Archive for July, 2002


Wednesday, July 17th, 2002


Paul Feeney
Executive Vice President
and Chief Financial Officer
AEP Industries
(201) 807-2330

South Hackensack, NJ, July 17, 2002 – AEP Industries Inc. (NASDAQ: AEPI, the “Company”) today reported that its Board of Directors approved the dismissal of Arthur Andersen LLP and selected KPMG LLP as the Company’s independent public accountants for the fiscal year ending October 31, 2002.

The Board acted upon the unanimous recommendation of its audit committee, which had reviewed the qualifications of KPMG and other accounting firms. Earlier in the year, the Company said it was engaged in the review of developments concerning Arthur Andersen and was closely tracking the uncertainties surrounding the firm.

“While we have received an excellent level of service from Arthur Andersen’s Roseland, New Jersey office and its other offices in the audits of our Company and its subsidiaries, the uncertainties facing Arthur Andersen and the need to have a new independent accounting firm in place to prepare for the audit of our October 31, 2002, financial statements, led us to conclude that this action is in the best interest of the Company at this time,” said Paul M. Feeney, Executive Vice President, Finance and Chief Financial Officer of the Company. “KPMG has shown our Board and Management that it has the depth of experience and knowledge as well as high qualified people to dedicate to our account worldwide. The transition to KPMG will begin immediately.”

The choice of independent public accountants was not the result of any disagreement between the Company and Arthur Andersen on matters of accounting principals or practices, financial statement disclosures or auditing scope or procedure.

AEP Industries Inc. manufactures, markets, and distributes an extensive range of plastic packaging products for the food/beverage, industrial and agricultural markets. The Company has operations in ten countries throughout North America, Europe and Australasia.

Except for historical information contained herein, statements in the release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company’s actual results in future periods to differ materially from forecasted results. Those risks include, but are not limited to, risks associated with pricing, volume and conditions of markets. Those and other risks are described in the Company’s filings with the Securities and Exchange Commission (SEC) over the last 12 months, copies of which are available from the SEC or may be obtained from the Company.