Haggar (NASDAQ:HGGR)
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Texas Supreme Court Renders Judgment for Haggar
DALLAS, May 19 /PRNewswire-FirstCall/ -- Haggar Corp. (NASDAQ:HGGR) announced
that on May 13, 2005, the Texas Supreme Court rendered judgment for Haggar
Clothing Co. in Haggar Clothing Co. v. Hernandez, a wrongful termination
lawsuit. The Texas Supreme Court reversed a court of appeals' judgment that
had upheld a jury verdict against the Company.
The Company will be filing a Form 8-K with the Securities and Exchange
Commission with its increased net income and earnings per share projections for
fiscal 2005 based on the reversal of the court of appeals' judgment. After
reversing its accrual for this non-recurring item of $2.6 million pre- tax or
$1.6 million after tax, the Company now projects net income for fiscal year
2005 between $8.9 million and $10.0 million and earnings per diluted share for
the year of $1.23 to $1.38.
Haggar Clothing Co., a wholly-owned subsidiary of Haggar Corp., is a leading
marketer of men's casual and dress apparel and women's sportswear, with global
headquarters in Dallas, Texas. Haggar markets in the United States, United
Kingdom, Canada and Mexico. Haggar also holds exclusive licenses to use the
Claiborne(R) trademark in the United States to manufacture, market, and sell
men's shorts and pants and to use the Kenneth Cole New York(R) and Kenneth Cole
Reaction(R) trademarks throughout the United States to manufacture, distribute
and sell men's tailored dress pants and men's classification dress and casual
pants and shorts in men's classification pant departments. For more
information visit the Haggar website at http://www.haggar.com/ .
The statements contained in this release that are not historical facts are
forward-looking statements. These forward-looking statements are subject to
known and unknown risks, uncertainties and assumptions that could cause actual
results to differ materially from those anticipated or implied by the forward-
looking statements; the results could be affected by, among other things,
general business conditions, the impact of competition, the seasonality of the
Company's business, labor relations, governmental regulations, unexpected
judicial decisions, and inflation. In addition, the financial results for the
quarter just ended do not necessarily indicate the results that may be expected
for any future quarters or for any fiscal year. Investors also should consider
other risks and uncertainties discussed in documents filed by the Company with
the Securities and Exchange Commission. Given these uncertainties, readers are
cautioned not to place undue reliance on such forward-looking statements. The
Company undertakes no obligation to update any such statements or publicly
announce any updates or revisions to any of the forward-looking statements
contained herein to reflect any change in the Company's expectations with
regard thereto or any changes in events, conditions, circumstances or
assumptions underlying such statements.
DATASOURCE: Haggar Corp.
CONTACT: John W. Feray, Senior Vice President of Finance, Chief
Accounting Officer of Haggar Corp., +1-214-956-4511, or fax, +1-214-956-4239
Web site: http://www.haggar.com/