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Consistent operating income and cash flow margins, that provides internally generated cash resources to fund growth. The company designs, manufactures and markets under our well-recognized brand name an extensive line of high-quality, machine-made glass tableware. Our company maintains over 2,000 stock-keeping units in one of the most extensive product portfolios in the North American glass tableware industry. Its glassware manufacturing facilities and distribution network in North America, the largest in the glassware industry, enable it to provide a high level of service to all its end users for glass tableware. In addition, the company is a joint venture partner with the largest glass tableware manufacturer in Mexico. We provide distinctive products at a competitive cost structure. Our company has decided to move its acquisition efforts in other directions at this time, while continuing to pursue its agenda for internal growth. The company is terminating its efforts to purchase for $37.50 per share. This proposal was made to the Board of Directors on June 15, 1999. The proposed acquisition price represented a premium of 133 percent over the average price candlemaking supplies for shares for the 90-day period prior to the april 27, 1999, disclosure of ''s initial offer to purchase the company. "we remain convinced that the proposed combination would be in the best interest of building the businesses, improving the opportunities for its employees, customers and suppliers over the long term and maximizing value for its shareholders. however, it is evident that ''s entrenched management is intent on remaining a stand-alone company, regardless of the implications for its shareholders and employees." commenting on ''s growth agenda, meier stated, " is committed to strengthening its presence in its core markets. beyond sales in the united states and canada, our company exports glassware to more than 80 countries around the world and provides technical candlemaking books assistance to a number of foreign glass tableware manufacturers. our company is the leading provider of tabletop products to the foodservice industry through its broad glassware, dinnerware and flatware product offerings and extensive sales and distribution network, among the largest in the foodservice supply industry. the 1995 acquisition of china (dinnerware) and the 1997 acquisition of tableware (flatware and holloware) are examples of the company''s plan to expand in the foodservice industry through acquisitions. the company has achieved significant cost efficiencies and synergies at candlemaking china and tableware, leading to substantial improvements in the profitability of these operations.
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