In August 2005 he returned at the request of the board to serve as the Company's chairman and chief executive officer, a position he held until August 2007.
Mr. Martin, age 77, has been a member of Trex's board since the Company's initial public offering in 1999.
About Trex Company
Trex Company is the nation's largest manufacturer of composite decking, railing and fencing, with over 15 years of product experience. Products are marketed under the brand name Trex(R). Made from a unique formulation of reclaimed wood and plastic, combined through a proprietary process, Trex decking, railing and fencing offer significant design flexibility with fewer ongoing maintenance requirements than wood. In addition, Trex distributes ultra-low maintenance PVC decking under the trademark Trex Escapes(TM) and PVC trim under the trademark Trex Trim(TM). For more information, visit the Company's website, www.trex.com. Trex(R), Trex Escapes(TM) and Trex Trim(TM) are trademarks of Trex Company, Inc., Winchester, Va.
The statements in this press release regarding the Company's expected sales performance and operating results, its projections of net sales, net income, earnings per share and costs, its anticipated financial condition and its business strategy constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are subject to risks and uncertainties that could cause the Company's actual operating results to differ materially. Such risks and uncertainties include the extent of market acceptance of the Company's products; the sensitivity of the Company's business to general economic conditions; the Company's ability to obtain raw materials at acceptable prices; the Company's ability to maintain product quality and product performance at an acceptable cost; the level of expenses associated with product replacement and consumer relations expenses related to product quality; and the highly competitive markets in which the Company operates. The Company's report on Form 10-K filed with the Securities and Exchange Commission on April 2, 2007 and its subsequent filings on Form 10-Q and Form 8-K discuss some of the important factors that could cause the Company's actual results to differ materially from those expressed or implied in these forward-looking statements. The Company expressly disclaims any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Trex Company, Inc.
Trex Company, Inc.
Anthony J. Cavanna, 540-542-6300
Chief Financial Officer
or
Lippert/Heilshorn & Assoc.
Harriet Fried, 212-838-3777