Volcom to Acquire Licensee in Australia
23 Luglio 2010 - 2:01PM
Business Wire
Volcom, Inc. (NASDAQ:VLCM) today announced it has signed an
agreement to acquire the Volcom licensee in Australia. Terms of the
transaction were not disclosed. The company anticipates the
acquisition, which is expected to close in the third quarter, to be
neutral to earnings in 2010.
“This acquisition supports our continued commitment to building
a solid following for the Volcom brand in Australia and maximizing
our many strengths and prospects in this important region,” said
Richard Woolcott, Volcom’s chairman and chief executive officer.
“This is one of the most influential territories for Volcom, and
this move represents a great opportunity for us to continue to
build brand strength and market share.”
“We are very excited to more formally be coming under the
Volcom global umbrella,” said John Clapham, chief executive
officer of Volcom Australia. “We believe this will strengthen the
company’s main aim to grow our share of the market and will enable
us to take the brand to the next level in Australia and New
Zealand.”
Australia has been home to the Volcom brand since 1993. Volcom
has additional licensees in Brazil, Indonesia, South Africa, and
Argentina.
About Volcom, Inc.
Volcom is an innovative designer, marketer and distributor of
premium quality young men’s and women’s clothing, accessories and
related products. The Volcom brand, symbolized by The Stone, is
athlete-driven, creative and forward thinking. Volcom has
consistently followed its motto of “youth against establishment,”
and the brand is inspired by the energy of youth culture. Volcom
branded products are sold throughout the United States and
internationally. Volcom’s news announcements and SEC filings are
available through the company’s website at www.volcom.com.
Safe Harbor Statement
Certain statements in this press release and oral statements
made from time to time by representatives of the company are
forward-looking statements for purposes of the safe harbor
provisions of The Private Securities Litigation Reform Act of 1995,
including statements in connection with or related to any
discussion of or reference to Volcom’s future operations,
opportunities or financial performance. In particular, statements
regarding the company’s belief that the acquisition will be neutral
to earnings in 2010 and the company’s “commitment to building a
solid following for the Volcom brand in Australia and maximizing
our many strengths and prospects in this important region,” and
representing “a great opportunity for us to continue to build brand
strength and market share,” as well as comments that this “will
strengthen the company’s main aim to grow our share of the market
and will enable us to take the brand to the next level in Australia
and New Zealand” are forward looking statements. These
forward-looking statements are based on management’s current
expectations but they involve a number of risks and uncertainties.
Volcom’s actual results and the timing of events could differ
materially from those anticipated in the forward-looking statements
as a result of risks and uncertainties, including, without
limitation, further softening of the retail environment, sales of
our products by key retailers, including Pacific Sunwear and
Zumiez, changes in fashion trends and consumer preferences, general
economic conditions, the impact of sourcing costs, and additional
factors which are detailed in our filings with the Securities and
Exchange Commission, including the Risk Factors contained in the
company’s Annual Report on Form 10-K, filed with the Securities and
Exchange Commission (the “SEC”) and the subsequently filed
Quarterly Reports on Form 10-Q, all of which are available at
www.sec.gov. Readers are
urged not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. Volcom is under
no obligation, and expressly disclaims any obligation, to update or
alter any forward-looking statements, whether as a result of new
information, future events or otherwise.
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