WALNUT CREEK, CA--(Marketwire - July 28, 2008) - The board of American Reprographics
Company (
NYSE:
ARP), the nation's leading provider of reprographics
services and technology, today announced that S. "Mohan" Chandramohan will
be stepping down as chairman and retiring from the board of directors
effective July 24, 2008. K. "Suri" Suriyakumar, the company's current
president and chief executive officer has been named chairman of the board,
also effective July 24, 2008.
"I am gratified to announce the completion of the company's leadership
transition that began in November of 2006," said Mr. Chandramohan. "I look
forward to watching the company continue to excel in Suri's very capable
hands."
Chandramohan will continue his involvement with ARC's board as a consultant
through 2010 following his resignation, and will remain the company's
largest individual shareholder. He also intends to pursue a business
endeavor in social service, consistent with his continuing educational
focus at the University of Oxford in England.
"Mohan began this company with a solid vision of what it could become, and
achieved that vision with a steady hand at the helm, and a long view of the
horizon," said Mr. Suriyakumar, speaking for the board. "His strategic
planning and execution has given ARC the tools and depth to continue to
grow and deliver value to both our customers and to our shareholders. Mohan
has effected this management transition with the same deliberation and
grace in which he led the company, and we thank him for his efforts over
the past 21 years."
The board will begin a search for a new board member immediately.
The company plans to report its second quarter financial results on August
7, 2008, after market close, as previously announced.
About American Reprographics Company
American Reprographics Company is the leading reprographics company in the
United States providing business-to-business document management technology
and services to the architectural, engineering and construction, or AEC
industries. The Company provides these services to companies in non-AEC
industries, such as technology, financial services, retail, entertainment,
and food and hospitality, which also require sophisticated document
management services. American Reprographics Company provides its core
services through its suite of reprographics technology products, a network
of more than 300 locally-branded reprographics service centers across the
U.S., and on-site at more than 5,000 customer locations. The Company's
service centers are arranged in a hub and satellite structure and are
digitally connected as a cohesive network, allowing the provision of
services both locally and nationally to more than 140,000 active customers.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements that fall within the
"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995 regarding future events and the future financial performance of the
Company. Words such as "continue to excel," and "continue to grow and add
value," and similar expressions also identify forward-looking statements.
We wish to caution you that such statements are only predictions and actual
results may differ materially as a result of risks and uncertainties that
pertain to our business. These risks and uncertainties include, among
others:
-- The current downturn or a future general downturn in the
architectural, engineering and construction industries could diminish
demand for our products and services;
-- Competition in our industry and innovation by our competitors may
hinder our ability to execute our business strategy and maintain our
profitability;
-- Failure to anticipate and adapt to future changes in our industry
could harm our competitive position;
-- Failure to manage our acquisitions, including our inability to
integrate and merge the business operations of the acquired companies, and
failure to retain key personnel and customers of acquired companies could
have a negative effect on our future performance, results of operations and
financial condition;
-- Dependence on certain key vendors for equipment, maintenance services
and supplies, could make us vulnerable to supply shortages and price
fluctuations;
-- Damage or disruption to our facilities, our technology centers, our
vendors or a majority of our customers could impair our ability to
effectively provide our services and may have a significant impact on our
revenues, expenses and financial condition;
-- If we fail to continue to develop and introduce new services
successfully, our competitive positioning and our ability to grow our
business could be harmed.
The foregoing list of risks and uncertainties is illustrative but is by no
means exhaustive. For more information on factors that may affect future
performance, please review our SEC filings, specifically our annual report
on Form 10-K for the year ended December 31, 2007, and our quarterly
reports on Form 10-Q for the quarter ended March 31, 2008. These documents
contain important risk factors that could cause actual results to differ
materially from those contained in our projections or forward-looking
statements. These forward-looking statements are based on information as of
July 28, 2008, and except as required by law, the Company undertakes no
obligation to update or revise any forward-looking statements.
Contact Information: Contact:
David Stickney
VP of Corporate Communications
Phone: 925-949-5100
Email: