Chairman's address - 24 November 2015 Annual Meeting of shareholders
Thank you, Paul.
The year to June 2015 proved to be another challenging year for Cavalier. It involved some major decision points for the Group as we continued to adapt to an ever changing environment.
Chief Executive Officer's address - 24 November 2015 Annual Meeting of shareholders
Thank you, Sarah. Good morning, everyone.
First, a quick reminder of the Group's operations and principal activities, comprising:
• Broadloom carpets – sold under the Cavalier Bremworth and Normal Ellison brands
• Until recently, carpet tiles under the Ontera brand
• The Elco Direct wool procurement business
• The Radford felted yarn operation, and
• A 50% interest in Cavalier Wool Holdings, a commission wool scouring business
The focus of my address to you today will be:
• 2015 performance
• The abnormal costs incurred during that year
• Our focus for the last few months, and
• Our future plans
Results of Annual Meeting of shareholders
Cavalier Corporation Limited advises that shareholders resolved at the Annual Meeting of shareholders held at 10 am on Tuesday, 24 November 2015 as follows.
Appointment of Chief Executive Officer
The Directors of Cavalier Corporation are pleased to confirm the appointment of Paul Alston to the role of Chief Executive Officer.
Restructure of Cavalier Carpets broadloom carpet business
2 October 2015
In response to the necessity to downsize and streamline the corporate structure following the recent sale of the Ontera tile manufacturing operation, Brent Wollaston - Chief Executive Officer of the Cavalier Carpets broadloom carpet business - will be stepping down from his role effective 31 October 2015.
2014/15 Annual Report released
Cavalier Corporation has released its 2014/15 annual report which is now available to download.
Sale of the Sydney warehousing and office facility
On 28 August 2015, Cavalier Corporation reported on a number of key strategic initiatives aimed at reducing debt and costs. These included the outsourcing of its Australian broadloom carpet logistics and the consequent release of its Sydney-based warehousing and office facility for sale.
Sale of Ontera Modular Carpets completed
Further to the announcement on 27 August 2015, Cavalier Corporation advises that the transaction to sell the Ontera business to Milliken has now been completed.
Preliminary announcement of results for the year ended 30 June 2015
28 August 2015
Cavalier Corporation Limited today announced a reported loss of $25.7 million for the 12 months ended 30 June 2015. As signalled in our announcement on 3 August, we have reviewed the carrying value of certain assets and as a result there has been a significant write-down of tangible and intangible assets, particularly in our tile business. The write-downs are mainly non-cash in nature.
Sale of Ontera to Milliken
27 August 2015
Following on from the announcement made on 3 August 2015, Cavalier Corporation announces that a conditional asset sale and purchase agreement has been entered into by Ontera (a wholly-owned subsidiary of Cavalier Corporation) with a Milliken subsidiary.
Cavalier updates strategy and business plan
3 August 2015
Cavalier advises of a number of changes that support the re-focus on core business and debt reduction included in our updated strategy and business plan signalled to the market in our 20th May announcement.
Changes to the Board of Directors
8 July 2015
Retirement of Alan James
Cavalier Corporation Limited advise that Alan James – who had previously indicated that he was contemplating retiring from the Board – will be stepping down from his role as a Director and Chair of the Board effective 10 July 2015.
Earnings Advisory / CEO steps down
20 May 2015
The Board of Cavalier Corporation advises that normalised earnings for the 14/15 year are likely to be at, or slightly below, the lower end of the previously advised earnings guidance range of $1 to $4 million tax-paid.
Commerce Commission approves merger of scouring assets
27 March 2014
The Commerce Commission yesterday issued its draft determination, approving the merger of the scouring assets of 50%-owned Cavalier Wool Holdings Ltd (CWH) and New Zealand Wool Services International Ltd (NZWSI). The Commission will allow a period for formal submissions from interested parties after which it will issue a final determination.
Half Year Result to Dec 14 announced
20 February 2015
The Directors of Cavalier Corporation have announced that for the first six months ended 31 December 2014, the unaudited group profit after tax is $32,000, representing a $3.4 million reduction on the same period last year. The earnings decrease reflects the tough trading conditions encountered by most business units within the Group.
June 2015 Year-End Earnings Guidance
21 November 2014
At Cavalier Corporation's pre-Annual Meeting Board meeting today, Directors concluded that their current estimate of normalised tax-paid earnings for the 2015 year was in the range of $1 million to $4 Million.
Year end earnings guidance issued
24 October 2014
Cavalier Corporation advises that after three months of trading, while volumes have been consistent with previous year, margins are under pressure, and the Company is unlikely to achieve – on a normalised basis - the $5.8m profit after tax achieved in the 2014 financial year.
Cavalier wool scour business to merge
22 October 2014
Cavalier Corporation's share in the Cavalier Wool Scour business will reduce with the merging of its operations with New Zealand Wool Servcies International Ltd.
Cavalier announces $5.8m profit
22 August 2014
The Directors of Cavalier Corporation have announced an audited after tax profit for the year to 30 June 2014 of $5.8 million, compared with a $3.0 million after tax profit in 2013.
Cavalier Bremworth joins forces with Mohawk
18 May 2014
Cavalier Corporation subsidiary Cavalier Bremworth has joined forces with the world's largest flooring manufacturer, Mohawk Flooring, to bring Mohawk’s leading premium soft nylon as well as its superior PET products made with the Continuum Process™ to Carpet Court Australia.