UIC United Indl Corp

United Industrial Corporation Provides Update On Initiatives to Enhance Shareholder Value HUNT VALLEY, Md., Nov. 10 /PRNewswire-FirstCall/ -- United Industrial Corporation announced today that it has relocated its corporate headquarters to Hunt Valley, Maryland, closed its New York office and hired Imperial Capital, LLC to act as its financial advisor in the potential sale of its Detroit Stoker Company energy segment. In accordance with its previously identified list of strategic initiatives, the Company closed its New York office on October 31, 2003. The investor relations, corporate secretary and certain accounting functions previously performed in New York have been relocated to United Industrial's headquarters at Hunt Valley, Maryland. The Maryland facility is the home of United Industrial's defense subsidiary, AAI Corporation. It is also United Industrial's largest facility, with approximately 1,000 employees located at the site. Frederick M. Strader, President and Chief Executive Officer of United Industrial, stated, "We expect this action will be the first step in positioning the Company into a leaner and more competitive organization." The Company also announced it has retained Imperial Capital, LLC to act as its financial advisor in the potential sale of its Detroit Stoker energy segment. Detroit Stoker, based in Monroe, Michigan, is a leading supplier of stokers and related combustion equipment for the production of steam used in heating, industrial processing and electric power generation around the world. Imperial Capital, LLC is a Los Angeles, California-based investment bank specializing in middle market transactions. Mr. Strader continued, "Imperial Capital is an excellent organization. They have already started preparing the offering memorandum and contacting potential acquirers. We are confident they will handle the potential sale in a timely and efficient manner." The Company noted that no assurances can be given as to whether Detroit Stoker Company will be sold or the terms of any such sale. United Industrial Corporation is a company focused on the design and production of defense systems. Its products and services include unmanned aerial vehicles, test and simulation systems, automated aircraft test and maintenance equipment, and logistical/engineering services. The Company also manufacturers combustion equipment for biomass and refuse fuels. Except for the historical information contained herein, information set forth in this news release may contain forward-looking statements subject to risks and uncertainties which could cause the Company's actual results or performance to differ materially from those expressed or implied in such statements. The Company makes no commitment to update any forward-looking statement or to disclose any facts, events, or circumstances after the date hereof that may affect the accuracy of any forward-looking statement. For additional information about the Company and its various risk factors, reference is made to the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission. For more information, please visit United Industrial's web site at http://www.unitedindustrial.com/ DATASOURCE: United Industrial Corporation CONTACT: James H. Perry, Vice President and Chief Financial Officer of United Industrial Corporation, +1-410-628-8786 Web site: http://www.unitedindustrial.com/ Company News On-Call: http://www.prnewswire.com/comp/113559.html

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