Enesco Group, Inc. Announces NYSE Trading Suspension and Voluntary Withdrawal from NYSE Arca
June 07 2006 - 5:20PM
Business Wire
Enesco Group, Inc. (NYSE:ENC), a leader in the giftware, and home
and garden decor industries, today announced that the New York
Stock Exchange (NYSE) will suspend trading of the Company's common
stock on the exchange after the close of trading on Friday, June 9,
2006. Enesco also will voluntarily withdraw its common stock from
listing on NYSE Arca, and expects its common stock to be quoted on
the OTC Bulletin Board (OTCBB). The Company had previously received
notification from the NYSE on September 1, 2005 that the Company
was not in compliance with the NYSE's continued listing standards
for minimum average global market capitalization and total
shareholders' equity. On December 5, 2005, the NYSE accepted the
Company's plan for continued listing on the NYSE, subject to
quarterly reviews by the NYSE's Listings and Compliance Committee
to ensure progress against the plan. The NYSE's decision to suspend
trading in the common stock was based on its determination that the
Company had not made sufficient progress toward meeting certain
material aspects of the plan. Although the Company may request
review of the NYSE's decision to suspend trading, it does not
expect to do so. As a result, the Company expects that the NYSE
will seek to delist the Company's common stock from the exchange.
The Company determined that it should voluntarily withdraw its
common stock listing on NYSE Arca due to its current noncompliance
with the minimum bid standard under NYSE Arca's continued listing
requirements. Basil Elliott, President and Chief Executive Officer
of Enesco, stated, "While we are disappointed to not be listed on
the NYSE, our primary focus is to continue the progress of our
operating improvement plan, including securing long-term financing
and resolving all of our shipping issues. Our over-riding mission
is to drive positive change in the business to better position the
Company for long-term growth." About Enesco Group, Inc. Enesco
Group, Inc. is a world leader in the giftware, and home and garden
decor industries. Serving more than 44,000 customers worldwide,
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 the United Kingdom, Canada, Europe, Mexico, Australia
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. Enesco's product lines include
some of the world's most recognizable brands, including Border Fine
Arts, Bratz, Circle of Love, Foundations, Halcyon Days, Jim Shore
Designs, Lilliput Lane, Pooh & Friends, Walt Disney Classics
Collection, and Walt Disney Company, among others. Further
information is available on Enesco'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. Enesco 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: Enesco's success in
implementing its comprehensive plan for operating improvement and
achieving its goals for cost savings and market share increases;
Enesco's success in developing new products and consumer reaction
to Enesco's new products; Enesco's ability to secure, maintain and
renew popular licenses, particularly our Cherished Teddies, Disney
and Jim Shore Designs licenses; Enesco's ability to grow revenues
in mass and niche market channels; Enesco's ability to comply with
covenants contained in its credit facility; 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 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, Enesco 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 Enesco'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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