Oshkosh Bgosh (NASDAQ:GOSHA)
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Oshkosh B'Gosh, Inc. Explores Strategic Alternatives to Maximize
Shareholder Value
~ Goldman Sachs Retained as Advisor ~
OSHKOSH, Wis., Feb. 17 /PRNewswire-FirstCall/ -- Oshkosh B'Gosh, Inc.
(NASDAQ:GOSHA), announced that in an effort to maximize shareholder value it
has retained Goldman, Sachs & Co., a longtime financial advisor to the Company,
to assist the Company in evaluating strategic alternatives, including a
possible sale of the Company. The Company cautions, however, that there can be
no assurance that this process will lead to a transaction.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040614/NYM031LOGO-a )
The Company also announced today that David L. Omachinski (the Company's
President and Chief Operating Officer) and Paul A. Lowry (a Vice President of
the Company) resigned from the Company's board of directors effective February
15, 2005 and that the size of the Company's board of directors was reduced from
nine to seven members in connection with the resignations. Mr. Omachinski and
Mr. Lowry resigned to ensure that the Company has a majority of outside,
independent directors as it pursues the process of considering strategic
alternatives.
Douglas W. Hyde, Chairman and Chief Executive Officer, commented, "Our Board
believes that their primary responsibility is to maximize shareholder value
and, to this end, it is in our best interest to evaluate strategic alternatives
at this time. Further, we believe it is important that if or when a
transaction or other strategic alternative is contemplated we have a majority
of outside, independent directors reviewing and approving options on behalf of
all of our shareholders. Dave and Paul's decision to resign from the Board of
Directors is based on the Board's commitment to upholding this principle. Both
Dave and Paul will remain in their current roles as executives of the Company."
OshKosh B'Gosh undertakes no obligation to make any further announcement
regarding its consideration of strategic alternatives.
OshKosh B'Gosh, Inc. is best known as a premier marketer of quality children's
apparel and accessories, available in over 50 countries around the world. The
Company is headquartered in Oshkosh, Wisconsin.
Statements contained herein that relate to the Company's future performance
including, without limitation, statements with respect to the Company's
anticipated financial position, results of operations or level of businesses
for 2005 or any other future period, are "forward-looking statements" within
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Such statements, which are generally indicated by words or phrases such
as "plan," "estimate," "guidance," "project," "anticipate," "reaffirm,"
"outlook," "believes," "management expects," "currently anticipates," and
similar phrases are based on current expectations only and are subject to
certain risks, uncertainties and assumptions. Should one or more of these
risks or uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those anticipated,
projected, or estimated.
Among the factors that could cause actual results to materially differ include
the level of consumer spending for apparel, particularly in the children's wear
segment; risks associated with competition in the market place, including the
financial condition of and consolidations, restructurings and other ownership
changes in, the apparel and related products industry and the retail industry,
the introduction of new products or pricing changes by the Company's
competitors, price deflation in the apparel industry, and the Company's ability
to remain competitive with respect to product, service and value; risks
associated with the Company's dependence on sales to a limited number of large
department and specialty store customers, including risks related to customer
requirements for vendor margin support, as well as risks related to extending
credit to large customers; risks associated with possible deterioration in the
strength of the retail industry, including, but not limited to, business
conditions and the economy, natural disasters, and the unanticipated loss of a
major customer; risks related to the failure of Company suppliers to timely
deliver needed raw materials, risks associated with importing its products into
the United States under current and future customs and quota rules and
regulations which are becoming more stressed, risks associated with importing
its products using a global transportation matrix including a number of ports
that are experiencing capacity constraints and the Company's ability to
correctly balance the level of its commitments with actual orders; risks
associated with terrorist activities as well as risks associated with foreign
operations including global disease management; risks related to the Company's
ability to defend and protect its trademarks and other proprietary rights and
other risks related to managing intellectual property issues. In addition, the
inability to ship Company products within agreed time frames due to
unanticipated manufacturing, distribution system or freight carrier delays or
the failure of Company contractors to deliver products within scheduled time
frames are risk factors in ongoing business. As a part of the Company's product
sourcing strategy, it routinely contracts for apparel products produced by
contractors in Asia, Africa, Mexico and Central America. If financial,
political or other related difficulties were to adversely impact the Company's
contractors in these regions, it could disrupt the supply of product contracted
for by the Company.
The forward-looking statements included herein are only made as of the date of
this press release. The Company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
http://www.newscom.com/cgi-bin/prnh/20040614/NYM031LOGO-aDATASOURCE: Oshkosh
B'Gosh, Inc.
CONTACT: Media, Melissa Merrill, or Investors, Cara O'Brien or Melissa
Myron, Financial Dynamics, +1-212-850-5600, for Oshkosh B'Gosh, Inc.
Web site: http://www.oshkoshbgosh.com/