Enesco (NYSE:ENC)
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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.