Cleaning & Restoration Breaking News

CPAC declares quarterly dividend

June 13, 2005
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LEICESTER, NY - June 10, 2005 - The board of directors of CPAC, Inc. declared a quarterly cash dividend in the amount of $0.07 per share, payable on June 28 to shareholders of record at the close of business on June 22, 2005.

The company expects to report a loss for the full fiscal year ended March 31, 2005, in the range of $.77 to $.79 per share (approximately $3.7 to $3.9 million). This will include a valuation reserve of approximately $3.1 million against certain deferred tax assets, and an impairment charge of approximately $500,000 against an investment.

These two adjustments, recorded in the fourth quarter, are non-cash charges. The company is in the process of finalizing year-end audit and financial statement presentations. Final results and full details will be released within two weeks.

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