Enesco Group, Inc. Receives Listing Notification from NYSE
08 Settembre 2005 - 11:14PM
Business Wire
Enesco Group, Inc. (NYSE:ENC), a leader in the giftware, and home
and garden decor industries, today announced that the Company
received notification from the New York Stock Exchange (NYSE) on
September 1, 2005, that the Company was not in compliance with the
NYSE's continued listing standards. Enesco is considered "below
criteria" by the NYSE because the Company's total market
capitalization was less than $75 million over a consecutive 30
trading-day period and its shareholders' equity was less than $75
million. While Enesco was in compliance with previous continued
listing standards set forth by the NYSE, the NYSE adopted new
continued listing standards, effective in June 2005. In accordance
with the continued listing criteria set forth by the NYSE, the
Company intends to present a plan to the NYSE within 45 days of its
receipt of the notice, demonstrating how it intends to comply with
the continued listing standards within 18 months of its receipt of
the notice. The NYSE may take up to 45 days to review and evaluate
the plan after it is submitted. If the plan is accepted, the
Company will be subject to quarterly monitoring for compliance by
the NYSE. If the NYSE does not accept the plan or if the Company is
unable to achieve compliance with the NYSE's continued listing
criteria through its implementation of the plan, the Company will
be subject to NYSE trading suspension and delisting, at which time
the Company would intend to apply to have its shares listed on
another stock exchange or quotation system. Beginning September 9,
2005, the NYSE will make available on its consolidated tape, a
".BC" indicator transmitted with the Company's listing symbol to
identify that the Company is below the NYSE's quantitative
continued listing standards. About Enesco Group, Inc. Enesco Group,
Inc. is a world leader in the giftware, and home and garden decor
industries. Serving more than 30,000 customers globally, Enesco
distributes products to a wide variety of specialty card and gift
retailers, home decor boutiques as well as mass-market chains and
direct mail retailers. Internationally, Enesco serves markets
operating in Europe, Canada, Australia, Mexico, and Asia. With
subsidiaries located in Europe and Canada, and a business unit in
Hong Kong, Enesco's international distribution network is a leader
in the industry. The Company's product lines include some of the
world's most recognizable brands, including Heartwood Creek, Walt
Disney Company, Walt Disney Classics Collection, Pooh &
Friends, Jim Shore, Foundations, Circle of Love, Nickelodeon,
Bratz, Halcyon Days, Lilliput Lane and Border Fine Arts, among
others. Further information is available on the Company's web site
at www.enesco.com. This press release contains forward-looking
statements, which reflect management's current assumptions and
beliefs and are based on information currently available to
management. The Company has tried to identify such forward-looking
statements by use of such words as "expects," "intends,"
"anticipates," "could," "estimates," "plans," and "believes," and
similar expressions, but these words are not the exclusive means of
identifying such statements. Such statements are subject to various
risks, uncertainties and other factors, which could cause actual
results to vary materially from those anticipated, estimated,
expected or projected. Important factors that may cause actual
future events or results to differ materially and adversely from
those described in the forward-looking statements include, but are
not limited to: the Company's success in developing new products
and consumer reaction to the Company's new products; the Company's
ability to secure, maintain and renew popular licenses,
particularly our Cherished Teddies, Heartwood Creek and Disney
licenses; the Company's ability to grow revenues in mass and niche
market channels; the Company's ability to comply with covenants
contained in its credit facility; the Company's ability to obtain a
new global senior credit facility; the Company's ability to
effectively stabilize the legacy information system; changes in
general economic conditions, as well as specific market conditions;
fluctuations in demand for our products; manufacturing lead times;
the timing of orders and shipments and our ability to predict
customer demands; inventory levels and purchase commitments
exceeding requirements based upon incorrect forecasts; collection
of accounts receivable; changes in the regulations and procedures
affecting the importation of goods into the United States; changes
in foreign exchange rates; price and product competition in the
giftware industry; variations in sales channels, product costs or
mix of products sold; and, possible future terrorist attacks,
epidemics, or acts of war. In addition, the Company operates in a
continually changing business environment and does not intend to
update or revise the forward-looking statements contained herein,
which speak only as of the date hereof. Additional information
regarding forward-looking statement risk factors is contained in
the Company's reports and filings with the Securities and Exchange
Commission. In light of these risks and uncertainties, the
forward-looking statements contained herein may not occur and
actual results could differ materially from those set forth herein.
Accordingly, you should not rely on these forward-looking
statements as a prediction of actual future results.
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