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 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.