Enesco (NYSE:ENC)
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Enesco Group, Inc. (NYSE:ENC), a leader in the giftware,
collectible and home decor industry, today made several key management
announcements:
-- Enesco's Board of Directors and Cynthia Passmore have mutually
agreed that Ms. Passmore will no longer serve as President,
Chief Executive Officer, and director of the Company,
effective May 15, 2006. Ms. Passmore will continue as a
consultant to the Company during a transition period until
September 15, 2006.
-- Enesco's Board of Directors has named Basil Elliott, Executive
Vice President of N.C. Cameron, Enesco's Canadian subsidiary,
as Interim Chief Executive Officer. Mr. Elliott will begin his
position as Interim CEO on Monday, May 15, 2006.
-- The Board has appointed Marie Meisenbach Graul as Enesco's
Interim Chief Financial Officer, effective Monday, May 15,
2006. Ms. Graul has served in an advisory capacity to Enesco's
finance team for the past six months.
-- The Board has formed a search committee to begin an immediate
search for a permanent CEO. The Board has not identified a
specific timetable around the identification of a permanent
CEO, and plans to conduct the appropriate due diligence
required to identify an executive who will be the right fit
with Enesco on a long-term basis. The Board will also continue
its search for a permanent Executive Vice President and Chief
Financial Officer.
"We are pleased to have Basil Elliott, as well as Marie Graul,
leading the Company's efforts in implementing our operating
improvement plan and continuing the significant progress achieved to
date," said Anne-Lee Verville, Chairman of the Board of Enesco. "We
are confident in their ability to complete implementation of the plan.
Basil's long tenure with Enesco's Canadian subsidiary and deep
knowledge of our industry will help ensure a smooth transition.
Additionally, Marie's financial expertise as well as her experience
overseeing operations will be strong assets to the Company.
"We appreciate the contributions of Cynthia Passmore in helping to
get Enesco to this point. Cynthia has accomplished many important
things in her time at Enesco, including focusing the Company on the
gift and home decor market, eliminating the unprofitable U.S. Precious
Moments business, initiating the operating improvement plan, and
working effectively with Jim Shore to grow the Heartwood Creek brand
globally."
Ms. Passmore stated, "Enesco has a strong management team in place
that, under Basil's experienced leadership, can complete
implementation of the operating improvement plan and accelerate the
Company's growth into 2007. I am pleased to be able to work with Basil
and Marie to transition leadership so that our customers and key
stakeholders continue to see strong partnership and improved
performance from Enesco."
Basil Elliott has served as Executive Vice President of Enesco's
Canadian subsidiary, N.C. Cameron, since 1982. From 1974 to 1981, Mr.
Elliott served as Vice President of Panhandler Shoppes Limited, a gift
retailer he helped grow from three to more than 90 stores in Canada
and the U.S. Previously, Mr. Elliott held a sales management position
for The Coca Cola Company. As Executive Vice President of N.C.
Cameron, Mr. Elliott has been responsible for product sourcing and
development, procurement, inventory management, and shipping and
distribution. Over the last several years he has developed a
successful mass market component to N.C. Cameron's business. He has
spearheaded the development of proprietary brands that have increased
to approximately 20% of N.C. Cameron's revenue. Mr. Elliott holds an
Honors B.A. with Distinction from York University.
Prior to joining Enesco, Marie Graul was President of MG Group, an
advisory accounting and finance consulting practice. As President of
MG Group, Ms. Graul served in an advisory capacity to Enesco's finance
team, specifically Tony Testolin, Chief Accounting Officer and
Controller, for the past six months. Ms. Graul has more than 20 years
experience in finance and, prior to launching her own business, most
recently was Chief Financial Officer of SmartSignal Corporation, a
software start-up. Prior to that she served as Chief Financial Officer
at companies including Patron Systems, Inc., a public security
software company, NTE, Inc., an e-Commerce company, Bernard
Technologies, Inc., an international biotech development stage
company, and Schawk, Inc., an international public imaging technology
company. In her prior CFO positions, Ms. Graul has been responsible
for finance, accounting, tax, legal, operations, I.T., human
resources, investor relations and administration, among other areas.
She has been involved in completing equity and debt financing and has
been responsible for the oversight of supply chain and information
technology improvements. Ms. Graul also currently serves as Audit
Chair on the Board of Directors of Tandem Health Care and Pelican
Products. She holds a B.A. from Michigan State University and an
M.B.A. from the University of Oklahoma.
First Quarter 2006 Earnings Announcement Date and Conference Call
Enesco will report first quarter 2006 financial results tomorrow,
May 12, 2006. The Company will hold a conference call to discuss the
management changes as well as first quarter results on Monday, May 15,
2006 at 10:00 a.m. CT (11:00 a.m. ET).
Investors interested in participating on the live call can do so
by calling 1-888-271-7222, and ask for the Enesco Quarterly Earnings
conference call. Investors also may listen to the live call via a
Webcast at http://www.enesco.com and click on "Investor Relations," or
by logging onto http://www.streetevents.com.
For a phone replay, call 1-800-642-1687, Passcode: 9301961. The
phone replay will be available for one month following the conference
call.
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 ability to identify and
hire a permanent CEO and Executive Vice President and Chief Financial
Officer; 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.