“Would Dave Lennox recognize his company in the new millennium,” asked John Norris, chairman and ceo. Clyde Wyant, chief financial officer, reviewed 1999 financial performance, noting segment revenue growth ranging from 16% to 38% and total company revenue growth of 30%. Earnings before interest and taxes were up nearly 49% for the year, and net income increased nearly 40% to a new record level for the company of more than $73 million.
Bob Schjerven, president and chief operating officer, discussed the company’s retail strategy of acquiring hvac dealerships across North America.
“We are confident of success because our retail strategy is built on Lennox’ core strength: one-step distribution.”
Schjerven said that Lennox Retail’s strategy for 2000 would focus on integrating recent acquisitions into the company’s operations, including updating systems to improve control. Retail revenues are scheduled to be approximately $1 billion.
A new director was also elected to Lennox’ board: William G. Roth, who also is a director of Amcast Industrial Corp. and Teknowledge Corp.
From 1978 to 85, Roth served as chairman and ceo of The Trane Company. He also served as a director of Service Experts, Inc., which Lennox acquired earlier this year.