Morgan Securities Inc., NationalStatement Processing, Prospectus Library, 4 Chase Metrotech Center, CS Level,Brooklyn, NY 11245, telephone: (718) 242-8002; or Merrill Lynch & Co., 4 WorldFinancial Center, New York, NY 10080, Attention: Prospectus Department. The offeringmay be made only by means of a prospectus supplement and the accompanyingprospectus. This press release does not constitute an offer to sell or thesolicitation of an offer to buy any securities. Co-managers included KeyBanc Capital Markets Inc.,PNC Capital Markets LLC, ABN AMRO Incorporated and Piper Jaffray. A registration statement relating to these securities has been filed with anddeclared effective by the U.S Securities and Exchange Commission.
Net proceeds at a price of $21.00 per share are approximately$347 million, which will be used for general corporate purposes, which mayinclude, among other things, funding certain capital expenditures, repayment ofindebtedness or strategic transactions J.P Morgan Securities Inc and Merrill Lynch & Co acted as joint book-runningmanagers for the offering. The total numberof shares sold was 17,250,000, comprised of the 15 million share offering andthe exercise of the underwriters` option to purchase an additional 2.25 millioncommon shares. (NYSE: CLF) (Paris: CLF) today announced that ithas closed on its previously announced common share offering. Cooney, Vice President andTreasurer, both of Nortek, Inc., +1-401-751-1600. CLEVELAND--(Business Wire)--Cliffs Natural Resources Inc. 131, "Disclosures about Segmentsof an Enterprise and Related Information", the Company has restated priorperiod segment disclosures to reflect the new composition.Informationrelating to the Residential HVAC and Commercial HVAC segments for the secondand third quarters of 2008 has been restated and is presented below: For the three months endedJune 28, 2008Sept. The Company has significant working capital requirements duringthe year due to the seasonality of its business, which require significantcash expenditures and therefore its exclusion from EBITDA is a materiallimitation.The Company has a significant amount of debt and the Company hassignificant cash expenditures during the year related to principal andinterest payments and therefore their exclusion from EBITDA is a materiallimitation.The Company generally pays significant U.S.
The Company uses a significant amount of capital assets and capitalexpenditures are a significant component of the Company's annual cashexpenditures and therefore their exclusion from EBITDA is a materiallimitation. AND SUBSIDIARIESNOTES TO THE UNAUDITED CONDENSED CONSOLIDATED SUMMARY OF OPERATIONS(A) The unaudited condensed consolidated summary of operations includes theaccounts of NTK Holdings, Inc. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED SUMMARY OF OPERATIONSFor the first quarter endedApril 4, 2009March 29, 2008 (Dollar amounts in millions)Net Sales$439.0$540.2Costs and Expenses: Cost of products sold317.5 391.6 Selling, general and administrativeexpense, net (see Note C) 101.0 118.5 Amortization of intangible assets5.9 6.7424.4 516.8Operating earnings 14.623.4Interest expense(55.0)(43.0)Investment income 0.1 0.2Loss before provision (benefit) for income taxes (40.3)(19.4)Provision (benefit) for income taxes8.0(5.4)Net loss $(48.3) $(14.0)The accompanying notes are an integral part of this unauditedcondensed consolidated summary of operations NTK HOLDINGS, INC. Cooney, Vice President and Treasurer(401) 751-1600 NTK HOLDINGS, INC. Nortek undertakes no obligation to update publicly any forward-lookingstatements, whether as a result of new information, future events orotherwise. For further information, please refer to the reports and filings ofNTK Holdings and Nortek with the Securities and Exchange Commission.CONTACT:Richard L Bready, Chairman and CEOEdward J. Important factors impacting such forward-lookingstatements include the availability and cost of raw materials and purchasedcomponents, the level of construction and remodeling activity, changes ingeneral economic conditions, the rate of sales growth and product liabilityclaims.
These statements arebased on Nortek's current plans and expectations and involve risks anduncertainties that could cause actual future activities and results ofoperations to be materially different from those set forth in theforward-looking statements. These terms are used for convenience only and arenot intended as a precise description of any of the separate corporations,each of which manages its own affairs.This press release contains forward-looking statements within the meaning ofthe Private Securities Litigation Reform Act of 1995. NTK Holdings continues to focus on cost-reduction initiatives, includingreductions in headcount and discretionary spending."As of April 4, 2009, NTK Holdings had approximately $128.4 million inunrestricted cash, cash equivalents and marketable securities and had $145million of borrowings outstanding under its asset-backed revolving creditfacility.Mr. Bready, Chairman and Chief Executive Officer, said, "NTK Holdingscontinues to manage its business well considering the meltdown in the newhousing market, the financial crisis impact on refinancings and foreclosureson existing homes and the reduced level of renovation and remodeling spending. ("Nortek"), a leading diversified global manufacturer ofinnovative, branded residential and commercial ventilation, HVAC and hometechnology convenience and security products, today announced first-quarterfinancial results.NTK Holdings reported sales of $439 million and operatingearnings of $14.6 million for the quarter ended April 4, 2009.Key financial highlights for the first quarter of 2009 included:--Net sales of $439 million, compared to the $540 million recorded in2008.--Operating earnings of $14.6 million compared to $23.4 million in thefirst quarter of 2008.--Depreciation and amortization expense of $15.5 million compared to$17.4million in last year's first quarter.Richard L. Wright,+1-703-469-1080, . (Note to Editors: The following NTK Holdings release is similar to the Nortek,Inc.
